UFP Industries (UFPI) 10-Q 29 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - Jun. 27, 2015 - shares	Total
Document and Entity Information [Abstract]
Entity Registrant Name	UNIVERSAL FOREST PRODUCTS INC
Entity Central Index Key	912,767
Current Fiscal Year End Date	--12-26
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	20,132,819
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 27, 2015

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 27, 2015	Dec. 27, 2014	Jun. 28, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 24,756	$ 0	$ 0
Restricted cash	710	405	720
Accounts receivable, net	302,538	195,912	286,422
Inventories:
Raw materials	182,286	183,770	158,646
Finished goods	147,949	156,278	119,143
Total inventories	330,235	340,048	277,789
Refundable income taxes	0	11,934	0
Deferred income taxes	6,252	6,284	6,862
Other current assets	14,953	18,423	19,607
TOTAL CURRENT ASSETS	679,444	573,006	591,400
DEFERRED INCOME TAXES	1,171	1,079	1,354
OTHER ASSETS	8,815	9,565	12,315
GOODWILL	173,158	183,062	160,146
INDEFINITE-LIVED INTANGIBLE ASSETS	2,340	2,340	2,340
OTHER INTANGIBLE ASSETS, NET	17,007	6,479	6,871
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment	628,269	604,398	599,852
Less accumulated depreciation and amortization	(370,538)	(356,129)	(352,399)
PROPERTY, PLANT AND EQUIPMENT, NET	257,731	248,269	247,453
TOTAL ASSETS	1,139,666	1,023,800	1,021,879
CURRENT LIABILITIES:
Cash overdraft	21,933	621	13,659
Accounts payable	114,354	89,105	107,653
Accrued liabilities:
Compensation and benefits	60,941	62,143	42,755
Income taxes	8,894	0	9,010
Other	27,234	23,591	31,321
Current portion of long-term debt	893	0	0
TOTAL CURRENT LIABILITIES	234,249	175,460	204,398
LONG-TERM DEBT	122,303	98,645	95,094
DEFERRED INCOME TAXES	31,178	30,933	26,827
OTHER LIABILITIES	19,124	19,202	15,825
TOTAL LIABILITIES	406,854	324,240	342,144
Controlling interest shareholders' equity:
Preferred stock, no par value; shares authorized 1,000,000; issued and outstanding, none	0	0	0
Common stock, no par value; shares authorized 40,000,000; issued and outstanding, 20,132,819, 19,984,451, and 20,071,026.	20,133	19,984	20,071
Additional paid-in capital	168,862	162,483	160,189
Retained earnings	530,346	502,334	486,616
Accumulated other comprehensive income	227	1,348	3,317
Employee stock notes receivable	(277)	(455)	(530)
Total controlling interest shareholders' equity	719,291	685,694	669,663
Noncontrolling interest	13,521	13,866	10,072
TOTAL SHAREHOLDERS' EQUITY	732,812	699,560	679,735
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,139,666	$ 1,023,800	$ 1,021,879

CONSOLIDATED CONDENSED BALANCE3

CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - shares	Jun. 27, 2015	Dec. 27, 2014	Jun. 28, 2014
SHAREHOLDERS' EQUITY:
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common stock, shares authorized (in shares)	40,000,000	40,000,000	40,000,000
Common stock, shares issued (in shares)	20,132,819	19,984,451	20,071,026
Common stock, shares outstanding (in shares)	20,132,819	19,984,451	20,071,026

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Income Statement [Abstract]
NET SALES	$ 838,171	$ 772,752	$ 1,471,195	$ 1,326,751
COST OF GOODS SOLD	725,728	675,764	1,279,170	1,163,750
GROSS PROFIT	112,443	96,988	192,025	163,001
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	68,431	58,989	130,136	112,899
ANTI-DUMPING DUTY ASSESSMENT	0	1,600	0	1,600
NET GAIN ON DISPOSITION OF ASSETS AND IMPAIRMENT OF ASSETS	(176)	(324)	(162)	(848)
EARNINGS FROM OPERATIONS	44,188	36,723	62,051	49,350
INTEREST EXPENSE	1,382	1,103	2,555	2,169
INTEREST INCOME	(32)	(339)	(167)	(629)
EQUITY IN EARNINGS OF INVESTEE	(112)	(78)	(195)	(129)
NON-OPERATING (INCOME)/EXPENSE	1,238	686	2,193	1,411
EARNINGS BEFORE INCOME TAXES	42,950	36,037	59,858	47,939
INCOME TAXES	16,066	13,588	22,170	17,824
NET EARNINGS	26,884	22,449	37,688	30,115
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST	(908)	(660)	(1,550)	(1,111)
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST	$ 25,976	$ 21,789	$ 36,138	$ 29,004
EARNINGS PER SHARE - BASIC (in dollars per share)	$ 1.29	$ 1.08	$ 1.79	$ 1.44
EARNINGS PER SHARE - DILUTED (in dollars per share)	$ 1.28	$ 1.08	$ 1.79	$ 1.44
FOREIGN CURRENCY TRANSLATION ADJUSTMENT	$ (526)	$ 511	$ (1,529)	$ (183)
COMPREHENSIVE INCOME	26,358	22,960	36,159	29,932
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	(636)	(719)	(1,133)	(1,077)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST	$ 25,722	$ 22,241	$ 35,026	$ 28,855

