Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 27, 2020shares | |
Document and Entity Information | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Jun. 27, 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) | 61,169,181 |
Current Fiscal Year End Date | --12-26 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q2 |
Entity Central Index Key | 0000912767 |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 27, 2020 | Dec. 28, 2019 | Jun. 29, 2019 |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 200,546 | $ 168,336 | $ 20,497 |
Restricted cash | 724 | 330 | 1,024 |
Investments | 19,195 | 18,527 | 16,776 |
Accounts receivable, net | 522,930 | 364,027 | 483,263 |
Inventories: | |||
Raw materials | 244,073 | 236,283 | 258,078 |
Finished goods | 215,351 | 250,591 | 270,602 |
Total inventories | 459,424 | 486,874 | 528,680 |
Refundable income taxes | 13,272 | ||
Other current assets | 33,786 | 41,706 | 46,868 |
TOTAL CURRENT ASSETS | 1,236,605 | 1,093,072 | 1,097,108 |
DEFERRED INCOME TAXES | 2,058 | 2,763 | 2,341 |
RESTRICTED INVESTMENTS | 17,162 | 16,214 | 14,856 |
RIGHT OF USE ASSETS | 77,039 | 80,167 | 70,650 |
OTHER ASSETS | 24,205 | 24,884 | 23,328 |
GOODWILL | 247,482 | 229,536 | 225,269 |
INDEFINITE-LIVED INTANGIBLE ASSETS | 7,350 | 7,354 | 7,359 |
OTHER INTANGIBLE ASSETS, NET | 45,131 | 48,313 | 41,176 |
PROPERTY, PLANT AND EQUIPMENT: | |||
Property, plant and equipment | 922,427 | 884,963 | 851,565 |
Less accumulated depreciation and amortization | (520,851) | (497,789) | (482,993) |
PROPERTY, PLANT AND EQUIPMENT, NET | 401,576 | 387,174 | 368,572 |
TOTAL ASSETS | 2,058,608 | 1,889,477 | 1,850,659 |
CURRENT LIABILITIES: | |||
Cash overdraft | 24,972 | ||
Accounts payable | 199,338 | 142,479 | 189,649 |
Accrued liabilities: | |||
Compensation and benefits | 129,290 | 141,892 | 100,409 |
Income taxes | 25,109 | 739 | |
Other | 63,278 | 51,572 | 48,746 |
Current portion of lease liability | 15,411 | 15,283 | 14,918 |
Current portion of long-term debt | 2,786 | 2,816 | 173 |
TOTAL CURRENT LIABILITIES | 435,212 | 354,042 | 379,606 |
LONG-TERM DEBT | 161,057 | 160,867 | 187,471 |
LEASE LIABILITY | 61,674 | 64,884 | 55,875 |
DEFERRED INCOME TAXES | 22,685 | 22,880 | 14,773 |
OTHER LIABILITIES | 38,655 | 29,071 | 29,701 |
TOTAL LIABILITIES | 719,283 | 631,744 | 667,426 |
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, 61,169,181, 61,408,589 and 61,366,680 | 61,169 | 61,409 | 61,367 |
Additional paid-in capital | 213,809 | 192,173 | 192,783 |
Retained earnings | 1,057,817 | 995,022 | 917,704 |
Accumulated other comprehensive income | (8,396) | (4,889) | (4,479) |
Total controlling interest shareholders' equity | 1,324,399 | 1,243,715 | 1,167,375 |
Noncontrolling interest | 14,926 | 14,018 | 15,858 |
TOTAL SHAREHOLDERS' EQUITY | 1,339,325 | 1,257,733 | 1,183,233 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 2,058,608 | $ 1,889,477 | $ 1,850,659 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 27, 2020 | Dec. 28, 2019 | Jun. 29, 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) | 61,169,181 | 61,408,589 | 61,366,680 |
Common stock, shares outstanding (in shares) | 61,169,181 | 61,408,589 | 61,366,680 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | |
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME | ||||
NET SALES | $ 1,242,001 | $ 1,239,817 | $ 2,274,063 | $ 2,254,943 |
COST OF GOODS SOLD | 1,037,070 | 1,053,091 | 1,901,896 | 1,913,950 |
GROSS PROFIT | 204,931 | 186,726 | 372,167 | 340,993 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 113,781 | 112,891 | 223,121 | 218,207 |
OTHER | (1,209) | (402) | (1,944) | 103 |
EARNINGS FROM OPERATIONS | 92,359 | 74,237 | 150,990 | 122,683 |
INTEREST EXPENSE | 1,898 | 2,407 | 3,805 | 4,867 |
INTEREST INCOME | (189) | (512) | (530) | (757) |
UNREALIZED LOSS (GAIN) ON INVESTMENTS AND OTHER | (2,701) | (170) | 472 | (1,518) |
NET INTEREST EXPENSE | (992) | 1,725 | 3,747 | 2,592 |
EARNINGS BEFORE INCOME TAXES | 93,351 | 72,512 | 147,243 | 120,091 |
INCOME TAXES | 23,657 | 17,367 | 36,979 | 28,944 |
NET EARNINGS | 69,694 | 55,145 | 110,264 | 91,147 |
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST | (3,231) | (630) | (3,642) | (1,092) |
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST | $ 66,463 | $ 54,515 | $ 106,622 | $ 90,055 |
EARNINGS PER SHARE - BASIC (USD per share) | $ 1.08 | $ 0.88 | $ 1.73 | $ 1.46 |
EARNINGS PER SHARE - DILUTED (USD per share) | $ 1.08 | $ 0.88 | $ 1.73 | $ 1.46 |
OTHER COMPREHENSIVE INCOME: | ||||
NET EARNINGS | $ 69,694 | $ 55,145 | $ 110,264 | $ 91,147 |
OTHER COMPREHENSIVE GAIN (LOSS) | 2,839 | 471 | (5,717) | 1,844 |
COMPREHENSIVE INCOME | 72,533 | 55,616 | 104,547 | 92,991 |
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | (3,356) | (791) | (1,432) | (1,477) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ 69,177 | $ 54,825 | $ 103,115 | $ 91,514 |
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. 29, 2018 | 60,884 | 178,540 | 839,917 | (5,938) | 15,281 | 1,088,684 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net earnings | 91,147 | |||||
Ending balance at Jun. 29, 2019 | 61,367 | 192,783 | 917,704 | (4,479) | 15,858 | 1,183,233 |
Beginning balance at Mar. 30, 2019 | 61,352 | 190,879 | 875,457 | (4,789) | 15,467 | 1,138,366 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net earnings | 54,515 | 630 | 55,145 | |||
Foreign currency translation adjustment | 151 | 161 | 312 | |||
