Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 02, 2017 | Jun. 24, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | UNIVERSAL FOREST PRODUCTS INC | ||
Entity Central Index Key | 912,767 | ||
Current Fiscal Year End Date | --12-27 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,651,008,585 | ||
Entity Common Stock, Shares Outstanding (in shares) | 20,345,553 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 26, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 34,091 | $ 87,756 |
Investments | 10,348 | 6,743 |
Restricted cash | 398 | 586 |
Accounts receivable, net | 282,253 | 222,964 |
Inventories: | ||
Raw materials | 198,954 | 168,548 |
Finished goods | 198,273 | 136,370 |
Total inventories | 397,227 | 304,918 |
Refundable income taxes | 11,459 | 7,784 |
Other current assets | 20,662 | 17,481 |
TOTAL CURRENT ASSETS | 756,438 | 648,232 |
DEFERRED INCOME TAXES | 1,546 | 1,312 |
OTHER ASSETS | 8,617 | 8,298 |
GOODWILL | 198,535 | 180,990 |
INDEFINITE-LIVED INTANGIBLE ASSETS | 2,340 | 2,340 |
OTHER INTANGIBLE ASSETS, NET | 26,731 | 15,357 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land and improvements | 124,316 | 118,701 |
Building and improvements | 204,586 | 180,066 |
Machinery and equipment | 332,397 | 303,081 |
Furniture and fixtures | 22,570 | 21,682 |
Construction in progress | 15,593 | 4,515 |
PROPERTY, PLANT AND EQUIPMENT, GROSS | 699,462 | 628,045 |
Less accumulated depreciation and amortization | (401,611) | (376,895) |
PROPERTY, PLANT AND EQUIPMENT, NET | 297,851 | 251,150 |
TOTAL ASSETS | 1,292,058 | 1,107,679 |
CURRENT LIABILITIES: | ||
Cash overdraft | 19,761 | 0 |
Accounts payable | 124,660 | 95,041 |
Accrued liabilities: | ||
Compensation and benefits | 92,441 | 78,877 |
Other | 32,281 | 29,112 |
Current portion of long-term debt | 2,634 | 1,145 |
TOTAL CURRENT LIABILITIES | 271,777 | 204,175 |
LONG-TERM DEBT | 109,059 | 84,750 |
DEFERRED INCOME TAXES | 20,817 | 23,838 |
OTHER LIABILITIES | 29,939 | 28,507 |
TOTAL LIABILITIES | 431,592 | 341,270 |
Controlling interest shareholders' equity: | ||
Preferred stock, no par value; shares authorized 1,000,000; issued and outstanding, none | 0 | 0 |
Common stock, $1 par value; shares authorized 40,000,000; issued and outstanding, 20,342,069 and 20,141,709 | 20,342 | 20,142 |
Additional paid-in capital | 185,333 | 171,562 |
Retained earnings | 649,135 | 565,636 |
Accumulated other comprehensive earnings | (5,630) | (4,585) |
Total controlling interest shareholders' equity | 849,180 | 752,755 |
Noncontrolling interest | 11,286 | 13,654 |
TOTAL SHAREHOLDERS' EQUITY | 860,466 | 766,409 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,292,058 | $ 1,107,679 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 26, 2015 |
SHAREHOLDERS' EQUITY: | ||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 20,342,069 | 20,141,709 |
Common stock, shares outstanding (in shares) | 20,342,069 | 20,141,709 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Income Statement [Abstract] | |||
NET SALES | $ 3,240,493 | $ 2,887,071 | $ 2,660,329 |
COST OF GOODS SOLD | 2,765,903 | 2,487,167 | 2,334,987 |
GROSS PROFIT | 474,590 | 399,904 | 325,342 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 310,152 | 264,265 | 229,775 |
ANTI-DUMPING DUTY ASSESSMENTS | 0 | 0 | 1,600 |
NET LOSS (GAIN) ON DISPOSITION OF ASSETS AND IMPAIRMENT CHARGES | 0 | 172 | (3,400) |
EARNINGS FROM OPERATIONS | 164,438 | 135,467 | 97,367 |
INTEREST EXPENSE | 4,575 | 5,133 | 4,267 |
INTEREST INCOME | (541) | (294) | (2,235) |
EQUITY IN EARNINGS OF INVESTEE | (267) | (374) | (378) |
NON-OPERATING (INCOME)/EXPENSE | 3,767 | 4,465 | 1,654 |
EARNINGS BEFORE INCOME TAXES | 160,671 | 131,002 | 95,713 |
INCOME TAXES | 55,174 | 45,870 | 34,149 |
NET EARNINGS | 105,497 | 85,132 | 61,564 |
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST | (4,318) | (4,537) | (4,013) |
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST | $ 101,179 | $ 80,595 | $ 57,551 |
EARNINGS PER SHARE - BASIC (in dollars per share) | $ 4.97 | $ 3.99 | $ 2.87 |
EARNINGS PER SHARE - DILUTED (in dollars per share) | $ 4.96 | $ 3.99 | $ 2.86 |
OTHER COMPREHENSIVE INCOME: | |||
OTHER COMPREHENSIVE LOSS | $ (2,703) | $ (7,257) | $ (3,116) |
COMPREHENSIVE INCOME | 102,794 | 77,875 | 58,448 |
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | (2,660) | (3,213) | (3,015) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ 100,134 | $ 74,662 | $ 55,433 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehen-sive Earnings | Employees Stock Notes Receivable | Noncontrolling Interest |
Balance at Dec. 28, 2013 | $ 649,734 | $ 19,948 | $ 156,129 | $ 461,812 | $ 3,466 | $ (732) | $ 9,111 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 61,564 | 57,551 | 4,013 | ||||
Foreign currency translation adjustment | (3,116) | (2,118) | (998) | ||||
Noncontrolling interest associated with business acquisitions | 3,650 | 3,650 | |||||
Distributions to noncontrolling interest | (1,910) | (1,910) | |||||
Cash dividends | (12,205) | (12,205) | |||||
Issuance of shares under employee stock plans | 541 | 16 | 525 | ||||
Issuance of shares under stock grant programs | 1,216 | 78 | 1,125 | 13 | |||
Issuance of shares under deferred compensation plans | 0 | 49 | (49) | ||||
Repurchase of shares | (4,866) | (105) | (4,761) | ||||
Tax benefits from non-qualified stock options exercised | 319 | 319 | |||||
Expense associated with share-based compensation arrangements | 1,919 | 1,919 | |||||
Accrued expense under deferred compensation plans | 2,515 | 2,515 | |||||
Note receivable adjustment | 0 | (2) | (76) | 78 | |||
Payments received on employee stock notes receivable | 199 | 199 | |||||
Balance at Dec. 27, 2014 | 699,560 | 19,984 | 162,483 | 502,334 | 1,348 | (455) | 13,866 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 85,132 | 80,595 | 4,537 | ||||
Foreign currency translation adjustment | (7,216) | (5,892) | (1,324) | ||||
Noncontrolling interest associated with business acquisitions | 1,019 | 1,019 | |||||
Distributions to noncontrolling interest | (3,188) | (3,188) | |||||
Cash dividends | (16,507) | (16,507) | |||||
Issuance of shares under employee stock plans | 1,075 | 31 | 1,044 | ||||
Issuance of shares under stock grant programs | 1,912 | 76 | 1,836 | ||||
Issuance of shares under deferred compensation plans | 0 | 65 | (65) | ||||
Repurchase of shares | (496) | (14) | (786) | 304 | |||
Tax benefits from non-qualified stock options exercised | 370 | 370 | |||||
Expense associated with share-based compensation arrangements | 1,846 | 1,846 | |||||
Accrued expense under deferred compensation plans | 4,048 | 4,048 | |||||
Payments received on employee stock notes receivable | 151 | 151 | |||||
Unrealized gain (loss) on investment | (41) | (41) | |||||
Net purchase and dissolution of noncontrolling interest | (1,256) | (1,256) | |||||
Balance at Dec. 26, 2015 | 766,409 | 20,142 | 171,562 | 565,636 | (4,585) | $ 0 | 13,654 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 105,497 | 101,179 | 4,318 | ||||
Foreign currency translation adjustment | (2,974) | (1,316) | (1,658) | ||||
Distributions to noncontrolling interest | (3,280) | (3,280) | |||||
Cash dividends | (17,680) | (17,680) | |||||
Issuance of shares under employee stock plans | 536 | 7 | 529 | ||||
Issuance of shares under stock grant programs | 5,297 | 135 | 5,162 | ||||
Issuance of shares under deferred compensation plans | 0 | 58 | (58) | ||||
Tax benefits from non-qualified stock options exercised | 0 | ||||||
Expense associated with share-based compensation arrangements | 2,208 | 2,208 | |||||
Accrued expense under deferred compensation plans | 5,074 | 5,074 | |||||
Unrealized gain (loss) on investment | 271 | 271 | |||||
Net purchase and dissolution of noncontrolling interest | (892) | 856 | (1,748) | ||||
Balance at Dec. 31, 2016 | $ 860,466 | $ 20,342 | $ 185,333 | $ 649,135 | $ (5,630) | $ 11,286 |
CONSOLIDATED STATEMENTS OF SHA6
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 6 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2016 | Jun. 25, 2016 | Dec. 26, 2015 | Jun. 27, 2015 | Dec. 27, 2014 | Jun. 28, 2014 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cash dividends per share (in dollars per share) | $ 0.450 | $ 0.420 | $ 0.420 | $ 0.400 | $ 0.400 | $ 0.210 | |||
Issuance of shares under employee stock plans (in shares) | 6,813 | 30,213 | 15,639 | ||||||
Issuance of shares under stock grant programs (in shares) | 135,757 | 75,604 | 77,970 | ||||||
Issuance of shares under deferred compensation plans (in shares) | 57,790 | 65,054 | 49,337 | ||||||
Repurchase of shares (in shares) | 0 | 13,613 | 105,012 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net earnings | $ 105,497 | $ 85,132 | $ 61,564 |
Adjustments to reconcile net earnings attributable to controlling interest to net cash from operating activities: | |||
Depreciation | 40,823 | 37,710 | 33,913 |
Amortization of intangibles | 2,795 | 3,531 | 2,410 |
Expense associated with share-based compensation arrangements | 2,208 | 1,846 | 1,919 |
Excess tax benefits from share-based compensation arrangements | 0 | (33) | (14) |
Expense associated with stock grant plans | 127 | 109 | 94 |
Deferred income taxes | 2,464 | (1,369) | 4,926 |
Equity in earnings of investee | (267) | (374) | (378) |
Net loss (gain) on disposition and impairment of assets | 0 | 172 | (3,400) |
Changes in: | |||
Accounts receivable | (5,119) | (26,007) | (9,710) |
Inventories | (3,245) | 34,139 | (49,575) |
Accounts payable and cash overdraft | 11,259 | 4,798 | 15,390 |
Accrued liabilities and other | 15,978 | 29,142 | 15,981 |
NET CASH FROM OPERATING ACTIVITIES | 172,520 | 168,796 | 73,120 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (53,762) | (43,522) | (45,305) |
Proceeds from sale of property, plant and equipment | 3,126 | 2,843 | 9,005 |
Acquisitions, net of cash received | (80,077) | (2,505) | (34,641) |
Repayment of debt of acquiree | (92,830) | 0 | 0 |
Purchase and dissolution of remaining noncontrolling interest in subsidiary | (892) | (1,256) | 0 |
Advances on notes receivable | (6,012) | (6,994) | (6,201) |
Collections on notes receivable | 7,899 | 11,446 | 9,926 |
Purchases of investments | (5,666) | (7,858) | 0 |
Proceeds from sale of investments | 2,568 | 1,115 | 0 |
Cash restricted as to use | 188 | (181) | 315 |
Other | (2,011) | 95 | (162) |
NET CASH FROM INVESTING ACTIVITIES | (227,469) | (46,817) | (67,063) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings under revolving credit facilities | 131,002 | 297,711 | 211,770 |
Repayments under revolving credit facilities | (107,294) | (311,271) | (197,825) |
Proceeds from issuance of common stock | 536 | 1,074 | 541 |
Distributions to noncontrolling interest | (3,280) | (3,188) | (1,910) |
Dividends paid to shareholders | (17,680) | (16,507) | (12,205) |
Repurchase of common stock | 0 | (800) | (4,866) |
Other | (73) | (21) | (710) |
NET CASH FROM FINANCING ACTIVITIES | 3,211 | (33,002) | (5,205) |
Effect of exchange rate changes on cash | (1,927) | (1,221) | (852) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (53,665) | 87,756 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 87,756 | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 34,091 | 87,756 | 0 |
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION: | |||
Interest paid | 4,550 | 5,118 | 4,334 |
Income taxes paid | 57,311 | 42,767 | 38,475 |
NON-CASH INVESTING ACTIVITIES | |||
Accounts receivable exchanged for notes receivable | 0 | 0 | 2,768 |
Notes receivable exchanged for property | 0 | 389 | 3,000 |
NON-CASH FINANCING ACTIVITIES: | |||
Common stock issued under deferred compensation plans | 4,353 | 3,461 | 2,567 |
Bigs Packaging and Lumber, LLC | |||
NON-CASH FINANCING ACTIVITIES: | |||
Acquisition earnout and noncompete adjustment prior to final purchase accounting | 0 | 14,195 | 0 |
Property Exchanged for Notes Receivable | |||
NON-CASH FINANCING ACTIVITIES: | |||
Property exchanged for notes receivable | $ 0 | $ 300 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES OPERATIONS We design, manufacture and market wood and wood-alternative products for large home centers and other retailers; structural lumber, engineered wood components, framing services, and other products for the construction market; specialty wood packaging, components, packing materials, and other wood-based products for various industries; and design, manufacture, and install customized fixtures and in-store environments for various markets. PRINCIPLES OF CONSOLIDATION The consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries and partnerships. In addition, we consolidate any entity which we own 50% or more and exercise control. Intercompany transactions and balances have been eliminated. NONCONTROLLING INTEREST IN SUBSIDIARIES Noncontrolling interest in results of operations of consolidated subsidiaries represents the noncontrolling shareholders' share of the income or loss of various consolidated subsidiaries. The noncontrolling interest reflects the original investment by these noncontrolling shareholders combined with their proportional share of the earnings or losses of these subsidiaries, net of distributions paid. FISCAL YEAR Our fiscal year is a 52 or 53 week period, ending on the last Saturday of December. Unless otherwise stated, references to 2016 , 2015 , and 2014 relate to the fiscal years ended December 31, 2016 , December 26, 2015 , and December 27, 2014 , respectively. Fiscal year 2016 was comprised of 53 weeks, which contributed an additional $53 million in sales in 2016 compared to fiscal years 2015 and 2014 , which were comprised of 52 weeks. FAIR VALUE DISCLOSURES OF FINANCIAL INSTRUMENTS We follow ASC Topic 820, Fair Value Measurements and Disclosures , which provides a consistent definition of fair value, focuses on exit price, prioritizes the use of market-based inputs over entity-specific inputs for measuring fair value and establishes a three-tier hierarchy for fair value measurements. This topic requires fair value measurements to be classified and disclosed in one of the following three categories: • Level 1 — Financial instruments with unadjusted, quoted prices listed on active market exchanges. • Level 2 — Financial instruments lacking unadjusted, quoted prices from active market exchanges, including over-the-counter traded financial instruments. Financial instrument values are determined using prices for recently traded financial instruments with similar underlying terms and direct or indirect observational inputs, such as interest rates and yield curves at commonly quoted intervals. • Level 3 — Financial instruments not actively traded on a market exchange and there is little, if any, market activity. Values are determined using significant unobservable inputs or valuation techniques. