Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Feb. 04, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'UNIVERSAL FOREST PRODUCTS INC | ' | ' |
Entity Central Index Key | '0000912767 | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $737,409,266 |
Entity Common Stock, Shares Outstanding | ' | 19,948,411 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 28-Dec-13 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $0 | $7,647 |
Restricted cash | 720 | 6,831 |
Accounts receivable, net | 180,452 | 163,225 |
Inventories: | ' | ' |
Raw materials | 161,226 | 136,201 |
Finished goods | 126,079 | 106,979 |
Total inventories | 287,305 | 243,180 |
Refundable income taxes | 2,235 | 7,521 |
Deferred income taxes | 6,866 | 9,212 |
Other current assets | 18,820 | 15,557 |
TOTAL CURRENT ASSETS | 496,398 | 453,173 |
DEFERRED INCOME TAXES | 1,365 | 1,759 |
OTHER ASSETS | 12,087 | 14,583 |
GOODWILL | 160,146 | 159,316 |
INDEFINITE-LIVED INTANGIBLE ASSETS | 2,340 | 2,340 |
OTHER INTANGIBLE ASSETS, NET | 7,241 | 8,101 |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' |
Land and improvements | 115,155 | 108,545 |
Building and improvements | 173,641 | 165,307 |
Machinery and equipment | 260,807 | 239,175 |
Furniture and fixtures | 23,233 | 23,750 |
Construction in progress | 5,866 | 6,818 |
PROPERTY, PLANT AND EQUIPMENT, GROSS | 578,702 | 543,595 |
Less accumulated depreciation and amortization | -341,292 | -322,327 |
PROPERTY, PLANT AND EQUIPMENT, NET | 237,410 | 221,268 |
TOTAL ASSETS | 916,987 | 860,540 |
CURRENT LIABILITIES: | ' | ' |
Cash overdraft | 1,079 | 0 |
Accounts payable | 72,918 | 66,054 |
Accrued liabilities: | ' | ' |
Compensation and benefits | 45,018 | 34,728 |
Other | 20,084 | 14,002 |
TOTAL CURRENT LIABILITIES | 139,099 | 114,784 |
LONG-TERM DEBT | 84,700 | 95,790 |
DEFERRED INCOME TAXES | 26,788 | 24,930 |
OTHER LIABILITIES | 16,666 | 17,511 |
TOTAL LIABILITIES | 267,253 | 253,015 |
Controlling interest shareholders' equity: | ' | ' |
Preferred stock, no par value; shares authorized 1,000,000; issued and outstanding, none | 0 | 0 |
Common stock, no par value; shares authorized 40,000,000; issued and outstanding, 19,948,270 and 19,799,606 | 19,948 | 19,800 |
Additional paid-in capital | 156,129 | 149,805 |
Retained earnings | 461,812 | 426,887 |
Accumulated other comprehensive earnings | 3,466 | 4,258 |
Employee stock notes receivable | -732 | -982 |
Total controlling interest shareholders' equity | 640,623 | 599,768 |
Noncontrolling interest | 9,111 | 7,757 |
TOTAL SHAREHOLDERS' EQUITY | 649,734 | 607,525 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $916,987 | $860,540 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
SHAREHOLDERS' EQUITY: | ' | ' |
Preferred stock, par value (in dollars per share) | $0 | $0 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, no par value (in dollars per share) | $0 | $0 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 19,948,270 | 19,799,606 |
Common stock, shares outstanding (in shares) | 19,948,270 | 19,799,606 |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME [Abstract] | ' | ' | ' |
NET SALES | $2,470,448 | $2,054,933 | $1,822,336 |
COST OF GOODS SOLD | 2,189,896 | 1,829,824 | 1,622,609 |
GROSS PROFIT | 280,552 | 225,109 | 199,727 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 204,390 | 184,919 | 181,363 |
ANTI-DUMPING DUTY ASSESSMENTS | 1,526 | 2,328 | 0 |
NET LOSS (GAIN) ON DISPOSITION OF ASSETS, EARLY RETIREMENT AND OTHER IMPAIRMENT AND EXIT CHARGES | 368 | -6,666 | 6,353 |
EARNINGS FROM OPERATIONS | 74,268 | 44,528 | 12,011 |
INTEREST EXPENSE | 4,851 | 4,053 | 3,732 |
INTEREST INCOME | -640 | -510 | -566 |
EQUITY IN EARNINGS OF INVESTEE | -201 | -79 | 58 |
NON-OPERATING (INCOME)/EXPENSE | 4,010 | 3,464 | 3,224 |
EARNINGS BEFORE INCOME TAXES | 70,258 | 41,064 | 8,787 |
INCOME TAXES | 24,454 | 15,054 | 2,874 |
NET EARNINGS | 45,804 | 26,010 | 5,913 |
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST | -2,722 | -2,076 | -1,364 |
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST | 43,082 | 23,934 | 4,549 |
EARNINGS PER SHARE - BASIC (in dollars per share) | $2.16 | $1.21 | $0.23 |
EARNINGS PER SHARE - DILUTED (in dollars per share) | $2.15 | $1.21 | $0.23 |
OTHER COMPRESHENSIVE INCOME: | ' | ' | ' |
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS | -784 | 980 | -1,067 |
COMPREHENSIVE INCOME | 45,020 | 26,990 | 4,846 |
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | -2,730 | -2,398 | -862 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $42,290 | $24,592 | $3,984 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Earnings [Member] | Employee Stock Notes Receivable [Member] | Noncontrolling Interest [Member] | Total |
In Thousands, unless otherwise specified | |||||||
Balance at Dec. 25, 2010 | $19,333 | $138,573 | $414,108 | $4,165 | ($1,670) | $6,667 | $581,176 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | 4,549 | ' | ' | 1,364 | 5,913 |
Foreign currency translation adjustment | ' | ' | ' | -565 | ' | -502 | -1,067 |
Capital contribution from noncontrolling interest | ' | ' | ' | ' | ' | 80 | 80 |
Purchase of additional Current portion of long-term debt | ' | ' | ' | ' | ' | -402 | -402 |
Distributions to noncontrolling interest | ' | ' | ' | ' | ' | -1,413 | -1,413 |
Cash dividends | ' | ' | -7,818 | ' | ' | ' | -7,818 |
Issuance of shares under employee stock plans | 137 | 2,834 | ' | ' | ' | ' | 2,971 |
Issuance of shares under stock grant programs | 150 | 8 | 9 | ' | ' | ' | 167 |
Issuance of shares under deferred compensation plans | 8 | -8 | ' | ' | ' | ' | 0 |
Tax benefits from non-qualified stock options exercised | ' | 684 | ' | ' | ' | ' | 684 |
Expense associated with share-based compensation arrangements | ' | 1,361 | ' | ' | ' | ' | 1,361 |
Accrued expense under deferred compensation plans | ' | 744 | ' | ' | ' | ' | 744 |
Note receivable adjustment | -4 | -208 | ' | ' | 209 | ' | -3 |
Payments received on employee stock notes receivable | ' | ' | ' | ' | 206 | ' | 206 |
Balance at Dec. 31, 2011 | 19,624 | 143,988 | 410,848 | 3,600 | -1,255 | 5,794 | 582,599 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | 23,934 | ' | ' | 2,076 | 26,010 |
Foreign currency translation adjustment | ' | ' | ' | 658 | ' | 322 | 980 |
Capital contribution from noncontrolling interest | ' | ' | ' | ' | ' | 436 | 436 |
Distributions to noncontrolling interest | ' | ' | ' | ' | ' | -871 | -871 |
Cash dividends | ' | ' | -7,905 | ' | ' | ' | -7,905 |
Issuance of shares under employee stock plans | 90 | 1,971 | ' | ' | ' | ' | 2,061 |
Issuance of shares under stock grant programs | 50 | 37 | 10 | ' | ' | ' | 97 |
Issuance of shares under deferred compensation plans | 37 | -37 | ' | ' | ' | ' | 0 |
Tax benefits from non-qualified stock options exercised | ' | 765 | ' | ' | ' | ' | 765 |
Expense associated with share-based compensation arrangements | ' | 1,270 | ' | ' | ' | ' | 1,270 |
Accrued expense under deferred compensation plans | ' | 1,836 | ' | ' | ' | ' | 1,836 |
Note receivable adjustment | -1 | -25 | ' | ' | 27 | ' | 1 |
Payments received on employee stock notes receivable | ' | ' | ' | ' | 246 | ' | 246 |
Balance at Dec. 29, 2012 | 19,800 | 149,805 | 426,887 | 4,258 | -982 | 7,757 | 607,525 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | 43,082 | ' | ' | 2,722 | 45,804 |
Foreign currency translation adjustment | ' | ' | ' | -792 | ' | 8 | -784 |
Capital contribution from noncontrolling interest | ' | ' | ' | ' | ' | 84 | 84 |
Distributions to noncontrolling interest | ' | ' | ' | ' | ' | -1,460 | -1,460 |
Cash dividends | ' | ' | -8,166 | ' | ' | ' | -8,166 |
Issuance of shares under employee stock plans | 76 | 2,068 | ' | ' | ' | ' | 2,144 |
Issuance of shares under stock grant programs | 31 | 20 | 9 | ' | ' | ' | 60 |
Issuance of shares under deferred compensation plans | 44 | -44 | ' | ' | ' | ' | 0 |
Tax benefits from non-qualified stock options exercised | ' | 290 | ' | ' | ' | ' | 290 |
Expense associated with share-based compensation arrangements | ' | 1,874 | ' | ' | ' | ' | 1,874 |
Accrued expense under deferred compensation plans | ' | 2,219 | ' | ' | ' | ' | 2,219 |
Note receivable adjustment | -3 | -103 | ' | ' | 106 | ' | 0 |
Payments received on employee stock notes receivable | ' | ' | ' | ' | 144 | ' | 144 |
Balance at Dec. 28, 2013 | $19,948 | $156,129 | $461,812 | $3,466 | ($732) | $9,111 | $649,734 |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Cash dividends per share (in dollars per share) | $0.41 | $0.40 | $0.40 |
Issuance of shares under employee stock plans (in shares) | 76,492 | 89,574 | 137,029 |
Issuance of shares under stock grant programs (in shares) | 30,808 | 49,536 | 150,376 |
Issuance of shares under deferred compensation plans (in shares) | 43,914 | 37,437 | 7,995 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net earnings | $45,804 | $26,010 | $5,913 |
Adjustments to reconcile net earnings attributable to controlling interest to net cash from operating activities: | ' | ' | ' |
Depreciation | 31,091 | 30,461 | 30,804 |
Amortization of intangibles | 2,473 | 2,918 | 5,183 |
Expense associated with share-based compensation arrangements | 1,874 | 1,270 | 1,361 |
Excess tax benefits from share-based compensation arrangements | -112 | -75 | -36 |
Expense associated with stock grant plans | 58 | 97 | 167 |
Loss reserve on notes receivable | 15 | 2,131 | 0 |
Deferred income taxes | 4,453 | 2,526 | -1,939 |
Equity in earnings of investee | -201 | -79 | 58 |
Net (gain) loss on sale or impairment of property, plant and equipment | 297 | -6,890 | 2,490 |
Changes in: | ' | ' | ' |
Accounts receivable | -17,886 | -32,274 | -6,784 |
Inventories | -42,287 | -45,529 | -4,496 |
Accounts payable | 6,756 | 16,281 | -9,964 |
Accrued liabilities and other | 21,026 | -2,568 | -11,242 |
NET CASH FROM OPERATING ACTIVITIES | 53,361 | -5,721 | 11,515 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of property, plant and equipment | -40,023 | -30,344 | -32,932 |
Proceeds from sale of property, plant and equipment | 1,778 | 18,240 | 1,814 |
Acquisitions, net of cash received | -11,478 | -16,974 | 0 |
Purchase of patents & product technology | -143 | -95 | -175 |
Advances on notes receivable | -2,673 | -1,183 | -2,468 |
Collections on notes receivable | 2,814 | 2,839 | 472 |
Cash restricted as to use | 6,111 | -6,178 | 10 |
Other, net | 11 | -528 | 289 |
NET CASH FROM INVESTING ACTIVITIES | -43,603 | -34,223 | -32,990 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net borrowings (repayments) under revolving credit facilities | -11,090 | 11,090 | -2,109 |
Repayment of long-term debt | 0 | -42,774 | -745 |
Borrowings of long-term debt | 0 | 75,000 | 0 |
Debt issuance costs | -46 | -266 | -946 |
Proceeds from issuance of common stock | 2,144 | 2,061 | 2,971 |
Purchase of additional noncontrolling interest | 0 | 0 | -402 |
Distributions to noncontrolling interest | -1,460 | -871 | -1,413 |
Capital contribution from noncontrolling interest | 84 | 281 | 80 |
Dividends paid to shareholders | -8,166 | -7,905 | -7,818 |
Excess tax benefits from share-based compensation arrangements | 112 | 75 | 36 |
Other, net | 0 | 4 | 32 |
NET CASH FROM FINANCING ACTIVITIES | -18,422 | 36,695 | -10,314 |
Effect of exchange rate changes on cash | -62 | 244 | -259 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -8,726 | -3,005 | -32,048 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 7,647 | 10,652 | 42,700 |
CASH AND CASH EQUIVALENTS (OVERDRAFT), END OF PERIOD | -1,079 | 7,647 | 10,652 |
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION: | ' | ' | ' |
Interest paid | 4,883 | 3,982 | 3,654 |
Income taxes paid | 14,427 | 16,751 | 6,163 |
NON-CASH INVESTING ACTIVITIES | ' | ' | ' |
Accounts receivable exchanged for notes receivable | 1,635 | 0 | 0 |
Notes receivable exchanged for property | 3,900 | 0 | 0 |
NON-CASH FINANCING ACTIVITIES: | ' | ' | ' |
Common stock issued under deferred compensation plans | $1,800 | $1,310 | $246 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||||||
A. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||
OPERATIONS | |||||||||||||||||
We design, manufacture and market wood and wood-alternative products for retail building materials home centers and other retailers, structural lumber and other products for the manufactured housing industry, engineered wood components for the residential construction market, and specialty wood packaging and components and packing materials for various industries. We also provide framing services for the residential market and forming products for concrete construction. Our consumer products operations offer a large portfolio of outdoor living products, including wood composite decking, decorative balusters, post caps and plastic lattice. Its lawn and garden group offers an array of products, such as trellises and arches, to retailers nationwide. | |||||||||||||||||
PRINCIPLES OF CONSOLIDATION | |||||||||||||||||
The consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries and partnerships. In addition, we consolidate 50% owned entities over which we exercise control. Intercompany transactions and balances have been eliminated. | |||||||||||||||||
NONCONTROLLING INTEREST IN SUBSIDIARIES | |||||||||||||||||
Noncontrolling interest in results of operations of consolidated subsidiaries represents the noncontrolling shareholders' share of the income or loss of various consolidated subsidiaries. The noncontrolling interest reflects the original investment by these noncontrolling shareholders combined with their proportional share of the earnings or losses of these subsidiaries, net of distributions paid. | |||||||||||||||||
FISCAL YEAR | |||||||||||||||||
Our fiscal year is a 52 or 53 week period, ending on the last Saturday of December. Unless otherwise stated, references to 2013, 2012, and 2011 relate to the fiscal years ended December 28, 2013, December 29, 2012, and December 31, 2011, respectively. Fiscal years 2013 and 2012 were comprised of 52 weeks. Fiscal year 2011 was comprised of 53 weeks. This extra week added an additional $16 million in sales to 2011. An additional week of cost of goods sold and expenses in 2011 also impacted our results for 2012 compared to 2011. | |||||||||||||||||
FAIR VALUE DISCLOSURES OF FINANCIAL INSTRUMENTS | |||||||||||||||||
We follow ASC Topic 820, Fair Value Measurements and Disclosures, which provides a consistent definition of fair value, focuses on exit price, prioritizes the use of market-based inputs over entity-specific inputs for measuring fair value and establishes a three-tier hierarchy for fair value measurements. This topic requires fair value measurements to be classified and disclosed in one of the following three categories: | |||||||||||||||||
Ÿ | Level 1 — Financial instruments with unadjusted, quoted prices listed on active market exchanges. | ||||||||||||||||
Ÿ | Level 2 — Financial instruments lacking unadjusted, quoted prices from active market exchanges, including over-the-counter traded financial instruments. Financial instrument values are determined using prices for recently traded financial instruments with similar underlying terms and direct or indirect observational inputs, such as interest rates and yield curves at commonly quoted intervals. | ||||||||||||||||
Ÿ | Level 3 — Financial instruments not actively traded on a market exchange and there is little, if any, market activity. Values are determined using significant unobservable inputs or valuation techniques. | ||||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||
Cash and cash equivalents consist of cash and highly-liquid investments purchased with an original maturity of three months or less. There were no cash equivalents as of December 28, 2013 or December 29, 2012. | |||||||||||||||||
RESTRICTED CASH | |||||||||||||||||
Restricted cash consists of amounts required to be held for loss funding totaling $0.7 million and $0.5 million as of December 28, 2013 and December 29, 2012, respectively. In addition, as of December 29, 2012, restricted cash included amounts held in escrow for the purchase of the operating assets of Custom Caseworks, Inc. totaling $6.3 million. | |||||||||||||||||
ACCOUNTS RECEIVABLE AND ALLOWANCES | |||||||||||||||||
We perform periodic credit evaluations of our customers and generally do not require collateral. Accounts receivable are due under a range of terms we offer to our customers. Discounts are offered, in most instances, as an incentive for early payment. | |||||||||||||||||
We base our allowances related to receivables on historical credit and collections experience, and the specific identification of other potential problems, including the general economic climate. Actual collections can differ, requiring adjustments to the allowances. Individual accounts receivable balances are evaluated on a monthly basis, and those balances considered uncollectible are charged to the allowance. | |||||||||||||||||
The following table presents the activity in our accounts receivable allowances (in thousands): | |||||||||||||||||
Additions | |||||||||||||||||
Charged to | |||||||||||||||||
Beginning | Costs and | Ending | |||||||||||||||
Balance | Expenses | Deductions* | Balance | ||||||||||||||
Year Ended December 28, 2013: | |||||||||||||||||
Allowance for possible losses on accounts receivable | $ | 2,550 | $ | 17,114 | $ | (17,604 | ) | $ | 2,060 | ||||||||
Year Ended December 29, 2012: | |||||||||||||||||
Allowance for possible losses on accounts receivable | $ | 2,053 | $ | 16,687 | $ | (16,190 | ) | $ | 2,550 | ||||||||
Year Ended December 31, 2011: | |||||||||||||||||
Allowance for possible losses on accounts receivable | $ | 2,611 | $ | 18,144 | $ | (18,702 | ) | $ | 2,053 | ||||||||
* Includes accounts charged off, discounts given to customers and actual customer returns and allowances. | |||||||||||||||||
We record estimated sales returns, discounts, and other applicable adjustments as a reduction of net sales in the same period revenue is recognized. | |||||||||||||||||
Accounts receivable retainage amounts related to long term construction contracts totaled $8.3 million and $6.9 million as of December 28, 2013 and December 29, 2012, respectively. All amounts are expected to be collected within one year. | |||||||||||||||||
NOTES RECEIVABLE AND ALLOWANCES | |||||||||||||||||
We have written agreements to receive repayment of funds borrowed from us, consisting of principal as well as any accrued interest, at a specified future date. We record a valuation allowance relating to these agreements for the portion that is expected to be uncollectible. The current portion of notes receivable, net of allowance, totaled $0.8 million and $0.2 million at December 28, 2013 and December 29, 2012, respectively and are included in “Other Current Assets”. The long-term portion of notes receivable, net of allowance, totaled $5.1 million and $7.7 million at December 28, 2013 and December 29, 2012, respectively and are included in “Other Assets”. No allowance for possible losses on notes receivable existed at December 31, 2011. | |||||||||||||||||
The following table presents the activity in our notes receivable allowances (in thousands): | |||||||||||||||||
Beginning Balance | Additions | Deductions | Ending Balance | ||||||||||||||
Year Ended December 28, 2013: Allowance for possible losses on Notes receivable | $ | 3,226 | $ | 887 | $ | (3,088 | ) | $ | 1,025 | ||||||||
Year Ended December 29, 2012: Allowance for possible losses on Notes receivable | $ | - | $ | 3,226 | $ | - | $ | 3,226 | |||||||||
INVENTORIES | |||||||||||||||||
Inventories are stated at the lower of cost or market. The cost of inventories includes raw materials, direct labor, and manufacturing overhead. Cost is determined on a weighted average basis. Raw materials consist primarily of unfinished wood products expected to be manufactured or treated prior to sale, while finished goods represent various manufactured and treated wood products ready for sale. We have inventory on consignment at customer locations valued at $11.4 million as of December 28, 2013 and $10.9 million as of December 29, 2012. | |||||||||||||||||
