Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 29, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'UNIVERSAL FOREST PRODUCTS INC |
Entity Central Index Key | '0000912767 |
Current Fiscal Year End Date | '--12-27 |
Entity Well-known Seasoned Issuer | 'No |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 20,048,764 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 29-Mar-14 |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | |||
CURRENT ASSETS: | ' | ' | ' |
Cash and cash equivalents | $0 | $0 | $0 |
Restricted cash | 720 | 720 | 653 |
Accounts receivable, net | 242,433 | 180,452 | 232,954 |
Inventories: | ' | ' | ' |
Raw materials | 168,310 | 161,226 | 158,742 |
Finished goods | 143,700 | 126,079 | 132,010 |
Total inventories | 312,010 | 287,305 | 290,752 |
Refundable income taxes | 0 | 2,235 | 0 |
Deferred income taxes | 6,850 | 6,866 | 9,222 |
Other current assets | 20,339 | 18,820 | 16,494 |
TOTAL CURRENT ASSETS | 582,352 | 496,398 | 550,075 |
DEFERRED INCOME TAXES | 1,307 | 1,365 | 1,721 |
OTHER ASSETS | 11,757 | 12,087 | 15,868 |
GOODWILL | 160,945 | 160,146 | 161,266 |
INDEFINITE-LIVED INTANGIBLE ASSETS | 2,340 | 2,340 | 2,340 |
OTHER INTANGIBLE ASSETS, NET | 6,664 | 7,241 | 7,597 |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' | ' |
Property, plant and equipment | 587,159 | 578,702 | 556,559 |
Less accumulated depreciation and amortization | -345,740 | -341,292 | -328,476 |
PROPERTY, PLANT AND EQUIPMENT, NET | 241,419 | 237,410 | 228,083 |
TOTAL ASSETS | 1,006,784 | 916,987 | 966,950 |
CURRENT LIABILITIES: | ' | ' | ' |
Cash overdraft | 12,151 | 1,079 | 7,665 |
Accounts payable | 91,015 | 72,918 | 93,597 |
Accrued liabilities: | ' | ' | ' |
Compensation and benefits | 35,596 | 45,018 | 32,819 |
Income taxes | 458 | 0 | 930 |
Other | 21,000 | 20,084 | 18,817 |
TOTAL CURRENT LIABILITIES | 160,220 | 139,099 | 153,828 |
LONG-TERM DEBT, less current portion | 143,471 | 84,700 | 155,181 |
DEFERRED INCOME TAXES | 26,627 | 26,788 | 25,004 |
OTHER LIABILITIES | 16,044 | 16,666 | 17,280 |
TOTAL LIABILITIES | 346,362 | 267,253 | 351,293 |
Controlling interest shareholders' equity: | ' | ' | ' |
Preferred stock, no par value; shares authorized 1,000,000; issued and outstanding, none | ' | ' | ' |
Common stock, no par value; shares authorized 40,000,000; issued and outstanding, 20,048,764, 19,948,270, and 19,868,615. | 20,049 | 19,948 | 19,869 |
Additional paid-in capital | 159,278 | 156,129 | 151,889 |
Retained earnings | 469,028 | 461,812 | 432,116 |
Accumulated other comprehensive income | 2,864 | 3,466 | 4,377 |
Employee stock notes receivable | -540 | -732 | -849 |
Total controlling interest shareholders' equity | 650,679 | 640,623 | 607,402 |
Noncontrolling interest | 9,743 | 9,111 | 8,255 |
TOTAL SHAREHOLDERS' EQUITY | 660,422 | 649,734 | 615,657 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $1,006,784 | $916,987 | $966,950 |
CONSOLIDATED_CONDENSED_BALANCE1
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 | Mar. 30, 2013 |
SHAREHOLDERS' EQUITY: | ' | ' | ' |
Preferred stock, no par value (in dollars per share) | $0 | $0 | $0 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 |
Common stock, no par value (in dollars per share) | $0 | $0 | $0 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 20,048,764 | 19,948,270 | 19,868,615 |
Common stock, shares outstanding (in shares) | 20,048,764 | 19,948,270 | 19,868,615 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (Unaudited) [Abstract] | ' | ' |
NET SALES | $553,998 | $554,494 |
COST OF GOODS SOLD | 487,986 | 496,676 |
GROSS PROFIT | 66,012 | 57,818 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 53,908 | 48,228 |
ANTI-DUMPING DUTY ASSESSMENT | 0 | 639 |
NET GAIN ON DISPOSITION OF ASSETS | -524 | -106 |
EARNINGS FROM OPERATIONS | 12,628 | 9,057 |
INTEREST EXPENSE | 1,066 | 1,245 |
INTEREST INCOME | -290 | -147 |
EQUITY IN EARNINGS (LOSS) OF INVESTEE | -51 | -42 |
NON-OPERATING (INCOME)/EXPENSE | 725 | 1,056 |
EARNINGS BEFORE INCOME TAXES | 11,903 | 8,001 |
INCOME TAXES | 4,235 | 2,245 |
NET EARNINGS | 7,668 | 5,756 |
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST | -452 | -532 |