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of cash and highly-liquid investments purchased with an original maturity of three months or less. Restricted cash consists of amounts required to be held for loss funding totaling $0.4 and $0.6 million as of December 31, 2016 and December 26, 2015 , respectively. INVESTMENTS Investments are deemed to be "available for sale" and are, accordingly, carried at fair value being the quoted market value. Unrealized investment gains or losses, net of deferred taxes, are reported as a separate component of comprehensive income or loss until sold. ACCOUNTS RECEIVABLE AND ALLOWANCES We perform periodic credit evaluations of our customers and generally do not require collateral. Accounts receivable are due under a range of terms we offer to our customers. Discounts are offered, in most instances, as an incentive for early payment. We base our allowances related to receivables on historical credit and collections experience, and the specific identification of other potential problems, including the general economic climate. Actual collections can differ, requiring adjustments to the allowances. Individual accounts receivable balances are evaluated on a monthly basis, and those balances considered uncollectible are charged to the allowance. The following table presents the activity in our accounts receivable allowances (in thousands): Beginning Balance Additions Charged to Costs and Expenses Deductions* Ending Balance Year Ended December 31, 2016: Allowance for possible losses on accounts receivable $ 2,672 $ 28,405 $ (28,232 ) $ 2,845 Year Ended December 26, 2015: Allowance for possible losses on accounts receivable $ 2,390 $ 20,538 $ (20,256 ) $ 2,672 Year Ended December 27, 2014: Allowance for possible losses on accounts receivable $ 2,060 $ 18,871 $ (18,541 ) $ 2,390 * Includes accounts charged off, discounts given to customers and actual customer returns and allowances. We record estimated sales returns, discounts, and other applicable adjustments as a reduction of net sales in the same period revenue is recognized. Accounts receivable retainage amounts related to long term construction contracts totaled $6.0 million and $6.5 million as of December 31, 2016 and December 26, 2015 , respectively. All amounts are expected to be collected within 18 months . Concentration of accounts receivable related to our largest customer totaled $34.0 million and $39.1 million as of December 31, 2016 and December 26, 2015 , respectively. NOTES RECEIVABLE AND ALLOWANCES We have written agreements to receive repayment of funds borrowed from us, consisting of principal as well as any accrued interest, at a specified future date. If we expected a portion to be uncollectible, a valuation allowance relating to these agreements would be recorded. The current portion of notes receivable totaled $1.4 million and $2.0 million at December 31, 2016 and December 26, 2015 , respectively and are included in “Other Current Assets”. The long-term portion of notes receivable totaled $0.9 million and $2.4 million at December 31, 2016 and December 26, 2015 , respectively and are included in “Other Assets”. We had no notes receivable allowances at December 31, 2016 and December 26, 2015 . INVENTORIES Inventories are stated at the lower of cost or market. The cost of inventories includes raw materials, direct labor, and manufacturing overhead. Cost is determined on a weighted average basis. Raw materials consist primarily of unfinished wood products expected to be manufactured or treated prior to sale, while finished goods represent various manufactured and treated wood products ready for sale. We have inventory on consignment at customer locations valued at $12.2 million as of December 31, 2016 and $11.7 million as of December 26, 2015 . During 2015, management decided to discontinue certain product lines in our Gulf region which resulted in a $2.5 million inventory write-down. This product was sold in 2016 at an amount which approximated it's carrying value after the write-down. PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment are stated at cost. Expenditures for renewals and betterments are capitalized, and maintenance and repairs are expensed as incurred. Amortization of assets held under capital leases is included in depreciation and amortized over the shorter of the estimated useful life of the asset or the lease term. Depreciation is computed principally by the straight-line method over the estimated useful lives of the assets as follows: Land improvements 5 to 15 years Buildings and improvements 10 to 32 years Machinery, equipment and office furniture 2 to 8 years LONG-LIVED ASSETS In accordance with ASC 360, Property, Plant, and Equipment (“ASC 360”), when an indicator of potential impairment exists, we evaluate the recoverability of our long-lived assets by determining whether unamortized balances could be recovered through undiscounted future operating cash flows over the remaining lives of the assets. If the sum of the expected future cash flows was less than the carrying value of the assets, an impairment loss would be recognized for the excess of the carrying value over the fair value. LEASES In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2016-02, “Leases (Topic 842)” (ASU 2016-02). Under ASU 2016-02, an entity will be required to recognize assets and liabilities for the rights and obligations created by leases on the entity’s balance sheet for both finance and operating leases. For leases with a term of 12 months or less, an entity can elect to not recognize lease assets and lease liabilities and expense the lease over a straight-line basis for the term of the lease. ASU 2016-02 will require new disclosures that depict the amount, timing, and uncertainty of cash flows pertaining to an entity’s leases. Companies are required to adopt the new standard using a modified retrospective approach for annual and interim periods beginning after December 15, 2018. Early adoption of ASU 2016-02 is permitted. The Company plans to evaluate the effect of the new leasing guidance in 2017, therefore the quantitative impact has not yet been determined. GOODWILL Our annual testing date for evaluating goodwill and indefinite-lived intangible asset impairment is the first day of the Company’s fourth fiscal quarter for all reporting units. Additionally, the Company reviews various triggering events throughout the year to ensure that a mid-year impairment analysis is not required. FOREIGN CURRENCY Our foreign operations use the local currency as their functional currency. Accordingly, assets and liabilities are translated at exchange rates as of the balance sheet date and revenues and expenses are translated using weighted average rates, with translation adjustments included as a separate component of shareholders' equity. Gains and losses arising from re-measuring foreign currency transactions are included in earnings. INSURANCE RESERVES Our wholly-owned insurance company, Ardellis Insurance Ltd.(“Ardellis”), was incorporated on April 21, 2001 under the laws of Bermuda and is licensed as a Class 3A insurer under the Insurance Act 1978 of Bermuda. We are primarily self-insured for certain employee health benefits, and have self-funded retentions for general liability, automobile liability, property and workers' compensation. We are fully self-insured for environmental liabilities. The general liability, automobile liability, property, workers' compensation, and certain environmental liabilities are managed through Ardellis; the related assets and liabilities of which are included in the consolidated financial statements as of December 31, 2016 and December 26, 2015 . Our policy is to accrue amounts equal to actuarially determined or internally computed liabilities. The actuarial and internal valuations are based on historical information along with certain assumptions about future events. Changes in assumptions for such matters as legal actions, medical cost trends, and changes in claims experience could cause these estimates to change in the future. In addition to providing coverage for the Company, Ardellis provides Excess Loss Insurance (primarily medical and prescription drug) to certain third parties. As of December 31, 2016 , Ardellis had 26 such contracts in place. Reserves associated with these contracts were $2.5 million at December 31, 2016 and $2.0 million at December 26, 2015 , and are accrued based on third party actuarial valuations of the expected future liabilities. INCOME TAXES Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates. Valuation allowances are established when necessary to reduce deferred income tax assets to the amounts expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred income tax assets and liabilities. DEBT The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-03 - Simplifying the Presentation of Debt Issuance Costs on April 7, 2015 and effective for fiscal years beginning after December 15, 2015. The ASU requires the presentation of debt issuance costs in the balance sheet as a direct deduction from the recognized debt liability rather than as an asset and amortization of the costs is reported as interest expense. In accordance with ASU 2015-03, the Company complied with this ASU during the reporting period of 2016. There was no material retroactive impact to the 2015 Balance Sheet. REVENUE RECOGNITION On May 28, 2014, the FASB issued ASU No. 2014-09 (Accounting Standard Codification 606), Revenue from Contracts with Customers, which will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. Preliminarily, the Company plans to adopt the guidance in the first quarter of fiscal 2018 and apply the modified retrospective method. The Company is assessing the impact of this ASU on its Consolidated Financial Statements. Revenue is recognized at the time the product is shipped to the customer. Generally, title passes at the time of shipment. In certain circumstances, the customer takes title when the shipment arrives at the destination. However, our shipping process is typically completed the same day. Earnings on construction contracts are reflected in operations using percentage-of-completion accounting, under either the cost to cost or units of delivery methods, depending on the nature of the business at individual operations. Under percentage-of-completion using the cost to cost method, revenues and related earnings on construction contracts are measured by the relationships of actual costs incurred related to the total estimated costs. Under percentage-of-completion using the units of delivery method, revenues and related earnings on construction contracts are measured by the relationships of actual units produced related to the total number of units. Revisions in earnings estimates on the construction contracts are recorded in the accounting period in which the basis for such revisions becomes known. Projected losses on individual contracts are charged to operations in their entirety when such losses become apparent. Our construction contracts are generally entered into with a fixed price and completion of the projects can range from 6 to 18 months in duration. Therefore, our operating results are impacted by, among many other things, labor rates and commodity costs. During the year, we update our estimated costs to complete our projects using current labor and commodity costs and recognized losses to the extent that they exist. The following table presents the balances of percentage-of-completion accounts on December 31, 2016 and December 26, 2015 which are included in other current assets and other accrued liabilities, respectively (in thousands): 2016 2015 Cost and Earnings in Excess of Billings $ 2,573 $ 3,624 Billings in Excess of Cost and Earnings 4,748 4,978 SHIPPING AND HANDLING OF PRODUCT Shipping and handling costs that are charged to and reimbursed by the customer are recognized as revenue. Costs incurred related to the shipment and handling of products are classified in cost of goods sold. EARNINGS PER SHARE The computation of earnings per share (“EPS”) is as follows (in thousands): December 31, December 26, December 27, Numerator: Net earnings attributable to controlling interest $ 101,179 $ 80,595 $ 57,551 Adjustment for earnings allocated to non-vested restricted common stock (1,595 ) (1,059 ) (718 ) Net earnings for calculating EPS $ 99,584 $ 79,536 $ 56,833 Denominator: Weighted average shares outstanding 20,363 20,184 20,081 Adjustment for non-vested restricted common stock (321 ) (265 ) (250 ) Shares for calculating basic EPS 20,042 19,919 19,831 Effect of dilutive stock options 33 36 23 Shares for calculating diluted EPS 20,075 19,955 19,854 Net earnings per share: Basic $ 4.97 $ 3.99 $ 2.87 Diluted $ 4.96 $ 3.99 $ 2.86 No options were excluded from the computation of diluted EPS for 2016 , 2015 , or 2014 . USE OF ACCOUNTING ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. We believe our estimates to be reasonable; however, actual results could differ from these estimates. |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE We apply the provisions of ASC 820, Fair Value Measurements and Disclosures, to assets and liabilities measured at fair value. Assets and liabilities measured at fair value are as follows: December 31, 2016 December 26, 2015 (in thousands) Quoted Prices in Active Markets (Level 1) Prices with Other Observable Inputs (Level 2) Total Quoted Prices in Active Markets (Level 1) Prices with Other Observable Inputs (Level 2) Total Money market funds $ 64 178 $ 242 $ 78,210 — $ 78,210 Fixed income funds 1,676 2,592 4,268 — 238 238 Equity Securities 5,609 — 5,609 — 3,130 3,130 Mutual funds: Domestic stock funds 760 — 760 3,523 — 3,523 International stock funds 72 — 72 237 — 237 Target funds 235 — 235 230 — 230 Bond funds 201 — 201 172 — 172 Total mutual funds 1,268 — 1,268 4,162 — 4,162 Assets at fair value $ 8,617 $ 2,770 $ 11,387 $ 82,372 3,368 $ 85,740 We maintain money market, mutual funds, bonds, and/or stocks in our non-qualified deferred compensation plan and our wholly owned licensed captive insurance company. These funds are valued at prices quoted in an active exchange market and are included in "Cash and Cash Equivalents", "Investments", and "Other Assets". We have elected not to apply the fair value option under ASC 825, Financial Instruments, to any of our financial instruments except for those expressly required by U.S. GAAP. The valuations of the Level 2 assets or liabilities rely on quoted prices in markets that are not active or observable inputs over the full term of the asset or liability. We do not maintain any Level 3 assets or liabilities that would be based on significant unobservable inputs. In accordance with our investment policy, our wholly-owned company, Ardellis Insurance Ltd. ("Ardellis"), maintains an investment portfolio, totaling $10.3 million as of December 31, 2016, consisting of mutual funds, domestic and international stocks, and fixed income bonds. Ardellis' available for sale investment portfolio consists of the following: December 31, 2016 December 26, 2015 Unrealized Unrealized Cost Gain/Loss Fair Value Cost Gain/Loss Fair Value Fixed Income $ 4,310 $ (43 ) $ 4,267 $ 3,362 $ (12 ) $ 3,350 Equity 5,181 428 5,609 3,438 (45 ) 3,393 Mutual Funds 481 (9 ) 472 — — — Total $ 9,972 $ 376 $ 10,348 $ 6,800 $ (57 ) $ 6,743 Our Fixed Income investments consist of short, intermediate, and long term bonds, as well as fixed blend bonds. Within the fixed income investments, we maintain a specific mixture of US treasury notes, US agency mortgage backed securities, private label mortgage backed securities, and various corporate securities. Our equity investments consist of small, mid, and large cap growth and value funds, as well as international equity. The net pre-tax unrealized gain was $ 376 thousand. Carrying amounts above are recorded in the investments line item within the balance sheet as of December 31, 2016 . During 2016, Ardellis reported a net realized gain of $ 8 thousand which was recorded in interest income on the statement of earnings. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS We completed the following business combinations in fiscal 2016 and 2015 , which were accounted for using the purchase method (in thousands). Company Name Acquisition Date Purchase Price Intangible Assets Net Tangible Assets Operating Segment Business Description The UBEECO Group Pty. Ltd. ("Ubeeco") November 29, 2016 $9,455 $7,313 $2,142 All Other A manufacturer and distributor of a variety of wood packaging and alternative material products, including boxes, crates, pallets, skids, protective packaging, packaging accessories and loose lumber. Ubeeco has annual sales of approximately $20 million. idX Holdings, Inc. ("idX") September 16, 2016 $66,046 $17,016 $49,030 idX A designer, producer, and installer of customized in-store environments that are used in a range of end markets. idX has annual sales of $300 million. Seven D Truss, L.P. July 29, 2016 $1,246 $405 $841 North A manufacturer and distributor of roof and floor trusses. 7D had annual sales of approximately $4.0 million. Idaho Western, Inc. ("IWI") June 30, 2016 $10,787 $6,817 $4,248 West A supplier of products ranging from lumber and plywood to siding and doors. IWI had annual sales of approximately $21 million. Packnet Ltd (“Packnet”) November 24, 2014 (majority interest) April 15, 2016 (minority interest) $7,885 $1,498 West A supplier of industrial packaging and services based in Eagan, MN. Packnet had annual sales of $9.6 million. Capital Components & Millwork, Inc. ("CCM") April 15, 2016 $1,682 $— $1,887 North A producer of doors and trim for customers in the greater Washington, D.C., metro area and Virginia. CCM had approximately $16.6 million in annual sales. Rapid Wood Mfg., LLC (“Rapid Wood”) February 2, 2015 $1,638 $789 $849 West A supplier of lumber products to the region’s manufactured housing and recreational vehicle industries based in Caldwell, Idaho. Rapid Wood had annual sales of $3.5 million in 2015. Integra Packaging Proprietary, Ltd (“Integra Packaging”) January 16, 2015 $1,102 $1,406 $715 All Other An Australian-based manufacturer and distributor of industrial wood specialty packaging products. Integra Packaging had annual sales of $7.6 million in 2015. The intangible assets for each acquisition were finalized and allocated to their respective identifiable intangible asset and goodwill accounts during 2016 , excluding idX and Ubeeco. Initial estimates have been made for idX's identifiable intangible and goodwill allocations and deferred tax, however finalization will be completed in 2017. At December 31, 2016 , the amounts assigned to major intangible classes for the business combinations mentioned above are as follows (in thousands): Non- Compete Agreements Customer Relationships Goodwill Goodwill - Tax Deductible Ubeeco $ — $ — $ 7,313 $ — idX — 10,000 7,016 — 7D 405 — — 405 IWI — 3,640 3,177 — Rapid Wood — — 789 789 Integra Packaging 85 467 854 — The business combinations mentioned above were not significant to our operating results individually or in aggregate, and thus pro forma results for 2016 and 2015 are not presented. The initial estimated allocation from goodwill to an identifiable intangible of $10 million for idX as of December 31, 2016, has been presented above. |
NET LOSS (GAIN) ON DISPOSITION
NET LOSS (GAIN) ON DISPOSITION OF ASSETS AND IMPAIRMENT CHARGES | 12 Months Ended |
Dec. 31, 2016 | |
NET LOSS (GAIN) ON DISPOSITION OF ASSETS AND IMPAIRMENT CHARGES [Abstract] | |
NET LOSS (GAIN) ON DISPOSITION OF ASSETS AND IMPAIRMENT CHARGES | NET LOSS (GAIN) ON DISPOSITION OF ASSETS AND IMPAIRMENT CHARGES The net gain on disposition and impairment of assets totaled $3.4 million in 2014. Included within the $3.4 million net gain was a gain on the sale of certain real estate totaling $2.7 million completed by a 50% owned subsidiary of the Company. During 2014, we also recognized a net gain on the sale of other properties and equipment totaling $1.9 million . These gains were offset by a $1.2 million impairment loss recorded to reduce the value of one of our vacant properties. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets of acquired businesses. Goodwill and intangible assets deemed to have indefinite lives are not amortized, but are subject to impairment tests at least annually in accordance with ASC 350, Intangibles-Goodwill and Other. We review the carrying amounts of goodwill and other non-amortizable intangibles by reporting unit to determine if such assets may be impaired. As the carrying amount of these assets are recoverable based upon a discounted cash flow and market approach analysis, no impairment was recognized. The changes in the net carrying amount of goodwill by reporting segment for the years ended December 31, 2016 and December 26, 2015 , are as follows (in thousands): North South West idX All Other Total Balance as of December 27, 2014 44,983 43,625 85,092 — 9,362 183,062 2015 Acquisitions — — 789 — 618 1,407 2014 Final Purchase Accounting — — (1,328 ) — — (1,328 ) Foreign Exchange, Net (1,730 ) — — — (421 ) (2,151 ) Balance as of December 26, 2015 43,253 43,625 84,553 — 9,559 180,990 2016 Acquisitions — — 3,177 7,016 7,313 17,506 Foreign Exchange, Net 133 — — — (94 ) 39 Balance as of December 31, 2016 $ 43,386 43,625 $ 87,730 $ 7,016 $ 16,778 $ 198,535 Indefinite-lived intangible assets totaled $2.3 million as of December 31, 2016 and December 26, 2015 related to the Consumer Products reporting unit which is included in the All Other reportable segment. The following amounts were included in other amortizable intangible assets, net as of December 31, 2016 and December 26, 2015 (in thousands): 2016 2015 Assets Accumulated Amortization Assets Accumulated Amortization Non-compete agreements $ 5,411 $ (1,954 ) $ 5,496 $ (1,725 ) Customer relationships 25,503 (4,351 ) 19,194 (10,140 ) Licensing agreements 4,589 (2,991 ) 4,589 (2,524 ) Patents 704 (180 ) 3,563 (3,096 ) Total $ 36,207 $ (9,476 ) $ 32,842 $ (17,485 ) Amortization is computed principally by the straight-line method over the estimated useful lives of the intangible assets as follows: Intangible Asset Type Estimated Useful Life Weighted Average Amortization Period Non-compete agreements 5 to 15 years 9.6 years Customer relationship 5 to 15 years 13.1 years Licensing agreements 10 years 10 years Amortization expense of intangibles totaled $2.8 million , $3.5 million and $2.4 million in 2016 , 2015 and 2014 , respectively. The estimated amortization expense for intangibles for each of the five succeeding fiscal years is as follows (in thousands): 2017 $ 3,070 2018 2,762 2019 2,469 2020 2,058 2021 1,803 Thereafter 14,569 Total $ 26,731 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT On December 17, 2012, we entered into an unsecured Note Purchase Agreement (the "Agreement") under which we issued our 3.89% Series 2012 A Senior Notes, due December 17, 2022 , in the aggregate principal amount of $35 million and our 3.98% Series 2012 B Senior Notes, due December 17, 2024 , in the aggregate principal amount of $40 million . Proceeds from the sale of the Series A Senior Notes and Series B Senior Notes were used to repay amounts due on our existing Series 2002-A Senior Notes, Tranche B totaling $40 million and our revolving credit facility. On November 3, 2014, the Company entered into a five -year, $295 million unsecured revolving credit facility with a syndicate of U.S. banks led by JPMorgan Chase Bank, N.A., as administrative agent and Wells Fargo Bank, N.A., as syndication agent. The facilities include up to $45 million which may be advanced in the form of letters of credit, and up to $100 million (U.S. dollar equivalent) which may be advanced in Canadian dollars, Australian dollars, pounds Sterling, Euros and such other foreign currencies as may subsequently be agreed upon among the parties. This facility replaced our $265 million unsecured revolving credit facility. Cash borrowings are charged interest based upon an index selected by the Company, plus a margin that is determined based upon the index selected and upon the financial performance of the Company and certain of its subsidiaries. The Company is charged a facility fee on the entire amount of the lending commitment, at a per annum rate ranging from 15 to 32.5 basis points , also determined based upon the Company's performance. The facility fee is payable quarterly in arrears. Outstanding letters of credit extended on our behalf on December 31, 2016 and December 26, 2015 aggregated $25.5 million and $25.4 million ; respectively, which includes approximately $9.8 million related to industrial development revenue bonds. As a result, we have approximately $261 million in remaining availability on our revolver. Additionally, we have $150 million in availability under a "shelf agreement" for long term debt with a current lender. Letters of credit have one year terms and include an automatic renewal clause. The letters of credit related to industrial development revenue bonds are charged an annual interest rate of 110 basis points , based upon our financial performance. The letters of credit related to workers’ compensation are charged an annual interest rate of 75 basis points . Long-term debt obligations are summarized as follows on December 31, 2016 and December 26, 2015 (amounts in thousands): 2016 2015 Series 2012 Senior Notes Tranche A, due on December 17, 2022, interest payable semi-annually at 3.89% $ 35,000 $ 35,000 Series 2012 Senior Notes Tranche B, due on December 17, 2024, interest payable semi-annually at 3.98% 40,000 40,000 Revolving credit facility totaling $295 million due on November 3, 2019, interest payable monthly at a floating rate (1.67% on December 31,2016) 23,860 — Series 1999 Industrial Development Revenue Bonds, due on August 1, 2029, interest payable monthly at a floating rate (0.52% on December 31, 2016 and 0.17% on December 26, 2015) 3,300 3,300 Series 2000 Industrial Development Revenue Bonds, due on October 1, 2020, interest payable monthly at a floating rate (0.59% on December 31, 2016 and 0.26% on December 26, 2015) 2,700 2,700 Series 2002 Industrial Development Revenue Bonds, due on December 1, 2022, interest payable monthly at a floating rate (0.57% on December 31, 2016 and 0.25% on December 26, 2015) 3,700 3,700 Capital leases and foreign affiliate debt 3,336 1,195 111,896 85,895 Less current portion 2,634 1,145 Less debt issuance costs 203 — Long-term portion $ 109,059 $ 84,750 Financial covenants on the unsecured revolving credit facility and unsecured notes include minimum interest coverage tests and a maximum leverage ratio. The agreements also restrict the amount of additional indebtedness we may incur and the amount of assets which may be sold among other industry standard covenants. We were within all of our lending requirements on December 31, 2016 and December 26, 2015 . On December 31, 2016 , the principal maturities of long-term debt and capital lease obligations are as follows (in thousands): 2017 $ 2,634 2018 393 2019 24,009 2020 2,832 2021 28 Thereafter 82,000 Total $ 111,896 On December 31, 2016 , the estimated fair value of our long-term debt, including the current portion, was $111.6 million , which was $0.3 million less than the carrying value. The estimated fair value is based on rates anticipated to be available to us for debt with similar terms and maturities. We consider the valuations of our long-term debt, including the current portion, to be Level 2 liabilities which rely on quoted prices in markets that are not active or observable inputs over the full term of the liability. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
LEASES | LEASES We lease certain real estate under operating lease agreements with original terms ranging from one to ten years. We are required to pay real estate taxes and other occupancy costs under these leases. Certain leases carry renewal options of five to fifteen years. We also lease motor vehicles, equipment, and an aircraft under operating lease agreements for periods of one to ten years. Future minimum payments under non-cancelable operating leases on December 31, 2016 are as follows (in thousands): Operating Leases 2017 $ 17,664 2018 14,216 2019 8,798 2020 6,034 2021 4,180 Thereafter 4,974 Total minimum lease payments $ 55,866 Rent expense was approximately $10.5 million , $6.3 million , and $5.2 million in 2016 , 2015 , and 2014 , respectively. |
