Patrick Industries (PATK) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 26, 2021	Oct. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 26, 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		23,656,016
Entity Central Index Key	0000076605
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Income Statement [Abstract]
NET SALES	$ 1,060,177	$ 700,707	$ 2,930,613	$ 1,713,984
Cost of goods sold	852,016	567,210	2,356,443	1,397,285
GROSS PROFIT	208,161	133,497	574,170	316,699
Operating Expenses:
Warehouse and delivery	35,885	25,263	100,613	70,204
Selling, general and administrative	64,245	38,184	175,842	105,681
Amortization of intangible assets	14,758	10,221	40,695	29,600
Total operating expenses	114,888	73,668	317,150	205,485
OPERATING INCOME	93,273	59,829	257,020	111,214
Interest expense, net	15,436	10,507	41,195	31,820
Income before income taxes	77,837	49,322	215,825	79,394
Income taxes	20,440	11,986	51,930	20,157
NET INCOME	$ 57,397	$ 37,336	$ 163,895	$ 59,237
BASIC NET INCOME PER COMMON SHARE (in dollars per share)	$ 2.52	$ 1.65	$ 7.18	$ 2.60
DILUTED NET INCOME PER COMMON SHARE (in dollars per share)	$ 2.45	$ 1.62	$ 7.01	$ 2.57
Weighted average shares outstanding - Basic (in shares)	22,789	22,674	22,826	22,784
Weighted average shares outstanding - Diluted (in shares)	23,403	23,072	23,375	23,088

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Statement of Other Comprehensive Income [Abstract]
NET INCOME	$ 57,397	$ 37,336	$ 163,895	$ 59,237
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) of hedge derivatives	1,031	989	3,024	(1,553)
Other	74	60	4	8
Total other comprehensive income (loss)	1,105	1,049	3,028	(1,545)
COMPREHENSIVE INCOME	$ 58,502	$ 38,385	$ 166,923	$ 57,692

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 44,882	$ 44,767
Trade and other receivables, net	292,932	132,505
Inventories	485,766	312,809
Prepaid expenses and other	39,205	37,982
Total current assets	862,785	528,063
Property, plant and equipment, net	309,170	251,493
Operating lease right-of-use assets	142,719	117,816
Goodwill	478,955	395,800
Intangible assets, net	558,040	456,276
Other non-current assets	6,789	3,987
TOTAL ASSETS	2,358,458	1,753,435
Current Liabilities
Current maturities of long-term debt	7,500	7,500
Current operating lease liabilities	36,955	30,901
Accounts payable	219,153	105,786
Accrued liabilities	145,865	83,202
Total current liabilities	409,473	227,389
Long-term debt, less current maturities, net	1,077,664	810,907
Long-term operating lease liabilities	107,753	88,175
Deferred tax liabilities, net	49,344	39,516
Other long-term liabilities	22,176	28,007
TOTAL LIABILITIES	1,666,410	1,193,994
SHAREHOLDERS’ EQUITY
Common stock	195,402	180,892
Additional paid-in-capital	23,981	24,387
Accumulated other comprehensive loss	(3,024)	(6,052)
Retained earnings	475,689	360,214
TOTAL SHAREHOLDERS’ EQUITY	692,048	559,441
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,358,458	$ 1,753,435

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 57,397	$ 37,336	$ 163,895	$ 59,237
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			76,298	52,955
Stock-based compensation expense			17,307	11,177
Amortization of convertible notes debt discount			5,528	5,302
Deferred income taxes			6,540	(4,057)
Other non-cash items			1,644	3,521
Change in operating assets and liabilities, net of acquisitions of businesses:
Trade and other receivables, net			(142,550)	(78,701)
Inventories			(127,464)	(12,885)
Prepaid expenses and other assets			(593)	23,787
Accounts payable, accrued liabilities and other			146,812	52,422
Net cash provided by operating activities			147,417	112,758
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures			(44,155)	(22,159)
Proceeds from sale of property, plant and equipment			140	117
Business acquisitions, net of cash acquired			(297,701)	(123,382)
Other			(2,000)	0
Net cash used in investing activities			(343,716)	(145,424)
CASH FLOWS FROM FINANCING ACTIVITIES
Term debt borrowings			58,750	0
Term debt repayments			(3,125)	(2,500)
Borrowings on revolver			425,930	8,198
Repayments on revolver			(565,475)	(8,198)
Proceeds from senior notes offering			350,000	0
Stock repurchases under buyback program			(31,945)	(20,286)
Cash dividends paid to shareholders			(19,487)	(17,265)
Taxes paid for share-based payment arrangements			(14,898)	(2,910)
Payment of deferred financing costs and other			(6,638)	(58)
Payment of contingent consideration from a business acquisition			(1,600)	(2,000)
Proceeds from exercise of common stock options			4,902	642
Net cash provided by (used in) financing activities			196,414	(44,377)
Increase (decrease) in cash and cash equivalents			115	(77,043)
Cash and cash equivalents at beginning of year			44,767	139,390	$ 139,390
Cash and cash equivalents at end of period	$ 44,882	$ 62,347	$ 44,882	$ 62,347	$ 44,767

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	Treasury Stock	Retained Earnings
Beginning Balance at Dec. 31, 2019	$ 497,481	$ 172,662	$ 25,014	$ (5,698)	$ 0	$ 305,503
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	59,237					59,237
Dividends declared	(17,666)					(17,666)
Other comprehensive income, net of tax	(1,545)			(1,545)
Share repurchases under buyback program	(20,286)	(3,962)	(574)			(15,750)
Issuance of shares upon exercise of common stock options	642	642
Repurchases of shares for tax payments related to the vesting and exercise of share-based grants	(3,211)	(3,211)
Stock-based compensation expense	11,177	11,177
Ending Balance at Sep. 27, 2020	525,829	177,308	24,440	(7,243)	0	331,324
Beginning Balance at Jun. 28, 2020	493,268	173,178	24,534	(8,292)	0	303,848
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	37,336					37,336
Dividends declared	(5,865)					(5,865)
Other comprehensive income, net of tax	1,049			1,049
Share repurchases under buyback program	(4,736)	(647)	(94)			(3,995)
Repurchases of shares for tax payments related to the vesting and exercise of share-based grants	(53)	(53)
Stock-based compensation expense	4,830	4,830
Ending Balance at Sep. 27, 2020	525,829	177,308	24,440	(7,243)	0	331,324
Beginning Balance at Dec. 31, 2020	559,441	180,892	24,387	(6,052)	0	360,214
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	163,895					163,895
Dividends declared	(19,893)					(19,893)
Other comprehensive income, net of tax	3,028			3,028
Share repurchases under buyback program	(31,945)	(999)	(135)		(21,550)	(9,261)
Retirement of treasury stock	0	(2,013)	(271)		21,550	(19,266)
Repurchases of shares for tax payments related to the vesting and exercise of share-based grants	(14,898)	(14,898)
Issuance of shares in connection with a business combination	10,211	10,211
Issuance of shares upon exercise of common stock options	4,902	4,902
Stock-based compensation expense	17,307	17,307
Ending Balance at Sep. 26, 2021	692,048	195,402	23,981	(3,024)	0	475,689
Beginning Balance at Jun. 27, 2021	643,271	191,131	24,387	(4,129)	(21,550)	453,432
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	57,397					57,397
Dividends declared	(6,613)					(6,613)
Other comprehensive income, net of tax	1,105			1,105
Share repurchases under buyback program	(10,395)	(999)	(135)		0	(9,261)
Retirement of treasury stock	0	(2,013)	(271)		21,550	(19,266)
Repurchases of shares for tax payments related to the vesting and exercise of share-based grants	(13)	(13)
Issuance of shares upon exercise of common stock options	325	325
Stock-based compensation expense	6,971	6,971
Ending Balance at Sep. 26, 2021	$ 692,048	$ 195,402	$ 23,981	$ (3,024)	$ 0	$ 475,689

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 26, 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 September 26, 2021 and December 31, 2020, its results of operations for the third quarter and nine months ended September 26, 2021 and September 27, 2020, and its cash flows for the nine months ended September 26, 2021 and September 27, 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 other non-current assets in the condensed consolidated balance sheets and accumulated other comprehensive loss 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 third quarter and nine months ended September 26, 2021 are not necessarily indicative of the results that we will realize or expect 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 third quarter of fiscal year 2021 ended on September 26, 2021 and the third quarter of fiscal year 2020 ended on September 27, 2020.

RECENTLY ISSUED ACCOUNTING PRON

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 26, 2021
Accounting Policies [Abstract]
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	2. 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. The Company is 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. The Company is currently evaluating the impact of this standard on our condensed consolidated financial statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 26, 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: Third Quarter Ended September 26, 2021 (thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 434,029 $ 199,208 $ 633,237 Marine 164,535 8,491 173,026 Manufactured Housing 65,785 68,840 134,625 Industrial 107,886 11,403 119,289 Total $ 772,235 $ 287,942 $ 1,060,177 Nine Months Ended September 26, 2021 (thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 1,161,254 $ 568,840 $ 1,730,094 Marine 453,223 23,105 476,328 Manufactured Housing 190,786 203,648 394,434 Industrial 296,769 32,988 329,757 Total $ 2,102,032 $ 828,581 $ 2,930,613 Third Quarter Ended September 27, 2020 (thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 290,326 $ 130,845 $ 421,171 Marine 88,861 4,590 93,451 Manufactured Housing 45,845 61,908 107,753 Industrial 69,242 9,090 78,332 Total $ 494,274 $ 206,433 $ 700,707 Nine Months Ended September 27, 2020 (thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 656,739 $ 288,778 $ 945,517 Marine 219,150 11,400 230,550 Manufactured Housing 127,857 182,579 310,436 Industrial 202,368 25,113 227,481 Total $ 1,206,114 $ 507,870 $ 1,713,984 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	9 Months Ended
	Sep. 26, 2021
Inventory Disclosure [Abstract]
INVENTORIES	4. INVENTORIES Inventories consist of the following: (thousands) September 26, 2021 December 31, 2020 Raw materials $ 261,775 $ 157,219 Work in process 30,221 19,282 Finished goods 66,189 37,632 Less: reserve for inventory obsolescence (13,604) (8,320) Total manufactured goods, net 344,581 205,813 Materials purchased for resale (distribution products) 147,502 112,158 Less: reserve for inventory obsolescence (6,317) (5,162) Total materials purchased for resale (distribution products), net 141,185 106,996 Total inventories $ 485,766 $ 312,809