Unrealized gain (loss) on investment & foreign currency | 159 | 159 | ||||
Distributions to noncontrolling interest | (400) | (400) | ||||
Cash dividends | (12,271) | (12,271) | ||||
Issuance of shares under employee stock purchase plans | 9 | 272 | 281 | |||
Issuance of shares under stock grant programs | (11) | (262) | 3 | (270) | ||
Issuance of shares under deferred compensation plans | 17 | (17) | ||||
Expense associated with share-based compensation arrangements | 885 | 885 | ||||
Accrued expense under deferred compensation plans | 1,026 | 1,026 | ||||
Ending balance at Jun. 29, 2019 | 61,367 | 192,783 | 917,704 | (4,479) | 15,858 | 1,183,233 |
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 loss on debt securities | (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 |
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 | 110,264 | |||||
Ending balance at Jun. 27, 2020 | 61,169 | 213,809 | 1,057,817 | (8,396) | 14,926 | 1,339,325 |
Beginning balance at Mar. 28, 2020 | 61,102 | 211,724 | 998,996 | (11,110) | 11,570 | 1,272,282 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net earnings | 66,463 | 3,231 | 69,694 | |||
Foreign currency translation adjustment | 2,026 | 125 | 2,151 | |||
Unrealized loss on debt securities | 688 | 688 | ||||
Cash dividends | (7,644) | (7,644) | ||||
Issuance of shares under employee stock purchase plans | 10 | 367 | 377 | |||
Issuance of shares under stock grant programs | 43 | (174) | 2 | (129) | ||
Issuance of shares under deferred compensation plans | 14 | (14) | ||||
Expense associated with share-based compensation arrangements | 824 | 824 | ||||
Accrued expense under deferred compensation plans | 1,082 | 1,082 | ||||
Ending balance at Jun. 27, 2020 | $ 61,169 | $ 213,809 | $ 1,057,817 | $ (8,396) | $ 14,926 | $ 1,339,325 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 27, 2020 | Mar. 28, 2020 | Jun. 29, 2019 | Mar. 30, 2019 | |
Increase (Decrease) in Stockholders' Equity | ||||
Cash dividends per share (USD per share) | $ 0.125 | $ 0.125 | $ 0.200 | |
Issuance of shares under employee stock plans (in shares) | 9,714 | 10,549 | 8,694 | 10,259 |
Issuance of shares under stock grant programs (in shares) | 42,880 | 350,124 | 10,819 | 320,069 |
Issuance of shares under deferred compensation plans (in shares) | 14,106 | 89,616 | 16,433 | 138,295 |
Repurchase of shares (in shares) | 756,397 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 110,264 | $ 91,147 |
Adjustments to reconcile net earnings to net cash from operating activities: | ||
Depreciation | 31,330 | 29,200 |
Amortization of intangibles | 3,129 | 2,946 |
Expense associated with share-based and grant compensation arrangements | 2,303 | 2,209 |
Deferred income taxes (credit) | 290 | (536) |
Unrealized loss (gain) on investments | 473 | (1,518) |
Net gain on disposition of assets and impairment of assets | (271) | (321) |
Changes in: | ||
Accounts receivable | (155,554) | (139,468) |
Inventories | 25,983 | 28,008 |
Accounts payable and cash overdraft | 57,017 | 49,947 |
Accrued liabilities and other | 72,246 | 9,334 |
NET CASH FROM OPERATING ACTIVITIES | 147,210 | 70,948 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (46,730) | (42,477) |
Proceeds from sale of property, plant and equipment | 644 | 977 |
Acquisitions and purchases of non-controlling interest, net of cash received | (18,689) | (5,034) |
Purchases of investments | (20,094) | (4,859) |
Proceeds from sale of investments | 18,339 | 3,667 |
Other | 318 | (10) |
NET CASH USED IN INVESTING ACTIVITIES | (66,212) | (47,736) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under revolving credit facilities | 6,759 | 393,434 |
Repayments under revolving credit facilities | (6,498) | (408,027) |
Repayment of debt | (3,077) | (3,061) |
Proceeds from issuance of common stock | 697 | 542 |
Dividends paid to shareholders | (15,374) | (12,271) |
Distributions to noncontrolling interest | (299) | (900) |
Repurchase of common stock | (29,212) | |
Other | 32 | 28 |
NET CASH USED IN FINANCING ACTIVITIES | (46,972) | (30,255) |
Effect of exchange rate changes on cash | (1,422) | 366 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 32,604 | (6,677) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR | 168,666 | 28,198 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD | $ 201,270 | $ 21,521 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 27, 2020 | Jun. 29, 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 | 200,546 | 20,497 |
Restricted cash, end of period | 724 | 1,024 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD | 201,270 | 21,521 |
SUPPLEMENTAL INFORMATION: | ||
Interest paid | 3,793 | 4,658 |
Income taxes paid | 1,778 | 14,569 |
NON-CASH FINANCING ACTIVITIES: | ||
Common stock issued under deferred compensation plans | $ 5,538 | $ 5,041 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 27, 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 June 29, 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 three 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 | 6 Months Ended |
Jun. 27, 2020 | |
FAIR VALUE | |
