UFP Industries (UFPI) 10-Q 1 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2017shares
Document and Entity Information [Abstract]
Entity Registrant Name	UNIVERSAL FOREST PRODUCTS INC
Entity Central Index Key	912,767
Current Fiscal Year End Date	--12-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding (in shares)	20,391,399
Entity Current Reporting Status	Yes
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 24, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 22,044	$ 34,091	$ 36,683
Restricted cash	905	398	909
Investments	10,781	10,348	10,453
Accounts receivable, net	419,183	282,253	343,771
Inventories:
Raw materials	203,930	198,954	180,740
Finished goods	208,556	198,273	189,188
Total inventories	412,486	397,227	369,928
Refundable income taxes	763	11,459	7,407
Other current assets	22,438	20,662	21,636
TOTAL CURRENT ASSETS	888,600	756,438	790,787
RESTRICTED INVESTMENTS	7,982
DEFERRED INCOME TAXES	1,899	1,546	2,416
OTHER ASSETS	7,634	8,617	8,757
GOODWILL	212,029	198,535	207,832
INDEFINITE-LIVED INTANGIBLE ASSETS	7,580	2,340	2,340
OTHER INTANGIBLE ASSETS, NET	36,093	26,731	14,014
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment	754,175	699,462	717,287
Less accumulated depreciation and amortization	(429,066)	(401,611)	(432,796)
PROPERTY, PLANT AND EQUIPMENT, NET	325,109	297,851	284,491
TOTAL ASSETS	1,486,926	1,292,058	1,310,637
CURRENT LIABILITIES:
Cash overdraft	26,617	19,761	13,940
Accounts payable	171,774	124,660	137,979
Accrued liabilities:
Compensation and benefits	88,185	92,441	99,549
Other	50,179	32,281	57,104
Current portion of long-term debt	2,197	2,634	1,584
TOTAL CURRENT LIABILITIES	338,952	271,777	310,156
LONG-TERM DEBT	145,884	109,059	110,362
DEFERRED INCOME TAXES	22,806	20,817	14,066
OTHER LIABILITIES	29,204	29,939	28,963
TOTAL LIABILITIES	536,846	431,592	463,547
Controlling interest shareholders' equity:
Preferred stock, no par value; shares authorized 1,000,000; issued and outstanding, none
Common stock, $1 par value; shares authorized 80,000,000; issued and outstanding, 20,391,399, 20,342,069 and 20,330,939	20,391	20,342	20,331
Additional paid-in capital	200,778	185,333	183,962
Retained earnings	715,497	649,135	637,536
Accumulated other comprehensive income	(871)	(5,630)	(4,854)
Total controlling interest shareholders' equity	935,795	849,180	836,975
Noncontrolling interest	14,285	11,286	10,115
TOTAL SHAREHOLDERS' EQUITY	950,080	860,466	847,090
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,486,926	$ 1,292,058	$ 1,310,637

CONSOLIDATED CONDENSED BALANCE3

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016	Sep. 24, 2016
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, Par or Stated Value Per Share	$ 1	$ 1	$ 1
Common stock, shares authorized (in shares)	80,000,000	80,000,000	80,000,000
Common stock, shares issued (in shares)	20,391,399	20,342,069	20,330,939
Common stock, shares outstanding (in shares)	20,391,399	20,342,069	20,330,939

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016
Income Statement [Abstract]
NET SALES	$ 1,056,586	$ 826,665	$ 2,975,091	$ 2,380,909
COST OF GOODS SOLD	911,899	708,611	2,561,424	2,028,629
GROSS PROFIT	144,687	118,054	413,667	352,280
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	92,416	74,502	273,676	223,153
EARNINGS FROM OPERATIONS	52,271	43,552	139,991	129,127
INTEREST EXPENSE	1,481	1,096	4,825	3,274
INTEREST INCOME	(130)	(119)	(541)	(431)
EQUITY IN EARNINGS OF INVESTEE	1	(50)	(25)	(241)
NON-OPERATING (INCOME)/EXPENSE	1,352	927	4,259	2,602
EARNINGS BEFORE INCOME TAXES	50,919	42,625	135,732	126,525
INCOME TAXES	16,250	13,861	44,855	43,268
NET EARNINGS	34,669	28,764	90,877	83,257
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST	(976)	(945)	(2,480)	(2,828)
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST	$ 33,693	$ 27,819	$ 88,397	$ 80,429
EARNINGS PER SHARE - BASIC (USD per share)	$ 1.65	$ 1.36	$ 4.32	$ 3.95
EARNINGS PER SHARE - DILUTED (USD per share)	$ 1.64	$ 1.36	$ 4.31	$ 3.94
OTHER COMPREHENSIVE INCOME
Net earnings	$ 34,669	$ 28,764	$ 90,877	$ 83,257
OTHER COMPREHENSIVE GAIN (LOSS)	1,719	(1,156)	6,141	(1,521)
COMPREHENSIVE INCOME	36,388	27,608	97,018	81,736
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	(975)	(495)	(3,862)	(1,576)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST	$ 35,413	$ 27,113	$ 93,156	$ 80,160

