Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 26, 2016shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | UNIVERSAL FOREST PRODUCTS INC |
Entity Central Index Key | 912,767 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 20,301,084 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 26, 2016 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 26, 2016 | Dec. 26, 2015 | Mar. 28, 2015 |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 43,065 | $ 87,756 | $ 22,888 |
Restricted cash | 1,139 | 586 | 710 |
Investments | 6,737 | 6,743 | 0 |
Accounts receivable, net | 287,374 | 222,964 | 260,926 |
Inventories: | |||
Raw materials | 176,983 | 168,548 | 221,360 |
Finished goods | 150,194 | 136,370 | 183,351 |
Total inventories | 327,177 | 304,918 | 404,711 |
Refundable income taxes | 0 | 7,784 | 0 |
Deferred income taxes | 0 | 0 | 6,267 |
Other current assets | 16,889 | 17,481 | 13,717 |
TOTAL CURRENT ASSETS | 682,381 | 648,232 | 709,219 |
DEFERRED INCOME TAXES | 2,664 | 1,312 | 1,163 |
OTHER ASSETS | 7,760 | 8,298 | 8,511 |
GOODWILL | 181,280 | 180,990 | 184,064 |
INDEFINITE-LIVED INTANGIBLE ASSETS | 2,340 | 2,340 | 2,340 |
OTHER INTANGIBLE ASSETS, NET | 14,718 | 15,357 | 6,709 |
PROPERTY, PLANT AND EQUIPMENT: | |||
Property, plant and equipment | 639,881 | 628,045 | 620,146 |
Less accumulated depreciation and amortization | (385,247) | (376,895) | (364,684) |
PROPERTY, PLANT AND EQUIPMENT, NET | 254,634 | 251,150 | 255,462 |
TOTAL ASSETS | 1,145,777 | 1,107,679 | 1,167,468 |
CURRENT LIABILITIES: | |||
Cash overdraft | 0 | 0 | 21,585 |
Accounts payable | 116,525 | 95,041 | 114,225 |
Accrued liabilities: | |||
Compensation and benefits | 61,314 | 78,877 | 52,011 |
Income taxes | 7,182 | 0 | 4,218 |
Other | 29,414 | 29,112 | 23,097 |
Current portion of long-term debt | 886 | 1,145 | 21 |
TOTAL CURRENT LIABILITIES | 215,321 | 204,175 | 215,157 |
LONG-TERM DEBT | 84,525 | 84,750 | 187,020 |
DEFERRED INCOME TAXES | 24,991 | 23,838 | 30,751 |
OTHER LIABILITIES | 26,012 | 28,507 | 19,558 |
TOTAL LIABILITIES | 350,849 | 341,270 | 452,486 |
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, 20,301,084, 20,141,709, and 20,119,879. | 20,301 | 20,142 | 20,120 |
Additional paid-in capital | 180,395 | 171,562 | 167,786 |
Retained earnings | 584,848 | 565,636 | 512,421 |
Accumulated other comprehensive income | (3,946) | (4,585) | 491 |
Employee stock notes receivable | 0 | 0 | (278) |
Total controlling interest shareholders' equity | 781,598 | 752,755 | 700,540 |
Noncontrolling interest | 13,330 | 13,654 | 14,442 |
TOTAL SHAREHOLDERS' EQUITY | 794,928 | 766,409 | 714,982 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,145,777 | $ 1,107,679 | $ 1,167,468 |
CONSOLIDATED CONDENSED BALANCE3
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - shares | Mar. 26, 2016 | Dec. 26, 2015 | Mar. 28, 2015 |
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) | 20,301,084 | 20,141,709 | 20,119,879 |
Common stock, shares outstanding (in shares) | 20,301,084 | 20,141,709 | 20,119,879 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Income Statement [Abstract] | ||
NET SALES | $ 682,151 | $ 633,025 |
COST OF GOODS SOLD | 579,412 | 553,443 |
GROSS PROFIT | 102,739 | 79,582 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 70,838 | 61,705 |
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS | (10) | 14 |
EARNINGS FROM OPERATIONS | 31,911 | 17,863 |
INTEREST EXPENSE | 1,076 | 1,173 |
INTEREST INCOME | (104) | (135) |
EQUITY IN EARNINGS OF INVESTEE | (81) | (83) |
NON-OPERATING (INCOME)/EXPENSE | 891 | 955 |
EARNINGS BEFORE INCOME TAXES | 31,020 | 16,908 |
INCOME TAXES | 10,765 | 6,104 |
NET EARNINGS | 20,255 | 10,804 |
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST | (1,043) | (642) |
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST | $ 19,212 | $ 10,162 |
EARNINGS PER SHARE - BASIC (in dollars per share) | $ 0.95 | $ 0.51 |
EARNINGS PER SHARE - DILUTED (in dollars per share) | $ 0.95 | $ 0.51 |
OTHER COMPREHENSIVE GAIN (LOSS) | $ 442 | $ (1,003) |
COMPREHENSIVE INCOME | 20,697 | 9,801 |
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | (846) | (498) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ 19,851 | $ 9,303 |
