UFP Industries (UFPI) 10-Q 6 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 28, 2020shares
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 28, 2020
Entity File Number	0-22684
Entity Registrant Name	UFP INDUSTRIES, INC.
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-1465835
Entity Address, Address Line One	2801 East Beltline NE
Entity Address, City or Town	Grand Rapids
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49525
City Area Code	616
Local Phone Number	364-6161
Title of 12(b) Security	Common Stock
Trading Symbol	UFPI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)	61,102,481
Current Fiscal Year End Date	--12-26
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000912767
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019	Mar. 30, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 32,129	$ 168,336	$ 17,111
Restricted cash	724	330	1,024
Investments	17,778	18,527	16,197
Accounts receivable, net	460,821	364,027	444,111
Inventories:
Raw materials	263,857	236,283	279,265
Finished goods	246,824	250,591	300,898
Total inventories	510,681	486,874	580,163
Refundable income taxes	2,624	13,272	4,629
Other current assets	36,152	41,706	40,237
TOTAL CURRENT ASSETS	1,060,909	1,093,072	1,103,472
DEFERRED INCOME TAXES	2,145	2,763	2,364
RESTRICTED INVESTMENTS	16,111	16,214	13,580
RIGHT OF USE ASSETS	81,065	80,167	66,100
OTHER ASSETS	25,198	24,884	8,419
GOODWILL	246,459	229,536	224,247
INDEFINITE-LIVED INTANGIBLE ASSETS	7,288	7,354	7,364
OTHER INTANGIBLE ASSETS, NET	46,232	48,313	39,686
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment	906,171	884,963	828,837
Less accumulated depreciation and amortization	(508,596)	(497,789)	(472,671)
PROPERTY, PLANT AND EQUIPMENT, NET	397,575	387,174	356,166
TOTAL ASSETS	1,882,982	1,889,477	1,821,398
CURRENT LIABILITIES:
Cash overdraft			18,732
Accounts payable	162,039	142,479	170,667
Accrued liabilities:
Compensation and benefits	92,504	141,892	70,867
Other	55,760	51,572	45,618
Current portion of lease liability	16,180	15,283	14,500
Current portion of long-term debt	2,772	2,816	185
TOTAL CURRENT LIABILITIES	329,255	354,042	320,569
LONG-TERM DEBT	160,550	160,867	266,428
LEASE LIABILITY	64,937	64,884	51,600
DEFERRED INCOME TAXES	22,799	22,880	14,622
OTHER LIABILITIES	33,159	29,071	29,813
TOTAL LIABILITIES	610,700	631,744	683,032
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, 61,102,481, 61,408,589 and 61,352,372	61,102	61,409	61,352
Additional paid-in capital	211,724	192,173	190,879
Retained earnings	998,996	995,022	875,457
Accumulated other comprehensive income	(11,110)	(4,889)	(4,789)
Total controlling interest shareholders' equity	1,260,712	1,243,715	1,122,899
Noncontrolling interest	11,570	14,018	15,467
TOTAL SHAREHOLDERS' EQUITY	1,272,282	1,257,733	1,138,366
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,882,982	$ 1,889,477	$ 1,821,398

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 28, 2020	Dec. 28, 2019	Mar. 30, 2019
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)	61,102,481	61,408,589	61,352,372
Common stock, shares outstanding (in shares)	61,102,481	61,408,589	61,352,372

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
NET SALES	$ 1,032,062	$ 1,015,125
COST OF GOODS SOLD	864,826	860,858
GROSS PROFIT	167,236	154,267
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	109,339	105,317
OTHER	(735)	504
EARNINGS FROM OPERATIONS	58,632	48,446
INTEREST EXPENSE	1,908	2,460
INTEREST INCOME	(341)	(245)
UNREALIZED LOSS (GAIN) ON INVESTMENTS AND OTHER	3,173	(1,348)
NET INTEREST EXPENSE	4,740	867
EARNINGS BEFORE INCOME TAXES	53,892	47,579
INCOME TAXES	13,322	11,577
NET EARNINGS	40,570	36,002
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST	(411)	(462)
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST	$ 40,159	$ 35,540
EARNINGS PER SHARE - BASIC (USD per share)	$ 0.65	$ 0.58
EARNINGS PER SHARE - DILUTED (USD per share)	$ 0.65	$ 0.58
OTHER COMPREHENSIVE INCOME:
NET EARNINGS	$ 40,570	$ 36,002
OTHER COMPREHENSIVE GAIN (LOSS)	(8,556)	1,373
COMPREHENSIVE INCOME	32,014	37,375
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	1,924	(686)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST	$ 33,938	$ 36,689

CONDENSED CONSOLIDATED STATEM_2

CONDENSED 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. 29, 2018	$ 60,884	$ 178,540	$ 839,917	$ (5,938)	$ 15,281	$ 1,088,684
Increase (Decrease) in Stockholders' Equity
Net earnings			35,540		462	36,002
Foreign currency translation adjustment				982	224	1,206
Unrealized gain (loss) on investment & foreign currency				167		167
Distributions to noncontrolling interest					(500)	(500)
Issuance of shares under employee stock purchase plans	10	251				261
Issuance of shares under stock grant programs	320	6,101				6,421
Issuance of shares under deferred compensation plans	138	(138)
Expense associated with share-based compensation arrangements		1,226				1,226
Accrued expense under deferred compensation plans		4,899				4,899
Ending balance at Mar. 30, 2019	61,352	190,879	875,457	(4,789)	15,467	1,138,366
Beginning balance at Dec. 28, 2019	61,409	192,173	995,022	(4,889)	14,018	1,257,733
Increase (Decrease) in Stockholders' Equity
Net earnings			40,159		411	40,570
Foreign currency translation adjustment				(5,951)	(2,335)	(8,286)
Unrealized gain (loss) on investment & foreign currency				(270)		(270)
Distributions to noncontrolling interest					(299)	(299)
Additional purchases of noncontrolling interest		130			(225)	(95)
Cash dividends			(7,730)			(7,730)
Issuance of shares under employee stock purchase plans	10	309				319
Issuance of shares under stock grant programs	350	12,454	1			12,805
Issuance of shares under deferred compensation plans	89	(89)
Repurchase of shares	(756)		(28,456)			(29,212)
Expense associated with share-based compensation arrangements		1,404				1,404
Accrued expense under deferred compensation plans		5,343				5,343
Ending balance at Mar. 28, 2020	$ 61,102	$ 211,724	$ 998,996	$ (11,110)	$ 11,570	$ 1,272,282

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Increase (Decrease) in Stockholders' Equity
Cash dividends per share - semiannually (USD per share)	$ 0.125
Issuance of shares under employee stock plans (in shares)	10,549	10,259
Issuance of shares under stock grant programs (in shares)	350,124	320,069
Issuance of shares under deferred compensation plans (in shares)	89,616	138,295
Repurchase of shares (in shares)	756,397