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Sep. 26, 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 nine months ended September 26, 2021 by segment are as follows: (thousands) Manufacturing Distribution Total Balance - December 31, 2020 $ 338,045 $ 57,755 $ 395,800 Acquisitions 64,312 11,458 75,770 Adjustments to preliminary purchase price allocations 7,366 19 7,385 Balance - September 26, 2021 $ 409,723 $ 69,232 $ 478,955 Intangible assets, net consist of the following as of September 26, 2021 and December 31, 2020: (thousands) September 26, 2021 December 31, 2020 Customer relationships $ 549,314 $ 461,754 Non-compete agreements 19,144 15,949 Patents 36,528 23,025 Trademarks (non-amortizing, indefinite lived) 151,997 113,796 756,983 614,524 Less: accumulated amortization (198,943) (158,248) Intangible assets, net $ 558,040 $ 456,276 Changes in the carrying value of intangible assets for the nine months ended September 26, 2021 by segment are as follows: (thousands) Manufacturing Distribution Total Balance - December 31, 2020 $ 373,717 $ 82,559 $ 456,276 Acquisitions 114,833 32,715 147,548 Amortization (33,543) (7,152) (40,695) Adjustments to preliminary purchase price allocations (5,089) — (5,089) Balance - September 26, 2021 $ 449,918 $ 108,122 $ 558,040

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 26, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	6. ACQUISITIONS General The Company completed three acquisitions in the third quarter of 2021 and completed ten acquisitions in the nine months ended September 26, 2021 (the "2021 Acquisitions"). For the third quarter and nine months ended September 26, 2021, net sales included in the Company's condensed consolidated statements of income related to the 2021 Acquisitions were $84.0 million and $146.1 million, respectively, and operating income was $6.6 million and $12.6 million, respectively, for each of these periods. One of the 2021 Acquisitions accounted for $53.5 million in net sales and $2.6 million in operating income for the third quarter of 2021 and $85.6 million in net sales and $4.5 million in operating income for the nine months ended September 26, 2021. Acquisition-related costs associated with the businesses acquired in the third quarter of 2021 and first nine months 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 a one year measurement period. The Company completed six acquisitions in the third quarter of 2020 and nine acquisitions in the nine months ended September 27, 2020. Net sales included in the Company's condensed consolidated statements of income in the third quarter and nine months ended September 27, 2020 related to acquisitions completed in the first nine months of 2020 were $19.6 million and $23.3 million, respectively, and operating income was $2.1 million and $2.2 million, respectively, for the same periods. 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, market share growth and net income. In connection with certain acquisitions, if certain financial results for the acquired businesses are achieved, the Company is required to pay additional cash consideration. The Company records a liability for the estimated 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 September 26, 2021, the aggregate fair value of the estimated contingent consideration payments was $9.8 million, $3.7 million of which is included in "Accrued liabilities" and $6.1 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 $19.6 million in the aggregate. In the third quarter and nine months ended September 26, 2021, the Company made $1.5 million and $2.5 million in cash payments, respectively, related to contingent consideration liabilities. In connection with cash payments on contingent consideration, the Company recorded a $0.9 million charge in selling general and administrative expense in the condensed consolidated statement of income for the nine months ended September 26, 2021, representing changes from the amounts initially expected to be paid to what was ultimately paid. 2021 Acquisitions The Company completed ten acquisitions in the nine months ended September 26, 2021, including the following five previously announced acquisitions: 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, retailers, and manufacturers that provides plastic injection molding, design, product development and expert tooling to companies and government entities, based in Everett, Washington Hyperform, Inc. Manufacturing Manufacturer of high-quality, non-slip foam flooring, operating under the SeaDek brand name, for the marine original equipment manufacturer ("OEM") market and aftermarket as well as serving the pool and spa, powersports and utility markets under the SwimDek and EndeavorDek brand names, with manufacturing facilities in Rockledge, Florida and Cocoa, Florida Alpha Systems, LLC Manufacturing & Distribution Manufacturer and distributor of component products and accessories for the recreational vehicle ("RV"), marine, manufactured housing and industrial end markets that includes adhesives, sealants, rubber roofing, roto/blow molding, injection molding, flooring, insulation, shutters, skylights, and various other products and accessories, operating out of nine facilities in Elkhart, Indiana. Coyote Manufacturing Company Manufacturing Designer, fabricator, and manufacturer of a variety of steel and aluminum products, including boat trailers, towers, T-tops, leaning posts, and other custom components primarily for the marine OEM market, based in Nashville, Georgia. Tumacs Covers Manufacturing & Distribution Manufacturer of custom designed boat covers, canvas frames, and bimini tops, primary serving large marine OEMs and dealers, headquartered in Pittsburgh, Pennsylvania, with manufacturing facilities in Indiana and Pennsylvania, and a distribution/service center in Michigan. Inclusive of five acquisitions not discussed above, total cash consideration for the 2021 Acquisitions was approximately $298.4 million, plus contingent consideration over a one 2020 Acquisitions The Company completed eleven acquisitions in the year ended December 31, 2020 (the "2020 Acquisitions"), including the following seven previously announced 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 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 acquisitions not discussed above, total cash consideration for the 2020 Acquisitions was approximately $306.3 million, plus contingent consideration over a one Purchase accounting adjustments are complete on all 2020 Acquisitio ns. Changes to preliminary purchase accounting estimates recorded in the third quarter and nine months ended September 26, 2021 related to the 2020 Acquisitions were immaterial and relate primarily to the valuation of intangible and fixed assets. 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 $ 298,384 $ 306,319 Working capital holdback and other, net (1) 1,189 (37) Common stock issuance (2) 10,211 — Contingent consideration (3) 4,540 4,763 Total consideration $ 314,324 $ 311,045 Assets Acquired Trade receivables $ 18,582 $ 15,320 Inventories 46,099 25,395 Prepaid expenses & other 975 725 Property, plant & equipment 53,570 65,083 Operating lease right-of-use assets 16,438 20,029 Identifiable intangible assets 147,495 130,981 Liabilities Assumed Current portion of operating lease obligations (3,984) (2,721) Accounts payable & accrued liabilities (26,171) (12,405) Operating lease obligations (12,454) (17,308) Deferred tax liabilities (1,996) (4,576) Total fair value of net assets acquired 238,554 220,523 Goodwill (4) 75,770 90,522 $ 314,324 $ 311,045 (1) Certain acquisitions contain working capital holdbacks which are typically settled after a 90-day period following the close of the acquisition. This value represents the remaining amounts due to (from) sellers as of September 26, 2021. (2) In connection with one acquisition, the Company issued 113,961 shares of common stock at a closing price of $89.60 as of the acquisition date. (3) These amounts reflect the acquisition date fair value of contingent consideration based on future results relating to certain acquisitions. (4) Goodwill is tax-deductible for the 2021 Acquisitions, except Tumacs Covers (approximately $6.2 million), and the 2020 Acquisitions, except Front Range Stone (approximately $11.0 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. 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 and patents are valued using the relief-from-royalty method, which applies an estimated royalty rate to forecasted future cash flows, discounted to present value. 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 $ 92,453 $ 99,897 Non-compete agreements 5 3,255 1,150 Patents 10 - 18 13,450 6,470 Trademarks Indefinite 38,337 23,464 $ 147,495 $ 130,981 Pro Forma Information The following pro forma information for the third quarter and nine months ended September 27, 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 $0.2 million and $4.0 million for the third quarter and nine months ended September 26, 2021, respectively and $5.2 million and $16.3 million for the third quarter and nine months ended September 27, 2020, respectively. Third Quarter Ended Nine Months Ended (thousands, except per share data) September 26, 2021 September 27, 2020 September 26, 2021 September 27, 2020 Revenue $ 1,067,111 $ 802,753 $ 3,040,971 $ 2,049,211 Net income 58,190 43,183 172,574 66,967 Basic net income per common share 2.55 1.90 7.56 2.94 Diluted net income per common share 2.49 1.87 7.38 2.90

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 26, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	7. STOCK-BASED COMPENSATION The Company recorded expense of approximately $7.0 million and $17.3 million the third quarter and nine months ended September 26, 2021, respectively, for its stock-based compensation plans in the condensed consolidated statements of income. Stock-based compensation expense of $4.9 million and $11.2 million was recorded in the third quarter and nine months ended September 27, 2020, which includes a $2.3 million reduction of expense in the nine month period due to certain forfeitures and adjustments. The Board approved various stock-based grants under the Company’s 2009 Omnibus Incentive Plan in the first nine months of 2021 totaling 296,073 shares in the aggregate at an average fair value of $73.31 at grant date for a total fair value at grant date of $21.7 million. As of September 26, 2021, there was approximately $31.5 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 18.5 months.

NET INCOME PER COMMON SHARE

NET INCOME PER COMMON SHARE	9 Months Ended
	Sep. 26, 2021
Earnings Per Share [Abstract]
NET INCOME PER COMMON SHARE	8. NET INCOME PER COMMON SHARE Net income per common share calculated for the third quarter and nine months of 2021 and 2020 is as follows: Third Quarter Ended Nine Months Ended (thousands except per share data) September 26, 2021 September 27, 2020 September 26, 2021 September 27, 2020 Net income for basic and diluted per share calculation $ 57,397 $ 37,336 $ 163,895 $ 59,237 Weighted average common shares outstanding - basic 22,789 22,674 22,826 22,784 Effect of potentially dilutive securities 614 398 549 304 Weighted average common shares outstanding - diluted 23,403 23,072 23,375 23,088 Basic net income per common share $ 2.52 $ 1.65 $ 7.18 $ 2.60 Diluted net income per common share $ 2.45 $ 1.62 $ 7.01 $ 2.57 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 for all periods presented.