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Earnings	Employee Stock Notes Receivable	Noncontrolling Interest
Beginning balance at Dec. 28, 2013	$ 649,734	$ 19,948	$ 156,129	$ 461,812	$ 3,466	$ (732)	$ 9,111
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	30,115			29,004			1,111
Foreign currency translation adjustment	(183)				(149)		(34)
Noncontrolling interest associated with business acquisitions	985						985
Distributions to noncontrolling interest	(1,101)						(1,101)
Cash dividends	(4,214)			(4,214)
Issuance of shares under employee stock plans	215	5	196	14
Issuance of shares under stock grant programs	1,191	78	1,113
Issuance of shares under deferred compensation plans	0	40	(40)
Expense associated with share-based compensation arrangements	932		932
Accrued expense under deferred compensation plans	1,859		1,859
Payments received on employee stock notes receivable	202					202
Ending balance at Jun. 28, 2014	679,735	20,071	160,189	486,616	3,317	(530)	10,072
Beginning balance at Dec. 27, 2014	699,560	19,984	162,483	502,334	1,348	(455)	13,866
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	37,688			36,138			1,550
Foreign currency translation adjustment	(1,529)				(1,121)		(408)
Noncontrolling interest associated with business acquisitions	1,019						1,019
Distributions to noncontrolling interest	(1,250)						(1,250)
Purchases of noncontrolling interest	(1,256)						(1,256)
Cash dividends	(8,050)			(8,050)
Issuance of shares under employee stock plans	724	21	703
Issuance of shares under stock grant programs	1,855	75	1,780
Issuance of shares under deferred compensation plans	0	54	(54)
Repurchase of shares	0	(1)		(76)		77
Tax benefits from non-qualified stock options exercised	121		121
Expense associated with share-based compensation arrangements	874		874
Accrued expense under deferred compensation plans	2,955		2,955
Payments received on employee stock notes receivable	101					101
Ending balance at Jun. 27, 2015	$ 732,812	$ 20,133	$ 168,862	$ 530,346	$ 227	$ (277)	$ 13,521

CONSOLIDATED STATEMENTS OF SHA6

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends per share (in dollars per share)	$ 0.40	$ 0.21
Issuance of shares under employee stock plans (in shares)	21,224	4,671
Issuance of shares under stock grant programs (in shares)	75,149	78,136
Issuance of shares under deferred compensation plans (in shares)	53,508	39,949
Repurchase of shares (in shares)	1,513

CONSOLIDATED CONDENSED STATEME7

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 37,688	$ 30,115
Adjustments to reconcile net earnings attributable to controlling interest:
Depreciation	18,406	15,644
Amortization of intangibles	1,888	1,194
Expense associated with share-based compensation arrangements	874	932
Excess tax benefits from share-based compensation arrangements	(33)	0
Expense associated with stock grant plans	53	58
Deferred income taxes (credit)	3	46
Equity in earnings of investee	(195)	(129)
Net gain on disposition and impairment of assets	(162)	(931)
Changes in:
Accounts receivable	(104,929)	(105,695)
Inventories	9,806	10,776
Accounts payable and cash overdraft	45,798	47,343
Accrued liabilities and other	27,625	23,451
NET CASH FROM OPERATING ACTIVITIES	36,822	22,804
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(27,756)	(20,100)
Proceeds from sale of property, plant and equipment	1,085	1,754
Acquisitions, net of cash received	(2,584)	(7,135)
Purchase of remaining noncontrolling interest in subsidiary	(1,256)	0
Advances of notes receivable	(3,083)	(3,287)
Collections on notes receivable	7,059	888
Cash restricted as to use	(305)	0
Other, net	(58)	(135)
NET CASH FROM INVESTING ACTIVITIES	(26,898)	(28,015)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities	259,734	190,301
Repayments under revolving credit facilities	(235,993)	(179,907)
Debt issuance costs	(9)	(9)
Proceeds from issuance of common stock	724	201
Distributions to noncontrolling interest	(1,250)	(1,101)
Dividends paid to shareholders	(8,050)	(4,214)
Repurchase of common stock	(77)	0
Excess tax benefits from share-based compensation arrangements	33	0
NET CASH FROM FINANCING ACTIVITIES	15,112	5,271
Effect of exchange rate changes on cash	(280)	(60)
NET CHANGE IN CASH AND CASH EQUIVALENTS	24,756	0
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	0	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	24,756	0
SUPPLEMENTAL INFORMATION:
Interest paid	2,430	2,155
Income taxes paid	1,375	6,532
NON-CASH INVESTING ACTIVITIES
Other receivables exchanged for notes receivable	0	2,768
Notes receivable exchanged for property	389	0
NON-CASH FINANCING ACTIVITIES:
Common stock issued under deferred compensation plans	$ 2,728	$ 2,122

