Patrick Industries (PATK) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Oct. 01, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 01, 2023
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
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	PATK
Security Exchange Name	NASDAQ
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
Entity Common Stock, Shares Outstanding		22,134,344
Entity Central Index Key	0000076605
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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
	Oct. 01, 2023	Sep. 25, 2022	Oct. 01, 2023	Sep. 25, 2022
Income Statement [Abstract]
NET SALES	$ 866,073	$ 1,112,089	$ 2,686,858	$ 3,929,957
Cost of goods sold	666,954	875,638	2,083,527	3,071,057
GROSS PROFIT	199,119	236,451	603,331	858,900
Operating expenses:
Warehouse and delivery	37,664	39,997	109,540	125,213
Selling, general and administrative	70,873	84,924	231,814	250,969
Amortization of intangible assets	19,507	18,769	59,093	54,175
Total operating expenses	128,044	143,690	400,447	430,357
OPERATING INCOME	71,075	92,761	202,884	428,543
Interest expense, net	16,879	15,302	53,623	44,990
Income before income taxes	54,196	77,459	149,261	383,553
Income taxes	14,646	18,640	37,181	95,537
NET INCOME	$ 39,550	$ 58,819	$ 112,080	$ 288,016
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	$ 1.84	$ 2.66	$ 5.20	$ 12.93
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	$ 1.81	$ 2.43	$ 5.09	$ 11.78
Weighted average shares outstanding - Basic (in shares)	21,511	22,087	21,541	22,274
Weighted average shares outstanding - Diluted (in shares)	21,884	24,413	22,063	24,573

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Sep. 25, 2022	Oct. 01, 2023	Sep. 25, 2022
Statement of Other Comprehensive Income [Abstract]
NET INCOME	$ 39,550	$ 58,819	$ 112,080	$ 288,016
Other comprehensive income, net of tax:
Unrealized gain of hedge derivatives	0	0	0	757
Foreign currency translation loss	(10)	(118)	(109)	(164)
Total other comprehensive income (loss)	(10)	(118)	(109)	593
COMPREHENSIVE INCOME	$ 39,540	$ 58,701	$ 111,971	$ 288,609

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 16,450	$ 22,847
Trade and other receivables, net	240,850	172,890
Inventories	517,657	667,841
Prepaid expenses and other	36,296	46,326
Total current assets	811,253	909,904
Property, plant and equipment, net	358,266	350,572
Operating lease right-of-use assets	170,128	163,674
Goodwill	637,393	629,263
Intangible assets, net	670,763	720,230
Other non-current assets	8,140	8,828
TOTAL ASSETS	2,655,943	2,782,471
Current Liabilities
Current maturities of long-term debt	7,500	7,500
Current operating lease liabilities	47,262	44,235
Accounts payable	148,239	142,910
Accrued liabilities	132,813	172,595
Total current liabilities	335,814	367,240
Long-term debt, less current maturities, net	1,104,618	1,276,149
Long-term operating lease liabilities	126,231	122,471
Deferred tax liabilities, net	47,390	48,392
Other long-term liabilities	10,587	13,050
TOTAL LIABILITIES	1,624,640	1,827,302
SHAREHOLDERS’ EQUITY
Common stock	201,680	197,003
Accumulated other comprehensive loss	(804)	(695)
Retained earnings	830,427	758,861
TOTAL SHAREHOLDERS’ EQUITY	1,031,303	955,169
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,655,943	$ 2,782,471

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2022	Oct. 01, 2023	Sep. 25, 2022	Oct. 01, 2023	Sep. 25, 2022	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$ 39,550	$ 58,819	$ 112,080	$ 288,016
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization				107,976	96,256
Stock-based compensation expense				13,675	15,596
Amortization of convertible notes debt discount				823	1,399
(Gain) loss on sale of property, plant and equipment	$ (5,500)			242	(5,713)
Other non-cash items				2,959	5,049
Change in operating assets and liabilities, net of acquisitions of businesses:
Trade and other receivables, net				(68,114)	(92,199)
Inventories				154,634	(85,091)
Prepaid expenses and other assets				9,098	31,058
Accounts payable, accrued liabilities and other				(39,543)	(24,563)
Net cash provided by operating activities				293,830	229,808
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment				(47,430)	(63,437)
Proceeds from sale of property, plant and equipment				946	7,441
Business acquisitions, net of cash acquired				(26,009)	(152,888)
Purchases of intangible assets				(2,970)	0
Net cash used in investing activities				(75,463)	(208,884)
CASH FLOWS FROM FINANCING ACTIVITIES
Term debt repayments				(5,625)	(3,750)
Borrowings on revolver				482,194	703,402
Repayments on revolver				(477,482)	(703,402)
Repayments of convertible notes				(172,500)	0
Stock repurchases under buyback program				(12,230)	(46,984)
Cash dividends paid to shareholders				(30,260)	(23,007)
Taxes paid for share-based payment arrangements				(8,762)	(10,036)
Payment of deferred financing costs and other				0	(2,142)
Payment of contingent consideration from a business acquisition				(1,430)	(4,780)
Proceeds from exercise of common stock options				1,413	195
Other financing activities				(82)	0
Net cash used in financing activities				(224,764)	(90,504)
Decrease in cash and cash equivalents				(6,397)	(69,580)
Cash and cash equivalents at beginning of year	$ 122,849			22,847	122,849	$ 122,849
Cash and cash equivalents at end of period		$ 16,450	$ 53,269	$ 16,450	$ 53,269	$ 22,847

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment
Beginning balance at Dec. 31, 2021	$ 767,557	$ (43,693)	$ 196,383	$ 59,668	$ (59,668)	$ (2,228)	$ 513,734	$ 15,975
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	288,016						288,016
Dividends declared	(22,803)						(22,803)
Other comprehensive income (loss), net of tax	593					593
Stock repurchases under buyback program	(48,749)		(6,771)				(41,978)
Repurchases of shares for tax payments related to the vesting and exercise of share-based grants	(10,036)		(10,036)
Issuance of shares upon exercise of common stock options	195		195
Stock-based compensation expense	15,596		15,596
Ending balance at Sep. 25, 2022	946,676		195,367	0		(1,635)	752,944
Beginning balance at Jun. 26, 2022	897,590		191,295	0		(1,517)	707,812
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	58,819						58,819
Dividends declared	(7,540)						(7,540)
Other comprehensive income (loss), net of tax	(118)					(118)
Stock repurchases under buyback program	(7,440)		(1,293)				(6,147)
Repurchases of shares for tax payments related to the vesting and exercise of share-based grants	(1)		(1)
Issuance of shares upon exercise of common stock options	14		14
Stock-based compensation expense	5,352		5,352
Ending balance at Sep. 25, 2022	946,676		195,367	0		(1,635)	752,944
Beginning balance at Dec. 31, 2022	955,169		197,003	0		(695)	758,861
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	112,080						112,080
Dividends declared	(29,927)						(29,927)
Other comprehensive income (loss), net of tax	(109)					(109)
Stock repurchases under buyback program	(12,236)		(1,649)				(10,587)
Repurchases of shares for tax payments related to the vesting and exercise of share-based grants	(8,762)		(8,762)
Issuance of shares upon exercise of common stock options	1,413		1,413
Stock-based compensation expense	13,675		13,675
Ending balance at Oct. 01, 2023	1,031,303		201,680	0		(804)	830,427
Beginning balance at Jul. 02, 2023	997,422		196,912	0		(794)	801,304
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	39,550						39,550
Dividends declared	(10,021)						(10,021)
Other comprehensive income (loss), net of tax	(10)					(10)
Stock repurchases under buyback program	(460)		(54)				(406)
Repurchases of shares for tax payments related to the vesting and exercise of share-based grants	(1,177)		(1,177)
Issuance of shares upon exercise of common stock options	270		270
Stock-based compensation expense	5,729		5,729
Ending balance at Oct. 01, 2023	$ 1,031,303		$ 201,680	$ 0		$ (804)	$ 830,427

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Oct. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	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 October 1, 2023 and December 31, 2022, its results of operations for the third quarter and nine months ended October 1, 2023 and September 25, 2022, and its cash flows for the nine months ended October 1, 2023 and September 25, 2022. Patrick's unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The accompanying unaudited condensed consolidated financial statements for Patrick do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures considered necessary for a fair presentation have been included. For further information, refer to Patrick’s Audited Consolidated Financial Statements for the year ended December 31, 2022, and corresponding notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 24, 2023. 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 2023 ended on October 1, 2023 and the third quarter of fiscal year 2022 ended on September 25, 2022.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Oct. 01, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of significant accounting policies is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 24, 2023 New Accounting Standards Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on the Company’s unaudited condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements." The amendments in this update modify the disclosure or presentation requirements of a variety of topics in the codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. The amendments in this ASU are effective for public business entities for interim periods beginning after June 30, 2027. The Company is currently evaluating the impacts of the provisions of ASU 2023-06.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Oct. 01, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION In the following table, revenue from contracts with customers, net of intersegment sales, is disaggregated by market type and by reportable segment: Third Quarter Ended October 1, 2023 ($ in thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 273,804 $ 126,300 $ 400,104 Marine 193,066 12,148 205,214 Manufactured Housing 66,671 79,030 145,701 Industrial 107,644 7,410 115,054 Total $ 641,185 $ 224,888 $ 866,073 Third Quarter Ended September 25, 2022 ($ in thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 355,791 $ 167,784 $ 523,575 Marine 256,357 14,768 271,125 Manufactured Housing 85,767 89,676 175,443 Industrial 130,495 11,451 141,946 Total $ 828,410 $ 283,679 $ 1,112,089 Nine Months Ended October 1, 2023 ($ in thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 780,993 $ 369,643 $ 1,150,636 Marine 705,399 44,160 749,559 Manufactured Housing 196,179 226,919 423,098 Industrial 339,108 24,457 363,565 Total $ 2,021,679 $ 665,179 $ 2,686,858 Nine Months Ended September 25, 2022 ($ in thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 1,501,151 $ 680,463 $ 2,181,614 Marine 736,854 45,568 782,422 Manufactured Housing 269,773 279,625 549,398 Industrial 384,216 32,307 416,523 Total $ 2,891,994 $ 1,037,963 $ 3,929,957 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.