PROPERTY, PLANT, AND EQUIPMENT | |||||||||||||||||
Property, plant, and equipment are stated at cost. Expenditures for renewals and betterments are capitalized, and maintenance and repairs are expensed as incurred. Amortization of assets held under capital leases is included in depreciation and amortized over the shorter of the estimated useful life of the asset or the lease term. Depreciation is computed principally by the straight-line method over the estimated useful lives of the assets as follows: | |||||||||||||||||
Land improvements | 5 to 15 years | ||||||||||||||||
Buildings and improvements | 15 to 31.5 years | ||||||||||||||||
Machinery, equipment and office furniture | 3 to 10 years | ||||||||||||||||
LONG-LIVED ASSETS | |||||||||||||||||
In accordance with ASC 360, Property, Plant, and Equipment (“ASC 360”), when an indicator of potential impairment exists, we evaluate the recoverability of our long-lived assets by determining whether unamortized balances could be recovered through undiscounted future operating cash flows over the remaining lives of the assets. If the sum of the expected future cash flows was less than the carrying value of the assets, an impairment loss would be recognized for the excess of the carrying value over the fair value. | |||||||||||||||||
GOODWILL | |||||||||||||||||
In the second quarter of fiscal 2013, we changed our annual testing date for evaluating goodwill and indefinite-lived intangible asset impairment from the last day of the fiscal year to the first day of the Company’s fourth fiscal quarter for all reporting units and indefinite-lived intangible assets. This voluntary change in accounting method is preferable under the circumstances because it will allow us more time to complete the annual goodwill and indefinite-lived intangible asset impairment testing in advance of our year-end reporting. This change does not delay, accelerate or avoid an impairment charge. The change is not applied retrospectively as it is impracticable to do so because retrospective application would require application of significant estimates and assumptions with the use of hindsight. Accordingly, the change will be applied prospectively. | |||||||||||||||||
FOREIGN CURRENCY | |||||||||||||||||
Our foreign operations use the local currency as their functional currency. Accordingly, assets and liabilities are translated at exchange rates as of the balance sheet date and revenues and expenses are translated using weighted average rates, with translation adjustments included as a separate component of shareholders' equity. Gains and losses arising from re-measuring foreign currency transactions are included in earnings. | |||||||||||||||||
INSURANCE RESERVES | |||||||||||||||||
Our wholly-owned insurance captive, Ardellis Insurance Ltd.(“Ardellis”), was incorporated on April 21, 2001 under the laws of Bermuda and is licensed as a Class 2 insurer under the Insurance Act 1978 of Bermuda. | |||||||||||||||||
We are primarily self-insured for certain employee health benefits, and have self-funded retentions for general liability, automobile liability, property and workers' compensation. We are fully self-insured for environmental liabilities. The general liability, automobile liability, property, workers' compensation, and certain environmental liabilities are managed through Ardellis; the related assets and liabilities of which are included in the consolidated financial statements as of December 28, 2013 and December 29, 2012. Our policy is to accrue amounts equal to actuarially determined or internally computed liabilities. The actuarial and internal valuations are based on historical information along with certain assumptions about future events. Changes in assumptions for such matters as legal actions, medical cost trends, and changes in claims experience could cause these estimates to change in the future. | |||||||||||||||||
In addition to providing coverage for the Company, Ardellis provides Excess Loss Insurance (primarily medical and prescription drug) to certain third parties. As of December 28, 2013, Ardellis had nine such contracts in place. The contracts have specific and/or aggregate coverage loss limits based on the election of the third parties. Reserves associated with these contracts were $0.9 million at December 28, 2013 and $0.2 million at December 29, 2012, and are accrued based on third party actuarial valuations of the expected future liabilities. | |||||||||||||||||
INCOME TAXES | |||||||||||||||||
Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates. Valuation allowances are established when necessary to reduce deferred income tax assets to the amounts expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred income tax assets and liabilities. | |||||||||||||||||
REVENUE RECOGNITION | |||||||||||||||||
Revenue for product sales 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. | |||||||||||||||||
Performance on construction contracts is reflected in operations using percentage-of-completion accounting, under either the 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. | |||||||||||||||||
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 on December 28, 2013 and December 29, 2012 which are included in other current assets and other accrued liabilities, respectively (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Cost and Earnings in Excess of Billings | $ | 6,903 | $ | 4,981 | |||||||||||||
Billings in Excess of Cost and Earnings | 2,858 | 2,020 | |||||||||||||||
SHIPPING AND HANDLING OF PRODUCT | |||||||||||||||||
Shipping and handling costs that are charged to and reimbursed by the customer are recognized as revenue. Costs incurred related to the shipment and handling of products are classified in cost of goods sold. | |||||||||||||||||
EARNINGS PER SHARE | |||||||||||||||||
The computation of earnings per share (“EPS”) is as follows (in thousands): | |||||||||||||||||
28-Dec-13 | 29-Dec-12 | 31-Dec-11 | |||||||||||||||
Numerator: | |||||||||||||||||
Net earnings attributable to controlling interest | $ | 43,082 | $ | 23,934 | $ | 4,549 | |||||||||||
Adjustment for earnings allocated to non-vested restricted common stock | (412 | ) | (210 | ) | (38 | ) | |||||||||||
Net earnings for calculating EPS | $ | 42,670 | $ | 23,724 | $ | 4,511 | |||||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding | 19,952 | 19,800 | 19,572 | ||||||||||||||
Adjustment for non-vested restricted common stock | (191 | ) | (173 | ) | (165 | ) | |||||||||||
Shares for calculating basic EPS | 19,761 | 19,627 | 19,407 | ||||||||||||||
Effect of dilutive stock options | 54 | 6 | 126 | ||||||||||||||
Shares for calculating diluted EPS | 19,815 | 19,633 | 19,533 | ||||||||||||||
Net earnings per share: | |||||||||||||||||
Basic | $ | 2.16 | $ | 1.21 | $ | 0.23 | |||||||||||
Diluted | $ | 2.15 | $ | 1.21 | $ | 0.23 | |||||||||||
No options were excluded from the computation of diluted EPS for 2013 or 2012. Options to purchase 105,000 shares of common stock were not included in the computation of diluted EPS for 2011, because the options' exercise prices were greater than the average market price of the common stock during the period and, therefore, would be antidilutive. | |||||||||||||||||
USE OF ACCOUNTING ESTIMATES | |||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. We believe our estimates to be reasonable; however, actual results could differ from these estimates. | |||||||||||||||||
RECENTLY ISSUED ACCOUNTING STANDARDS | |||||||||||||||||
In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASC Topic 220) (“ASU 2013-02”). ASU 2013-02 amends prior presentation of comprehensive income guidance. ASU 2013-02 requires that we report, in one place, the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income. Our adoption of the provisions of ASU 2013-02 in the first quarter of 2013 did not affect our consolidated financial position, results of operations or cash flows. |
FAIR_VALUE
FAIR VALUE | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
FAIR VALUE [Abstract] | ' | ||||||||||||||||||||||||
FAIR VALUE | ' | ||||||||||||||||||||||||
B | FAIR VALUE | ||||||||||||||||||||||||
We apply the provisions of ASC 820, Fair Value Measurements and Disclosures, to assets and liabilities measured at fair value. Assets and liabilities measured at fair value are as follows: | |||||||||||||||||||||||||
28-Dec-13 | 29-Dec-12 | ||||||||||||||||||||||||
(in thousands) | Quoted | Prices with | Total | Quoted | Prices with | Total | |||||||||||||||||||
Prices in | Other | Prices in | Other | ||||||||||||||||||||||
Active | Observable | Active | Observable | ||||||||||||||||||||||
Markets | Inputs | Markets | Inputs | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 1) | (Level 2) | ||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||||
Money market funds | $ | 62 | - | $ | 62 | $ | 62 | - | $ | 62 | |||||||||||||||
Mutual funds: | |||||||||||||||||||||||||
Domestic stock funds | 813 | - | 813 | 613 | - | 613 | |||||||||||||||||||
International stock funds | 586 | - | 586 | 500 | - | 500 | |||||||||||||||||||
Target funds | 176 | - | 176 | 145 | - | 145 | |||||||||||||||||||
Bond funds | 139 | - | 139 | 140 | - | 140 | |||||||||||||||||||
Total mutual funds | 1,776 | - | 1,776 | 1,398 | - | 1,398 | |||||||||||||||||||
Non-Recurring: | |||||||||||||||||||||||||
Property, plant and equipment | - | - | - | - | $ | 1,600 | $ | 1,600 | |||||||||||||||||
Assets at fair value | $ | 1,776 | - | $ | 1,776 | $ | 1,460 | $ | 1,600 | $ | 3,060 | ||||||||||||||
We maintain money market and mutual funds in our non-qualified deferred compensation plan. These funds are valued at prices quoted in an active exchange market and are included in “Other Assets”. During our 2012 fourth quarter evaluation of the recoverability of our long-lived assets, we identified certain idle facilities which required an impairment loss for the excess of carrying value over the fair value, and as such were stated at fair value. The fair values of these long-lived property, plant and equipment assets are determined based on broker assessments of value, appraisals, or recent offers to acquire 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 do not maintain any Level 3 assets or liabilities that would be based on significant unobservable inputs. |
BUSINESS_COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
BUSINESS COMBINATIONS [Abstract] | ' | ||||||||||||||||
BUSINESS COMBINATIONS | ' | ||||||||||||||||
C | BUSINESS COMBINATIONS | ||||||||||||||||
We completed the following business combinations in fiscal 2013 and 2012, which were accounted for using the purchase method (in thousands). No business combinations were completed in fiscal 2011. | |||||||||||||||||
Company Name | Acquisition Date | Purchase Price | Intangible Assets | Net Tangible Assets | Operating | Business Description | |||||||||||
Segment | |||||||||||||||||
SE Panel and Lumber Supply, LLC (“SE Panel”) | 8-Nov-13 | $2,181 (asset purchase) | $ | - | $ | 2,181 | Eastern Division | A distributor of Olympic Panel overlay concrete forming panels and commodity lumber products to the concrete forming and construction industries. Facility is located in South Daytona, FL. SE Panel had annual sales of $5.4 million. | |||||||||
Premier Laminating Services, Inc. | 31-May-13 | $696 (asset purchase) | $ | 250 | $ | 446 | Western Division | A business specialized in environmentally sustainable laminated wooden products. Facility is located in Perris, CA. Premier Laminating had annual sales of $6.2 million. | |||||||||
(“Premier Laminating”) | |||||||||||||||||
Millry Mill Company, Inc. (“Millry”) | 28-Feb-13 | $2,323 (asset purchase) | $ | 50 | $ | 2,273 | Eastern Division | A highly specialized export mill that produces rough dimension boards and lumber. Facility is located in Millry, AL. Millry had annual sales of $4.7 million. | |||||||||
Custom Caseworks, Inc. (“Custom Caseworks”) | 31-Dec-12 | $6,278 (asset purchase) | $ | 2,000 | $ | 4,278 | Western Division | A high-precision business-to-business manufacturer of engineered wood products in many commercial markets. Facility is located in Sauk Rapids, MN. Custom Caseworks had annual sales of $7 million. | |||||||||
Nepa Pallet and Container Co., Inc. (“Nepa”) | 5-Nov-12 | $16,175 | $ | 1,350 | $ | 14,825 | Western Division | Manufactures pallets, containers and bins for agricultural and industrial customers. Facilities are located in Snohomish, Yakima and Wenatchee, WA. NEPA had trailing twelve month sales of $25 million. | |||||||||
(asset purchase) | |||||||||||||||||
MSR Forest Products, LLC | 16-May-12 | $3,208 (asset purchase) | $ | 1,164 | $ | 2,044 | Eastern Division | Supplies roof trusses and cut-to-size lumber to manufactured housing customers. Facilities are located in Haleyville, AL and Waycross, GA. MSR had annual sales of $10 million. | |||||||||
(“MSR”) | |||||||||||||||||
The intangible assets for each of the acquisitions were finalized and allocated to their respective identifiable intangible asset and goodwill accounts during 2013. This resulted in a $1.4 million reclassification from goodwill to amortizable intangible asset accounts. | |||||||||||||||||
At December 28, 2013, the amounts assigned to major intangible classes for the business combinations mentioned above are as follows (in thousands): | |||||||||||||||||
Non-Compete | Customer | Goodwill | Goodwill - Tax Deductible | ||||||||||||||
Agreements | Relationships | ||||||||||||||||
Premier Laminating | $ | 250 | - | - | - | ||||||||||||
Millry | 50 | - | - | - | |||||||||||||
Custom Caseworks | 220 | $ | 620 | $ | 1,160 | $ | 1,160 | ||||||||||
Nepa | 330 | - | 1,020 | 1,020 | |||||||||||||
MSR | - | - | 1,164 | 1,164 | |||||||||||||
The business combinations mentioned above were not significant to our operating results individually or in aggregate, and thus pro forma results for 2013 and 2012 are not presented. |
NET_LOSS_GAIN_ON_DISPOSITION_O
NET LOSS (GAIN) ON DISPOSITION OF ASSETS, EARLY RETIRMENT AND OTHER IMPAIRMENT AND EXIT CHARGES | 12 Months Ended | |
Dec. 28, 2013 | ||
NET LOSS (GAIN) ON DISPOSITION OF ASSETS, EARLY RETIRMENT AND OTHER IMPAIRMENT AND EXIT CHARGES [Abstract] | ' | |
NET LOSS (GAIN) ON DISPOSITION OF ASSETS, EARLY RETIRMENT AND OTHER IMPAIRMENT AND EXIT CHARGES | ' | |
D. | NET LOSS (GAIN) ON DISPOSITION OF ASSETS, EARLY RETIRMENT AND OTHER IMPAIRMENT AND EXIT CHARGES | |
We have long-lived assets that consist of certain vacant land and facilities we closed to better align manufacturing capacity with the prevailing business environment. The fair values were determined based on broker assessments of value, appraisals or recent offers to acquire assets. These and other idle assets were evaluated based on the requirements of ASC 360, which resulted in impairment and other exit charges included in “Net loss (gain) on disposition of assets, early retirement and other impairment and exit charges” for the years ended December 28, 2013, December 29, 2012 and December 31, 2011, respectively. | ||
In the second quarter of 2012, we sold certain real estate in Fontana, CA, for approximately $12.1 million and recognized a pre-tax gain of approximately $7.2 million which is included in the Eastern and Western Division segment. | ||
In the second quarter of 2011 our chief executive officer resigned and we entered into a consulting and non-competition agreement with him. We accrued for the present value of the future payments under the agreement totaling $2.6 million in June 2011 which is included in the Corporate segment. |
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ' | ||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | ||||||||||||||||
E. | GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||
Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets of acquired businesses. Goodwill and intangible assets deemed to have indefinite lives are not amortized, but are subject to impairment tests at least annually in accordance with ASC 350, Intangibles-Goodwill and Other. We review the carrying amounts of goodwill and other non-amortizable intangibles by reporting unit to determine if such assets may be impaired. As the carrying amount of these assets are recoverable based upon a discounted cash flow and market approach analysis, no impairment was recognized. | |||||||||||||||||
The changes in the net carrying amount of goodwill by reporting segment for the years ended December 28, 2013 and December 29, 2012, are as follows (in thousands): | |||||||||||||||||
Eastern and | Site-Built | All | Total | ||||||||||||||
Western | Other | ||||||||||||||||
Balance as of December 25, 2011 | $ | 123,311 | $ | 21,720 | $ | 9,671 | $ | 154,702 | |||||||||
Acquisitions | 2,514 | - | - | 2,514 | |||||||||||||
Other | 2,100 | - | - | 2,100 | |||||||||||||
Balance as of December 29, 2012 | 127,925 | 21,720 | 9,671 | 159,316 | |||||||||||||
Acquisitions | 1,160 | - | - | 1,160 | |||||||||||||
Other | (330 | ) | - | - | (330 | ) | |||||||||||
Balance as of December 28, 2013 | $ | 128,755 | $ | 21,720 | $ | 9,671 | $ | 160,146 | |||||||||
Indefinite-lived intangible assets totaled $2.3 million as of December 28, 2013 and December 29, 2012. | |||||||||||||||||
The following amounts were included in other amortizable intangible assets, net as of December 28, 2013 and December 29, 2012 (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Assets | Accumulated | Assets | Accumulated | ||||||||||||||
Amortization | Amortization | ||||||||||||||||
Non-compete agreements | $ | 1,340 | $ | (514 | ) | $ | 3,730 | $ | (3,366 | ) | |||||||
Customer relationships | 9,480 | (6,832 | ) | 8,860 | (5,465 | ) | |||||||||||
Licensing agreements | 4,589 | (1,606 | ) | 4,589 | (1,147 | ) | |||||||||||
Patents | 3,393 | (2,609 | ) | 3,250 | (2,350 | ) | |||||||||||
Total | $ | 18,802 | $ | (11,561 | ) | $ | 20,429 | $ | (12,328 | ) | |||||||
Amortization is computed principally by the straight-line method over the estimated useful lives of the intangible assets as follows: | |||||||||||||||||
Non-compete agreements | 5 to 10 years | ||||||||||||||||
Customer relationship | 5 to 8 years | ||||||||||||||||
Licensing agreements | 10 years | ||||||||||||||||
Amortization expense of intangibles totaled $2.5 million, $2.9 million and $5.2 million in 2013, 2012 and 2011, respectively. The estimated amortization expense for intangibles for each of the five succeeding fiscal years is as follows (in thousands): | |||||||||||||||||
2014 | $ | 2,184 | |||||||||||||||
2015 | 1,959 | ||||||||||||||||
2016 | 954 | ||||||||||||||||
2017 | 797 | ||||||||||||||||
2018 | 535 | ||||||||||||||||
Thereafter | 812 | ||||||||||||||||
Total | $ | 7,241 |
DEBT
DEBT | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
DEBT [Abstract] | ' | ||||||||
DEBT | ' | ||||||||
F. | DEBT | ||||||||
On December 17, 2012, we entered into an unsecured Note Purchase Agreement (the "Agreement") under which we issued our 3.89% Series 2012 A Senior Notes, due December 17, 2022, in the aggregate principal amount of $35 million and our 3.98% Series 2012 B Senior Notes, due December 17, 2024, in the aggregate principal amount of $40 million. Proceeds from the sale of the Series A Senior Notes and Series B Senior Notes were used to repay amounts due on our existing Series 2002-A Senior Notes, Tranche B totaling $40 million and our revolving credit facility. | |||||||||