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. 27, 2014 | $ 699,560 | $ 19,984 | $ 162,483 | $ 502,334 | $ 1,348 | $ (455) | $ 13,866 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 10,804 | 10,162 | 642 | ||||
Foreign currency translation adjustment | (1,003) | (857) | (146) | ||||
Noncontrolling interest associated with business acquisitions | 1,019 | 1,019 | |||||
Distributions to noncontrolling interest | (939) | (939) | |||||
Issuance of shares under employee stock plans | 469 | 12 | 457 | ||||
Issuance of shares under stock grant programs | 1,858 | 75 | 1,782 | 1 | |||
Issuance of shares under deferred compensation plans | 0 | 50 | (50) | ||||
Repurchase of 1,513 shares | 0 | (1) | (76) | 77 | |||
Tax benefits from non-qualified stock options exercised | 66 | 66 | |||||
Expense associated with share-based compensation arrangements | 378 | 378 | |||||
Accrued expense under deferred compensation plans | 2,670 | 2,670 | |||||
Payments received on employee stock notes receivable | 100 | 100 | |||||
Ending balance at Mar. 28, 2015 | 714,982 | 20,120 | 167,786 | 512,421 | 491 | (278) | 14,442 |
Beginning balance at Dec. 26, 2015 | 766,409 | 20,142 | 171,562 | 565,636 | (4,585) | 0 | 13,654 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 20,255 | 19,212 | 1,043 | ||||
Foreign currency translation adjustment | 469 | 666 | (197) | ||||
Unrealized gain (loss) on investment & foreign currency | (27) | (27) | |||||
Distributions to noncontrolling interest | (1,170) | (1,170) | |||||
Issuance of shares under employee stock plans | 130 | 2 | 128 | ||||
Issuance of shares under stock grant programs | 5,232 | 114 | 5,118 | ||||
Issuance of shares under deferred compensation plans | 0 | 43 | (43) | ||||
Expense associated with share-based compensation arrangements | 432 | 432 | |||||
Accrued expense under deferred compensation plans | 3,198 | 3,198 | |||||
Ending balance at Mar. 26, 2016 | $ 794,928 | $ 20,301 | $ 180,395 | $ 584,848 | $ (3,946) | $ 0 | $ 13,330 |
CONSOLIDATED STATEMENTS OF SHA6
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - shares | 3 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Issuance of shares under employee stock plans (in shares) | 1,850 | 12,015 |
Issuance of shares under stock grant programs (in shares) | 114,739 | 75,063 |
Issuance of shares under deferred compensation plans (in shares) | 42,786 | 49,863 |
Repurchase of shares (in shares) | 15.13 |
CONSOLIDATED CONDENSED STATEME7
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 20,255 | $ 10,804 |
Adjustments to reconcile net earnings to net cash from operating activities: | ||
Depreciation | 9,492 | 8,996 |
Amortization of intangibles | 693 | 983 |
Expense associated with share-based compensation arrangements | 432 | 378 |
Expense associated with stock grant plans | 37 | 27 |
Deferred income tax credit | (156) | (193) |
Equity in earnings of investee | (81) | (83) |
Net (gain) loss on disposition and impairment of assets | (10) | 14 |
Changes in: | ||
Accounts receivable | (64,276) | (63,148) |
Inventories | (22,159) | (64,422) |
Accounts payable and cash overdraft | 21,498 | 45,219 |
Accrued liabilities and other | 4,318 | 10,880 |
NET CASH USED IN OPERATING ACTIVITIES | (29,957) | (50,545) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (12,941) | (15,102) |
Proceeds from sale of property, plant and equipment | 132 | 50 |
Acquisitions, net of cash received | 0 | (2,585) |
Advances of notes receivable | (1,259) | (1,273) |
Collections on notes receivable | 1,408 | 5,790 |
Cash restricted as to use | (553) | (305) |
Other, net | (173) | (16) |
NET CASH USED IN INVESTING ACTIVITIES | (13,386) | (13,441) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under revolving credit facilities | 1,235 | 140,303 |
Repayments under revolving credit facilities | (1,495) | (52,718) |
Proceeds from issuance of common stock | 130 | 469 |
Distributions to noncontrolling interest | (1,170) | (939) |
Repurchase of common stock | 0 | (78) |
Other, net | (5) | (9) |
NET CASH (USED IN) FROM FINANCING ACTIVITIES | (1,305) | 87,028 |
Effect of exchange rate changes on cash | (43) | (154) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (44,691) | 22,888 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 87,756 | 0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 43,065 | 22,888 |
SUPPLEMENTAL INFORMATION: | ||