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Earnings	Noncontrolling Interest	Total
Beginning balance at Dec. 26, 2015	$ 20,142	$ 171,562	$ 565,636	$ (4,585)	$ 13,654	$ 766,409
Increase (Decrease) in Stockholders' Equity
Net earnings			80,429		2,828	83,257
Foreign currency translation adjustment				(620)	(1,252)	(1,872)
Unrealized gain (loss) on investment & foreign currency				351		351
Distributions to noncontrolling interest					(3,160)	(3,160)
Additional purchases of noncontrolling interest		855			(1,955)	(1,100)
Cash dividends $0.450 and $0.420 per share (periods ending September 30, 2017 and September 24, 2016, respectively)			(8,529)			(8,529)
Issuance of 5,975 and 5,195 shares under employee stock plans (periods ending September 30, 2017 and September 24, 2016, respectively)	5	390				395
Issuance of 142,775 and 133,293 shares under stock grant programs (periods ending September 30, 2017 and September 24, 2016, respectively)	133	5,143				5,276
Issuance of 49,160 and 50,742 shares under deferred compensation plans (periods ending September 30, 2017 and September 24, 2016, respectively)	51	(51)
Expense associated with share-based compensation arrangements		1,568				1,568
Accrued expense under deferred compensation plans		4,495				4,495
Ending balance at Sep. 24, 2016	20,331	183,962	637,536	(4,854)	10,115	847,090
Beginning balance at Dec. 31, 2016	20,342	185,333	649,135	(5,630)	11,286	860,466
Increase (Decrease) in Stockholders' Equity
Net earnings			88,397		2,480	90,877
Foreign currency translation adjustment				4,325	1,382	5,707
Unrealized gain (loss) on investment & foreign currency				434		434
Distributions to noncontrolling interest					(3,272)	(3,272)
Additional purchases of noncontrolling interest					2,409	2,409
Cash dividends $0.450 and $0.420 per share (periods ending September 30, 2017 and September 24, 2016, respectively)			(9,208)			(9,208)
Issuance of 5,975 and 5,195 shares under employee stock plans (periods ending September 30, 2017 and September 24, 2016, respectively)	6	470				476
Issuance of 142,775 and 133,293 shares under stock grant programs (periods ending September 30, 2017 and September 24, 2016, respectively)	143	7,037				7,180
Issuance of 49,160 and 50,742 shares under deferred compensation plans (periods ending September 30, 2017 and September 24, 2016, respectively)	49	(49)
Repurchase of 148,580 shares	(149)		(12,827)			(12,976)
Expense associated with share-based compensation arrangements		1,978				1,978
Accrued expense under deferred compensation plans		6,009				6,009
Ending balance at Sep. 30, 2017	$ 20,391	$ 200,778	$ 715,497	$ (871)	$ 14,285	$ 950,080

CONSOLIDATED STATEMENTS OF SHA6

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016
Increase (Decrease) in Stockholders' Equity
Cash dividends per share (USD per share)	$ 0.450	$ 0.420
Issuance of shares under employee stock plans (in shares)	5,975	5,195
Issuance of shares under stock grant programs (in shares)	142,775	133,293
Issuance of shares under deferred compensation plans (in shares)	49,160	50,742
Repurchase of shares (in shares)	148,580

CONSOLIDATED CONDENSED STATEME7

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 90,877	$ 83,257
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation	36,010	29,014
Amortization of intangibles	3,549	1,868
Expense associated with share-based compensation arrangements	1,978	1,568
Expense associated with stock grant plans	144	105
Deferred income taxes (credits)	117	(53)
Equity in earnings of investee	(25)	(241)
Net (gain) loss on disposition and impairment of assets	(437)	94
Changes in:
Accounts receivable	(121,688)	(69,357)
Inventories	(820)	21,683
Accounts payable and cash overdraft	53,424	35,026
Accrued liabilities and other	34,221	33,413
NET CASH FROM OPERATING ACTIVITIES	97,350	136,377
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(57,189)	(35,723)
Proceeds from sale of property, plant and equipment	2,121	516
Acquisitions, net of cash received	(59,859)	(66,615)
Repayments of debt of acquiree		(92,830)
Purchase of remaining noncontrolling interest, net of cash received		(1,100)
Cash contributed from noncontrolling interest	464
Advances of notes receivable	(234)	(5,400)
Collections on notes receivable	1,334	5,819
Purchases of investments	(12,155)	(4,468)
Proceeds from sale of investments	4,227	1,395
Other	(84)	(1,733)
NET CASH USED IN INVESTING ACTIVITIES	(121,375)	(200,139)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities	610,038	52,479
Repayments under revolving credit facilities	(573,829)	(27,177)
Proceeds from issuance of common stock	476	396
Dividends paid to shareholders	(9,207)	(8,529)
Distributions to noncontrolling interest	(3,272)	(3,160)
Repurchase of common stock	(12,976)
Other		(28)
NET CASH FROM (USED IN) FINANCING ACTIVITIES	11,230	13,981
Effect of exchange rate changes on cash	1,255	(969)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(11,540)	(50,750)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR	34,489	88,342
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD	$ 22,949	$ 37,592

CONSOLIDATED CONDENSED STATEME8

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016	Dec. 31, 2016	Dec. 26, 2015
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents	$ 22,044	$ 36,683	$ 34,091	$ 87,756
Restricted cash	905	909	398	586
Cash, cash equivalents, and restricted cash	22,949	37,592	$ 34,489	$ 88,342
SUPPLEMENTAL INFORMATION:
Interest paid	3,910	2,587
Income taxes paid	34,108	43,384
NON-CASH FINANCING ACTIVITIES:
Common stock issued under deferred compensation plans	$ 4,673	$ 3,657

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2017
BASIS OF PRESENTATION
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 31, 2016. Seasonality has a significant impact on our working capital from March to August which historically results in negative or modest cash flows from operations in our first and second quarters. Conversely, we experience a substantial decrease in working capital from September to February which typically results in significant cash flow from operations in our third and fourth quarters. For comparative purposes, we have included the September 24, 2016 balances in the accompanying unaudited consolidated condensed balance sheets.