DEBT

DEBT	9 Months Ended
	Sep. 26, 2021
Debt Disclosure [Abstract]
DEBT	9. DEBT A summary of total debt outstanding at September 26, 2021 and December 31, 2020 is as follows: (thousands) September 26, 2021 December 31, 2020 Long-term debt: 1.0% convertible notes due 2023 $ 172,500 $ 172,500 Term loan due 2026 148,125 92,500 Revolver due 2026 135,455 275,000 7.50% senior notes due 2027 300,000 300,000 4.75% senior notes due 2029 350,000 — Total long-term debt 1,106,080 840,000 Less: convertible notes debt discount, net (10,545) (16,072) Less: term loan deferred financing costs, net (660) (434) Less: senior notes deferred financing costs, net (9,711) (5,087) Less: current maturities of long-term debt (7,500) (7,500) Total long-term debt, less current maturities, net $ 1,077,664 $ 810,907 4.75% Senior Notes due 2029 On April 20, 2021, the Company issued $350.0 million aggregate principal amount of 4.75% Senior Notes due 2029 (the "4.75% Senior Notes"). The 4.75% Senior Notes were not registered under the Securities Act of 1933, as amended (the "Securities Act") and were offered under rule 144A under the Securities Act. The 4.75% Senior Notes will mature on May 1, 2029. Interest on the 4.75% Senior Notes started accruing April 20, 2021 and is payable semi-annually in cash in arrears May 1 and November 1 of each year, beginning on November 1, 2021. The effective interest rate on the 4.75% Senior Notes, which includes debt issuance costs, is approximately 4.98%. In connection with the issuance of the 4.75% Senior Notes, the Company incurred and capitalized as a reduction of the principal amount of the 4.75% Senior Notes approximately $5.3 million in deferred financing costs which are being amortized using the effective interest rate over the term of the 4.75% Senior Notes. The 4.75% Senior Notes are senior unsecured indebtedness of the Company and are guaranteed by each of the Company’s subsidiaries that guarantee the obligations of the Company under the 2021 Credit Facility (as defined herein). The Company may redeem the 4.75% Senior Notes at any time according to the following timeframes with the respective restrictions and prices: Timeframe Redemption Restrictions Redemption Prices Prior to May 1, 2024 Up to 40% of the notes 104.750% After May 1, 2024 In whole, or in part 102.375% After May 1, 2025 In whole, or in part 101.188% After May 1, 2026 In whole, or in part 100.000% 2021 Credit Facility Simultaneously with the issuance of the 4.75% Senior Notes, the Company entered into the Fourth Amended and Restated Credit Agreement (the "2021 Credit Agreement"). The 2021 Credit Agreement amended and extended the Company's 2019 Credit Agreement (as defined herein) and consists of a senior secured revolver (the "2021 Revolver") and a senior secured term loan (the "2021 Term Loan" and together with the 2021 Revolver, the "2021 Credit Facility"). The maturity date for borrowings under the 2021 Credit Agreement is April 20, 2026. Upon the satisfaction of certain conditions, and obtaining incremental commitments from its lenders, the Company may be able to increase the borrowing capacity of the 2021 Credit Facility by up to $250.0 million for acquisitions. The Company determined that the terms of the 2021 Credit Agreement were not substantially different from the terms of the Company’s 2019 Credit Agreement. Accordingly, debt modification accounting treatment was applied and the related impacts were immaterial. Borrowings under the 2021 Credit Facility are secured by substantially all personal property assets of the Company and any domestic subsidiary guarantors. Pursuant to the 2021 Credit Agreement: • The 2021 Term Loan is due in consecutive quarterly installments in the following amounts: (i) beginning June 30, 2021, through and including March 31, 2024, $1,875,000 and (ii) beginning June 30, 2024, and each quarter thereafter, $3,750,000, with the remaining balance due at maturity; • The interest rates for borrowings under the 2021 Revolver and the 2021 Term Loan are the Prime Rate or LIBOR plus a margin, which ranges from 0.00% to 0.75% for Prime Rate loans and from 1.00% to 1.75% for LIBOR loans depending on the Company's consolidated total leverage ratio, as defined below. The Company is required to pay fees on unused but committed portions of the 2021 Revolver, which range from 0.15% to 0.225%; and • Covenants include requirements as to a maximum consolidated secured net leverage ratio (2.75:1.00, increasing to 3.25:1.00 in certain circumstances in connection with Company acquisitions) and a minimum consolidated fixed charge coverage ratio (1.50:1.00) that are tested on a quarterly basis, a minimum liquidity requirement applicable during the six-month period preceding the maturity of the Company's 1.00% Convertible Notes due 2023, and other customary covenants. The total face value of the 2021 Term Loan is $150.0 million. Total available borrowing capacity under the 2021 Revolver is $550.0 million. At September 26, 2021, the Company had $148.1 million outstanding under the 2021 Term Loan under the LIBOR-based option, and borrowings outstanding under the 2021 Revolver of $135.5 million under the LIBOR-based option. The interest rate for incremental borrowings at September 26, 2021 was LIBOR plus 1.50% (or 1.63%) for the LIBOR-based option. The fee payable on committed but unused portions of the 2021 Revolver was 0.20% at September 26, 2021. Total cash interest paid for the third quarter of 2021 and 2020 was $3.7 million and $3.2 million, respectively, and $21.2 million and $21.4 million for the comparative nine month periods, respectively. 2019 Credit Facility See Note 8 of the Notes to Consolidated Financial Statements section of the Fiscal 2020 Form 10-K regarding the Company's previous credit agreement (the "2019 Credit Agreement") which established a $550 million revolving credit loan (the "2019 Revolver") and a $100 million term loan (the "2019 Term Loan" and, together with 2019 Revolver, the "2019 Credit Facility"). The 2019 Credit Agreement was amended by the 2021 Credit Agreement on April 20, 2021 as discussed above.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 26, 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 September 26, 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 September 26, 2021 December 31, 2020 Interest rate swaps Accrued liabilities $ 2,506 $ — 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	9 Months Ended
	Sep. 26, 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 third quarter and nine months ended September 26, 2021 and September 27, 2020 was as follows: Third Quarter Ended September 26, 2021 (thousands) Cash Flow Hedges Other Foreign Currency Translation Total Balance at June 27, 2021 $ (2,896) $ (1,263) $ 30 $ (4,129) Other comprehensive income (loss) before reclassifications, net of tax (19) — 74 55 Amounts reclassified from accumulated other comprehensive loss, net of tax 1,050 — — 1,050 Other comprehensive income 1,031 — 74 1,105 Balance at September 26, 2021 $ (1,865) $ (1,263) $ 104 $ (3,024) Nine Months Ended September 26, 2021 (thousands) Cash Flow Hedges Other Foreign Currency Translation Total Balance at December 31, 2020 $ (4,889) $ (1,263) $ 100 $ (6,052) Other comprehensive income (loss) before reclassifications, net of tax (70) — 4 (66) Amounts reclassified from accumulated other comprehensive loss, net of tax 3,094 — — 3,094 Other comprehensive income 3,024 — 4 3,028 Balance at September 26, 2021 $ (1,865) $ (1,263) $ 104 $ (3,024) Third Quarter Ended September 27, 2020 (thousands) Cash Flow Hedges Other Foreign Currency Translation Total Balance at June 28, 2020 $ (6,916) $ (1,270) $ (106) $ (8,292) Other comprehensive income (loss) before reclassifications, net of tax (38) — 60 22 Amounts reclassified from accumulated other comprehensive loss, net of tax 1,027 — — 1,027 Other comprehensive income 989 — 60 1,049 Balance at September 27, 2020 $ (5,927) $ (1,270) $ (46) $ (7,243) Nine Months Ended September 27, 2020 (thousands) Cash Flow Hedges Other Foreign Currency Translation Total Balance at December 31, 2019 $ (4,374) $ (1,270) $ (54) $ (5,698) Other comprehensive income (loss) before reclassifications, net of tax (3,940) — 8 (3,932) Amounts reclassified from accumulated other comprehensive loss, net of tax 2,387 — — 2,387 Other comprehensive income (loss) (1,553) — 8 (1,545) Balance at September 27, 2020 $ (5,927) $ (1,270) $ (46) $ (7,243)