Interest paid | 355 | 374 |
Income taxes refunded | (4,080) | (9,709) |
NON-CASH INVESTING ACTIVITIES | ||
Notes receivable exchanged for property | 0 | 389 |
NON-CASH FINANCING ACTIVITIES: | ||
Common stock issued under deferred compensation plans | $ 2,955 | $ 2,526 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 26, 2016 | |
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 26, 2015 . 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 March 28, 2015 balances in the accompanying unaudited consolidated condensed balance sheets. |
FAIR VALUE
FAIR VALUE | 3 Months Ended |
Mar. 26, 2016 | |
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: March 26, 2016 March 28, 2015 (in thousands) Quoted Prices in Active Markets (Level 1) Prices with Other Observable Inputs (Level 2) Total Quoted Prices in Active Markets (Level 1) Prices with Other Observable Inputs (Level 2) Total Money market funds $ 65 3,142 $ 3,207 $ 62 — $ 62 Fixed income funds 1,174 1,983 3,157 — — — Equity securities 3,233 — 3,233 — — — Mutual funds: Domestic stock funds 598 — 598 244 — 244 International stock funds 62 — 62 70 — 70 Target funds 216 — 216 238 — 238 Bond funds 192 — 192 172 — 172 Total mutual funds 1,068 — 1,068 724 — 724 Assets at fair value $ 5,540 $ 5,125 $ 10,665 $ 786 $ — $ 786 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 3 assets or liabilities at March 26, 2016 or March 28, 2015 . In accordance with our investment policy, our wholly-owned captive, Ardellis Insurance Ltd. ("Ardellis"), maintains an investment portfolio, totaling $6.7 million as of March 26, 2016 , consisting of mutual funds, domestic and international stocks, and fixed income bonds. Ardellis' available for sale investment portfolio consists of the following: Unrealized Cost Gain/Loss Fair Value Fixed Income $ 3,131 $ 26 $ 3,157 Equity 3,357 (124 ) 3,233 Mutual Funds 346 1 347 Total $ 6,834 $ (97 ) $ 6,737 Our Fixed Income investments consist of short, intermediate, and long term bonds, as well as fixed blend bonds. Within the fixed income investments, we maintain a specific mixture of US treasury notes, US agency mortgage backed securities, private label mortgage backed securities, and various corporate securities. Our equity investments consist of small, mid, and large cap growth and value funds, as well as international equity. The net pre-tax effect unrealized loss was $(97,000) . Carrying amounts above are recorded in the investments line item within the balance sheet as of March 26, 2016 . During 2016, Ardellis reported a net realized loss of $(41,000) , which was recorded in interest income on the statement of earnings. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 3 Months Ended |
Mar. 26, 2016 | |
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 $32.5 million and $25.8 million during the first quarter of 2016 and 2015, 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): March 26, 2016 December 26, 2015 March 28, 2015 Cost and Earnings in Excess of Billings $ 5,621 $ 3,624 $ 4,314 Billings in Excess of Cost and Earnings 3,700 4,978 3,710 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 26, 2016 | |
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 March 26, 2016 March 28, 2015 Numerator: Net earnings attributable to controlling interest $ 19,212 $ 10,162 Adjustment for earnings allocated to non-vested restricted common stock (274 ) (123 ) Net earnings for calculating EPS $ 18,938 $ 10,039 Denominator: Weighted average shares outstanding 20,281 20,092 Adjustment for non-vested restricted common stock (290 ) (244 ) Shares for calculating basic EPS 19,991 19,848 Effect of dilutive stock options 29 29 Shares for calculating diluted EPS 20,020 19,877 Net earnings per share: Basic $ 0.95 $ 0.51 Diluted $ 0.95 $ 0.51 No options were excluded from the computation of diluted EPS for the quarters ended March 26, 2016 or March 28, 2015 . |
COMMITMENTS, CONTINGENCIES, AND
COMMITMENTS, CONTINGENCIES, AND GUARANTEES | 3 Months Ended |
Mar. 26, 2016 | |