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 40,570	$ 36,002
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation	15,717	14,475
Amortization of intangibles	1,571	1,852
Expense associated with share-based and grant compensation arrangements	1,444	1,287
Deferred income taxes (credit)	286	(742)
Unrealized (gain) loss on investments	3,173	(1,348)
Net gain on disposition of assets and impairment of assets	(285)	(122)
Changes in:
Accounts receivable	(94,253)	(100,716)
Inventories	(25,783)	(23,649)
Accounts payable and cash overdraft	20,047	25,056
Accrued liabilities and other	(8,648)	(7,924)
NET CASH USED IN OPERATING ACTIVITIES	(46,161)	(55,829)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(27,286)	(15,883)
Proceeds from sale of property, plant and equipment	409	241
Acquisitions and purchases of non-controlling interest, net of cash received	(18,487)
Investment in life insurance contracts
Purchases of investments	(14,052)	(449)
Proceeds from sale of investments	11,260	340
Other	(54)	200
NET CASH USED IN INVESTING ACTIVITIES	(48,210)	(15,551)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities	6,759	237,560
Repayments under revolving credit facilities	(6,498)	(173,232)
Repayment of debt	(3,074)	(3,029)
Proceeds from issuance of common stock	319	261
Dividends paid to shareholders	(7,730)
Distributions to noncontrolling interest	(299)	(500)
Repurchase of common stock	(29,212)
Other	12	9
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(39,723)	61,069
Effect of exchange rate changes on cash	(1,719)	248
NET CHANGE IN CASH AND CASH EQUIVALENTS	(135,813)	(10,063)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR	168,666	28,198
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD	$ 32,853	$ 18,135

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents, beginning of period	$ 168,336	$ 27,316
Restricted cash, beginning of period	330	882
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR	168,666	28,198
Cash and cash equivalents, end of period	32,129	17,111
Restricted cash, end of period	724	1,024
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD	32,853	18,135
SUPPLEMENTAL INFORMATION:
Interest paid	374	570
Income taxes paid	2,307	2,801
NON-CASH FINANCING ACTIVITIES:
Common stock issued under deferred compensation plans	$ 4,900	$ 4,457

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 28, 2020
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 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, 2019. On April 22, 2020, the shareholders approved changing the name of the Company from Universal Forest Products, Inc., to UFP Industries, Inc. 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, 2019 balances in the accompanying unaudited condensed consolidated balance sheets. On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide, which subsequently resulted in a variety of “stay at home” orders issued by states in which we operate. As of the date of this filing, Consequently, all but 3 of our 150 plant locations remain operating. We cannot reasonably estimate the length or severity of this pandemic and government restrictions on business activity, or the extent to which these restrictions may materially impact our consolidated financial position, consolidated results of operations, and consolidated cash flows in fiscal 2020.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 28, 2020
FAIR VALUE
FAIR VALUE	B. FAIR VALUE We apply the provisions of ASC 820, Fair Value Measurements and Disclosures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 28, 2020 ​ March 30, 2019 ​ ​ Quoted ​ Prices with ​ ​ ​ ​ ​ ​ ​ Quoted ​ Prices with ​ ​ ​ ​ ​ ​ ​ ​ Prices in ​ Other ​ ​ Prices with ​ ​ ​ ​ Prices in ​ Other ​ ​ Prices with ​ ​ ​ ​ ​ Active ​ Observable ​ ​ Unobservable ​ ​ ​ ​ Active ​ Observable ​ ​ Unobservable ​ ​ ​ ​ ​ Markets ​ Inputs ​ ​ Inputs ​ ​ ​ ​ Markets ​ Inputs ​ ​ Inputs ​ ​ ​ (in thousands) (Level 1) (Level 2) ​ (Level 3) ​ Total (Level 1) (Level 2) ​ (Level 3) Total Money market funds ​ $ 29,561 $ 837 ​ $ — $ 30,398 $ 56 $ 549 ​ $ — $ 605 Fixed income funds ​ 237 ​ 15,124 ​ ​ — 15,361 ​ 3,860 ​ 9,763 ​ ​ — 13,623 Equity securities ​ 9,089 ​ — ​ ​ — 9,089 ​ 8,258 ​ — ​ ​ — 8,258 Alternative investments ​ ​ — ​ ​ — ​ ​ 1,960 ​ ​ 1,960 ​ ​ — ​ ​ — ​ ​ 1,782 ​ ​ 1,782 Mutual funds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — Domestic stock funds ​ 5,204 ​ — ​ ​ — 5,204 ​ 2,151 ​ — ​ ​ — 2,151 International stock funds ​ 947 ​ — ​ ​ — 947 ​ 2,085 ​ — ​ ​ — 2,085 Target funds ​ 242 ​ — ​ ​ — 242 ​ 257 ​ — ​ ​ — 257 Bond funds ​ 222 ​ — ​ ​ — 222 ​ 799 ​ — ​ ​ — 799 Alternative funds ​ ​ 921 ​ ​ — ​ ​ — ​ ​ 921 ​ ​ 1,344 ​ ​ — ​ ​ — ​ ​ 1,344 Total mutual funds ​ 7,536 ​ — ​ ​ — 7,536 ​ 6,636 ​ — ​ ​ — 6,636 Total ​ $ 46,423 ​ $ 15,961 ​ $ 1,960 ​ $ 64,344 ​ $ 18,810 ​ $ 10,312 ​ $ 1,782 ​ $ 30,904 Assets at fair value ​ $ 46,423 ​ $ 15,961 ​ $ 1,960 $ 64,344 ​ $ 18,810 ​ $ 10,312 ​ $ 1,782 $ 30,904 ​ From the assets measured at fair value as of March 28, 2020, listed in the table above, $29.5 million of money market funds are held in Cash and Cash Equivalents, $17.7 million of mutual funds, equity securities, and alternative investments are held in Investments, $0.9 million of money market and mutual funds are held in Other Assets for our deferred compensation plan, and $15.4 million of fixed income funds and $0.8 million of money markets funds are held in Restricted Investments. We maintain money market, mutual funds, bonds, and/or stocks in our non-qualified deferred compensation plan, our wholly owned licensed captive insurance company, and assets held in financial institutions. These funds are valued at prices quoted in an active exchange market and are included in “Cash and Cash Equivalents”, “Investments”, “Other Assets”, and “Restricted Investments”. We have elected not to apply the fair value option under ASC 825, Financial Instruments, In accordance with our investment policy, our wholly-owned captive, Ardellis Insurance Ltd. (“Ardellis”), maintains an investment portfolio, totaling $33.1 million as of March 28, 2020, consisting of domestic and international stocks, alternative investments, and fixed income bonds. Ardellis’ available for sale investment portfolio, including funds held with the State of Michigan, consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 28, 2020 ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Cost Gain/(Loss) Fair Value Fixed Income ​ $ 1,834 $ 126 $ 1,960 Equity ​ 15,257 ​ 104 15,361 Mutual Funds ​ ​ 9,690 ​ ​ (601) ​ 9,089 Alternative Investments ​ ​ 7,298 ​ ​ (569) ​ 6,729 Total ​ $ 34,079 ​ $ (940) $ 33,139 ​ Our fixed income investments consist of a blend of US Government and Agency bonds and investment grade corporate bonds with varying maturities. Our equity investments consist of small, mid, and large cap growth and value funds, as well as international equity. Our alternative investments consist of the private real estate income trust which is valued as a Level 3 asset. The net unrealized loss was $0.9 million. Carrying amounts above are recorded in the investments and restricted investments line items within the balance sheet as of March 28, 2020.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 28, 2020
REVENUE RECOGNITION
REVENUE RECOGNITION	C. REVENUE RECOGNITION Within the three primary segments (Retail, Industrial, and Construction) that the Company operates, there are a variety of written agreements governing the sale of our products and services. The transaction price is stated at the purchase order level, which includes shipping and/or freight costs and any applicable governmental authority taxes. The majority of our contracts have a single performance obligation concentrated around the delivery of goods to the carrier, Free On Board (FOB) shipping point. Therefore, revenue is recognized when this performance obligation is satisfied. Generally, title and control 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. Certain customer products that we provide require installation by the Company or a 3 rd rd The Company utilizes rebates, credits, discounts and/or cash-based incentives with certain customers which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be provided to customers and reduce revenues recognized. We believe that there will not be significant changes to our estimates of variable consideration. The allocation of these costs are applied at the invoice level and recognized in conjunction with revenue. Additionally, returns and refunds are estimated on a historical and expected basis which is a reduction of revenue recognized. Earnings on construction contracts are reflected in operations using over time accounting, under either cost to cost or units of delivery methods, depending on the nature of the business at individual operations, which is in accordance with ASC 606 as revenue is recognized when certain performance obligations are performed. Under over time accounting 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 over time accounting 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 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 our gross revenues disaggregated by revenue source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 28, March 30, ​ Market Classification ​ 2020 ​ 2019 ​ % Change FOB Shipping Point Revenue ​ $ 1,017,906 ​ $ 996,823 2.1% Construction Contract Revenue ​ 32,800 ​ ​ 34,782 -5.7% Total Gross Sales ​ 1,050,706 ​ ​ 1,031,605 1.9% Sales Allowances ​ ​ (18,644) ​ ​ (16,480) ​ 13.1% Total Net Sales ​ $ 1,032,062 ​ $ 1,015,125 ​ 1.7% ​ The Construction segment comprises the construction contract revenue shown above. Construction contract revenue is primarily made up of site-built and framing customers. The following table presents the balances of over time accounting accounts which are included in “Other current assets” and “Accrued liabilities: Other”, respectively (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 28, ​ December 28, ​ March 30, ​ ​ 2020 2019 2019 Cost and Earnings in Excess of Billings ​ $ 5,744 $ 4,960 $ 7,880 Billings in Excess of Cost and Earnings ​ 9,920 ​ 6,622 5,020 ​ ​