LEASES

LEASES	9 Months Ended
	Sep. 26, 2021
Leases [Abstract]
LEASES	12. LEASES Lease expense, supplemental cash flow information, and other information related to leases were as follows: Third Quarter Ended (thousands) September 26, 2021 September 27, 2020 Operating lease cost $ 10,760 $ 8,525 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 10,440 $ 8,317 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 12,573 $ 17,091 Nine Months Ended (thousands) September 26, 2021 September 27, 2020 Operating lease cost $ 30,697 $ 25,093 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 29,945 $ 24,680 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 52,564 $ 34,993 Balance sheet information related to leases was as follows: (thousands, except lease term and discount rate) September 26, 2021 December 31, 2020 Assets Operating lease right-of-use assets $ 142,719 $ 117,816 Liabilities Operating lease liabilities, current portion $ 36,955 $ 30,901 Long-term operating lease liabilities 107,753 88,175 Total lease liabilities $ 144,708 $ 119,076 Weighted average remaining lease term, operating leases (in years) 5.1 5.3 Weighted average discount rate, operating leases 3.9 % 4.1 % Maturities of lease liabilities were as follows at September 26, 2021: (thousands) 2021 (excluding the nine months ended September 26, 2021) $ 10,617 2022 41,015 2023 35,238 2024 27,629 2025 18,787 Thereafter 27,681 Total lease payments 160,967 Less imputed interest (16,259) Total $ 144,708 As of September 26, 2021, outstanding leases have remaining lease terms ranging from 1 year to 18 years. The Company has additional operating leases that have not yet commenced as of September 26, 2021 and, therefore, were not included as operating lease right-of-use assets and corresponding operating lease liabilities on our balance sheet at September 26, 2021. These operating leases will commence between the fourth quarter of fiscal 2021 and the second quarter of fiscal 2022 with lease terms of 5 years to 10 years. The estimated fair value of these operating lease right-of-use assets and corresponding operating lease liabilities to be recorded on our balance sheet upon lease commencement is approximately $5.8 million.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 26, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	13. FAIR VALUE MEASUREMENTS The following table presents fair values of certain assets and liabilities at September 26, 2021 and December 31, 2020: September 26, 2021 December 31, 2020 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Cash equivalents (1) $ 41.0 $ — $ — $ — $ — $ — 7.50% senior notes due 2027 (2) — 326.3 — — 329.0 — 4.75% senior notes due 2029 (2) — 359.7 — — — — Convertible note (2) — 193.0 — — 180.0 — Term loan due 2026 (3) — 148.1 — — 92.5 — Revolver due 2026 (3) — 135.5 — — 275.0 — Interest rate swaps (4) — 2.5 — — 6.6 — Contingent consideration (5) — — 9.8 — — 6.9 (1) The carrying amounts of cash equivalents, representing government and other money market funds traded in an active market with relatively short maturities, are reported on the condensed consolidated balance sheet as of September 26, 2021 as a component of "Cash and cash equivalents". The Company held no cash equivalents as of December 31, 2020. (2) The amounts of these notes listed above are the current fair values for disclosure purposes only, valued using Level 2 inputs, and they are recorded in the Company's condensed consolidated balance sheets as of September 26, 2021 and December 31, 2020 using the interest rate method as described in Note 9. (3) The carrying amounts of our term loan and revolver, valued using Level 2 inputs, approximate fair value as of September 26, 2021 and December 31, 2020 based upon their terms and conditions in comparison to the terms and conditions available at those dates. (4) The interest rate swaps are classified as Level 2 in the fair value hierarchy and discussed further in Note 10. (5) 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	9 Months Ended
	Sep. 26, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	14. INCOME TAXES The effective tax rate in the third quarter of 2021 and 2020 was 26.3% and 24.3%, respectively, and the effective tax rate for the comparable nine month periods was 24.1% and 25.4%, respectively. The effective tax rate for the first nine months of 2020 reflects the impact of $2.2 million of permanent tax differences due to certain Coronavirus Aid, Relief, and Economic Security Act payroll tax credits. In addition, the first nine months 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	9 Months Ended
	Sep. 26, 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. Third Quarter Ended September 26, 2021 (thousands) Manufacturing Distribution Total Net outside sales $ 772,235 $ 287,942 $ 1,060,177 Intersegment sales 20,064 1,880 21,944 Total sales 792,299 289,822 1,082,121 Operating income 91,370 31,187 122,557 Third Quarter Ended September 27, 2020 (thousands) Manufacturing Distribution Total Net outside sales $ 494,274 $ 206,433 $ 700,707 Intersegment sales 12,004 1,640 13,644 Total sales 506,278 208,073 714,351 Operating income 63,312 16,444 79,756 Nine Months Ended September 26, 2021 (thousands) Manufacturing Distribution Total Net outside sales $ 2,102,032 $ 828,581 $ 2,930,613 Intersegment sales 49,914 4,800 54,714 Total sales 2,151,946 833,381 2,985,327 Operating income 269,227 83,563 352,790 Nine Months Ended September 27, 2020 (thousands) Manufacturing Distribution Total Net outside sales $ 1,206,114 $ 507,870 $ 1,713,984 Intersegment sales 24,691 4,025 28,716 Total sales 1,230,805 511,895 1,742,700 Operating income 131,426 33,350 164,776 The following table presents a reconciliation of segment operating income to consolidated operating income: Third Quarter Ended Nine Months Ended (thousands) September 26, 2021 September 27, 2020 September 26, 2021 September 27, 2020 Operating income for reportable segments $ 122,557 $ 79,756 $ 352,790 $ 164,776 Unallocated corporate expenses (14,526) (9,706) (55,075) (23,962) Amortization (14,758) (10,221) (40,695) (29,600) Consolidated operating income $ 93,273 $ 59,829 $ 257,020 $ 111,214 Unallocated corporate expenses include corporate general and administrative expenses comprised of wages, insurance, taxes, supplies, travel and entertainment, professional fees and other. The following table presents an allocation of total assets to the reportable segments of the Company and a reconciliation to consolidated total assets: (thousands) September 26, 2021 December 31, 2020 Manufacturing assets $ 1,838,583 $ 1,337,920 Distribution assets 453,839 343,170 Assets for reportable segments 2,292,422 1,681,090 Corporate assets unallocated to segments 21,154 27,578 Cash and cash equivalents 44,882 44,767 Consolidated total assets $ 2,358,458 $ 1,753,435

STOCK REPURCHASE PROGRAMS

STOCK REPURCHASE PROGRAMS	9 Months Ended
	Sep. 26, 2021
Equity [Abstract]
STOCK REPURCHASE PROGRAMS	16. STOCK REPURCHASE PROGRAMS

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 26, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES The Company is subject to proceedings, lawsuits, audits, and other claims arising in the normal course of business. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. Accruals for these items, when applicable, have been provided to the extent that losses are deemed probable and are reasonably estimable. These accruals are adjusted from time to time as developments warrant. Although the ultimate outcome of these matters cannot be ascertained, on the basis of present information, amounts already provided, availability of insurance coverage and legal advice received, it is the opinion of management that the ultimate resolution of these proceedings, lawsuits, and other claims will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 26, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 26, 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 other non-current assets in the condensed consolidated balance sheets and accumulated other comprehensive loss 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 third quarter of fiscal year 2021 ended on September 26, 2021 and the third quarter of fiscal year 2020 ended on September 27, 2020.
Recently Issued Accounting Pronouncements	2. 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. The Company is 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. The Company is currently evaluating the impact of this standard on our condensed consolidated financial statements.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 26, 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: Third Quarter Ended September 26, 2021 (thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 434,029 $ 199,208 $ 633,237 Marine 164,535 8,491 173,026 Manufactured Housing 65,785 68,840 134,625 Industrial 107,886 11,403 119,289 Total $ 772,235 $ 287,942 $ 1,060,177 Nine Months Ended September 26, 2021 (thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 1,161,254 $ 568,840 $ 1,730,094 Marine 453,223 23,105 476,328 Manufactured Housing 190,786 203,648 394,434 Industrial 296,769 32,988 329,757 Total $ 2,102,032 $ 828,581 $ 2,930,613 Third Quarter Ended September 27, 2020 (thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 290,326 $ 130,845 $ 421,171 Marine 88,861 4,590 93,451 Manufactured Housing 45,845 61,908 107,753 Industrial 69,242 9,090 78,332 Total $ 494,274 $ 206,433 $ 700,707 Nine Months Ended September 27, 2020 (thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 656,739 $ 288,778 $ 945,517 Marine 219,150 11,400 230,550 Manufactured Housing 127,857 182,579 310,436 Industrial 202,368 25,113 227,481 Total $ 1,206,114 $ 507,870 $ 1,713,984

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 26, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consist of the following: (thousands) September 26, 2021 December 31, 2020 Raw materials $ 261,775 $ 157,219 Work in process 30,221 19,282 Finished goods 66,189 37,632 Less: reserve for inventory obsolescence (13,604) (8,320) Total manufactured goods, net 344,581 205,813 Materials purchased for resale (distribution products) 147,502 112,158 Less: reserve for inventory obsolescence (6,317) (5,162) Total materials purchased for resale (distribution products), net 141,185 106,996 Total inventories $ 485,766 $ 312,809

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 26, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in the carrying amount of goodwill for the nine months ended September 26, 2021 by segment are as follows: (thousands) Manufacturing Distribution Total Balance - December 31, 2020 $ 338,045 $ 57,755 $ 395,800 Acquisitions 64,312 11,458 75,770 Adjustments to preliminary purchase price allocations 7,366 19 7,385 Balance - September 26, 2021 $ 409,723 $ 69,232 $ 478,955
Schedule of Intangible Assets, Net	Intangible assets, net consist of the following as of September 26, 2021 and December 31, 2020: (thousands) September 26, 2021 December 31, 2020 Customer relationships $ 549,314 $ 461,754 Non-compete agreements 19,144 15,949 Patents 36,528 23,025 Trademarks (non-amortizing, indefinite lived) 151,997 113,796 756,983 614,524 Less: accumulated amortization (198,943) (158,248) Intangible assets, net $ 558,040 $ 456,276
Schedule of Changes in Intangible Assets	Changes in the carrying value of intangible assets for the nine months ended September 26, 2021 by segment are as follows: (thousands) Manufacturing Distribution Total Balance - December 31, 2020 $ 373,717 $ 82,559 $ 456,276 Acquisitions 114,833 32,715 147,548 Amortization (33,543) (7,152) (40,695) Adjustments to preliminary purchase price allocations (5,089) — (5,089) Balance - September 26, 2021 $ 449,918 $ 108,122 $ 558,040