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 27, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited interim consolidated condensed financial statements (the "Financial Statements") include our accounts and those of our wholly-owned and majority-owned subsidiaries and partnerships, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the Financial Statements do not include all of the information and footnotes normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States. All intercompany transactions and balances have been eliminated. In our opinion, the Financial Statements contain all material adjustments necessary to present fairly our consolidated financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. These Financial Statements should be read in conjunction with the annual consolidated financial statements, and footnotes thereto, included in our Annual Report to Shareholders on Form 10-K for the fiscal year ended December 27, 2014 . Seasonality has a significant impact on our working capital from March to August which historically results in negative or modest cash flows from operations in our first and second quarters. Conversely, we experience a substantial decrease in working capital from September to February which typically results in significant cash flow from operations in our third and fourth quarters. For comparative purposes, we have included the June 28, 2014 balances in the accompanying unaudited consolidated condensed balance sheets.

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 27, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE We apply the provisions of ASC 820, Fair Value Measurements and Disclosures , to assets and liabilities measured at fair value. Assets measured at fair value are as follows: June 27, 2015 June 28, 2014 (in thousands) Quoted Prices in Active Markets (Level 1) Quoted Prices in Active Markets (Level 1) Money market funds $ 6,162 $ 162 Mutual funds: Domestic stock funds 250 629 International stock funds 71 215 Target funds 240 778 Bond funds 173 155 Total mutual funds 734 1,777 6,896 1,939 We maintain money market and/or mutual funds in our non-qualified deferred compensation plan and our wholly owned licensed captive insurance. These funds are valued at prices quoted in an active exchange market and are included in “Other Assets” and "Cash and Cash Equivalents", respectively. We have elected not to apply the fair value option under ASC 825, Financial Instruments, to any of our financial instruments except for those expressly required by U.S. GAAP. We did not maintain any Level 2 or 3 assets or liabilities at June 27, 2015 or June 28, 2014 .

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 27, 2015
Revenue Recognition [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Revenue is recognized at the time the product is shipped to the customer. Generally, title passes at the time of shipment. In certain circumstances, the customer takes title when the shipment arrives at the destination. However, our shipping process is typically completed the same day. Earnings on construction contracts are reflected in operations using percentage-of-completion accounting, under either cost to cost or units of delivery methods, depending on the nature of the business at individual operations. Under percentage-of-completion using the cost to cost method, revenues and related earnings on construction contracts are measured by the relationships of actual costs incurred related to the total estimated costs. Under percentage-of-completion using the units of delivery method, revenues and related earnings on construction contracts are measured by the relationships of actual units produced related to the total number of units. Revisions in earnings estimates on the construction contracts are recorded in the accounting period in which the basis for such revisions becomes known. Projected losses on individual contracts are charged to operations in their entirety when such losses become apparent. Construction contract revenue was approximately $59 million and $55 million through the first six months of 2015 and 2014, respectively. Our construction contracts are generally entered into with a fixed price and completion of the projects can range from 6 to 18 months in duration. Therefore, our operating results are impacted by, among many other things, labor rates and commodity costs. During the year, we update our estimated costs to complete our projects using current labor and commodity costs and recognize losses to the extent that they exist. The following table presents the balances of percentage-of-completion accounts which are included in “Other current assets” and “Accrued liabilities: Other”, respectively (in thousands): June 27, 2015 December 27, 2014 June 28, 2014 Cost and Earnings in Excess of Billings $ 4,842 $ 5,244 $ 6,380 Billings in Excess of Cost and Earnings 3,347 4,682 2,543

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 27, 2015
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The computation of earnings per share (“EPS”) is as follows (in thousands): Three Months Ended Six Months Ended June 27, 2015 June 28, 2014 June 27, 2015 June 28, 2014 Numerator: Net earnings attributable to controlling interest $ 25,976 $ 21,789 $ 36,138 $ 29,004 Adjustment for earnings allocated to non-vested restricted common stock (347 ) (209 ) (462 ) (266 ) Net earnings for calculating EPS $ 25,629 $ 21,580 $ 35,676 $ 28,738 Denominator: Weighted average shares outstanding 20,198 20,137 20,147 20,097 Adjustment for non-vested restricted common stock (270 ) (193 ) (258 ) (184 ) Shares for calculating basic EPS 19,928 19,944 19,889 19,913 Effect of dilutive stock options 33 20 33 21 Shares for calculating diluted EPS 19,961 19,964 19,922 19,934 Net earnings per share: Basic $ 1.29 $ 1.08 $ 1.79 $ 1.44 Diluted $ 1.28 $ 1.08 $ 1.79 $ 1.44 No options were excluded from the computation of diluted EPS for the quarters ended June 27, 2015 or June 28, 2014 .