INVENTORY

INVENTORY	9 Months Ended
	Oct. 01, 2023
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY Inventories consist of the following: ($ in thousands) October 1, 2023 December 31, 2022 Raw materials $ 276,681 $ 348,670 Work in process 19,635 22,630 Finished goods 107,840 141,516 Less: reserve for inventory obsolescence (20,297) (14,059) Total manufactured goods, net 383,859 498,757 Materials purchased for resale (distribution products) 142,394 175,061 Less: reserve for inventory obsolescence (8,596) (5,977) Total materials purchased for resale (distribution products), net 133,798 169,084 Total inventories $ 517,657 $ 667,841

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Oct. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Changes in the carrying amount of goodwill for the nine months ended October 1, 2023 by segment are as follows: ($ in thousands) Manufacturing Distribution Total Balance - December 31, 2022 $ 558,362 $ 70,901 $ 629,263 Acquisitions — 5,905 5,905 Adjustments to preliminary purchase price allocations 2,008 217 2,225 Balance - October 1, 2023 $ 560,370 $ 77,023 $ 637,393 Intangible assets, net consist of the following as of October 1, 2023 and December 31, 2022: ($ in thousands) October 1, 2023 December 31, 2022 Customer relationships $ 729,764 $ 722,503 Non-compete agreements 21,561 20,412 Patents 69,310 69,164 Trademarks 197,027 195,957 Intangible assets, gross 1,017,662 1,008,036 Less: accumulated amortization (346,899) (287,806) Intangible assets, net $ 670,763 $ 720,230 Changes in the carrying value of intangible assets for the nine months ended October 1, 2023 by segment are as follows: ($ in thousands) Manufacturing Distribution Total Balance - December 31, 2022 $ 622,647 $ 97,583 $ 720,230 Additions 2,970 11,100 14,070 Amortization (50,905) (8,188) (59,093) Adjustments to preliminary purchase price allocations (4,359) (85) (4,444) Balance - October 1, 2023 $ 570,353 $ 100,410 $ 670,763

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Oct. 01, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS General Business combinations generally take place to gain key technology, expand into additional markets, or strengthen Patrick's positions in existing markets. Acquisitions are accounted for under the acquisition method of accounting. 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. The Company completed three acquisitions in the first nine months of 2023 (the "2023 Acquisitions"). For the third quarter and nine months ended October 1, 2023, net sales included in the Company's condensed consolidated statements of income related to the 2023 Acquisitions were $7.3 million and $9.8 million, respectively, and operating income was $(0.1) million and $0.1 million, respectively. Acquisition-related costs associated with the 2023 Acquisitions were immaterial. Assets acquired and liabilities assumed in the 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 three acquisitions in the first nine months of 2022. For the third quarter and nine months ended September 25, 2022, net sales included in the Company's condensed consolidated statements of income related to the acquisitions completed in the first nine months 2022 were $38.0 million and $87.3 million, respectively, and operating income was $6.9 million and $15.9 million, respectively. Contingent Consideration In connection with certain acquisitions, the Company is required to pay additional cash consideration if certain financial results of the acquired businesses are achieved. The Company records a liability for the estimated fair value of the contingent consideration related to each of these acquisitions as part of the initial purchase price based on the present value of the expected future cash flows and the probability of future payments at the date of acquisition. Changes in the fair value of contingent consideration for the nine months ended October 1, 2023 are as follows: ($ in thousands) Balance - December 31, 2022 $ 9,213 Additions 3,590 Fair value adjustments (1) 1,000 Settlements (5,180) Balance - October 1, 2023 $ 8,623 (1) The Company records non-cash fair value adjustments to contingent consideration based on expected results, which are included in selling, general and administrative expenses in the Company's condensed consolidated statements of income for the first nine months of 2023. The following table shows the balance sheet location of the fair value of contingent consideration and the maximum amount of contingent consideration payments the Company may be subject to at October 1, 2023 and December 31, 2022: ($ in thousands) October 1, 2023 December 31, 2022 Accrued liabilities $ 7,583 $ 5,250 Other long-term liabilities 1,040 3,963 Total fair value of contingent consideration $ 8,623 $ 9,213 Maximum amount of contingent consideration $ 10,167 $ 10,747 2023 Acquisitions The Company completed three acquisitions in the first nine months ended October 1, 2023, including the following previously announced acquisition: Company Segment Description BTI Transport Distribution Provider of transportation and logistics services to marine original equipment manufacturers ("OEMs") and dealers, based in Elkhart, Indiana, acquired in April 2023. The acquired business operates under the Patrick Marine Transport brand. Inclusive of two acquisitions not discussed above, total cash consideration for the 2023 Acquisitions was approximately $26.4 million, plus contingent consideration over a two-year period based on future performance in connection with certain acquisitions. The preliminary purchase price allocations are subject to valuation activities being finalized, and thus certain purchase accounting adjustments are subject to change within the measurement period as the Company finalizes its estimates. Changes to preliminary purchase accounting estimates recorded in the third quarter and nine months ended October 1, 2023 related to the 2023 Acquisitions were immaterial. 2022 Acquisitions The Company completed five acquisitions in the year ended December 31, 2022, including the following three previously announced acquisitions (collectively, the "2022 Acquisitions"): Company Segment Description Rockford Corporation Manufacturing Designer and manufacturer of audio systems and components through its brand Rockford Fosgate®, primarily serving the powersports and automotive aftermarkets, based in Tempe, Arizona, acquired in March 2022. Diamondback Towers, LLC Manufacturing Manufacturer of wakeboard/ski towers and accessories for marine OEMs, based in Cocoa, Florida, acquired in May 2022. Transhield Manufacturing Designer and manufacturer of customized and proprietary protection solutions for the marine, military and industrial markets, including covers and shrinkable packaging, to protect equipment during transport and storage, based in Elkhart, Indiana, acquired in November 2022. Inclusive of two acquisitions not discussed above, total cash consideration for the 2022 Acquisitions was approximately $248.1 million, plus contingent consideration over a one The following table summarizes the fair values of the assets acquired and the liabilities assumed as of the date of acquisition for the 2023 Acquisitions and 2022 Acquisitions: 2023 Acquisitions 2022 ($ in thousands) Acquisition A Acquisition B All Others Total Consideration Cash, net of cash acquired $ 26,359 $ 132,557 $ 94,705 $ 20,832 $ 248,094 Working capital holdback and other, net (10) — — (20) (20) Contingent consideration (1) 3,500 — — 1,840 1,840 Total consideration $ 29,849 $ 132,557 $ 94,705 $ 22,652 $ 249,914 Assets Acquired Trade receivables $ 570 $ 20,640 $ 4,880 $ 904 $ 26,424 Inventories 4,407 32,744 8,732 2,352 43,828 Prepaid expenses & other 190 1,325 164 128 1,617 Property, plant & equipment 10,149 4,681 8,086 1,464 14,231 Operating lease right-of-use assets 1,044 2,917 1,435 599 4,951 Identifiable intangible assets Customer relationships 10,370 58,000 30,970 7,055 96,025 Non-compete agreements 430 500 — 310 810 Patents — 7,500 9,500 — 17,000 Trademarks — 17,000 8,080 1,310 26,390 Liabilities Assumed Current portion of operating lease obligations (262) (512) (289) (273) (1,074) Accounts payable & accrued liabilities (472) (24,521) (3,336) (1,291) (29,148) Operating lease obligations (782) (2,405) (1,146) (326) (3,877) Deferred tax liabilities — (19,930) (12,684) — (32,614) Total fair value of net assets acquired 25,644 97,939 54,392 12,232 164,563 Goodwill (2) 5,905 34,618 40,313 10,420 85,351 Bargain purchase gain (3) (1,700) — — — — $ 29,849 $ 132,557 $ 94,705 $ 22,652 $ 249,914 (1) These amounts reflect the acquisition date fair value of contingent consideration based on expected future results relating to certain acquisitions. (2) Goodwill is not tax-deductible for Acquisition A and Acquisition B (totaling approximately $74.9 million) but is tax-deductible for the remaining 2022 Acquisitions and the 2023 Acquisitions. (3) In connection with one of the 2023 Acquisitions, the Company anticipates it will recognize a bargain purchase gain. A bargain purchase gain is recognized when the net assets acquired in a business combination have a higher fair value than the consideration paid. This gain is primarily attributable to the fair value assigned to customer relationships, has been deferred for recognition until the Company finalizes all purchase accounting adjustments, and is included in "Accrued liabilities" on the condensed consolidated balance sheet. 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 of 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 the 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 estimated useful life for customer relationships is 10 years. The estimated useful life for non-compete agreements is 5 years. The weighted average estimated useful life for patents is 13 years, ranging from 10 to 18 years. Trademarks have an indefinite useful life. Pro Forma Information The following pro forma information for the third quarter and nine months ended October 1, 2023 and September 25, 2022 assumes the 2023 Acquisitions and 2022 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 2023 Acquisitions and 2022 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 $0.0 million and $0.4 million, respectively, for the third quarter and nine months ended October 1, 2023, and $1.0 million and $5.1 million, respectively, for the third quarter and nine months ended September 25, 2022. Third Quarter Ended Nine Months Ended ($ in thousands, except per share data) October 1, 2023 September 25, 2022 October 1, 2023 September 25, 2022 Revenue $ 866,073 $ 1,124,619 $ 2,702,753 $ 4,029,451 Net income $ 39,550 $ 59,023 $ 112,876 $ 292,824 Basic earnings per common share $ 1.84 $ 2.67 $ 5.24 $ 13.15 Diluted earnings per common share $ 1.81 $ 2.44 $ 5.12 $ 11.97