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2017
FAIR VALUE
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: September 30, 2017 September 24, 2016 Quoted Prices with Quoted Prices with Prices in Other Prices in Other Active Observable Active Observable Markets Inputs Markets Inputs (in thousands) (Level 1) (Level 2) Total (Level 1) (Level 2) Total Money market funds $ 64 $ 413 $ 477 $ 64 $ 132 $ 196 Fixed income funds 1,299 6,905 8,204 2,049 2,335 4,384 Equity securities 10,194 — 10,194 5,592 — 5,592 Mutual funds: Domestic stock funds 335 — 335 760 — 760 International stock funds 87 — 87 70 — 70 Target funds 260 — 260 234 — 234 Bond funds 208 — 208 203 — 203 Total mutual funds 890 — 890 1,267 — 1,267 Total $ 12,447 $ 7,318 $ 19,765 $ 8,972 $ 2,467 $ 11,439 Assets at fair value $ 12,447 $ 7,318 $ 19,765 $ 8,972 $ 2,467 $ 11,439 We maintain money market, mutual funds, bonds, and/or stocks in our non-qualified deferred compensation plan and our wholly owned licensed captive insurance company. These funds are valued at prices quoted in an active exchange market and are included in “Cash and Cash Equivalents”, “Investments”, “Restricted Cash”, and “Restricted Investments”. We have elected not to apply the fair value option under ASC 825, Financial Instruments, to any of our financial instruments except for those expressly required by U.S. GAAP. We did not maintain any Level 3 assets or liabilities at September 30, 2017 or September 24, 2016. In November 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2016-18, “Statement of Cash Flows (Topic 230)” (ASU 2016-18). Under ASU 2016-18, an entity will be required to explain changes in the statement of cash flows during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this update should be applied using retrospective transition method to each period presented. Companies are required to adopt the new standard for fiscal years beginning after December 15, 2017. Early adoption of ASU 2016-18 is permitted, including adoption in an interim period. The Company has early adopted this standard during the first quarter of 2017. In the first nine months of 2017, our wholly-owned captive, Ardellis Insurance Ltd. (“Ardellis”) transferred $4.1 million in fixed income securities from its Investment Account and purchased an additional $3.8 million in fixed income securities which are held in a newly formed collateral trust account in line with regulatory requirements in the State of Michigan to allow Ardellis to act as an admitted carrier in the State. These funds are intended to safeguard the insureds of the Michigan Branch of Ardellis. The funds are classified as “Restricted Investments”. In accordance with our investment policy, our wholly-owned captive, Ardellis Insurance Ltd. (“Ardellis”), maintains an investment portfolio, totaling $18.4 million as of September 30, 2017, consisting of domestic and international stocks, and fixed income bonds. Ardellis’ available for sale investment portfolio, including funds held with the State of Michigan, consists of the following: Unrealized Cost Gain/(Loss) Fair Value Fixed Income $ 8,170 $ 34 $ 8,204 Equity 9,123 1,071 10,194 Total $ 17,293 $ 1,105 $ 18,398 Our Fixed Income investments consist of short, intermediate, and long term bonds, as well as fixed blend bonds. Within the fixed income investments, we maintain a specific mixture of US treasury notes, US agency mortgage backed securities, private label mortgage backed securities, and various corporate securities. Our equity investments consist of small, mid, and large cap growth and value funds, as well as international equity. The net pre-tax effected unrealized gain was $1.1 million. Carrying amounts above are recorded in the investments and restricted investments line items within the balance sheet as of September 30, 2017. During the first nine months of 2017, Ardellis investments reported a net realized gain of $185 thousand, which was recorded in interest income on the statement of earnings.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2017
REVENUE RECOGNITION
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. On May 28, 2014, the FASB issued ASU No. 2014-09 (Accounting Standard Codification 606), Revenue from Contracts with Customers, which will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The Company plans to adopt the guidance in the first quarter of fiscal 2018 and apply the modified retrospective method. The Company is in the process of finalizing contract reviews and the completion of the new standard’s impact on its Consolidated Financial Statements. Earnings on construction contracts are reflected in operations using percentage-of-completion accounting, under either cost to cost or units of delivery methods, depending on the nature of the business at individual operations. Under percentage-of-completion using the cost to cost method, revenues and related earnings on construction contracts are measured by the relationships of actual costs incurred related to the total estimated costs. Under percentage-of-completion using the units of delivery method, revenues and related earnings on construction contracts are measured by the relationships of actual units produced related to the total number of units. Revisions in earnings estimates on the construction contracts are recorded in the accounting period in which the basis for such revisions becomes known. Projected losses on individual contracts are charged to operations in their entirety when such losses become apparent. Construction contract revenue increased to approximately $36.6 million, during the third quarter of 2017, from $31.9 million during the same period of 2016. Construction contract revenue was approximately $99.6 million and $95.2 million through the first nine months of 2017 and 2016, respectively. Our construction contracts are generally entered into with a fixed price and completion of the projects can range from 6 to 18 months in duration. Therefore, our operating results are impacted by, among many other things, labor rates and commodity costs. During the year, we update our estimated costs to complete our projects using current labor and commodity costs and recognize losses to the extent that they exist. The following table presents the balances of percentage-of-completion accounts which are included in “Other current assets” and “Accrued liabilities: Other”, respectively (in thousands): September 30, December 31, September 24, 2017 2016 2016 Cost and Earnings in Excess of Billings $ 2,594 $ 2,573 $ 2,788 Billings in Excess of Cost and Earnings 4,802 4,748 6,222

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2017
EARNINGS PER SHARE
EARNINGS PER SHARE	D. EARNINGS PER SHARE The computation of earnings per share (“EPS”) is as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2017 2016 2017 2016 Numerator: Net earnings attributable to controlling interest $ 33,693 $ 27,819 $ 88,397 $ 80,429 Adjustment for earnings allocated to non-vested restricted common stock (656) (463) (1,633) (1,281) Net earnings for calculating EPS $ 33,037 $ 27,356 $ 86,764 $ 79,148 Denominator: Weighted average shares outstanding 20,474 20,402 20,481 20,360 Adjustment for non-vested restricted common stock (399) (340) (378) (324) Shares for calculating basic EPS 20,075 20,062 20,103 20,036 Effect of dilutive stock options 41 33 37 32 Shares for calculating diluted EPS 20,116 20,095 20,140 20,068 Net earnings per share: Basic $ 1.65 $ 1.36 $ 4.32 $ 3.95 Diluted $ 1.64 $ 1.36 $ 4.31 $ 3.94 No options were excluded from the computation of diluted EPS for the quarters ended September 30, 2017 or September 24, 2016. On October 17, 2017, our Board of Directors declared a three-for-one stock split effected in the form of a stock dividend. The record date of the stock split will be October 31, 2017, and the eventual stock distribution to shareholders will occur November 14, 2017. All references made to share or earnings per share amounts in the accompanying unaudited consolidated financial statements and applicable disclosures are presented on a pre-split basis. As a result of the stock split, all historical per share data and number of shares outstanding presented in future financial statements will be retroactively adjusted. The following table provides pro forma earnings per share, giving retroactive effect to the stock split: Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2017 2016 2017 2016 Shares for calculating basic EPS - Post stock split basis 60,225 60,186 60,309 60,108 Shares for calculating diluted EPS - Post stock split basis 60,348 60,285 60,420 60,204 Net earnings per share (post stock split): Basic $ 0.55 $ 0.45 $ 1.44 $ 1.32 Diluted $ 0.55 $ 0.45 $ 1.44 $ 1.31