COMMITMENTS, CONTINGENCIES, AND

COMMITMENTS, CONTINGENCIES, AND GUARANTEES	6 Months Ended
	Jun. 27, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, CONTINGENCIES, AND GUARANTEES	COMMITMENTS, CONTINGENCIES, AND GUARANTEES We are self-insured for environmental impairment liability, including certain liabilities which are insured through a wholly owned subsidiary, Ardellis Insurance Ltd., a licensed captive insurance company. We own and operate a number of facilities throughout the United States that chemically treat lumber products. In connection with the ownership and operation of these and other real properties, and the disposal or treatment of hazardous or toxic substances, we may, under various federal, state, and local environmental laws, ordinances, and regulations, be potentially liable for removal and remediation costs, as well as other potential costs, damages, and expenses. Environmental reserves, calculated with no discount rate, have been established to cover remediation activities at wood preservation facilities in Stockertown, PA; Elizabeth City, NC; Auburndale, FL; and Medley, FL. In addition, a reserve was established for our facility in Thornton, CA to remove certain lead containing materials which existed on the property at the time of purchase. During 2009, a subsidiary entered into a consent order with the State of Florida to conduct additional testing at our Auburndale, FL facility. We admitted no liability and the costs are not expected to be material. On a consolidated basis, we have reserved approximately $3.4 million on June 27, 2015 and $3.2 million on June 28, 2014 , representing the estimated costs to complete future remediation efforts. These amounts are included in Other Liabilities within the condensed balance sheet and have not been reduced by an insurance receivable. In addition, on June 27, 2015 , we were parties either as plaintiff or defendant to a number of lawsuits and claims arising through the normal course of our business. In the opinion of management, our consolidated financial statements will not be materially affected by the outcome of these contingencies and claims. On June 27, 2015 , we had outstanding purchase commitments on commenced capital projects of approximately $5.8 million. We provide a variety of warranties for products we manufacture. Historically, warranty claims have not been material. We distribute products manufactured by other companies, some of which are no longer in business. While we do not warrant these products, we have received claims as a distributor of these products when the manufacturer no longer exists or has the ability to pay. Historically, these costs have not had a material affect on our consolidated financial statements. As part of our operations, we supply building materials and labor to residential and multi-family construction projects or we jointly bid on contracts with framing companies for such projects. In some instances we are required to post payment and performance bonds to insure the owner that our products and installation services are completed in accordance with our contractual obligations. We have agreed to indemnify the surety for claims made against the bonds. As of June 27, 2015 we had approximately $0.5 million in outstanding payment and performance bonds, which expire during the next two years. In addition, approximately $13.0 million in payment and performance bonds are outstanding for completed projects which are still under warranty. On June 27, 2015 , we had outstanding letters of credit totaling $25.4 million, primarily related to certain insurance contracts and industrial development revenue bonds described further below. In lieu of cash deposits, we provide irrevocable letters of credit in favor of our insurers to guarantee our performance under certain insurance contracts. We currently have irrevocable letters of credit outstanding totaling approximately $15.6 million for these types of insurance arrangements. We have reserves recorded on our balance sheet, in accrued liabilities, that reflect our expected future liabilities under these insurance arrangements. We are required to provide irrevocable letters of credit in favor of the bond trustees for all of the industrial development revenue bonds that we have issued. These letters of credit guarantee principal and interest payments to the bondholders. We currently have irrevocable letters of credit outstanding totaling approximately $9.8 million related to our outstanding industrial development revenue bonds. These letters of credit have varying terms but may be renewed at the option of the issuing banks. Certain wholly owned domestic subsidiaries have guaranteed the indebtedness of Universal Forest Products, Inc. in certain debt agreements, including the Series 2012 Senior Notes and our revolving credit facility. The maximum exposure of these guarantees is limited to the indebtedness outstanding under these debt arrangements and this exposure will expire concurrent with the expiration of the debt agreements. Many of our wood treating operations utilize "Subpart W" drip pads, defined as hazardous waste management units by the Environmental Protection Agency. The rules regulating drip pads require that the pad be “closed” at the point that it is no longer intended to be used for wood treating operations or to manage hazardous waste. Closure involves identification and disposal of contaminants which are required to be removed from the facility. The cost of closure is dependent upon a number of factors including, but not limited to, identification and removal of contaminants, cleanup standards that vary from state to state, and the time period over which the cleanup would be completed. Based on our present knowledge of existing circumstances, it is considered probable that these costs will approximate $0.6 million. As a result, this amount is recorded in other long-term liabilities on June 27, 2015 . We did not enter into any new guarantee arrangements during the second quarter of 2015 which would require us to recognize a liability on our balance sheet.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	6 Months Ended
	Jun. 27, 2015
Business Combinations [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS We completed the following acquisitions in fiscal 2015 and 2014 which were accounted for using the purchase method (in thousands): Company Name Acquisition Date Purchase Price Intangible Assets Net Tangible Assets Operating Segment Business Description Rapid Wood Mfg., LLC (“Rapid Wood”) February 2, 2015 $1,638 $789 $849 Western Division A supplier of lumber products to the region’s manufactured housing and recreational vehicle industries based in Caldwell, Idaho. Rapid Wood had annual sales of $2.3 million. Integra Packaging Proprietary, Ltd (“Integra Packaging”) January 16, 2015 $1,102 $1,406 $715 Other An Australian-based manufacturer and distributor of industrial wood specialty packaging products. Integra Packaging had annual sales of $12.4 million. Bigs Packaging and Lumber, LLC (“Bigs Packaging”) November 13, 2014 $20,000 (asset purchase) + $3,976 earnout accrual $15,031 $8,945 Western Division A Texas-based manufacturer of industrial wood and packaging solutions. Bigs Packaging had annual sales of $50.0 million. Packnet Ltd (“Packnet”) November 24, 2014 $7,506 (80% asset purchase) $7,885 $1,498 Western Division A supplier of industrial packaging and services based in Eagan, MN. Packnet had annual sales of $9.0 Million. High Level Components, LLC (“High Level”) March 31, 2014 $2,944 (asset purchase) $— $3,232 North Division A building component manufacturer based in Locust, NC. High Level had annual sales of $6.8 million. Upshur Forest Products, LLC (“Upshur”) March 28, 2014 (majority interest) $3,548 (asset purchase) $1,577 $1,971 Western Division A sawmill located in Gilmer, TX. Upshur had annual sales of $8.9 million. Container Systems, Inc. (“CSI”) March 14, 2014 $2,417 (asset purchase) $— $2,417 South Division A manufacturer of crates and containers for industrial applications and the moving-and-storage industry, located in Franklinton, NC. CSI had annual sales of $3.0 million. The intangible assets for each acquisition, excluding Bigs Packaging, were finalized and allocated to their respective identifiable intangible asset and goodwill accounts during 2015 . During the second quarter of 2015, we purchased the remaining non-controlling interest of Upshur