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST | 7,216 | 5,224 |
EARNINGS PER SHARE - BASIC (in dollars per share) | $0.36 | $0.26 |
EARNINGS PER SHARE - DILUTED (in dollars per share) | $0.36 | $0.26 |
FOREIGN CURRENCY TRANSLATION ADJUSTMENT | -696 | 415 |
COMPREHENSIVE INCOME | 6,972 | 6,171 |
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | -358 | -828 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTERST | $6,614 | $5,343 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (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. 29, 2012 | $19,800 | $149,805 | $426,887 | $4,258 | ($982) | $7,757 | $607,525 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | 5,224 | ' | ' | 532 | 5,756 |
Foreign currency translation adjustment | ' | ' | ' | 119 | ' | 296 | 415 |
Distributions to noncontrolling interest | ' | ' | ' | ' | ' | -330 | -330 |
Issuance of shares under employee stock plans | 3 | 77 | ' | ' | ' | ' | 80 |
Issuance of shares under stock grant programs | 33 | -19 | 5 | ' | ' | ' | 19 |
Issuance of shares under deferred compensation plans | 33 | -33 | ' | ' | ' | ' | 0 |
Tax benefits from non-qualified stock options exercised | ' | 7 | ' | ' | ' | ' | 7 |
Expense associated with share-based compensation arrangements | ' | 642 | ' | ' | ' | ' | 642 |
Accrued expense under deferred compensation plans | ' | 1,410 | ' | ' | ' | ' | 1,410 |
Payments received on employee stock notes receivable | ' | ' | ' | ' | 133 | ' | 133 |
Balance at Mar. 30, 2013 | 19,869 | 151,889 | 432,116 | 4,377 | -849 | 8,255 | 615,657 |
Balance at Dec. 28, 2013 | 19,948 | 156,129 | 461,812 | 3,466 | -732 | 9,111 | 649,734 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | 7,216 | ' | ' | 452 | 7,668 |
Foreign currency translation adjustment | ' | ' | ' | -602 | ' | -94 | -696 |
Noncontrolling interest associated with business acquisitions | ' | ' | ' | ' | ' | 975 | 975 |
Distributions to noncontrolling interest | ' | ' | ' | ' | ' | -701 | -701 |
Issuance of shares under employee stock plans | 2 | 97 | ' | ' | ' | ' | 99 |
Issuance of shares under stock grant programs | 63 | 523 | ' | ' | ' | ' | 586 |
Issuance of shares under deferred compensation plans | 36 | -35 | ' | ' | ' | ' | 1 |
Expense associated with share-based compensation arrangements | ' | 495 | ' | ' | ' | ' | 495 |
Accrued expense under deferred compensation plans | ' | 2,069 | ' | ' | ' | ' | 2,069 |
Payments received on employee stock notes receivable | ' | ' | ' | ' | 192 | ' | 192 |
Balance at Mar. 29, 2014 | $20,049 | $159,278 | $469,028 | $2,864 | ($540) | $9,743 | $660,422 |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) | 3 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Issuance of shares under employee stock plans (in shares) | 2,172 | 3,409 |
Issuance of shares under stock grant programs (in shares) | 63,019 | 32,810 |
Issuance of shares under deferred compensation plans (in shares) | 35,303 | 33,005 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net earnings | $7,668 | $5,756 |
Adjustments to reconcile net earnings attributable to controlling interest: | ' | ' |
Depreciation | 7,691 | 7,140 |
Amortization of intangibles | 586 | 604 |
Expense associated with share-based compensation arrangements | 495 | 642 |
Expense associated with stock grant plans | 29 | 19 |
Deferred income taxes (credit) | -150 | 36 |
Equity in earnings of investee | -51 | -42 |
Net gain on sale of property, plant and equipment | -602 | -127 |
Changes in: | ' | ' |
Accounts receivable | -61,825 | -70,715 |
Inventories | -23,980 | -47,305 |
Accounts payable | 18,150 | 27,417 |
Accrued liabilities and other | -2,743 | 12,001 |
NET CASH FROM OPERATING ACTIVITIES | -54,732 | -64,574 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of property, plant and equipment | -8,994 | -8,085 |
Proceeds from sale of property, plant and equipment | 785 | 251 |
Acquisitions, net of cash received | -4,191 | -8,600 |
Advances on notes receivable | -2,462 | -383 |
Collections on notes receivable | 473 | 543 |
Cash restricted as to use | 0 | 6,178 |
Other, net | -36 | 6 |
NET CASH FROM INVESTING ACTIVITIES | -14,425 | -10,090 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Borrowings under revolving credit facilities | 106,318 | 110,177 |