FAIR VALUE | B. FAIR VALUE We apply the provisions of ASC 820, Fair Value Measurements and Disclosures June 27, 2020 June 29, 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 $ 57 $ 3,084 $ — $ 3,141 $ 57 $ 1,051 $ — $ 1,108 Fixed income funds 247 16,209 — 16,456 2,709 11,222 — 13,931 Equity securities 9,958 — — 9,958 8,651 — — 8,651 Alternative investments — — 1,836 1,836 — — 1,829 1,829 Mutual funds: — Domestic stock funds 6,359 — — 6,359 2,472 — — 2,472 International stock funds 1,124 — — 1,124 2,059 — — 2,059 Target funds 270 — — 270 266 — — 266 Bond funds 232 — — 232 815 — — 815 Alternative funds 332 — — 332 1,696 — — 1,696 Total mutual funds 8,317 — — 8,317 7,308 — — 7,308 Total $ 18,579 $ 19,293 $ 1,836 $ 39,708 $ 18,725 $ 12,273 $ 1,829 $ 32,827 Assets at fair value $ 18,579 $ 19,293 $ 1,836 $ 39,708 $ 18,725 $ 12,273 $ 1,829 $ 32,827 From the assets measured at fair value as of June 27, 2020, listed in the table above, $19.2 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 $16.5 million of fixed income funds and $3.1 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 $35.7 million as of June 27, 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): June 27, 2020 Unrealized Cost Gain/(Loss) Fair Value Fixed Income $ 15,497 $ 959 $ 16,456 Equity 9,107 850 9,957 Mutual Funds 6,553 849 7,402 Alternative Investments 1,857 (22) 1,835 Total $ 33,014 $ 2,636 $ 35,650 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 gain was $2.6 million. Carrying amounts above are recorded in the investments and restricted investments line items within the balance sheet as of June 27, 2020. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 6 Months Ended |
Jun. 27, 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 The following table presents our gross revenues disaggregated by revenue source: Three Months Ended Six Months Ended (in thousands) June 27, June 29, June 27, June 29, Market Classification 2020 2019 % Change 2020 2019 % Change FOB Shipping Point Revenue $ 1,241,167 $ 1,220,844 1.7% $ 2,259,073 $ 2,217,667 1.9% Construction Contract Revenue 32,342 43,663 -25.9% 65,142 78,445 -17.0% Total Gross Sales 1,273,509 1,264,507 0.7% 2,324,215 2,296,112 1.2% Sales Allowances (31,508) (24,690) 27.6% (50,152) (41,169) 21.8% Total Net Sales $ 1,242,001 $ 1,239,817 0.2% $ 2,274,063 $ 2,254,943 0.8% 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): June 27, December 28, June 29, 2020 2019 2019 Cost and Earnings in Excess of Billings $ 4,377 $ 4,690 $ 6,309 Billings in Excess of Cost and Earnings 10,658 6,622 5,222 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 27, 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 Six Months Ended June 27, June 29, June 27, June 29, 2020 2019 2020 2019 Numerator: Net earnings attributable to controlling interest $ 66,463 $ 54,515 $ 106,622 $ 90,055 Adjustment for earnings allocated to non-vested restricted common stock (1,887) (1,384) (2,921) (2,245) Net earnings for calculating EPS $ 64,576 $ 53,131 $ 103,701 $ 87,810 Denominator: Weighted average shares outstanding 61,494 61,691 61,659 61,544 Adjustment for non-vested restricted common stock (1,746) (1,566) (1,689) (1,534) Shares for calculating basic EPS 59,748 60,125 59,970 60,010 Effect of dilutive restricted common stock 18 23 18 21 Shares for calculating diluted EPS 59,766 60,148 59,988 60,031 Net earnings per share: Basic $ 1.08 $ 0.88 $ 1.73 $ 1.46 Diluted $ 1.08 $ 0.88 $ 1.73 $ 1.46 |
COMMITMENTS, CONTINGENCIES, AND
COMMITMENTS, CONTINGENCIES, AND GUARANTEES | 6 Months Ended |
Jun. 27, 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 $1.9 million on June 27, 2020 and $2.0 million on June 29, 2019, respectively, representing the estimated costs to complete future remediation efforts. These amounts have not been reduced by an insurance receivable. In addition, on June 27, 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 June 27, 2020, we had outstanding purchase commitments on commenced capital projects of approximately $23.0 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 June 27, 2020, we had approximately $6.8 million outstanding payment and performance bonds for open projects. We had approximately $8.6 million in payment and performance bonds outstanding for completed projects which are still under warranty. On June 27, 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 June 27, 2020, we have irrevocable letters of credit outstanding totaling approximately $27.5 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 second quarter of 2020 which would require us to recognize a liability on our balance sheet. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 6 Months Ended |
Jun. 27, 2020 | |
BUSINESS COMBINATIONS | |
BUSINESS COMBINATIONS | F. BUSINESS COMBINATIONS We completed the following acquisitions in 2020 and since the end of June 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 $ 18,289 $ 3,562 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 $ 8,290 $ 9,519 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. The intangible assets for the Quest, Pallet USA, and Northwest acquisitions have not been finalized and allocated to their respective identifiable asset and goodwill accounts. In aggregate, acquisitions completed since the end of June 2019 and not consolidated with other operations contributed approximately $13.8 million in net sales and $1.3 million in operating profits during the second quarter of 2020. Similarly, these acquisitions contributed approximately $22.2 million in net sales and $1.7 million in operating profits in the first six months of 2020. |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Jun. 27, 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 a 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. Total