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 27, 2015
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING ASC 280, Segment Reporting (“ASC 280”), defines operating segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Due to recent changes in management structure, we have revised our operating segments. Our operating segments currently consist of the North, South, Western, Alternative Materials, and International divisions. Prior year amounts have been reclassified to these segments. Our Alternative Materials and International divisions have been included in the “All Other” column of the table below. The “Corporate” column includes unallocated administrative costs and certain incentive compensation expense. Three Months Ended June 27, 2015 North South Western All Other Corporate Total Net sales to outside customers $ 281,333 185,497 $ 309,511 $ 61,830 $ — $ 838,171 Intersegment net sales 14,510 7,604 15,476 4,566 — 42,156 Segment operating profit 16,394 7,997 18,272 2,997 (1,472 ) 44,188 Three Months Ended June 28, 2014 North South Western All Other Corporate Total Net sales to outside customers $ 253,481 172,464 $ 295,263 $ 51,544 $ — $ 772,752 Intersegment net sales 10,208 6,096 13,403 5,298 — 35,005 Segment operating profit 10,701 6,730 17,643 2,217 (568 ) 36,723 Six Months Ended June 27, 2015 North South Western All Other Corporate Total Net sales to outside customers $ 460,832 349,692 $ 567,090 $ 93,581 $ — $ 1,471,195 Intersegment net sales 24,319 14,803 25,102 8,463 — 72,687 Segment operating profit (loss) 19,105 13,999 28,790 1,850 (1,693 ) 62,051 Six Months Ended June 28, 2014 North South Western All Other Corporate Total Net sales to outside customers $ 410,116 315,824 $ 520,663 $ 80,148 $ — $ 1,326,751 Intersegment net sales 19,750 10,911 24,445 9,142 — 64,248 Segment operating profit 11,925 13,003 26,488 1,128 (3,194 ) 49,350