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. On a consolidated basis, we have reserved approximately $3.5 million on March 26, 2016 and March 28, 2015 , representing the estimated costs to complete future remediation efforts. These amounts have not been reduced by an insurance receivable. 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 a 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 March 26, 2016 . In February 2014, one of our operations was served with a federal grand jury subpoena from the Southern District of New York. The subpoena was issued in connection with an investigation being conducted by the US Attorney's Office for the Southern District of New York. The subpoena requested documents relating to a developer and construction projects for which our operation had provided materials and labor. Following receipt of the subpoena, the Audit Committee of the Company’s Board of Directors retained outside counsel to conduct an internal investigation and respond to the subpoena. The Company cooperated in all respects with the US Attorney's Office, complied with this subpoena and voluntarily provided additional information. As a result of the internal investigation, in April 2014, two Company employees were terminated for violating the Company’s Code of Conduct and Business Ethics. In May 2015, those ex-employees were indicted by the grand jury. In April of 2016, one of the two former employees pled guilty to four of the charges included in the indictment. The Company has not been named as a target and continues to cooperate with the US Attorney's Office in this matter; however, because of the duration and unique nature of this proceeding, any potential, adverse financial implications to the Company are uncertain. As of March 26, 2016 and March 28, 2015, we have an accrual balance of $1.6 million , related to anti-dumping duty assessments imposed on steel nails imported from China. In addition, on March 26, 2016 , 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 March 26, 2016 , we had outstanding purchase commitments on commenced capital projects of approximately $21.1 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 site-built 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 project owner the 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 March 26, 2016 we had approximately $1.7 million in outstanding payment and performance bonds, which expire during the next year. In addition, approximately $7.6 million in payment and performance bonds are outstanding for completed projects which are still under warranty. On March 26, 2016 , we had outstanding letters of credit totaling $25.5 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 $15.7 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 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. We did not enter into any new guarantee arrangements during the first quarter of 2016 which would require us to recognize a liability on our balance sheet. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 3 Months Ended |
Mar. 26, 2016 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS We completed the following acquisitions in fiscal 2015 (in thousands) and there have been no acquisitions in 2016 : 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 West 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 $3.5 million in 2015. Integra Packaging Proprietary, Ltd (“Integra Packaging”) January 16, 2015 $1,102 $1,406 $715 All Other An Australian-based manufacturer and distributor of industrial wood specialty packaging products. Integra Packaging had annual sales of $7.6 million in 2015. 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 | 3 Months Ended |
Mar. 26, 2016 | |
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 With respect to the facilities in the north, south, and west segments, these facilities generally supply the three markets the Company serves nationally - Retail, Industrial, and Construction. Also, substantially all of our facilities support customers in the immediate geographical region surrounding the facility. 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 March 26, 2016 North South West All Other Corporate Total Net sales to outside customers $ 202,725 165,099 $ 277,588 $ 36,739 $ — $ 682,151 Intersegment net sales 13,114 9,190 22,256 5,450 — 50,010 Segment operating profit (loss) 9,289 12,136 17,320 2,561 (9,395 ) 31,911 Three Months Ended March 28, 2015 North South West All Other Corporate Total Net sales to outside customers $ 179,499 164,195 $ 257,579 $ 31,752 $ — $ 633,025 Intersegment net sales 9,809 7,199 9,627 3,896 — 30,531 Segment operating profit 2,710 6,002 10,519 (1,146 ) (222 ) 17,863 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 26, 2016 | |