assets of the Corporate column include unallocated cash and cash equivalents, certain prepaid assets, certain property, equipment and other assets pertaining to the centralized activities of Corporate, UFP Real Estate, Inc., and UFP Transportation Ltd. During the second quarter of 2020, management retrospectively reallocated certain inter-company charges from Corporate to their respective segments to better assess segment profitability. Prior year information in these tables has been restated to reflect these changes. Three Months Ended June 27, 2020 (in thousands) Retail Industrial Construction All Other Corporate Total Net sales to outside customers $ 609,190 $ 224,379 $ 359,170 $ 49,411 $ (149) $ 1,242,001 Intersegment net sales 34,104 9,795 16,353 67,712 (127,964) — Segment operating profit 45,775 15,420 19,542 8,633 2,989 92,359 Three Months Ended June 29, 2019 (in thousands) Retail Industrial Construction All Other Corporate Total Net sales to outside customers $ 482,090 $ 291,245 $ 414,825 $ 52,669 $ (1,012) $ 1,239,817 Intersegment net sales 39,232 13,596 14,505 56,590 (123,923) — Segment operating profit 22,430 20,709 20,268 3,735 7,095 74,237 Six Months Ended June 27, 2020 Retail Industrial Construction All Other Corporate Total Net sales to outside customers $ 961,351 $ 480,922 $ 740,325 $ 91,804 $ (339) $ 2,274,063 Intersegment net sales 63,962 21,015 31,776 120,879 (237,632) — Segment operating profit 59,901 31,800 34,031 13,124 12,134 150,990 Six Months Ended June 29, 2019 Retail Industrial Construction All Other Corporate Total Net sales to outside customers $ 815,190 $ 566,004 $ 779,962 $ 94,779 $ (992) $ 2,254,943 Intersegment net sales 68,803 24,658 26,336 109,719 (229,516) — Segment operating profit 33,300 39,440 34,857 5,929 9,157 122,683 Identifiable 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 June 27, 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 — — 18,289 — — 18,289 2020 Purchase Accounting Adjustments 202 22 — — — 224 Foreign Exchange, Net — — (188) (379) — (567) Balance as of June 27, 2020 $ 58,300 $ 81,298 $ 101,012 $ 6,872 $ — $ 247,482 The following table presents total assets by segment as of June 27, 2020, and December 28, 2019. Total Assets by Segment (in thousands) June 27, December 28, Segment Classification 2020 2019 % Change Retail $ 583,480 $ 402,221 45.1 % Industrial 337,027 377,329 (10.7) Construction 512,111 522,638 (2.0) All Other 145,205 136,990 6.0 Corporate 480,785 450,299 6.8 Total Assets $ 2,058,608 $ 1,889,477 9.0 % Note: During 2020, certain assets were reclassified to a different segment. Prior year information in this table has been restated to reflect these changes. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 27, 2020 | |
INCOME TAXES | |
INCOME TAXES | H. INCOME TAXES Effective tax rates differ from statutory federal income tax rates, primarily due to provisions for foreign, state and local income taxes and permanent tax differences. Our effective tax rate was 25.3% in the second quarter of 2020 compared to 24.0% for same period in 2019. Our effective tax rate was 25.1% in the first six months of 2020 compared to 24.1% for the same period in 2019. |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Jun. 27, 2020 | |
COMMON STOCK | |
COMMON STOCK | I. COMMON STOCK Below is a summary of common stock issuances for the first six months of 2020 and 2019 (in thousands, except average share price): June 27, 2020 Share Issuance Activity Common Stock Average Share Price Shares issued under the employee stock purchase plan 20 $ 40.45 Shares issued under the employee stock gift program 2 43.38 Shares issued under the director retainer stock program 45 24.20 Shares issued under the long term stock incentive plan 271 47.51 Shares issued under the executive stock match grants 79 47.60 Forfeitures (4) Total shares issued under stock grant programs 393 $ 44.88 Shares issued under the deferred compensation plans 103 $ 53.39 During the first six months of 2020, we repurchased approximately 756,000 shares of our common stock at an average share price of $38.62. June 29, 2019 Share Issuance Activity Common Stock Average Share Price Shares issued under the employee stock purchase plan 19 $ 33.63 Shares issued under the employee stock gift program 3 31.94 Shares issued under the director retainer stock program 2 33.74 Shares issued under the long term stock incentive plan 211 30.83 Shares issued under the executive stock match grants 109 31.57 Forfeitures (16) Total shares issued under stock grant programs 309 $ 31.11 Shares issued under the deferred compensation plans 155 $ 32.58 During the first six months of 2019, we did not repurchase any of our common stock. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 27, 2020 | |
SUBSEQUENT EVENTS | |
Subsequent Events | J. SUBSEQUENT EVENTS On July 14, 2020, we acquired the operating assets of T&R Lumber Company and its affiliates, Sullivan & Mann and Kelmar Creations, for $17.0 million. Based in Rancho Cucamonga, California, T&R manufactures and distributes a range of products used primarily by nurseries, including plastic growing containers, pots and trays; wooden stakes; trellises; tree boxes; shipping racks; and other nursery supplies. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 27, 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 June 29, 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 three 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 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 6 Months Ended |