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 28, 2020
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 ​ ​ March 28, March 30, ​ 2020 ​ 2019 ​ Numerator: ​ ​ Net earnings attributable to controlling interest $ 40,159 ​ $ 35,540 ​ Adjustment for earnings allocated to non-vested restricted common stock (1,059) ​ (865) ​ Net earnings for calculating EPS $ 39,100 ​ $ 34,675 ​ Denominator: ​ ​ Weighted average shares outstanding 61,842 ​ 61,372 ​ Adjustment for non-vested restricted common stock (1,630) ​ (1,493) ​ Shares for calculating basic EPS 60,212 ​ 59,879 ​ Effect of dilutive restricted common stock 18 ​ 75 ​ Shares for calculating diluted EPS 60,230 ​ 59,954 ​ Net earnings per share: ​ ​ Basic $ 0.65 ​ $ 0.58 ​ Diluted $ 0.65 ​ $ 0.58 ​ ​

COMMITMENTS, CONTINGENCIES, AND

COMMITMENTS, CONTINGENCIES, AND GUARANTEES	3 Months Ended
	Mar. 28, 2020
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 On a consolidated basis, we have reserved approximately $2.0 million on March 28, 2020, and on March 30, 2019, respectively, representing the estimated costs to complete future remediation efforts. These amounts have not been reduced by an insurance receivable. In addition, on March 28, 2020, 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 28, 2020, we had outstanding purchase commitments on commenced capital projects of approximately $26.3 million. We provide a variety of warranties for products we manufacture. Historically, warranty claims have not been material. We also 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 ensure the products and installation services are completed in accordance with our contractual obligations. We have agreed to indemnify the surety for claims properly made against these bonds. As of March 28, 2020, we had approximately $8.7 million outstanding payment and performance bonds for open projects. We had approximately $11.6 million in payment and performance bonds outstanding for completed projects which are still under warranty. On March 28, 2020, we had outstanding letters of credit totaling $37.3 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. As of March 28, 2020, we have irrevocable letters of credit outstanding totaling approximately $27.4 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 UFP Industries, Inc. in certain debt agreements, including the Series 2012 and 2018 Senior Notes and our revolving credit facility. The maximum exposure of these guarantees is limited to the indebtedness outstanding under these debt arrangements and this exposure will expire concurrent with the expiration of the debt agreements. We did not enter into any new guarantee arrangements during the first quarter of 2020 which would require us to recognize a liability on our balance sheet. ​