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 34.7% in the first quarter of 2016 compared to 36.1% for same period of 2015 . |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 26, 2016 | |
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 26, 2015 . 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 March 28, 2015 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 $32.5 million and $25.8 million during the first quarter of 2016 and 2015, 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) | 3 Months Ended |
Mar. 26, 2016 | |
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: March 26, 2016 March 28, 2015 (in thousands) Quoted Prices in Active Markets (Level 1) Prices with Other Observable Inputs (Level 2) Total Quoted Prices in Active Markets (Level 1) Prices with Other Observable Inputs (Level 2) Total Money market funds $ 65 3,142 $ 3,207 $ 62 — $ 62 Fixed income funds 1,174 1,983 3,157 — — — Equity securities 3,233 — 3,233 — — — Mutual funds: Domestic stock funds 598 — 598 244 — 244 International stock funds 62 — 62 70 — 70 Target funds 216 — 216 238 — 238 Bond funds 192 — 192 172 — 172 Total mutual funds 1,068 — 1,068 724 — 724 Assets at fair value $ 5,540 $ 5,125 $ 10,665 $ 786 $ — $ 786 |
Available For Sale Investment Portfolio | Ardellis' available for sale investment portfolio consists of the following: Unrealized Cost Gain/Loss Fair Value Fixed Income $ 3,131 $ 26 $ 3,157 Equity 3,357 (124 ) 3,233 Mutual Funds 346 1 347 Total $ 6,834 $ (97 ) $ 6,737 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 3 Months Ended |
Mar. 26, 2016 | |
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): March 26, 2016 December 26, 2015 March 28, 2015 Cost and Earnings in Excess of Billings $ 5,621 $ 3,624 $ 4,314 Billings in Excess of Cost and Earnings 3,700 4,978 3,710 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 26, 2016 | |
Earnings Per Share [Abstract] | |
Computation of earnings per share | The computation of earnings per share (“EPS”) is as follows (in thousands): Three Months Ended March 26, 2016 March 28, 2015 Numerator: Net earnings attributable to controlling interest $ 19,212 $ 10,162 Adjustment for earnings allocated to non-vested restricted common stock (274 ) (123 ) Net earnings for calculating EPS $ 18,938 $ 10,039 Denominator: Weighted average shares outstanding 20,281 20,092 Adjustment for non-vested restricted common stock (290 ) (244 ) Shares for calculating basic EPS 19,991 19,848 Effect of dilutive stock options 29 29 Shares for calculating diluted EPS 20,020 19,877 Net earnings per share: Basic $ 0.95 $ 0.51 Diluted $ 0.95 $ 0.51 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 3 Months Ended |
Mar. 26, 2016 | |
Business Combinations [Abstract] | |
Business Acquisitions Accounted for Using Purchase Method | We completed the following acquisitions in fiscal 2015 (in thousands) and there have been no acquisitions in 2016 : 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 West 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 $3.5 million in 2015. Integra Packaging Proprietary, Ltd (“Integra Packaging”) January 16, 2015 $1,102 $1,406 $715 All Other An Australian-based manufacturer and distributor of industrial wood specialty packaging products. Integra Packaging had annual sales of $7.6 million in 2015. |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended |
Mar. 26, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Three Months Ended March 26, 2016 North South West All Other Corporate Total Net sales to outside customers $ 202,725 165,099 $ 277,588 $ 36,739 $ — $ 682,151 Intersegment net sales 13,114 9,190 22,256 5,450 — 50,010 Segment operating profit (loss) 9,289 12,136 17,320 2,561 (9,395 ) 31,911 Three Months Ended March 28, 2015 North South West All Other Corporate Total Net sales to outside customers $ 179,499 164,195 $ 257,579 $ 31,752 $ — $ 633,025 Intersegment net sales 9,809 7,199 9,627 3,896 — 30,531 Segment operating profit 2,710 6,002 10,519 (1,146 ) (222 ) 17,863 |
FAIR VALUE - Assets and Liabili