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 27, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Effective tax rates differ from statutory federal income tax rates, primarily due to provisions for state and local income taxes and permanent tax differences. Our effective tax rate was 37.4% in the second quarter of 2015 compared to 37.7% for same period of 2014 . Our effective tax rate was 37.0% in the first six months of 2015 compared to 37.2% for the same period of 2014 . The decrease is primarily due to a lower state effective income tax rate in 2015.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 27, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	The accompanying unaudited interim consolidated condensed financial statements (the "Financial Statements") include our accounts and those of our wholly-owned and majority-owned subsidiaries and partnerships, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the Financial Statements do not include all of the information and footnotes normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States. All intercompany transactions and balances have been eliminated. In our opinion, the Financial Statements contain all material adjustments necessary to present fairly our consolidated financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. These Financial Statements should be read in conjunction with the annual consolidated financial statements, and footnotes thereto, included in our Annual Report to Shareholders on Form 10-K for the fiscal year ended December 27, 2014 . Seasonality has a significant impact on our working capital from March to August which historically results in negative or modest cash flows from operations in our first and second quarters. Conversely, we experience a substantial decrease in working capital from September to February which typically results in significant cash flow from operations in our third and fourth quarters. For comparative purposes, we have included the June 28, 2014 balances in the accompanying unaudited consolidated condensed balance sheets.
Revenue Recognition	Earnings on construction contracts are reflected in operations using percentage-of-completion accounting, under either cost to cost or units of delivery methods, depending on the nature of the business at individual operations. Under percentage-of-completion using the cost to cost method, revenues and related earnings on construction contracts are measured by the relationships of actual costs incurred related to the total estimated costs. Under percentage-of-completion using the units of delivery method, revenues and related earnings on construction contracts are measured by the relationships of actual units produced related to the total number of units. Revisions in earnings estimates on the construction contracts are recorded in the accounting period in which the basis for such revisions becomes known. Projected losses on individual contracts are charged to operations in their entirety when such losses become apparent. Construction contract revenue was approximately $59 million and $55 million through the first six months of 2015 and 2014, respectively. Our construction contracts are generally entered into with a fixed price and completion of the projects can range from 6 to 18 months in duration. Therefore, our operating results are impacted by, among many other things, labor rates and commodity costs. During the year, we update our estimated costs to complete our projects using current labor and commodity costs and recognize losses to the extent that they exist.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 27, 2015
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value	We apply the provisions of ASC 820, Fair Value Measurements and Disclosures , to assets and liabilities measured at fair value. Assets measured at fair value are as follows: June 27, 2015 June 28, 2014 (in thousands) Quoted Prices in Active Markets (Level 1) Quoted Prices in Active Markets (Level 1) Money market funds $ 6,162 $ 162 Mutual funds: Domestic stock funds 250 629 International stock funds 71 215 Target funds 240 778 Bond funds 173 155 Total mutual funds 734 1,777 6,896 1,939

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 27, 2015
Revenue Recognition [Abstract]
Schedule of percentage-of-completion balances	The following table presents the balances of percentage-of-completion accounts which are included in “Other current assets” and “Accrued liabilities: Other”, respectively (in thousands): June 27, 2015 December 27, 2014 June 28, 2014 Cost and Earnings in Excess of Billings $ 4,842 $ 5,244 $ 6,380 Billings in Excess of Cost and Earnings 3,347 4,682 2,543

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 27, 2015
Earnings Per Share [Abstract]
Computation of earnings per share	The computation of earnings per share (“EPS”) is as follows (in thousands): Three Months Ended Six Months Ended June 27, 2015 June 28, 2014 June 27, 2015 June 28, 2014 Numerator: Net earnings attributable to controlling interest $ 25,976 $ 21,789 $ 36,138 $ 29,004 Adjustment for earnings allocated to non-vested restricted common stock (347 ) (209 ) (462 ) (266 ) Net earnings for calculating EPS $ 25,629 $ 21,580 $ 35,676 $ 28,738 Denominator: Weighted average shares outstanding 20,198 20,137 20,147 20,097 Adjustment for non-vested restricted common stock (270 ) (193 ) (258 ) (184 ) Shares for calculating basic EPS 19,928 19,944 19,889 19,913 Effect of dilutive stock options 33 20 33 21 Shares for calculating diluted EPS 19,961 19,964 19,922 19,934 Net earnings per share: Basic $ 1.29 $ 1.08 $ 1.79 $ 1.44 Diluted $ 1.28 $ 1.08 $ 1.79 $ 1.44