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	3 Months Ended
	Mar. 28, 2020
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS	F. BUSINESS COMBINATIONS We completed the following acquisitions in 2020 and 2019, 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 ​ March 13, 2020 $21,851 $ 18,219 $ 3,632 Construction Quest Design & Fabrication and Quest Architectural Millwork ("Quest") A designer, fabricator, and installer of premium millwork and case goods for a variety of commercial uses. Quest had annual sales of approximately $22 million. The acquisition of Quest will expand our architectural millwork in the commercial construction business unit, which aligns with our growth goals in the construction segment. ​ September 16, 2019 $12,422 $ 7,464 $ 4,958 Industrial Pallet USA, LLC ("Pallet USA") A manufacturer and recycler of wood pallet and crating products in the Midwest. Pallet USA had annual sales of approximately $18 million. The acquisition of Pallet USA allows us to expand our capacity to manufacture wood-based industrial packaging products and offer new services to customers in the Midwest. ​ August 12, 2019 $17,809 $ 8,089 $ 9,720 Retail Northwest Painting, Inc. ("Northwest") A supplier of pre-painted building materials, including siding, soffit, panels and trim to the Western U.S. Northwest had annual sales of approximately $14 million. The acquisition of Northwest will expand our capacity to produce coated siding and trim for customers in the Northwest and Mountain West regions. ​ May 1, 2019 $7,168 $ 6,180 $ 988 Industrial Wolverine Wood Products, Inc. ("Wolverine") A manufacturer of wood panel components for furniture, store fixtures and case goods manufacturers. Wolverine had annual sales of approximately million. The acquisition of Wolverine allows us to expand capacity to produce value-added wood components for customers in the Midwest. ​ The intangible assets for the Quest, Pallet USA, Northwest, and Wolverine acquisitions have not been finalized and allocated to their respective identifiable asset and goodwill accounts. In aggregate, acquisitions completed since the end of March 2019 and not consolidated with other operations contributed approximately $9.1 million in revenue and a $0.4 million in operating profit during the first quarter of 2020.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 28, 2020
SEGMENT REPORTING
SEGMENT REPORTING	G. SEGMENT REPORTING The Company operates manufacturing, treating and distribution facilities internationally, but primarily in the United States. Effective January 1, 2020, the Company re-organized around the markets it serves rather than geography. The prior periods have been recast to reflect the new segment structure. The business segments align with the following markets: UFP Retail Solutions, UFP Construction and UFP Industrial. This change allows for a more specialized and consistent sales approach among Company operations, more efficient use of resources and capital, and quicker introduction of new products and services. The Company manages the operations of its individual locations primarily through the market-centered reporting structure under which each location is included in a business unit and business units are included in our Retail, Industrial, and Construction segments. The exception to this market-centered reporting and management structure is the Company’s International segment, which comprises our Mexico, Canada, and Australia operations and sales and buying offices in other parts of the world. Our International segment and Ardellis (our insurance captive) have been included in the “All Other” column of the table below. The “Corporate” column includes purchasing, transportation and administrative functions that serve our operating segments. Operating results of Corporate primarily consists of over (under) allocated costs. The operating results of UFP Real Estate, Inc., which owns and leases real estate, and UFP Transportation Ltd., which owns and leases transportation equipment, are also included in the Corporate column. An inter-company lease charge is assessed to our operating segments for the use of these assets at fair market value rates. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 28, 2020 (in thousands) Retail Industrial Construction All Other Corporate Total Net sales to outside customers ​ $ 352,161 $ 256,543 ​ $ 381,155 ​ $ 42,392 ​ $ (189) ​ $ 1,032,062 Intersegment net sales ​ 29,858 ​ 11,220 ​ 15,423 ​ 53,167 ​ (109,668) ​ — Segment operating profit ​ ​ 15,512 ​ ​ 18,074 ​ ​ 17,135 ​ ​ 4,739 ​ ​ 3,172 ​ ​ 58,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 30, 2019 (in thousands) Retail Industrial Construction All Other Corporate Total Net sales to outside customers ​ $ 333,100 $ 274,759 ​ $ 365,137 ​ $ 42,110 ​ $ 19 ​ $ 1,015,125 Intersegment net sales ​ 29,571 ​ 11,062 ​ 11,831 ​ 53,129 ​ (105,593) ​ — Segment operating profit ​ ​ 11,031 ​ ​ 18,823 ​ ​ 15,267 ​ ​ 2,048 ​ ​ 1,277 ​ ​ 48,446 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangibles have been transferred and goodwill was re-allocated, based on their relative fair values, to our new segments and reporting units. The following table presents goodwill by segment as of March 28, 2020, and December 28, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail Industrial Construction All Other Corporate Total Balance as of December 28, 2019 $ 58,098 $ 81,276 $ 82,911 $ 7,251 ​ $ — $ 229,536 2020 Acquisitions ​ — ​ ​ — ​ ​ 18,219 ​ ​ — ​ ​ — ​ 18,219 Foreign Exchange, Net ​ — ​ ​ — ​ ​ — ​ ​ (1,296) ​ ​ — ​ (1,296) Balance as of March 28, 2020 ​ $ 58,098 $ 81,276 ​ $ 101,130 ​ $ 5,955 ​ $ — ​ $ 246,459 ​ The following table presents total assets by segment as of March 28, 2020, and December 28, 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets by Segment (in thousands) March 28, December 28, ​ ​ Segment Classification 2020 ​ 2019 ​ % Change Retail $ 521,977 ​ $ 436,397 19.6 % Industrial 363,508 ​ 410,383 (11.4) ​ Construction 544,826 ​ 583,107 (6.6) ​ All Other ​ 127,406 ​ ​ 145,418 ​ (12.4) ​ Corporate ​ 325,265 ​ ​ 314,172 ​ 3.5 ​ Total Assets $ 1,882,982 ​ $ 1,889,477 (0.3) % ​

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 28, 2020
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 24.7% in the first quarter of 2020 compared to 24.3% for same period in 2019. The slight increase was primarily due to an increase in the permanent tax difference for non-deductible officer compensation. ​