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 26, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	The Company completed ten acquisitions in the nine months ended September 26, 2021, including the following five previously announced acquisitions: 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, retailers, and manufacturers that provides plastic injection molding, design, product development and expert tooling to companies and government entities, based in Everett, Washington Hyperform, Inc. Manufacturing Manufacturer of high-quality, non-slip foam flooring, operating under the SeaDek brand name, for the marine original equipment manufacturer ("OEM") market and aftermarket as well as serving the pool and spa, powersports and utility markets under the SwimDek and EndeavorDek brand names, with manufacturing facilities in Rockledge, Florida and Cocoa, Florida Alpha Systems, LLC Manufacturing & Distribution Manufacturer and distributor of component products and accessories for the recreational vehicle ("RV"), marine, manufactured housing and industrial end markets that includes adhesives, sealants, rubber roofing, roto/blow molding, injection molding, flooring, insulation, shutters, skylights, and various other products and accessories, operating out of nine facilities in Elkhart, Indiana. Coyote Manufacturing Company Manufacturing Designer, fabricator, and manufacturer of a variety of steel and aluminum products, including boat trailers, towers, T-tops, leaning posts, and other custom components primarily for the marine OEM market, based in Nashville, Georgia. Tumacs Covers Manufacturing & Distribution Manufacturer of custom designed boat covers, canvas frames, and bimini tops, primary serving large marine OEMs and dealers, headquartered in Pittsburgh, Pennsylvania, with manufacturing facilities in Indiana and Pennsylvania, and a distribution/service center in Michigan. The Company completed eleven acquisitions in the year ended December 31, 2020 (the "2020 Acquisitions"), including the following seven previously announced 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 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 $ 298,384 $ 306,319 Working capital holdback and other, net (1) 1,189 (37) Common stock issuance (2) 10,211 — Contingent consideration (3) 4,540 4,763 Total consideration $ 314,324 $ 311,045 Assets Acquired Trade receivables $ 18,582 $ 15,320 Inventories 46,099 25,395 Prepaid expenses & other 975 725 Property, plant & equipment 53,570 65,083 Operating lease right-of-use assets 16,438 20,029 Identifiable intangible assets 147,495 130,981 Liabilities Assumed Current portion of operating lease obligations (3,984) (2,721) Accounts payable & accrued liabilities (26,171) (12,405) Operating lease obligations (12,454) (17,308) Deferred tax liabilities (1,996) (4,576) Total fair value of net assets acquired 238,554 220,523 Goodwill (4) 75,770 90,522 $ 314,324 $ 311,045 (1) Certain acquisitions contain working capital holdbacks which are typically settled after a 90-day period following the close of the acquisition. This value represents the remaining amounts due to (from) sellers as of September 26, 2021. (2) In connection with one acquisition, the Company issued 113,961 shares of common stock at a closing price of $89.60 as of the acquisition date. (3) These amounts reflect the acquisition date fair value of contingent consideration based on future results relating to certain acquisitions. (4) Goodwill is tax-deductible for the 2021 Acquisitions, except Tumacs Covers (approximately $6.2 million), and the 2020 Acquisitions, except Front Range Stone (approximately $11.0 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 $ 92,453 $ 99,897 Non-compete agreements 5 3,255 1,150 Patents 10 - 18 13,450 6,470 Trademarks Indefinite 38,337 23,464 $ 147,495 $ 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 $0.2 million and $4.0 million for the third quarter and nine months ended September 26, 2021, respectively and $5.2 million and $16.3 million for the third quarter and nine months ended September 27, 2020, respectively. Third Quarter Ended Nine Months Ended (thousands, except per share data) September 26, 2021 September 27, 2020 September 26, 2021 September 27, 2020 Revenue $ 1,067,111 $ 802,753 $ 3,040,971 $ 2,049,211 Net income 58,190 43,183 172,574 66,967 Basic net income per common share 2.55 1.90 7.56 2.94 Diluted net income per common share 2.49 1.87 7.38 2.90

NET INCOME PER COMMON SHARE (Ta

NET INCOME PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 26, 2021
Earnings Per Share [Abstract]
Schedule of Net Income Per Share	Net income per common share calculated for the third quarter and nine months of 2021 and 2020 is as follows: Third Quarter Ended Nine Months Ended (thousands except per share data) September 26, 2021 September 27, 2020 September 26, 2021 September 27, 2020 Net income for basic and diluted per share calculation $ 57,397 $ 37,336 $ 163,895 $ 59,237 Weighted average common shares outstanding - basic 22,789 22,674 22,826 22,784 Effect of potentially dilutive securities 614 398 549 304 Weighted average common shares outstanding - diluted 23,403 23,072 23,375 23,088 Basic net income per common share $ 2.52 $ 1.65 $ 7.18 $ 2.60 Diluted net income per common share $ 2.45 $ 1.62 $ 7.01 $ 2.57

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 26, 2021
Debt Disclosure [Abstract]
Schedule of Total Debt Outstanding	A summary of total debt outstanding at September 26, 2021 and December 31, 2020 is as follows: (thousands) September 26, 2021 December 31, 2020 Long-term debt: 1.0% convertible notes due 2023 $ 172,500 $ 172,500 Term loan due 2026 148,125 92,500 Revolver due 2026 135,455 275,000 7.50% senior notes due 2027 300,000 300,000 4.75% senior notes due 2029 350,000 — Total long-term debt 1,106,080 840,000 Less: convertible notes debt discount, net (10,545) (16,072) Less: term loan deferred financing costs, net (660) (434) Less: senior notes deferred financing costs, net (9,711) (5,087) Less: current maturities of long-term debt (7,500) (7,500) Total long-term debt, less current maturities, net $ 1,077,664 $ 810,907
Schedule of Debt Instrument Redemption	The Company may redeem the 4.75% Senior Notes at any time according to the following timeframes with the respective restrictions and prices: Timeframe Redemption Restrictions Redemption Prices Prior to May 1, 2024 Up to 40% of the notes 104.750% After May 1, 2024 In whole, or in part 102.375% After May 1, 2025 In whole, or in part 101.188% After May 1, 2026 In whole, or in part 100.000%

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 26, 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 September 26, 2021 December 31, 2020 Interest rate swaps Accrued liabilities $ 2,506 $ — Interest rate swaps Other long-term liabilities $ — $ 6,567

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 26, 2021
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The activity in accumulated other comprehensive loss during the third quarter and nine months ended September 26, 2021 and September 27, 2020 was as follows: Third Quarter Ended September 26, 2021 (thousands) Cash Flow Hedges Other Foreign Currency Translation Total Balance at June 27, 2021 $ (2,896) $ (1,263) $ 30 $ (4,129) Other comprehensive income (loss) before reclassifications, net of tax (19) — 74 55 Amounts reclassified from accumulated other comprehensive loss, net of tax 1,050 — — 1,050 Other comprehensive income 1,031 — 74 1,105 Balance at September 26, 2021 $ (1,865) $ (1,263) $ 104 $ (3,024) Nine Months Ended September 26, 2021 (thousands) Cash Flow Hedges Other Foreign Currency Translation Total Balance at December 31, 2020 $ (4,889) $ (1,263) $ 100 $ (6,052) Other comprehensive income (loss) before reclassifications, net of tax (70) — 4 (66) Amounts reclassified from accumulated other comprehensive loss, net of tax 3,094 — — 3,094 Other comprehensive income 3,024 — 4 3,028 Balance at September 26, 2021 $ (1,865) $ (1,263) $ 104 $ (3,024) Third Quarter Ended September 27, 2020 (thousands) Cash Flow Hedges Other Foreign Currency Translation Total Balance at June 28, 2020 $ (6,916) $ (1,270) $ (106) $ (8,292) Other comprehensive income (loss) before reclassifications, net of tax (38) — 60 22 Amounts reclassified from accumulated other comprehensive loss, net of tax 1,027 — — 1,027 Other comprehensive income 989 — 60 1,049 Balance at September 27, 2020 $ (5,927) $ (1,270) $ (46) $ (7,243) Nine Months Ended September 27, 2020 (thousands) Cash Flow Hedges Other Foreign Currency Translation Total Balance at December 31, 2019 $ (4,374) $ (1,270) $ (54) $ (5,698) Other comprehensive income (loss) before reclassifications, net of tax (3,940) — 8 (3,932) Amounts reclassified from accumulated other comprehensive loss, net of tax 2,387 — — 2,387 Other comprehensive income (loss) (1,553) — 8 (1,545) Balance at September 27, 2020 $ (5,927) $ (1,270) $ (46) $ (7,243)

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 26, 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: Third Quarter Ended (thousands) September 26, 2021 September 27, 2020 Operating lease cost $ 10,760 $ 8,525 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 10,440 $ 8,317 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 12,573 $ 17,091 Nine Months Ended (thousands) September 26, 2021 September 27, 2020 Operating lease cost $ 30,697 $ 25,093 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 29,945 $ 24,680 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 52,564 $ 34,993
Lease Assets and Liabilities	Balance sheet information related to leases was as follows: (thousands, except lease term and discount rate) September 26, 2021 December 31, 2020 Assets Operating lease right-of-use assets $ 142,719 $ 117,816 Liabilities Operating lease liabilities, current portion $ 36,955 $ 30,901 Long-term operating lease liabilities 107,753 88,175 Total lease liabilities $ 144,708 $ 119,076 Weighted average remaining lease term, operating leases (in years) 5.1 5.3 Weighted average discount rate, operating leases 3.9 % 4.1 %
Operating Lease Liability Maturity	Maturities of lease liabilities were as follows at September 26, 2021: (thousands) 2021 (excluding the nine months ended September 26, 2021) $ 10,617 2022 41,015 2023 35,238 2024 27,629 2025 18,787 Thereafter 27,681 Total lease payments 160,967 Less imputed interest (16,259) Total $ 144,708