Repayments under revolving credit facilities | -47,547 | -50,786 |
Proceeds from issuance of common stock | 99 | 80 |
Distributions to noncontrolling interest | -701 | -330 |
Other, net | -8 | -6 |
NET CASH FROM FINANCING ACTIVITIES | 58,161 | 59,135 |
Effect of exchange rate changes on cash | -76 | 217 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -11,072 | -15,312 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | -1,079 | 7,647 |
CASH (CASH OVERDRAFT), END OF PERIOD | -12,151 | -7,665 |
SUPPLEMENTAL INFORMATION: | ' | ' |
Interest paid | 281 | 417 |
Income taxes paid (refunded) | 1,681 | -6,199 |
NON-CASH INVESTING ACTIVITIES | ' | ' |
Other receivables exchanged for notes receivable | 2,768 | 0 |
NON-CASH FINANCING ACTIVITIES: | ' | ' |
Common stock issued under deferred compensation plans | $1,894 | $1,329 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended | |
Mar. 29, 2014 | ||
BASIS OF PRESENTATION [Abstract] | ' | |
BASIS OF PRESENTATION | ' | |
A. | BASIS OF PRESENTATION | |
The accompanying unaudited interim consolidated condensed financial statements (the "Financial Statements") include our accounts and those of our wholly-owned and majority-owned subsidiaries and partnerships, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the Financial Statements do not include all of the information and footnotes normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States. All intercompany transactions and balances have been eliminated. | ||
In our opinion, the Financial Statements contain all material adjustments necessary to present fairly our consolidated financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. These Financial Statements should be read in conjunction with the annual consolidated financial statements, and footnotes thereto, included in our Annual Report to Shareholders on Form 10-K for the fiscal year ended December 28, 2013. | ||
Seasonality has a significant impact on our working capital from March to August which historically results in negative or modest cash flows from operations in our first and second quarters. Conversely, we experience a substantial decrease in working capital from September to February which typically results in significant cash flow from operations in our third and fourth quarters. For comparative purposes, we have included the March 30, 2013 balances in the accompanying unaudited consolidated condensed balance sheets. | ||
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. ASU 2013-02 was effective for the Company during the interim and annual periods beginning after December 15, 2012. Our adoption of the provisions of ASU 2013-02 in 2013 did not affect our consolidated financial position, results of operations or cash flows. |
FAIR_VALUE
FAIR VALUE | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
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 measured at fair value are as follows: | |||||||||
29-Mar-14 | 30-Mar-13 | ||||||||
(in thousands) | Quoted Prices | Quoted Prices | |||||||
in Active | in Active | ||||||||
Markets | Markets | ||||||||
(Level 1) | (Level 1) | ||||||||
Money market funds | $ | 162 | $ | 62 | |||||
Mutual funds: | |||||||||
Domestic stock funds | 833 | 653 | |||||||
International stock funds | 577 | 537 | |||||||
Target funds | 198 | 151 | |||||||
Bond funds | 152 | 140 | |||||||
Total mutual funds | 1,760 | 1,481 | |||||||
$ | 1,922 | $ | 1,543 | ||||||
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”. We have elected not to apply the fair value option under ASC 825, Financial Instruments, to any of our financial instruments except for those expressly required by U.S. GAAP. | |||||||||
We did not maintain any Level 2 or 3 assets or liabilities at March 29, 2014 or March 30, 2013. |
REVENUE_RECOGNITION
REVENUE RECOGNITION | 3 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
REVENUE RECOGNITION [Abstract] | ' | ||||||||||||
REVENUE RECOGNITION | ' | ||||||||||||
C. | REVENUE RECOGNITION | ||||||||||||