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Oct. 01, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company's Board of Directors (the "Board") approved various stock-based grants under the Company’s 2009 Omnibus Incentive Plan in the nine months ended October 1, 2023 totaling 330,359 shares in the aggregate at an average fair value of $56.28 at grant date for a total fair value at grant date of $18.6 million. The Company recorded expense, net of forfeitures, of approximately $5.8 million and $13.7 million in the third quarter and nine months ended October 1, 2023, respectively, for its stock-based compensation plans in the condensed consolidated statements of income. Stock-based compensation expense of $5.4 million and $15.6 million was recorded in the third quarter and nine months ended September 25, 2022, respectively.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Oct. 01, 2023
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE Earnings per common share calculated for the third quarter and first nine months of 2023 and 2022 is as follows: Third Quarter Ended Nine Months Ended ($ in thousands, except per share data) October 1, 2023 September 25, 2022 October 1, 2023 September 25, 2022 Numerator: Earnings for basic earnings per common share calculation $ 39,550 $ 58,819 $ 112,080 $ 288,016 Effect of interest on potentially dilutive convertible notes, net of tax — 478 162 1,417 Earnings for diluted earnings per common share calculation $ 39,550 $ 59,297 $ 112,242 $ 289,433 Denominator: Weighted average common shares outstanding - basic 21,511 22,087 21,541 22,274 Weighted average impact of potentially dilutive convertible notes — 2,064 221 2,053 Weighted average impact of potentially dilutive securities 373 262 301 246 Weighted average common shares outstanding - diluted 21,884 24,413 22,063 24,573 Earnings per common share: Basic earnings per common share $ 1.84 $ 2.66 $ 5.20 $ 12.93 Diluted earnings per common share $ 1.81 $ 2.43 $ 5.09 $ 11.78 An immaterial amount of securities was not included in the computation of diluted earnings per common share as they are considered anti-dilutive under the treasury stock method for the periods presented.

DEBT

DEBT	9 Months Ended
	Oct. 01, 2023
Debt Disclosure [Abstract]
DEBT	DEBT A summary of total debt outstanding at October 1, 2023 and December 31, 2022 is as follows: ($ in thousands) October 1, 2023 December 31, 2022 Long-term debt: 1.00% convertible notes due 2023 $ — $ 172,500 Term loan due 2027 131,250 136,875 Revolver due 2027 85,000 80,289 7.50% senior notes due 2027 300,000 300,000 1.75% convertible notes due 2028 258,750 258,750 4.75% senior notes due 2029 350,000 350,000 Total long-term debt 1,125,000 1,298,414 Less: convertible notes debt discount, net (5,166) (5,989) Less: term loan deferred financing costs, net (587) (701) Less: senior notes deferred financing costs, net (7,129) (8,075) Less: current maturities of long-term debt (7,500) (7,500) Total long-term debt, less current maturities, net $ 1,104,618 $ 1,276,149 The Company maintains a senior secured credit facility comprised of a $775 million revolving credit facility (the "Revolver due 2027") and the remaining balance of a $150 million term loan. On February 1, 2023, the Company utilized borrowing capacity under the Revolver due 2027 to satisfy its repayment obligation at maturity of the 1.00% Convertible Senior Notes due 2023 (the "1.00% Convertible Notes"). All noteholders elected to receive cash in repayment of the 1.00% Convertible Notes. The interest rate for incremental borrowings under the Revolver due 2027 at October 1, 2023 was the Secured Overnight Financing Rate (“SOFR”) plus 1.75% (or 7.17%) for the SOFR-based option. The fee payable on committed but unused portions of the Revolver due 2027 was 0.23% at October 1, 2023.

LEASES

LEASES	9 Months Ended
	Oct. 01, 2023
Leases [Abstract]
LEASES	LEASES Lease expense, supplemental cash flow information, and other information related to leases were as follows: Third Quarter Ended Nine Months Ended ($ in thousands) October 1, 2023 September 25, 2022 October 1, 2023 September 25, 2022 Operating lease cost $ 14,350 $ 12,801 $ 41,602 $ 37,528 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 14,253 $ 12,673 $ 41,286 $ 36,909 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 14,078 $ 10,297 $ 45,420 $ 40,029 Balance sheet information related to leases was as follows: ($ in thousands, except lease term and discount rate) October 1, 2023 December 31, 2022 Assets Operating lease right-of-use assets $ 170,128 $ 163,674 Liabilities Operating lease liabilities, current portion $ 47,262 $ 44,235 Long-term operating lease liabilities 126,231 122,471 Total lease liabilities $ 173,493 $ 166,706 Weighted average remaining lease term, operating leases (in years) 4.8 5.1 Weighted average discount rate, operating leases 5.1 % 4.4 % Maturities of lease liabilities were as follows at October 1, 2023: ($ in thousands) 2023 (excluding the nine months ended October 1, 2023) $ 14,289 2024 52,997 2025 43,322 2026 32,346 2027 19,684 Thereafter 35,136 Total lease payments 197,774 Less imputed interest (24,281) Total $ 173,493 As of October 1, 2023, outstanding leases have remaining lease terms ranging from one

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Oct. 01, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The following table presents fair values of certain assets and liabilities at October 1, 2023 and December 31, 2022: October 1, 2023 December 31, 2022 ($ in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Cash equivalents (1) $ 7.1 $ — $ — $ 15.2 $ — $ — 7.50% senior notes due 2027 (2) $ — $ 288.1 $ — $ — $ 293.9 $ — 4.75% senior notes due 2029 (2) $ — $ 292.6 $ — $ — $ 293.8 $ — 1.00% convertible notes due 2023 (2) $ — $ — $ — $ — $ 172.0 $ — 1.75% convertible notes due 2028 (2) $ — $ 247.2 $ — $ — $ 219.9 $ — Term loan due 2027 (3) $ — $ 131.3 $ — $ — $ 136.9 $ — Revolver due 2027 (3) $ — $ 85.0 $ — $ — $ 80.3 $ — Contingent consideration (4) $ — $ — $ 8.6 $ — $ — $ 9.2 (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 October 1, 2023 and December 31, 2022 as a component of "Cash and cash equivalents". (2) The amounts of these notes listed above are the current fair values for disclosure purposes only, and they are recorded in the Company's condensed consolidated balance sheets as of October 1, 2023 and December 31, 2022 using the interest rate method. Repayment of the 1.00% Convertible Notes at maturity is discussed further in Note 9 "Debt". (3) The carrying amounts of our Term loan due 2027 and Revolver due 2027 approximate fair value as of October 1, 2023 and December 31, 2022 based upon their terms and conditions in comparison to the terms and conditions of debt instruments with similar terms and conditions available at those dates. (4) The estimated fair value of the Company's contingent consideration is discussed further in Note 6 "Acquisitions".