Jun. 27, 2020 | |
FAIR VALUE | |
Assets measured at fair value | June 27, 2020 June 29, 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 $ 57 $ 3,084 $ — $ 3,141 $ 57 $ 1,051 $ — $ 1,108 Fixed income funds 247 16,209 — 16,456 2,709 11,222 — 13,931 Equity securities 9,958 — — 9,958 8,651 — — 8,651 Alternative investments — — 1,836 1,836 — — 1,829 1,829 Mutual funds: — Domestic stock funds 6,359 — — 6,359 2,472 — — 2,472 International stock funds 1,124 — — 1,124 2,059 — — 2,059 Target funds 270 — — 270 266 — — 266 Bond funds 232 — — 232 815 — — 815 Alternative funds 332 — — 332 1,696 — — 1,696 Total mutual funds 8,317 — — 8,317 7,308 — — 7,308 Total $ 18,579 $ 19,293 $ 1,836 $ 39,708 $ 18,725 $ 12,273 $ 1,829 $ 32,827 Assets at fair value $ 18,579 $ 19,293 $ 1,836 $ 39,708 $ 18,725 $ 12,273 $ 1,829 $ 32,827 |
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): June 27, 2020 Unrealized Cost Gain/(Loss) Fair Value Fixed Income $ 15,497 $ 959 $ 16,456 Equity 9,107 850 9,957 Mutual Funds 6,553 849 7,402 Alternative Investments 1,857 (22) 1,835 Total $ 33,014 $ 2,636 $ 35,650 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 6 Months Ended |
Jun. 27, 2020 | |
REVENUE RECOGNITION | |
Schedule of Disaggregation of revenue | Three Months Ended Six Months Ended (in thousands) June 27, June 29, June 27, June 29, Market Classification 2020 2019 % Change 2020 2019 % Change FOB Shipping Point Revenue $ 1,241,167 $ 1,220,844 1.7% $ 2,259,073 $ 2,217,667 1.9% Construction Contract Revenue 32,342 43,663 -25.9% 65,142 78,445 -17.0% Total Gross Sales 1,273,509 1,264,507 0.7% 2,324,215 2,296,112 1.2% Sales Allowances (31,508) (24,690) 27.6% (50,152) (41,169) 21.8% Total Net Sales $ 1,242,001 $ 1,239,817 0.2% $ 2,274,063 $ 2,254,943 0.8% |
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): June 27, December 28, June 29, 2020 2019 2019 Cost and Earnings in Excess of Billings $ 4,377 $ 4,690 $ 6,309 Billings in Excess of Cost and Earnings 10,658 6,622 5,222 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 27, 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 Six Months Ended June 27, June 29, June 27, June 29, 2020 2019 2020 2019 Numerator: Net earnings attributable to controlling interest $ 66,463 $ 54,515 $ 106,622 $ 90,055 Adjustment for earnings allocated to non-vested restricted common stock (1,887) (1,384) (2,921) (2,245) Net earnings for calculating EPS $ 64,576 $ 53,131 $ 103,701 $ 87,810 Denominator: Weighted average shares outstanding 61,494 61,691 61,659 61,544 Adjustment for non-vested restricted common stock (1,746) (1,566) (1,689) (1,534) Shares for calculating basic EPS 59,748 60,125 59,970 60,010 Effect of dilutive restricted common stock 18 23 18 21 Shares for calculating diluted EPS 59,766 60,148 59,988 60,031 Net earnings per share: Basic $ 1.08 $ 0.88 $ 1.73 $ 1.46 Diluted $ 1.08 $ 0.88 $ 1.73 $ 1.46 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 6 Months Ended |
Jun. 27, 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 $ 18,289 $ 3,562 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 $ 8,290 $ 9,519 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. |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Jun. 27, 2020 | |
SEGMENT REPORTING | |
Segment Reporting | Three Months Ended June 27, 2020 (in thousands) Retail Industrial Construction All Other Corporate Total Net sales to outside customers $ 609,190 $ 224,379 $ 359,170 $ 49,411 $ (149) $ 1,242,001 Intersegment net sales 34,104 9,795 16,353 67,712 (127,964) — Segment operating profit 45,775 15,420 19,542 8,633 2,989 92,359 Three Months Ended June 29, 2019 (in thousands) Retail Industrial Construction All Other Corporate Total Net sales to outside customers $ 482,090 $ 291,245 $ 414,825 $ 52,669 $ (1,012) $ 1,239,817 Intersegment net sales 39,232 13,596 14,505 56,590 (123,923) — Segment operating profit 22,430 20,709 20,268 3,735 7,095 74,237 Six Months Ended June 27, 2020 Retail Industrial Construction All Other Corporate Total Net sales to outside customers $ 961,351 $ 480,922 $ 740,325 $ 91,804 $ (339) $ 2,274,063 Intersegment net sales 63,962 21,015 31,776 120,879 (237,632) — Segment operating profit 59,901 31,800 34,031 13,124 12,134 150,990 Six Months Ended June 29, 2019 Retail Industrial Construction All Other Corporate Total Net sales to outside customers $ 815,190 $ 566,004 $ 779,962 $ 94,779 $ (992) $ 2,254,943 Intersegment net sales 68,803 24,658 26,336 109,719 (229,516) — Segment operating profit 33,300 39,440 34,857 5,929 9,157 122,683 |
Schedule of Goodwill by Segment | The following table presents goodwill by segment as of June 27, 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 — — 18,289 — — 18,289 2020 Purchase Accounting Adjustments 202 22 — — — 224 Foreign Exchange, Net — — (188) (379) — (567) Balance as of June 27, 2020 $ 58,300 $ 81,298 $ 101,012 $ 6,872 $ — $ 247,482 |
Schedule of assets by segment | Total Assets by Segment (in thousands) June 27, December 28, Segment Classification 2020 2019 % Change Retail $ 583,480 $ 402,221 45.1 % Industrial 337,027 377,329 (10.7) Construction 512,111 522,638 (2.0) All Other 145,205 136,990 6.0 Corporate 480,785 450,299 6.8 Total Assets $ 2,058,608 $ 1,889,477 9.0 % Note: During 2020, certain assets were reclassified to a different segment. Prior year information in this table has been restated to reflect these changes. |