COMMITMENTS, CONTINGENCIES, AND

COMMITMENTS, CONTINGENCIES, AND GUARANTEES	9 Months Ended
	Sep. 30, 2017
COMMITMENTS, CONTINGENCIES, AND GUARANTEES
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 wood preservation facilities in Stockertown, PA; Elizabeth City, NC; Auburndale, FL; and Medley, FL. In addition, a reserve was established for our facility in Thornton, CA to remove certain lead containing materials which existed on the property at the time of purchase. On a consolidated basis, we have reserved approximately $3.6 million and $3.4 million on September 30, 2017, and September 24, 2016, respectively, representing the estimated costs to complete future remediation efforts. These amounts have not been reduced by an insurance receivable. Many of our wood treating operations utilize “Subpart W” drip pads, defined as hazardous waste management units by the Environmental Protection Agency. The rules regulating drip pads require that a pad be “closed” at the point that it is no longer intended to be used for wood treating operations or to manage hazardous waste. Closure involves identification and disposal of contaminants which are required to be removed from the facility. The cost of closure is dependent upon a number of factors including, but not limited to, identification and removal of contaminants, cleanup standards that vary from state to state, and the time period over which the cleanup would be completed. Based on our present knowledge of existing circumstances, it is considered probable that these costs will approximate $0.2 million. As a result, this amount is recorded in other long-term liabilities on September 30, 2017. In February 2014, one of our operations was served with a federal grand jury subpoena from the Southern District of New York. The subpoena was issued in connection with an investigation being conducted by the US Attorney’s Office for the Southern District of New York. The subpoena requested documents relating to a developer and construction projects for which our operation had provided materials and labor. Following receipt of the subpoena, the Audit Committee of the Company’s Board of Directors retained outside counsel to conduct an internal investigation and respond to the subpoena. The Company cooperated in all respects with the US Attorney’s Office, complied with this subpoena and voluntarily provided additional information. As a result of the internal investigation, in 2014, two Company employees were terminated for violating the Company’s Code of Business Conduct and Ethics. In May 2015, those ex-employees were indicted by the grand jury. In April 2016, one of the two former employees pled guilty to four of the charges included in the indictment. In May 2016, the other former employee was found guilty by a jury on four of the charges included in the indictment. The Company has not been named as a target and continues to cooperate with the US Attorney’s Office in this matter. Based upon prior communications with the US Attorney’s Office, we do not believe that the resolution of this matter will have a material adverse impact on our financial condition or the results of our operations. In addition, on September 30, 2017, we were parties either as plaintiff or defendant to a number of lawsuits and claims arising through the normal course of our business. In the opinion of management, our consolidated financial statements will not be materially affected by the outcome of these contingencies and claims. On September 30, 2017, we had outstanding purchase commitments on commenced capital projects of approximately $26.1 million. We provide a variety of warranties for products we manufacture. Historically, warranty claims have not been material. We distribute products manufactured by other companies, some of which are no longer in business. While we do not warrant these products, we have received claims as a distributor of these products when the manufacturer no longer exists or has the ability to pay. Historically, these costs have not had a material effect on our consolidated financial statements. As part of our operations, we supply building materials and labor to site-built construction projects or we jointly bid on contracts with framing companies for such projects. In some instances, we are required to post payment and performance bonds to insure the project owner 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 September 30, 2017 we had approximately $8.8 million outstanding payment and performance bonds for open projects. We had approximately $1.7 million in payment and performance bonds outstanding for completed projects which are still under warranty. On September 30, 2017, 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 industrial development revenue bonds that have been issued. These letters of credit guarantee principal and interest payments to the bondholders. We currently have irrevocable letters of credit outstanding totaling approximately $9.8 million related to our outstanding industrial development revenue bonds. These letters of credit have varying terms but may be renewed at the option of the issuing banks. Certain wholly owned domestic subsidiaries have guaranteed the indebtedness of Universal Forest Products, Inc. in certain debt agreements, including the Series 2012 Senior Notes and our revolving credit facility. The maximum exposure of these guarantees is limited to the indebtedness outstanding under these debt arrangements and this exposure will expire concurrent with the expiration of the debt agreements. We did not enter into any new guarantee arrangements during the third quarter of 2017 which would require us to recognize a liability on our balance sheet.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	9 Months Ended
	Sep. 30, 2017
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS	F. BUSINESS COMBINATIONS We completed the following acquisitions in nine months ended 2017 and 2016 which were accounted for using the purchase method in thousands unless otherwise noted: Net Company Acquisition Intangible Tangible Operating Name Date Purchase Price Assets Assets Segment May 26, 2017 $5,042 $ 4,880 $ 162 South Go Boy Pallets, LLC ("Go Boy") A manufacturer and distributor of industrial pallets and packaging in Georgia and North Carolina. Go Boy has annual sales of approximately $8 million. The acquisition of Go Boy enabled us to expand our industrial packaging product offering and lumber sourcing in this region. March 6, 2017 $31,818 $ 7,533 $ 24,285 South Robbins Manufacturing Co. ("Robbins") A manufacturer of treated wood products with facilities in Florida, Georgia, and North Carolina. Robbins has annual sales of approximately $86 million. The acquisition of Robbins allowed us to expand our presence in this region and serve customers more cost effectively. March 6, 2017 $22,789 $ 14,266 $ 8,523 North Quality Hardwood Sales, LLC ("Quality") A manufacturer and supplier of hardwood products, including components of cabinets used in homes and recreational vehicles. Quality has annual sales of approximately $30 million. The acquisition of Quality enabled us to expand our product offering to include hardwood-based products. November 29, 2016 $9,455 $ 7,314 $ 2,141 All Other The UBEECO Group Pty. Ltd. ("Ubeeco") A manufacturer and distributor of a variety of wood packaging and alternative material products, including boxes, crates, pallets, skids, protective packaging, packaging accessories and loose lumber. Ubeeco has annual sales of approximately $20 million. The acquisition of Ubeeco allows us to make progress on our goal of becoming a global provider of packaging solutions. September 16, 2016 $66,691 $ 17,455 $ 49,236 All Other idX Holdings, Inc. ("idX") A designer, producer, and installer of customized interior fixtures and related products used in a variety of commercial structures. idX has annual sales of $300 million. The acquisition of idX enables us to enhance our design, product and service offering to become a tier 1 supplier of interior fixtures to retail customers, and continue to use idX's capabilities to continue to develop new markets for growth. Our goal is to achieve long-term synergies, including: a. Eliminating redundant administrative support costs. b. Using the scale advantage of the Company to reduce material costs of common raw materials. c. Utilizing manufacturing capacity of certain existing locations to supply idX. d. Utilizing idX’s international footprint to identify sourcing opportunities for certain products. e. Cross selling one another’s products and services with our respective customers. f. Collaborating on new product development. July 29, 2016 $1,246 $ 405 $ 841 North Seven D Truss, L.P. A manufacturer and distributor of roof and floor trusses. 7D had annual sales of approximately $4.0 million. The acquisition of 7D gave us the opportunity to consolidate operations with our Gordon, Pennsylvania location. The intangible assets for each acquisition were finalized and allocated to their respective identifiable intangible asset and goodwill accounts during 2017, excluding Go Boy. In aggregate, acquisitions completed since September of 2016 contributed approximately $292.1 million in revenue and $5.3 million in operating profit during 2017.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2017
SEGMENT REPORTING
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. The Company operates manufacturing, treating and distribution facilities throughout North America, but primarily in the United States. The Company manages the operations of its individual locations primarily through a geographic reporting structure under which each location is included in a region and regions are included in our North, South, and West divisions. The exceptions to this geographic reporting and management structure are (a) the Company’s Alternative Materials Division, which offers a portfolio of non-wood products and distributes those products nation-wide (b) the Company’s distribution unit (referred to as UFPD) which distributes a variety of products to the manufactured housing industry nation-wide and is accounted for as a reporting unit within the North segment, and (c) the idX division, which designs, produces, and installs customized in-store environments, for customers world-wide. With respect to the facilities in the north, south, and west segments, these facilities generally supply the three markets the Company serves nationally - Retail, Industrial, and Construction. Also, substantially all of our facilities support customers in the immediate geographical region surrounding the facility. Our Alternative Materials, International and idX division have been included in the “All Other” column of the table below. The “Corporate” column includes unallocated administrative costs and certain incentive compensation expense. Three Months Ended September 30, 2017 North South West All Other Corporate Total Net sales to outside customers $ 310,384 $ 206,050 $ 378,714 $ 161,438 $ — $ 1,056,586 Intersegment net sales 18,897 18,817 21,384 47,539 — 106,637 Segment operating profit 16,697 10,234 22,538 6,882 (4,080) 52,271 Three Months Ended September 24, 2016 North South West All Other Corporate Total Net sales to outside customers $ 267,156 $ 173,715 $ 335,981 $ 49,813 $ — $ 826,665 Intersegment net sales 14,318 9,642 22,054 4,574 — 50,588 Segment operating profit 14,630 9,900 19,962 2,959 (3,899) 43,552 Nine Months Ended September 30, 2017 North South West All Other Corporate Total Net sales to outside customers $ 857,858 $ 616,376 $ 1,088,744 $ 412,113 $ — $ 2,975,091 Intersegment net sales 51,859 55,472 65,466 116,743 — 289,540 Segment operating profit (loss) 42,921 31,152 65,547 13,285 (12,914) 139,991 Nine Months Ended September 24, 2016 North South West All Other Corporate Total Net sales to outside customers $ 758,066 $ 533,239 $ 940,188 $ 149,416 $ — $ 2,380,909 Intersegment net sales 42,071 28,693 65,325 16,559 — 152,648 Segment operating profit 43,054 35,830 58,434 11,542 (19,733) 129,127