On November 14, 2011, we entered into a five-year, $265 million unsecured revolving credit facility, which includes amounts reserved for letters of credit. Cash borrowings are charged interest based upon an index we elect, equal to the U.S. prime rate (in the case of borrowings in US Dollars), the Canadian prime rate as determined by the agent (in the case of borrowings in Canadian Dollars), or the Eurodollar rate (in the case of any borrowing, including foreign currency borrowings), in each case, plus a margin ranging from 110 to 165 basis points, determined based upon our financial performance. We are also charged a facility fee on the entire amount of the lending commitment, at a per annum rate ranging from 15 to 35 basis points, also determined based upon our performance. | |||||||||
Outstanding letters of credit extended on our behalf on December 28, 2013 aggregated $26.5 million, which includes approximately $9.8 million related to industrial development revenue bonds. Outstanding letters of credit extended on our behalf on December 29, 2012 aggregated $28.7 million, which includes approximately $9.8 million related to industrial development revenue bonds. Letters of credit have one year terms and include an automatic renewal clause. The letters of credit related to industrial development revenue bonds are charged an annual interest rate ranging from 110 to 165 basis points, based upon our financial performance. The letters of credit related to workers’ compensation are charged an annual interest rate of 75 basis points | |||||||||
Long-term debt obligations are summarized as follows on December 28, 2013 and December 29, 2012 (amounts in thousands): | |||||||||
2013 | 2012 | ||||||||
Series 2012 Senior Notes Tranche A, due on December 17,2022, interest payable semi-annually at 3.89% | $ | 35,000 | $ | 35,000 | |||||
Series 2012 Senior Notes Tranche B, due on December 17,2024, interest payable semi-annually at 3.98% | 40,000 | 40,000 | |||||||
Revolving credit facility totaling $265 million due on November 14, 2016,interest payable monthly at a floating rate (1.27% on December 29,2012) | - | 11,090 | |||||||
Series 1999 Industrial Development Revenue Bonds, due on August 1, 2029, interest payable monthly at a floating rate (0.19% on December 28, 2013 and 0.35% on December 29, 2012) | 3,300 | 3,300 | |||||||
Series 2000 Industrial Development Revenue Bonds, due on October 1, 2020, interest payable monthly at a floating rate (0.30% on December 28, 2013 and 0.46% on December 29, 2012) | 2,700 | 2,700 | |||||||
Series 2001 Industrial Development Revenue Bonds Series 2002 Industrial Development Revenue Bonds, due on December 1, 2022, interest payable monthly at a floating rate (0.29% on December 28, 2013 and 0.45% on December 29, 2012) | 3,700 | 3,700 | |||||||
84,700 | 95,790 | ||||||||
Less current portion | - | - | |||||||
Long-term portion | $ | 84,700 | $ | 95,790 | |||||
Financial covenants on the unsecured revolving credit facility and unsecured notes include minimum interest coverage tests and a maximum leverage ratio. The agreements also restrict the amount of additional indebtedness we may incur and the amount of assets which may be sold. We were within all of our lending requirements on December 28, 2013 and December 29, 2012. | |||||||||
On December 28, 2013, the principal maturities of long-term debt and capital lease obligations are as follows (in thousands): | |||||||||
2014 | $ | - | |||||||
2015 | - | ||||||||
2016 | - | ||||||||
2017 | - | ||||||||
2017 | - | ||||||||
Thereafter | $ | 84,700 | |||||||
$ | 84,700 | ||||||||
On December 28, 2013, the estimated fair value of our long-term debt, including the current portion, was $79.9 million. The estimated fair value is based on rates anticipated to be available to us for debt with similar terms and maturities. |
LEASES
LEASES | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
LEASES [Abstract] | ' | ||||
LEASES | ' | ||||
G. | LEASES | ||||
We lease certain real estate under operating lease agreements with original terms ranging from one to ten years. We are required to pay real estate taxes and other occupancy costs under these leases. Certain leases carry renewal options of five to fifteen years. We also lease motor vehicles, equipment, and an aircraft under operating lease agreements for periods of one to ten years. Future minimum payments under non-cancelable operating leases on December 28, 2013 are as follows (in thousands): | |||||
Operating | |||||
Leases | |||||
2014 | $ | 4,235 | |||
2015 | 2,115 | ||||
2016 | 1,384 | ||||
2017 | 976 | ||||
2018 | 884 | ||||
Thereafter | 564 | ||||
Total minimum lease payments | $ | 10,158 | |||
Rent expense was approximately $5.2 million, $6.9 million, and $9.6 million in 2013, 2012, and 2011, respectively. |
DEFERRED_COMPENSATION
DEFERRED COMPENSATION | 12 Months Ended | |
Dec. 28, 2013 | ||
DEFERRED COMPENSATION [Abstract] | ' | |
DEFERRED COMPENSATION | ' | |
H. | DEFERRED COMPENSATION | |
We have a program whereby certain executives irrevocably elected to defer receipt of certain compensation in 1985 through 1988. Deferred compensation payments to these executives will commence upon their retirement. We purchased life insurance on such executives, payable to us in amounts which, if assumptions made as to mortality experience, policy dividends, and other factors are realized, will accumulate cash values adequate to reimburse us for all payments for insurance and deferred compensation obligations. In the event cash values are not sufficient to fund such obligations, the program allows us to reduce benefit payments to such amounts as may be funded by accumulated cash values. The deferred compensation liabilities and related cash surrender value of life insurance policies totaled $2.0 million on December 28, 2013 and December 29, 2012 and are included "Other Liabilities" and "Other Assets," respectively. | ||
We also maintain a non-qualified deferred compensation plan (the "Plan") for the benefit of senior management employees who may elect to defer a portion of their annual bonus payments and salaries. The Plan provides investment options similar to our 401(k) plan, including our stock. The investment in our stock is funded by the issuance of shares to a Rabbi trust, and may only be distributed in kind. Assets held by the Plan totaled approximately $1.8 million and $1.5 million on December 28, 2013 and December 29, 2012, respectively, and are included in "Other Assets." Related liabilities totaled $8.4 million and $6.7 million on December 28, 2013 and December 29, 2012, respectively, and are included in "Other Liabilities" and "Shareholders' Equity." Assets associated with the Plan are recorded at fair market value. The related liabilities are recorded at fair market value, with the exception of obligations associated with investments in our stock which are recorded at the market value on the date of deferral. |
COMMON_STOCK
COMMON STOCK | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
COMMON STOCK [Abstract] | ' | ||||||||||||||||
COMMON STOCK | ' | ||||||||||||||||
I. | COMMON STOCK | ||||||||||||||||
In April 2002, our shareholders approved the 2002 Employee Stock Purchase Plan ("Stock Purchase Plan") to succeed the Employee Stock Purchase Plan originally approved in 1994. In April 2008, our shareholders authorized additional shares to be allocated to the Stock Purchase Plan and extended the term of the Stock Purchase Plan to 2018. The plan allows eligible employees to purchase shares of our stock at a share price equal to 85% of fair market value on the purchase date. We have expensed the fair value of the compensation associated with these awards, which approximates the discount. The amount of expense is nominal. | |||||||||||||||||
In April 1994, our shareholders approved the Directors’ Retainer Stock Plan ("Stock Retainer Plan"). In April 2007, our shareholders authorized additional shares to be distributed pursuant to this plan. The Stock Retainer Plan allows eligible members of the Board of Directors to defer their retainer fees and receive shares of our stock at the time of their retirement, disability or death. The number of shares to be received is equal to the amount of the retainer fee deferred multiplied by 110%, divided by the fair market value of a share of our stock at the time of deferral. The number of shares is increased by the amount of dividends paid on the Company’s common stock. We recognized expense for this plan of $0.4 million in 2013 and $0.5 million in each of 2012 and 2011. | |||||||||||||||||
On April 15, 2010, our shareholders approved an amended and restated Long Term Stock Incentive Plan (the "LTSIP”). The LTSIP reserves 1,000,000 shares, plus a balance of unused shares from prior plans of approximately 1.6 million shares, plus an annual increase of no more than 200,000 shares per year which may be added on the date of the annual meeting of shareholders. The LTSIP provides for the granting of stock options, reload options, stock appreciation rights, restricted stock, performance shares and other stock-based awards. | |||||||||||||||||
A summary of the transactions under the stock option plans is as follows: | |||||||||||||||||
Stock Under | Weighted- | Average | Aggregate | ||||||||||||||
Option | Average | Remaining | Intrinsic Value | ||||||||||||||
Exercise Price | Contractual | ||||||||||||||||
Per Share | Term | ||||||||||||||||
Outstanding at December 25, 2010 | 359,997 | 24.04 | 2.35 | 5,012,758 | |||||||||||||
Exercised | (122,517 | ) | 21.33 | 1,153,067 | |||||||||||||
Forfeited or expired | (46,146 | ) | 20.57 | ||||||||||||||
Outstanding at December 31, 2011 | 191,334 | 26.6 | 1.83 | 872,441 | |||||||||||||
Exercised | (79,550 | ) | 21.82 | 970,698 | |||||||||||||
Forfeited or expired | (1,678 | ) | 21.84 | ||||||||||||||
Outstanding at December 29, 2012 | 110,106 | 30.13 | 1.64 | 845,915 | |||||||||||||
Exercised | (77,632 | ) | 29.49 | 1,221,004 | |||||||||||||
Forfeited or expired | - | - | - | ||||||||||||||
Outstanding at December 28, 2013 | 32,474 | 31.65 | 1.55 | 661,674 | |||||||||||||
Vested or expected to vest at December 28, 2013 | (31,000 | ) | 31.7 | ||||||||||||||
Exercisable at December 28, 2013 | 1,474 | $ | 30.64 | 0.59 | $ | 31,529 | |||||||||||
The unrecognized compensation expense for stock options is nominal for 2013, 2012 or 2011. | |||||||||||||||||
A summary of the nonvested restricted stock awards granted under the LTSIP is as follows: | |||||||||||||||||
Restricted | Weighted- | Unrecognized | Weighted- | ||||||||||||||
Awards | Average | Compensation | Average | ||||||||||||||
Grant Date | Expense | Period to | |||||||||||||||
Fair Value | (in millions) | Recognize | |||||||||||||||
Expense | |||||||||||||||||
Nonvested at December 25, 2010 | 219,794 | $ | 28.17 | $ | 2.8 | 2.30 years | |||||||||||
Granted | 71,950 | 38.19 | |||||||||||||||
Vested | (113,244 | ) | 29.13 | ||||||||||||||
Forfeited | (15,500 | ) | 30.12 | ||||||||||||||
Nonvested at December 31, 2011 | 163,000 | 31.75 | 3.4 | 3.37 years | |||||||||||||
Granted | 37,433 | 35.05 | |||||||||||||||
Vested | (859 | ) | 29.72 | ||||||||||||||
Forfeited | (12,965 | ) | 30.35 | ||||||||||||||
Nonvested at December 29, 2012 | 186,609 | 32.22 | 3.2 | 2.68 years | |||||||||||||
Granted | 36,481 | 40.58 | |||||||||||||||
Vested | (9,955 | ) | 40.58 | ||||||||||||||
Forfeited | (6,715 | ) | 31.96 | ||||||||||||||
Nonvested at December 28, 2013 | 206,420 | $ | 32.52 | $ | 2.9 | 2.00 years | |||||||||||
Under the Stock Purchase Plan and LTSIP, we recognized share-based compensation expense of $1.9 million, $1.3 million, and $1.4 million and the related total income tax benefits of $0.4 million, $0.5 million, and $0.5 million in 2013, 2012 and 2011, respectively. | |||||||||||||||||
In 2013, 2012 and 2011, cash received from option exercises and share issuances under our plans was $2.1 million, $2.0 million and $3.0 million, respectively. The actual tax benefit realized in 2013, 2012 and 2011 for the tax deductions from option exercises totaled $0.3 million, $0.8 million and $0.7 million, respectively. | |||||||||||||||||
On November 14, 2001, the Board of Directors approved a share repurchase program (which succeeded a previous program) allowing us to repurchase up to 2.5 million shares of our common stock. On October 14, 2010, our Board authorized an additional 2 million shares to be repurchased under our share repurchase program. We repurchased 144,900 shares under this program in 2010. As of December 28, 2013, the cumulative total authorized shares available for repurchase is approximately 3.0 million shares. |
RETIREMENT_PLANS
RETIREMENT PLANS | 12 Months Ended | |
Dec. 28, 2013 | ||
RETIREMENT PLANS [Abstract] | ' | |
RETIREMENT PLANS | ' | |
J. | RETIREMENT PLANS | |
We have a profit sharing and 401(k) plan for the benefit of substantially all of our employees, excluding the employees of certain wholly-owned subsidiaries. Amounts contributed to the plan are made at the discretion of the Board of Directors. We matched 25% of employee contributions in 2013 and 2012, on a discretionary basis, totaling $1.7 million and $1.6 million, respectively. The basis for matching contributions may not exceed the lesser of 6% of the employee's annual compensation or the IRS limitation. | ||
On July 14, 2011, the compensation committee of the board of directors approved a retirement plan for officers whereby we will pay, upon retirement, benefits totaling 150% of the officer’s highest base salary in the three years immediately preceding separation from service plus health care benefits for a specified period of time if certain eligibility requirements are met. Approximately $4.0 million and $3.4 million are accrued in “Other Liabilities” for this plan at December 28, 2013 and December 29, 2012, respectively. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
INCOME TAXES [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
K. | INCOME TAXES | ||||||||||||
Income tax provisions for the years ended December 28, 2013, December 29, 2012, and December 31, 2011 are summarized as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Currently Payable: | |||||||||||||
Federal | $ | 12,683 | $ | 5,167 | $ | 453 | |||||||
State and local | 3,381 | 2,160 | 1,419 | ||||||||||
Foreign | 3,928 | 3,123 | 3,000 | ||||||||||
19,992 | 10,450 | 4,872 | |||||||||||
Net Deferred: | |||||||||||||
Federal | 3,696 | 3,464 | (1,884 | ) | |||||||||
State and local | 600 | 946 | (137 | ) | |||||||||
Foreign | 166 | 194 | 23 | ||||||||||
4,462 | 4,604 | (1,998 | ) | ||||||||||
$ | 24,454 | $ | 15,054 | $ | 2,874 | ||||||||
The components of earnings before income taxes consist of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. | $ | 59,334 | $ | 31,768 | $ | 328 | |||||||
Foreign | 10,924 | 9,296 | 8,459 | ||||||||||
Total | $ | 70,258 | $ | 41,064 | $ | 8,787 | |||||||
The effective income tax rates are different from the statutory federal income tax rates for the following reasons: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 34 | % | |||||||
State and local taxes (net of federal benefits) | 4.2 | 5.2 | 8.2 | ||||||||||
Effect of noncontrolling owned interest in earnings of partnerships | (0.3 | ) | (0.5 | ) | (3.0 | ) | |||||||
Manufacturing deduction | (2.0 | ) | (1.6 | ) | (1.9 | ) | |||||||
Tax credits, including foreign tax credit | (2.5 | ) | (1.2 | ) | (15.4 | ) | |||||||
Change in valuation allowance | - | - | - | ||||||||||
Change in uncertain tax positions reserve | 0.6 | (1.0 | ) | 0.4 | |||||||||
Foreign rate differential | 0.3 | 0.7 | 0.4 | ||||||||||
Other permanent differences | 0.6 | 1.1 | 4.9 | ||||||||||
Other, net | (1.1 | ) | (1.1 | ) | 4.9 | ||||||||
Effective income tax rate | 34.8 | % | 36.6 | % | 32.5 | % | |||||||
Temporary differences which give rise to deferred income tax assets and (liabilities) on December 28, 2013 and December 29, 2012 are as follows (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Employee benefits | $ | 7,698 | $ | 7,295 | |||||||||
Net operating loss carryforwards | 1,136 | 1,780 | |||||||||||
Foreign subsidiary capital loss carryforward | 628 | 671 | |||||||||||
Other tax credits | 2,141 | 1,494 | |||||||||||
Inventory | 113 | 838 | |||||||||||
Reserves on receivables | 1,011 | 1,193 | |||||||||||
Accrued expenses | 4,470 | 2,995 | |||||||||||
Other, net | 3,172 | 2,673 | |||||||||||
Gross deferred income tax assets | 20,369 | 18,939 | |||||||||||
Valuation allowance | (1,021 | ) | (859 | ) | |||||||||
Deferred income tax assets | 19,348 | 18,080 | |||||||||||
Depreciation | (21,114 | ) | (18,248 | ) | |||||||||
Intangibles | (15,269 | ) | (12,781 | ) | |||||||||
Other, net | (1,522 | ) | (1,010 | ) | |||||||||
Deferred income tax liabilities | (37,905 | ) | (32,039 | ) | |||||||||
Net deferred income tax liability | $ | (18,557 | ) | $ | (13,959 | ) | |||||||
The valuation allowance consists of a capital loss carryforward we have for a wholly-owned subsidiary, Universal Forest Products of Canada, Inc. Based upon the business activity and the nature of the assets of this subsidiary, our ability to realize a future benefit from this loss carryforward is in doubt, therefore we have established an allowance for the entire amount of the future benefit. The loss has an unlimited carryforward and therefore will not expire unless there is a change in control of the subsidiary. |
ACCOUNTING_FOR_UNCERTAINTY_IN_
ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES [Abstract] | ' | ||||||||||||
ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES | ' | ||||||||||||
L. | ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES | ||||||||||||
ASC 740, Income Taxes (“ASC 740”) clarifies the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. ASC 740 also provides guidance on derecognition, measurement, classification, interest and penalties, and disclosure requirements. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Gross unrecognized tax benefits beginning of year | $ | 1,531 | $ | 1,837 | $ | 1,253 | |||||||
Increase in tax positions for prior years | 230 | 1 | 225 | ||||||||||
Increase in tax positions for current year | 481 | 68 | 391 | ||||||||||
Settlements with taxing authorities | - | (137 | ) | - | |||||||||
Lapse in statute of limitations | (319 | ) | (238 | ) | (32 | ) | |||||||
Gross unrecognized tax benefits end of year | $ | 1,923 | $ | 1,531 | $ | 1,837 | |||||||
Our effective tax rate would have been affected by the unrecognized tax benefits had this amount been recognized as a reduction to income tax expense. | |||||||||||||
We recognized interest and penalties for unrecognized tax benefits in our provision for income taxes. The liability for unrecognized tax benefits included accrued interest and penalties of $0.2 million, $0.2 million and $0.3 million at December 28, 2013, December 29, 2012 and December 31, 2011, respectively. | |||||||||||||
We file income tax returns in the United States and in various state, local and foreign jurisdictions. The federal and a majority of state and foreign jurisdictions are no longer subject to income tax examinations for years before 2010. A number of routine state and local examinations are currently ongoing. Due to the potential for resolution of state examinations, and the expiration of various statutes of limitation, and new positions that may be taken, it is reasonably possible that the amounts of unrecognized tax benefits could change in the next twelve months. |
COMMITMENTS_CONTINGENCIES_AND_
COMMITMENTS, CONTINGENCIES, AND GUARANTEES | 12 Months Ended | |
Dec. 28, 2013 | ||
COMMITMENTS, CONTINGENCIES, AND GUARANTEES [Abstract] | ' | |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES | ' | |
M. | 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 our affiliates’ wood preservation facilities in Stockertown, PA; Elizabeth City, NC; Auburndale, FL; Janesville, WI; and Medley, FL. In addition, a reserve was established for our affiliate’s 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 the Auburndale, FL facility. We admitted no liability and the costs are not expected to be material. | ||