INCOME TAXES

INCOME TAXES	9 Months Ended
	Oct. 01, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe effective tax rate in the third quarter of 2023 and 2022 was 27.0% and 24.1%, respectively, and the effective tax rate for the comparable nine months periods was 24.9% and 24.9%, respectively. The first nine months of 2023 and 2022 rates include the impact of the recognition of excess tax benefits on share-based compensation that was recorded as a reduction to income tax expense in the amount of $2.3 million and $4.0 million, respectively.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Oct. 01, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Financial results for the Company's reportable segments have been prepared using a management approach, which is consistent with the basis and manner in which financial information is evaluated by the Company's Chief Operating Decision Maker (CODM) in allocating resources and in assessing performance. The Company has two reportable segments, Manufacturing and Distribution. The operating results of the operating segments are regularly reviewed by the Company’s CODM, the Chief Executive Officer, to assess the performance of the individual operating segments and to make decisions about resources to be allocated to the operating segments. The tables below present information about the sales and operating income of those segments. Third Quarter Ended October 1, 2023 ($ in thousands) Manufacturing Distribution Total Net outside sales $ 641,185 $ 224,888 $ 866,073 Intersegment sales 18,308 1,971 20,279 Total sales $ 659,493 $ 226,859 $ 886,352 Operating income $ 80,777 $ 24,026 $ 104,803 Third Quarter Ended September 25, 2022 ($ in thousands) Manufacturing Distribution Total Net outside sales $ 828,410 $ 283,679 $ 1,112,089 Intersegment sales 18,481 2,859 21,340 Total sales $ 846,891 $ 286,538 $ 1,133,429 Operating income $ 109,462 $ 27,228 $ 136,690 Nine Months Ended October 1, 2023 ($ in thousands) Manufacturing Distribution Total Net outside sales $ 2,021,679 $ 665,179 $ 2,686,858 Intersegment sales 50,920 6,585 57,505 Total sales $ 2,072,599 $ 671,764 $ 2,744,363 Operating income $ 263,146 $ 68,172 $ 331,318 Nine Months Ended September 25, 2022 ($ in thousands) Manufacturing Distribution Total Net outside sales $ 2,891,994 $ 1,037,963 $ 3,929,957 Intersegment sales 62,426 7,943 70,369 Total sales $ 2,954,420 $ 1,045,906 $ 4,000,326 Operating income $ 460,691 $ 116,835 $ 577,526 The following table presents a reconciliation of segment operating income to consolidated operating income: Third Quarter Ended Nine Months Ended ($ in thousands) October 1, 2023 September 25, 2022 October 1, 2023 September 25, 2022 Operating income for reportable segments $ 104,803 $ 136,690 $ 331,318 $ 577,526 Unallocated corporate expenses (14,221) (25,160) (69,341) (94,808) Amortization (19,507) (18,769) (59,093) (54,175) Consolidated operating income $ 71,075 $ 92,761 $ 202,884 $ 428,543 Unallocated corporate expenses include corporate general and administrative expenses comprised of wages and other compensation, insurance, taxes, supplies, travel and entertainment, professional fees, amortization of inventory step-up adjustments, and other.

STOCK REPURCHASE PROGRAMS

STOCK REPURCHASE PROGRAMS	9 Months Ended
	Oct. 01, 2023
Equity [Abstract]
STOCK REPURCHASE PROGRAMS	STOCK REPURCHASE PROGRAMS In December 2022, the Board authorized an increase in the amount of the Company's common stock that may be acquired over the next 24 months under the current stock repurchase program to $100 million, including the $38.2 million remaining under the previous authorization. Approximately $84.1 million remains in the amount of the Company's common stock that may be acquired under the current stock repurchase program as of October 1, 2023. Under the stock repurchase plan, the Company made repurchases of common stock as follows for the respective periods: Third Quarter Ended Nine Months Ended October 1, 2023 September 25, 2022 October 1, 2023 September 25, 2022 Shares repurchased 6,184 154,388 185,993 808,642 Average price $ 74.43 $ 48.18 $ 65.79 $ 60.28 Aggregate cost (in millions) $ 0.5 $ 7.4 $ 12.2 $ 48.7

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Oct. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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 financial position, results of operations, or cash flows. In the Company's Form 10-K for the year ended December 31, 2022, the Company described the current status of litigation concerning the Lusher Site Remediation Group. In early July 2023, the court granted the Company’s Rule 54(b) Motion for Final Judgment on previously dismissed claims and granted the Company’s Motion to Dismiss the plaintiff’s remaining claims against the defendants, without prejudice (the Company’s Motion to Dismiss having been joined by the remaining defendants in the litigation.) The only remaining issue pending in the litigation for the Court’s determination is the plaintiff’s motion to bar contribution claims. The Company has also been named as a potentially responsible party for the related Lusher Street Groundwater Contamination Superfund Site (the "Superfund Site") by the U.S. Environmental Protection Agency (the "EPA"). The Company sold certain parcels of real property that the EPA contends are connected to the Superfund Site (the "Divested Properties") in January 2022 for a pretax gain on disposal of $5.5 million that is included in selling, general and administrative expenses in the Company's condensed consolidated statements of income for the first nine months of 2022. The purchaser agreed to indemnify, defend and hold the Company harmless for all liability and exposure, both private and to all EPA claims, concerning and relating to the Divested Properties. The Company does not currently believe that the litigation or the Superfund Site matter are likely to

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Sep. 25, 2022	Oct. 01, 2023	Sep. 25, 2022
Pay vs Performance Disclosure
NET INCOME	$ 39,550	$ 58,819	$ 112,080	$ 288,016

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Oct. 01, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Oct. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Patrick's unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The accompanying unaudited condensed consolidated financial statements for Patrick do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures considered necessary for a fair presentation have been included.
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 2023 ended on October 1, 2023 and the third quarter of fiscal year 2022 ended on September 25, 2022.
New Accounting Standards and Accounting Pronouncements Not Yet Adopted	New Accounting Standards Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on the Company’s unaudited condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements." The amendments in this update modify the disclosure or presentation requirements of a variety of topics in the codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. The amendments in this ASU are effective for public business entities for interim periods beginning after June 30, 2027. The Company is currently evaluating the impacts of the provisions of ASU 2023-06.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Oct. 01, 2023
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: Third Quarter Ended October 1, 2023 ($ in thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 273,804 $ 126,300 $ 400,104 Marine 193,066 12,148 205,214 Manufactured Housing 66,671 79,030 145,701 Industrial 107,644 7,410 115,054 Total $ 641,185 $ 224,888 $ 866,073 Third Quarter Ended September 25, 2022 ($ in thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 355,791 $ 167,784 $ 523,575 Marine 256,357 14,768 271,125 Manufactured Housing 85,767 89,676 175,443 Industrial 130,495 11,451 141,946 Total $ 828,410 $ 283,679 $ 1,112,089 Nine Months Ended October 1, 2023 ($ in thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 780,993 $ 369,643 $ 1,150,636 Marine 705,399 44,160 749,559 Manufactured Housing 196,179 226,919 423,098 Industrial 339,108 24,457 363,565 Total $ 2,021,679 $ 665,179 $ 2,686,858 Nine Months Ended September 25, 2022 ($ in thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 1,501,151 $ 680,463 $ 2,181,614 Marine 736,854 45,568 782,422 Manufactured Housing 269,773 279,625 549,398 Industrial 384,216 32,307 416,523 Total $ 2,891,994 $ 1,037,963 $ 3,929,957

INVENTORY (Tables)

INVENTORY (Tables)	9 Months Ended
	Oct. 01, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consist of the following: ($ in thousands) October 1, 2023 December 31, 2022 Raw materials $ 276,681 $ 348,670 Work in process 19,635 22,630 Finished goods 107,840 141,516 Less: reserve for inventory obsolescence (20,297) (14,059) Total manufactured goods, net 383,859 498,757 Materials purchased for resale (distribution products) 142,394 175,061 Less: reserve for inventory obsolescence (8,596) (5,977) Total materials purchased for resale (distribution products), net 133,798 169,084 Total inventories $ 517,657 $ 667,841

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Oct. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in the carrying amount of goodwill for the nine months ended October 1, 2023 by segment are as follows: ($ in thousands) Manufacturing Distribution Total Balance - December 31, 2022 $ 558,362 $ 70,901 $ 629,263 Acquisitions — 5,905 5,905 Adjustments to preliminary purchase price allocations 2,008 217 2,225 Balance - October 1, 2023 $ 560,370 $ 77,023 $ 637,393
Schedule of Intangible Assets, Net	Intangible assets, net consist of the following as of October 1, 2023 and December 31, 2022: ($ in thousands) October 1, 2023 December 31, 2022 Customer relationships $ 729,764 $ 722,503 Non-compete agreements 21,561 20,412 Patents 69,310 69,164 Trademarks 197,027 195,957 Intangible assets, gross 1,017,662 1,008,036 Less: accumulated amortization (346,899) (287,806) Intangible assets, net $ 670,763 $ 720,230
Schedule of Changes in Intangible Assets	Changes in the carrying value of intangible assets for the nine months ended October 1, 2023 by segment are as follows: ($ in thousands) Manufacturing Distribution Total Balance - December 31, 2022 $ 622,647 $ 97,583 $ 720,230 Additions 2,970 11,100 14,070 Amortization (50,905) (8,188) (59,093) Adjustments to preliminary purchase price allocations (4,359) (85) (4,444) Balance - October 1, 2023 $ 570,353 $ 100,410 $ 670,763