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2017
INCOME TAXES
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 31.9 % in the third quarter of 201 7 compared to 32.5 % for same period in 201 6 . Our effective tax rate was 33.0 % in the first nine months of 201 7 compared to 34.2 % in 201 6 , primarily due to recording a tax deduction for certain share-based compensation and fees at fair market value.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2017
BASIS OF PRESENTATION
Basis of Accounting	The accompanying unaudited interim consolidated condensed financial statements (the “Financial Statements”) include our accounts and those of our wholly-owned and majority-owned subsidiaries and partnerships, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the Financial Statements do not include all of the information and footnotes normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States. All intercompany transactions and balances have been eliminated. In our opinion, the Financial Statements contain all material adjustments necessary to present fairly our consolidated financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. These Financial Statements should be read in conjunction with the annual consolidated financial statements, and footnotes thereto, included in our Annual Report to Shareholders on Form 10‑K for the fiscal year ended December 31, 2016. Seasonality has a significant impact on our working capital from March to August which historically results in negative or modest cash flows from operations in our first and second quarters. Conversely, we experience a substantial decrease in working capital from September to February which typically results in significant cash flow from operations in our third and fourth quarters. For comparative purposes, we have included the September 24, 2016 balances in the accompanying unaudited consolidated condensed balance sheets.
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. On May 28, 2014, the FASB issued ASU No. 2014-09 (Accounting Standard Codification 606), Revenue from Contracts with Customers, which will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The Company plans to adopt the guidance in the first quarter of fiscal 2018 and apply the modified retrospective method. The Company is in the process of finalizing contract reviews and the completion of the new standard’s impact on its Consolidated Financial Statements. Earnings on construction contracts are reflected in operations using percentage-of-completion accounting, under either cost to cost or units of delivery methods, depending on the nature of the business at individual operations. Under percentage-of-completion using the cost to cost method, revenues and related earnings on construction contracts are measured by the relationships of actual costs incurred related to the total estimated costs. Under percentage-of-completion using the units of delivery method, revenues and related earnings on construction contracts are measured by the relationships of actual units produced related to the total number of units. Revisions in earnings estimates on the construction contracts are recorded in the accounting period in which the basis for such revisions becomes known. Projected losses on individual contracts are charged to operations in their entirety when such losses become apparent. Construction contract revenue increased to approximately $36.6 million, during the third quarter of 2017, from $31.9 million during the same period of 2016. Construction contract revenue was approximately $99.6 million and $95.2 million through the first nine months of 2017 and 2016, respectively. Our construction contracts are generally entered into with a fixed price and completion of the projects can range from 6 to 18 months in duration. Therefore, our operating results are impacted by, among many other things, labor rates and commodity costs. During the year, we update our estimated costs to complete our projects using current labor and commodity costs and recognize losses to the extent that they exist.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2017
FAIR VALUE
Assets measured at fair value	September 30, 2017 September 24, 2016 Quoted Prices with Quoted Prices with Prices in Other Prices in Other Active Observable Active Observable Markets Inputs Markets Inputs (in thousands) (Level 1) (Level 2) Total (Level 1) (Level 2) Total Money market funds $ 64 $ 413 $ 477 $ 64 $ 132 $ 196 Fixed income funds 1,299 6,905 8,204 2,049 2,335 4,384 Equity securities 10,194 — 10,194 5,592 — 5,592 Mutual funds: Domestic stock funds 335 — 335 760 — 760 International stock funds 87 — 87 70 — 70 Target funds 260 — 260 234 — 234 Bond funds 208 — 208 203 — 203 Total mutual funds 890 — 890 1,267 — 1,267 Total $ 12,447 $ 7,318 $ 19,765 $ 8,972 $ 2,467 $ 11,439 Assets at fair value $ 12,447 $ 7,318 $ 19,765 $ 8,972 $ 2,467 $ 11,439
Available for sale investment portfolio	Unrealized Cost Gain/(Loss) Fair Value Fixed Income $ 8,170 $ 34 $ 8,204 Equity 9,123 1,071 10,194 Total $ 17,293 $ 1,105 $ 18,398