FAIR VALUE - Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands | Mar. 26, 2016 | Mar. 28, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | $ 10,665 | $ 786 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 3,207 | 62 |
Fixed income funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 3,157 | 0 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 3,233 | 0 |
Domestic stock funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 598 | 244 |
International stock funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 62 | 70 |
Target funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 216 | 238 |
Bond funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 192 | 172 |
Total mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 1,068 | 724 |
Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 5,540 | 786 |
Quoted Prices in Active Markets (Level 1) | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 65 | 62 |
Quoted Prices in Active Markets (Level 1) | Fixed income funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 1,174 | 0 |
Quoted Prices in Active Markets (Level 1) | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 3,233 | 0 |
Quoted Prices in Active Markets (Level 1) | Domestic stock funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 598 | 244 |
Quoted Prices in Active Markets (Level 1) | International stock funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 62 | 70 |
Quoted Prices in Active Markets (Level 1) | Target funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 216 | 238 |
Quoted Prices in Active Markets (Level 1) | Bond funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 192 | 172 |
Quoted Prices in Active Markets (Level 1) | Total mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 1,068 | 724 |
Prices with Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 5,125 | 0 |
Prices with Other Observable Inputs (Level 2) | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 3,142 | 0 |
Prices with Other Observable Inputs (Level 2) | Fixed income funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 1,983 | 0 |
Prices with Other Observable Inputs (Level 2) | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
Prices with Other Observable Inputs (Level 2) | Domestic stock funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
Prices with Other Observable Inputs (Level 2) | International stock funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
Prices with Other Observable Inputs (Level 2) | Target funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
Prices with Other Observable Inputs (Level 2) | Bond funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
Prices with Other Observable Inputs (Level 2) | Total mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | $ 0 | $ 0 |
FAIR VALUE - Available for Sale
FAIR VALUE - Available for Sale Investment Portfolio (Details) - Ardellis | 3 Months Ended |
Mar. 26, 2016USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |
Cost | $ 6,834,000 |
Unrealized Gain (Loss) | (97,000) |
Fair Value | 6,737,000 |
Fixed income | |
Schedule of Available-for-sale Securities [Line Items] | |
Cost | 3,131,000 |
Unrealized Gain (Loss) | 26,000 |
Fair Value | 3,157,000 |
Equity | |
Schedule of Available-for-sale Securities [Line Items] | |
Cost | 3,357,000 |
Unrealized Gain (Loss) | (124,000) |
Fair Value | 3,233,000 |
Mutual Funds | |
Schedule of Available-for-sale Securities [Line Items] | |
Cost | 346,000 |
Unrealized Gain (Loss) | 1,000 |
Fair Value | 347,000 |
Interest Income | |
Schedule of Available-for-sale Securities [Line Items] | |
Net realized gain (loss) | $ (41,000) |
REVENUE RECOGNITION (Details)
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Dec. 26, 2015 | |
Revenue Recognition [Abstract] | |||
Contracts revenue | $ 32,500 | $ 25,800 | |
Construction contracts completion term, minimum | 6 months | ||
Construction contracts completion term, maximum | 18 months | ||
Cost and Earnings in Excess of Billings | $ 5,621 | 4,314 | $ 3,624 |
Billings in Excess of Cost and Earnings | $ 3,700 | $ 3,710 | $ 4,978 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Numerator [Abstract] | ||
Net earnings attributable to controlling interest | $ 19,212 | $ 10,162 |
Adjustment for earnings allocated to non-vested restricted common stock | (274) | (123) |