On a consolidated basis, we have reserved approximately $3.5 million on December 28, 2013 and December 29, 2012, representing the estimated costs to complete future remediation efforts. These amounts have not been reduced by an insurance receivable. | ||
In 2012, we recorded a $2.3 million loss contingency for a Canadian anti-dumping duty. The Canadian government has imposed retroactive assessments for antidumping and countervailing duties tied to certain extruded aluminum products imported from China. An additional $0.6 million was recorded during 2013. We continue to work with the government to clarify the applicability of these rules to our products. | ||
During 2013, we accrued $0.9 million related to anti-dumping duty assessments estimated on plywood and steel nails imported from China. We continue to work with US Customs and Border Protection to mitigate potential charges. This duty is unrelated to the 2013 duty assessment disclosed above. | ||
We are currently undergoing an unclaimed property audit with the state of Michigan covering the period July 1, 1994 to present. We anticipate that the audit will be completed during 2014 and do not expect it to result in a material loss. | ||
In addition, on December 28, 2013, we were parties either as plaintiff or a 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 December 28, 2013, we had outstanding purchase commitments on capital projects of approximately $4.2 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. | ||
In certain cases 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 owner that 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 December 28, 2013, we had approximately $24.2 million in outstanding payment and performance bonds, which expire during the next two years. In addition, approximately $17.7 million in payment and performance bonds are outstanding for completed projects which are still under warranty. | ||
On December 28, 2013 we had outstanding letters of credit totaling $26.5 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 $16.7 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 we have issued. These letters of credit guarantee principal and interest payments to the bondholders. We currently have irrevocable letters of credit outstanding totaling approximately $9.8 million related to our outstanding industrial development revenue bonds. These letters of credit have varying terms but may be renewed at the option of the issuing banks. | ||
Certain wholly owned domestic subsidiaries have guaranteed the indebtedness of Universal Forest Products, Inc. in certain debt agreements, including the Series 2012 Senior Notes and our revolving credit facility. The maximum exposure of these guarantees is limited to the indebtedness outstanding under these debt arrangements and this exposure will expire concurrent with the expiration of the debt agreements. | ||
Many of our wood treating operations utilize "Subpart W" drip pads, defined as hazardous waste management units by the EPA. 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 December 28, 2013. |
CONSULTING_NONCOMPETE_AGREEMEN
CONSULTING & NON-COMPETE AGREEMENTS | 12 Months Ended | |
Dec. 28, 2013 | ||
CONSULTING & NON COMPETE AGREEMENTS [Abstract] | ' | |
CONSULTING & NON-COMPETE AGREEMENTS | ' | |
N. | CONSULTING & NON-COMPETE AGREEMENTS | |
On June 20, 2011 we entered into a consulting and non-compete agreement with our former CEO which provides for monthly payments through December 2015 that began upon resignation from Universal Forest Products, Inc. All amounts were fully accrued and vested on the date of resignation. The present value of these payments totaled approximately $1.2 million and $1.8 million at December 28, 2013 and December 29, 2012, respectively, and is accrued in other liabilities. |
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
SEGMENT REPORTING [Abstract] | ' | ||||||||||||||||||||||||
SEGMENT REPORTING | ' | ||||||||||||||||||||||||
O. | 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. | |||||||||||||||||||||||||
Our operating segments consist of the Eastern, Western, Site-Built, Consumer Products, Pinelli Universal and Distribution divisions. In accordance with ASC 280, due to the similar economic characteristics, nature of products, distribution methods, and customers, we have aggregated our Eastern and Western operating segments into one reportable segment. The Site-Built division is considered a separate reportable segment. Our other divisions do not collectively form a reportable segment because their respective operations are dissimilar and they do not meet the applicable quantitative requirements. These operations have been included in the “All Other” column of the table below. The “Corporate” column includes unallocated administrative costs. | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Eastern | Site-Built | All | Corporate | Total | |||||||||||||||||||||
and | Other | ||||||||||||||||||||||||
Western | |||||||||||||||||||||||||
Divisions | |||||||||||||||||||||||||
Net sales to outside customers | $ | 1,987,751 | $ | 272,114 | $ | 210,583 | $ | - | $ | 2,470,448 | |||||||||||||||
Intersegment net sales | 86,050 | 15,918 | 11,798 | - | 113,766 | ||||||||||||||||||||
Interest expense | 404 | - | - | 4,447 | 4,851 | ||||||||||||||||||||
Amortization expense | 1,424 | - | 1,049 | - | 2,473 | ||||||||||||||||||||
Depreciation expense | 18,617 | 2,284 | 4,520 | 5,670 | 31,091 | ||||||||||||||||||||
Segment earnings from operations | 79,419 | 7,947 | (2,366 | ) | (10,732 | ) | 74,268 | ||||||||||||||||||
Segment assets | 642,652 | 103,227 | 99,464 | 71,644 | 916,987 | ||||||||||||||||||||
Capital expenditures | 23,159 | 2,310 | 6,285 | 8,269 | 40,023 | ||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Eastern | Site-Built | All | Corporate | Total | |||||||||||||||||||||
and | Other | ||||||||||||||||||||||||
Western | |||||||||||||||||||||||||
Divisions | |||||||||||||||||||||||||
Net sales to outside customers | $ | 1,635,178 | $ | 222,824 | $ | 196,931 | $ | - | $ | 2,054,933 | |||||||||||||||
Intersegment net sales | 62,806 | 20,396 | 12,724 | - | 95,926 | ||||||||||||||||||||
Interest expense | 373 | - | 51 | 3,629 | 4,053 | ||||||||||||||||||||
Amortization expense | 1,667 | - | 1,251 | - | 2,918 | ||||||||||||||||||||
Depreciation expense | 17,762 | 2,054 | 4,286 | 6,359 | 30,461 | ||||||||||||||||||||
Segment earnings from operations | 60,573 | 1,299 | (11,316 | ) | (6,028 | ) | 44,528 | ||||||||||||||||||
Segment assets | 588,567 | 102,923 | 103,309 | 65,741 | 860,540 | ||||||||||||||||||||
Capital expenditures | 15,411 | 830 | 11,967 | 2,136 | 30,344 | ||||||||||||||||||||
2011 | |||||||||||||||||||||||||
Eastern | Site-Built | All | Corporate | Total | |||||||||||||||||||||
and | Other | ||||||||||||||||||||||||
Western | |||||||||||||||||||||||||
Divisions | |||||||||||||||||||||||||
Net sales to outside customers | $ | 1,486,058 | $ | 183,120 | $ | 153,158 | $ | - | $ | 1,822,336 | |||||||||||||||
Intersegment net sales | 77,858 | 24,907 | 28,636 | - | 131,401 | ||||||||||||||||||||
Interest expense | 440 | 154 | - | 3,138 | 3,732 | ||||||||||||||||||||
Amortization expense | 3,571 | - | 1,612 | - | 5,183 | ||||||||||||||||||||
Depreciation expense | 19,036 | 2,380 | 3,240 | 6,148 | 30,804 | ||||||||||||||||||||
Segment earnings from operations | 28,198 | (6,349 | ) | (8,731 | ) | (1,107 | ) | 12,011 | |||||||||||||||||
Segment assets | 520,506 | 87,160 | 82,993 | 73,348 | 764,007 | ||||||||||||||||||||
Capital expenditures | 14,870 | 1,007 | 8,856 | 8,199 | 32,932 | ||||||||||||||||||||
In 2013, 2012, and 2011, 17%, 18%, and 23% of net sales, respectively, were to a single customer. | |||||||||||||||||||||||||
Information regarding principal geographic areas was as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Net Sales | Long-Lived | Net Sales | Long-Lived | Net Sales | Long-Lived | ||||||||||||||||||||
Tangible Assets | Tangible Assets | Tangible Assets | |||||||||||||||||||||||
United States | $ | 2,410,313 | $ | 233,237 | $ | 2,005,740 | $ | 222,272 | $ | 1,779,909 | $ | 221,269 | |||||||||||||
Foreign | 60,135 | 16,260 | 49,193 | 17,097 | 42,427 | 16,578 | |||||||||||||||||||
Total | $ | 2,470,448 | $ | 249,497 | $ | 2,054,933 | $ | 239,369 | $ | 1,822,336 | $ | 237,847 | |||||||||||||
Sales generated in Canada and Mexico are primarily to customers in the United States of America. | |||||||||||||||||||||||||
The following table presents, for the periods indicated, our percentage of value-added and commodity-based sales to total sales. | |||||||||||||||||||||||||
Value-Added | Commodity-Based | ||||||||||||||||||||||||
2013 | 58.1 | % | 41.9 | % | |||||||||||||||||||||
2012 | 58.7 | % | 41.3 | % | |||||||||||||||||||||
2011 | 58.8 | % | 41.2 | % | |||||||||||||||||||||
Value-added product sales consist of fencing, decking, lattice, and other specialty products sold to the retail building materials market, specialty wood packaging, engineered wood components, and wood-alternative products. Engineered wood components include roof trusses, wall panels, and floor systems. Wood-alternative products consist primarily of composite wood and plastics. Although we consider the treatment of dimensional lumber with certain chemical preservatives a value-added process, treated lumber is not presently included in the value-added sales totals. Commodity-based product sales consist primarily of remanufactured lumber and preservative treated lumber. | |||||||||||||||||||||||||
The following table presents, for the periods indicated, our gross sales (in thousands) by major product classification. | |||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||
December 28, | December 29, | December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Value-Added Sales | |||||||||||||||||||||||||
Trusses – residential, modular and manufactured housing | $ | 238,093 | $ | 185,939 | $ | 148,715 | |||||||||||||||||||
Fencing | 120,765 | 125,887 | 145,486 | ||||||||||||||||||||||
Decking and railing – composite, wood and other | 131,102 | 123,935 | 126,832 | ||||||||||||||||||||||
Turn-key framing and installed sales | 159,811 | 137,633 | 120,317 | ||||||||||||||||||||||
Industrial packaging and components | 251,224 | 199,595 | 174,057 | ||||||||||||||||||||||
Engineered wood products (eg. LVL; i-joist) | 60,335 | 50,703 | 41,313 | ||||||||||||||||||||||
Manufactured brite and other lumber | 64,465 | 56,991 | 49,355 | ||||||||||||||||||||||
Wall panels | 36,908 | 23,584 | 19,049 | ||||||||||||||||||||||
Outdoor DIY products (eg. stakes; landscape ties) | 47,251 | 38,916 | 40,716 | ||||||||||||||||||||||
Construction and building materials (eg. door packages; drywall) | 162,362 | 125,446 | 94,768 | ||||||||||||||||||||||
Lattice – plastic and wood | 38,959 | 38,005 | 42,792 | ||||||||||||||||||||||
Manufactured brite and other panels | 80,335 | 61,013 | 39,772 | ||||||||||||||||||||||
Siding, trim and moulding | 29,157 | 24,996 | 20,088 | ||||||||||||||||||||||
Hardware | 16,295 | 13,350 | 12,094 | ||||||||||||||||||||||
Manufactured treated lumber | 11,183 | 11,566 | 11,749 | ||||||||||||||||||||||
Manufactured treated panels | 5,882 | 6,336 | 5,418 | ||||||||||||||||||||||
Other | 106 | 54 | 94 | ||||||||||||||||||||||
Total Value-Added Sales | 1,454,233 | 1,223,949 | 1,092,615 | ||||||||||||||||||||||
Commodity-Based Sales | |||||||||||||||||||||||||
Non-manufactured brite and other lumber | 421,071 | 348,083 | 304,070 | ||||||||||||||||||||||
Non-manufactured treated lumber | 349,156 | 285,929 | 285,340 | ||||||||||||||||||||||
Non-manufactured brite and other panels | 239,641 | 194,144 | 144,236 | ||||||||||||||||||||||
Non-manufactured treated panels | 30,450 | 25,782 | 23,386 | ||||||||||||||||||||||
Other | 9,361 | 8,118 | 7,767 | ||||||||||||||||||||||
Total Commodity-Based Sales | 1,049,679 | 862,056 | 764,799 | ||||||||||||||||||||||
Total Gross Sales | 2,503,912 | 2,086,005 | 1,857,414 | ||||||||||||||||||||||
Sales allowances | (33,464 | ) | (31,072 | ) | (35,078 | ) | |||||||||||||||||||
Total Net Sales | 2,470,448 | 2,054,933 | $ | 1,822,336 |
QUARTERLY_FINANCIAL_INFORMATIO
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) [Abstract] | ' | ||||||||||||||||||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ' | ||||||||||||||||||||||||||||||||
P. | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||||||||||||||||||||
The following table sets forth selected financial information for all of the quarters, each consisting of 13 weeks during the years ended December 28, 2013 and December 29, 2012 (in thousands, except per share data): | |||||||||||||||||||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Net sales | $ | 554,494 | $ | 457,111 | $ | 738,436 | $ | 593,693 | $ | 651,780 | $ | 533,366 | $ | 525,738 | $ | 470,763 | |||||||||||||||||
Gross profit | 57,818 | 53,666 | 80,216 | 72,075 | 78,289 | 55,227 | 64,229 | 44,142 | |||||||||||||||||||||||||
Net earnings (loss) | 5,756 | 4,386 | 16,373 | 18,010 | 15,015 | 4,756 | 8,660 | (1,141 | ) | ||||||||||||||||||||||||
Net earnings (loss) attributable to controlling interest | 5,224 | 4,155 | 15,772 | 17,509 | 14,091 | 4,198 | 7,995 | (1,927 | ) | ||||||||||||||||||||||||
Basic earnings (loss) per share | 0.26 | 0.21 | 0.79 | 0.88 | 0.71 | 0.21 | 0.4 | (0.10 | ) | ||||||||||||||||||||||||
Diluted earnings (loss) per share | 0.26 | 0.21 | 0.79 | 0.88 | 0.71 | 0.21 | 0.4 | (0.10 | ) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||||||
PRINCIPLES OF CONSOLIDATION | ' | ||||||||||||||||
PRINCIPLES OF CONSOLIDATION | |||||||||||||||||
The consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries and partnerships. In addition, we consolidate 50% owned entities over which we exercise control. Intercompany transactions and balances have been eliminated. | |||||||||||||||||
NONCONTROLLING INTEREST IN SUBSIDIAIRIES | ' | ||||||||||||||||
NONCONTROLLING INTEREST IN SUBSIDIARIES | |||||||||||||||||
Noncontrolling interest in results of operations of consolidated subsidiaries represents the noncontrolling shareholders' share of the income or loss of various consolidated subsidiaries. The noncontrolling interest reflects the original investment by these noncontrolling shareholders combined with their proportional share of the earnings or losses of these subsidiaries, net of distributions paid. | |||||||||||||||||
FISCAL YEAR | ' | ||||||||||||||||
FISCAL YEAR | |||||||||||||||||
Our fiscal year is a 52 or 53 week period, ending on the last Saturday of December. Unless otherwise stated, references to 2013, 2012, and 2011 relate to the fiscal years ended December 28, 2013, December 29, 2012, and December 31, 2011, respectively. Fiscal years 2013 and 2012 were comprised of 52 weeks. Fiscal year 2011 was comprised of 53 weeks. This extra week added an additional $16 million in sales to 2011. An additional week of cost of goods sold and expenses in 2011 also impacted our results for 2012 compared to 2011. | |||||||||||||||||
FAIR VALUE DISCLOSURES OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||
FAIR VALUE DISCLOSURES OF FINANCIAL INSTRUMENTS | |||||||||||||||||
We follow ASC Topic 820, Fair Value Measurements and Disclosures, which provides a consistent definition of fair value, focuses on exit price, prioritizes the use of market-based inputs over entity-specific inputs for measuring fair value and establishes a three-tier hierarchy for fair value measurements. This topic requires fair value measurements to be classified and disclosed in one of the following three categories: | |||||||||||||||||
Ÿ | Level 1 — Financial instruments with unadjusted, quoted prices listed on active market exchanges. | ||||||||||||||||
Ÿ | Level 2 — Financial instruments lacking unadjusted, quoted prices from active market exchanges, including over-the-counter traded financial instruments. Financial instrument values are determined using prices for recently traded financial instruments with similar underlying terms and direct or indirect observational inputs, such as interest rates and yield curves at commonly quoted intervals. | ||||||||||||||||
Ÿ | Level 3 — Financial instruments not actively traded on a market exchange and there is little, if any, market activity. Values are determined using significant unobservable inputs or valuation techniques. | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ' | ||||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||
Cash and cash equivalents consist of cash and highly-liquid investments purchased with an original maturity of three months or less. There were no cash equivalents as of December 28, 2013 or December 29, 2012. | |||||||||||||||||
RESTRICTED CASH | ' | ||||||||||||||||
RESTRICTED CASH | |||||||||||||||||
Restricted cash consists of amounts required to be held for loss funding totaling $0.7 million and $0.5 million as of December 28, 2013 and December 29, 2012, respectively. In addition, as of December 29, 2012, restricted cash included amounts held in escrow for the purchase of the operating assets of Custom Caseworks, Inc. totaling $6.3 million. | |||||||||||||||||
ACCOUNTS RECEIVABLE AND ALLOWANCES | ' | ||||||||||||||||
ACCOUNTS RECEIVABLE AND ALLOWANCES | |||||||||||||||||
We perform periodic credit evaluations of our customers and generally do not require collateral. Accounts receivable are due under a range of terms we offer to our customers. Discounts are offered, in most instances, as an incentive for early payment. | |||||||||||||||||
We base our allowances related to receivables on historical credit and collections experience, and the specific identification of other potential problems, including the general economic climate. Actual collections can differ, requiring adjustments to the allowances. Individual accounts receivable balances are evaluated on a monthly basis, and those balances considered uncollectible are charged to the allowance. | |||||||||||||||||
The following table presents the activity in our accounts receivable allowances (in thousands): | |||||||||||||||||
Additions | |||||||||||||||||
Charged to | |||||||||||||||||
Beginning | Costs and | Ending | |||||||||||||||
Balance | Expenses | Deductions* | Balance | ||||||||||||||
Year Ended December 28, 2013: | |||||||||||||||||
Allowance for possible losses on accounts receivable | $ | 2,550 | $ | 17,114 | $ | (17,604 | ) | $ | 2,060 | ||||||||
Year Ended December 29, 2012: | |||||||||||||||||
Allowance for possible losses on accounts receivable | $ | 2,053 | $ | 16,687 | $ | (16,190 | ) | $ | 2,550 | ||||||||
Year Ended December 31, 2011: | |||||||||||||||||
Allowance for possible losses on accounts receivable | $ | 2,611 | $ | 18,144 | $ | (18,702 | ) | $ | 2,053 | ||||||||
* Includes accounts charged off, discounts given to customers and actual customer returns and allowances. | |||||||||||||||||
We record estimated sales returns, discounts, and other applicable adjustments as a reduction of net sales in the same period revenue is recognized. | |||||||||||||||||
Accounts receivable retainage amounts related to long term construction contracts totaled $8.3 million and $6.9 million as of December 28, 2013 and December 29, 2012, respectively. All amounts are expected to be collected within one year. | |||||||||||||||||
NOTES RECEIVABLE AND ALLOWANCES | ' | ||||||||||||||||
NOTES RECEIVABLE AND ALLOWANCES | |||||||||||||||||
We have written agreements to receive repayment of funds borrowed from us, consisting of principal as well as any accrued interest, at a specified future date. We record a valuation allowance relating to these agreements for the portion that is expected to be uncollectible. The current portion of notes receivable, net of allowance, totaled $0.8 million and $0.2 million at December 28, 2013 and December 29, 2012, respectively and are included in “Other Current Assets”. The long-term portion of notes receivable, net of allowance, totaled $5.1 million and $7.7 million at December 28, 2013 and December 29, 2012, respectively and are included in “Other Assets”. No allowance for possible losses on notes receivable existed at December 31, 2011. | |||||||||||||||||