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2017
REVENUE RECOGNITION
Schedule of percentage-of-completion balances	The following table presents the balances of percentage-of-completion accounts which are included in “Other current assets” and “Accrued liabilities: Other”, respectively (in thousands): September 30, December 31, September 24, 2017 2016 2016 Cost and Earnings in Excess of Billings $ 2,594 $ 2,573 $ 2,788 Billings in Excess of Cost and Earnings 4,802 4,748 6,222

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2017
EARNINGS PER SHARE
Computation of earnings per share	The computation of earnings per share (“EPS”) is as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2017 2016 2017 2016 Numerator: Net earnings attributable to controlling interest $ 33,693 $ 27,819 $ 88,397 $ 80,429 Adjustment for earnings allocated to non-vested restricted common stock (656) (463) (1,633) (1,281) Net earnings for calculating EPS $ 33,037 $ 27,356 $ 86,764 $ 79,148 Denominator: Weighted average shares outstanding 20,474 20,402 20,481 20,360 Adjustment for non-vested restricted common stock (399) (340) (378) (324) Shares for calculating basic EPS 20,075 20,062 20,103 20,036 Effect of dilutive stock options 41 33 37 32 Shares for calculating diluted EPS 20,116 20,095 20,140 20,068 Net earnings per share: Basic $ 1.65 $ 1.36 $ 4.32 $ 3.95 Diluted $ 1.64 $ 1.36 $ 4.31 $ 3.94
Schedule of pro forma earnings per share	Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2017 2016 2017 2016 Shares for calculating basic EPS - Post stock split basis 60,225 60,186 60,309 60,108 Shares for calculating diluted EPS - Post stock split basis 60,348 60,285 60,420 60,204 Net earnings per share (post stock split): Basic $ 0.55 $ 0.45 $ 1.44 $ 1.32 Diluted $ 0.55 $ 0.45 $ 1.44 $ 1.31

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	9 Months Ended
	Sep. 30, 2017
BUSINESS COMBINATIONS
Business Acquisitions Accounted for Using Purchase Method	Net Company Acquisition Intangible Tangible Operating Name Date Purchase Price Assets Assets Segment May 26, 2017 $5,042 $ 4,880 $ 162 South Go Boy Pallets, LLC ("Go Boy") A manufacturer and distributor of industrial pallets and packaging in Georgia and North Carolina. Go Boy has annual sales of approximately $8 million. The acquisition of Go Boy enabled us to expand our industrial packaging product offering and lumber sourcing in this region. March 6, 2017 $31,818 $ 7,533 $ 24,285 South Robbins Manufacturing Co. ("Robbins") A manufacturer of treated wood products with facilities in Florida, Georgia, and North Carolina. Robbins has annual sales of approximately $86 million. The acquisition of Robbins allowed us to expand our presence in this region and serve customers more cost effectively. March 6, 2017 $22,789 $ 14,266 $ 8,523 North Quality Hardwood Sales, LLC ("Quality") A manufacturer and supplier of hardwood products, including components of cabinets used in homes and recreational vehicles. Quality has annual sales of approximately $30 million. The acquisition of Quality enabled us to expand our product offering to include hardwood-based products. November 29, 2016 $9,455 $ 7,314 $ 2,141 All Other The UBEECO Group Pty. Ltd. ("Ubeeco") A manufacturer and distributor of a variety of wood packaging and alternative material products, including boxes, crates, pallets, skids, protective packaging, packaging accessories and loose lumber. Ubeeco has annual sales of approximately $20 million. The acquisition of Ubeeco allows us to make progress on our goal of becoming a global provider of packaging solutions. September 16, 2016 $66,691 $ 17,455 $ 49,236 All Other idX Holdings, Inc. ("idX") A designer, producer, and installer of customized interior fixtures and related products used in a variety of commercial structures. idX has annual sales of $300 million. The acquisition of idX enables us to enhance our design, product and service offering to become a tier 1 supplier of interior fixtures to retail customers, and continue to use idX's capabilities to continue to develop new markets for growth. Our goal is to achieve long-term synergies, including: a. Eliminating redundant administrative support costs. b. Using the scale advantage of the Company to reduce material costs of common raw materials. c. Utilizing manufacturing capacity of certain existing locations to supply idX. d. Utilizing idX’s international footprint to identify sourcing opportunities for certain products. e. Cross selling one another’s products and services with our respective customers. f. Collaborating on new product development. July 29, 2016 $1,246 $ 405 $ 841 North Seven D Truss, L.P. A manufacturer and distributor of roof and floor trusses. 7D had annual sales of approximately $4.0 million. The acquisition of 7D gave us the opportunity to consolidate operations with our Gordon, Pennsylvania location.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2017
SEGMENT REPORTING
Segment Reporting	Our Alternative Materials, International and idX division have been included in the “All Other” column of the table below. The “Corporate” column includes unallocated administrative costs and certain incentive compensation expense. Three Months Ended September 30, 2017 North South West All Other Corporate Total Net sales to outside customers $ 310,384 $ 206,050 $ 378,714 $ 161,438 $ — $ 1,056,586 Intersegment net sales 18,897 18,817 21,384 47,539 — 106,637 Segment operating profit 16,697 10,234 22,538 6,882 (4,080) 52,271 Three Months Ended September 24, 2016 North South West All Other Corporate Total Net sales to outside customers $ 267,156 $ 173,715 $ 335,981 $ 49,813 $ — $ 826,665 Intersegment net sales 14,318 9,642 22,054 4,574 — 50,588 Segment operating profit 14,630 9,900 19,962 2,959 (3,899) 43,552 Nine Months Ended September 30, 2017 North South West All Other Corporate Total Net sales to outside customers $ 857,858 $ 616,376 $ 1,088,744 $ 412,113 $ — $ 2,975,091 Intersegment net sales 51,859 55,472 65,466 116,743 — 289,540 Segment operating profit (loss) 42,921 31,152 65,547 13,285 (12,914) 139,991 Nine Months Ended September 24, 2016 North South West All Other Corporate Total Net sales to outside customers $ 758,066 $ 533,239 $ 940,188 $ 149,416 $ — $ 2,380,909 Intersegment net sales 42,071 28,693 65,325 16,559 — 152,648 Segment operating profit 43,054 35,830 58,434 11,542 (19,733) 129,127