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	6 Months Ended
	Jun. 27, 2015
Business Combinations [Abstract]
Business Acquisitions Accounted for Using Purchase Method	We completed the following acquisitions in fiscal 2015 and 2014 which were accounted for using the purchase method (in thousands): Company Name Acquisition Date Purchase Price Intangible Assets Net Tangible Assets Operating Segment Business Description Rapid Wood Mfg., LLC (“Rapid Wood”) February 2, 2015 $1,638 $789 $849 Western Division A supplier of lumber products to the region’s manufactured housing and recreational vehicle industries based in Caldwell, Idaho. Rapid Wood had annual sales of $2.3 million. Integra Packaging Proprietary, Ltd (“Integra Packaging”) January 16, 2015 $1,102 $1,406 $715 Other An Australian-based manufacturer and distributor of industrial wood specialty packaging products. Integra Packaging had annual sales of $12.4 million. Bigs Packaging and Lumber, LLC (“Bigs Packaging”) November 13, 2014 $20,000 (asset purchase) + $3,976 earnout accrual $15,031 $8,945 Western Division A Texas-based manufacturer of industrial wood and packaging solutions. Bigs Packaging had annual sales of $50.0 million. Packnet Ltd (“Packnet”) November 24, 2014 $7,506 (80% asset purchase) $7,885 $1,498 Western Division A supplier of industrial packaging and services based in Eagan, MN. Packnet had annual sales of $9.0 Million. High Level Components, LLC (“High Level”) March 31, 2014 $2,944 (asset purchase) $— $3,232 North Division A building component manufacturer based in Locust, NC. High Level had annual sales of $6.8 million. Upshur Forest Products, LLC (“Upshur”) March 28, 2014 (majority interest) $3,548 (asset purchase) $1,577 $1,971 Western Division A sawmill located in Gilmer, TX. Upshur had annual sales of $8.9 million. Container Systems, Inc. (“CSI”) March 14, 2014 $2,417 (asset purchase) $— $2,417 South Division A manufacturer of crates and containers for industrial applications and the moving-and-storage industry, located in Franklinton, NC. CSI had annual sales of $3.0 million.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 27, 2015
Segment Reporting [Abstract]
Segment Reporting	Three Months Ended June 27, 2015 North South Western All Other Corporate Total Net sales to outside customers $ 281,333 185,497 $ 309,511 $ 61,830 $ — $ 838,171 Intersegment net sales 14,510 7,604 15,476 4,566 — 42,156 Segment operating profit 16,394 7,997 18,272 2,997 (1,472 ) 44,188 Three Months Ended June 28, 2014 North South Western All Other Corporate Total Net sales to outside customers $ 253,481 172,464 $ 295,263 $ 51,544 $ — $ 772,752 Intersegment net sales 10,208 6,096 13,403 5,298 — 35,005 Segment operating profit 10,701 6,730 17,643 2,217 (568 ) 36,723 Six Months Ended June 27, 2015 North South Western All Other Corporate Total Net sales to outside customers $ 460,832 349,692 $ 567,090 $ 93,581 $ — $ 1,471,195 Intersegment net sales 24,319 14,803 25,102 8,463 — 72,687 Segment operating profit (loss) 19,105 13,999 28,790 1,850 (1,693 ) 62,051 Six Months Ended June 28, 2014 North South Western All Other Corporate Total Net sales to outside customers $ 410,116 315,824 $ 520,663 $ 80,148 $ — $ 1,326,751 Intersegment net sales 19,750 10,911 24,445 9,142 — 64,248 Segment operating profit 11,925 13,003 26,488 1,128 (3,194 ) 49,350

FAIR VALUE (Details)

FAIR VALUE (Details) - Recurring - Quoted Prices in Active Markets (Level 1) - USD ($) $ in Thousands	Jun. 27, 2015	Jun. 28, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 6,896	$ 1,939
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	6,162	162
Domestic Stock Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	250	629
International Stock Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	71	215
Target Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	240	778
Bond Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	173	155
Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 734	$ 1,777

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Dec. 27, 2014
Revenue Recognition [Abstract]
Construction contracts revenue	$ 59,000	$ 55,000
Construction contracts completion term, minimum	6 months
Construction contracts completion term, maximum	18 months
Cost and Earnings in Excess of Billings	$ 4,842	6,380	$ 5,244
Billings in Excess of Cost and Earnings	$ 3,347	$ 2,543	$ 4,682

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Numerator [Abstract]
Net earnings attributable to controlling interest	$ 25,976	$ 21,789	$ 36,138	$ 29,004
Adjustment for earnings allocated to non-vested restricted common stock	(347)	(209)	(462)	(266)
Net earnings for calculating EPS	$ 25,629	$ 21,580	$ 35,676	$ 28,738
Denominator [Abstract]
Weighted average shares outstanding (in shares)	20,198,000	20,137,000	20,147,000	20,097,000
Adjustment for non-vested restricted common stock (in shares)	(270,000)	(193,000)	(258,000)	(184,000)
Shares for calculating basic EPS (in shares)	19,928,000	19,944,000	19,889,000	19,913,000
Effect of dilutive stock options (in shares)	33,000	20,000	33,000	21,000
Shares for calculating diluted EPS (in shares)	19,961,000	19,964,000	19,922,000	19,934,000
Net earnings per share [Abstract]
Basic (in dollars per share)	$ 1.29	$ 1.08	$ 1.79	$ 1.44
Diluted (in dollars per share)	$ 1.28	$ 1.08	$ 1.79	$ 1.44
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase shares excluded from computation of EPS (in shares)	0	0

COMMITMENTS, CONTINGENCIES, A25

COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Commitments and Contingencies Disclosure [Abstract]
Estimated costs to complete future remediation efforts	$ 3.4	$ 3.2
Surety Bonds and Letters of Credit [Abstract]
Payment and performance bonds outstanding	$ 0.5
Expiration period of surety bonds	2 years
Completed projects still under warranty	$ 13
Outstanding letters of credit	25.4
Irrevocable letters of credit in favor of our insurers outstanding	15.6
Irrevocable letters of credit in favor of our industrial development revenue bonds outstanding	9.8
Approximate identification and removal of contaminants costs	0.6
Capital addition purchase commitments
Long-term Purchase Commitment [Line Items]
Outstanding purchase commitments on capital projects	$ 5.8