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Oct. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Asset Acquisition, Contingent Consideration	Changes in the fair value of contingent consideration for the nine months ended October 1, 2023 are as follows: ($ in thousands) Balance - December 31, 2022 $ 9,213 Additions 3,590 Fair value adjustments (1) 1,000 Settlements (5,180) Balance - October 1, 2023 $ 8,623 (1) The Company records non-cash fair value adjustments to contingent consideration based on expected results, which are included in selling, general and administrative expenses in the Company's condensed consolidated statements of income for the first nine months of 2023. The following table shows the balance sheet location of the fair value of contingent consideration and the maximum amount of contingent consideration payments the Company may be subject to at October 1, 2023 and December 31, 2022: ($ in thousands) October 1, 2023 December 31, 2022 Accrued liabilities $ 7,583 $ 5,250 Other long-term liabilities 1,040 3,963 Total fair value of contingent consideration $ 8,623 $ 9,213 Maximum amount of contingent consideration $ 10,167 $ 10,747
Schedule of Business Acquisitions, by Acquisition	The Company completed three acquisitions in the first nine months ended October 1, 2023, including the following previously announced acquisition: Company Segment Description BTI Transport Distribution Provider of transportation and logistics services to marine original equipment manufacturers ("OEMs") and dealers, based in Elkhart, Indiana, acquired in April 2023. The acquired business operates under the Patrick Marine Transport brand. The Company completed five acquisitions in the year ended December 31, 2022, including the following three previously announced acquisitions (collectively, the "2022 Acquisitions"): Company Segment Description Rockford Corporation Manufacturing Designer and manufacturer of audio systems and components through its brand Rockford Fosgate®, primarily serving the powersports and automotive aftermarkets, based in Tempe, Arizona, acquired in March 2022. Diamondback Towers, LLC Manufacturing Manufacturer of wakeboard/ski towers and accessories for marine OEMs, based in Cocoa, Florida, acquired in May 2022. Transhield Manufacturing Designer and manufacturer of customized and proprietary protection solutions for the marine, military and industrial markets, including covers and shrinkable packaging, to protect equipment during transport and storage, based in Elkhart, Indiana, acquired in November 2022.
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 2023 Acquisitions and 2022 Acquisitions: 2023 Acquisitions 2022 ($ in thousands) Acquisition A Acquisition B All Others Total Consideration Cash, net of cash acquired $ 26,359 $ 132,557 $ 94,705 $ 20,832 $ 248,094 Working capital holdback and other, net (10) — — (20) (20) Contingent consideration (1) 3,500 — — 1,840 1,840 Total consideration $ 29,849 $ 132,557 $ 94,705 $ 22,652 $ 249,914 Assets Acquired Trade receivables $ 570 $ 20,640 $ 4,880 $ 904 $ 26,424 Inventories 4,407 32,744 8,732 2,352 43,828 Prepaid expenses & other 190 1,325 164 128 1,617 Property, plant & equipment 10,149 4,681 8,086 1,464 14,231 Operating lease right-of-use assets 1,044 2,917 1,435 599 4,951 Identifiable intangible assets Customer relationships 10,370 58,000 30,970 7,055 96,025 Non-compete agreements 430 500 — 310 810 Patents — 7,500 9,500 — 17,000 Trademarks — 17,000 8,080 1,310 26,390 Liabilities Assumed Current portion of operating lease obligations (262) (512) (289) (273) (1,074) Accounts payable & accrued liabilities (472) (24,521) (3,336) (1,291) (29,148) Operating lease obligations (782) (2,405) (1,146) (326) (3,877) Deferred tax liabilities — (19,930) (12,684) — (32,614) Total fair value of net assets acquired 25,644 97,939 54,392 12,232 164,563 Goodwill (2) 5,905 34,618 40,313 10,420 85,351 Bargain purchase gain (3) (1,700) — — — — $ 29,849 $ 132,557 $ 94,705 $ 22,652 $ 249,914 (1) These amounts reflect the acquisition date fair value of contingent consideration based on expected future results relating to certain acquisitions. (2) Goodwill is not tax-deductible for Acquisition A and Acquisition B (totaling approximately $74.9 million) but is tax-deductible for the remaining 2022 Acquisitions and the 2023 Acquisitions.
Schedule of Pro Forma Information	In addition, the pro forma information includes amortization expense, in the aggregate, related to intangible assets acquired in connection with the transactions of $0.0 million and $0.4 million, respectively, for the third quarter and nine months ended October 1, 2023, and $1.0 million and $5.1 million, respectively, for the third quarter and nine months ended September 25, 2022. Third Quarter Ended Nine Months Ended ($ in thousands, except per share data) October 1, 2023 September 25, 2022 October 1, 2023 September 25, 2022 Revenue $ 866,073 $ 1,124,619 $ 2,702,753 $ 4,029,451 Net income $ 39,550 $ 59,023 $ 112,876 $ 292,824 Basic earnings per common share $ 1.84 $ 2.67 $ 5.24 $ 13.15 Diluted earnings per common share $ 1.81 $ 2.44 $ 5.12 $ 11.97

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
	Oct. 01, 2023
Earnings Per Share [Abstract]
Schedule of Net Income Per Share	Earnings per common share calculated for the third quarter and first nine months of 2023 and 2022 is as follows: Third Quarter Ended Nine Months Ended ($ in thousands, except per share data) October 1, 2023 September 25, 2022 October 1, 2023 September 25, 2022 Numerator: Earnings for basic earnings per common share calculation $ 39,550 $ 58,819 $ 112,080 $ 288,016 Effect of interest on potentially dilutive convertible notes, net of tax — 478 162 1,417 Earnings for diluted earnings per common share calculation $ 39,550 $ 59,297 $ 112,242 $ 289,433 Denominator: Weighted average common shares outstanding - basic 21,511 22,087 21,541 22,274 Weighted average impact of potentially dilutive convertible notes — 2,064 221 2,053 Weighted average impact of potentially dilutive securities 373 262 301 246 Weighted average common shares outstanding - diluted 21,884 24,413 22,063 24,573 Earnings per common share: Basic earnings per common share $ 1.84 $ 2.66 $ 5.20 $ 12.93 Diluted earnings per common share $ 1.81 $ 2.43 $ 5.09 $ 11.78

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Oct. 01, 2023
Debt Disclosure [Abstract]
Schedule of Total Debt Outstanding	A summary of total debt outstanding at October 1, 2023 and December 31, 2022 is as follows: ($ in thousands) October 1, 2023 December 31, 2022 Long-term debt: 1.00% convertible notes due 2023 $ — $ 172,500 Term loan due 2027 131,250 136,875 Revolver due 2027 85,000 80,289 7.50% senior notes due 2027 300,000 300,000 1.75% convertible notes due 2028 258,750 258,750 4.75% senior notes due 2029 350,000 350,000 Total long-term debt 1,125,000 1,298,414 Less: convertible notes debt discount, net (5,166) (5,989) Less: term loan deferred financing costs, net (587) (701) Less: senior notes deferred financing costs, net (7,129) (8,075) Less: current maturities of long-term debt (7,500) (7,500) Total long-term debt, less current maturities, net $ 1,104,618 $ 1,276,149

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Oct. 01, 2023
Leases [Abstract]
Schedule of 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 Nine Months Ended ($ in thousands) October 1, 2023 September 25, 2022 October 1, 2023 September 25, 2022 Operating lease cost $ 14,350 $ 12,801 $ 41,602 $ 37,528 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 14,253 $ 12,673 $ 41,286 $ 36,909 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 14,078 $ 10,297 $ 45,420 $ 40,029
Schedule of Balance Sheet Information	Balance sheet information related to leases was as follows: ($ in thousands, except lease term and discount rate) October 1, 2023 December 31, 2022 Assets Operating lease right-of-use assets $ 170,128 $ 163,674 Liabilities Operating lease liabilities, current portion $ 47,262 $ 44,235 Long-term operating lease liabilities 126,231 122,471 Total lease liabilities $ 173,493 $ 166,706 Weighted average remaining lease term, operating leases (in years) 4.8 5.1 Weighted average discount rate, operating leases 5.1 % 4.4 %
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities were as follows at October 1, 2023: ($ in thousands) 2023 (excluding the nine months ended October 1, 2023) $ 14,289 2024 52,997 2025 43,322 2026 32,346 2027 19,684 Thereafter 35,136 Total lease payments 197,774 Less imputed interest (24,281) Total $ 173,493

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Oct. 01, 2023
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 October 1, 2023 and December 31, 2022: October 1, 2023 December 31, 2022 ($ in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Cash equivalents (1) $ 7.1 $ — $ — $ 15.2 $ — $ — 7.50% senior notes due 2027 (2) $ — $ 288.1 $ — $ — $ 293.9 $ — 4.75% senior notes due 2029 (2) $ — $ 292.6 $ — $ — $ 293.8 $ — 1.00% convertible notes due 2023 (2) $ — $ — $ — $ — $ 172.0 $ — 1.75% convertible notes due 2028 (2) $ — $ 247.2 $ — $ — $ 219.9 $ — Term loan due 2027 (3) $ — $ 131.3 $ — $ — $ 136.9 $ — Revolver due 2027 (3) $ — $ 85.0 $ — $ — $ 80.3 $ — Contingent consideration (4) $ — $ — $ 8.6 $ — $ — $ 9.2 (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 October 1, 2023 and December 31, 2022 as a component of "Cash and cash equivalents". (2) The amounts of these notes listed above are the current fair values for disclosure purposes only, and they are recorded in the Company's condensed consolidated balance sheets as of October 1, 2023 and December 31, 2022 using the interest rate method. Repayment of the 1.00% Convertible Notes at maturity is discussed further in Note 9 "Debt". (3) The carrying amounts of our Term loan due 2027 and Revolver due 2027 approximate fair value as of October 1, 2023 and December 31, 2022 based upon their terms and conditions in comparison to the terms and conditions of debt instruments with similar terms and conditions available at those dates. (4) The estimated fair value of the Company's contingent consideration is discussed further in Note 6 "Acquisitions".

