Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 26, 2015shares | |
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 | 20,133,427 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 26, 2015 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 | Sep. 27, 2014 |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 55,373 | $ 0 | $ 26,184 |
Restricted cash | 1,139 | 405 | 720 |
Investments | 5,955 | 0 | 0 |
Accounts receivable, net | 273,737 | 195,912 | 257,235 |
Inventories: | |||
Raw materials | 161,519 | 183,770 | 150,585 |
Finished goods | 126,690 | 156,278 | 123,080 |
Total inventories | 288,209 | 340,048 | 273,665 |
Refundable income taxes | 201 | 11,934 | 0 |
Deferred income taxes | 6,257 | 6,284 | 6,848 |
Other current assets | 16,654 | 18,423 | 20,743 |
TOTAL CURRENT ASSETS | 647,525 | 573,006 | 585,395 |
DEFERRED INCOME TAXES | 1,091 | 1,079 | 1,312 |
OTHER ASSETS | 7,843 | 9,565 | 14,915 |
GOODWILL | 182,394 | 183,062 | 160,146 |
INDEFINITE-LIVED INTANGIBLE ASSETS | 2,340 | 2,340 | 2,340 |
OTHER INTANGIBLE ASSETS, NET | 16,195 | 6,479 | 6,339 |
PROPERTY, PLANT AND EQUIPMENT: | |||
Property, plant and equipment | 631,028 | 604,398 | 599,584 |
Less accumulated depreciation and amortization | (376,498) | (356,129) | (354,548) |
PROPERTY, PLANT AND EQUIPMENT, NET | 254,530 | 248,269 | 245,036 |
TOTAL ASSETS | 1,111,918 | 1,023,800 | 1,015,483 |
CURRENT LIABILITIES: | |||
Cash overdraft | 0 | 621 | 0 |
Accounts payable | 101,117 | 89,105 | 99,008 |
Accrued liabilities: | |||
Compensation and benefits | 77,290 | 62,143 | 60,069 |
Income taxes | 0 | 0 | 15 |
Other | 35,060 | 23,591 | 33,849 |
Current portion of long-term debt | 834 | 0 | 0 |
TOTAL CURRENT LIABILITIES | 214,301 | 175,460 | 192,941 |
LONG-TERM DEBT | 84,722 | 98,645 | 84,700 |
DEFERRED INCOME TAXES | 30,919 | 30,933 | 26,896 |
OTHER LIABILITIES | 25,838 | 19,202 | 15,862 |
TOTAL LIABILITIES | 355,780 | 324,240 | 320,399 |
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, 20,133,427, 19,984,451, and 19,974,886. | 20,133 | 19,984 | 19,975 |
Additional paid-in capital | 170,324 | 162,483 | 161,122 |
Retained earnings | 555,193 | 502,334 | 501,181 |
Accumulated other comprehensive income | (1,560) | 1,348 | 2,767 |
Employee stock notes receivable | 0 | (455) | (530) |
Total controlling interest shareholders' equity | 744,090 | 685,694 | 684,515 |
Noncontrolling interest | 12,048 | 13,866 | 10,569 |
TOTAL SHAREHOLDERS' EQUITY | 756,138 | 699,560 | 695,084 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,111,918 | $ 1,023,800 | $ 1,015,483 |
CONSOLIDATED CONDENSED BALANCE3
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - shares | Sep. 26, 2015 | Dec. 27, 2014 | Sep. 27, 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) | 20,133,427 | 19,984,451 | 19,974,886 |
Common stock, shares outstanding (in shares) | 20,133,427 | 19,984,451 | 19,974,886 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Income Statement [Abstract] | ||||
NET SALES | $ 762,275 | $ 713,489 | $ 2,233,470 | $ 2,040,239 |
COST OF GOODS SOLD | 651,569 | 623,903 | 1,930,739 | 1,787,652 |
GROSS PROFIT | 110,706 | 89,586 | 302,731 | 252,587 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 67,951 | 59,936 | 198,087 | 172,835 |
ANTI-DUMPING DUTY ASSESSMENT | 0 | 0 | 0 | 1,600 |
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS | 230 | (2,570) | 68 | (3,418) |
EARNINGS FROM OPERATIONS | 42,525 | 32,220 | 104,576 | 81,570 |
INTEREST EXPENSE | 1,060 | 1,016 | 3,615 | 3,184 |
INTEREST INCOME | (47) | (346) | (214) | (975) |
EQUITY IN EARNINGS OF INVESTEE | (89) | (118) | (283) | (246) |
NON-OPERATING (INCOME)/EXPENSE | 924 | 552 | 3,118 | 1,963 |
EARNINGS BEFORE INCOME TAXES | 41,601 | 31,668 | 101,458 | 79,607 |
INCOME TAXES | 14,718 | 11,176 | 36,887 | 29,000 |
NET EARNINGS | 26,883 | 20,492 | 64,571 | 50,607 |
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST | (1,327) | (1,258) | (2,876) | (2,369) |
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST | $ 25,556 | $ 19,234 | $ 61,695 | $ 48,238 |
EARNINGS PER SHARE - BASIC (in dollars per share) | $ 1.26 | $ 0.96 | $ 3.06 | $ 2.40 |
EARNINGS PER SHARE - DILUTED (in dollars per share) | $ 1.26 | $ 0.96 | $ 3.06 | $ 2.40 |
OTHER COMPREHENSIVE LOSS | $ (2,578) | $ (491) | $ (4,206) | $ (885) |