FAIR VALUE - Asset Measured at

FAIR VALUE - Asset Measured at Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016
Fixed Income | Restricted Investments
Fair Value
Securities transferred to collateral trust account	$ 4,100
Securities purchased and held in the collateral trust account	3,800
Estimate of Fair Value Measurement | Recurring
Fair Value
Investments at fair value	19,765	$ 11,439
Assets at fair value	19,765	11,439
Estimate of Fair Value Measurement | Recurring | Money market funds
Fair Value
Investments at fair value	477	196
Estimate of Fair Value Measurement | Recurring | Fixed Income
Fair Value
Investments at fair value	8,204	4,384
Estimate of Fair Value Measurement | Recurring | Equity
Fair Value
Investments at fair value	10,194	5,592
Estimate of Fair Value Measurement | Recurring | Mutual Funds
Fair Value
Investments at fair value	890	1,267
Estimate of Fair Value Measurement | Recurring | Domestic stock funds
Fair Value
Investments at fair value	335	760
Estimate of Fair Value Measurement | Recurring | International stock funds
Fair Value
Investments at fair value	87	70
Estimate of Fair Value Measurement | Recurring | Target funds
Fair Value
Investments at fair value	260	234
Estimate of Fair Value Measurement | Recurring | Bond funds
Fair Value
Investments at fair value	208	203
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1)
Fair Value
Investments at fair value	12,447	8,972
Assets at fair value	12,447	8,972
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Money market funds
Fair Value
Investments at fair value	64	64
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Fixed Income
Fair Value
Investments at fair value	1,299	2,049
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Equity
Fair Value
Investments at fair value	10,194	5,592
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Mutual Funds
Fair Value
Investments at fair value	890	1,267
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Domestic stock funds
Fair Value
Investments at fair value	335	760
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | International stock funds
Fair Value
Investments at fair value	87	70
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Target funds
Fair Value
Investments at fair value	260	234
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Bond funds
Fair Value
Investments at fair value	208	203
Estimate of Fair Value Measurement | Recurring | Prices with Other Observable Inputs (Level 2)
Fair Value
Investments at fair value	7,318	2,467
Assets at fair value	7,318	2,467
Estimate of Fair Value Measurement | Recurring | Prices with Other Observable Inputs (Level 2) | Money market funds
Fair Value
Investments at fair value	413	132
Estimate of Fair Value Measurement | Recurring | Prices with Other Observable Inputs (Level 2) | Fixed Income
Fair Value
Investments at fair value	$ 6,905	$ 2,335

FAIR VALUE - Available for Sale

FAIR VALUE - Available for Sale Investment Portfolio (Details) - Ardellis Insurance Ltd. $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Available-for-sale securities
Cost	$ 17,293
Unrealized Gain (Loss)	1,105
Fair Value	18,398
Interest Income
Available-for-sale securities
Realized Gain	185
Fixed Income
Available-for-sale securities
Cost	8,170
Unrealized Gain (Loss)	34
Fair Value	8,204
Equity
Available-for-sale securities
Cost	9,123
Unrealized Gain (Loss)	1,071
Fair Value	$ 10,194

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016	Dec. 31, 2016
REVENUE RECOGNITION
Contracts Revenue	$ 36,600	$ 31,900	$ 99,600	$ 95,200
Construction contracts completion term, minimum			6 months
Construction contracts completion term, maximum			18 months
Cost and Earnings in Excess of Billings	2,594	2,788	$ 2,594	2,788	$ 2,573
Billings in Excess of Cost and Earnings	$ 4,802	$ 6,222	$ 4,802	$ 6,222	$ 4,748

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016
Numerator:
Net earnings attributable to controlling interest	$ 33,693	$ 27,819	$ 88,397	$ 80,429
Adjustment for earnings allocated to non-vested restricted common stock	656	463	1,633	1,281
Net earnings for calculating EPS	$ 33,037	$ 27,356	$ 86,764	$ 79,148
Denominator:
Weighted average shares outstanding (in shares)	20,474	20,402	20,481	20,360
Adjustment for non-vested restricted common stock (in shares)	(399)	(340)	(378)	(324)
Shares for calculating basic EPS (in shares)	20,075	20,062	20,103	20,036
Effect of dilutive stock options (in shares)	41	33	37	32
Shares for calculating diluted EPS (in shares)	20,116	20,095	20,140	20,068
Net earnings per share
Basic (USD per share)	$ 1.65	$ 1.36	$ 4.32	$ 3.95
Diluted (USD per share)	$ 1.64	$ 1.36	$ 4.31	$ 3.94
Antidilutive securities
Options to purchase shares excluded from computation of EPS (in shares)	0	0