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 26, 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 September 26, 2021 and December 31, 2020: September 26, 2021 December 31, 2020 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Cash equivalents (1) $ 41.0 $ — $ — $ — $ — $ — 7.50% senior notes due 2027 (2) — 326.3 — — 329.0 — 4.75% senior notes due 2029 (2) — 359.7 — — — — Convertible note (2) — 193.0 — — 180.0 — Term loan due 2026 (3) — 148.1 — — 92.5 — Revolver due 2026 (3) — 135.5 — — 275.0 — Interest rate swaps (4) — 2.5 — — 6.6 — Contingent consideration (5) — — 9.8 — — 6.9 (1) The carrying amounts of cash equivalents, representing government and other money market funds traded in an active market with relatively short maturities, are reported on the condensed consolidated balance sheet as of September 26, 2021 as a component of "Cash and cash equivalents". The Company held no cash equivalents as of December 31, 2020. (2) The amounts of these notes listed above are the current fair values for disclosure purposes only, valued using Level 2 inputs, and they are recorded in the Company's condensed consolidated balance sheets as of September 26, 2021 and December 31, 2020 using the interest rate method as described in Note 9. (3) The carrying amounts of our term loan and revolver, valued using Level 2 inputs, approximate fair value as of September 26, 2021 and December 31, 2020 based upon their terms and conditions in comparison to the terms and conditions available at those dates. (4) The interest rate swaps are classified as Level 2 in the fair value hierarchy and discussed further in Note 10. (5) 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)	9 Months Ended
	Sep. 26, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The tables below present information about the sales and operating income of those segments. Third Quarter Ended September 26, 2021 (thousands) Manufacturing Distribution Total Net outside sales $ 772,235 $ 287,942 $ 1,060,177 Intersegment sales 20,064 1,880 21,944 Total sales 792,299 289,822 1,082,121 Operating income 91,370 31,187 122,557 Third Quarter Ended September 27, 2020 (thousands) Manufacturing Distribution Total Net outside sales $ 494,274 $ 206,433 $ 700,707 Intersegment sales 12,004 1,640 13,644 Total sales 506,278 208,073 714,351 Operating income 63,312 16,444 79,756 Nine Months Ended September 26, 2021 (thousands) Manufacturing Distribution Total Net outside sales $ 2,102,032 $ 828,581 $ 2,930,613 Intersegment sales 49,914 4,800 54,714 Total sales 2,151,946 833,381 2,985,327 Operating income 269,227 83,563 352,790 Nine Months Ended September 27, 2020 (thousands) Manufacturing Distribution Total Net outside sales $ 1,206,114 $ 507,870 $ 1,713,984 Intersegment sales 24,691 4,025 28,716 Total sales 1,230,805 511,895 1,742,700 Operating income 131,426 33,350 164,776
Summary of the Reconciliation of Segment Operations	The following table presents a reconciliation of segment operating income to consolidated operating income: Third Quarter Ended Nine Months Ended (thousands) September 26, 2021 September 27, 2020 September 26, 2021 September 27, 2020 Operating income for reportable segments $ 122,557 $ 79,756 $ 352,790 $ 164,776 Unallocated corporate expenses (14,526) (9,706) (55,075) (23,962) Amortization (14,758) (10,221) (40,695) (29,600) Consolidated operating income $ 93,273 $ 59,829 $ 257,020 $ 111,214
Summary of Reconciliation of Assets from Segment to Consolidated	The following table presents an allocation of total assets to the reportable segments of the Company and a reconciliation to consolidated total assets: (thousands) September 26, 2021 December 31, 2020 Manufacturing assets $ 1,838,583 $ 1,337,920 Distribution assets 453,839 343,170 Assets for reportable segments 2,292,422 1,681,090 Corporate assets unallocated to segments 21,154 27,578 Cash and cash equivalents 44,882 44,767 Consolidated total assets $ 2,358,458 $ 1,753,435

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Disaggregation of Revenue [Line Items]
Total sales	$ 1,060,177	$ 700,707	$ 2,930,613	$ 1,713,984
Recreational Vehicle
Disaggregation of Revenue [Line Items]
Total sales	633,237	421,171	1,730,094	945,517
Marine
Disaggregation of Revenue [Line Items]
Total sales	173,026	93,451	476,328	230,550
Manufactured Housing
Disaggregation of Revenue [Line Items]
Total sales	134,625	107,753	394,434	310,436
Industrial
Disaggregation of Revenue [Line Items]
Total sales	119,289	78,332	329,757	227,481
Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	772,235	494,274	2,102,032	1,206,114
Manufacturing | Recreational Vehicle
Disaggregation of Revenue [Line Items]
Total sales	434,029	290,326	1,161,254	656,739
Manufacturing | Marine
Disaggregation of Revenue [Line Items]
Total sales	164,535	88,861	453,223	219,150
Manufacturing | Manufactured Housing
Disaggregation of Revenue [Line Items]
Total sales	65,785	45,845	190,786	127,857
Manufacturing | Industrial
Disaggregation of Revenue [Line Items]
Total sales	107,886	69,242	296,769	202,368
Distribution
Disaggregation of Revenue [Line Items]
Total sales	287,942	206,433	828,581	507,870
Distribution | Recreational Vehicle
Disaggregation of Revenue [Line Items]
Total sales	199,208	130,845	568,840	288,778
Distribution | Marine
Disaggregation of Revenue [Line Items]
Total sales	8,491	4,590	23,105	11,400
Distribution | Manufactured Housing
Disaggregation of Revenue [Line Items]
Total sales	68,840	61,908	203,648	182,579
Distribution | Industrial
Disaggregation of Revenue [Line Items]
Total sales	$ 11,403	$ 9,090	$ 32,988	$ 25,113

INVENTORIES - Schedule of Inven

INVENTORIES - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 31, 2020
Inventory [Line Items]
Raw materials	$ 261,775	$ 157,219
Work in process	30,221	19,282
Finished goods	66,189	37,632
Total manufactured goods, net	344,581	205,813
Materials purchased for resale (distribution products)	147,502	112,158
Total materials purchased for resale (distribution products), net	141,185	106,996
Total inventories	485,766	312,809
Manufactured Goods
Inventory [Line Items]
Less: reserve for inventory obsolescence	(13,604)	(8,320)
Distributed Goods
Inventory [Line Items]
Less: reserve for inventory obsolescence	$ (6,317)	$ (5,162)

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Carrying Amount of Goodwill by Segment (Details) $ in Thousands	9 Months Ended
	Sep. 26, 2021USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 395,800
Acquisitions	75,770
Adjustments to preliminary purchase price allocations	7,385
Ending balance	478,955
Manufacturing
Goodwill [Roll Forward]
Beginning balance	338,045
Acquisitions	64,312
Adjustments to preliminary purchase price allocations	7,366
Ending balance	409,723
Distribution
Goodwill [Roll Forward]
Beginning balance	57,755
Acquisitions	11,458
Adjustments to preliminary purchase price allocations	19
Ending balance	$ 69,232

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets, Net, by Major Class (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 31, 2020
Intangible Assets [Line Items]
Total other intangible assets, net, excluding accumulated amortization	$ 756,983	$ 614,524
Less: accumulated amortization	(198,943)	(158,248)
Intangible assets, net	558,040	456,276
Trademarks
Intangible Assets [Line Items]
Indefinite-lived intangible assets	151,997	113,796
Customer relationships
Intangible Assets [Line Items]
Finite-lived intangible assets	549,314	461,754
Non-compete agreements
Intangible Assets [Line Items]
Finite-lived intangible assets	19,144	15,949
Patents
Intangible Assets [Line Items]
Finite-lived intangible assets	$ 36,528	$ 23,025

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Intangible Assets [Roll Forward]
Beginning balance			$ 456,276
Acquisitions			147,548
Amortization	$ (14,758)	$ (10,221)	(40,695)	$ (29,600)
Adjustments to preliminary purchase price allocations			(5,089)
Ending balance	558,040		558,040
Manufacturing
Intangible Assets [Roll Forward]
Beginning balance			373,717
Acquisitions			114,833
Amortization			(33,543)
Adjustments to preliminary purchase price allocations			(5,089)
Ending balance	449,918		449,918
Distribution
Intangible Assets [Roll Forward]
Beginning balance			82,559
Acquisitions			32,715
Amortization			(7,152)
Adjustments to preliminary purchase price allocations			0
Ending balance	$ 108,122		$ 108,122

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 26, 2021USD ($)acquisition	Sep. 27, 2020USD ($)acquisition	Sep. 26, 2021USD ($)acquisitionfacility	Sep. 27, 2020USD ($)acquisition	Dec. 31, 2020USD ($)acquisition
Business Acquisition [Line Items]
Number of acquisitions | acquisition		6		9
Total sales	$ 1,060,177	$ 700,707	$ 2,930,613	$ 1,713,984
Operating income	93,273	59,829	257,020	111,214
Cash payments related to contingent consideration liabilities			1,600	2,000
Selling, general and administrative	64,245	38,184	175,842	105,681
Number of immaterial acquisitions | acquisition					4
Cash, net of cash acquired			297,701	123,382
Goodwill	478,955		478,955		$ 395,800
Pro forma amortization expense	$ 200	5,200	$ 4,000	16,300
2021 Acquisitions
Business Acquisition [Line Items]
Number of acquisitions | acquisition	3		10
Total sales	$ 84,000		$ 146,100
Operating income	6,600	2,100	12,600	2,200
Cash payments related to contingent consideration liabilities			$ 4,540
Number of material acquisitions | acquisition			5
Number of immaterial acquisitions | acquisition			5
Cash, net of cash acquired			$ 298,384
Business combination, consideration transferred, equity interests issued and issuable			10,211
Inventories	46,099		46,099
Property, plant & equipment	53,570		53,570
Goodwill	75,770		$ 75,770
2021 Acquisitions | Minimum
Business Acquisition [Line Items]
Contingent consideration, performance period			1 year
2021 Acquisitions | Maximum
Business Acquisition [Line Items]
Contingent consideration, performance period			3 years
2020 Acquisitions
Business Acquisition [Line Items]
Number of acquisitions | acquisition					11
Total sales		$ 19,600		$ 23,300
Cash payments related to contingent consideration liabilities					$ 4,763
Number of material acquisitions | acquisition					7
Cash, net of cash acquired					$ 306,319
Business combination, consideration transferred, equity interests issued and issuable					0
Inventories					25,395
Property, plant & equipment					65,083
Goodwill					$ 90,522
2020 Acquisitions | Minimum
Business Acquisition [Line Items]
Contingent consideration, performance period					1 year
2020 Acquisitions | Maximum
Business Acquisition [Line Items]
Contingent consideration, performance period					3 years
Certain Acquisitions
Business Acquisition [Line Items]
Fair value of estimated contingent consideration payments	9,800		$ 9,800		$ 6,900
Contingent consideration arrangements maximum payments amount	19,600		19,600
Cash payments related to contingent consideration liabilities	1,500		2,500
Selling, general and administrative			900
Certain Acquisitions | Accrued liabilities
Business Acquisition [Line Items]
Fair value of estimated contingent consideration payments	3,700		3,700		1,600
Certain Acquisitions | Other long-term liabilities
Business Acquisition [Line Items]
Fair value of estimated contingent consideration payments	6,100		6,100		5,300
One Acquisition In 2021
Business Acquisition [Line Items]
Total sales	53,500		85,600
Operating income	2,600		4,500
Business combination and liabilities assumed, cash and equivalents	149,300		149,300
Business combination, consideration transferred, equity interests issued and issuable			10,200
Inventories	25,800		25,800
Property, plant & equipment	28,400		28,400
Identifiable intangible assets	85,000		85,000
Accounts payable and accrued liabilities	18,100		18,100
Operating lease right of use assets and liabilities	11,500		11,500
Goodwill	$ 33,600		$ 33,600
Alpha Systems LLC
Business Acquisition [Line Items]
Number of facilities acquired | facility			9
One Acquisitions In 2020
Business Acquisition [Line Items]
Inventories					2,900
Property, plant & equipment					49,300
Identifiable intangible assets					49,100
Accounts payable and accrued liabilities					2,600
Operating lease right of use assets and liabilities					4,900
Goodwill					32,600
Cash consideration					$ 129,700