COMMON STOCK (Tables)
COMMON STOCK (Tables) | 6 Months Ended |
Jun. 27, 2020 | |
COMMON STOCK | |
Schedule of common stock issuances | Below is a summary of common stock issuances for the first six months of 2020 and 2019 (in thousands, except average share price): June 27, 2020 Share Issuance Activity Common Stock Average Share Price Shares issued under the employee stock purchase plan 20 $ 40.45 Shares issued under the employee stock gift program 2 43.38 Shares issued under the director retainer stock program 45 24.20 Shares issued under the long term stock incentive plan 271 47.51 Shares issued under the executive stock match grants 79 47.60 Forfeitures (4) Total shares issued under stock grant programs 393 $ 44.88 Shares issued under the deferred compensation plans 103 $ 53.39 June 29, 2019 Share Issuance Activity Common Stock Average Share Price Shares issued under the employee stock purchase plan 19 $ 33.63 Shares issued under the employee stock gift program 3 31.94 Shares issued under the director retainer stock program 2 33.74 Shares issued under the long term stock incentive plan 211 30.83 Shares issued under the executive stock match grants 109 31.57 Forfeitures (16) Total shares issued under stock grant programs 309 $ 31.11 Shares issued under the deferred compensation plans 155 $ 32.58 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) | Jun. 27, 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 | Jun. 27, 2020 | Jun. 29, 2019 |
Money market funds | Restricted Investments | ||
Fair Value | ||
Investments at fair value | $ 3,100 | |
Fixed Income | Restricted Investments | ||
Fair Value | ||
Investments at fair value | 16,500 | |
Mutual funds, equity and alternative investments | Investments | ||
Fair Value | ||
Investments at fair value | 19,200 | |
Money market and mutual funds | Other Assets | ||
Fair Value | ||
Investments at fair value | 900 | |
Ardellis Insurance Ltd. | ||
Fair Value | ||
Total Fair Value | 35,650 | |
Estimate of Fair Value Measurement | Recurring | ||
Fair Value | ||
Investments at fair value | 39,708 | $ 32,827 |
Assets at fair value | 39,708 | 32,827 |
Estimate of Fair Value Measurement | Recurring | Money market funds | ||
Fair Value | ||
Investments at fair value | 3,141 | 1,108 |
Estimate of Fair Value Measurement | Recurring | Fixed Income | ||
Fair Value | ||
Investments at fair value | 16,456 | 13,931 |
Estimate of Fair Value Measurement | Recurring | Equity | ||
Fair Value | ||
Investments at fair value | 9,958 | 8,651 |
Estimate of Fair Value Measurement | Recurring | Alternative Investments | ||
Fair Value | ||
Investments at fair value | 1,836 | 1,829 |
Estimate of Fair Value Measurement | Recurring | Mutual Fund | ||
Fair Value | ||
Investments at fair value | 8,317 | 7,308 |
Estimate of Fair Value Measurement | Recurring | Domestic stock funds | ||
Fair Value | ||
Investments at fair value | 6,359 | 2,472 |
Estimate of Fair Value Measurement | Recurring | International stock funds | ||
Fair Value | ||
Investments at fair value | 1,124 | 2,059 |
Estimate of Fair Value Measurement | Recurring | Target funds | ||
Fair Value | ||
Investments at fair value | 270 | 266 |
Estimate of Fair Value Measurement | Recurring | Bond funds | ||
Fair Value | ||
Investments at fair value | 232 | 815 |
Estimate of Fair Value Measurement | Recurring | Alternative funds | ||
Fair Value | ||
Investments at fair value | 332 | 1,696 |
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | ||
Fair Value | ||
Investments at fair value | 18,579 | 18,725 |
Assets at fair value | 18,579 | 18,725 |
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Money market funds | ||
Fair Value | ||
Investments at fair value | 57 | 57 |
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Fixed Income | ||
Fair Value | ||
Investments at fair value | 247 | 2,709 |
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Equity | ||
Fair Value | ||
Investments at fair value | 9,958 | 8,651 |
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Mutual Fund | ||
Fair Value | ||
Investments at fair value | 8,317 | 7,308 |
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Domestic stock funds | ||
Fair Value | ||
Investments at fair value | 6,359 | 2,472 |
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | International stock funds | ||
Fair Value | ||
Investments at fair value | 1,124 | 2,059 |
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Target funds | ||
Fair Value | ||
Investments at fair value | 270 | 266 |
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Bond funds | ||
Fair Value | ||
Investments at fair value | 232 | 815 |
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Alternative funds | ||
Fair Value | ||
Investments at fair value | 332 | 1,696 |
Estimate of Fair Value Measurement | Recurring | Prices with Other Observable Inputs (Level 2) | ||
Fair Value | ||
Investments at fair value | 19,293 | 12,273 |
Assets at fair value | 19,293 | 12,273 |
Estimate of Fair Value Measurement | Recurring | Prices with Other Observable Inputs (Level 2) | Money market funds | ||
Fair Value | ||
Investments at fair value | 3,084 | 1,051 |
Estimate of Fair Value Measurement | Recurring | Prices with Other Observable Inputs (Level 2) | Fixed Income | ||
Fair Value | ||
Investments at fair value | 16,209 | 11,222 |
Estimate of Fair Value Measurement | Recurring | Prices with Unobservable Inputs (Level 3) | ||