DEFERRED COMPENSATION
DEFERRED COMPENSATION | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Compensation Arrangements [Abstract] | |
DEFERRED COMPENSATION | DEFERRED COMPENSATION We have a program whereby certain executives irrevocably elected to defer receipt of certain compensation in 1985 through 1988. Deferred compensation payments to these executives will commence upon their retirement. We purchased life insurance on these executives, payable to us in amounts which, if assumptions made as to mortality experience, policy dividends, and other factors are realized, will accumulate cash values adequate to reimburse us for all payments for insurance and deferred compensation obligations. In the event cash values are not sufficient to fund such obligations, the program allows us to reduce benefit payments to such amounts as may be funded by accumulated cash values. The deferred compensation liabilities and related cash surrender value of life insurance policies totaled $2.4 million and $2.3 million on December 31, 2016 and December 26, 2015 , respectively, and are included "Other Liabilities" and "Other Assets," respectively. We also maintain a non-qualified deferred compensation plan (the "Plan") for the benefit of senior management employees who may elect to defer a portion of their annual bonus payments and salaries. The Plan provides investment options similar to our 401(k) plan, including our stock. The investment in our stock is funded by the issuance of shares to a Rabbi trust, and may only be distributed in kind. Assets held by the Plan totaled approximately $0.9 million and $0.8 million on December 31, 2016 and December 26, 2015 respectively, and are included in "Other Assets." Related liabilities totaled $17.4 million and $13.3 million on December 31, 2016 and December 26, 2015 , respectively, and are included in "Other Liabilities" and "Shareholders' Equity." Assets associated with the Plan are recorded at fair market value. The related liabilities are recorded at fair market value, with the exception of obligations associated with investments in our stock which are recorded at the market value on the date of deferral. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
COMMON STOCK | COMMON STOCK In April 2002, our shareholders approved the 2002 Employee Stock Purchase Plan ("Stock Purchase Plan") to succeed the Employee Stock Purchase Plan originally approved in 1994. In April 2008, our shareholders authorized additional shares to be allocated to the Stock Purchase Plan and extended the term of the Stock Purchase Plan to 2018. The plan allows eligible employees to purchase shares of our stock at a share price equal to 85% of fair market value on the purchase date. We have expensed the fair value of the compensation associated with these awards, which approximates the discount. The amount of expense is nominal. In April 1994, our shareholders approved the Directors’ Retainer Stock Plan ("Stock Retainer Plan"). In April 2007, our shareholders authorized additional shares to be issued pursuant to this plan. The Stock Retainer Plan allows eligible members of the Board of Directors to defer their retainer fees and receive shares of our stock at the time of their retirement, disability or death. The number of shares to be received is equal to the amount of the retainer fee deferred multiplied by 110% , divided by the fair market value of a share of our stock at the time of deferral. The number of shares is increased by the amount of dividends paid on the Company’s common stock. We recognized expense for this plan of $0.7 million in 2016 , $0.6 million in 2015 , and $0.6 million in 2014 . Effective January 1, 2017, this plan was amended to allow directors to defer payment of the annual retainer paid in the form of our common stock. On April 15, 2010, our shareholders approved an amended and restated Long Term Stock Incentive Plan (the "LTSIP”). The LTSIP reserves 1,000,000 shares, plus a balance of unused shares from prior plans of approximately 1.6 million shares, plus an annual increase of no more than 200,000 shares per year which may be added on the dates of our annual shareholder meetings. The LTSIP provides for the grant of stock options, stock appreciation rights, restricted stock, performance shares and other stock-based awards. A summary of the transactions under the stock option plans is as follows: Stock Under Option Weighted-Average Exercise Price Per Share Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 28, 2013 32,474 31.65 1.55 661,674 Exercised (8,737 ) 30.64 163,830 Forfeited or expired — — Outstanding at December 27, 2014 23,737 32.03 1.00 493,304 Exercised (23,737 ) 30.64 559,510 Forfeited or expired — — — Outstanding at December 26, 2015 — — 0.00 — Exercised — — — Forfeited or expired — — — Outstanding at December 31, 2016 — — 0.00 — Vested or expected to vest at December 31, 2016 — — Exercisable at December 31, 2016 — $ — 0.00 $ — There is no unrecognized compensation expense remaining for stock options in 2016 , 2015 , and 2014 . A summary of the nonvested restricted stock awards granted under the LTSIP is as follows: Restricted Awards Weighted-Average Grant Date Fair Value Unrecognized Compensation Expense (in millions) Weighted- Average Period to Recognize Expense Nonvested at December 28, 2013 206,420 32.52 2.9 2.00 years Granted 62,555 55.30 Vested (9,446 ) 55.30 Forfeited (2,443 ) 36.13 Nonvested at December 27, 2014 257,086 36.39 1.7 1.81 years Granted 76,321 54.01 Vested (121,642 ) 38.61 Forfeited (3,849 ) 48.85 Nonvested at December 26, 2015 207,916 40.97 5.2 2.53 years Granted 116,964 71.88 Vested (60,155 ) 46.98 Forfeited (881 ) 64.36 Nonvested at December 31, 2016 263,844 $ 57.95 $ 4.8 1.51 years Under the Stock Purchase Plan and LTSIP, we recognized share-based compensation expense of $2.2 million , $1.8 million , and $1.9 million and the related total income tax benefits of $1.1 million , $0.9 million , and $0.9 million in 2016 , 2015 and 2014 , respectively. In 2016 , 2015 and 2014 , cash received from option exercises and share issuances under our plans was $0.5 million , $1.1 million and $0.5 million , respectively. The actual tax benefit realized in 2016 , 2015 and 2014 for the tax deductions from option exercises totaled $0.0 million , $0.4 million and $0.3 million , respectively. On November 14, 2001, the Board of Directors approved a share repurchase program (which succeeded a previous program) allowing us to repurchase up to 2.5 million shares of our common stock. On October 14, 2010, our Board authorized an additional 2 million shares to be repurchased under our share repurchase program. We repurchased 0 and 13,613 shares under this program in 2016 and 2015, respectively. As of December 31, 2016 , the cumulative total authorized shares available for repurchase is approximately 2.9 million shares. |
RETIREMENT PLANS
RETIREMENT PLANS | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
RETIREMENT PLANS | RETIREMENT PLANS We have a profit sharing and 401(k) plan for the benefit of substantially all of our employees, excluding the employees of certain wholly-owned subsidiaries. Amounts contributed to the plan are made at the discretion of the Board of Directors. We matched 25% of employee contributions in 2016 , 2015 , and 2014 , on a discretionary basis, totaling $4.4 million , $2.4 million , and $ 2.0 million respectively. The basis for matching contributions may not exceed the lesser of 6% of the employee's annual compensation or the IRS limitation. On July 14, 2011, the compensation committee of the board of directors approved a retirement plan for officers whereby we will pay, upon retirement, benefits totaling 150% of the officer’s highest base salary in the three years immediately preceding separation from service plus health care benefits for a specified period of time if certain eligibility requirements are met. Approximately $6.5 million and $5.8 million are accrued in “Other Liabilities” for this plan at December 31, 2016 and December 26, 2015 , respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income tax provisions for the years ended December 31, 2016 , December 26, 2015 , and December 27, 2014 are summarized as follows (in thousands): 2016 2015 2014 Currently Payable: Federal $ 42,397 $ 34,672 $ 18,664 State and local 6,341 6,643 4,852 Foreign 6,143 5,599 5,619 54,881 46,914 29,135 Net Deferred: Federal (455 ) (1,104 ) 4,128 State and local 438 96 1,079 Foreign 310 (36 ) (193 ) 293 (1,044 ) 5,014 $ 55,174 $ 45,870 $ 34,149 The components of earnings before income taxes consist of the following: 2016 2015 2014 U.S. $ 140,106 $ 115,231 $ 79,365 Foreign 20,565 15,771 16,348 Total $ 160,671 $ 131,002 $ 95,713 The effective income tax rates are different from the statutory federal income tax rates for the following reasons: 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State and local taxes (net of federal benefits) 3.1 3.6 4.1 Effect of noncontrolling owned interest in earnings of partnerships (0.2 ) (0.3 ) (0.2 ) Manufacturing deduction (2.4 ) (2.4 ) (2.0 ) Tax credits, including foreign tax credit (1.4 ) (1.6 ) (1.9 ) Change in uncertain tax positions reserve 0.4 0.3 (0.2 ) Other permanent differences 0.1 0.7 0.6 Other, net (0.3 ) (0.3 ) 0.3 Effective income tax rate 34.3 % 35.0 % 35.7 % Temporary differences which give rise to deferred income tax assets and (liabilities) on December 31, 2016 and December 26, 2015 are as follows (in thousands): 2016 2015 Employee benefits $ 13,375 $ 10,996 Net operating loss carryforwards 13,605 1,256 Foreign subsidiary capital loss carryforward 509 478 Other tax credits 1,196 3,518 Inventory 2 1,264 Reserves on receivables 1,208 1,213 Accrued expenses 8,931 5,311 Other, net 2,323 4,728 Gross deferred income tax assets 41,149 28,764 Valuation allowance (5,371 ) (1,454 ) Deferred income tax assets 35,778 27,310 Depreciation (29,971 ) (25,795 ) Intangibles (25,078 ) (20,765 ) Other, net — (3,276 ) Deferred income tax liabilities (55,049 ) (49,836 ) Net deferred income tax liability $ (19,271 ) $ (22,526 ) As of December 31, 2016, the company had state and foreign net operating loss carryforwards of $1.5 million and state tax credit carryforwards of $0.6 million , which will expire at various dates. As a result of the acquisition of idX, the company also acquired estimated federal, state and foreign net operating loss carryforwards of $12.1 million and federal foreign tax credit carryforwards of $0.4 million . Because of the federal, state and certain foreign change of ownership law provisions, some of the various acquired NOLs and the federal foreign tax credits maybe limited. An evaluation under these law provisions will be performed during the business combination measurement period for idX, and therefore the ultimate resolution of their future availability is yet undetermined. The NOL and credit carryforwards expire as follows: Net Operating Losses Tax Credits U.S. State Foreign U.S. State 2016 - 2020 $ — $ 396 $ 2,300 $ 253 $ 118 2021 - 2025 — 469 117 180 440 2026 - 2030 — 689 — — — 2031 - 2035 7,726 1,204 202 — — Thereafter 16 220 268 — — Total $ 7,742 $ 2,978 $ 2,887 $ 433 $ 558 As of December 31, 2016, we believe that it is more likely than not that the benefit from certain state and foreign NOL carryforwards as well as certain state tax credit carryforwards will not be realized. In recognition of this risk, we have provided a valuation allowance against various NOL and tax credit carryforwards. Furthermore, there is a valuation allowance of $0.5 million against a capital loss carryforward we have for a wholly-owned subsidiary, UFP Canada, Inc. Based upon the business activity and the nature of the assets of this subsidiary, our ability to realize a future benefit from this carryforward is doubtful. The capital loss has an unlimited carryforward and therefore will not expire unless there is a change in control of the subsidiary. ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ASC 740, Income Taxes (“ASC 740”) clarifies the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. ASC 740 also provides guidance on derecognition, measurement, classification, interest and penalties, and disclosure requirements. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2016 2015 2014 Gross unrecognized tax benefits beginning of year $ 2,209 $ 1,793 $ 1,923 Increase in tax positions for prior years 243 — — Increase in tax positions due to acquisitions 362 — — Increase in tax positions for current year 905 754 556 Settlements with taxing authorities (32 ) — — Lapse in statute of limitations (306 ) (338 ) (686 ) Gross unrecognized tax benefits end of year $ 3,381 $ 2,209 $ 1,793 Our effective tax rate would have been affected by the unrecognized tax benefits had this amount been recognized as a reduction to income tax expense. We recognized interest and penalties for unrecognized tax benefits in our provision for income taxes. The liability for unrecognized tax benefits included accrued interest and penalties of $0.6 million at December 31, 2016 , and $ 0.2 million at December 26, 2015 and December 27, 2014 . We file income tax returns in the United States and in various state, local and foreign jurisdictions. The federal and a majority of state and foreign jurisdictions are no longer subject to income tax examinations for years before 2013. A number of routine state and local examinations are currently ongoing. Due to the potential for resolution of state examinations, and the expiration of various statutes of limitation, and new positions that may be taken, it is reasonably possible that the amounts of unrecognized tax benefits could change in the next twelve months is $0.7 million . |
ACCOUNTING FOR UNCERTAINTY IN I
ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Uncertainties [Abstract] | |
ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES | INCOME TAXES Income tax provisions for the years ended December 31, 2016 , December 26, 2015 , and December 27, 2014 are summarized as follows (in thousands): 2016 2015 2014 Currently Payable: Federal $ 42,397 $ 34,672 $ 18,664 State and local 6,341 6,643 4,852 Foreign 6,143 5,599 5,619 54,881 46,914 29,135 Net Deferred: Federal (455 ) (1,104 ) 4,128 State and local 438 96 1,079 Foreign 310 (36 ) (193 ) 293 (1,044 ) 5,014 $ 55,174 $ 45,870 $ 34,149 The components of earnings before income taxes consist of the following: 2016 2015 2014 U.S. $ 140,106 $ 115,231 $ 79,365 Foreign 20,565 15,771 16,348 Total $ 160,671 $ 131,002 $ 95,713 The effective income tax rates are different from the statutory federal income tax rates for the following reasons: 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State and local taxes (net of federal benefits) 3.1 3.6 4.1 Effect of noncontrolling owned interest in earnings of partnerships (0.2 ) (0.3 ) (0.2 ) Manufacturing deduction (2.4 ) (2.4 ) (2.0 ) Tax credits, including foreign tax credit (1.4 ) (1.6 ) (1.9 ) Change in uncertain tax positions reserve 0.4 0.3 (0.2 ) Other permanent differences 0.1 0.7 0.6 Other, net (0.3 ) (0.3 ) 0.3 Effective income tax rate 34.3 % 35.0 % 35.7 % Temporary differences which give rise to deferred income tax assets and (liabilities) on December 31, 2016 and December 26, 2015 are as follows (in thousands): 2016 2015 Employee benefits $ 13,375 $ 10,996 Net operating loss carryforwards 13,605 1,256 Foreign subsidiary capital loss carryforward 509 478 Other tax credits 1,196 3,518 Inventory 2 1,264 Reserves on receivables 1,208 1,213 Accrued expenses 8,931 5,311 Other, net 2,323 4,728 Gross deferred income tax assets 41,149 28,764 Valuation allowance (5,371 ) (1,454 ) Deferred income tax assets 35,778 27,310 Depreciation (29,971 ) (25,795 ) Intangibles (25,078 ) (20,765 ) Other, net — (3,276 ) Deferred income tax liabilities (55,049 ) (49,836 ) Net deferred income tax liability $ (19,271 ) $ (22,526 ) As of December 31, 2016, the company had state and foreign net operating loss carryforwards of $1.5 million and state tax credit carryforwards of $0.6 million , which will expire at various dates. As a result of the acquisition of idX, the company also acquired estimated federal, state and foreign net operating loss carryforwards of $12.1 million and federal foreign tax credit carryforwards of $0.4 million . Because of the federal, state and certain foreign change of ownership law provisions, some of the various acquired NOLs and the federal foreign tax credits maybe limited. An evaluation under these law provisions will be performed during the business combination measurement period for idX, and therefore the ultimate resolution of their future availability is yet undetermined. The NOL and credit carryforwards expire as follows: Net Operating Losses Tax Credits U.S. State Foreign U.S. State 2016 - 2020 $ — $ 396 $ 2,300 $ 253 $ 118 2021 - 2025 — 469 117 180 440 2026 - 2030 — 689 — — — 2031 - 2035 7,726 1,204 202 — — Thereafter 16 220 268 — — Total $ 7,742 $ 2,978 $ 2,887 $ 433 $ 558 As of December 31, 2016, we believe that it is more likely than not that the benefit from certain state and foreign NOL carryforwards as well as certain state tax credit carryforwards will not be realized. In recognition of this risk, we have provided a valuation allowance against various NOL and tax credit carryforwards. Furthermore, there is a valuation allowance of $0.5 million against a capital loss carryforward we have for a wholly-owned subsidiary, UFP Canada, Inc. Based upon the business activity and the nature of the assets of this subsidiary, our ability to realize a future benefit from this carryforward is doubtful. The capital loss has an unlimited carryforward and therefore will not expire unless there is a change in control of the subsidiary. ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ASC 740, Income Taxes (“ASC 740”) clarifies the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. ASC 740 also provides guidance on derecognition, measurement, classification, interest and penalties, and disclosure requirements. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2016 2015 2014 Gross unrecognized tax benefits beginning of year $ 2,209 $ 1,793 $ 1,923 Increase in tax positions for prior years 243 — — Increase in tax positions due to acquisitions 362 — — Increase in tax positions for current year 905 754 556 Settlements with taxing authorities (32 ) — — Lapse in statute of limitations (306 ) (338 ) (686 ) Gross unrecognized tax benefits end of year $ 3,381 $ 2,209 $ 1,793 Our effective tax rate would have been affected by the unrecognized tax benefits had this amount been recognized as a reduction to income tax expense. We recognized interest and penalties for unrecognized tax benefits in our provision for income taxes. The liability for unrecognized tax benefits included accrued interest and penalties of $0.6 million at December 31, 2016 , and $ 0.2 million at December 26, 2015 and December 27, 2014 . We file income tax returns in the United States and in various state, local and foreign jurisdictions. The federal and a majority of state and foreign jurisdictions are no longer subject to income tax examinations for years before 2013. A number of routine state and local examinations are currently ongoing. Due to the potential for resolution of state examinations, and the expiration of various statutes of limitation, and new positions that may be taken, it is reasonably possible that the amounts of unrecognized tax benefits could change in the next twelve months is $0.7 million . |
COMMITMENTS, CONTINGENCIES, AND
COMMITMENTS, CONTINGENCIES, AND GUARANTEES | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES | COMMITMENTS, CONTINGENCIES, AND GUARANTEES We are self-insured for environmental impairment liability, including certain liabilities which are insured through a wholly owned subsidiary, Ardellis Insurance Ltd., a licensed captive insurance company. We own and operate a number of facilities throughout the United States that chemically treat lumber products. In connection with the ownership and operation of these and other real properties, and the disposal or treatment of hazardous or toxic substances, we may, under various federal, state, and local environmental laws, ordinances, and regulations, be potentially liable for removal and remediation costs, as well as other potential costs, damages, and expenses. Environmental reserves, calculated with no discount rate, have been established to cover remediation activities at wood preservation facilities in Stockertown, PA; Elizabeth City, NC; Auburndale, FL; and Medley, FL. In addition, a reserve was established for our facility in Thornton, CA to remove certain lead containing materials which existed on the property at the time of purchase. On a consolidated basis, we have reserved approximately $3.6 million and $3.5 million on December 31, 2016 and December 26, 2015 , respectively, representing the estimated costs to complete future remediation efforts. These amounts have not been reduced by an insurance receivable. Many of our wood treating operations utilize "Subpart W" drip pads, defined as hazardous waste management units by the Environmental Protection Agency. The rules regulating drip pads require that a pad be “closed” at the point that it is no longer intended to be used for wood treating operations or to manage hazardous waste. Closure involves identification and disposal of contaminants which are required to be removed from the facility. The cost of closure is dependent upon a number of factors including, but not limited to, identification and removal of contaminants, cleanup standards that vary from state to state, and the time period over which the cleanup would be completed. Based on our present knowledge of existing circumstances, it is considered probable that these costs will approximate $0.3 million . As a result, this amount is recorded in other long-term liabilities on December 31, 2016 . In February 2014, one of our operations was served with a federal grand jury subpoena from the Southern District of New York. The subpoena was issued in connection with an investigation being conducted by the US Attorney's Office for the Southern District of New York. The subpoena requested documents relating to a developer and construction projects for which our operation had provided materials and labor. Following receipt of the subpoena, the Audit Committee of the Company’s Board of Directors retained outside counsel to conduct an internal investigation and respond to the subpoena. The Company cooperated in all respects with the US Attorney's Office, complied with this subpoena and voluntarily provided additional information. As a result of the internal investigation, in April 2014, two Company employees were terminated for violating the Company’s Code of Conduct and Business Ethics. In May 2015, those ex-employees were indicted by the grand jury. In April 2016, one of the two former employees pled guilty to four of the charges included in the indictment. In May 2016, the other former employee was found guilty by a jury on four of the charges included in the indictment. The Company has not been named as a target and continues to cooperate with the US Attorney's Office in this matter; however, because of the duration and unique nature of this proceeding, any potential, adverse financial implications to the Company are uncertain. In addition, on December 31, 2016 , 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 December 31, 2016 , we had outstanding purchase commitments on commenced capital projects of approximately $10.1 million . We provide a variety of warranties for products we manufacture. Historically, warranty claims have not been material. We distribute products manufactured by other companies, some of which are no longer in business. While we do not warrant these products, we have received claims as a distributor of these products when the manufacturer no longer exists or has the ability to pay. Historically, these costs have not had a material affect on our consolidated financial statements. As part of our operations, we supply building materials and labor to site-built construction projects or we jointly bid on contracts with framing companies for such projects. In some instances we are required to post payment and performance bonds to insure the project owner that the products and installation services are completed in accordance with our contractual obligations. We have agreed to indemnify the surety for claims made against the bonds. As of December 31, 2016 , we had approximately $6.1 million in outstanding payment and performance bonds for open projects. We had approximately $0.3 million in payment and performance bonds outstanding for completed projects which are still under warranty. On December 31, 2016 we had outstanding letters of credit totaling $25.5 million , primarily related to certain insurance contracts and industrial development revenue bonds described further below. In lieu of cash deposits, we provide irrevocable letters of credit in favor of our insurers to guarantee our performance under certain insurance contracts. We currently have irrevocable letters of credit outstanding totaling approximately $15.7 million for these types of insurance arrangements. We have reserves recorded on our balance sheet, in accrued liabilities, that reflect our expected future liabilities under these insurance arrangements. We are required to provide irrevocable letters of credit in favor of the bond trustees for all industrial development revenue bonds that have been issued. These letters of credit guarantee principal and interest payments to the bondholders. We currently have irrevocable letters of credit outstanding totaling approximately $9.8 million related to our outstanding industrial development revenue bonds. These letters of credit have varying terms but may be renewed at the option of the issuing banks. Certain wholly owned domestic subsidiaries have guaranteed the indebtedness of Universal Forest Products, Inc. in certain debt agreements, including the Series 2012 Senior Notes and our revolving credit facility. The maximum exposure of these guarantees is limited to the indebtedness outstanding under these debt arrangements and this exposure will expire concurrent with the expiration of the debt agreements. We did not enter into any new guarantee arrangements during 2016 which would require us to recognize a liability on our balance sheet. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING ASC 280, Segment Reporting (“ASC 280”), defines operating segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company operates manufacturing, treating and distribution facilities throughout North America, but primarily in the United States. The Company manages the operations of its individual locations primarily through a geographic reporting structure under which each location is included in a region and regions are included in our North, South, and West divisions. The exceptions to this geographic reporting and management structure are (a) the Company's Alternative Materials Division, which offers a portfolio of non-wood products and distributes those products nation-wide, (b) the Company's distribution unit (referred to as UFPD) which distributes a variety of products to the manufactured housing industry and is accounted for as a reporting unit within the North segment, and (c) idX division, which designs, produces, and installs customized in-store environments. With respect to the facilities in the north, south, and west segments, these facilities generally supply the three markets the Company serves nationally - Retail, Industrial, and Construction. Also, substantially all of our facilities support customers in the immediate geographical region surrounding the facility. Additionally, our recently acquired idX division has been presented, which generally serves the Industrial market. Our Alternative Materials and International divisions have been included in the “All Other” column of the table below. The “Corporate” column includes unallocated administrative costs and certain incentive compensation expense. 