Revenue is recognized at the time the product is shipped to the customer. Generally, title passes at the time of shipment. In certain circumstances, the customer takes title when the shipment arrives at the destination. However, our shipping process is typically completed the same day. | |||||||||||||
Earnings on construction contracts are reflected in operations using percentage-of-completion accounting, under either cost to cost or units of delivery methods, depending on the nature of the business at individual operations. Under percentage-of-completion using the cost to cost method, revenues and related earnings on construction contracts are measured by the relationships of actual costs incurred related to the total estimated costs. Under percentage-of-completion using the units of delivery method, revenues and related earnings on construction contracts are measured by the relationships of actual units produced related to the total number of units. Revisions in earnings estimates on the construction contracts are recorded in the accounting period in which the basis for such revisions becomes known. Projected losses on individual contracts are charged to operations in their entirety when such losses become apparent. | |||||||||||||
Our construction contracts are generally entered into with a fixed price and completion of the projects can range from 6 to 18 months in duration. Therefore, our operating results are impacted by, among many other things, labor rates and commodity costs. During the year, we update our estimated costs to complete our projects using current labor and commodity costs and recognize losses to the extent that they exist. | |||||||||||||
The following table presents the balances of percentage-of-completion accounts which are included in “Other current assets” and “Accrued liabilities: Other”, respectively (in thousands): | |||||||||||||
29-Mar-14 | 28-Dec-13 | 30-Mar-13 | |||||||||||
Cost and Earnings in Excess of Billings | $ | 7,296 | $ | 6,903 | $ | 6,660 | |||||||
Billings in Excess of Cost and Earnings | 1,307 | 2,858 | 4,189 |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||||
EARNINGS PER SHARE | ' | ||||||||
D. | EARNINGS PER SHARE | ||||||||
The computation of earnings per share (“EPS”) is as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
29-Mar-14 | 30-Mar-13 | ||||||||
Numerator: | |||||||||
Net earnings attributable to controlling interest | $ | 7,216 | $ | 5,224 | |||||
Adjustment for earnings allocated to non-vested restricted common stock | (63 | ) | (48 | ) | |||||
Net earnings for calculating EPS | $ | 7,153 | $ | 5,176 | |||||
Denominator: | |||||||||
Weighted average shares outstanding | 20,058 | 19,886 | |||||||
Adjustment for non-vested restricted common stock | (176 | ) | (184 | ) | |||||
Shares for calculating basic EPS | 19,882 | 19,702 | |||||||
Effect of dilutive stock options | 23 | 34 | |||||||
Shares for calculating diluted EPS | 19,905 | 19,736 | |||||||
Net earnings per share: | |||||||||
Basic | $ | 0.36 | $ | 0.26 | |||||
Diluted | $ | 0.36 | $ | 0.26 | |||||
No options were excluded from the computation of diluted EPS for the quarters ended March 29, 2014 or March 30, 2013. |
COMMITMENTS_CONTINGENCIES_AND_
COMMITMENTS, CONTINGENCIES, AND GUARANTEES | 3 Months Ended | |
Mar. 29, 2014 | ||
COMMITMENTS, CONTINGENCIES, AND GUARANTEES [Abstract] | ' | |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES | ' | |
E. | 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 March 29, 2014 and $3.5 million on March 30, 2013, representing the estimated costs to complete future remediation efforts. These amounts are included in Other Liabilities within the condensed balance sheet and have not been reduced by an insurance receivable. | ||
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 March 29, 2014, we were parties either as plaintiff or defendant to a number of lawsuits and claims arising through the normal course of our business. In the opinion of management, our consolidated financial statements will not be materially affected by the outcome of these contingencies and claims. | ||