Net earnings for calculating EPS | $ 18,938 | $ 10,039 |
Denominator [Abstract] | ||
Weighted average shares outstanding (in shares) | 20,281,000 | 20,092,000 |
Adjustment for non-vested restricted common stock (in shares) | (290,000) | (244,000) |
Shares for calculating basic EPS (in shares) | 19,991,000 | 19,848,000 |
Effect of dilutive stock options (in shares) | 29,000 | 29,000 |
Shares for calculating diluted EPS (in shares) | 20,020,000 | 19,877,000 |
Net earnings per share [Abstract] | ||
Basic (in dollars per share) | $ 0.95 | $ 0.51 |
Diluted (in dollars per share) | $ 0.95 | $ 0.51 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Options excluded from computation of EPS (in shares) | 0 | 0 |
COMMITMENTS, CONTINGENCIES, A26
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Apr. 30, 2016employee | Apr. 30, 2014employee | Feb. 28, 2014operation | Mar. 26, 2016USD ($) | Mar. 28, 2015USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Estimated costs to complete future remediation efforts | $ 3.5 | $ 3.5 | |||
Approximate identification and removal of contaminants costs | 0.6 | ||||
Number of operations served with a federal grand jury subpoena | operation | 1 | ||||
Accrual balance of anti-dumping duty assessments | 1.6 | $ 1.6 | |||
Long-term Purchase Commitment [Line Items] | |||||
Number of employees terminated | employee | 2 | ||||
Surety Bonds and Letters of Credit [Abstract] | |||||
Payment and performance bonds outstanding | 1.7 | ||||
Completed projects still under warranty | 7.6 | ||||
Outstanding letters of credit | 25.5 | ||||
Irrevocable letters of credit in favor of our insurers outstanding | 15.7 | ||||
Irrevocable letters of credit in favor of our industrial development revenue bonds outstanding | 9.8 | ||||
Capital addition purchase commitments | |||||
Long-term Purchase Commitment [Line Items] | |||||
Outstanding purchase commitments on capital projects | $ 21.1 | ||||
Subsequent Event | |||||
Long-term Purchase Commitment [Line Items] | |||||
Number of employees terminated | employee | 2 | ||||
Number of employees pleading guilty to charges | employee | 1 |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) $ in Thousands | Feb. 02, 2015USD ($) | Jan. 16, 2015USD ($) | Mar. 26, 2016acquisition | Dec. 26, 2015USD ($) |
Business Acquisition [Line Items] | ||||
Number of businesses acquired | acquisition | 0 | |||
Rapid Wood Mfg., LLC | ||||
Business Acquisition [Line Items] | ||||
Purchase Price | $ 1,638 | |||
Intangible Assets | 789 | |||
Net Tangible Assets | $ 849 | |||
Acquired entity, prior year sales | $ 3,500 | |||
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 | $ 7,600 | |||
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% |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) $ in Thousands | 3 Months Ended | |
Mar. 26, 2016USD ($)market | Mar. 28, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of markets in which the entity operates | market | 3 | |
Net sales | $ 682,151 | $ 633,025 |
Segment operating profit | 31,911 | 17,863 |
Intersegment net sales | ||
Segment Reporting Information [Line Items] | ||
Net sales | 50,010 | 30,531 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Segment operating profit | (9,395) | (222) |
North | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 202,725 | 179,499 |
Segment operating profit | 9,289 | 2,710 |
North | Intersegment net sales | ||
Segment Reporting Information [Line Items] | ||
Net sales | 13,114 | 9,809 |
South | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 165,099 | 164,195 |
Segment operating profit | 12,136 | 6,002 |
South | Intersegment net sales | ||
Segment Reporting Information [Line Items] | ||
Net sales | 9,190 | 7,199 |
West | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 277,588 | 257,579 |
Segment operating profit | 17,320 | 10,519 |
West | Intersegment net sales | ||
Segment Reporting Information [Line Items] | ||
Net sales | 22,256 | 9,627 |
All Other | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 36,739 | 31,752 |
Segment operating profit | 2,561 | (1,146) |
All Other | Intersegment net sales | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 5,450 | $ 3,896 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate (in hundredths) | 34.70% | 36.10% |