Fair Value | ||
Investments at fair value | 1,836 | 1,829 |
Assets at fair value | 1,836 | 1,829 |
Estimate of Fair Value Measurement | Recurring | Prices with Unobservable Inputs (Level 3) | Alternative Investments | ||
Fair Value | ||
Investments at fair value | $ 1,836 | $ 1,829 |
FAIR VALUE - Available for Sale
FAIR VALUE - Available for Sale Investment Portfolio (Details) - Ardellis Insurance Ltd. $ in Thousands | Jun. 27, 2020USD ($) |
Available-for-sale securities | |
Total Securities Cost | $ 33,014 |
Unrealized Gain (Loss) | 2,636 |
Total Fair Value | 35,650 |
Fixed Income | |
Available-for-sale securities | |
Debt Securities Cost | 15,497 |
Debt Securities Unrealized Gain/(Loss) | 959 |
Debt Securities Fair Value | 16,456 |
Equity | |
Available-for-sale securities | |
Equity Securities Cost | 9,107 |
Equity Securities Unrealized Gain/(Loss) | 850 |
Equity Securities Fair Value | 9,957 |
Mutual Fund | |
Available-for-sale securities | |
Debt Securities Cost | 6,553 |
Debt Securities Unrealized Gain/(Loss) | 849 |
Debt Securities Fair Value | 7,402 |
Alternative Investments | |
Available-for-sale securities | |
Debt Securities Cost | 1,857 |
Debt Securities Unrealized Gain/(Loss) | (22) |
Debt Securities Fair Value | $ 1,835 |
REVENUE RECOGNITION - Disaggreg
REVENUE RECOGNITION - Disaggregated revenue (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 27, 2020USD ($)item | Jun. 29, 2019USD ($) | Jun. 27, 2020USD ($)item | Jun. 29, 2019USD ($) | Dec. 28, 2019USD ($) | |
Revenue Recognition | |||||
Retained earnings | $ 1,057,817 | $ 917,704 | $ 1,057,817 | $ 917,704 | $ 995,022 |
Number of markets in which the entity operates (in markets) | item | 3 | 3 | |||
Total Gross Sales | $ 1,273,509 | 1,264,507 | $ 2,324,215 | 2,296,112 | |
Sales Allowances | (31,508) | (24,690) | (50,152) | (41,169) | |
Total Net Sales | $ 1,242,001 | 1,239,817 | $ 2,274,063 | 2,254,943 | |
Change % | 0.70% | 1.20% | |||
Change % in sales allowances | 27.60% | 21.80% | |||
Change % in net sales | 0.20% | 0.80% | |||
FOB Shipping Point Revenue | |||||
Revenue Recognition | |||||
Total Gross Sales | $ 1,241,167 | 1,220,844 | $ 2,259,073 | 2,217,667 | |
Change % | 1.70% | 1.90% | |||
Construction Contract Revenue | |||||
Revenue Recognition | |||||
Total Gross Sales | $ 32,342 | $ 43,663 | $ 65,142 | $ 78,445 | |
Change % | (25.90%) | (17.00%) | |||
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-06-28 | Construction Contract Revenue | |||||
Revenue Recognition | |||||
Number of months to complete contract projects | 6 months | 6 months | |||
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-06-28 | Construction Contract Revenue | |||||
Revenue Recognition | |||||
Number of months to complete contract projects | 18 months | 18 months |
REVENUE RECOGNITION - Percentag
REVENUE RECOGNITION - Percentage of completion (Details) - USD ($) $ in Thousands | Jun. 27, 2020 | Dec. 28, 2019 | Jun. 29, 2019 |
REVENUE RECOGNITION | |||
Cost and Earnings in Excess of Billings | $ 4,377 | $ 4,690 | $ 6,309 |
Billings in Excess of Cost and Earnings | $ 10,658 | $ 6,622 | $ 5,222 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | |
Numerator: | ||||
Net earnings attributable to controlling interest | $ 66,463 | $ 54,515 | $ 106,622 | $ 90,055 |
Adjustment for earnings allocated to non-vested restricted common stock | (1,887) | (1,384) | (2,921) | (2,245) |
Net earnings for calculating EPS | $ 64,576 | $ 53,131 | $ 103,701 | $ 87,810 |
Denominator: | ||||
Weighted average shares outstanding (in shares) | 61,494 | 61,691 | 61,659 | 61,544 |
Adjustment for non-vested restricted common stock (in shares) | (1,746) | (1,566) | (1,689) | (1,534) |
Shares for calculating basic EPS (in shares) | 59,748 | 60,125 | 59,970 | 60,010 |
Effect of dilutive restricted common stock (in shares) | 18 | 23 | 18 | 21 |
Shares for calculating diluted EPS (in shares) | 59,766 | 60,148 | 59,988 | 60,031 |
Net earnings per share | ||||
Basic (USD per share) | $ 1.08 | $ 0.88 | $ 1.73 | $ 1.46 |
Diluted (USD per share) | $ 1.08 | $ 0.88 | $ 1.73 | $ 1.46 |
COMMITMENTS, CONTINGENCIES, A_2
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Long-term commitment | ||
Outstanding purchase commitments on capital projects | $ 23 | |
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 | $ 1.9 | $ 2 |
Open Projects | ||
Surety Bonds and Letters of Credit | ||
Payment and performance bonds outstanding | 6.8 | |
Completed Projects | ||
Surety Bonds and Letters of Credit | ||
Payment and performance bonds outstanding | 8.6 | |
Insurance Contracts | ||
Surety Bonds and Letters of Credit | ||
Outstanding letters of credit | 27.5 | |
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 | Jun. 27, 2020 | Jun. 27, 2020 |
Business Acquisition | |||||
Aggregate acquisitions' net sales | $ 13,800 | $ 22,200 | |||
Aggregate acquisitions' operating profit | $ 1,300 | $ 1,700 | |||
Quest Design | Construction | |||||
Business Acquisition | |||||
Purchase Price | $ 21,851 | ||||
Percentage of assets purchased (as a percent) | 100.00% | ||||
Intangible Assets | $ 18,289 | ||||
Net Tangible Assets | 3,562 | ||||
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 | $ 8,290 | ||||
Net Tangible Assets | 9,519 | ||||
Acquired entity, prior year sales | $ 14,000 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | Dec. 28, 2019 | |
Segment Reporting | |||||