The following table presents the activity in our notes receivable allowances (in thousands): | |||||||||||||||||
Beginning Balance | Additions | Deductions | Ending Balance | ||||||||||||||
Year Ended December 28, 2013: Allowance for possible losses on Notes receivable | $ | 3,226 | $ | 887 | $ | (3,088 | ) | $ | 1,025 | ||||||||
Year Ended December 29, 2012: Allowance for possible losses on Notes receivable | $ | - | $ | 3,226 | $ | - | $ | 3,226 | |||||||||
INVENTORIES | ' | ||||||||||||||||
INVENTORIES | |||||||||||||||||
Inventories are stated at the lower of cost or market. The cost of inventories includes raw materials, direct labor, and manufacturing overhead. Cost is determined on a weighted average basis. Raw materials consist primarily of unfinished wood products expected to be manufactured or treated prior to sale, while finished goods represent various manufactured and treated wood products ready for sale. We have inventory on consignment at customer locations valued at $11.4 million as of December 28, 2013 and $10.9 million as of December 29, 2012. | |||||||||||||||||
PROPERTY, PLANT, AND EQUIPMENT | ' | ||||||||||||||||
PROPERTY, PLANT, AND EQUIPMENT | |||||||||||||||||
Property, plant, and equipment are stated at cost. Expenditures for renewals and betterments are capitalized, and maintenance and repairs are expensed as incurred. Amortization of assets held under capital leases is included in depreciation and amortized over the shorter of the estimated useful life of the asset or the lease term. Depreciation is computed principally by the straight-line method over the estimated useful lives of the assets as follows: | |||||||||||||||||
Land improvements | 5 to 15 years | ||||||||||||||||
Buildings and improvements | 15 to 31.5 years | ||||||||||||||||
Machinery, equipment and office furniture | 3 to 10 years | ||||||||||||||||
LONG-LIVED ASSETS | ' | ||||||||||||||||
LONG-LIVED ASSETS | |||||||||||||||||
In accordance with ASC 360, Property, Plant, and Equipment (“ASC 360”), when an indicator of potential impairment exists, we evaluate the recoverability of our long-lived assets by determining whether unamortized balances could be recovered through undiscounted future operating cash flows over the remaining lives of the assets. If the sum of the expected future cash flows was less than the carrying value of the assets, an impairment loss would be recognized for the excess of the carrying value over the fair value. | |||||||||||||||||
GOODWILL | ' | ||||||||||||||||
GOODWILL | |||||||||||||||||
In the second quarter of fiscal 2013, we changed our annual testing date for evaluating goodwill and indefinite-lived intangible asset impairment from the last day of the fiscal year to the first day of the Company’s fourth fiscal quarter for all reporting units and indefinite-lived intangible assets. This voluntary change in accounting method is preferable under the circumstances because it will allow us more time to complete the annual goodwill and indefinite-lived intangible asset impairment testing in advance of our year-end reporting. This change does not delay, accelerate or avoid an impairment charge. The change is not applied retrospectively as it is impracticable to do so because retrospective application would require application of significant estimates and assumptions with the use of hindsight. Accordingly, the change will be applied prospectively. | |||||||||||||||||
FOREIGN CURRENCY | ' | ||||||||||||||||
FOREIGN CURRENCY | |||||||||||||||||
Our foreign operations use the local currency as their functional currency. Accordingly, assets and liabilities are translated at exchange rates as of the balance sheet date and revenues and expenses are translated using weighted average rates, with translation adjustments included as a separate component of shareholders' equity. Gains and losses arising from re-measuring foreign currency transactions are included in earnings. | |||||||||||||||||
INSURANCE RESERVES | ' | ||||||||||||||||
INSURANCE RESERVES | |||||||||||||||||
Our wholly-owned insurance captive, Ardellis Insurance Ltd.(“Ardellis”), was incorporated on April 21, 2001 under the laws of Bermuda and is licensed as a Class 2 insurer under the Insurance Act 1978 of Bermuda. | |||||||||||||||||
We are primarily self-insured for certain employee health benefits, and have self-funded retentions for general liability, automobile liability, property and workers' compensation. We are fully self-insured for environmental liabilities. The general liability, automobile liability, property, workers' compensation, and certain environmental liabilities are managed through Ardellis; the related assets and liabilities of which are included in the consolidated financial statements as of December 28, 2013 and December 29, 2012. Our policy is to accrue amounts equal to actuarially determined or internally computed liabilities. The actuarial and internal valuations are based on historical information along with certain assumptions about future events. Changes in assumptions for such matters as legal actions, medical cost trends, and changes in claims experience could cause these estimates to change in the future. | |||||||||||||||||
In addition to providing coverage for the Company, Ardellis provides Excess Loss Insurance (primarily medical and prescription drug) to certain third parties. As of December 28, 2013, Ardellis had nine such contracts in place. The contracts have specific and/or aggregate coverage loss limits based on the election of the third parties. Reserves associated with these contracts were $0.9 million at December 28, 2013 and $0.2 million at December 29, 2012, and are accrued based on third party actuarial valuations of the expected future liabilities. | |||||||||||||||||
INCOME TAXES | ' | ||||||||||||||||
INCOME TAXES | |||||||||||||||||
Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates. Valuation allowances are established when necessary to reduce deferred income tax assets to the amounts expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred income tax assets and liabilities. | |||||||||||||||||
REVENUE RECOGNITION | ' | ||||||||||||||||
REVENUE RECOGNITION | |||||||||||||||||
Revenue for product sales 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. | |||||||||||||||||
Performance on construction contracts is reflected in operations using percentage-of-completion accounting, under either the 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. | |||||||||||||||||
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 on December 28, 2013 and December 29, 2012 which are included in other current assets and other accrued liabilities, respectively (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Cost and Earnings in Excess of Billings | $ | 6,903 | $ | 4,981 | |||||||||||||
Billings in Excess of Cost and Earnings | 2,858 | 2,020 | |||||||||||||||
SHIPPING AND HANDLING OF PRODUCT | ' | ||||||||||||||||
SHIPPING AND HANDLING OF PRODUCT | |||||||||||||||||
Shipping and handling costs that are charged to and reimbursed by the customer are recognized as revenue. Costs incurred related to the shipment and handling of products are classified in cost of goods sold. | |||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||
EARNINGS PER SHARE | |||||||||||||||||
The computation of earnings per share (“EPS”) is as follows (in thousands): | |||||||||||||||||
28-Dec-13 | 29-Dec-12 | 31-Dec-11 | |||||||||||||||
Numerator: | |||||||||||||||||
Net earnings attributable to controlling interest | $ | 43,082 | $ | 23,934 | $ | 4,549 | |||||||||||
Adjustment for earnings allocated to non-vested restricted common stock | (412 | ) | (210 | ) | (38 | ) | |||||||||||
Net earnings for calculating EPS | $ | 42,670 | $ | 23,724 | $ | 4,511 | |||||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding | 19,952 | 19,800 | 19,572 | ||||||||||||||
Adjustment for non-vested restricted common stock | (191 | ) | (173 | ) | (165 | ) | |||||||||||
Shares for calculating basic EPS | 19,761 | 19,627 | 19,407 | ||||||||||||||
Effect of dilutive stock options | 54 | 6 | 126 | ||||||||||||||
Shares for calculating diluted EPS | 19,815 | 19,633 | 19,533 | ||||||||||||||
Net earnings per share: | |||||||||||||||||
Basic | $ | 2.16 | $ | 1.21 | $ | 0.23 | |||||||||||
Diluted | $ | 2.15 | $ | 1.21 | $ | 0.23 | |||||||||||
No options were excluded from the computation of diluted EPS for 2013 or 2012. Options to purchase 105,000 shares of common stock were not included in the computation of diluted EPS for 2011, because the options' exercise prices were greater than the average market price of the common stock during the period and, therefore, would be antidilutive. | |||||||||||||||||
USE OF ACCOUNTING ESTIMATES | ' | ||||||||||||||||
USE OF ACCOUNTING ESTIMATES | |||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. We believe our estimates to be reasonable; however, actual results could differ from these estimates. | |||||||||||||||||
RECENTLY ISSUED ACCOUNTING STANDARDS | ' | ||||||||||||||||
RECENTLY ISSUED ACCOUNTING STANDARDS | |||||||||||||||||
In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASC Topic 220) (“ASU 2013-02”). ASU 2013-02 amends prior presentation of comprehensive income guidance. ASU 2013-02 requires that we report, in one place, the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income. Our adoption of the provisions of ASU 2013-02 in the first quarter of 2013 did not affect our consolidated financial position, results of operations or cash flows. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||||||
Accounts Receivable Allowances | ' | ||||||||||||||||
The following table presents the activity in our accounts receivable allowances (in thousands): | |||||||||||||||||
Additions | |||||||||||||||||
Charged to | |||||||||||||||||
Beginning | Costs and | Ending | |||||||||||||||
Balance | Expenses | Deductions* | Balance | ||||||||||||||
Year Ended December 28, 2013: | |||||||||||||||||
Allowance for possible losses on accounts receivable | $ | 2,550 | $ | 17,114 | $ | (17,604 | ) | $ | 2,060 | ||||||||
Year Ended December 29, 2012: | |||||||||||||||||
Allowance for possible losses on accounts receivable | $ | 2,053 | $ | 16,687 | $ | (16,190 | ) | $ | 2,550 | ||||||||
Year Ended December 31, 2011: | |||||||||||||||||
Allowance for possible losses on accounts receivable | $ | 2,611 | $ | 18,144 | $ | (18,702 | ) | $ | 2,053 | ||||||||
* Includes accounts charged off, discounts given to customers and actual customer returns and allowances. | |||||||||||||||||
Notes Receivable Allowances | ' | ||||||||||||||||
The following table presents the activity in our notes receivable allowances (in thousands): | |||||||||||||||||
Beginning Balance | Additions | Deductions | Ending Balance | ||||||||||||||
Year Ended December 28, 2013: Allowance for possible losses on Notes receivable | $ | 3,226 | $ | 887 | $ | (3,088 | ) | $ | 1,025 | ||||||||
Year Ended December 29, 2012: Allowance for possible losses on Notes receivable | $ | - | $ | 3,226 | $ | - | $ | 3,226 | |||||||||
Estimated Useful Lives of Property, Plant, and Equipment | ' | ||||||||||||||||
Property, plant, and equipment are stated at cost. Expenditures for renewals and betterments are capitalized, and maintenance and repairs are expensed as incurred. Amortization of assets held under capital leases is included in depreciation and amortized over the shorter of the estimated useful life of the asset or the lease term. Depreciation is computed principally by the straight-line method over the estimated useful lives of the assets as follows: | |||||||||||||||||
Land improvements | 5 to 15 years | ||||||||||||||||
Buildings and improvements | 15 to 31.5 years | ||||||||||||||||
Machinery, equipment and office furniture | 3 to 10 years | ||||||||||||||||
Percentage of Completion Account Balances | ' | ||||||||||||||||
The following table presents the balances of percentage-of-completion accounts on December 28, 2013 and December 29, 2012 which are included in other current assets and other accrued liabilities, respectively (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Cost and Earnings in Excess of Billings | $ | 6,903 | $ | 4,981 | |||||||||||||
Billings in Excess of Cost and Earnings | 2,858 | 2,020 | |||||||||||||||
Computation of Earnings Per Share | ' | ||||||||||||||||
The computation of earnings per share (“EPS”) is as follows (in thousands): | |||||||||||||||||
28-Dec-13 | 29-Dec-12 | 31-Dec-11 | |||||||||||||||
Numerator: | |||||||||||||||||
Net earnings attributable to controlling interest | $ | 43,082 | $ | 23,934 | $ | 4,549 | |||||||||||
Adjustment for earnings allocated to non-vested restricted common stock | (412 | ) | (210 | ) | (38 | ) | |||||||||||
Net earnings for calculating EPS | $ | 42,670 | $ | 23,724 | $ | 4,511 | |||||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding | 19,952 | 19,800 | 19,572 | ||||||||||||||
Adjustment for non-vested restricted common stock | (191 | ) | (173 | ) | (165 | ) | |||||||||||
Shares for calculating basic EPS | 19,761 | 19,627 | 19,407 | ||||||||||||||
Effect of dilutive stock options | 54 | 6 | 126 | ||||||||||||||
Shares for calculating diluted EPS | 19,815 | 19,633 | 19,533 | ||||||||||||||
Net earnings per share: | |||||||||||||||||
Basic | $ | 2.16 | $ | 1.21 | $ | 0.23 | |||||||||||
Diluted | $ | 2.15 | $ | 1.21 | $ | 0.23 |
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
FAIR VALUE [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 and liabilities measured at fair value are as follows: | |||||||||||||||||||||||||
28-Dec-13 | 29-Dec-12 | ||||||||||||||||||||||||
(in thousands) | Quoted | Prices with | Total | Quoted | Prices with | Total | |||||||||||||||||||
Prices in | Other | Prices in | Other | ||||||||||||||||||||||
Active | Observable | Active | Observable | ||||||||||||||||||||||
Markets | Inputs | Markets | Inputs | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 1) | (Level 2) | ||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||||
Money market funds | $ | 62 | - | $ | 62 | $ | 62 | - | $ | 62 | |||||||||||||||
Mutual funds: | |||||||||||||||||||||||||
Domestic stock funds | 813 | - | 813 | 613 | - | 613 | |||||||||||||||||||
International stock funds | 586 | - | 586 | 500 | - | 500 | |||||||||||||||||||
Target funds | 176 | - | 176 | 145 | - | 145 | |||||||||||||||||||
Bond funds | 139 | - | 139 | 140 | - | 140 | |||||||||||||||||||
Total mutual funds | 1,776 | - | 1,776 | 1,398 | - | 1,398 | |||||||||||||||||||
Non-Recurring: | |||||||||||||||||||||||||
Property, plant and equipment | - | - | - | - | $ | 1,600 | $ | 1,600 | |||||||||||||||||
Assets at fair value | $ | 1,776 | - | $ | 1,776 | $ | 1,460 | $ | 1,600 | $ | 3,060 |
BUSINESS_COMBINATIONS_Tables
BUSINESS COMBINATIONS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
BUSINESS COMBINATIONS [Abstract] | ' | ||||||||||||||||
Business Acquisitions Accounted for Using Purchase Method | ' | ||||||||||||||||
We completed the following business combinations in fiscal 2013 and 2012, which were accounted for using the purchase method (in thousands). No business combinations were completed in fiscal 2011. | |||||||||||||||||
Company Name | Acquisition Date | Purchase Price | Intangible Assets | Net Tangible Assets | Operating | Business Description | |||||||||||
Segment | |||||||||||||||||
SE Panel and Lumber Supply, LLC (“SE Panel”) | 8-Nov-13 | $2,181 (asset purchase) | $ | - | $ | 2,181 | Eastern Division | A distributor of Olympic Panel overlay concrete forming panels and commodity lumber products to the concrete forming and construction industries. Facility is located in South Daytona, FL. SE Panel had annual sales of $5.4 million. | |||||||||
Premier Laminating Services, Inc. | 31-May-13 | $696 (asset purchase) | $ | 250 | $ | 446 | Western Division | A business specialized in environmentally sustainable laminated wooden products. Facility is located in Perris, CA. Premier Laminating had annual sales of $6.2 million. | |||||||||
(“Premier Laminating”) | |||||||||||||||||
Millry Mill Company, Inc. (“Millry”) | 28-Feb-13 | $2,323 (asset purchase) | $ | 50 | $ | 2,273 | Eastern Division | A highly specialized export mill that produces rough dimension boards and lumber. Facility is located in Millry, AL. Millry had annual sales of $4.7 million. | |||||||||
Custom Caseworks, Inc. (“Custom Caseworks”) | 31-Dec-12 | $6,278 (asset purchase) | $ | 2,000 | $ | 4,278 | Western Division | A high-precision business-to-business manufacturer of engineered wood products in many commercial markets. Facility is located in Sauk Rapids, MN. Custom Caseworks had annual sales of $7 million. | |||||||||
Nepa Pallet and Container Co., Inc. (“Nepa”) | 5-Nov-12 | $16,175 | $ | 1,350 | $ | 14,825 | Western Division | Manufactures pallets, containers and bins for agricultural and industrial customers. Facilities are located in Snohomish, Yakima and Wenatchee, WA. NEPA had trailing twelve month sales of $25 million. | |||||||||
(asset purchase) | |||||||||||||||||
MSR Forest Products, LLC | 16-May-12 | $3,208 (asset purchase) | $ | 1,164 | $ | 2,044 | Eastern Division | Supplies roof trusses and cut-to-size lumber to manufactured housing customers. Facilities are located in Haleyville, AL and Waycross, GA. MSR had annual sales of $10 million. | |||||||||
(“MSR”) | |||||||||||||||||
Acquired Intangible Assets | ' | ||||||||||||||||
At December 28, 2013, the amounts assigned to major intangible classes for the business combinations mentioned above are as follows (in thousands): | |||||||||||||||||
Non-Compete | Customer | Goodwill | Goodwill - Tax Deductible | ||||||||||||||
Agreements | Relationships | ||||||||||||||||
Premier Laminating | $ | 250 | - | - | - | ||||||||||||
Millry | 50 | - | - | - | |||||||||||||
Custom Caseworks | 220 | $ | 620 | $ | 1,160 | $ | 1,160 | ||||||||||
Nepa | 330 | - | 1,020 | 1,020 | |||||||||||||
MSR | - | - | 1,164 | 1,164 |
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ' | ||||||||||||||||
Goodwill and Indefinite-Lived Intangible Assets | ' | ||||||||||||||||
The changes in the net carrying amount of goodwill by reporting segment for the years ended December 28, 2013 and December 29, 2012, are as follows (in thousands): | |||||||||||||||||
Eastern and | Site-Built | All | Total | ||||||||||||||
Western | Other | ||||||||||||||||
Balance as of December 25, 2011 | $ | 123,311 | $ | 21,720 | $ | 9,671 | $ | 154,702 | |||||||||
Acquisitions | 2,514 | - | - | 2,514 | |||||||||||||
Other | 2,100 | - | - | 2,100 | |||||||||||||
Balance as of December 29, 2012 | 127,925 | 21,720 | 9,671 | 159,316 | |||||||||||||
Acquisitions | 1,160 | - | - | 1,160 | |||||||||||||
Other | (330 | ) | - | - | (330 | ) | |||||||||||
Balance as of December 28, 2013 | $ | 128,755 | $ | 21,720 | $ | 9,671 | $ | 160,146 | |||||||||
Other Intangible Assets | ' | ||||||||||||||||
The following amounts were included in other amortizable intangible assets, net as of December 28, 2013 and December 29, 2012 (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Assets | Accumulated | Assets | Accumulated | ||||||||||||||
Amortization | Amortization | ||||||||||||||||
Non-compete agreements | $ | 1,340 | $ | (514 | ) | $ | 3,730 | $ | (3,366 | ) | |||||||
Customer relationships | 9,480 | (6,832 | ) | 8,860 | (5,465 | ) | |||||||||||
Licensing agreements | 4,589 | (1,606 | ) | 4,589 | (1,147 | ) | |||||||||||
Patents | 3,393 | (2,609 | ) | 3,250 | (2,350 | ) | |||||||||||
Total | $ | 18,802 | $ | (11,561 | ) | $ | 20,429 | $ | (12,328 | ) | |||||||
Estimated Useful Lives of Intangible Assets | ' | ||||||||||||||||
Amortization is computed principally by the straight-line method over the estimated useful lives of the intangible assets as follows: | |||||||||||||||||