COMMON STOCK

COMMON STOCK	3 Months Ended
	Mar. 28, 2020
COMMON STOCK
COMMON STOCK	I. COMMON STOCK Below is a summary of common stock issuances for the first three months of 2020 and 2019 (in thousands, except average share price): ​ ​ ​ ​ ​ ​ ​ March 28, 2020 Share Issuance Activity Common Stock ​ ​ Average Share Price Shares issued under the employee stock purchase plan ​ 10 ​ $ 35.59 ​ ​ ​ ​ ​ ​ Shares issued under the employee stock gift program ​ 1 ​ ​ 45.22 Shares issued under the director retainer stock program ​ 1 ​ ​ 47.90 Shares issued under the long term stock incentive plan ​ 271 ​ ​ 47.51 Shares issued under the executive stock match grants ​ 80 ​ ​ 47.60 Forfeitures ​ (3) ​ ​ ​ Total shares issued under stock grant programs ​ 350 ​ $ 47.52 ​ ​ ​ ​ ​ ​ Shares issued under the deferred compensation plans ​ 89 ​ $ 54.68 ​ During the first three months of 2020, we repurchased approximately 756,000 shares of our common stock at an average share price of $38.62. ​ ​ ​ ​ ​ ​ ​ ​ March 30, 2019 Share Issuance Activity Common Stock ​ ​ Average Share Price Shares issued under the employee stock purchase plan ​ 10 ​ $ 29.88 ​ ​ ​ ​ ​ ​ Shares issued under the employee stock gift program ​ 2 ​ ​ 30.90 Shares issued under the director retainer stock program ​ 1 ​ ​ 31.00 Shares issued under the long term stock incentive plan ​ 211 ​ ​ 30.83 Shares issued under the executive stock match grants ​ 109 ​ ​ 31.57 Forfeitures ​ (3) ​ ​ ​ Total shares issued under stock grant programs ​ 320 ​ $ 31.08 ​ ​ ​ ​ ​ ​ Shares issued under the deferred compensation plans ​ 138 ​ $ 32.23 ​ During the first three months of 2019, we did not repurchase any of our common stock.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 28, 2020
BASIS OF PRESENTATION
Basis of Presentation	The accompanying unaudited interim consolidated condensed financial statements (the “Financial Statements”) include our accounts and those of our wholly-owned and majority-owned subsidiaries and partnerships, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the Financial Statements do not include all 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, 2019. On April 22, 2020, the shareholders approved changing the name of the Company from Universal Forest Products, Inc., to UFP Industries, Inc. 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, 2019 balances in the accompanying unaudited condensed consolidated balance sheets. On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide, which subsequently resulted in a variety of “stay at home” orders issued by states in which we operate. As of the date of this filing, Consequently, all but 3 of our 150 plant locations remain operating. We cannot reasonably estimate the length or severity of this pandemic and government restrictions on business activity, or the extent to which these restrictions may materially impact our consolidated financial position, consolidated results of operations, and consolidated cash flows in fiscal 2020.
Revenue Recognition	Within the three primary segments (Retail, Industrial, and Construction) that the Company operates, there are a variety of written agreements governing the sale of our products and services. The transaction price is stated at the purchase order level, which includes shipping and/or freight costs and any applicable governmental authority taxes. The majority of our contracts have a single performance obligation concentrated around the delivery of goods to the carrier, Free On Board (FOB) shipping point. Therefore, revenue is recognized when this performance obligation is satisfied. Generally, title and control 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. Certain customer products that we provide require installation by the Company or a 3 rd rd The Company utilizes rebates, credits, discounts and/or cash-based incentives with certain customers which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be provided to customers and reduce revenues recognized. We believe that there will not be significant changes to our estimates of variable consideration. The allocation of these costs are applied at the invoice level and recognized in conjunction with revenue. Additionally, returns and refunds are estimated on a historical and expected basis which is a reduction of revenue recognized. Earnings on construction contracts are reflected in operations using over time accounting, under either cost to cost or units of delivery methods, depending on the nature of the business at individual operations, which is in accordance with ASC 606 as revenue is recognized when certain performance obligations are performed. Under over time accounting 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 over time accounting 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 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. 28, 2020
FAIR VALUE
Assets measured at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 28, 2020 ​ March 30, 2019 ​ ​ Quoted ​ Prices with ​ ​ ​ ​ ​ ​ ​ Quoted ​ Prices with ​ ​ ​ ​ ​ ​ ​ ​ Prices in ​ Other ​ ​ Prices with ​ ​ ​ ​ Prices in ​ Other ​ ​ Prices with ​ ​ ​ ​ ​ Active ​ Observable ​ ​ Unobservable ​ ​ ​ ​ Active ​ Observable ​ ​ Unobservable ​ ​ ​ ​ ​ Markets ​ Inputs ​ ​ Inputs ​ ​ ​ ​ Markets ​ Inputs ​ ​ Inputs ​ ​ ​ (in thousands) (Level 1) (Level 2) ​ (Level 3) ​ Total (Level 1) (Level 2) ​ (Level 3) Total Money market funds ​ $ 29,561 $ 837 ​ $ — $ 30,398 $ 56 $ 549 ​ $ — $ 605 Fixed income funds ​ 237 ​ 15,124 ​ ​ — 15,361 ​ 3,860 ​ 9,763 ​ ​ — 13,623 Equity securities ​ 9,089 ​ — ​ ​ — 9,089 ​ 8,258 ​ — ​ ​ — 8,258 Alternative investments ​ ​ — ​ ​ — ​ ​ 1,960 ​ ​ 1,960 ​ ​ — ​ ​ — ​ ​ 1,782 ​ ​ 1,782 Mutual funds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — Domestic stock funds ​ 5,204 ​ — ​ ​ — 5,204 ​ 2,151 ​ — ​ ​ — 2,151 International stock funds ​ 947 ​ — ​ ​ — 947 ​ 2,085 ​ — ​ ​ — 2,085 Target funds ​ 242 ​ — ​ ​ — 242 ​ 257 ​ — ​ ​ — 257 Bond funds ​ 222 ​ — ​ ​ — 222 ​ 799 ​ — ​ ​ — 799 Alternative funds ​ ​ 921 ​ ​ — ​ ​ — ​ ​ 921 ​ ​ 1,344 ​ ​ — ​ ​ — ​ ​ 1,344 Total mutual funds ​ 7,536 ​ — ​ ​ — 7,536 ​ 6,636 ​ — ​ ​ — 6,636 Total ​ $ 46,423 ​ $ 15,961 ​ $ 1,960 ​ $ 64,344 ​ $ 18,810 ​ $ 10,312 ​ $ 1,782 ​ $ 30,904 Assets at fair value ​ $ 46,423 ​ $ 15,961 ​ $ 1,960 $ 64,344 ​ $ 18,810 ​ $ 10,312 ​ $ 1,782 $ 30,904
Available for sale investment portfolio	Ardellis’ available for sale investment portfolio, including funds held with the State of Michigan, consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 28, 2020 ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Cost Gain/(Loss) Fair Value Fixed Income ​ $ 1,834 $ 126 $ 1,960 Equity ​ 15,257 ​ 104 15,361 Mutual Funds ​ ​ 9,690 ​ ​ (601) ​ 9,089 Alternative Investments ​ ​ 7,298 ​ ​ (569) ​ 6,729 Total ​ $ 34,079 ​ $ (940) $ 33,139

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 28, 2020
REVENUE RECOGNITION
Schedule of Disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 28, March 30, ​ Market Classification ​ 2020 ​ 2019 ​ % Change FOB Shipping Point Revenue ​ $ 1,017,906 ​ $ 996,823 2.1% Construction Contract Revenue ​ 32,800 ​ ​ 34,782 -5.7% Total Gross Sales ​ 1,050,706 ​ ​ 1,031,605 1.9% Sales Allowances ​ ​ (18,644) ​ ​ (16,480) ​ 13.1% Total Net Sales ​ $ 1,032,062 ​ $ 1,015,125 ​ 1.7%
Schedule of percentage-of-completion balances	The following table presents the balances of over time accounting accounts which are included in “Other current assets” and “Accrued liabilities: Other”, respectively (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 28, ​ December 28, ​ March 30, ​ ​ 2020 2019 2019 Cost and Earnings in Excess of Billings ​ $ 5,744 $ 4,960 $ 7,880 Billings in Excess of Cost and Earnings ​ 9,920 ​ 6,622 5,020 ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 28, 2020
EARNINGS PER SHARE
Schedule of Computation of earnings per share	The computation of earnings per share (“EPS”) is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 28, March 30, ​ 2020 ​ 2019 ​ Numerator: ​ ​ Net earnings attributable to controlling interest $ 40,159 ​ $ 35,540 ​ Adjustment for earnings allocated to non-vested restricted common stock (1,059) ​ (865) ​ Net earnings for calculating EPS $ 39,100 ​ $ 34,675 ​ Denominator: ​ ​ Weighted average shares outstanding 61,842 ​ 61,372 ​ Adjustment for non-vested restricted common stock (1,630) ​ (1,493) ​ Shares for calculating basic EPS 60,212 ​ 59,879 ​ Effect of dilutive restricted common stock 18 ​ 75 ​ Shares for calculating diluted EPS 60,230 ​ 59,954 ​ Net earnings per share: ​ ​ Basic $ 0.65 ​ $ 0.58 ​ Diluted $ 0.65 ​ $ 0.58 ​