NET SALES | $ 1,242,001 | $ 1,239,817 | $ 2,274,063 | $ 2,254,943 | |
Segment operating profit | 92,359 | 74,237 | 150,990 | 122,683 | |
Segment total assets | 2,058,608 | 1,850,659 | 2,058,608 | 1,850,659 | $ 1,889,477 |
Intersegment net sales | |||||
Segment Reporting | |||||
NET SALES | (127,964) | (123,923) | (237,632) | (229,516) | |
Corporate | |||||
Segment Reporting | |||||
NET SALES | (149) | (1,012) | (339) | (992) | |
Segment operating profit | 2,989 | 7,095 | 12,134 | 9,157 | |
Segment total assets | 480,785 | 480,785 | 450,299 | ||
Retail | |||||
Segment Reporting | |||||
NET SALES | 609,190 | 482,090 | 961,351 | 815,190 | |
Segment operating profit | 45,775 | 22,430 | 59,901 | 33,300 | |
Segment total assets | 583,480 | 583,480 | 402,221 | ||
Retail | Intersegment net sales | |||||
Segment Reporting | |||||
NET SALES | 34,104 | 39,232 | 63,962 | 68,803 | |
Industrial | |||||
Segment Reporting | |||||
NET SALES | 224,379 | 291,245 | 480,922 | 566,004 | |
Segment operating profit | 15,420 | 20,709 | 31,800 | 39,440 | |
Segment total assets | 337,027 | 337,027 | 377,329 | ||
Industrial | Intersegment net sales | |||||
Segment Reporting | |||||
NET SALES | 9,795 | 13,596 | 21,015 | 24,658 | |
Construction | |||||
Segment Reporting | |||||
NET SALES | 359,170 | 414,825 | 740,325 | 779,962 | |
Segment operating profit | 19,542 | 20,268 | 34,031 | 34,857 | |
Segment total assets | 512,111 | 512,111 | 522,638 | ||
Construction | Intersegment net sales | |||||
Segment Reporting | |||||
NET SALES | 16,353 | 14,505 | 31,776 | 26,336 | |
All Other | |||||
Segment Reporting | |||||
NET SALES | 49,411 | 52,669 | 91,804 | 94,779 | |
Segment operating profit | 8,633 | 3,735 | 13,124 | 5,929 | |
Segment total assets | 145,205 | 145,205 | $ 136,990 | ||
All Other | Intersegment net sales | |||||
Segment Reporting | |||||
NET SALES | $ 67,712 | $ 56,590 | $ 120,879 | $ 109,719 |
SEGMENT REPORTING - Goodwill (D
SEGMENT REPORTING - Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 27, 2020USD ($) | |
Goodwill | |
Goodwill, Beginning Balance | $ 229,536 |
2020 Acquisitions | 18,289 |
2020 Purchase Accounting Adjustments | 224 |
Foreign Exchange, Net | (567) |
Goodwill, Ending Balance | 247,482 |
Retail | |
Goodwill | |
Goodwill, Beginning Balance | 58,098 |
2020 Purchase Accounting Adjustments | 202 |
Goodwill, Ending Balance | 58,300 |
Industrial | |
Goodwill | |
Goodwill, Beginning Balance | 81,276 |
2020 Purchase Accounting Adjustments | 22 |
Goodwill, Ending Balance | 81,298 |
Construction | |
Goodwill | |
Goodwill, Beginning Balance | 82,911 |
2020 Acquisitions | 18,289 |
Foreign Exchange, Net | (188) |
Goodwill, Ending Balance | 101,012 |
All Other | |
Goodwill | |
Goodwill, Beginning Balance | 7,251 |
Foreign Exchange, Net | (379) |
Goodwill, Ending Balance | $ 6,872 |
SEGMENT REPORTING - Assets (Det
SEGMENT REPORTING - Assets (Details) - USD ($) $ in Thousands | Jun. 27, 2020 | Dec. 28, 2019 | Jun. 29, 2019 |
Segment Reporting | |||
Segment assets | $ 2,058,608 | $ 1,889,477 | $ 1,850,659 |
Change in assets (as a percent) | 9.00% | ||
Corporate | |||
Segment Reporting | |||
Segment assets | $ 480,785 | 450,299 | |
Change in assets (as a percent) | 6.80% | ||
Retail | |||
Segment Reporting | |||
Segment assets | $ 583,480 | 402,221 | |
Change in assets (as a percent) | 45.10% | ||
Industrial | |||
Segment Reporting | |||
Segment assets | $ 337,027 | 377,329 | |
Change in assets (as a percent) | (10.70%) | ||
Construction | |||
Segment Reporting | |||
Segment assets | $ 512,111 | 522,638 | |
Change in assets (as a percent) | (2.00%) | ||
All Other | |||
Segment Reporting | |||
Segment assets | $ 145,205 | $ 136,990 | |
Change in assets (as a percent) | 6.00% |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | |
INCOME TAXES | ||||
Effective income tax rate | 25.30% | 24.00% | 25.10% | 24.10% |
COMMON STOCK - Common Stock Iss
COMMON STOCK - Common Stock Issuances (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |
Mar. 28, 2020 | Jun. 27, 2020 | Jun. 29, 2019 | |
Common Stock | |||
Repurchase of common stock | 756,397 | 756,000 | |
Average Share Price | |||
Repurchase of common stock (dollars per share) | $ 38.62 | ||
Stock Purchase Plan | |||
Common Stock | |||
Common stock issued | 20,000 | 19,000 | |
Average Share Price | |||
Common stock issued (dollars per share) | $ 40.45 | $ 33.63 | |
Stock Gift Program | |||
Common Stock | |||
Common stock issued | 2,000 | 3,000 | |
Average Share Price | |||
Common stock issued (dollars per share) | $ 43.38 | $ 31.94 | |
Stock Retainer Plan | |||
Common Stock | |||
Common stock issued | 45,000 | 2,000 | |
Average Share Price | |||
Common stock issued (dollars per share) | $ 24.20 | $ 33.74 | |
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 | 79,000 | 109,000 | |
Average Share Price | |||
Common stock issued (dollars per share) | $ 47.60 | $ 31.57 | |
Deferred Compensation Plans | |||
Common Stock | |||
Common stock issued | 103,000 | 155,000 | |
Average Share Price | |||
Common stock issued (dollars per share) | $ 53.39 | $ 32.58 | |
Stock grant programs | |||
Common Stock | |||
Common stock issued | 393,000 | 309,000 | |
Forfeitures | (4,000) | (16,000) | |
Average Share Price | |||
Common stock issued (dollars per share) | $ 44.88 | $ 31.11 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Millions | Jul. 14, 2020USD ($) |
Subsequent Event | T&R Lumber Company | |
Subsequent Event | |
Purchase Price | $ 17 |