Non-compete agreements | 5 to 10 years | ||||||||||||||||
Customer relationship | 5 to 8 years | ||||||||||||||||
Licensing agreements | 10 years | ||||||||||||||||
Expected Amortization Expense | ' | ||||||||||||||||
Amortization expense of intangibles totaled $2.5 million, $2.9 million and $5.2 million in 2013, 2012 and 2011, respectively. The estimated amortization expense for intangibles for each of the five succeeding fiscal years is as follows (in thousands): | |||||||||||||||||
2014 | $ | 2,184 | |||||||||||||||
2015 | 1,959 | ||||||||||||||||
2016 | 954 | ||||||||||||||||
2017 | 797 | ||||||||||||||||
2018 | 535 | ||||||||||||||||
Thereafter | 812 | ||||||||||||||||
Total | $ | 7,241 |
DEBT_Tables
DEBT (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
DEBT [Abstract] | ' | ||||||||
Long-term Debt and Capital Lease Obligations | ' | ||||||||
Long-term debt obligations are summarized as follows on December 28, 2013 and December 29, 2012 (amounts in thousands): | |||||||||
2013 | 2012 | ||||||||
Series 2012 Senior Notes Tranche A, due on December 17,2022, interest payable semi-annually at 3.89% | $ | 35,000 | $ | 35,000 | |||||
Series 2012 Senior Notes Tranche B, due on December 17,2024, interest payable semi-annually at 3.98% | 40,000 | 40,000 | |||||||
Revolving credit facility totaling $265 million due on November 14, 2016,interest payable monthly at a floating rate (1.27% on December 29,2012) | - | 11,090 | |||||||
Series 1999 Industrial Development Revenue Bonds, due on August 1, 2029, interest payable monthly at a floating rate (0.19% on December 28, 2013 and 0.35% on December 29, 2012) | 3,300 | 3,300 | |||||||
Series 2000 Industrial Development Revenue Bonds, due on October 1, 2020, interest payable monthly at a floating rate (0.30% on December 28, 2013 and 0.46% on December 29, 2012) | 2,700 | 2,700 | |||||||
Series 2001 Industrial Development Revenue Bonds Series 2002 Industrial Development Revenue Bonds, due on December 1, 2022, interest payable monthly at a floating rate (0.29% on December 28, 2013 and 0.45% on December 29, 2012) | 3,700 | 3,700 | |||||||
84,700 | 95,790 | ||||||||
Less current portion | - | - | |||||||
Long-term portion | $ | 84,700 | $ | 95,790 | |||||
Principal Maturities of Long-term Debt and Capital Lease Obligations | ' | ||||||||
On December 28, 2013, the principal maturities of long-term debt and capital lease obligations are as follows (in thousands): | |||||||||
2014 | $ | - | |||||||
2015 | - | ||||||||
2016 | - | ||||||||
2017 | - | ||||||||
2017 | - | ||||||||
Thereafter | $ | 84,700 | |||||||
$ | 84,700 |
LEASES_Tables
LEASES (Tables) | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
LEASES [Abstract] | ' | ||||
Future Minimum Lease Payments | ' | ||||
We lease certain real estate under operating lease agreements with original terms ranging from one to ten years. We are required to pay real estate taxes and other occupancy costs under these leases. Certain leases carry renewal options of five to fifteen years. We also lease motor vehicles, equipment, and an aircraft under operating lease agreements for periods of one to ten years. Future minimum payments under non-cancelable operating leases on December 28, 2013 are as follows (in thousands): | |||||
Operating | |||||
Leases | |||||
2014 | $ | 4,235 | |||
2015 | 2,115 | ||||
2016 | 1,384 | ||||
2017 | 976 | ||||
2018 | 884 | ||||
Thereafter | 564 | ||||
Total minimum lease payments | $ | 10,158 |
COMMON_STOCK_Tables
COMMON STOCK (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
COMMON STOCK [Abstract] | ' | ||||||||||||||||
Stock Option Plans Activity | ' | ||||||||||||||||
A summary of the transactions under the stock option plans is as follows: | |||||||||||||||||
Stock Under | Weighted- | Average | Aggregate | ||||||||||||||
Option | Average | Remaining | Intrinsic Value | ||||||||||||||
Exercise Price | Contractual | ||||||||||||||||
Per Share | Term | ||||||||||||||||
Outstanding at December 25, 2010 | 359,997 | 24.04 | 2.35 | 5,012,758 | |||||||||||||
Exercised | (122,517 | ) | 21.33 | 1,153,067 | |||||||||||||
Forfeited or expired | (46,146 | ) | 20.57 | ||||||||||||||
Outstanding at December 31, 2011 | 191,334 | 26.6 | 1.83 | 872,441 | |||||||||||||
Exercised | (79,550 | ) | 21.82 | 970,698 | |||||||||||||
Forfeited or expired | (1,678 | ) | 21.84 | ||||||||||||||
Outstanding at December 29, 2012 | 110,106 | 30.13 | 1.64 | 845,915 | |||||||||||||
Exercised | (77,632 | ) | 29.49 | 1,221,004 | |||||||||||||
Forfeited or expired | - | - | - | ||||||||||||||
Outstanding at December 28, 2013 | 32,474 | 31.65 | 1.55 | 661,674 | |||||||||||||
Vested or expected to vest at December 28, 2013 | (31,000 | ) | 31.7 | ||||||||||||||
Exercisable at December 28, 2013 | 1,474 | $ | 30.64 | 0.59 | $ | 31,529 | |||||||||||
Nonvested Restricted Shares Activity | ' | ||||||||||||||||
A summary of the nonvested restricted stock awards granted under the LTSIP is as follows: | |||||||||||||||||
Restricted | Weighted- | Unrecognized | Weighted- | ||||||||||||||
Awards | Average | Compensation | Average | ||||||||||||||
Grant Date | Expense | Period to | |||||||||||||||
Fair Value | (in millions) | Recognize | |||||||||||||||
Expense | |||||||||||||||||
Nonvested at December 25, 2010 | 219,794 | $ | 28.17 | $ | 2.8 | 2.30 years | |||||||||||
Granted | 71,950 | 38.19 | |||||||||||||||
Vested | (113,244 | ) | 29.13 | ||||||||||||||
Forfeited | (15,500 | ) | 30.12 | ||||||||||||||
Nonvested at December 31, 2011 | 163,000 | 31.75 | 3.4 | 3.37 years | |||||||||||||
Granted | 37,433 | 35.05 | |||||||||||||||
Vested | (859 | ) | 29.72 | ||||||||||||||
Forfeited | (12,965 | ) | 30.35 | ||||||||||||||
Nonvested at December 29, 2012 | 186,609 | 32.22 | 3.2 | 2.68 years | |||||||||||||
Granted | 36,481 | 40.58 | |||||||||||||||
Vested | (9,955 | ) | 40.58 | ||||||||||||||
Forfeited | (6,715 | ) | 31.96 | ||||||||||||||
Nonvested at December 28, 2013 | 206,420 | $ | 32.52 | $ | 2.9 | 2.00 years |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
INCOME TAXES [Abstract] | ' | ||||||||||||
Components of income tax expense (benefit) | ' | ||||||||||||
Income tax provisions for the years ended December 28, 2013, December 29, 2012, and December 31, 2011 are summarized as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Currently Payable: | |||||||||||||
Federal | $ | 12,683 | $ | 5,167 | $ | 453 | |||||||
State and local | 3,381 | 2,160 | 1,419 | ||||||||||
Foreign | 3,928 | 3,123 | 3,000 | ||||||||||
19,992 | 10,450 | 4,872 | |||||||||||
Net Deferred: | |||||||||||||
Federal | 3,696 | 3,464 | (1,884 | ) | |||||||||
State and local | 600 | 946 | (137 | ) | |||||||||
Foreign | 166 | 194 | 23 | ||||||||||
4,462 | 4,604 | (1,998 | ) | ||||||||||
$ | 24,454 | $ | 15,054 | $ | 2,874 | ||||||||
Components of earnings before income taxes | ' | ||||||||||||
The components of earnings before income taxes consist of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. | $ | 59,334 | $ | 31,768 | $ | 328 | |||||||
Foreign | 10,924 | 9,296 | 8,459 | ||||||||||
Total | $ | 70,258 | $ | 41,064 | $ | 8,787 | |||||||
Effective income tax rate reconciliation | ' | ||||||||||||
The effective income tax rates are different from the statutory federal income tax rates for the following reasons: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 34 | % | |||||||
State and local taxes (net of federal benefits) | 4.2 | 5.2 | 8.2 | ||||||||||
Effect of noncontrolling owned interest in earnings of partnerships | (0.3 | ) | (0.5 | ) | (3.0 | ) | |||||||
Manufacturing deduction | (2.0 | ) | (1.6 | ) | (1.9 | ) | |||||||
Tax credits, including foreign tax credit | (2.5 | ) | (1.2 | ) | (15.4 | ) | |||||||
Change in valuation allowance | - | - | - | ||||||||||
Change in uncertain tax positions reserve | 0.6 | (1.0 | ) | 0.4 | |||||||||
Foreign rate differential | 0.3 | 0.7 | 0.4 | ||||||||||
Other permanent differences | 0.6 | 1.1 | 4.9 | ||||||||||
Other, net | (1.1 | ) | (1.1 | ) | 4.9 | ||||||||
Effective income tax rate | 34.8 | % | 36.6 | % | 32.5 | % | |||||||
Components of deferred tax assets and liabilities | ' | ||||||||||||
Temporary differences which give rise to deferred income tax assets and (liabilities) on December 28, 2013 and December 29, 2012 are as follows (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Employee benefits | $ | 7,698 | $ | 7,295 | |||||||||
Net operating loss carryforwards | 1,136 | 1,780 | |||||||||||
Foreign subsidiary capital loss carryforward | 628 | 671 | |||||||||||
Other tax credits | 2,141 | 1,494 | |||||||||||
Inventory | 113 | 838 | |||||||||||
Reserves on receivables | 1,011 | 1,193 | |||||||||||
Accrued expenses | 4,470 | 2,995 | |||||||||||
Other, net | 3,172 | 2,673 | |||||||||||
Gross deferred income tax assets | 20,369 | 18,939 | |||||||||||
Valuation allowance | (1,021 | ) | (859 | ) | |||||||||
Deferred income tax assets | 19,348 | 18,080 | |||||||||||
Depreciation | (21,114 | ) | (18,248 | ) | |||||||||
Intangibles | (15,269 | ) | (12,781 | ) | |||||||||
Other, net | (1,522 | ) | (1,010 | ) | |||||||||
Deferred income tax liabilities | (37,905 | ) | (32,039 | ) | |||||||||
Net deferred income tax liability | $ | (18,557 | ) | $ | (13,959 | ) |
ACCOUNTING_FOR_UNCERTAINTY_IN_1
ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES [Abstract] | ' | ||||||||||||
Reconciliation of beginning and ending amount of unrecognized tax benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Gross unrecognized tax benefits beginning of year | $ | 1,531 | $ | 1,837 | $ | 1,253 | |||||||
Increase in tax positions for prior years | 230 | 1 | 225 | ||||||||||
Increase in tax positions for current year | 481 | 68 | 391 | ||||||||||
Settlements with taxing authorities | - | (137 | ) | - | |||||||||
Lapse in statute of limitations | (319 | ) | (238 | ) | (32 | ) | |||||||
Gross unrecognized tax benefits end of year | $ | 1,923 | $ | 1,531 | $ | 1,837 |
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
SEGMENT REPORTING [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||
Our operating segments consist of the Eastern, Western, Site-Built, Consumer Products, Pinelli Universal and Distribution divisions. In accordance with ASC 280, due to the similar economic characteristics, nature of products, distribution methods, and customers, we have aggregated our Eastern and Western operating segments into one reportable segment. The Site-Built division is considered a separate reportable segment. Our other divisions do not collectively form a reportable segment because their respective operations are dissimilar and they do not meet the applicable quantitative requirements. These operations have been included in the “All Other” column of the table below. The “Corporate” column includes unallocated administrative costs. | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Eastern | Site-Built | All | Corporate | Total | |||||||||||||||||||||
and | Other | ||||||||||||||||||||||||
Western | |||||||||||||||||||||||||
Divisions | |||||||||||||||||||||||||
Net sales to outside customers | $ | 1,987,751 | $ | 272,114 | $ | 210,583 | $ | - | $ | 2,470,448 | |||||||||||||||
Intersegment net sales | 86,050 | 15,918 | 11,798 | - | 113,766 | ||||||||||||||||||||
Interest expense | 404 | - | - | 4,447 | 4,851 | ||||||||||||||||||||
Amortization expense | 1,424 | - | 1,049 | - | 2,473 | ||||||||||||||||||||
Depreciation expense | 18,617 | 2,284 | 4,520 | 5,670 | 31,091 | ||||||||||||||||||||
Segment earnings from operations | 79,419 | 7,947 | (2,366 | ) | (10,732 | ) | 74,268 | ||||||||||||||||||
Segment assets | 642,652 | 103,227 | 99,464 | 71,644 | 916,987 | ||||||||||||||||||||
Capital expenditures | 23,159 | 2,310 | 6,285 | 8,269 | 40,023 | ||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Eastern | Site-Built | All | Corporate | Total | |||||||||||||||||||||
and | Other | ||||||||||||||||||||||||
Western | |||||||||||||||||||||||||
Divisions | |||||||||||||||||||||||||
Net sales to outside customers | $ | 1,635,178 | $ | 222,824 | $ | 196,931 | $ | - | $ | 2,054,933 | |||||||||||||||
Intersegment net sales | 62,806 | 20,396 | 12,724 | - | 95,926 | ||||||||||||||||||||
Interest expense | 373 | - | 51 | 3,629 | 4,053 | ||||||||||||||||||||
Amortization expense | 1,667 | - | 1,251 | - | 2,918 | ||||||||||||||||||||
Depreciation expense | 17,762 | 2,054 | 4,286 | 6,359 | 30,461 | ||||||||||||||||||||
Segment earnings from operations | 60,573 | 1,299 | (11,316 | ) | (6,028 | ) | 44,528 | ||||||||||||||||||
Segment assets | 588,567 | 102,923 | 103,309 | 65,741 | 860,540 | ||||||||||||||||||||
Capital expenditures | 15,411 | 830 | 11,967 | 2,136 | 30,344 | ||||||||||||||||||||
2011 | |||||||||||||||||||||||||
Eastern | Site-Built | All | Corporate | Total | |||||||||||||||||||||
and | Other | ||||||||||||||||||||||||
Western | |||||||||||||||||||||||||
Divisions | |||||||||||||||||||||||||
Net sales to outside customers | $ | 1,486,058 | $ | 183,120 | $ | 153,158 | $ | - | $ | 1,822,336 | |||||||||||||||
Intersegment net sales | 77,858 | 24,907 | 28,636 | - | 131,401 | ||||||||||||||||||||
Interest expense | 440 | 154 | - | 3,138 | 3,732 | ||||||||||||||||||||
Amortization expense | 3,571 | - | 1,612 | - | 5,183 | ||||||||||||||||||||
Depreciation expense | 19,036 | 2,380 | 3,240 | 6,148 | 30,804 | ||||||||||||||||||||
Segment earnings from operations | 28,198 | (6,349 | ) | (8,731 | ) | (1,107 | ) | 12,011 | |||||||||||||||||
Segment assets | 520,506 | 87,160 | 82,993 | 73,348 | 764,007 | ||||||||||||||||||||
Capital expenditures | 14,870 | 1,007 | 8,856 | 8,199 | 32,932 | ||||||||||||||||||||
Information Regarding Principal Geographic Areas | ' | ||||||||||||||||||||||||
Information regarding principal geographic areas was as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Net Sales | Long-Lived | Net Sales | Long-Lived | Net Sales | Long-Lived | ||||||||||||||||||||
Tangible Assets | Tangible Assets | Tangible Assets | |||||||||||||||||||||||
United States | $ | 2,410,313 | $ | 233,237 | $ | 2,005,740 | $ | 222,272 | $ | 1,779,909 | $ | 221,269 | |||||||||||||
Foreign | 60,135 | 16,260 | 49,193 | 17,097 | 42,427 | 16,578 | |||||||||||||||||||
Total | $ | 2,470,448 | $ | 249,497 | $ | 2,054,933 | $ | 239,369 | $ | 1,822,336 | $ | 237,847 | |||||||||||||
Percentage of Value-added and Commodity-based Sales to Total Sales | ' | ||||||||||||||||||||||||
The following table presents, for the periods indicated, our percentage of value-added and commodity-based sales to total sales. | |||||||||||||||||||||||||
Value-Added | Commodity-Based | ||||||||||||||||||||||||
2013 | 58.1 | % | 41.9 | % | |||||||||||||||||||||
2012 | 58.7 | % | 41.3 | % | |||||||||||||||||||||
2011 | 58.8 | % | 41.2 | % | |||||||||||||||||||||
Gross Sales by Major Product Classification | ' | ||||||||||||||||||||||||
The following table presents, for the periods indicated, our gross sales (in thousands) by major product classification. | |||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||
December 28, | December 29, | December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Value-Added Sales | |||||||||||||||||||||||||
Trusses – residential, modular and manufactured housing | $ | 238,093 | $ | 185,939 | $ | 148,715 | |||||||||||||||||||
Fencing | 120,765 | 125,887 | 145,486 | ||||||||||||||||||||||
Decking and railing – composite, wood and other | 131,102 | 123,935 | 126,832 | ||||||||||||||||||||||
Turn-key framing and installed sales | 159,811 | 137,633 | 120,317 | ||||||||||||||||||||||
Industrial packaging and components | 251,224 | 199,595 | 174,057 | ||||||||||||||||||||||
Engineered wood products (eg. LVL; i-joist) | 60,335 | 50,703 | 41,313 | ||||||||||||||||||||||
Manufactured brite and other lumber | 64,465 | 56,991 | 49,355 | ||||||||||||||||||||||
Wall panels | 36,908 | 23,584 | 19,049 | ||||||||||||||||||||||
Outdoor DIY products (eg. stakes; landscape ties) | 47,251 | 38,916 | 40,716 | ||||||||||||||||||||||
Construction and building materials (eg. door packages; drywall) | 162,362 | 125,446 | 94,768 | ||||||||||||||||||||||
Lattice – plastic and wood | 38,959 | 38,005 | 42,792 | ||||||||||||||||||||||
Manufactured brite and other panels | 80,335 | 61,013 | 39,772 | ||||||||||||||||||||||
Siding, trim and moulding | 29,157 | 24,996 | 20,088 | ||||||||||||||||||||||
Hardware | 16,295 | 13,350 | 12,094 | ||||||||||||||||||||||
Manufactured treated lumber | 11,183 | 11,566 | 11,749 | ||||||||||||||||||||||
Manufactured treated panels | 5,882 | 6,336 | 5,418 | ||||||||||||||||||||||
Other | 106 | 54 | 94 | ||||||||||||||||||||||
Total Value-Added Sales | 1,454,233 | 1,223,949 | 1,092,615 | ||||||||||||||||||||||
Commodity-Based Sales | |||||||||||||||||||||||||
Non-manufactured brite and other lumber | 421,071 | 348,083 | 304,070 | ||||||||||||||||||||||
Non-manufactured treated lumber | 349,156 | 285,929 | 285,340 | ||||||||||||||||||||||
Non-manufactured brite and other panels | 239,641 | 194,144 | 144,236 | ||||||||||||||||||||||
Non-manufactured treated panels | 30,450 | 25,782 | 23,386 | ||||||||||||||||||||||
Other | 9,361 | 8,118 | 7,767 | ||||||||||||||||||||||
Total Commodity-Based Sales | 1,049,679 | 862,056 | 764,799 | ||||||||||||||||||||||
Total Gross Sales | 2,503,912 | 2,086,005 | 1,857,414 | ||||||||||||||||||||||
Sales allowances | (33,464 | ) | (31,072 | ) | (35,078 | ) | |||||||||||||||||||
Total Net Sales | 2,470,448 | 2,054,933 | $ | 1,822,336 |
QUARTERLY_FINANCIAL_INFORMATIO1
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) [Abstract] | ' | ||||||||||||||||||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||||||||||||||||||
The following table sets forth selected financial information for all of the quarters, each consisting of 13 weeks during the years ended December 28, 2013 and December 29, 2012 (in thousands, except per share data): | |||||||||||||||||||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Net sales | $ | 554,494 | $ | 457,111 | $ | 738,436 | $ | 593,693 | $ | 651,780 | $ | 533,366 | $ | 525,738 | $ | 470,763 | |||||||||||||||||
Gross profit | 57,818 | 53,666 | 80,216 | 72,075 | 78,289 | 55,227 | 64,229 | 44,142 | |||||||||||||||||||||||||
Net earnings (loss) | 5,756 | 4,386 | 16,373 | 18,010 | 15,015 | 4,756 | 8,660 | (1,141 | ) | ||||||||||||||||||||||||
Net earnings (loss) attributable to controlling interest | 5,224 | 4,155 | 15,772 | 17,509 | 14,091 | 4,198 | 7,995 | (1,927 | ) | ||||||||||||||||||||||||
Basic earnings (loss) per share | 0.26 | 0.21 | 0.79 | 0.88 | 0.71 | 0.21 | 0.4 | (0.10 | ) | ||||||||||||||||||||||||
Diluted earnings (loss) per share | 0.26 | 0.21 | 0.79 | 0.88 | 0.71 | 0.21 | 0.4 | (0.10 | ) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | ||||
Contract | Week | Week | Week | |||||||||||
Contract | ||||||||||||||
PRINCIPLES OF CONSOLIDATION [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Requisite ownership to consolidate (in hundredths) | 50.00% | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | |||
FISCAL YEAR [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weeks in fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | 52 | 52 | 53 | |||
Additional sales due to additional week in fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,000,000 | |||
CASH AND CASH EQUIVALENTS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash equivalents liquidity period | '3 months | ' | ' | ' | ' | ' | ' | ' | '3 months | ' | ' | |||
Cash equivalents | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | |||
Amount required to be held for loss funding | 700,000 | ' | ' | ' | 500,000 | ' | ' | ' | 700,000 | 500,000 | ' | |||
Amounts held in escrow for purchase of operating assets of Custom Caseworks, Inc. | 6,300,000 | ' | ' | ' | ' | ' | ' | ' | 6,300,000 | ' | ' | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Allowance for possible losses on accounts receivable, Beginning Balance | ' | ' | ' | 2,550,000 | ' | ' | ' | 2,053,000 | 2,550,000 | 2,053,000 | 2,611,000 | |||