COMPREHENSIVE INCOME | 24,305 | 20,001 | 60,365 | 49,722 |
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | (445) | (1,317) | (1,578) | (2,183) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ 23,860 | $ 18,684 | $ 58,787 | $ 47,539 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehen- sive Earnings | Employees 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 | 50,607 | 48,238 | 2,369 | ||||
Foreign currency translation adjustment | (885) | (699) | (186) | ||||
Noncontrolling interest associated with business acquisitions | 985 | 985 | |||||
Distributions to noncontrolling interest | (1,710) | (1,710) | |||||
Cash dividends | (4,214) | (4,214) | |||||
Issuance of shares under employee stock plans | 320 | 9 | 297 | 14 | |||
Issuance of shares under stock grant programs | 1,186 | 78 | 1,108 | ||||
Issuance of shares under deferred compensation plans | 0 | 43 | (43) | ||||
Repurchase of shares | (4,772) | (103) | (4,669) | ||||
Expense associated with share-based compensation arrangements | 1,445 | 1,445 | |||||
Accrued expense under deferred compensation plans | 2,186 | 2,186 | |||||
Payments received on employee stock notes receivable | 202 | 202 | |||||
Ending balance at Sep. 27, 2014 | 695,084 | 19,975 | 161,122 | 501,181 | 2,767 | (530) | 10,569 |
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 | 64,571 | 61,695 | 2,876 | ||||
Foreign currency translation adjustment | (4,107) | (2,809) | (1,298) | ||||
Unrealized gain (loss) on investment | (99) | (99) | |||||
Noncontrolling interest associated with business acquisitions | 1,019 | 1,019 | |||||
Distributions to noncontrolling interest | (3,159) | (3,159) | |||||
Purchases of noncontrolling interest | (1,256) | (1,256) | |||||
Cash dividends | (8,050) | (8,050) | |||||
Issuance of shares under employee stock plans | 961 | 28 | 933 | ||||
Issuance of shares under stock grant programs | 1,887 | 76 | 1,811 | ||||
Issuance of shares under deferred compensation plans | 0 | 59 | (59) | ||||
Repurchase of shares | (496) | (14) | (786) | 304 | |||
Tax benefits from non-qualified stock options exercised | 186 | 186 | |||||
Expense associated with share-based compensation arrangements | 1,351 | 1,351 | |||||
Accrued expense under deferred compensation plans | 3,619 | 3,619 | |||||
Payments received on employee stock notes receivable | 151 | 151 | |||||
Ending balance at Sep. 26, 2015 | $ 756,138 | $ 20,133 | $ 170,324 | $ 555,193 | $ (1,560) | $ 0 | $ 12,048 |
CONSOLIDATED STATEMENTS OF SHA6
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 26, 2015 | Sep. 27, 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) | 28,276 | 8,681 |
Issuance of shares under stock grant programs (in shares) | 75,408 | 77,736 |
Issuance of shares under deferred compensation plans (in shares) | 58,905 | 43,210 |
Repurchase of shares (in shares) | 13,613 | 1,030.11 |
CONSOLIDATED CONDENSED STATEME7
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 64,571 | $ 50,607 |
Adjustments to reconcile net earnings to net cash from operating activities: | ||
Depreciation | 28,013 | 24,241 |
Amortization of intangibles | 2,730 | 1,743 |
Expense associated with share-based compensation arrangements | 1,351 | 1,445 |
Excess tax benefits from share-based compensation arrangements | (33) | (2) |
Expense associated with stock grant plans | 85 | 81 |
Deferred income taxes (credit) | (269) | 127 |
Equity in earnings of investee | (283) | (246) |
Net loss (gain) on disposition and impairment of assets | 68 | (3,418) |
Changes in: | ||
Accounts receivable | (76,723) | (76,642) |
Inventories | 51,068 | 14,754 |
Accounts payable and cash overdraft | 10,864 | 25,078 |
Accrued liabilities and other | 39,967 | 32,760 |
NET CASH FROM OPERATING ACTIVITIES | 121,409 | 70,528 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (36,520) | (31,676) |
Proceeds from sale of property, plant and equipment | 2,382 | 6,463 |
Acquisitions, net of cash received | (2,584) | (7,135) |
Purchase of remaining noncontrolling interest in subsidiary | (1,256) | 0 |
Advances of notes receivable | (4,403) | (2,229) |
Collections on notes receivable | 8,784 | 983 |
Purchases of investments | (5,955) | 0 |
Cash restricted as to use | (734) | 0 |
Other, net | 180 | (95) |