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands	Feb. 02, 2015	Jan. 16, 2015	Nov. 24, 2014	Nov. 13, 2014	Mar. 31, 2014	Mar. 14, 2014	Jun. 25, 2015
Rapid Wood Mfg., LLC
Business Acquisition [Line Items]
Purchase Price	$ 1,638
Intangible Assets	789
Net Tangible Assets	849
Acquired entity, prior year sales	$ 2,300
Integra Packaging Proprietary, Ltd
Business Acquisition [Line Items]
Purchase Price		$ 1,102
Intangible Assets		1,406
Net Tangible Assets		715
Acquired entity, prior year sales		$ 12,400
Percentage of stock purchase (in hundredths)		51.94%
Integra Packaging Proprietary, Ltd | Parent Company
Business Acquisition [Line Items]
Intangible Assets		$ 730
Net Tangible Assets		$ 372
Percentage of intangible assets acquired (in hundredths)		51.94%
Percentage of tangible assets acquired (in hundredths)		51.94%
Bigs Packaging and Lumber, LLC
Business Acquisition [Line Items]
Purchase Price				$ 20,000
Intangible Assets				15,031
Net Tangible Assets				8,945
Acquired entity, prior year sales				50,000
Earn out accrual				$ 3,976
Packnet Ltd
Business Acquisition [Line Items]
Purchase Price			$ 7,506
Intangible Assets			7,885
Net Tangible Assets			1,498
Acquired entity, prior year sales			$ 9,000
Percentage of asset purchase (in hundredths)			80.00%
Packnet Ltd | Parent Company
Business Acquisition [Line Items]
Intangible Assets			$ 6,308
Net Tangible Assets			$ 1,198
Percentage of intangible assets acquired (in hundredths)			80.00%
Percentage of tangible assets acquired (in hundredths)			80.00%
High Level Components, LLC
Business Acquisition [Line Items]
Purchase Price					$ 2,944
Intangible Assets					0
Net Tangible Assets					3,232
Acquired entity, prior year sales					$ 6,800
Upshur Forest Products, LLC
Business Acquisition [Line Items]
Purchase Price							$ 3,548
Intangible Assets							1,577
Net Tangible Assets							1,971
Acquired entity, prior year sales							$ 8,900
Container Systems, Inc.
Business Acquisition [Line Items]
Purchase Price						$ 2,417
Intangible Assets						0
Net Tangible Assets						2,417
Acquired entity, prior year sales						$ 3,000

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Segment Reporting Information [Line Items]
Net sales	$ 838,171	$ 772,752	$ 1,471,195	$ 1,326,751
Segment operating profit	44,188	36,723	62,051	49,350
Intersegment net sales
Segment Reporting Information [Line Items]
Net sales	42,156	35,005	72,687	64,248
Corporate
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Segment operating profit	(1,472)	(568)	(1,693)	(3,194)
North | Operating Segments
Segment Reporting Information [Line Items]
Net sales	281,333	253,481	460,832	410,116
Segment operating profit	16,394	10,701	19,105	11,925
North | Intersegment net sales
Segment Reporting Information [Line Items]
Net sales	14,510	10,208	24,319	19,750
South | Operating Segments
Segment Reporting Information [Line Items]
Net sales	185,497	172,464	349,692	315,824
Segment operating profit	7,997	6,730	13,999	13,003
South | Intersegment net sales
Segment Reporting Information [Line Items]
Net sales	7,604	6,096	14,803	10,911
Western | Operating Segments
Segment Reporting Information [Line Items]
Net sales	309,511	295,263	567,090	520,663
Segment operating profit	18,272	17,643	28,790	26,488
Western | Intersegment net sales
Segment Reporting Information [Line Items]
Net sales	15,476	13,403	25,102	24,445
All Other | Operating Segments
Segment Reporting Information [Line Items]
Net sales	61,830	51,544	93,581	80,148
Segment operating profit	2,997	2,217	1,850	1,128
All Other | Intersegment net sales
Segment Reporting Information [Line Items]
Net sales	$ 4,566	$ 5,298	$ 8,463	$ 9,142

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Income Tax Disclosure [Abstract]
Effective income tax rate (in hundredths)	37.40%	37.70%	37.00%	37.20%

Uncategorized Items - ufpi-2015

Label	Element	Value
Income (Loss) from Equity Method Investments	us-gaap_IncomeLossFromEquityMethodInvestments	$ 112
Income (Loss) from Equity Method Investments	us-gaap_IncomeLossFromEquityMethodInvestments	78
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	22,449
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	$ 26,884