Allowance for possible losses on accounts receivable, Additions Charged to Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 17,114,000 | 16,687,000 | 18,144,000 | |||
Allowance for possible losses on accounts receivable, Deductions | ' | ' | ' | ' | ' | ' | ' | ' | -17,604,000 | [1] | -16,190,000 | [1] | -18,702,000 | [1] |
Allowance for possible losses on accounts receivable, Ending Balance | 2,060,000 | ' | ' | ' | 2,550,000 | ' | ' | ' | 2,060,000 | 2,550,000 | 2,053,000 | |||
ACCOUNTS RECEIVABLE AND ALLOWANCES [ABSTRACT] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accounts receivable retainage | 8,300,000 | ' | ' | ' | 6,900,000 | ' | ' | ' | 8,300,000 | 6,900,000 | ' | |||
Accounts receivable retainage, collection period | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | |||
NOTES RECEIVABLE AND ALLOWANCES [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Current portion of notes receivable | 800,000 | ' | ' | ' | 200,000 | ' | ' | ' | 800,000 | 200,000 | ' | |||
Notes receivable long term portion | 5,100,000 | ' | ' | ' | 7,700,000 | ' | ' | ' | 5,100,000 | 7,700,000 | ' | |||
Allowance for Notes Receivable [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Allowance for possible losses on accounts receivable, Beginning Balance | ' | ' | ' | 3,226,000 | ' | ' | ' | 0 | 3,226,000 | 0 | ' | |||
Allowance for possible losses on notes receivable, Additions | ' | ' | ' | ' | ' | ' | ' | ' | 887,000 | 3,226,000 | ' | |||
Allowance for possible losses on notes receivable, Deductions | ' | ' | ' | ' | ' | ' | ' | ' | -3,088,000 | 0 | ' | |||
Allowance for possible losses on accounts receivable, Ending Balance | 1,025,000 | ' | ' | ' | 3,226,000 | ' | ' | ' | 1,025,000 | 3,226,000 | 0 | |||
INVENTORIES [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Inventory on consignment | 11,400,000 | ' | ' | ' | 10,900,000 | ' | ' | ' | 11,400,000 | 10,900,000 | ' | |||
INSURANCE RESERVES [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of insurance contracts with third party by Ardellis | 9 | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | |||
Reserve associated with contracts to third party by Ardellis | 900,000 | ' | ' | ' | 200,000 | ' | ' | ' | 900,000 | 200,000 | ' | |||
REVENUE RECOGNITION [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Construction contracts completion term, minimum | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | |||
Construction contracts completion term, maximum | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | |||
Percentage-of-Completion Account Balances [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Costs and Earnings in Excess of Billings | 6,903,000 | ' | ' | ' | 4,981,000 | ' | ' | ' | 6,903,000 | 4,981,000 | ' | |||
Billings in Excess of Cost and Earnings | 2,858,000 | ' | ' | ' | 2,020,000 | ' | ' | ' | 2,858,000 | 2,020,000 | ' | |||
Numerator [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net earnings attributable to controlling interest | 7,995,000 | 14,091,000 | 15,772,000 | 5,224,000 | -1,927,000 | 4,198,000 | 17,509,000 | 4,155,000 | 43,082,000 | 23,934,000 | 4,549,000 | |||
Adjustment for earnings allocated to non-vested restricted common stock | ' | ' | ' | ' | ' | ' | ' | ' | -412,000 | -210,000 | -38,000 | |||
Net earnings for calculating EPS | ' | ' | ' | ' | ' | ' | ' | ' | $42,670,000 | $23,724,000 | $4,511,000 | |||
Denominator [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted average shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 19,952,000 | 19,800,000 | 19,572,000 | |||
Adjustment for non-vested restricted common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | -191,000 | -173,000 | -165,000 | |||
Shares for calculating basic EPS (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 19,761,000 | 19,627,000 | 19,407,000 | |||
Effect of dilutive stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 54,000 | 6,000 | 126,000 | |||
Shares for calculating diluted EPS (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 19,815,000 | 19,633,000 | 19,533,000 | |||
Net earnings per share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic (in dollars per share) | $0.40 | $0.71 | $0.79 | $0.26 | ($0.10) | $0.21 | $0.88 | $0.21 | $2.16 | $1.21 | $0.23 | |||
Diluted (in dollars per share) | $0.40 | $0.71 | $0.79 | $0.26 | ($0.10) | $0.21 | $0.88 | $0.21 | $2.15 | $1.21 | $0.23 | |||
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Options excluded from computation of diluted EPS (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 105,000 | |||
Land Improvements [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Property, plant and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | |||
Land Improvements [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Property, plant and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | |||
Building and Improvements [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Property, plant and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | |||
Building and Improvements [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Property, plant and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '31 years 6 months | ' | ' | |||
Machinery, Equipment and Office Furniture [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Property, plant and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | |||
Machinery, Equipment and Office Furniture [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Property, plant and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | |||
[1] | Includes accounts charged off, discounts given to customers and actual customer returns and allowances. |
FAIR_VALUE_Details
FAIR VALUE (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | $1,776 | $3,060 |
Quoted Prices in Active Markets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 1,776 | 1,460 |
Prices with Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 0 | 1,600 |
Recurring [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 62 | 62 |
Recurring [Member] | Domestic Stock Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 813 | 613 |
Recurring [Member] | International Stock Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 586 | 500 |
Recurring [Member] | Target Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 176 | 145 |
Recurring [Member] | Bond Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 139 | 140 |
Recurring [Member] | Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 1,776 | 1,398 |
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 62 | 62 |
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Domestic Stock Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 813 | 613 |
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | International Stock Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 586 | 500 |
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Target Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 176 | 145 |
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Bond Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 139 | 140 |
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 1,776 | 1,398 |
Recurring [Member] | Prices with Other Observable Inputs (Level 2) [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 0 | 0 |
Recurring [Member] | Prices with Other Observable Inputs (Level 2) [Member] | Domestic Stock Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 0 | 0 |
Recurring [Member] | Prices with Other Observable Inputs (Level 2) [Member] | International Stock Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 0 | 0 |
Recurring [Member] | Prices with Other Observable Inputs (Level 2) [Member] | Target Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 0 | 0 |
Recurring [Member] | Prices with Other Observable Inputs (Level 2) [Member] | Bond Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 0 | 0 |
Recurring [Member] | Prices with Other Observable Inputs (Level 2) [Member] | Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 0 | 0 |
Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Property, plant and equipment | 0 | 1,600 |
Nonrecurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Property, plant and equipment | 0 | 0 |
Nonrecurring [Member] | Prices with Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Property, plant and equipment | $0 | $1,600 |
BUSINESS_COMBINATIONS_Details
BUSINESS COMBINATIONS (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 28, 2013 | Dec. 31, 2011 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | |
Business | SE Panel and Lumber Supply, LLC [Member] | Premier Laminating Services, Inc. [Member] | Premier Laminating Services, Inc. [Member] | Premier Laminating Services, Inc. [Member] | Millry Mill Company, Inc. [Member] | Millry Mill Company, Inc. [Member] | Millry Mill Company, Inc. [Member] | Custom Caseworks, Inc. [Member] | Custom Caseworks, Inc. [Member] | Custom Caseworks, Inc. [Member] | Nepa Pallet and Container Co., Inc. [Member] | Nepa Pallet and Container Co., Inc. [Member] | Nepa Pallet and Container Co., Inc. [Member] | Nepa Pallet and Container Co., Inc. [Member] | MSR Forest Products, LLC [Member] | MSR Forest Products, LLC [Member] | MSR Forest Products, LLC [Member] | MSR Forest Products, LLC [Member] | |||
Non-compete Agreements [Member] | Customer Relationships [Member] | Non-compete Agreements [Member] | Customer Relationships [Member] | Non-compete Agreements [Member] | Customer Relationships [Member] | Non-compete Agreements [Member] | Customer Relationships [Member] | Non-compete Agreements [Member] | Customer Relationships [Member] | ||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of businesses acquired | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company Name | ' | ' | ' | 'SE Panel and Lumber Supply, LLC (bSE Panelb) | 'Premier Laminating Services, Inc. (bPremier Laminatingb) | ' | ' | 'Millry Mill Company, Inc. (bMillryb) | ' | ' | 'Custom Caseworks, Inc. (bCustom Caseworksb) | ' | ' | 'Nepa Pallet and Container Co., Inc. (bNepab) | ' | ' | ' | 'MSR Forest Products, LLC (bMSRb) | ' | ' | ' |
Acquisition Date | ' | ' | ' | 8-Nov-13 | 31-May-13 | ' | ' | 28-Feb-13 | ' | ' | 31-Dec-12 | ' | ' | 5-Nov-12 | ' | ' | ' | 16-May-12 | ' | ' | ' |
Purchase Price | ' | ' | ' | $2,181,000 | $696,000 | ' | ' | $2,323,000 | ' | ' | $6,278,000 | ' | ' | $16,175,000 | ' | ' | ' | $3,208,000 | ' | ' | ' |
Intangible Assets | ' | ' | ' | 0 | 250,000 | 250,000,000 | 0 | 50,000 | 50,000,000 | 0 | 2,000,000 | 220,000,000 | 620,000,000 | 1,350,000 | ' | 330,000,000 | 0 | 1,164,000 | ' | 0 | 0 |
Net Tangible Assets | ' | ' | ' | 2,181,000 | 446,000 | ' | ' | 2,273,000 | ' | ' | 4,278,000 | ' | ' | 14,825,000 | ' | ' | ' | 2,044,000 | ' | ' | ' |
Operating Segment | ' | ' | ' | 'Eastern Division | 'Western Division | ' | ' | 'Eastern Division | ' | ' | 'Western Division | ' | ' | 'Western Division | ' | ' | ' | 'Eastern Division | ' | ' | ' |
Business Description | ' | ' | ' | 'A distributor of Olympic Panel overlay concrete forming panels and commodity lumber products to the concrete forming and construction industries. Facility is located in South Daytona, FL. SE Panel had annual sales of $5.4 million. | 'A business specialized in environmentally sustainable laminated wooden products. Facility is located in Perris, CA. Premier Laminating had annual sales of $6.2 million. | ' | ' | 'A highly specialized export mill that produces rough dimension boards and lumber. Facility is located in Millry, AL. Millry had annual sales of $4.7 million. | ' | ' | 'A high-precision business-to-business manufacturer of engineered wood products in many commercial markets. Facility is located in Sauk Rapids, MN. Custom Caseworks had annual sales of $7 million. | ' | ' | 'Manufactures pallets, containers and bins for agricultural and industrial customers. Facilities are located in Snohomish, Yakima and Wenatchee, WA. NEPA had trailing twelve month sales of $25 million. | ' | ' | ' | 'Supplies roof trusses and cut-to-size lumber to manufactured housing customers. Facilities are located in Haleyville, AL and Waycross, GA. MSR had annual sales of $10 million. | ' | ' | ' |
Acquired entity, prior year sales | ' | ' | ' | 5,400,000 | 6,200,000 | ' | ' | 4,700,000 | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' |
Trailing twelve month sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified from goodwill to amortizable intangible assets | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 160,146,000 | 154,702,000 | 159,316,000 | ' | 0 | ' | ' | 0 | ' | ' | 1,160,000,000 | ' | ' | ' | 1,020,000,000 | ' | ' | ' | 1,164,000,000 | ' | ' |
Goodwill - Tax Deductible | ' | ' | ' | ' | $0 | ' | ' | $0 | ' | ' | $1,160,000,000 | ' | ' | ' | $1,020,000,000 | ' | ' | ' | $1,164,000,000 | ' | ' |
NET_LOSS_GAIN_ON_DISPOSITION_O1
NET LOSS (GAIN) ON DISPOSITION OF ASSETS, EARLY RETIRMENT AND OTHER IMPAIRMENT AND EXIT CHARGES (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2012 | Jun. 25, 2011 |
NET LOSS (GAIN) ON DISPOSITION OF ASSETS, EARLY RETIRMENT AND OTHER IMPAIRMENT AND EXIT CHARGES [Abstract] | ' | ' |
Proceeds from sale of real estate | $12.10 | ' |
Pre-tax gain from sale of real estate | 7.2 | ' |
Present value of future noncompete agreement payments | ' | $2.60 |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Non-compete agreements | $1,340 | $3,730 | ' |
Customer relationships | 9,480 | 8,860 | ' |
Licensing agreements | 4,589 | 4,589 | ' |
Patents | 3,393 | 3,250 | ' |
Total | 18,802 | 20,429 | ' |
Accumulated Amortization | -11,561 | -12,328 | ' |
Amortization of intangibles | 2,473 | 2,918 | 5,183 |
Indefinite-lived intangible assets | 2,340 | 2,340 | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, Beginning Balance | 159,316 | 154,702 | ' |
Goodwill, Acquisitions | 1,160 | 2,514 | ' |
Goodwill, Other | -330 | 2,100 | ' |
Goodwill, Ending Balance | 160,146 | 159,316 | 154,702 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2014 | 2,184 | ' | ' |
2015 | 1,959 | ' | ' |
2016 | 954 | ' | ' |
2017 | 797 | ' | ' |
2018 | 535 | ' | ' |
Thereafter | 812 | ' | ' |
Total | 7,241 | 8,101 | ' |
Non-compete Agreements [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Accumulated Amortization | -514 | -3,366 | ' |
Non-compete Agreements [Member] | Minimum [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful lives of intangible assets | '5 years | ' | ' |
Non-compete Agreements [Member] | Maximum [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful lives of intangible assets | '10 years | ' | ' |
Customer Relationships [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Accumulated Amortization | -6,832 | -5,465 | ' |
Customer Relationships [Member] | Minimum [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful lives of intangible assets | '5 years | ' | ' |
Customer Relationships [Member] | Maximum [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful lives of intangible assets | '8 years | ' | ' |
Licensing Agreements [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Accumulated Amortization | -1,606 | -1,147 | ' |
Estimated useful lives of intangible assets | '10 years | ' | ' |
Patents [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Accumulated Amortization | -2,609 | -2,350 | ' |
Eastern and Western [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, Beginning Balance | 127,925 | 123,311 | ' |
Goodwill, Acquisitions | 1,160 | 2,514 | ' |
Goodwill, Other | -330 | 2,100 | ' |
Goodwill, Ending Balance | 128,755 | 127,925 | ' |
Site-Built [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, Beginning Balance | 21,720 | 21,720 | ' |
Goodwill, Acquisitions | 0 | 0 | ' |
Goodwill, Other | 0 | 0 | ' |
Goodwill, Ending Balance | 21,720 | 21,720 | ' |
All Other [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, Beginning Balance | 9,671 | 9,671 | ' |
Goodwill, Acquisitions | 0 | 0 | ' |
Goodwill, Other | 0 | 0 | ' |
Goodwill, Ending Balance | $9,671 | $9,671 | ' |
DEBT_Details
DEBT (Details) (USD $) | 12 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Term of debt | '1 year | ' |
Letters of Credit Outstanding, Amount | $26,500,000 | $28,700,000 |
Debt | 84,700,000 | 95,790,000 |
Less current portion | 0 | 0 |
Long-term portion | 84,700,000 | 95,790,000 |
Principal Maturities of Long-term Debt and Capital Lease Obligations [Abstract] | ' | ' |
2014 | 0 | ' |
2015 | 0 | ' |
2016 | 0 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
Thereafter | 84,700,000 | ' |
Total | 84,700,000 | 95,790,000 |
Fair value of long-term debt including current portion | 79,900,000 | ' |
Industrial Development Revenue Bonds Letters of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Letters of Credit Outstanding, Amount | 9,800,000 | 9,800,000 |
Letters of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Annual interest rate (in hundredths) | ' | 0.75% |
$265 Million Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Term of debt | ' | '5 years |
Maximum borrowing capacity | ' | 265,000,000 |
Debt | 0 | 11,090,000 |
Debt Instrument, Maturity Date | 14-Nov-16 | ' |
Interest rate at period end (in hundredths) | ' | 1.27% |
$265 Million Revolving Credit Facility [Member] | Minimum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Basis spread on variable rate (in hundredths) | ' | 1.10% |
Facility fee (in hundredths) | ' | 0.15% |
Interest rate (in hundredths) | 1.10% | ' |
$265 Million Revolving Credit Facility [Member] | Maximum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Basis spread on variable rate (in hundredths) | ' | 1.65% |
Facility fee (in hundredths) | ' | 0.35% |
Interest rate (in hundredths) | 1.65% | ' |
Series 1999 industrial Development Revenue Bonds [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | 3,300,000 | 3,300,000 |
Debt Instrument, Maturity Date | 1-Aug-29 | ' |
Interest rate at period end (in hundredths) | 0.19% | 0.35% |
Series 2012 Senior Notes Tranche A [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | 35,000,000 | 35,000,000 |
Debt Instrument, Maturity Date | 17-Dec-22 | ' |
Interest rate (in hundredths) | 3.89% | ' |
Series 2012 Senior Notes Tranche B [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | 40,000,000 | 40,000,000 |
Debt Instrument, Maturity Date | 17-Dec-24 | ' |
Interest rate (in hundredths) | 3.98% | ' |
Series 2000 Industrial Development Revenue Bonds [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | 2,700,000 | 2,700,000 |
Debt Instrument, Maturity Date | 1-Oct-20 | ' |
Interest rate at period end (in hundredths) | 0.30% | 0.46% |
Series 2002 Industrial Development Revenue Bonds [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | $3,700,000 | $3,700,000 |
Debt Instrument, Maturity Date | 1-Dec-22 | ' |
Interest rate at period end (in hundredths) | 0.29% | 0.45% |
LEASES_Details
LEASES (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Future minimum payments under non-cancelable operating leases [Abstract] | ' | ' | ' |
2014 | $4,235,000 | ' | ' |
2015 | 2,115,000 | ' | ' |
2016 | 1,384,000 | ' | ' |
2017 | 976,000 | ' | ' |
2018 | 884,000 | ' | ' |
Thereafter | 564,000 | ' | ' |
Total minimum lease payments | 10,158,000 | ' | ' |
Rent expense | $5,200,000 | $6,900,000 | $9,600,000 |
Minimum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Term of lease | '1 year | ' | ' |
Renewal options of lease | '5 years | ' | ' |
Minimum [Member] | Motor Vehicles, Equipment and Aircraft [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Term of lease | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Term of lease | '10 years | ' | ' |
Renewal options of lease | '15 years | ' | ' |
Maximum [Member] | Motor Vehicles, Equipment and Aircraft [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Term of lease | '10 years | ' | ' |
DEFERRED_COMPENSATION_Details
DEFERRED COMPENSATION (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
DEFERRED COMPENSATION [Abstract] | ' | ' |