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Oct. 01, 2023
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 October 1, 2023 ($ in thousands) Manufacturing Distribution Total Net outside sales $ 641,185 $ 224,888 $ 866,073 Intersegment sales 18,308 1,971 20,279 Total sales $ 659,493 $ 226,859 $ 886,352 Operating income $ 80,777 $ 24,026 $ 104,803 Third Quarter Ended September 25, 2022 ($ in thousands) Manufacturing Distribution Total Net outside sales $ 828,410 $ 283,679 $ 1,112,089 Intersegment sales 18,481 2,859 21,340 Total sales $ 846,891 $ 286,538 $ 1,133,429 Operating income $ 109,462 $ 27,228 $ 136,690 Nine Months Ended October 1, 2023 ($ in thousands) Manufacturing Distribution Total Net outside sales $ 2,021,679 $ 665,179 $ 2,686,858 Intersegment sales 50,920 6,585 57,505 Total sales $ 2,072,599 $ 671,764 $ 2,744,363 Operating income $ 263,146 $ 68,172 $ 331,318 Nine Months Ended September 25, 2022 ($ in thousands) Manufacturing Distribution Total Net outside sales $ 2,891,994 $ 1,037,963 $ 3,929,957 Intersegment sales 62,426 7,943 70,369 Total sales $ 2,954,420 $ 1,045,906 $ 4,000,326 Operating income $ 460,691 $ 116,835 $ 577,526
Schedule 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 ($ in thousands) October 1, 2023 September 25, 2022 October 1, 2023 September 25, 2022 Operating income for reportable segments $ 104,803 $ 136,690 $ 331,318 $ 577,526 Unallocated corporate expenses (14,221) (25,160) (69,341) (94,808) Amortization (19,507) (18,769) (59,093) (54,175) Consolidated operating income $ 71,075 $ 92,761 $ 202,884 $ 428,543

STOCK REPURCHASE PROGRAMS (Tabl

STOCK REPURCHASE PROGRAMS (Tables)	9 Months Ended
	Oct. 01, 2023
Equity [Abstract]
Schedule of Repurchases of Common Stock	Under the stock repurchase plan, the Company made repurchases of common stock as follows for the respective periods: Third Quarter Ended Nine Months Ended October 1, 2023 September 25, 2022 October 1, 2023 September 25, 2022 Shares repurchased 6,184 154,388 185,993 808,642 Average price $ 74.43 $ 48.18 $ 65.79 $ 60.28 Aggregate cost (in millions) $ 0.5 $ 7.4 $ 12.2 $ 48.7

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Sep. 25, 2022	Oct. 01, 2023	Sep. 25, 2022
Disaggregation of Revenue [Line Items]
Total sales	$ 866,073	$ 1,112,089	$ 2,686,858	$ 3,929,957
Recreational Vehicle
Disaggregation of Revenue [Line Items]
Total sales	400,104	523,575	1,150,636	2,181,614
Marine
Disaggregation of Revenue [Line Items]
Total sales	205,214	271,125	749,559	782,422
Manufactured Housing
Disaggregation of Revenue [Line Items]
Total sales	145,701	175,443	423,098	549,398
Industrial
Disaggregation of Revenue [Line Items]
Total sales	115,054	141,946	363,565	416,523
Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	641,185	828,410	2,021,679	2,891,994
Manufacturing | Recreational Vehicle
Disaggregation of Revenue [Line Items]
Total sales	273,804	355,791	780,993	1,501,151
Manufacturing | Marine
Disaggregation of Revenue [Line Items]
Total sales	193,066	256,357	705,399	736,854
Manufacturing | Manufactured Housing
Disaggregation of Revenue [Line Items]
Total sales	66,671	85,767	196,179	269,773
Manufacturing | Industrial
Disaggregation of Revenue [Line Items]
Total sales	107,644	130,495	339,108	384,216
Distribution
Disaggregation of Revenue [Line Items]
Total sales	224,888	283,679	665,179	1,037,963
Distribution | Recreational Vehicle
Disaggregation of Revenue [Line Items]
Total sales	126,300	167,784	369,643	680,463
Distribution | Marine
Disaggregation of Revenue [Line Items]
Total sales	12,148	14,768	44,160	45,568
Distribution | Manufactured Housing
Disaggregation of Revenue [Line Items]
Total sales	79,030	89,676	226,919	279,625
Distribution | Industrial
Disaggregation of Revenue [Line Items]
Total sales	$ 7,410	$ 11,451	$ 24,457	$ 32,307

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Inventory [Line Items]
Raw materials	$ 276,681	$ 348,670
Work in process	19,635	22,630
Finished goods	107,840	141,516
Total manufactured goods, net	383,859	498,757
Materials purchased for resale (distribution products)	142,394	175,061
Total materials purchased for resale (distribution products), net	133,798	169,084
Total inventories	517,657	667,841
Manufactured Goods
Inventory [Line Items]
Less: reserve for inventory obsolescence	(20,297)	(14,059)
Distributed Goods
Inventory [Line Items]
Less: reserve for inventory obsolescence	$ (8,596)	$ (5,977)

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Carrying Amount of Goodwill by Segment (Details) $ in Thousands	9 Months Ended
	Oct. 01, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 629,263
Acquisitions	5,905
Adjustments to preliminary purchase price allocations	2,225
Ending balance	637,393
Manufacturing
Goodwill [Roll Forward]
Beginning balance	558,362
Acquisitions	0
Adjustments to preliminary purchase price allocations	2,008
Ending balance	560,370
Distribution
Goodwill [Roll Forward]
Beginning balance	70,901
Acquisitions	5,905
Adjustments to preliminary purchase price allocations	217
Ending balance	$ 77,023

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets, Net, by Major Class (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Intangible Assets [Line Items]
Intangible assets, gross	$ 1,017,662	$ 1,008,036
Less: accumulated amortization	(346,899)	(287,806)
Intangible assets, net	670,763	720,230
Trademarks
Intangible Assets [Line Items]
Indefinite-lived intangible assets	197,027	195,957
Customer relationships
Intangible Assets [Line Items]
Finite-lived intangible assets	729,764	722,503
Non-compete agreements
Intangible Assets [Line Items]
Finite-lived intangible assets	21,561	20,412
Patents
Intangible Assets [Line Items]
Finite-lived intangible assets	$ 69,310	$ 69,164

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Sep. 25, 2022	Oct. 01, 2023	Sep. 25, 2022
Intangible Assets [Roll Forward]
Beginning balance			$ 720,230
Additions			14,070
Amortization	$ (19,507)	$ (18,769)	(59,093)	$ (54,175)
Adjustments to preliminary purchase price allocations			(4,444)
Ending balance	670,763		670,763
Manufacturing
Intangible Assets [Roll Forward]
Beginning balance			622,647
Additions			2,970
Amortization			(50,905)
Adjustments to preliminary purchase price allocations			(4,359)
Ending balance	570,353		570,353
Distribution
Intangible Assets [Roll Forward]
Beginning balance			97,583
Additions			11,100
Amortization			(8,188)
Adjustments to preliminary purchase price allocations			(85)
Ending balance	$ 100,410		$ 100,410