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	3 Months Ended
	Mar. 28, 2020
BUSINESS COMBINATIONS
Business Acquisitions Accounted for Using Purchase Method	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Company Acquisition ​ Intangible Tangible Operating Name Date Purchase Price Assets Assets Segment ​ March 13, 2020 $21,851 $ 18,219 $ 3,632 Construction Quest Design & Fabrication and Quest Architectural Millwork ("Quest") A designer, fabricator, and installer of premium millwork and case goods for a variety of commercial uses. Quest had annual sales of approximately $22 million. The acquisition of Quest will expand our architectural millwork in the commercial construction business unit, which aligns with our growth goals in the construction segment. ​ September 16, 2019 $12,422 $ 7,464 $ 4,958 Industrial Pallet USA, LLC ("Pallet USA") A manufacturer and recycler of wood pallet and crating products in the Midwest. Pallet USA had annual sales of approximately $18 million. The acquisition of Pallet USA allows us to expand our capacity to manufacture wood-based industrial packaging products and offer new services to customers in the Midwest. ​ August 12, 2019 $17,809 $ 8,089 $ 9,720 Retail Northwest Painting, Inc. ("Northwest") A supplier of pre-painted building materials, including siding, soffit, panels and trim to the Western U.S. Northwest had annual sales of approximately $14 million. The acquisition of Northwest will expand our capacity to produce coated siding and trim for customers in the Northwest and Mountain West regions. ​ May 1, 2019 $7,168 $ 6,180 $ 988 Industrial Wolverine Wood Products, Inc. ("Wolverine") A manufacturer of wood panel components for furniture, store fixtures and case goods manufacturers. Wolverine had annual sales of approximately million. The acquisition of Wolverine allows us to expand capacity to produce value-added wood components for customers in the Midwest.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 28, 2020
SEGMENT REPORTING
Segment Reporting	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 28, 2020 (in thousands) Retail Industrial Construction All Other Corporate Total Net sales to outside customers ​ $ 352,161 $ 256,543 ​ $ 381,155 ​ $ 42,392 ​ $ (189) ​ $ 1,032,062 Intersegment net sales ​ 29,858 ​ 11,220 ​ 15,423 ​ 53,167 ​ (109,668) ​ — Segment operating profit ​ ​ 15,512 ​ ​ 18,074 ​ ​ 17,135 ​ ​ 4,739 ​ ​ 3,172 ​ ​ 58,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 30, 2019 (in thousands) Retail Industrial Construction All Other Corporate Total Net sales to outside customers ​ $ 333,100 $ 274,759 ​ $ 365,137 ​ $ 42,110 ​ $ 19 ​ $ 1,015,125 Intersegment net sales ​ 29,571 ​ 11,062 ​ 11,831 ​ 53,129 ​ (105,593) ​ — Segment operating profit ​ ​ 11,031 ​ ​ 18,823 ​ ​ 15,267 ​ ​ 2,048 ​ ​ 1,277 ​ ​ 48,446 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Goodwill by Segment	The following table presents goodwill by segment as of March 28, 2020, and December 28, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail Industrial Construction All Other Corporate Total Balance as of December 28, 2019 $ 58,098 $ 81,276 $ 82,911 $ 7,251 ​ $ — $ 229,536 2020 Acquisitions ​ — ​ ​ — ​ ​ 18,219 ​ ​ — ​ ​ — ​ 18,219 Foreign Exchange, Net ​ — ​ ​ — ​ ​ — ​ ​ (1,296) ​ ​ — ​ (1,296) Balance as of March 28, 2020 ​ $ 58,098 $ 81,276 ​ $ 101,130 ​ $ 5,955 ​ $ — ​ $ 246,459
Schedule of assets by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets by Segment (in thousands) March 28, December 28, ​ ​ Segment Classification 2020 ​ 2019 ​ % Change Retail $ 521,977 ​ $ 436,397 19.6 % Industrial 363,508 ​ 410,383 (11.4) ​ Construction 544,826 ​ 583,107 (6.6) ​ All Other ​ 127,406 ​ ​ 145,418 ​ (12.4) ​ Corporate ​ 325,265 ​ ​ 314,172 ​ 3.5 ​ Total Assets $ 1,882,982 ​ $ 1,889,477 (0.3) %

COMMON STOCK (Tables)

COMMON STOCK (Tables)	3 Months Ended
	Mar. 28, 2020
COMMON STOCK
Schedule of common stock issuances	Below is a summary of common stock issuances for the first three months of 2020 and 2019 (in thousands, except average share price): ​ ​ ​ ​ ​ ​ ​ March 28, 2020 Share Issuance Activity Common Stock ​ ​ Average Share Price Shares issued under the employee stock purchase plan ​ 10 ​ $ 35.59 ​ ​ ​ ​ ​ ​ Shares issued under the employee stock gift program ​ 1 ​ ​ 45.22 Shares issued under the director retainer stock program ​ 1 ​ ​ 47.90 Shares issued under the long term stock incentive plan ​ 271 ​ ​ 47.51 Shares issued under the executive stock match grants ​ 80 ​ ​ 47.60 Forfeitures ​ (3) ​ ​ ​ Total shares issued under stock grant programs ​ 350 ​ $ 47.52 ​ ​ ​ ​ ​ ​ Shares issued under the deferred compensation plans ​ 89 ​ $ 54.68 ​ ​ ​ ​ ​ ​ ​ ​ March 30, 2019 Share Issuance Activity Common Stock ​ ​ Average Share Price Shares issued under the employee stock purchase plan ​ 10 ​ $ 29.88 ​ ​ ​ ​ ​ ​ Shares issued under the employee stock gift program ​ 2 ​ ​ 30.90 Shares issued under the director retainer stock program ​ 1 ​ ​ 31.00 Shares issued under the long term stock incentive plan ​ 211 ​ ​ 30.83 Shares issued under the executive stock match grants ​ 109 ​ ​ 31.57 Forfeitures ​ (3) ​ ​ ​ Total shares issued under stock grant programs ​ 320 ​ $ 31.08 ​ ​ ​ ​ ​ ​ Shares issued under the deferred compensation plans ​ 138 ​ $ 32.23