EARNINGS PER SHARE - Stock Spli

EARNINGS PER SHARE - Stock Split (Details) shares in Thousands	Oct. 31, 2017	Sep. 30, 2017$ / sharesshares	Sep. 24, 2016$ / sharesshares	Sep. 30, 2017$ / sharesshares	Sep. 24, 2016$ / sharesshares
Stock split
Stock split ratio	3
Pro forma earnings per share
Shares for calculating basic EPS - Post stock split basis | shares		60,225	60,186	60,309	60,108
Shares for calculating diluted EPS - Post stock split basis | shares		60,348	60,285	60,420	60,204
Net earnings per share (post stock split):
Basic | $ / shares		$ 0.550	$ 0.450	$ 1.440	$ 1.320
Diluted | $ / shares		$ 0.550	$ 0.450	$ 1.440	$ 1.310

COMMITMENTS, CONTINGENCIES, A28

COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) $ in Millions	Feb. 14, 2014item	May 31, 2016item	Apr. 30, 2016employeeitem	Apr. 30, 2014employee	Sep. 30, 2017USD ($)	Sep. 24, 2016USD ($)
Loss Contingencies
Loss contingency, number of operations served with a federal grand jury subpoena | item	1
Loss contingency, number of employees terminated | employee			2	2
Loss contingency, number of employees pleading guilty to charges | employee			1
Number of charges former employee pled guilty | item			4
Number of charges former employee found guilty | item		4
Long-term commitment
Outstanding purchase commitments on capital projects					$ 26.1
Surety Bonds and Letters of Credit
Outstanding letters of credit					$ 26.5
Remediation reserves
Environmental reserves, discount rate (as a percent)					0.00%
Estimated costs to complete future remediation efforts					$ 3.6	$ 3.4
Open Projects
Surety Bonds and Letters of Credit
Payment and performance bonds outstanding					8.8
Completed Projects
Surety Bonds and Letters of Credit
Payment and performance bonds outstanding					1.7
Insurance Contracts
Surety Bonds and Letters of Credit
Outstanding letters of credit					16.7
Revenue Bonds
Surety Bonds and Letters of Credit
Outstanding letters of credit					9.8
Other Long-term Liabilities
Remediation reserves
Approximate identification and removal of contaminants costs					$ 0.2

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands	May 26, 2017	Mar. 06, 2017	Nov. 29, 2016	Sep. 16, 2016	Jul. 29, 2016	Sep. 24, 2016	Sep. 30, 2017
Business Acquisition
Repayments of debt of acquiree						$ 92,830
Aggregate acquisitions' revenue							$ 292,100
Aggregate acquisitions' operating profit							$ 5,300
Go Boy Pallets LLLC (Go Boy) | South
Business Acquisition
Purchase Price	$ 5,042
Intangible Assets	4,880
Net Tangible Assets	162
Acquired entity, prior year sales	$ 8,000
Percentage of assets purchased (as a percent)	100.00%
Robbins Manufacturing Co. (Robbins) | South
Business Acquisition
Purchase Price		$ 31,818
Intangible Assets		7,533
Net Tangible Assets		24,285
Acquired entity, prior year sales		$ 86,000
Percentage of assets purchased (as a percent)		100.00%
Quality Hardwood Sales, LLC (Quality) | North
Business Acquisition
Purchase Price		$ 22,789
Intangible Assets		14,266
Net Tangible Assets		8,523
Acquired entity, prior year sales		$ 30,000
Percentage of assets purchased (as a percent)		100.00%
The UBEECO Group Pty. Ltd. (Ubeeco) | All Other
Business Acquisition
Purchase Price			$ 9,455
Intangible Assets			7,314
Net Tangible Assets			2,141
Acquired entity, prior year sales			$ 20,000
Percentage of stock purchase (as a percent)			100.00%
idX Holdings, Inc. (idX) | All Other
Business Acquisition
Purchase Price				$ 66,691
Purchase price, holdback				11,337
Cash received				86,294
Consideration transferred for certain other obligations				6,536
Intangible Assets				17,455
Net Tangible Assets				49,236
Acquired entity, prior year sales				$ 300,000
Percentage of stock purchase (as a percent)				100.00%
Seven D Truss, L.P. | North
Business Acquisition
Purchase Price					$ 1,246
Intangible Assets					405
Net Tangible Assets					841
Acquired entity, prior year sales					$ 4,000

SEGMENT REPORTING - NARRATIVE (

SEGMENT REPORTING - NARRATIVE (Details)	Sep. 30, 2017item
SEGMENT REPORTING
Number of markets in which the entity Operates (in markets)	3

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016
Segment Reporting
Net sales	$ 1,056,586	$ 826,665	$ 2,975,091	$ 2,380,909
Segment operating profit	52,271	43,552	139,991	129,127
Intersegment net sales
Segment Reporting
Net sales	106,637	50,588	289,540	152,648
Corporate
Segment Reporting
Segment operating profit	(4,080)	(3,899)	(12,914)	(19,733)
North | Operating Segments
Segment Reporting
Net sales	310,384	267,156	857,858	758,066
Segment operating profit	16,697	14,630	42,921	43,054
North | Intersegment net sales
Segment Reporting
Net sales	18,897	14,318	51,859	42,071
South | Operating Segments
Segment Reporting
Net sales	206,050	173,715	616,376	533,239
Segment operating profit	10,234	9,900	31,152	35,830
South | Intersegment net sales
Segment Reporting
Net sales	18,817	9,642	55,472	28,693
West | Operating Segments
Segment Reporting
Net sales	378,714	335,981	1,088,744	940,188
Segment operating profit	22,538	19,962	65,547	58,434
West | Intersegment net sales
Segment Reporting
Net sales	21,384	22,054	65,466	65,325
All Other | Operating Segments
Segment Reporting
Net sales	161,438	49,813	412,113	149,416
Segment operating profit	6,882	2,959	13,285	11,542
All Other | Intersegment net sales
Segment Reporting
Net sales	$ 47,539	$ 4,574	$ 116,743	$ 16,559

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016
INCOME TAXES
Effective income tax rate	31.90%	32.50%	33.00%	34.20%