2016 North South West idX All Other Corporate Total Net sales to outside customers $ 1,000,426 $ 711,862 $ 1,251,093 $ 87,001 $ 190,111 $ — $ 3,240,493 Intersegment net sales 57,770 38,641 88,311 15 19,307 — 204,044 Interest expense 1 307 387 50 93 3,737 4,575 Amortization expense 115 — 1,858 190 632 — 2,795 Depreciation expense 8,948 6,190 13,326 1,598 2,933 7,828 40,823 Segment earnings from operations 59,408 47,146 76,875 627 16,012 (35,630 ) 164,438 Segment assets 220,148 145,451 303,607 185,813 131,854 305,185 1,292,058 Capital expenditures 10,902 5,571 19,648 — 6,037 11,604 53,762 2015 North South West All Other Corporate Total Net sales to outside customers $ 922,092 $ 656,550 $ 1,133,398 $ 175,031 $ — $ 2,887,071 Intersegment net sales 51,796 29,940 58,412 13,673 — 153,821 Interest expense — 296 516 52 4,269 5,133 Amortization expense 267 9 2,467 788 — 3,531 Depreciation expense 7,901 6,255 13,033 3,707 6,814 37,710 Segment earnings from operations 53,879 30,740 70,220 3,038 (22,410 ) 135,467 Segment assets 291,614 185,818 369,077 98,004 163,166 1,107,679 Capital expenditures 9,622 6,138 13,356 6,698 7,708 43,522 2014 North South West All Other Corporate Total Net sales to outside customers $ 840,277 $ 611,700 $ 1,062,565 $ 145,787 $ — $ 2,660,329 Intersegment net sales 37,624 20,224 47,737 12,783 — 118,368 Interest expense — 323 39 — 3,905 4,267 Amortization expense 331 10 1,358 711 — 2,410 Depreciation expense 7,060 5,700 11,029 4,082 6,042 33,913 Segment earnings from operations 32,988 24,474 53,575 3,155 (16,825 ) 97,367 Segment assets 303,213 201,245 351,557 85,661 82,124 1,023,800 Capital expenditures 10,887 8,875 11,984 3,879 9,680 45,305 In 2016 , 2015 , and 2014 , 20% , 19% , and 17% of net sales, respectively, were to a single customer. Information regarding principal geographic areas was as follows (in thousands): 2016 2015 2014 Net Sales Long-Lived Tangible Assets Net Sales Long-Lived Tangible Assets Net Sales Long-Lived Tangible Assets United States $ 3,162,331 $ 280,362 $ 2,811,359 $ 244,040 $ 2,596,278 $ 242,156 Foreign 78,162 26,106 75,712 15,408 64,051 15,678 Total $ 3,240,493 $ 306,468 $ 2,887,071 $ 259,448 $ 2,660,329 $ 257,834 Sales generated in Canada and Mexico are primarily to customers in the United States of America. The following table presents, for the periods indicated, our percentage of value-added and commodity-based sales to total sales. Value-Added Commodity-Based 2016 62.6 % 37.4 % 2015 59.8 % 40.2 % 2014 58.5 % 41.5 % Value-added product sales consist of fencing, decking, lattice, and other specialty products sold to the retail building materials market, specialty wood packaging, engineered wood components, and wood-alternative products. Engineered wood components include roof trusses, wall panels, and floor systems. Wood-alternative products consist primarily of composite wood and plastics. Although we consider the treatment of dimensional lumber with certain chemical preservatives a value-added process, treated lumber is not presently included in the value-added sales totals. Commodity-based product sales consist primarily of remanufactured lumber and preservative treated lumber. The following table presents, for the periods indicated, our gross sales (in thousands) by major product classification. Years Ended December 31, 2016 December 26, 2015 December 27, 2014 Value-Added Sales Trusses – residential, modular and manufactured housing $ 334,956 $ 299,111 $ 273,605 Fencing 176,668 149,526 143,252 Decking and railing – composite, wood and other 200,004 177,787 141,121 Turn-key framing and installed sales 141,474 129,803 121,434 Industrial packaging and components 391,610 374,030 298,335 Engineered wood products (eg. LVL; i-joist) 76,503 67,804 61,970 In-store fixtures 87,262 — — Manufactured brite and other lumber 68,517 59,804 73,261 Wall panels 53,279 46,496 43,751 Outdoor DIY products (eg. stakes; landscape ties) 106,284 56,846 51,710 Construction and building materials (eg. door packages; drywall) 204,732 200,901 191,426 Lattice – plastic and wood 50,556 47,392 40,943 Manufactured brite and other panels 60,753 57,999 69,622 Siding, trim and moulding 66,048 45,215 32,323 Hardware 20,713 17,123 17,265 Manufactured treated lumber 17,412 13,611 12,071 Manufactured treated panels 3,449 5,353 6,042 Other 390 281 248 Total Value-Added Sales $ 2,060,610 $ 1,749,082 $ 1,578,379 Commodity-Based Sales Non-manufactured brite and other lumber 469,042 458,023 454,695 Non-manufactured treated lumber 479,333 423,543 389,487 Non-manufactured brite and other panels 238,806 253,678 232,821 Non-manufactured treated panels 30,374 31,789 33,146 Other 12,084 10,978 9,402 Total Commodity-Based Sales $ 1,229,639 $ 1,178,011 $ 1,119,551 Total Gross Sales $ 3,290,249 $ 2,927,093 $ 2,697,930 Sales allowances (49,756 ) (40,022 ) (37,601 ) Total Net Sales $ 3,240,493 $ 2,887,071 $ 2,660,329 |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following table sets forth selected financial information for all of the quarters, consisting of 14 and 13 weeks during the years ended December 31, 2016 and December 26, 2015 , respectively, (in thousands, except per share data): First Second Third Fourth 2016 2015 2016 2015 2016 2015 2016 2015 Net sales $ 682,151 $ 633,025 $ 872,093 $ 838,171 $ 826,665 $ 762,275 $ 859,584 $ 653,600 Gross profit 102,739 79,582 131,487 112,443 118,054 110,706 122,310 97,173 Net earnings 20,255 10,804 34,237 26,884 28,764 26,883 22,241 20,561 Net earnings attributable to controlling interest 19,212 10,162 33,398 25,976 27,819 25,556 20,750 18,901 Basic earnings per share 0.95 0.51 1.64 1.29 1.36 1.26 1.02 0.93 Diluted earnings per share 0.95 0.51 1.64 1.28 1.36 1.26 1.02 0.93 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Subsequent to December 31, 2016, the Company has signed definitive agreements to acquire the operating assets of two businesses. The purchase price for these acquisitions is currently estimated to total approximately $53 million . These acquisitions will be financed from expected operating cash flows and the use of the revolving credit facility. |
SUMMARY OF SIGNIFICANT ACCOUN24
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
PRINCIPLES OF CONSOLIDATION | PRINCIPLES OF CONSOLIDATION The consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries and partnerships. In addition, we consolidate any entity which we own 50% or more and exercise control. Intercompany transactions and balances have been eliminated. |
NONCONTROLLING INTEREST IN SUBSIDIAIRIES | NONCONTROLLING INTEREST IN SUBSIDIARIES Noncontrolling interest in results of operations of consolidated subsidiaries represents the noncontrolling shareholders' share of the income or loss of various consolidated subsidiaries. The noncontrolling interest reflects the original investment by these noncontrolling shareholders combined with their proportional share of the earnings or losses of these subsidiaries, net of distributions paid. |
FISCAL YEAR | FISCAL YEAR Our fiscal year is a 52 or 53 week period, ending on the last Saturday of December. Unless otherwise stated, references to 2016 , 2015 , and 2014 relate to the fiscal years ended December 31, 2016 , December 26, 2015 , and December 27, 2014 , respectively. Fiscal year 2016 was comprised of 53 weeks, which contributed an additional $53 million in sales in 2016 compared to fiscal years 2015 and 2014 , which were comprised of 52 weeks. |
FAIR VALUE DISCLOSURES OF FINANCIAL INSTRUMENTS | FAIR VALUE DISCLOSURES OF FINANCIAL INSTRUMENTS We follow ASC Topic 820, Fair Value Measurements and Disclosures , which provides a consistent definition of fair value, focuses on exit price, prioritizes the use of market-based inputs over entity-specific inputs for measuring fair value and establishes a three-tier hierarchy for fair value measurements. This topic requires fair value measurements to be classified and disclosed in one of the following three categories: • Level 1 — Financial instruments with unadjusted, quoted prices listed on active market exchanges. • Level 2 — Financial instruments lacking unadjusted, quoted prices from active market exchanges, including over-the-counter traded financial instruments. Financial instrument values are determined using prices for recently traded financial instruments with similar underlying terms and direct or indirect observational inputs, such as interest rates and yield curves at commonly quoted intervals. • Level 3 — Financial instruments not actively traded on a market exchange and there is little, if any, market activity. Values are determined using significant unobservable inputs or valuation techniques. |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of cash and highly-liquid investments purchased with an original maturity of three months or less. |
INVESTMENTS | INVESTMENTS Investments are deemed to be "available for sale" and are, accordingly, carried at fair value being the quoted market value. Unrealized investment gains or losses, net of deferred taxes, are reported as a separate component of comprehensive income or loss until sold. |
ACCOUNTS RECEIVABLE AND ALLOWANCES | ACCOUNTS RECEIVABLE AND ALLOWANCES We perform periodic credit evaluations of our customers and generally do not require collateral. Accounts receivable are due under a range of terms we offer to our customers. Discounts are offered, in most instances, as an incentive for early payment. We base our allowances related to receivables on historical credit and collections experience, and the specific identification of other potential problems, including the general economic climate. Actual collections can differ, requiring adjustments to the allowances. Individual accounts receivable balances are evaluated on a monthly basis, and those balances considered uncollectible are charged to the allowance. We record estimated sales returns, discounts, and other applicable adjustments as a reduction of net sales in the same period revenue is recognized. |
NOTES RECEIVABLE AND ALLOWANCES | NOTES RECEIVABLE AND ALLOWANCES We have written agreements to receive repayment of funds borrowed from us, consisting of principal as well as any accrued interest, at a specified future date. If we expected a portion to be uncollectible, a valuation allowance relating to these agreements would be recorded. |
INVENTORIES | INVENTORIES Inventories are stated at the lower of cost or market. The cost of inventories includes raw materials, direct labor, and manufacturing overhead. Cost is determined on a weighted average basis. Raw materials consist primarily of unfinished wood products expected to be manufactured or treated prior to sale, while finished goods represent various manufactured and treated wood products ready for sale. |
PROPERTY, PLANT, AND EQUIPMENT | PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment are stated at cost. Expenditures for renewals and betterments are capitalized, and maintenance and repairs are expensed as incurred. Amortization of assets held under capital leases is included in depreciation and amortized over the shorter of the estimated useful life of the asset or the lease term. Depreciation is computed principally by the straight-line method over the estimated useful lives of the assets as follows: Land improvements 5 to 15 years Buildings and improvements 10 to 32 years Machinery, equipment and office furniture 2 to 8 years |
LONG-LIVED ASSETS | LONG-LIVED ASSETS In accordance with ASC 360, Property, Plant, and Equipment (“ASC 360”), when an indicator of potential impairment exists, we evaluate the recoverability of our long-lived assets by determining whether unamortized balances could be recovered through undiscounted future operating cash flows over the remaining lives of the assets. If the sum of the expected future cash flows was less than the carrying value of the assets, an impairment loss would be recognized for the excess of the carrying value over the fair value. |
LEASES | LEASES In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2016-02, “Leases (Topic 842)” (ASU 2016-02). Under ASU 2016-02, an entity will be required to recognize assets and liabilities for the rights and obligations created by leases on the entity’s balance sheet for both finance and operating leases. For leases with a term of 12 months or less, an entity can elect to not recognize lease assets and lease liabilities and expense the lease over a straight-line basis for the term of the lease. ASU 2016-02 will require new disclosures that depict the amount, timing, and uncertainty of cash flows pertaining to an entity’s leases. Companies are required to adopt the new standard using a modified retrospective approach for annual and interim periods beginning after December 15, 2018. Early adoption of ASU 2016-02 is permitted. The Company plans to evaluate the effect of the new leasing guidance in 2017, therefore the quantitative impact has not yet been determined. |
GOODWILL | GOODWILL Our annual testing date for evaluating goodwill and indefinite-lived intangible asset impairment is the first day of the Company’s fourth fiscal quarter for all reporting units. Additionally, the Company reviews various triggering events throughout the year to ensure that a mid-year impairment analysis is not required. |
FOREIGN CURRENCY | FOREIGN CURRENCY Our foreign operations use the local currency as their functional currency. Accordingly, assets and liabilities are translated at exchange rates as of the balance sheet date and revenues and expenses are translated using weighted average rates, with translation adjustments included as a separate component of shareholders' equity. Gains and losses arising from re-measuring foreign currency transactions are included in earnings. |
INSURANCE RESERVES | INSURANCE RESERVES Our wholly-owned insurance company, Ardellis Insurance Ltd.(“Ardellis”), was incorporated on April 21, 2001 under the laws of Bermuda and is licensed as a Class 3A insurer under the Insurance Act 1978 of Bermuda. We are primarily self-insured for certain employee health benefits, and have self-funded retentions for general liability, automobile liability, property and workers' compensation. We are fully self-insured for environmental liabilities. The general liability, automobile liability, property, workers' compensation, and certain environmental liabilities are managed through Ardellis; the related assets and liabilities of which are included in the consolidated financial statements as of December 31, 2016 and December 26, 2015 . Our policy is to accrue amounts equal to actuarially determined or internally computed liabilities. The actuarial and internal valuations are based on historical information along with certain assumptions about future events. Changes in assumptions for such matters as legal actions, medical cost trends, and changes in claims experience could cause these estimates to change in the future. In addition to providing coverage for the Company, Ardellis provides Excess Loss Insurance (primarily medical and prescription drug) to certain third parties. |