NET CASH FROM INVESTING ACTIVITIES | (40,106) | (33,689) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under revolving credit facilities | 297,354 | 192,475 |
Repayments under revolving credit facilities | (311,253) | (192,475) |
Debt issuance costs | (11) | (11) |
Proceeds from issuance of common stock | 960 | 297 |
Distributions to noncontrolling interest | (3,159) | (1,710) |
Dividends paid to shareholders | (8,050) | (4,214) |
Repurchase of common stock | (800) | (4,772) |
Excess tax benefits from share-based compensation arrangements | 33 | 2 |
NET CASH FROM FINANCING ACTIVITIES | (24,926) | (10,408) |
Effect of exchange rate changes on cash | (1,004) | (247) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 55,373 | 26,184 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 55,373 | 26,184 |
SUPPLEMENTAL INFORMATION: | ||
Interest paid | 2,834 | 2,475 |
Income taxes paid | 25,304 | 26,605 |
NON-CASH INVESTING ACTIVITIES | ||
Other receivables exchanged for notes receivable | 0 | 2,768 |
Notes receivable exchanged for property | 389 | 2,980 |
NON-CASH FINANCING ACTIVITIES: | ||
Common stock issued under deferred compensation plans | 3,042 | 2,270 |
Property Exchanged for Notes Receivable | ||
NON-CASH FINANCING ACTIVITIES: | ||
Property exchanged for notes receivable | 300 | 0 |
Bigs Packaging and Lumber, LLC | ||
NON-CASH FINANCING ACTIVITIES: | ||
Acquisition earnout adjustment prior to final purchase accounting | $ 9,236 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 26, 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 September 27, 2014 balances in the accompanying unaudited consolidated condensed balance sheets. |
FAIR VALUE
FAIR VALUE | 9 Months Ended |
Sep. 26, 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: September 26, 2015 September 27, 2014 (in thousands) Quoted Prices in Active Markets (Level 1) Quoted Prices in Active Markets (Level 1) Money market funds $ 952 $ 651 Bonds 3,195 — Domestic stock 215 — Mutual funds: Domestic stock funds 2,625 658 International stock funds 223 218 Target funds 228 296 Bond funds 171 156 Total mutual funds 3,247 1,328 $ 7,609 $ 1,979 We maintain money market, mutual funds, bonds, and/or stocks in our non-qualified deferred compensation plan and our wholly owned licensed captive insurance company. These funds are valued at prices quoted in an active exchange market and are included in "Cash and Cash Equivalents", "Investments", and "Other Assets". 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 September 26, 2015 or September 27, 2014 . |
REVENUE RECOGNITION
REVENUE RECOGNITION | 9 Months Ended |
Sep. 26, 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 increased to approximately $39.6 million , during the third quarter of 2015, from $31.8 million during the same period of 2014. Construction contract revenue was approximately $98.4 million and $87.1 million through the first nine 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): September 26, 2015 December 27, 2014 September 27, 2014 Cost and Earnings in Excess of Billings $ 4,718 $ 5,244 $ 6,883 Billings in Excess of Cost and Earnings 4,145 4,682 3,940 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 26, 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 Nine Months Ended September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014 Numerator: Net earnings attributable to controlling interest $ 25,556 $ 19,234 $ 61,695 $ 48,238 Adjustment for earnings allocated to non-vested restricted common stock (341 ) (178 ) (789 ) (444 ) Net earnings for calculating EPS $ 25,215 $ 19,056 $ 60,906 $ 47,794 Denominator: Weighted average shares outstanding 20,210 20,100 20,148 20,095 Adjustment for non-vested restricted common stock (270 ) (186 ) (258 ) (186 ) Shares for calculating basic EPS 19,940 19,914 19,890 19,909 Effect of dilutive stock options 38 18 35 24 Shares for calculating diluted EPS 19,978 19,932 19,925 19,933 Net earnings per share: Basic $ 1.26 $ 0.96 $ 3.06 $ 2.40 Diluted $ 1.26 $ 0.96 $ 3.06 $ 2.40 No options were excluded from the computation of diluted EPS for the quarters ended September 26, 2015 or September 27, 2014 . |
COMMITMENTS, CONTINGENCIES, AND
COMMITMENTS, CONTINGENCIES, AND GUARANTEES | 9 Months Ended |