On March 29, 2014, we had outstanding purchase commitments on capital projects of approximately $5.0 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 residential and multi-family construction projects or we jointly bid on contracts with framing companies for such projects. In some instances we are required to post payment and performance bonds to insure the owner that the products and installation services are completed in accordance with our contractual obligations. We have agreed to indemnify the surety for claims made against the bonds. As of March 29, 2014 we had approximately $15.8 million in outstanding payment and performance bonds, which expire during the next two years. In addition, approximately $19.8 million in payment and performance bonds are outstanding for completed projects which are still under warranty. | ||
On March 29, 2014, 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 $0.5 million. As a result, this amount is recorded in other long-term liabilities on March 29, 2014. | ||
We did not enter into any new guarantee arrangements during the first quarter of 2014 which would require us to recognize a liability on our balance sheet. |
BUSINESS_COMBINATIONS
BUSINESS COMBINATIONS | 3 Months Ended | ||||||
Mar. 29, 2014 | |||||||
BUSINESS COMBINATIONS [Abstract] | ' | ||||||
BUSINESS COMBINATIONS | ' | ||||||
F. | BUSINESS COMBINATIONS | ||||||
We completed the following acquisitions in fiscal 2014 and 2013 which were accounted for using the purchase method (in thousands): | |||||||
Company Name | Acquisition Date | Purchase Price | Intangible Assets | Net Tangible Assets | Operating | Business Description | |
Segment | |||||||
Upshur Forest Products, LLC (“Upshur”) | 27-Mar-14 | $1,774 | $799 | $975 | Western Division | A business of remanufacturing, packaging, and selling lumber products from its facility located in Gilmer, TX. Upshur had annual sales of $8.9 million. | |
(50% asset purchase; 51% voting majority) | |||||||
Container Systems, Inc. (“CSI”) | 14-Mar-14 | $2,417 (asset purchase) | $- | $2,417 | Eastern Division | A manufacturer of crates and containers for industrial applications and the moving-and-storage industry, located in Franklinton, NC. CSI had annual sales of $3.0 million. | |
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. | |
The purchase price allocation for Upshur is preliminary for the valuation of intangible assets and will be revised, as necessary, as final determinations of intangible fair value are completed. The intangible assets for the other acquisitions were finalized and allocated to their respective identifiable intangible asset and goodwill accounts during 2013. |
SEGMENT_REPORTING
SEGMENT REPORTING | 3 Months Ended | ||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||
SEGMENT REPORTING [Abstract] | ' | ||||||||||||||||||||
SEGMENT REPORTING | ' | ||||||||||||||||||||
G. | 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 and certain incentive compensation expense. | |||||||||||||||||||||
Three Months Ended March 29, 2014 | |||||||||||||||||||||
Eastern and | Site-Built | All Other | Corporate | Total | |||||||||||||||||
Western | |||||||||||||||||||||
Net sales to outside customers | $ | 456,396 | $ | 52,121 | $ | 45,481 | $ | - | $ | 553,998 | |||||||||||
Intersegment net sales | 22,580 | 2,818 | 3,845 | - | 29,243 | ||||||||||||||||
Segment earnings from operations | 14,906 | 1,598 | (1,253 | ) | (2,623 | ) | 12,628 | ||||||||||||||
Three Months Ended March 30, 2013 | |||||||||||||||||||||
Eastern and | Site-Built | All Other | Corporate | Total | |||||||||||||||||
Western | |||||||||||||||||||||
Net sales to outside customers | $ | 445,524 | $ | 58,150 | $ | 50,820 | $ | - | $ | 554,494 | |||||||||||
Intersegment net sales | 18,792 | 4,293 | 2,612 | - | 25,697 | ||||||||||||||||
Segment earnings from operations | 14,074 | (4,055 | ) | (346 | ) | (616 | ) | 9,057 | |||||||||||||
INCOME_TAXES
INCOME TAXES | 3 Months Ended | |
Mar. 29, 2014 | ||
INCOME TAXES [Abstract] | ' | |
INCOME TAXES | ' | |
H. | INCOME TAXES | |
Effective tax rates differ from statutory federal income tax rates, primarily due to provisions for state and local income taxes and permanent tax differences. Our effective tax rate was 35.6% in the first quarter of 2014 compared to 28.1% for same period of 2013. The increase is primarily due to recognizing a tax benefit for research and development and certain other tax credits totaling approximately $700,000 in the first quarter of 2013 related to 2012. These tax credits were enacted in the first quarter of 2013, retroactive to the beginning of 2012. |