ACQUISITIONS - Fair Value of As

ACQUISITIONS - Fair Value of Assets Acquired, Summary (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 26, 2021	Sep. 26, 2021	Sep. 27, 2020	Dec. 31, 2020
Consideration
Cash, net of cash acquired		$ 297,701	$ 123,382
Contingent consideration		1,600	$ 2,000
Assets Acquired
Operating lease right-of-use assets	$ 142,719	142,719		$ 117,816
Liabilities Assumed
Goodwill	478,955	478,955		395,800
2021 Acquisitions
Consideration
Cash, net of cash acquired		298,384
Working capital holdback and other, net		1,189
Common stock issuance		10,211
Contingent consideration		4,540
Total consideration		314,324
Assets Acquired
Trade receivables	18,582	18,582
Inventories	46,099	46,099
Prepaid expenses & other	975	975
Property, plant & equipment	53,570	53,570
Operating lease right-of-use assets	16,438	16,438
Identifiable intangible assets	147,495	147,495
Liabilities Assumed
Current portion of operating lease obligations	(3,984)	(3,984)
Accounts payable & accrued liabilities	(26,171)	(26,171)
Operating lease obligations	(12,454)	(12,454)
Deferred tax liabilities	(1,996)	(1,996)
Total fair value of net assets acquired	238,554	238,554
Goodwill	75,770	75,770
Total net assets acquired	314,324	314,324
2020 Acquisitions
Consideration
Cash, net of cash acquired				306,319
Working capital holdback and other, net				(37)
Common stock issuance				0
Contingent consideration				4,763
Total consideration				311,045
Assets Acquired
Trade receivables				15,320
Inventories				25,395
Prepaid expenses & other				725
Property, plant & equipment				65,083
Operating lease right-of-use assets				20,029
Identifiable intangible assets				130,981
Liabilities Assumed
Current portion of operating lease obligations				(2,721)
Accounts payable & accrued liabilities				(12,405)
Operating lease obligations				(17,308)
Deferred tax liabilities				(4,576)
Total fair value of net assets acquired				220,523
Goodwill				90,522
Total net assets acquired				311,045
Certain Acquisitions
Consideration
Contingent consideration	1,500	$ 2,500
Liabilities Assumed
Number of days of working capital		90 days
One Acquisition In 2021
Consideration
Common stock issuance		$ 10,200
Assets Acquired
Inventories	25,800	25,800
Property, plant & equipment	28,400	28,400
Liabilities Assumed
Goodwill	$ 33,600	$ 33,600
Common stock issued (in shares)		113,961
Closing price (in dollars per share)	$ 89.60	$ 89.60
Tumacs Covers
Liabilities Assumed
Goodwill tax-deductible	$ 6,200	$ 6,200
Front Range Stone
Liabilities Assumed
Goodwill tax-deductible				$ 11,000

ACQUISITIONS - Schedule of iden

ACQUISITIONS - Schedule of identifiable intangible assets acquired (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
2021 Acquisitions
Business Acquisition [Line Items]
Identifiable intangible assets	$ 147,495
2020 Acquisitions
Business Acquisition [Line Items]
Identifiable intangible assets		$ 130,981
Trademarks | 2021 Acquisitions
Business Acquisition [Line Items]
Identifiable intangible assets	$ 38,337
Trademarks | 2020 Acquisitions
Business Acquisition [Line Items]
Identifiable intangible assets		23,464
Customer relationships
Business Acquisition [Line Items]
Estimated Useful Life (in years)	10 years
Customer relationships | 2021 Acquisitions
Business Acquisition [Line Items]
Identifiable intangible assets	$ 92,453
Customer relationships | 2020 Acquisitions
Business Acquisition [Line Items]
Identifiable intangible assets		99,897
Non-compete agreements
Business Acquisition [Line Items]
Estimated Useful Life (in years)	5 years
Non-compete agreements | 2021 Acquisitions
Business Acquisition [Line Items]
Identifiable intangible assets	$ 3,255
Non-compete agreements | 2020 Acquisitions
Business Acquisition [Line Items]
Identifiable intangible assets		1,150
Patents | Minimum
Business Acquisition [Line Items]
Estimated Useful Life (in years)	10 years
Patents | Maximum
Business Acquisition [Line Items]
Estimated Useful Life (in years)	18 years
Patents | 2021 Acquisitions
Business Acquisition [Line Items]
Identifiable intangible assets	$ 13,450
Patents | 2020 Acquisitions
Business Acquisition [Line Items]
Identifiable intangible assets		$ 6,470

ACQUISITIONS - Pro Forma Inform

ACQUISITIONS - Pro Forma Information Related to Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Business Combination and Asset Acquisition [Abstract]
Revenue	$ 1,067,111	$ 802,753	$ 3,040,971	$ 2,049,211
Net income	$ 58,190	$ 43,183	$ 172,574	$ 66,967
Basic net income per common share (in dollars per share)	$ 2.55	$ 1.90	$ 7.56	$ 2.94
Diluted net income per common share (in dollars per share)	$ 2.49	$ 1.87	$ 7.38	$ 2.90

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	$ 7	$ 4.9	$ 17.3	$ 11.2
Share-based compensation expense, forfeitures and modifications		$ 2.3		$ 2.3
Granted shares (in shares)			296,073
Average fair value of shares granted (in dollars per share)			$ 73.31
Fair value of shares granted, amount			$ 21.7
Unrecognized compensation cost	$ 31.5		$ 31.5
Weighted average recognition period			18 months 15 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		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Earnings Per Share [Abstract]
Net income for basic per share calculation	$ 57,397	$ 37,336	$ 163,895	$ 59,237
Net income for diluted per share calculation	$ 57,397	$ 37,336	$ 163,895	$ 59,237
Weighted average common shares outstanding - basic (in shares)	22,789	22,674	22,826	22,784
Effect of potentially dilutive securities (in shares)	614	398	549	304
Weighted average common shares outstanding - diluted (in shares)	23,403	23,072	23,375	23,088
Basic net income per common share (in dollars per share)	$ 2.52	$ 1.65	$ 7.18	$ 2.60
Diluted net income per common share (in dollars per share)	$ 2.45	$ 1.62	$ 7.01	$ 2.57

DEBT - Schedule of Long-term De

DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Apr. 20, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total long-term debt	$ 1,106,080		$ 840,000
Less: convertible notes debt discount, net	(10,545)		(16,072)
Less: current maturities of long-term debt	(7,500)		(7,500)
Total long-term debt, less current maturities, net	$ 1,077,664		810,907
1.0% convertible notes due 2023
Debt Instrument [Line Items]
Stated interest rate	1.00%
Total long-term debt	$ 172,500		172,500
Term loan due 2026
Debt Instrument [Line Items]
Total long-term debt	148,125		92,500
Less: deferred financing costs, net	(660)		(434)
Revolver
Debt Instrument [Line Items]
Total long-term debt	135,455		275,000
Senior notes
Debt Instrument [Line Items]
Less: deferred financing costs, net	(9,711)		(5,087)
Senior notes | 7.5% senior notes due 2027
Debt Instrument [Line Items]
Stated interest rate		7.50%
Total long-term debt	$ 300,000		300,000
Senior notes | 4.75% senior notes due 2029
Debt Instrument [Line Items]
Stated interest rate	4.75%	4.75%
Total long-term debt	$ 350,000		$ 0