Sep. 26, 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 September 26, 2015 and $3.2 million on September 27, 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 September 26, 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 September 26, 2015 , we had outstanding purchase commitments on commenced capital projects of approximately $4.9 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 September 26, 2015 we had approximately $0.2 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 September 26, 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 beneficiaries of certain industrial development bonds. We are required to provide irrevocable letters of credit in favor of the bond trustees for all of these industrial development revenue bonds that have been 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 September 26, 2015 . We did not enter into any new guarantee arrangements during the third quarter of 2015 which would require us to recognize a liability on our balance sheet. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 9 Months Ended |
Sep. 26, 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) + $13,212 earnout accrual $24,268 $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 were finalized and allocated to their respective identifiable intangible asset and goodwill accounts during 2015 . |
SEGMENT REPORTING
SEGMENT REPORTING | 9 Months Ended |
Sep. 26, 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. The Company operates manufacturing, treating and distribution facilities throughout North America, but primarily in the United States. The Company manages the operations of its individual locations primarily through a geographic reporting structure under which each location is included in a region and regions are included in divisions. The exceptions to this geographic reporting and management structure are (a) the Company's Alternative Materials Division, which offers a portfolio of outdoor living products and distributes those products nation-wide and (b) the Company's distribution unit (referred to as UFPD) which distributes a variety of products to the manufactured housing industry. Due to recent changes in management structure, we have revised our operating segments. Our operating segments currently consist of the North, South, West, Alternative Materials, International, Corporate, and All Other. Our previous operating segments, immediately prior to the current fiscal year, consisted of Eastern, Western, Site-Built, Corporate, and All Other. The Company's new North and South reporting segments represent the segregation of the former Eastern segment with the following adjustments: • The Site-Built unit previously was a separate operating and reportable segment; however the recent management structure reorganization resulted in the Site-Built unit reporting through (and is now apart of) the North segment. • UFPD which previously was included in the All Other segment, is now included as part of the North segment. With respect to the facilities in the north, south, and west segments, these facilities generally supply the three markets the Company serves nationally; the Retail market, Industrial market, and Construction market. Also, substantially all of our facilities support customers in the immediate geographical region surrounding the facility. Prior year amounts have been reclassified to our new 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 September 26, 2015 North South West All Other Corporate Total Net sales to outside customers $ 252,447 160,345 $ 305,407 $ 44,076 $ — $ 762,275 Intersegment net sales 14,666 6,838 15,791 3,191 — 40,486 Segment operating profit 16,965 8,045 19,902 1,055 (3,442 ) 42,525 Three Months Ended September 27, 2014 North South West All Other Corporate Total Net sales to outside customers $ 231,604 154,690 $ 288,966 $ 38,229 $ — $ 713,489 Intersegment net sales 8,416 4,902 13,804 2,303 — 29,425 Segment operating profit 9,372 5,056 15,404 2,375 13 32,220 Nine Months Ended September 26, 2015 North South West All Other Corporate Total Net sales to outside customers $ 713,280 510,037 $ 872,497 $ 137,656 $ — $ 2,233,470 Intersegment net sales 38,985 21,641 40,894 11,653 — 113,173 Segment operating profit (loss) 36,069 22,044 48,693 2,904 (5,134 ) 104,576 Nine Months Ended September 27, 2014 North South West All Other Corporate Total Net