REVENUE_RECOGNITION_Policies
REVENUE RECOGNITION (Policies) | 3 Months Ended |
Mar. 29, 2014 | |
REVENUE RECOGNITION [Abstract] | ' |
Revenue Recognition | ' |
Earnings on construction contracts are reflected in operations using percentage-of-completion accounting, under either cost to cost or units of delivery methods, depending on the nature of the business at individual operations. Under percentage-of-completion using the cost to cost method, revenues and related earnings on construction contracts are measured by the relationships of actual costs incurred related to the total estimated costs. Under percentage-of-completion using the units of delivery method, revenues and related earnings on construction contracts are measured by the relationships of actual units produced related to the total number of units. Revisions in earnings estimates on the construction contracts are recorded in the accounting period in which the basis for such revisions becomes known. Projected losses on individual contracts are charged to operations in their entirety when such losses become apparent. | |
Our construction contracts are generally entered into with a fixed price and completion of the projects can range from 6 to 18 months in duration. Therefore, our operating results are impacted by, among many other things, labor rates and commodity costs. During the year, we update our estimated costs to complete our projects using current labor and commodity costs and recognize losses to the extent that they exist. |
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
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 measured at fair value are as follows: | |||||||||
29-Mar-14 | 30-Mar-13 | ||||||||
(in thousands) | Quoted Prices | Quoted Prices | |||||||
in Active | in Active | ||||||||
Markets | Markets | ||||||||
(Level 1) | (Level 1) | ||||||||
Money market funds | $ | 162 | $ | 62 | |||||
Mutual funds: | |||||||||
Domestic stock funds | 833 | 653 | |||||||
International stock funds | 577 | 537 | |||||||
Target funds | 198 | 151 | |||||||
Bond funds | 152 | 140 | |||||||
Total mutual funds | 1,760 | 1,481 | |||||||
$ | 1,922 | $ | 1,543 |
REVENUE_RECOGNITION_Tables
REVENUE RECOGNITION (Tables) | 3 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
REVENUE RECOGNITION [Abstract] | ' | ||||||||||||
Balances of percentage-of-completion accounts which are included in Other current assets and Accrued liabilities Other | ' | ||||||||||||
The following table presents the balances of percentage-of-completion accounts which are included in “Other current assets” and “Accrued liabilities: Other”, respectively (in thousands): | |||||||||||||
29-Mar-14 | 28-Dec-13 | 30-Mar-13 | |||||||||||
Cost and Earnings in Excess of Billings | $ | 7,296 | $ | 6,903 | $ | 6,660 | |||||||
Billings in Excess of Cost and Earnings | 1,307 | 2,858 | 4,189 |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||||
Computation of earnings per share | ' | ||||||||
The computation of earnings per share (“EPS”) is as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
29-Mar-14 | 30-Mar-13 | ||||||||
Numerator: | |||||||||
Net earnings attributable to controlling interest | $ | 7,216 | $ | 5,224 | |||||
Adjustment for earnings allocated to non-vested restricted common stock | (63 | ) | (48 | ) | |||||
Net earnings for calculating EPS | $ | 7,153 | $ | 5,176 | |||||
Denominator: | |||||||||
Weighted average shares outstanding | 20,058 | 19,886 | |||||||
Adjustment for non-vested restricted common stock | (176 | ) | (184 | ) | |||||
Shares for calculating basic EPS | 19,882 | 19,702 | |||||||
Effect of dilutive stock options | 23 | 34 | |||||||
Shares for calculating diluted EPS | 19,905 | 19,736 | |||||||
Net earnings per share: | |||||||||
Basic | $ | 0.36 | $ | 0.26 | |||||
Diluted | $ | 0.36 | $ | 0.26 |
BUSINESS_COMBINATIONS_Tables
BUSINESS COMBINATIONS (Tables) | 3 Months Ended | ||||||
Mar. 29, 2014 | |||||||
BUSINESS COMBINATIONS [Abstract] | ' | ||||||