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	Mar. 28, 2020location
BASIS OF PRESENTATION
Plant locations closed due to COVID-19	3
Number of plant locations	150

FAIR VALUE - Asset Measured at

FAIR VALUE - Asset Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 28, 2020	Mar. 30, 2019
Money market funds | Cash and Cash Equivalents
Fair Value
Investments at fair value	$ 29,500
Money market funds | Restricted Investments
Fair Value
Investments at fair value	800
Fixed Income | Restricted Investments
Fair Value
Investments at fair value	15,400
Mutual funds, equity and alternative investments | Investments
Fair Value
Investments at fair value	17,700
Money market and mutual funds | Other Assets
Fair Value
Investments at fair value	900
Ardellis Insurance Ltd.
Fair Value
Total Fair Value	33,139
Estimate of Fair Value Measurement | Recurring
Fair Value
Investments at fair value	64,344	$ 30,904
Assets at fair value	64,344	30,904
Estimate of Fair Value Measurement | Recurring | Money market funds
Fair Value
Investments at fair value	30,398	605
Estimate of Fair Value Measurement | Recurring | Fixed Income
Fair Value
Investments at fair value	15,361	13,623
Estimate of Fair Value Measurement | Recurring | Equity
Fair Value
Investments at fair value	9,089	8,258
Estimate of Fair Value Measurement | Recurring | Alternative Investments
Fair Value
Investments at fair value	1,960	1,782
Estimate of Fair Value Measurement | Recurring | Mutual Fund
Fair Value
Investments at fair value	7,536	6,636
Estimate of Fair Value Measurement | Recurring | Domestic stock funds
Fair Value
Investments at fair value	5,204	2,151
Estimate of Fair Value Measurement | Recurring | International stock funds
Fair Value
Investments at fair value	947	2,085
Estimate of Fair Value Measurement | Recurring | Target funds
Fair Value
Investments at fair value	242	257
Estimate of Fair Value Measurement | Recurring | Bond funds
Fair Value
Investments at fair value	222	799
Estimate of Fair Value Measurement | Recurring | Alternative funds
Fair Value
Investments at fair value	921	1,344
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1)
Fair Value
Investments at fair value	46,423	18,810
Assets at fair value	46,423	18,810
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Money market funds
Fair Value
Investments at fair value	29,561	56
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Fixed Income
Fair Value
Investments at fair value	237	3,860
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Equity
Fair Value
Investments at fair value	9,089	8,258
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Mutual Fund
Fair Value
Investments at fair value	7,536	6,636
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Domestic stock funds
Fair Value
Investments at fair value	5,204	2,151
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | International stock funds
Fair Value
Investments at fair value	947	2,085
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Target funds
Fair Value
Investments at fair value	242	257
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Bond funds
Fair Value
Investments at fair value	222	799
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Alternative funds
Fair Value
Investments at fair value	921	1,344
Estimate of Fair Value Measurement | Recurring | Prices with Other Observable Inputs (Level 2)
Fair Value
Investments at fair value	15,961	10,312
Assets at fair value	15,961	10,312
Estimate of Fair Value Measurement | Recurring | Prices with Other Observable Inputs (Level 2) | Money market funds
Fair Value
Investments at fair value	837	549
Estimate of Fair Value Measurement | Recurring | Prices with Other Observable Inputs (Level 2) | Fixed Income
Fair Value
Investments at fair value	15,124	9,763
Estimate of Fair Value Measurement | Recurring | Prices with Unobservable Inputs (Level 3)
Fair Value
Investments at fair value	1,960	1,782
Assets at fair value	1,960	1,782
Estimate of Fair Value Measurement | Recurring | Prices with Unobservable Inputs (Level 3) | Alternative Investments
Fair Value
Investments at fair value	$ 1,960	$ 1,782

FAIR VALUE - Available for Sale

FAIR VALUE - Available for Sale Investment Portfolio (Details) - Ardellis Insurance Ltd. $ in Thousands	Mar. 28, 2020USD ($)
Available-for-sale securities
Total Securities Cost	$ 34,079
Unrealized Gain (Loss)	(940)
Total Fair Value	33,139
Fixed Income
Available-for-sale securities
Debt Securities Cost	1,834
Debt Securities Unrealized Gain/(Loss)	126
Debt Securities Fair Value	1,960
Equity
Available-for-sale securities
Equity Securities Cost	15,257
Equity Securities Unrealized Gain/(Loss)	104
Equity Securities Fair Value	15,361
Mutual Fund
Available-for-sale securities
Debt Securities Cost	9,690
Debt Securities Unrealized Gain/(Loss)	(601)
Debt Securities Fair Value	9,089
Alternative Investments
Available-for-sale securities
Debt Securities Cost	7,298
Debt Securities Unrealized Gain/(Loss)	(569)
Debt Securities Fair Value	$ 6,729

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregated revenue (Details) $ in Thousands	3 Months Ended
	Mar. 28, 2020USD ($)item	Mar. 30, 2019USD ($)	Dec. 28, 2019USD ($)
Revenue Recognition
Retained earnings	$ 998,996	$ 875,457	$ 995,022
Number of markets in which the entity operates (in markets) | item	3
Total Gross Sales	$ 1,050,706	1,031,605
Sales Allowances	(18,644)	(16,480)
Total Net Sales	$ 1,032,062	1,015,125
Change %	1.90%
Change % in sales allowances	13.10%
Change % in net sales	1.70%
FOB Shipping Point Revenue
Revenue Recognition
Total Gross Sales	$ 1,017,906	996,823
Change %	2.10%
Construction Contract Revenue
Revenue Recognition
Total Gross Sales	$ 32,800	$ 34,782
Change %	(5.70%)
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-29 | Construction Contract Revenue
Revenue Recognition
Number of months to complete contract projects	6 months
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-29 | Construction Contract Revenue
Revenue Recognition
Number of months to complete contract projects	18 months

REVENUE RECOGNITION - Percentag

REVENUE RECOGNITION - Percentage of completion (Details) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019	Mar. 30, 2019
REVENUE RECOGNITION
Cost and Earnings in Excess of Billings	$ 5,744	$ 4,960	$ 7,880
Billings in Excess of Cost and Earnings	$ 9,920	$ 6,622	$ 5,020

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Numerator:
Net earnings attributable to controlling interest	$ 40,159	$ 35,540
Adjustment for earnings allocated to non-vested restricted common stock	(1,059)	(865)
Net earnings for calculating EPS	$ 39,100	$ 34,675
Denominator:
Weighted average shares outstanding (in shares)	61,842	61,372
Adjustment for non-vested restricted common stock (in shares)	(1,630)	(1,493)
Shares for calculating basic EPS (in shares)	60,212	59,879
Effect of dilutive restricted common stock (in shares)	18	75
Shares for calculating diluted EPS (in shares)	60,230	59,954
Net earnings per share
Basic (USD per share)	$ 0.65	$ 0.58
Diluted (USD per share)	$ 0.65	$ 0.58