INCOME TAXES | INCOME TAXES Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates. Valuation allowances are established when necessary to reduce deferred income tax assets to the amounts expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred income tax assets and liabilities. |
DEBT | DEBT The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-03 - Simplifying the Presentation of Debt Issuance Costs on April 7, 2015 and effective for fiscal years beginning after December 15, 2015. The ASU requires the presentation of debt issuance costs in the balance sheet as a direct deduction from the recognized debt liability rather than as an asset and amortization of the costs is reported as interest expense. In accordance with ASU 2015-03, the Company complied with this ASU during the reporting period of 2016 |
REVENUE RECOGNITION | REVENUE RECOGNITION On May 28, 2014, the FASB issued ASU No. 2014-09 (Accounting Standard Codification 606), Revenue from Contracts with Customers, which will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. Preliminarily, the Company plans to adopt the guidance in the first quarter of fiscal 2018 and apply the modified retrospective method. The Company is assessing the impact of this ASU on its Consolidated Financial Statements. Revenue is recognized at the time the product is shipped to the customer. Generally, title passes at the time of shipment. In certain circumstances, the customer takes title when the shipment arrives at the destination. However, our shipping process is typically completed the same day. Earnings on construction contracts are reflected in operations using percentage-of-completion accounting, under either the cost to cost or units of delivery methods, depending on the nature of the business at individual operations. Under percentage-of-completion using the cost to cost method, revenues and related earnings on construction contracts are measured by the relationships of actual costs incurred related to the total estimated costs. Under percentage-of-completion using the units of delivery method, revenues and related earnings on construction contracts are measured by the relationships of actual units produced related to the total number of units. Revisions in earnings estimates on the construction contracts are recorded in the accounting period in which the basis for such revisions becomes known. Projected losses on individual contracts are charged to operations in their entirety when such losses become apparent. Our construction contracts are generally entered into with a fixed price and completion of the projects can range from 6 to 18 months in duration. Therefore, our operating results are impacted by, among many other things, labor rates and commodity costs. During the year, we update our estimated costs to complete our projects using current labor and commodity costs and recognized losses to the extent that they exist. |
SHIPPING AND HANDLING OF PRODUCT | SHIPPING AND HANDLING OF PRODUCT Shipping and handling costs that are charged to and reimbursed by the customer are recognized as revenue. Costs incurred related to the shipment and handling of products are classified in cost of goods sold. |
USE OF ACCOUNTING ESTIMATES | USE OF ACCOUNTING ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. We believe our estimates to be reasonable; however, actual results could differ from these estimates. |
SEGMENT REPORTING | ASC 280, Segment Reporting (“ASC 280”), defines operating segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company operates manufacturing, treating and distribution facilities throughout North America, but primarily in the United States. The Company manages the operations of its individual locations primarily through a geographic reporting structure under which each location is included in a region and regions are included in our North, South, and West divisions. The exceptions to this geographic reporting and management structure are (a) the Company's Alternative Materials Division, which offers a portfolio of non-wood products and distributes those products nation-wide, (b) the Company's distribution unit (referred to as UFPD) which distributes a variety of products to the manufactured housing industry and is accounted for as a reporting unit within the North segment, and (c) idX division, which designs, produces, and installs customized in-store environments. With respect to the facilities in the north, south, and west segments, these facilities generally supply the three markets the Company serves nationally - Retail, Industrial, and Construction. Also, substantially all of our facilities support customers in the immediate geographical region surrounding the facility. Additionally, our recently acquired idX division has been presented, which generally serves the Industrial market. O |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Accounts Receivable Allowances | The following table presents the activity in our accounts receivable allowances (in thousands): Beginning Balance Additions Charged to Costs and Expenses Deductions* Ending Balance Year Ended December 31, 2016: Allowance for possible losses on accounts receivable $ 2,672 $ 28,405 $ (28,232 ) $ 2,845 Year Ended December 26, 2015: Allowance for possible losses on accounts receivable $ 2,390 $ 20,538 $ (20,256 ) $ 2,672 Year Ended December 27, 2014: Allowance for possible losses on accounts receivable $ 2,060 $ 18,871 $ (18,541 ) $ 2,390 * Includes accounts charged off, discounts given to customers and actual customer returns and allowances. |
Schedule of Estimated Useful Lives of Property, Plant, and Equipment | Depreciation is computed principally by the straight-line method over the estimated useful lives of the assets as follows: Land improvements 5 to 15 years Buildings and improvements 10 to 32 years Machinery, equipment and office furniture 2 to 8 years |
Schedule of Percentage of Completion Account Balances | The following table presents the balances of percentage-of-completion accounts on December 31, 2016 and December 26, 2015 which are included in other current assets and other accrued liabilities, respectively (in thousands): 2016 2015 Cost and Earnings in Excess of Billings $ 2,573 $ 3,624 Billings in Excess of Cost and Earnings 4,748 4,978 |
Schedule of Computation of Earnings Per Share | The computation of earnings per share (“EPS”) is as follows (in thousands): December 31, December 26, December 27, Numerator: Net earnings attributable to controlling interest $ 101,179 $ 80,595 $ 57,551 Adjustment for earnings allocated to non-vested restricted common stock (1,595 ) (1,059 ) (718 ) Net earnings for calculating EPS $ 99,584 $ 79,536 $ 56,833 Denominator: Weighted average shares outstanding 20,363 20,184 20,081 Adjustment for non-vested restricted common stock (321 ) (265 ) (250 ) Shares for calculating basic EPS 20,042 19,919 19,831 Effect of dilutive stock options 33 36 23 Shares for calculating diluted EPS 20,075 19,955 19,854 Net earnings per share: Basic $ 4.97 $ 3.99 $ 2.87 Diluted $ 4.96 $ 3.99 $ 2.86 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value | We apply the provisions of ASC 820, Fair Value Measurements and Disclosures, to assets and liabilities measured at fair value. Assets and liabilities measured at fair value are as follows: December 31, 2016 December 26, 2015 (in thousands) Quoted Prices in Active Markets (Level 1) Prices with Other Observable Inputs (Level 2) Total Quoted Prices in Active Markets (Level 1) Prices with Other Observable Inputs (Level 2) Total Money market funds $ 64 178 $ 242 $ 78,210 — $ 78,210 Fixed income funds 1,676 2,592 4,268 — 238 238 Equity Securities 5,609 — 5,609 — 3,130 3,130 Mutual funds: Domestic stock funds 760 — 760 3,523 — 3,523 International stock funds 72 — 72 237 — 237 Target funds 235 — 235 230 — 230 Bond funds 201 — 201 172 — 172 Total mutual funds 1,268 — 1,268 4,162 — 4,162 Assets at fair value $ 8,617 $ 2,770 $ 11,387 $ 82,372 3,368 $ 85,740 |
Available for Sale Investment Portfolio | Ardellis' available for sale investment portfolio consists of the following: December 31, 2016 December 26, 2015 Unrealized Unrealized Cost Gain/Loss Fair Value Cost Gain/Loss Fair Value Fixed Income $ 4,310 $ (43 ) $ 4,267 $ 3,362 $ (12 ) $ 3,350 Equity 5,181 428 5,609 3,438 (45 ) 3,393 Mutual Funds 481 (9 ) 472 — — — Total $ 9,972 $ 376 $ 10,348 $ 6,800 $ (57 ) $ 6,743 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Acquisitions Accounted for Using Purchase Method | We completed the following business combinations in fiscal 2016 and 2015 , which were accounted for using the purchase method (in thousands). Company Name Acquisition Date Purchase Price Intangible Assets Net Tangible Assets Operating Segment Business Description The UBEECO Group Pty. Ltd. ("Ubeeco") November 29, 2016 $9,455 $7,313 $2,142 All Other A manufacturer and distributor of a variety of wood packaging and alternative material products, including boxes, crates, pallets, skids, protective packaging, packaging accessories and loose lumber. Ubeeco has annual sales of approximately $20 million. idX Holdings, Inc. ("idX") September 16, 2016 $66,046 $17,016 $49,030 idX A designer, producer, and installer of customized in-store environments that are used in a range of end markets. idX has annual sales of $300 million. Seven D Truss, L.P. July 29, 2016 $1,246 $405 $841 North A manufacturer and distributor of roof and floor trusses. 7D had annual sales of approximately $4.0 million. Idaho Western, Inc. ("IWI") June 30, 2016 $10,787 $6,817 $4,248 West A supplier of products ranging from lumber and plywood to siding and doors. IWI had annual sales of approximately $21 million. Packnet Ltd (“Packnet”) November 24, 2014 (majority interest) April 15, 2016 (minority interest) $7,885 $1,498 West A supplier of industrial packaging and services based in Eagan, MN. Packnet had annual sales of $9.6 million. Capital Components & Millwork, Inc. ("CCM") April 15, 2016 $1,682 $— $1,887 North A producer of doors and trim for customers in the greater Washington, D.C., metro area and Virginia. CCM had approximately $16.6 million in annual sales. Rapid Wood Mfg., LLC (“Rapid Wood”) February 2, 2015 $1,638 $789 $849 West A supplier of lumber products to the region’s manufactured housing and recreational vehicle industries based in Caldwell, Idaho. Rapid Wood had annual sales of $3.5 million in 2015. Integra Packaging Proprietary, Ltd (“Integra Packaging”) January 16, 2015 $1,102 $1,406 $715 All Other An Australian-based manufacturer and distributor of industrial wood specialty packaging products. Integra Packaging had annual sales of $7.6 million in 2015. |
Acquired Intangible Assets | At December 31, 2016 , the amounts assigned to major intangible classes for the business combinations mentioned above are as follows (in thousands): Non- Compete Agreements Customer Relationships Goodwill Goodwill - Tax Deductible Ubeeco $ — $ — $ 7,313 $ — idX — 10,000 7,016 — 7D 405 — — 405 IWI — 3,640 3,177 — Rapid Wood — — 789 789 Integra Packaging 85 467 854 — |
GOODWILL AND OTHER INTANGIBLE28
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Indefinite-Lived Intangible Assets | The changes in the net carrying amount of goodwill by reporting segment for the years ended December 31, 2016 and December 26, 2015 , are as follows (in thousands): North South West idX All Other Total Balance as of December 27, 2014 44,983 43,625 85,092 — 9,362 183,062 2015 Acquisitions — — 789 — 618 1,407 2014 Final Purchase Accounting — — (1,328 ) — — (1,328 ) Foreign Exchange, Net (1,730 ) — — — (421 ) (2,151 ) Balance as of December 26, 2015 43,253 43,625 84,553 — 9,559 180,990 2016 Acquisitions — — 3,177 7,016 7,313 17,506 Foreign Exchange, Net 133 — — — (94 ) 39 Balance as of December 31, 2016 $ 43,386 43,625 $ 87,730 $ 7,016 $ 16,778 $ 198,535 |
Other Intangible Assets | The following amounts were included in other amortizable intangible assets, net as of December 31, 2016 and December 26, 2015 (in thousands): 2016 2015 Assets Accumulated Amortization Assets Accumulated Amortization Non-compete agreements $ 5,411 $ (1,954 ) $ 5,496 $ (1,725 ) Customer relationships 25,503 (4,351 ) 19,194 (10,140 ) Licensing agreements 4,589 (2,991 ) 4,589 (2,524 ) Patents 704 (180 ) 3,563 (3,096 ) Total $ 36,207 $ (9,476 ) $ 32,842 $ (17,485 ) |
Estimated Useful Lives of Intangible Assets | Amortization is computed principally by the straight-line method over the estimated useful lives of the intangible assets as follows: Intangible Asset Type Estimated Useful Life Weighted Average Amortization Period Non-compete agreements 5 to 15 years 9.6 years Customer relationship 5 to 15 years 13.1 years Licensing agreements 10 years 10 years |
Expected Amortization Expense | The estimated amortization expense for intangibles for each of the five succeeding fiscal years is as follows (in thousands): 2017 $ 3,070 2018 2,762 2019 2,469 2020 2,058 2021 1,803 Thereafter 14,569 Total $ 26,731 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Capital Lease Obligations | Long-term debt obligations are summarized as follows on December 31, 2016 and December 26, 2015 (amounts in thousands): 2016 2015 Series 2012 Senior Notes Tranche A, due on December 17, 2022, interest payable semi-annually at 3.89% $ 35,000 $ 35,000 Series 2012 Senior Notes Tranche B, due on December 17, 2024, interest payable semi-annually at 3.98% 40,000 40,000 Revolving credit facility totaling $295 million due on November 3, 2019, interest payable monthly at a floating rate (1.67% on December 31,2016) 23,860 — Series 1999 Industrial Development Revenue Bonds, due on August 1, 2029, interest payable monthly at a floating rate (0.52% on December 31, 2016 and 0.17% on December 26, 2015) 3,300 3,300 Series 2000 Industrial Development Revenue Bonds, due on October 1, 2020, interest payable monthly at a floating rate (0.59% on December 31, 2016 and 0.26% on December 26, 2015) 2,700 2,700 Series 2002 Industrial Development Revenue Bonds, due on December 1, 2022, interest payable monthly at a floating rate (0.57% on December 31, 2016 and 0.25% on December 26, 2015) 3,700 3,700 Capital leases and foreign affiliate debt 3,336 1,195 111,896 85,895 Less current portion 2,634 1,145 Less debt issuance costs 203 — Long-term portion $ 109,059 $ 84,750 |