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020	Apr. 20, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Total long-term debt	$ 1,106,080		$ 1,106,080			$ 840,000
Interest paid	$ 3,700	$ 3,200	$ 21,200	$ 21,400
Minimum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage			0.15%
Maximum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage			0.225%
Prime Rate | Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			0.00%
Prime Rate | Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			0.75%
London Interbank Offered Rate (LIBOR) | Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			1.00%
London Interbank Offered Rate (LIBOR) | Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			1.75%
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, effective interest rate	1.63%		1.63%
Debt instrument, basis spread on variable rate			(1.50%)
Revolver
Line of Credit Facility [Line Items]
Total long-term debt	$ 135,455		$ 135,455			275,000
Revolver | Revolving Credit Facility
Line of Credit Facility [Line Items]
Ratio of indebtedness to net capital	3.25		3.25
Term loan due 2021
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 150,000		$ 150,000
Total long-term debt	148,100		148,100
Term loan due 2021 | June 30 2024 through March 31, 2024
Line of Credit Facility [Line Items]
Required periodic payment			1,875
Term loan due 2019
Line of Credit Facility [Line Items]
Total long-term debt	$ 148,125		$ 148,125			92,500
4.75% senior notes due 2029 | Senior notes
Line of Credit Facility [Line Items]
Debt instrument, face amount					$ 350,000
Stated interest rate	4.75%		4.75%		4.75%
Debt instrument, effective interest rate					4.98%
Deferred financing costs					$ 5,300
Total long-term debt	$ 350,000		$ 350,000			$ 0
2021 Credit Facility | Revolver | Revolving Credit Facility
Line of Credit Facility [Line Items]
Ratio of indebtedness to net capital	2.75		2.75
Consolidated fixed charge coverage ratio, actual			1.50
Minimum liquidity requirement applicable period			6 months
Maximum borrowing capacity	$ 550,000		$ 550,000
Total long-term debt	135,500		135,500
2021 Credit Facility | Term loan due 2021
Line of Credit Facility [Line Items]
Increase (decrease) in borrowing capacity			250,000
2021 Credit Facility | Term loan due 2021 | June 30 2024 through March 31, 2024
Line of Credit Facility [Line Items]
Required periodic payment			3,750
2019 Credit Facility | Revolver | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	550,000		550,000
2019 Credit Facility | Term loan due 2019
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 100,000		$ 100,000

DEBT - Schedule of Debt Instrum

DEBT - Schedule of Debt Instrument Redemption (Details) - 4.75% senior notes due 2029 - Senior notes	9 Months Ended
	Sep. 26, 2021
Prior to May 1, 2024
Debt Instrument [Line Items]
Redemption Prices	104.75%
Prior to May 1, 2024 | Maximum
Debt Instrument [Line Items]
Percent of notes	40.00%
After May 1, 2024
Debt Instrument [Line Items]
Redemption Prices	102.375%
After May 1, 2025
Debt Instrument [Line Items]
Redemption Prices	101.188%
After May 1, 2026
Debt Instrument [Line Items]
Redemption Prices	100.00%

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Millions	Sep. 26, 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	Sep. 26, 2021	Dec. 31, 2020
Accrued liabilities
Derivative [Line Items]
Fair value of derivative instruments	$ 2,506	$ 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		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 643,271	$ 493,268	$ 559,441	$ 497,481
Other comprehensive income (loss) before reclassifications, net of tax	55	22	(66)	(3,932)
Amounts reclassified from accumulated other comprehensive loss, net of tax	1,050	1,027	3,094	2,387
Other comprehensive income	1,105	1,049	3,028	(1,545)
Ending Balance	692,048	525,829	692,048	525,829
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(4,129)	(8,292)	(6,052)	(5,698)
Ending Balance	(3,024)	(7,243)	(3,024)	(7,243)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(2,896)	(6,916)	(4,889)	(4,374)
Other comprehensive income (loss) before reclassifications, net of tax	(19)	(38)	(70)	(3,940)
Amounts reclassified from accumulated other comprehensive loss, net of tax	1,050	1,027	3,094	2,387
Other comprehensive income	1,031	989	3,024	(1,553)
Ending Balance	(1,865)	(5,927)	(1,865)	(5,927)
Other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1,263)	(1,270)	(1,263)	(1,270)
Other comprehensive income (loss) before reclassifications, net of tax	0	0	0	0
Amounts reclassified from accumulated other comprehensive loss, net of tax	0	0	0	0
Other comprehensive income	0	0	0	0
Ending Balance	(1,263)	(1,270)	(1,263)	(1,270)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	30	(106)	100	(54)
Other comprehensive income (loss) before reclassifications, net of tax	74	60	4	8
Amounts reclassified from accumulated other comprehensive loss, net of tax	0	0	0	0
Other comprehensive income	74	60	4	8
Ending Balance	$ 104	$ (46)	$ 104	$ (46)

LEASES - Lease Expense, Supplem

LEASES - Lease Expense, Supplemental Cash Flow and Other Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Leases [Abstract]
Operating lease cost	$ 10,760	$ 8,525	$ 30,697	$ 25,093
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	10,440	8,317	29,945	24,680
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 12,573	$ 17,091	$ 52,564	$ 34,993

LEASES - Lease Assets and Liabi

LEASES - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 31, 2020
Assets
Operating lease right-of-use assets	$ 142,719	$ 117,816
Liabilities
Operating lease liabilities, current portion	36,955	30,901
Long-term operating lease liabilities	107,753	88,175
Total lease liabilities	$ 144,708	$ 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	3.90%	4.10%

LEASES - Operating Lease Liabil

LEASES - Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 31, 2020
Leases [Abstract]
2021 (excluding the nine months ended September 26, 2021)	$ 10,617
2022	41,015
2023	35,238
2024	27,629
2025	18,787
Thereafter	27,681
Total lease payments	160,967
Less imputed interest	(16,259)
Total	$ 144,708	$ 119,076

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Millions	Sep. 26, 2021USD ($)
Lessee, Lease, Description [Line Items]
Value of operating leases not yet commenced	$ 5.8
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Lease term of operating leases not yet commenced	5 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	18 years
Lease term of operating leases not yet commenced	10 years

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 26, 2021	Apr. 20, 2021	Dec. 31, 2020
7.5% senior notes due 2027 | Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate		7.50%
4.75% senior notes due 2029 | Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	4.75%	4.75%
Level 1 | Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 41		$ 0
Level 1 | Senior notes | 7.5% senior notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	0		0
Level 1 | Senior notes | 4.75% senior notes due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	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 | Term loan due
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan due	0		0
Level 1 | Revolver due
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolver due	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 | Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0		0
Level 2 | Senior notes | 7.5% senior notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	326.3		329
Level 2 | Senior notes | 4.75% senior notes due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	359.7		0
Level 2 | Convertible Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible note	193		180
Level 2 | Term loan due
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan due	148.1		92.5
Level 2 | Revolver due
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolver due	135.5		275
Level 2 | Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	2.5		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 | Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0		0
Level 3 | Senior notes | 7.5% senior notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	0		0
Level 3 | Senior notes | 4.75% senior notes due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	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 | Term loan due
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan due	0		0
Level 3 | Revolver due
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolver due	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	$ 9.8		$ 6.9

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	26.30%	24.30%	24.10%	25.40%
Excess tax benefit tax			$ 5.7	$ 2.2
Income taxes paid	$ 19.7	$ 1.8	$ 43.9	$ 1.6

SEGMENT INFORMATION - Sales and

SEGMENT INFORMATION - Sales and Operating Income of Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021USD ($)	Sep. 27, 2020USD ($)	Sep. 26, 2021USD ($)segment	Sep. 27, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments (in segments) | segment			2
Total sales	$ 1,060,177	$ 700,707	$ 2,930,613	$ 1,713,984
Operating income	93,273	59,829	257,020	111,214
Manufacturing
Segment Reporting Information [Line Items]
Total sales	772,235	494,274	2,102,032	1,206,114
Distribution
Segment Reporting Information [Line Items]
Total sales	287,942	206,433	828,581	507,870
Intersegment sales
Segment Reporting Information [Line Items]
Total sales	21,944	13,644	54,714	28,716
Intersegment sales | Manufacturing
Segment Reporting Information [Line Items]
Total sales	20,064	12,004	49,914	24,691
Intersegment sales | Distribution
Segment Reporting Information [Line Items]
Total sales	1,880	1,640	4,800	4,025
Operating Segments
Segment Reporting Information [Line Items]
Total sales	1,082,121	714,351	2,985,327	1,742,700
Operating income	122,557	79,756	352,790	164,776
Operating Segments | Manufacturing
Segment Reporting Information [Line Items]
Total sales	792,299	506,278	2,151,946	1,230,805
Operating income	91,370	63,312	269,227	131,426
Operating Segments | Distribution
Segment Reporting Information [Line Items]
Total sales	289,822	208,073	833,381	511,895
Operating income	$ 31,187	$ 16,444	$ 83,563	$ 33,350

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of Segment Operating Income to Consolidated Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Segment Reporting Information [Line Items]
Operating income	$ 93,273	$ 59,829	$ 257,020	$ 111,214
Unallocated corporate expenses	(114,888)	(73,668)	(317,150)	(205,485)
Amortization	(14,758)	(10,221)	(40,695)	(29,600)
Operating Segments
Segment Reporting Information [Line Items]
Operating income	122,557	79,756	352,790	164,776
Segment Reconciling Items
Segment Reporting Information [Line Items]
Unallocated corporate expenses	(14,526)	(9,706)	(55,075)	(23,962)
Amortization	$ (14,758)	$ (10,221)	$ (40,695)	$ (29,600)

SEGMENT INFORMATION - Summary o

SEGMENT INFORMATION - Summary of Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Assets	$ 2,358,458	$ 1,753,435
Operating Segments
Segment Reporting Information [Line Items]
Assets	2,292,422	1,681,090
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Assets	21,154	27,578
Segment Reconciling Items
Segment Reporting Information [Line Items]
Assets	44,882	44,767
Manufacturing | Operating Segments
Segment Reporting Information [Line Items]
Assets	1,838,583	1,337,920
Distribution | Operating Segments
Segment Reporting Information [Line Items]
Assets	$ 453,839	$ 343,170

STOCK REPURCHASE PROGRAMS - Nar

STOCK REPURCHASE PROGRAMS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2021	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020	Mar. 31, 2020
Equity [Abstract]
Authorized share repurchase program amount						$ 50
Share repurchase program period	24 months
Remaining authorized shares to be purchased amount	$ 14.4	$ 39.6		$ 39.6
Shares repurchased (in shares)		128,929	88,950	388,929	545,105
Average cost per share repurchased (in dollars per share)		$ 80.62	$ 53.24	$ 82.14	$ 37.22
Cost to repurchase the company's common stock		$ 10.4	$ 4.7	$ 31.9	$ 20.3