Business Acquisitions Accounted for Using Purchase Method | ' | ||||||
We completed the following acquisitions in fiscal 2014 and 2013 which were accounted for using the purchase method (in thousands): | |||||||
Company Name | Acquisition Date | Purchase Price | Intangible Assets | Net Tangible Assets | Operating | Business Description | |
Segment | |||||||
Upshur Forest Products, LLC (“Upshur”) | 27-Mar-14 | $1,774 | $799 | $975 | Western Division | A business of remanufacturing, packaging, and selling lumber products from its facility located in Gilmer, TX. Upshur had annual sales of $8.9 million. | |
(50% asset purchase; 51% voting majority) | |||||||
Container Systems, Inc. (“CSI”) | 14-Mar-14 | $2,417 (asset purchase) | $- | $2,417 | Eastern Division | A manufacturer of crates and containers for industrial applications and the moving-and-storage industry, located in Franklinton, NC. CSI had annual sales of $3.0 million. | |
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. |
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||
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 and certain incentive compensation expense. | |||||||||||||||||||||
Three Months Ended March 29, 2014 | |||||||||||||||||||||
Eastern and | Site-Built | All Other | Corporate | Total | |||||||||||||||||
Western | |||||||||||||||||||||
Net sales to outside customers | $ | 456,396 | $ | 52,121 | $ | 45,481 | $ | - | $ | 553,998 | |||||||||||
Intersegment net sales | 22,580 | 2,818 | 3,845 | - | 29,243 | ||||||||||||||||
Segment earnings from operations | 14,906 | 1,598 | (1,253 | ) | (2,623 | ) | 12,628 | ||||||||||||||
Three Months Ended March 30, 2013 | |||||||||||||||||||||
Eastern and | Site-Built | All Other | Corporate | Total | |||||||||||||||||
Western | |||||||||||||||||||||
Net sales to outside customers | $ | 445,524 | $ | 58,150 | $ | 50,820 | $ | - | $ | 554,494 | |||||||||||
Intersegment net sales | 18,792 | 4,293 | 2,612 | - | 25,697 | ||||||||||||||||
Segment earnings from operations | 14,074 | (4,055 | ) | (346 | ) | (616 | ) | 9,057 |
FAIR_VALUE_Details
FAIR VALUE (Details) (Recurring [Member], Quoted Prices in Active Markets (Level 1) [Member], USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | $1,922 | $1,543 |
Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 162 | 62 |
Domestic Stock Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 833 | 653 |
International Stock Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 577 | 537 |
Target Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 198 | 151 |
Bond Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 152 | 140 |
Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | $1,760 | $1,481 |
REVENUE_RECOGNITION_Details
REVENUE RECOGNITION (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Dec. 28, 2013 | Mar. 30, 2013 |
REVENUE RECOGNITION [Abstract] | ' | ' | ' |
Cost and Earnings in Excess of Billings | $7,296 | $6,903 | $6,660 |
Billings in Excess of Cost and Earnings | $1,307 | $2,858 | $4,189 |
Construction contracts completion term, minimum | '6 months | ' | ' |
Construction contracts completion term, maximum | '18 months | ' | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Numerator [Abstract] | ' | ' |
Net earnings attributable to controlling interest | $7,216 | $5,224 |
Adjustment for earnings allocated to non-vested restricted common stock | -63 | -48 |
Net earnings for calculating EPS | $7,153 | $5,176 |
Denominator [Abstract] | ' | ' |
Weighted average shares outstanding (in shares) | 20,058,000 | 19,886,000 |
Adjustment for non-vested restricted common stock (in shares) | -176,000 | -184,000 |
Shares for calculating basic EPS (in shares) | 19,882,000 | 19,702,000 |
Effect of dilutive stock options (in shares) | 23,000 | 34,000 |
Shares for calculating diluted EPS (in shares) | 19,905,000 | 19,736,000 |
Net earnings per share [Abstract] | ' | ' |
Basic (in dollars per share) | $0.36 | $0.26 |
Diluted (in dollars per share) | $0.36 | $0.26 |
Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Options to purchase shares excluded from computation of EPS (in shares) | 0 | 0 |
COMMITMENTS_CONTINGENCIES_AND_1