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 01, 2023 USD ($)	Sep. 25, 2022 USD ($)	Oct. 01, 2023 USD ($) acquisition	Sep. 25, 2022 USD ($) acquisition	Dec. 31, 2022 USD ($) acquisition
Business Acquisition [Line Items]
Total sales	$ 866,073	$ 1,112,089	$ 2,686,858	$ 3,929,957
Operating income	71,075	92,761	202,884	428,543
Cash, net of cash acquired			$ 26,009	$ 152,888
Customer relationships
Business Acquisition [Line Items]
Estimated useful life			10 years
Non-compete agreements
Business Acquisition [Line Items]
Estimated useful life			5 years
Patents
Business Acquisition [Line Items]
Estimated useful life			13 years
Patents | Minimum
Business Acquisition [Line Items]
Estimated useful life			10 years
Patents | Maximum
Business Acquisition [Line Items]
Estimated useful life			18 years
2023 Acquisitions
Business Acquisition [Line Items]
Number of acquisitions | acquisition			3
Total sales	7,300		$ 9,800
Operating income	$ (100)		100
Cash, net of cash acquired			$ 26,359
Contingent consideration, performance period			2 years
2022 Acquisitions
Business Acquisition [Line Items]
Number of acquisitions | acquisition				3	5
Total sales		38,000		$ 87,300
Operating income		$ 6,900		$ 15,900
Cash, net of cash acquired					$ 248,100
Number of immaterial acquisitions | acquisition					3
2022 Acquisitions | Minimum
Business Acquisition [Line Items]
Contingent consideration, performance period					1 year
2022 Acquisitions | Maximum
Business Acquisition [Line Items]
Contingent consideration, performance period					2 years
Certain Acquisitions
Business Acquisition [Line Items]
Number of acquisitions | acquisition			2		2

ACQUISITIONS - Fair Values Cont

ACQUISITIONS - Fair Values Contingent Consideration (Details) - Contingent Consideration Liability $ in Thousands	9 Months Ended
	Oct. 01, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance - December 31, 2022	$ 9,213
Additions	3,590
Fair value adjustments	1,000
Settlements	(5,180)
Balance - October 1, 2023	$ 8,623

ACQUISITIONS - Contingent Consi

ACQUISITIONS - Contingent Consideration Payments (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Oct. 01, 2023	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Accrued liabilities	$ 7,583	$ 5,250
Other long-term liabilities	1,040	3,963
Total fair value of contingent consideration	8,623	9,213
Maximum amount of contingent consideration	$ 10,167	$ 10,747

ACQUISITIONS - Schedule of Asse

ACQUISITIONS - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Oct. 01, 2023	Sep. 25, 2022	Dec. 31, 2022
Consideration
Cash, net of cash acquired	$ 26,009	$ 152,888
Assets Acquired
Operating lease right-of-use assets	170,128		$ 163,674
Liabilities Assumed
Goodwill	637,393		629,263
Goodwill tax-deductible	74,900
2023 Acquisitions
Consideration
Cash, net of cash acquired	26,359
Working capital holdback and other, net	(10)
Contingent consideration	3,500
Total consideration	29,849
Assets Acquired
Trade receivables	570
Inventories	4,407
Prepaid expenses & other	190
Property, plant & equipment	10,149
Operating lease right-of-use assets	1,044
Liabilities Assumed
Current portion of operating lease obligations	(262)
Accounts payable & accrued liabilities	(472)
Operating lease obligations	(782)
Deferred tax liabilities	0
Total fair value of net assets acquired	25,644
Goodwill	5,905
Bargain purchase gain	(1,700)
Total net assets acquired	29,849
2023 Acquisitions | Trademarks
Assets Acquired
Identifiable intangible assets	0
2023 Acquisitions | Customer relationships
Assets Acquired
Identifiable intangible assets	10,370
2023 Acquisitions | Non-compete agreements
Assets Acquired
Identifiable intangible assets	430
2023 Acquisitions | Patents
Assets Acquired
Identifiable intangible assets	$ 0
Acquisition A
Consideration
Cash, net of cash acquired			132,557
Working capital holdback and other, net			0
Contingent consideration			0
Total consideration			132,557
Assets Acquired
Trade receivables			20,640
Inventories			32,744
Prepaid expenses & other			1,325
Property, plant & equipment			4,681
Operating lease right-of-use assets			2,917
Liabilities Assumed
Current portion of operating lease obligations			(512)
Accounts payable & accrued liabilities			(24,521)
Operating lease obligations			(2,405)
Deferred tax liabilities			(19,930)
Total fair value of net assets acquired			97,939
Goodwill			34,618
Bargain purchase gain			0
Total net assets acquired			132,557
Acquisition A | Trademarks
Assets Acquired
Identifiable intangible assets			17,000
Acquisition A | Customer relationships
Assets Acquired
Identifiable intangible assets			58,000
Acquisition A | Non-compete agreements
Assets Acquired
Identifiable intangible assets			500
Acquisition A | Patents
Assets Acquired
Identifiable intangible assets			7,500
Acquisition B
Consideration
Cash, net of cash acquired			94,705
Working capital holdback and other, net			0
Contingent consideration			0
Total consideration			94,705
Assets Acquired
Trade receivables			4,880
Inventories			8,732
Prepaid expenses & other			164
Property, plant & equipment			8,086
Operating lease right-of-use assets			1,435
Liabilities Assumed
Current portion of operating lease obligations			(289)
Accounts payable & accrued liabilities			(3,336)
Operating lease obligations			(1,146)
Deferred tax liabilities			(12,684)
Total fair value of net assets acquired			54,392
Goodwill			40,313
Bargain purchase gain			0
Total net assets acquired			94,705
Acquisition B | Trademarks
Assets Acquired
Identifiable intangible assets			8,080
Acquisition B | Customer relationships
Assets Acquired
Identifiable intangible assets			30,970
Acquisition B | Non-compete agreements
Assets Acquired
Identifiable intangible assets			0
Acquisition B | Patents
Assets Acquired
Identifiable intangible assets			9,500
All Others
Consideration
Cash, net of cash acquired			20,832
Working capital holdback and other, net			(20)
Contingent consideration			1,840
Total consideration			22,652
Assets Acquired
Trade receivables			904
Inventories			2,352
Prepaid expenses & other			128
Property, plant & equipment			1,464
Operating lease right-of-use assets			599
Liabilities Assumed
Current portion of operating lease obligations			(273)
Accounts payable & accrued liabilities			(1,291)
Operating lease obligations			(326)
Deferred tax liabilities			0
Total fair value of net assets acquired			12,232
Goodwill			10,420
Bargain purchase gain			0
Total net assets acquired			22,652
All Others | Trademarks
Assets Acquired
Identifiable intangible assets			1,310
All Others | Customer relationships
Assets Acquired
Identifiable intangible assets			7,055
All Others | Non-compete agreements
Assets Acquired
Identifiable intangible assets			310
All Others | Patents
Assets Acquired
Identifiable intangible assets			0
Acquired Entities
Consideration
Cash, net of cash acquired			248,094
Working capital holdback and other, net			(20)
Contingent consideration			1,840
Total consideration			249,914
Assets Acquired
Trade receivables			26,424
Inventories			43,828
Prepaid expenses & other			1,617
Property, plant & equipment			14,231
Operating lease right-of-use assets			4,951
Liabilities Assumed
Current portion of operating lease obligations			(1,074)
Accounts payable & accrued liabilities			(29,148)
Operating lease obligations			(3,877)
Deferred tax liabilities			(32,614)
Total fair value of net assets acquired			164,563
Goodwill			85,351
Bargain purchase gain			0
Total net assets acquired			249,914
Acquired Entities | Trademarks
Assets Acquired
Identifiable intangible assets			26,390
Acquired Entities | Customer relationships
Assets Acquired
Identifiable intangible assets			96,025
Acquired Entities | Non-compete agreements
Assets Acquired
Identifiable intangible assets			810
Acquired Entities | Patents
Assets Acquired
Identifiable intangible assets			$ 17,000

ACQUISITIONS - Pro Forma Inform

ACQUISITIONS - Pro Forma Information Related to Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Sep. 25, 2022	Oct. 01, 2023	Sep. 25, 2022
Business Combination and Asset Acquisition [Abstract]
Pro forma amortization expense	$ 0	$ 400	$ 1,000	$ 5,100
Revenue	866,073	1,124,619	2,702,753	4,029,451
Net income	$ 39,550	$ 59,023	$ 112,876	$ 292,824
Basic earnings per common share (in dollars per share)	$ 1.84	$ 2.67	$ 5.24	$ 13.15
Diluted earnings per common share (in dollars per share)	$ 1.81	$ 2.44	$ 5.12	$ 11.97

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Sep. 25, 2022	Oct. 01, 2023	Sep. 25, 2022
Share-Based Payment Arrangement [Abstract]
Granted shares (in shares)			330,359
Average fair value of shares granted (in dollars per share)			$ 56.28
Fair value of shares granted, amount			$ 18.6
Share-based compensation expense	$ 5.8	$ 5.4	13.7	$ 15.6
Unrecognized compensation cost	$ 24.1		$ 24.1
Weighted average recognition period			12 months 12 days

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Sep. 25, 2022	Oct. 01, 2023	Sep. 25, 2022
Numerator:
Earnings for basic earnings per common share calculation	$ 39,550	$ 58,819	$ 112,080	$ 288,016
Effect of interest on potentially dilutive convertible notes, net of tax	0	478	162	1,417
Earnings for diluted earnings per common share calculation	$ 39,550	$ 59,297	$ 112,242	$ 289,433
Denominator:
Weighted average common shares outstanding - basic (in shares)	21,511	22,087	21,541	22,274
Weighted average impact of potentially dilutive convertible notes (in shares)	0	2,064	221	2,053
Weighted average impact of potentially dilutive securities (in shares)	373	262	301	246
Weighted average common shares outstanding - diluted (in shares)	21,884	24,413	22,063	24,573
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 1.84	$ 2.66	$ 5.20	$ 12.93
Diluted net income per common share (in dollars per share)	$ 1.81	$ 2.43	$ 5.09	$ 11.78