sales to outside customers $ 641,720 470,513 $ 809,629 $ 118,377 $ — $ 2,040,239 Intersegment net sales 28,165 15,813 38,249 11,446 — 93,673 Segment operating profit 21,296 18,059 41,892 3,504 (3,181 ) 81,570 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 26, 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 35.4% in the third quarter of 2015 compared to 35.3% for same period of 2014 . Our effective tax rate remained at 36.4% in the first nine months of both 2015 and 2014 . |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 26, 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 September 27, 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 increased to approximately $39.6 million , during the third quarter of 2015, from $31.8 million during the same period of 2014. Construction contract revenue was approximately $98.4 million and $87.1 million through the first nine 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) | 9 Months Ended |
Sep. 26, 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: September 26, 2015 September 27, 2014 (in thousands) Quoted Prices in Active Markets (Level 1) Quoted Prices in Active Markets (Level 1) Money market funds $ 952 $ 651 Bonds 3,195 — Domestic stock 215 — Mutual funds: Domestic stock funds 2,625 658 International stock funds 223 218 Target funds 228 296 Bond funds 171 156 Total mutual funds 3,247 1,328 $ 7,609 $ 1,979 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 9 Months Ended |
Sep. 26, 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): September 26, 2015 December 27, 2014 September 27, 2014 Cost and Earnings in Excess of Billings $ 4,718 $ 5,244 $ 6,883 Billings in Excess of Cost and Earnings 4,145 4,682 3,940 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 26, 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 Nine Months Ended September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014 Numerator: Net earnings attributable to controlling interest $ 25,556 $ 19,234 $ 61,695 $ 48,238 Adjustment for earnings allocated to non-vested restricted common stock (341 ) (178 ) (789 ) (444 ) Net earnings for calculating EPS $ 25,215 $ 19,056 $ 60,906 $ 47,794 Denominator: Weighted average shares outstanding 20,210 20,100 20,148 20,095 Adjustment for non-vested restricted common stock (270 ) (186 ) (258 ) (186 ) Shares for calculating basic EPS 19,940 19,914 19,890 19,909 Effect of dilutive stock options 38 18 35 24 Shares for calculating diluted EPS 19,978 19,932 19,925 19,933 Net earnings per share: Basic $ 1.26 $ 0.96 $ 3.06 $ 2.40 Diluted $ 1.26 $ 0.96 $ 3.06 $ 2.40 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 9 Months Ended |
Sep. 26, 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) + $13,212 earnout accrual $24,268 $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) | 9 Months Ended |
Sep. 26, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Three Months Ended September 26, 2015 North South West All Other Corporate Total Net sales to outside customers $ 252,447 160,345 $ 305,407 $ 44,076 $ — $ 762,275 Intersegment net sales 14,666 6,838 15,791 3,191 — 40,486 Segment operating profit 16,965 8,045 19,902 1,055 (3,442 ) 42,525 Three Months Ended September 27, 2014 North South West All Other Corporate Total Net sales to outside customers $ 231,604 154,690 $ 288,966 $ 38,229 $ — $ 713,489 Intersegment net sales 8,416 4,902 13,804 2,303 — 29,425 Segment operating profit 9,372 5,056 15,404 2,375 13 32,220 Nine Months Ended September 26, 2015 North South West All Other Corporate Total Net sales to outside customers $ 713,280 510,037 $ 872,497 $ 137,656 $ — $ 2,233,470 Intersegment net sales 38,985 21,641 40,894 11,653 — 113,173 Segment operating profit (loss) 36,069 22,044 48,693 2,904 (5,134 ) 104,576 Nine Months Ended September 27, 2014 North South West All Other Corporate Total Net sales to outside customers $ 641,720 470,513 $ 809,629 $ 118,377 $ — $ 2,040,239 Intersegment net sales 28,165 15,813 38,249 11,446 — 93,673 Segment operating profit 21,296 18,059 41,892 3,504 (3,181 ) 81,570 |
FAIR VALUE (Details)
FAIR VALUE (Details) - Recurring - Quoted Prices in Active Markets (Level 1) - USD ($) $ in Thousands | Sep. 26, 2015 | Sep. 27, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 7,609 | $ 1,979 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 952 | 651 |
Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 3,195 | 0 |
Domestic stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 215 | 0 |
Bond funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 171 | 156 |
Domestic stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 2,625 | 658 |
International stock funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 223 | 218 |
Target funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 228 | 296 |
Total mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 3,247 | $ 1,328 |
REVENUE RECOGNITION (Details)
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Dec. 27, 2014 | |
Revenue Recognition [Abstract] | |||||
Contracts revenue | $ 39,600 | $ 31,800 | $ 98,400 | $ 87,100 | |
Construction contracts completion term, minimum | 6 months | ||||
Construction contracts completion term, maximum | 18 months | ||||
Cost and Earnings in Excess of Billings | 4,718 | 6,883 | $ 4,718 | 6,883 | $ 5,244 |
Billings in Excess of Cost and Earnings | $ 4,145 | $ 3,940 | $ 4,145 | $ 3,940 | $ 4,682 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Numerator [Abstract] | ||||
Net earnings attributable to controlling interest | $ 25,556 | $ 19,234 | $ 61,695 | $ 48,238 |
Adjustment for earnings allocated to non-vested restricted common stock | (341) | (178) | (789) | (444) |
Net earnings for calculating EPS | $ 25,215 | $ 19,056 | $ 60,906 | $ 47,794 |
Denominator [Abstract] | ||||
Weighted average shares outstanding (in shares) | 20,210,000 | 20,100,000 | 20,148,000 | 20,095,000 |
Adjustment for non-vested restricted common stock (in shares) | (270,000) | (186,000) | (258,000) | (186,000) |
Shares for calculating basic EPS (in shares) | 19,940,000 | 19,914,000 | 19,890,000 | 19,909,000 |
Effect of dilutive stock options (in shares) | 38,000 | 18,000 | 35,000 | 24,000 |
Shares for calculating diluted EPS (in shares) | 19,978,000 | 19,932,000 | 19,925,000 | 19,933,000 |
Net earnings per share [Abstract] | ||||
Basic (in dollars per share) | $ 1.26 | $ 0.96 | $ 3.06 | $ 2.40 |
Diluted (in dollars per share) | $ 1.26 | $ 0.96 | $ 3.06 | $ 2.40 |
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 | 9 Months Ended | |
Sep. 26, 2015 | Sep. 27, 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 | $ 0.2 | |
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 | $ 4.9 |
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 | 24,268 | ||||||
Net Tangible Assets | 8,945 | ||||||
Acquired entity, prior year sales | 50,000 | ||||||
Earn out accrual | $ 13,212 | ||||||
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 | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 762,275 | $ 713,489 | $ 2,233,470 | $ 2,040,239 |
Segment operating profit | 42,525 | 32,220 | 104,576 | 81,570 |
Intersegment net sales | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 40,486 | 29,425 | 113,173 | 93,673 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Segment operating profit | (3,442) | 13 | (5,134) | (3,181) |
North | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 252,447 | 231,604 | 713,280 | 641,720 |
Segment operating profit | 16,965 | 9,372 | 36,069 | 21,296 |
North | Intersegment net sales | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 14,666 | 8,416 | 38,985 | 28,165 |
South | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 160,345 | 154,690 | 510,037 | 470,513 |
Segment operating profit | 8,045 | 5,056 | 22,044 | 18,059 |
South | Intersegment net sales | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 6,838 | 4,902 | 21,641 | 15,813 |
West | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 305,407 | 288,966 | 872,497 | 809,629 |
Segment operating profit | 19,902 | 15,404 | 48,693 | 41,892 |
West | Intersegment net sales | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 15,791 | 13,804 | 40,894 | 38,249 |
All Other | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 44,076 | 38,229 | 137,656 | 118,377 |
Segment operating profit | 1,055 | 2,375 | 2,904 | 3,504 |
All Other | Intersegment net sales | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 3,191 | $ 2,303 | $ 11,653 | $ 11,446 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate (in hundredths) | 35.40% | 35.30% | 36.40% | 36.40% |