Deferred compensation liability | $2 | $2 |
Cash surrender value of life insurance | 2 | 2 |
Assets held by the Plan | 1.8 | 1.5 |
Liabilities related to Plan | $8.40 | $6.70 |
COMMON_STOCK_Details
COMMON STOCK (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 26, 2009 | Dec. 25, 2010 | Oct. 14, 2010 | Nov. 14, 2001 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 25, 2010 | |
Stock Purchase Plan [Member] | Stock Retainer Plan [Member] | Stock Retainer Plan [Member] | Stock Retainer Plan [Member] | LTSIP [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate from fair market value on purchase date (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' |
Multiplier of retainer fee (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' |
Stock Retainer Plan expense | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | $500,000 | $500,000 | ' |
Shares authorized for LTSIP (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Unused shares from prior plans (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 |
Additional shares authorized per year, maximum (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, Beginning Balance (in shares) | 110,106 | 191,334 | 359,997 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | -77,632 | -79,550 | -122,517 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited or expired (in shares) | 0 | -1,678 | -46,146 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, Ending Balance (in shares) | 32,474 | 110,106 | 191,334 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested or expected to vest at December 28, 2013 (in shares) | -31,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at December 28, 2013 (in shares) | 1,474 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, Beginning Balance (in dollars per share) | $30.13 | $26.60 | $24.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | $29.49 | $21.82 | $21.33 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited or expired (in dollars per share) | $0 | $21.84 | $20.57 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, Ending Balance (in dollars per share) | $31.65 | $30.13 | $26.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested or expected to vest at December 28, 2013 (in dollars per share) | $31.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable (in dollars per share) | $30.64 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Remaining Contractual Term of Shares Outstanding | '1 year 6 months 18 days | '1 year 7 months 20 days | '1 year 9 months 29 days | '2 years 4 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' |
Average Remaining Contractual Term of Shares Exercisable | '0 years 7 months 2 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregated Intrinsic Value of Shares Outstanding | 661,674 | 845,915 | 872,441 | ' | 5,012,758 | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | 1,221,004 | 970,698 | 1,153,067 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value of Shares Exercisable | 31,529 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested Restricted Awards, Number of Shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested, Beginning Balance (in shares) | 186,609 | 163,000 | 219,794 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | 36,481 | 37,433 | 71,950 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in shares) | -9,955 | -859 | -113,244 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | -6,715 | -12,965 | -15,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested, Ending Balance (in shares) | 206,420 | 186,609 | 163,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested Restricted Awards, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested, Beginning Balance (in dollars per share) | $32.22 | $31.75 | $28.17 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | $40.58 | $35.05 | $38.19 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in dollars per share) | $40.58 | $29.72 | $29.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | $31.96 | $30.35 | $30.12 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested, Ending Balance (in dollars per share) | $32.52 | $32.22 | $31.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Restricted Awards, Total Compensation Cost Not yet Recognized [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested restricted awards, unrecognized compensation expense | 2,900,000 | 3,200,000 | 3,400,000 | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' |
Nonvested restricted awards, weighted-average period to recognize expense | '2 years | '2 years 8 months 5 days | '3 years 4 months 13 days | '2 years 3 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | 1,874,000 | 1,270,000 | 1,361,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax benefit from share-based compensation | 400,000 | 500,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from option exercises and share issuances under plans | 2,100,000 | 2,000,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual tax benefit realized from option exercises and share issuances under plans | $290,000 | $765,000 | $684,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized for repurchase (in shares) | ' | ' | ' | ' | ' | 2,000,000 | 2,500,000 | ' | ' | ' | ' | ' |
Repurchase of shares (in shares) | ' | ' | 144,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative total authorized shares available for repurchase (in shares) | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RETIREMENT_PLANS_Details
RETIREMENT PLANS (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
RETIREMENT PLANS [Abstract] | ' | ' |
Employer matching contribution, percent (in hundredths) | 25.00% | 25.00% |
Defined contribution plan, cost recognized | $1.70 | $1.60 |
Maximum annual contribution per employee (in hundredths) | 6.00% | 6.00% |
Percentage of officer's highest base salary (in hundredths) | 150.00% | ' |
Years preceding separation from service | '3 years | ' |
Liabilities related to Plan | $4 | $3.40 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Current Payable [Abstract] | ' | ' | ' |
Federal | $12,683 | $5,167 | $453 |
State and local | 3,381 | 2,160 | 1,419 |
Foreign | 3,928 | 3,123 | 3,000 |
Total current payable | 19,992 | 10,450 | 4,872 |
Net Deferred [Abstract] | ' | ' | ' |
Federal | 3,696 | 3,464 | -1,884 |
State and local | 600 | 946 | -137 |
Foreign | 166 | 194 | 23 |
Total net deferred | 4,462 | 4,604 | -1,998 |
Total income tax expense | 24,454 | 15,054 | 2,874 |
Components of earnings before income taxes [Abstract] | ' | ' | ' |
U.S. | 59,334 | 31,768 | 328 |
Foreign | 10,924 | 9,296 | 8,459 |
Total | 70,258 | 41,064 | 8,787 |
Effective income tax rate reconciliation [Abstract] | ' | ' | ' |
Statutory federal income tax rate (in hundredths) | 35.00% | 35.00% | 34.00% |
State and local taxes (net of federal benefits) (in hundredths) | 4.20% | 5.20% | 8.20% |
Effect of noncontrolling owned interest in earnings of partnerships (in hundredths) | -0.30% | -0.50% | -3.00% |
Manufacturing deduction (in hundredths) | -2.00% | -1.60% | -1.90% |
Tax credits, including foreign tax credit (in hundredths) | -2.50% | -1.20% | -15.40% |
Change in valuation allowance (in hundredths) | 0.00% | 0.00% | 0.00% |
Change in uncertain tax positions reserve (in hundredths) | 0.60% | -1.00% | 0.40% |
Foreign rate differential (in hundredths) | 0.30% | 0.70% | 0.40% |
Other permanent differences (in hundredths) | 0.60% | 1.10% | 4.90% |
Other, net (in hundredths) | -1.10% | -1.10% | 4.90% |
Effective income tax rate (in hundredths) | 34.80% | 36.60% | 32.50% |
Components of Deferred Tax Assets [Abstract] | ' | ' | ' |
Employee benefits | 7,698 | 7,295 | ' |
Net operating loss carryforwards | 1,136 | 1,780 | ' |
Foreign subsidiary capital loss carryforward | 628 | 671 | ' |
Other tax credits | 2,141 | 1,494 | ' |
Inventory | 113 | 838 | ' |
Reserves on receivables | 1,011 | 1,193 | ' |
Accrued expenses | 4,470 | 2,995 | ' |
Other, net | 3,172 | 2,673 | ' |
Gross deferred income tax assets | 20,369 | 18,939 | ' |
Valuation allowance | -1,021 | -859 | ' |
Deferred income tax assets | 19,348 | 18,080 | ' |
Components of Deferred Tax Liabilities [Abstract] | ' | ' | ' |
Depreciation | -21,114 | -18,248 | ' |
Intangibles | -15,269 | -12,781 | ' |
Other, net | -1,522 | -1,010 | ' |
Deferred income tax liabilities | -37,905 | -32,039 | ' |
Net deferred income tax liability | ($18,557) | ($13,959) | ' |
ACCOUNTING_FOR_UNCERTAINTY_IN_2
ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Reconciliation of beginning and ending amount of unrecognized tax benefits [Roll Forward] | ' | ' | ' |
Gross unrecognized tax benefits beginning of year | $1,531,000 | $1,837,000 | $1,253,000 |
Increase in tax positions for prior years | 230,000 | 1,000 | 225,000 |
Increase in tax positions for current year | 481,000 | 68,000 | 391,000 |
Settlements with taxing authorities | 0 | -137,000 | 0 |
Lapse in statute of limitations | -319,000 | -238,000 | -32,000 |
Gross unrecognized tax benefits end of year | 1,923,000 | 1,531,000 | 1,837,000 |
Income tax penalties and interest accrued | $200,000 | $200,000 | $300,000 |
COMMITMENTS_CONTINGENCIES_AND_1
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES [Abstract] | ' | ' | ' |
Estimated costs to complete future remediation efforts | $3,500,000 | $3,500,000 | ' |
Loss contingency for a Canadian anti-dumping duty | 600,000 | 2,300,000 | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Anti Dumping Duty Assessment | 1,526,000 | 2,328,000 | 0 |
Surety Bonds and Letters of Credit [Abstract] | ' | ' | ' |
Payment and performance bonds outstanding | 24,200,000 | ' | ' |
Expiration period of surety bonds | '2 years | ' | ' |
Completed projects still under warranty | 17,700,000 | ' | ' |
Outstanding letters of credit | 26,500,000 | 28,700,000 | ' |
Irrevocable letters of credit in favor of our insurers outstanding | 16,700,000 | ' | ' |
Irrevocable letters of credit in favor of our industrial development revenue bonds outstanding | 9,800,000 | ' | ' |
Approximate identification and removal of contaminants costs | 600,000 | ' | ' |
Capital Addition Purchase Commitments [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Outstanding purchase commitments on capital projects | 4,200,000 | ' | ' |
Imports [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Anti Dumping Duty Assessment | $900,000 | ' | ' |
CONSULTING_NONCOMPETE_AGREEMEN1
CONSULTING & NON-COMPETE AGREEMENTS (Details) (USD $) | Jun. 25, 2011 | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | CEO [Member] | CEO [Member] | |
Consulting and Noncompete Agreements [Line Items] | ' | ' | ' |
Present value of future consulting and noncompete agreement payments | $2.60 | $1.20 | $1.80 |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Segment | |||||||||||
SEGMENT REPORTING [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reporting segments | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to outside customers | $525,738 | $651,780 | $738,436 | $554,494 | $470,763 | $533,366 | $593,693 | $457,111 | $2,470,448 | $2,054,933 | $1,822,336 |
Intersegment net sales | ' | ' | ' | ' | ' | ' | ' | ' | 113,766 | 95,926 | 131,401 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,851 | 4,053 | 3,732 |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,473 | 2,918 | 5,183 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 31,091 | 30,461 | 30,804 |
Segment earnings from operations | ' | ' | ' | ' | ' | ' | ' | ' | 74,268 | 44,528 | 12,011 |
Segment assets | 916,987 | ' | ' | ' | 860,540 | ' | ' | ' | 916,987 | 860,540 | 764,007 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 40,023 | 30,344 | 32,932 |
Percentage of sales to a single customer (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | 18.00% | 23.00% |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,470,448 | 2,054,933 | 1,822,336 |
Long-Lived Tangible Assets | 249,497 | ' | ' | ' | 239,369 | ' | ' | ' | 249,497 | 239,369 | 237,847 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,410,313 | 2,005,740 | 1,779,909 |
Long-Lived Tangible Assets | 233,237 | ' | ' | ' | 222,272 | ' | ' | ' | 233,237 | 222,272 | 221,269 |
Foreign [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 60,135 | 49,193 | 42,427 |
Long-Lived Tangible Assets | 16,260 | ' | ' | ' | 17,097 | ' | ' | ' | 16,260 | 17,097 | 16,578 |
Eastern and Western Divisions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to outside customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,987,751 | 1,635,178 | 1,486,058 |
Intersegment net sales | ' | ' | ' | ' | ' | ' | ' | ' | 86,050 | 62,806 | 77,858 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 404 | 373 | 440 |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,424 | 1,667 | 3,571 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 18,617 | 17,762 | 19,036 |
Segment earnings from operations | ' | ' | ' | ' | ' | ' | ' | ' | 79,419 | 60,573 | 28,198 |
Segment assets | 642,652 | ' | ' | ' | 588,567 | ' | ' | ' | 642,652 | 588,567 | 520,506 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 23,159 | 15,411 | 14,870 |
Site-Built [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to outside customers | ' | ' | ' | ' | ' | ' | ' | ' | 272,114 | 222,824 | 183,120 |
Intersegment net sales | ' | ' | ' | ' | ' | ' | ' | ' | 15,918 | 20,396 | 24,907 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 154 |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,284 | 2,054 | 2,380 |
Segment earnings from operations | ' | ' | ' | ' | ' | ' | ' | ' | 7,947 | 1,299 | -6,349 |
Segment assets | 103,227 | ' | ' | ' | 102,923 | ' | ' | ' | 103,227 | 102,923 | 87,160 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,310 | 830 | 1,007 |
All Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to outside customers | ' | ' | ' | ' | ' | ' | ' | ' | 210,583 | 196,931 | 153,158 |
Intersegment net sales | ' | ' | ' | ' | ' | ' | ' | ' | 11,798 | 12,724 | 28,636 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 51 | 0 |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,049 | 1,251 | 1,612 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,520 | 4,286 | 3,240 |
Segment earnings from operations | ' | ' | ' | ' | ' | ' | ' | ' | -2,366 | -11,316 | -8,731 |
Segment assets | 99,464 | ' | ' | ' | 103,309 | ' | ' | ' | 99,464 | 103,309 | 82,993 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 6,285 | 11,967 | 8,856 |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to outside customers | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Intersegment net sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,447 | 3,629 | 3,138 |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 5,670 | 6,359 | 6,148 |
Segment earnings from operations | ' | ' | ' | ' | ' | ' | ' | ' | -10,732 | -6,028 | -1,107 |
Segment assets | 71,644 | ' | ' | ' | 65,741 | ' | ' | ' | 71,644 | 65,741 | 73,348 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $8,269 | $2,136 | $8,199 |
SEGMENT_REPORTING_Percentage_o
SEGMENT REPORTING, Percentage of Value-added and Commodity-based Sales to Total Sales and Gross Sales by Major Product Classification (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | $2,503,912 | $2,086,005 | $1,857,414 |
Sales allowances | ' | ' | ' | ' | ' | ' | ' | ' | -33,464 | -31,072 | -35,078 |
Total Net Sales | 525,738 | 651,780 | 738,436 | 554,494 | 470,763 | 533,366 | 593,693 | 457,111 | 2,470,448 | 2,054,933 | 1,822,336 |
Value-Added Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of sales (in hundredths) | 58.10% | ' | ' | ' | 58.70% | ' | ' | ' | 58.10% | 58.70% | 58.80% |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,454,233 | 1,223,949 | 1,092,615 |
Value-Added Sales [Member] | Trusses - Residential, Modular and Manufactured Housing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 238,093 | 185,939 | 148,715 |
Value-Added Sales [Member] | Fencing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 120,765 | 125,887 | 145,486 |
Value-Added Sales [Member] | Decking and Railing - Composite, Wood and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 131,102 | 123,935 | 126,832 |
Value-Added Sales [Member] | Turn-key Framing and Installed Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 159,811 | 137,633 | 120,317 |
Value-Added Sales [Member] | Industrial Packaging and Components [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 251,224 | 199,595 | 174,057 |
Value-Added Sales [Member] | Engineered Wood Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 60,335 | 50,703 | 41,313 |
Value-Added Sales [Member] | Manufactured Brite and Other Lumber [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 64,465 | 56,991 | 49,355 |
Value-Added Sales [Member] | Wall Panels [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 36,908 | 23,584 | 19,049 |
Value-Added Sales [Member] | Outdoor DIY Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 47,251 | 38,916 | 40,716 |
Value-Added Sales [Member] | Construction and Building Materials [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 162,362 | 125,446 | 94,768 |
Value-Added Sales [Member] | Lattice - Plastic and Wood [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 38,959 | 38,005 | 42,792 |
Value-Added Sales [Member] | Manufactured Brite and Other Panels [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 80,335 | 61,013 | 39,772 |
Value-Added Sales [Member] | Siding, Trim and Moulding [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 29,157 | 24,996 | 20,088 |
Value-Added Sales [Member] | Hardware [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 16,295 | 13,350 | 12,094 |
Value-Added Sales [Member] | Manufactured Treated Lumber [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 11,183 | 11,566 | 11,749 |
Value-Added Sales [Member] | Manufactured Treated Panels [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,882 | 6,336 | 5,418 |
Value-Added Sales [Member] | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 106 | 54 | 94 |
Commodity-Based Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of sales (in hundredths) | 41.90% | ' | ' | ' | 41.30% | ' | ' | ' | 41.90% | 41.30% | 41.20% |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,049,679 | 862,056 | 764,799 |
Commodity-Based Sales [Member] | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 9,361 | 8,118 | 7,767 |
Commodity-Based Sales [Member] | Non-manufactured Brite and Other Lumber [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 421,071 | 348,083 | 304,070 |
Commodity-Based Sales [Member] | Non-manufactured Treated Lumber [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 349,156 | 285,929 | 285,340 |
Commodity-Based Sales [Member] | Non-manufactured Brite and Other Panels [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | 239,641 | 194,144 | 144,236 |
Commodity-Based Sales [Member] | Non-manufactured Treated Panels [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Sales | ' | ' | ' | ' | ' | ' | ' | ' | $30,450 | $25,782 | $23,386 |
QUARTERLY_FINANCIAL_INFORMATIO2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET SALES | $525,738 | $651,780 | $738,436 | $554,494 | $470,763 | $533,366 | $593,693 | $457,111 | $2,470,448 | $2,054,933 | $1,822,336 |
Gross profit | 64,229 | 78,289 | 80,216 | 57,818 | 44,142 | 55,227 | 72,075 | 53,666 | 280,552 | 225,109 | 199,727 |
Net earnings (loss) | 8,660 | 15,015 | 16,373 | 5,756 | -1,141 | 4,756 | 18,010 | 4,386 | 45,804 | 26,010 | 5,913 |
Net earnings (loss) attributable to controlling interest | $7,995 | $14,091 | $15,772 | $5,224 | ($1,927) | $4,198 | $17,509 | $4,155 | $43,082 | $23,934 | $4,549 |
Basic earnings (loss) per share (in dollars per share) | $0.40 | $0.71 | $0.79 | $0.26 | ($0.10) | $0.21 | $0.88 | $0.21 | $2.16 | $1.21 | $0.23 |
Diluted earnings (loss) per share (in dollars per share) | $0.40 | $0.71 | $0.79 | $0.26 | ($0.10) | $0.21 | $0.88 | $0.21 | $2.15 | $1.21 | $0.23 |