COMMITMENTS, CONTINGENCIES, A_2

COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Long-term commitment
Outstanding purchase commitments on capital projects	$ 26.3
Surety Bonds and Letters of Credit
Outstanding letters of credit	$ 37.3
Remediation reserves
Environmental reserves, discount rate (as a percent)	0.00%
Estimated costs to complete future remediation efforts	$ 2	$ 2
Open Projects
Surety Bonds and Letters of Credit
Payment and performance bonds outstanding	8.7
Completed Projects
Surety Bonds and Letters of Credit
Payment and performance bonds outstanding	11.6
Insurance Contracts
Surety Bonds and Letters of Credit
Outstanding letters of credit	27.4
Revenue Bonds
Surety Bonds and Letters of Credit
Outstanding letters of credit	$ 9.8

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands	Mar. 13, 2020	Sep. 16, 2019	Aug. 12, 2019	May 01, 2019	Mar. 28, 2020
Business Acquisition
Aggregate acquisitions' revenue					$ 9,100
Aggregate acquisitions' operating profit					$ 400
Quest Design | Construction
Business Acquisition
Purchase Price	$ 21,851
Percentage of assets purchased (as a percent)	100.00%
Intangible Assets	$ 18,219
Net Tangible Assets	3,632
Acquired entity, prior year sales	$ 22,000
Pallet USA | Industrial
Business Acquisition
Purchase Price		$ 12,422
Percentage of assets purchased (as a percent)		100.00%
Intangible Assets		$ 7,464
Net Tangible Assets		4,958
Acquired entity, prior year sales		$ 18,000
Northwest | Retail
Business Acquisition
Purchase Price			$ 17,809
Percentage of assets purchased (as a percent)			100.00%
Intangible Assets			$ 8,089
Net Tangible Assets			9,720
Acquired entity, prior year sales			$ 14,000
Wolverine | Industrial
Business Acquisition
Purchase Price				$ 7,168
Percentage of assets purchased (as a percent)				100.00%
Intangible Assets				$ 6,180
Net Tangible Assets				988
Acquired entity, prior year sales				$ 5,000

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019	Dec. 28, 2019
Segment Reporting
NET SALES	$ 1,032,062	$ 1,015,125
Segment operating profit	58,632	48,446
Segment total assets	1,882,982	1,821,398	$ 1,889,477
Intersegment net sales
Segment Reporting
NET SALES	(109,668)	(105,593)
Corporate
Segment Reporting
NET SALES	(189)	19
Segment operating profit	3,172	1,277
Segment total assets	325,265		314,172
Retail
Segment Reporting
NET SALES	352,161	333,100
Segment operating profit	15,512	11,031
Segment total assets	521,977		436,397
Retail | Intersegment net sales
Segment Reporting
NET SALES	29,858	29,571
Industrial
Segment Reporting
NET SALES	256,543	274,759
Segment operating profit	18,074	18,823
Segment total assets	363,508		410,383
Industrial | Intersegment net sales
Segment Reporting
NET SALES	11,220	11,062
Construction
Segment Reporting
NET SALES	381,155	365,137
Segment operating profit	17,135	15,267
Segment total assets	544,826		583,107
Construction | Intersegment net sales
Segment Reporting
NET SALES	15,423	11,831
All Other
Segment Reporting
NET SALES	42,392	42,110
Segment operating profit	4,739	2,048
Segment total assets	127,406		$ 145,418
All Other | Intersegment net sales
Segment Reporting
NET SALES	$ 53,167	$ 53,129

SEGMENT REPORTING - Goodwill (D

SEGMENT REPORTING - Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 28, 2020USD ($)
Goodwill
Goodwill, Beginning Balance	$ 229,536
2020 Acquisitions	18,219
Foreign Exchange, Net	(1,296)
Goodwill, Ending Balance	246,459
Retail
Goodwill
Goodwill, Beginning Balance	58,098
Goodwill, Ending Balance	58,098
Industrial
Goodwill
Goodwill, Beginning Balance	81,276
Goodwill, Ending Balance	81,276
Construction
Goodwill
Goodwill, Beginning Balance	82,911
2020 Acquisitions	18,219
Goodwill, Ending Balance	101,130
All Other
Goodwill
Goodwill, Beginning Balance	7,251
Foreign Exchange, Net	(1,296)
Goodwill, Ending Balance	$ 5,955

SEGMENT REPORTING - Assets (Det

SEGMENT REPORTING - Assets (Details) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019	Mar. 30, 2019
Segment Reporting
Segment assets	$ 1,882,982	$ 1,889,477	$ 1,821,398
Change in assets (as a percent)	(0.30%)
Corporate
Segment Reporting
Segment assets	$ 325,265	314,172
Change in assets (as a percent)	3.50%
Retail
Segment Reporting
Segment assets	$ 521,977	436,397
Change in assets (as a percent)	19.60%
Industrial
Segment Reporting
Segment assets	$ 363,508	410,383
Change in assets (as a percent)	(11.40%)
Construction
Segment Reporting
Segment assets	$ 544,826	583,107
Change in assets (as a percent)	(6.60%)
All Other
Segment Reporting
Segment assets	$ 127,406	$ 145,418
Change in assets (as a percent)	(12.40%)

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
INCOME TAXES
Effective income tax rate	24.70%	24.30%

COMMON STOCK - Common Stock Iss

COMMON STOCK - Common Stock Issuances (Details) - $ / shares	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Common Stock
Repurchase of common stock	756,397
Average Share Price
Repurchase of common stock (dollars per share)	$ 38.62
Stock Purchase Plan
Common Stock
Common stock issued	10,000	10,000
Average Share Price
Common stock issued (dollars per share)	$ 35.59	$ 29.88
Stock Gift Program
Common Stock
Common stock issued	1,000	2,000
Average Share Price
Common stock issued (dollars per share)	$ 45.22	$ 30.90
Stock Retainer Plan
Common Stock
Common stock issued	1,000	1,000
Average Share Price
Common stock issued (dollars per share)	$ 47.90	$ 31
LTSIP
Common Stock
Common stock issued	271,000	211,000
Average Share Price
Common stock issued (dollars per share)	$ 47.51	$ 30.83
Executive Stock Match Grants
Common Stock
Common stock issued	80,000	109,000
Average Share Price
Common stock issued (dollars per share)	$ 47.60	$ 31.57
Deferred Compensation Plans
Common Stock
Common stock issued	89,000	138,000
Average Share Price
Common stock issued (dollars per share)	$ 54.68	$ 32.23
Stock grant programs
Common Stock
Common stock issued	350,000	320,000
Forfeitures	(3,000)	(3,000)
Average Share Price
Common stock issued (dollars per share)	$ 47.52	$ 31.08