DEBT - Schedule of Long-term De

DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total long-term debt	$ 1,125,000	$ 1,298,414
Less: convertible notes debt discount, net	(5,166)	(5,989)
Less: current maturities of long-term debt	(7,500)	(7,500)
Total long-term debt, less current maturities, net	$ 1,104,618	$ 1,276,149
1.00% convertible notes due 2023
Debt Instrument [Line Items]
Stated interest rate	1%	1%
1.75% convertible notes due 2028
Debt Instrument [Line Items]
Stated interest rate	1.75%	1.75%
Convertible Debt | 1.00% convertible notes due 2023
Debt Instrument [Line Items]
Total long-term debt	$ 0	$ 172,500
Convertible Debt | 1.75% convertible notes due 2028
Debt Instrument [Line Items]
Total long-term debt	258,750	258,750
Term Loan
Debt Instrument [Line Items]
Term loan due	131,250	136,875
Less: deferred financing costs, net	(587)	(701)
Revolver due 2027
Debt Instrument [Line Items]
Revolver due	85,000	80,289
Senior Notes
Debt Instrument [Line Items]
Less: deferred financing costs, net	$ (7,129)	$ (8,075)
Senior Notes | 7.50% senior notes due 2027
Debt Instrument [Line Items]
Stated interest rate	7.50%	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	$ 350,000

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Sep. 25, 2022	Oct. 01, 2023	Sep. 25, 2022	Dec. 31, 2022
Line of Credit Facility [Line Items]
Interest paid	$ 8,100,000	$ 3,800,000	$ 40,800,000	$ 30,900,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage			0.23%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			1.75%
Debt instrument, effective interest rate	7.17%		7.17%
2021 Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 775,000,000		$ 775,000,000
2021 Credit Facility | Term Loan Due 2027
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 150,000,000		$ 150,000,000
1.00% convertible notes due 2023
Line of Credit Facility [Line Items]
Stated interest rate	1%		1%		1%

LEASES - Lease Expense, Supplem

LEASES - Lease Expense, Supplemental Cash Flow and Other Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Sep. 25, 2022	Oct. 01, 2023	Sep. 25, 2022
Leases [Abstract]
Operating lease cost	$ 14,350	$ 12,801	$ 41,602	$ 37,528
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	14,253	12,673	41,286	36,909
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 14,078	$ 10,297	$ 45,420	$ 40,029

LEASES - Lease Assets and Liabi

LEASES - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Assets
Operating lease right-of-use assets	$ 170,128	$ 163,674
Liabilities
Operating lease liabilities, current portion	47,262	44,235
Long-term operating lease liabilities	126,231	122,471
Total lease liabilities	$ 173,493	$ 166,706
Weighted average remaining lease term, operating leases (in years)	4 years 9 months 18 days	5 years 1 month 6 days
Weighted average discount rate, operating leases	5.10%	4.40%

LEASES - Operating Lease Liabil

LEASES - Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (excluding the nine months ended October 1, 2023)	$ 14,289
2024	52,997
2025	43,322
2026	32,346
2027	19,684
Thereafter	35,136
Total lease payments	197,774
Less imputed interest	(24,281)
Total	$ 173,493	$ 166,706

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Millions	Oct. 01, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Lease term of operating leases not yet commenced	5 years
Value of operating leases not yet commenced	$ 2.8
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	16 years

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan due	$ 131,250	$ 136,875
Revolver due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolver due	$ 85,000	$ 80,289
7.50% senior notes due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	7.50%	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%
1.00% convertible notes due 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	1%	1%
1.75% convertible notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	1.75%	1.75%
Level 1 | Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan due	$ 0	$ 0
Level 1 | Revolver due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolver due	0	0
Level 1 | 7.50% senior notes due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	0	0
Level 1 | 4.75% senior notes due 2029 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	0	0
Level 1 | 1.00% convertible notes due 2023 | Convertible Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible note	0	0
Level 1 | 1.75% convertible notes due 2028 | Convertible Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible note	0	0
Level 1 | Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	7,100	15,200
Level 1 | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Level 2 | Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan due	131,300	136,900
Level 2 | Revolver due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolver due	85,000	80,300
Level 2 | 7.50% senior notes due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	288,100	293,900
Level 2 | 4.75% senior notes due 2029 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	292,600	293,800
Level 2 | 1.00% convertible notes due 2023 | Convertible Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible note	0	172,000
Level 2 | 1.75% convertible notes due 2028 | Convertible Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible note	247,200	219,900
Level 2 | Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 2 | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Level 3 | Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan due	0	0
Level 3 | Revolver due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolver due	0	0
Level 3 | 7.50% senior notes due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	0	0
Level 3 | 4.75% senior notes due 2029 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	0	0
Level 3 | 1.00% convertible notes due 2023 | Convertible Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible note	0	0
Level 3 | 1.75% convertible notes due 2028 | Convertible Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible note	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 | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 8,600	$ 9,200

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Sep. 25, 2022	Oct. 01, 2023	Sep. 25, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	27%	24.10%	24.90%	24.90%
Excess tax benefit tax			$ 2.3	$ 4
Income taxes paid	$ 16.9	$ 38.4	$ 65.9	$ 114.9

SEGMENT INFORMATION - Sales and

SEGMENT INFORMATION - Sales and Operating Income of Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023 USD ($)	Sep. 25, 2022 USD ($)	Oct. 01, 2023 USD ($) segment	Sep. 25, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments (in segments) | segment			2
Total sales	$ 866,073	$ 1,112,089	$ 2,686,858	$ 3,929,957
Operating income	71,075	92,761	202,884	428,543
Manufacturing
Segment Reporting Information [Line Items]
Total sales	641,185	828,410	2,021,679	2,891,994
Distribution
Segment Reporting Information [Line Items]
Total sales	224,888	283,679	665,179	1,037,963
Intersegment sales
Segment Reporting Information [Line Items]
Total sales	20,279	21,340	57,505	70,369
Intersegment sales | Manufacturing
Segment Reporting Information [Line Items]
Total sales	18,308	18,481	50,920	62,426
Intersegment sales | Distribution
Segment Reporting Information [Line Items]
Total sales	1,971	2,859	6,585	7,943
Operating Segments
Segment Reporting Information [Line Items]
Total sales	886,352	1,133,429	2,744,363	4,000,326
Operating income	104,803	136,690	331,318	577,526
Operating Segments | Manufacturing
Segment Reporting Information [Line Items]
Total sales	659,493	846,891	2,072,599	2,954,420
Operating income	80,777	109,462	263,146	460,691
Operating Segments | Distribution
Segment Reporting Information [Line Items]
Total sales	226,859	286,538	671,764	1,045,906
Operating income	$ 24,026	$ 27,228	$ 68,172	$ 116,835

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of Segment Operating Income to Consolidated Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Sep. 25, 2022	Oct. 01, 2023	Sep. 25, 2022
Segment Reporting Information [Line Items]
Operating income	$ 71,075	$ 92,761	$ 202,884	$ 428,543
Unallocated corporate expenses	(128,044)	(143,690)	(400,447)	(430,357)
Amortization	(19,507)	(18,769)	(59,093)	(54,175)
Operating Segments
Segment Reporting Information [Line Items]
Operating income	104,803	136,690	331,318	577,526
Segment Reconciling Items
Segment Reporting Information [Line Items]
Unallocated corporate expenses	(14,221)	(25,160)	(69,341)	(94,808)
Amortization	$ (19,507)	$ (18,769)	$ (59,093)	$ (54,175)

STOCK REPURCHASE PROGRAMS - Nar

STOCK REPURCHASE PROGRAMS - Narrative (Details) - Shareholder Repurchase Program - USD ($)	12 Months Ended
	Dec. 31, 2022	Oct. 01, 2023
Share Repurchase Program [Line Items]
Remaining authorized shares to be purchased amount	$ 38,200,000
Board of Directors Chairman
Share Repurchase Program [Line Items]
Share repurchase program period	24 months
Authorized share repurchase program amount	$ 100,000,000
Remaining authorized shares to be purchased amount		$ 84,100,000

STOCK REPURCHASE PROGRAMS - Rep

STOCK REPURCHASE PROGRAMS - Repurchases of Shares Under the Repurchase Plan (Details) - Shareholder Repurchase Program - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Sep. 25, 2022	Oct. 01, 2023	Sep. 25, 2022
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)	6,184	154,388	185,993	808,642
Average price (in dollars per share)	$ 74.43	$ 48.18	$ 65.79	$ 60.28
Aggregate cost	$ 0.5	$ 7.4	$ 12.2	$ 48.7

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Jan. 31, 2022	Oct. 01, 2023	Sep. 25, 2022
Commitments and Contingencies Disclosure [Abstract]
Pretax gain of disposal	$ 5,500	$ (242)	$ 5,713

Uncategorized Items - patk-2023

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]