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 |
In Millions, unless otherwise specified | Capital Addition Purchase Commitments [Member] | ||
COMMITMENTS, CONTINGENCIES, AND GUARANTEES [Abstract] | ' | ' | ' |
Estimated costs to complete future remediation efforts | $3.50 | $3.50 | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Outstanding purchase commitments on capital projects | ' | ' | 5 |
Surety Bonds and Letters of Credit [Abstract] | ' | ' | ' |
Payment and performance bonds outstanding | 15.8 | ' | ' |
Expiration period of surety bonds | '2 years | ' | ' |
Completed projects still under warranty | 19.8 | ' | ' |
Outstanding letters of credit | 26.5 | ' | ' |
Irrevocable letters of credit in favor of our insurers outstanding | 16.7 | ' | ' |
Irrevocable letters of credit in favor of our industrial development revenue bonds outstanding | 9.8 | ' | ' |
Approximate identification and removal of contaminants costs | $0.50 | ' | ' |
BUSINESS_COMBINATIONS_Details
BUSINESS COMBINATIONS (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 29, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | |
Upshur Forest Products, LLC [Member] | Container Systems, Inc. [Member] | SE Panel and Lumber Supply, LLC [Member] | Premier Laminating Services, Inc. [Member] | Millry Mill Company, Inc. [Member] | Custom Caseworks, Inc. [Member] | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Company Name | 'Upshur Forest Products, LLC (bUpshurb) | 'Container Systems, Inc. (bCSIb) | 'SE Panel and Lumber Supply, LLC (bSE Panelb) | 'Premier Laminating Services, Inc. (bPremier Laminatingb) | 'Millry Mill Company, Inc. (bMillryb) | 'Custom Caseworks, Inc. (bCustom Caseworksb) |
Acquisition Date | 27-Mar-14 | 14-Mar-14 | 8-Nov-13 | 31-May-13 | 28-Feb-13 | 31-Dec-12 |
Purchase Price | $1,774,000 | $2,417,000 | $2,181,000 | $696,000 | $2,323,000 | $6,278,000 |
Intangible Assets | 799,000 | 0 | 0 | 250,000 | 50,000 | 2,000,000 |
Net Tangible Assets | 975,000 | 2,417,000 | 2,181,000 | 446,000 | 2,273,000 | 4,278,000 |
Operating Segment | 'Western Division | 'Eastern Division | 'Eastern Division | 'Western Division | 'Eastern Division | 'Western Division |
Business Description | 'A business of remanufacturing, packaging, and selling lumber products from its facility located in Gilmer, TX. Upshur had annual sales of $8.9 million. | 'A manufacturer of crates and containers for industrial applications and the moving-and-storage industry, located in Franklinton, NC. CSI had annual sales of $3.0 million. | '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. |
Acquired entity, prior year sales | $8,900,000 | $3,000,000 | $5,400,000 | $6,200,000 | $4,700,000 | $7,000,000 |
Percentage of asset purchase (in hundredths) | 50.00% | ' | ' | ' | ' | ' |
Percentage of voting majority (in hundredths) | 51.00% | ' | ' | ' | ' | ' |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Segment | ||
SEGMENT REPORTING [Abstract] | ' | ' |
Number of reporting segments | 4 | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales to outside customers | $553,998 | $554,494 |
Intersegment net sales | 29,243 | 25,697 |
Segment earnings from operations | 12,628 | 9,057 |
Eastern and Western [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales to outside customers | 456,396 | 445,524 |
Intersegment net sales | 22,580 | 18,792 |
Segment earnings from operations | 14,906 | 14,074 |
Site-Built [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales to outside customers | 52,121 | 58,150 |
Intersegment net sales | 2,818 | 4,293 |
Segment earnings from operations | 1,598 | -4,055 |
All Other [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales to outside customers | 45,481 | 50,820 |
Intersegment net sales | 3,845 | 2,612 |
Segment earnings from operations | -1,253 | -346 |
Corporate [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales to outside customers | 0 | 0 |
Intersegment net sales | 0 | 0 |
Segment earnings from operations | ($2,623) | ($616) |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
INCOME TAXES [Abstract] | ' | ' |
Effective income tax rate (in hundredths) | 35.60% | 28.10% |
Recognized tax benefit for research and development | ' | $700,000 |