Principal Maturities of Long-term Debt and Capital Lease Obligations | On December 31, 2016 , the principal maturities of long-term debt and capital lease obligations are as follows (in thousands): 2017 $ 2,634 2018 393 2019 24,009 2020 2,832 2021 28 Thereafter 82,000 Total $ 111,896 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Future Minimum Lease Payments | Future minimum payments under non-cancelable operating leases on December 31, 2016 are as follows (in thousands): Operating Leases 2017 $ 17,664 2018 14,216 2019 8,798 2020 6,034 2021 4,180 Thereafter 4,974 Total minimum lease payments $ 55,866 |
COMMON STOCK (Tables)
COMMON STOCK (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plans Activity | A summary of the transactions under the stock option plans is as follows: Stock Under Option Weighted-Average Exercise Price Per Share Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 28, 2013 32,474 31.65 1.55 661,674 Exercised (8,737 ) 30.64 163,830 Forfeited or expired — — Outstanding at December 27, 2014 23,737 32.03 1.00 493,304 Exercised (23,737 ) 30.64 559,510 Forfeited or expired — — — Outstanding at December 26, 2015 — — 0.00 — Exercised — — — Forfeited or expired — — — Outstanding at December 31, 2016 — — 0.00 — Vested or expected to vest at December 31, 2016 — — Exercisable at December 31, 2016 — $ — 0.00 $ — |
Nonvested Restricted Shares Activity | A summary of the nonvested restricted stock awards granted under the LTSIP is as follows: Restricted Awards Weighted-Average Grant Date Fair Value Unrecognized Compensation Expense (in millions) Weighted- Average Period to Recognize Expense Nonvested at December 28, 2013 206,420 32.52 2.9 2.00 years Granted 62,555 55.30 Vested (9,446 ) 55.30 Forfeited (2,443 ) 36.13 Nonvested at December 27, 2014 257,086 36.39 1.7 1.81 years Granted 76,321 54.01 Vested (121,642 ) 38.61 Forfeited (3,849 ) 48.85 Nonvested at December 26, 2015 207,916 40.97 5.2 2.53 years Granted 116,964 71.88 Vested (60,155 ) 46.98 Forfeited (881 ) 64.36 Nonvested at December 31, 2016 263,844 $ 57.95 $ 4.8 1.51 years |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense (Benefit) | Income tax provisions for the years ended December 31, 2016 , December 26, 2015 , and December 27, 2014 are summarized as follows (in thousands): 2016 2015 2014 Currently Payable: Federal $ 42,397 $ 34,672 $ 18,664 State and local 6,341 6,643 4,852 Foreign 6,143 5,599 5,619 54,881 46,914 29,135 Net Deferred: Federal (455 ) (1,104 ) 4,128 State and local 438 96 1,079 Foreign 310 (36 ) (193 ) 293 (1,044 ) 5,014 $ 55,174 $ 45,870 $ 34,149 |
Components of Earnings Before Income Taxes | The components of earnings before income taxes consist of the following: 2016 2015 2014 U.S. $ 140,106 $ 115,231 $ 79,365 Foreign 20,565 15,771 16,348 Total $ 160,671 $ 131,002 $ 95,713 |
Effective Income Tax Rate Reconciliation | The effective income tax rates are different from the statutory federal income tax rates for the following reasons: 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State and local taxes (net of federal benefits) 3.1 3.6 4.1 Effect of noncontrolling owned interest in earnings of partnerships (0.2 ) (0.3 ) (0.2 ) Manufacturing deduction (2.4 ) (2.4 ) (2.0 ) Tax credits, including foreign tax credit (1.4 ) (1.6 ) (1.9 ) Change in uncertain tax positions reserve 0.4 0.3 (0.2 ) Other permanent differences 0.1 0.7 0.6 Other, net (0.3 ) (0.3 ) 0.3 Effective income tax rate 34.3 % 35.0 % 35.7 % |
Components of Deferred Tax Assets and Liabilities | Temporary differences which give rise to deferred income tax assets and (liabilities) on December 31, 2016 and December 26, 2015 are as follows (in thousands): 2016 2015 Employee benefits $ 13,375 $ 10,996 Net operating loss carryforwards 13,605 1,256 Foreign subsidiary capital loss carryforward 509 478 Other tax credits 1,196 3,518 Inventory 2 1,264 Reserves on receivables 1,208 1,213 Accrued expenses 8,931 5,311 Other, net 2,323 4,728 Gross deferred income tax assets 41,149 28,764 Valuation allowance (5,371 ) (1,454 ) Deferred income tax assets 35,778 27,310 Depreciation (29,971 ) (25,795 ) Intangibles (25,078 ) (20,765 ) Other, net — (3,276 ) Deferred income tax liabilities (55,049 ) (49,836 ) Net deferred income tax liability $ (19,271 ) $ (22,526 ) |
Summary of Operating Loss Carryforwards | The NOL and credit carryforwards expire as follows: Net Operating Losses Tax Credits U.S. State Foreign U.S. State 2016 - 2020 $ — $ 396 $ 2,300 $ 253 $ 118 2021 - 2025 — 469 117 180 440 2026 - 2030 — 689 — — — 2031 - 2035 7,726 1,204 202 — — Thereafter 16 220 268 — — Total $ 7,742 $ 2,978 $ 2,887 $ 433 $ 558 |
Summary of Tax Credit Carryforwards | The NOL and credit carryforwards expire as follows: Net Operating Losses Tax Credits U.S. State Foreign U.S. State 2016 - 2020 $ — $ 396 $ 2,300 $ 253 $ 118 2021 - 2025 — 469 117 180 440 2026 - 2030 — 689 — — — 2031 - 2035 7,726 1,204 202 — — Thereafter 16 220 268 — — Total $ 7,742 $ 2,978 $ 2,887 $ 433 $ 558 |
ACCOUNTING FOR UNCERTAINTY IN33
ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Uncertainties [Abstract] | |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2016 2015 2014 Gross unrecognized tax benefits beginning of year $ 2,209 $ 1,793 $ 1,923 Increase in tax positions for prior years 243 — — Increase in tax positions due to acquisitions 362 — — Increase in tax positions for current year 905 754 556 Settlements with taxing authorities (32 ) — — Lapse in statute of limitations (306 ) (338 ) (686 ) Gross unrecognized tax benefits end of year $ 3,381 $ 2,209 $ 1,793 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Information by Reporting Segment | 2016 North South West idX All Other Corporate Total Net sales to outside customers $ 1,000,426 $ 711,862 $ 1,251,093 $ 87,001 $ 190,111 $ — $ 3,240,493 Intersegment net sales 57,770 38,641 88,311 15 19,307 — 204,044 Interest expense 1 307 387 50 93 3,737 4,575 Amortization expense 115 — 1,858 190 632 — 2,795 Depreciation expense 8,948 6,190 13,326 1,598 2,933 7,828 40,823 Segment earnings from operations 59,408 47,146 76,875 627 16,012 (35,630 ) 164,438 Segment assets 220,148 145,451 303,607 185,813 131,854 305,185 1,292,058 Capital expenditures 10,902 5,571 19,648 — 6,037 11,604 53,762 2015 North South West All Other Corporate Total Net sales to outside customers $ 922,092 $ 656,550 $ 1,133,398 $ 175,031 $ — $ 2,887,071 Intersegment net sales 51,796 29,940 58,412 13,673 — 153,821 Interest expense — 296 516 52 4,269 5,133 Amortization expense 267 9 2,467 788 — 3,531 Depreciation expense 7,901 6,255 13,033 3,707 6,814 37,710 Segment earnings from operations 53,879 30,740 70,220 3,038 (22,410 ) 135,467 Segment assets 291,614 185,818 369,077 98,004 163,166 1,107,679 Capital expenditures 9,622 6,138 13,356 6,698 7,708 43,522 2014 North South West All Other Corporate Total Net sales to outside customers $ 840,277 $ 611,700 $ 1,062,565 $ 145,787 $ — $ 2,660,329 Intersegment net sales 37,624 20,224 47,737 12,783 — 118,368 Interest expense — 323 39 — 3,905 4,267 Amortization expense 331 10 1,358 711 — 2,410 Depreciation expense 7,060 5,700 11,029 4,082 6,042 33,913 Segment earnings from operations 32,988 24,474 53,575 3,155 (16,825 ) 97,367 Segment assets 303,213 201,245 351,557 85,661 82,124 1,023,800 Capital expenditures 10,887 8,875 11,984 3,879 9,680 45,305 |
Information Regarding Principal Geographic Areas | Information regarding principal geographic areas was as follows (in thousands): 2016 2015 2014 Net Sales Long-Lived Tangible Assets Net Sales Long-Lived Tangible Assets Net Sales Long-Lived Tangible Assets United States $ 3,162,331 $ 280,362 $ 2,811,359 $ 244,040 $ 2,596,278 $ 242,156 Foreign 78,162 26,106 75,712 15,408 64,051 15,678 Total $ 3,240,493 $ 306,468 $ 2,887,071 $ 259,448 $ 2,660,329 $ 257,834 |
Percentage of Value-added and Commodity-based Sales to Total Sales | The following table presents, for the periods indicated, our percentage of value-added and commodity-based sales to total sales. Value-Added Commodity-Based 2016 62.6 % 37.4 % 2015 59.8 % 40.2 % 2014 58.5 % 41.5 % |
Gross Sales by Major Product Classification | The following table presents, for the periods indicated, our gross sales (in thousands) by major product classification. Years Ended December 31, 2016 December 26, 2015 December 27, 2014 Value-Added Sales Trusses – residential, modular and manufactured housing $ 334,956 $ 299,111 $ 273,605 Fencing 176,668 149,526 143,252 Decking and railing – composite, wood and other 200,004 177,787 141,121 Turn-key framing and installed sales 141,474 129,803 121,434 Industrial packaging and components 391,610 374,030 298,335 Engineered wood products (eg. LVL; i-joist) 76,503 67,804 61,970 In-store fixtures 87,262 — — Manufactured brite and other lumber 68,517 59,804 73,261 Wall panels 53,279 46,496 43,751 Outdoor DIY products (eg. stakes; landscape ties) 106,284 56,846 51,710 Construction and building materials (eg. door packages; drywall) 204,732 200,901 191,426 Lattice – plastic and wood 50,556 47,392 40,943 Manufactured brite and other panels 60,753 57,999 69,622 Siding, trim and moulding 66,048 45,215 32,323 Hardware 20,713 17,123 17,265 Manufactured treated lumber 17,412 13,611 12,071 Manufactured treated panels 3,449 5,353 6,042 Other 390 281 248 Total Value-Added Sales $ 2,060,610 $ 1,749,082 $ 1,578,379 Commodity-Based Sales Non-manufactured brite and other lumber 469,042 458,023 454,695 Non-manufactured treated lumber 479,333 423,543 389,487 Non-manufactured brite and other panels 238,806 253,678 232,821 Non-manufactured treated panels 30,374 31,789 33,146 Other 12,084 10,978 9,402 Total Commodity-Based Sales $ 1,229,639 $ 1,178,011 $ 1,119,551 Total Gross Sales $ 3,290,249 $ 2,927,093 $ 2,697,930 Sales allowances (49,756 ) (40,022 ) (37,601 ) Total Net Sales $ 3,240,493 $ 2,887,071 $ 2,660,329 |
QUARTERLY FINANCIAL INFORMATI35
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The following table sets forth selected financial information for all of the quarters, consisting of 14 and 13 weeks during the years ended December 31, 2016 and December 26, 2015 , respectively, (in thousands, except per share data): First Second Third Fourth 2016 2015 2016 2015 2016 2015 2016 2015 Net sales $ 682,151 $ 633,025 $ 872,093 $ 838,171 $ 826,665 $ 762,275 $ 859,584 $ 653,600 Gross profit 102,739 79,582 131,487 112,443 118,054 110,706 122,310 97,173 Net earnings 20,255 10,804 34,237 26,884 28,764 26,883 22,241 20,561 Net earnings attributable to controlling interest 19,212 10,162 33,398 25,976 27,819 25,556 20,750 18,901 Basic earnings per share 0.95 0.51 1.64 1.29 1.36 1.26 1.02 0.93 Diluted earnings per share 0.95 0.51 1.64 1.28 1.36 1.26 1.02 0.93 |
SUMMARY OF SIGNIFICANT ACCOUN36
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)Contractshares | Dec. 26, 2015USD ($)shares | Dec. 27, 2014shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Requisite ownership to consolidate (in hundredths) (or more) | 50.00% | ||
Additional sales due to additional week in fiscal year | $ 53 | ||
Amount required to be held for loss funding | 0.4 | $ 0.6 | |
Accounts receivable retainage | $ 6 | 6.5 | |
Accounts receivable retainage, collection period | 18 months | ||
Concentration of accounts receivable related to largest customer | $ 34 | 39.1 | |
Current portion of notes receivable | 1.4 | 2 | |
Notes receivable long term portion | 0.9 | 2.4 | |
Inventory on consignment | 12.2 | 11.7 | |
Inventory write-down | $ 2.5 | ||
Number of insurance contracts with third party by Ardellis | Contract | 26 | ||
Reserve associated with contracts to third party by Ardellis | $ 2.5 | $ 2 | |
Construction contracts completion term, minimum | 6 months | ||
Construction contracts completion term, maximum | 18 months | ||
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options excluded from computation of diluted EPS (in shares) | shares | 0 | 0 | 0 |
SUMMARY OF SIGNIFICANT ACCOUN37
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accounts Receivable Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | $ 2,672 | $ 2,390 | $ 2,060 |
Additions Charged to Costs and Expenses | 28,405 | 20,538 | 18,871 |
Deductions | (28,232) | (20,256) | (18,541) |
Ending Balance | $ 2,845 | $ 2,672 | $ 2,390 |
SUMMARY OF SIGNIFICANT ACCOUN38
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Property, Plant, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Land Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Land Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Building and Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Building and Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 32 years |
Machinery, Equipment and Office Furniture | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Machinery, Equipment and Office Furniture | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 8 years |
SUMMARY OF SIGNIFICANT ACCOUN39
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Percentage of Completion Account Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 26, 2015 |
Accounting Policies [Abstract] | ||
Cost and Earnings in Excess of Billings | $ 2,573 | $ 3,624 |
Billings in Excess of Cost and Earnings | $ 4,748 | $ 4,978 |
SUMMARY OF SIGNIFICANT ACCOUN40
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 24, 2016 | Jun. 25, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Numerator: | |||||||||||
Net earnings attributable to controlling interest | $ 20,750 | $ 27,819 | $ 33,398 | $ 19,212 | $ 18,901 | $ 25,556 | $ 25,976 | $ 10,162 | $ 101,179 | $ 80,595 | $ 57,551 |
Adjustment for earnings allocated to non-vested restricted common stock | (1,595) | (1,059) | (718) | ||||||||
Net earnings for calculating EPS | $ 99,584 | $ 79,536 | $ 56,833 | ||||||||
Denominator: | |||||||||||
Weighted average shares outstanding (in shares) | 20,363 | 20,184 | 20,081 | ||||||||
Adjustment for non-vested restricted common stock (in shares) | (321) | (265) | (250) | ||||||||
Shares for calculating basic EPS (in shares) | 20,042 | 19,919 | 19,831 | ||||||||
Effect of dilutive stock options (in shares) | 33 | 36 | 23 | ||||||||
Shares for calculating diluted EPS (in shares) | 20,075 | 19,955 | 19,854 | ||||||||
Net earnings per share: | |||||||||||
Basic (in dollars per share) | $ 1.02 | $ 1.36 | $ 1.64 | $ 0.95 | $ 0.93 | $ 1.26 | $ 1.29 | $ 0.51 | $ 4.97 | $ 3.99 | $ 2.87 |
Diluted (in dollars per share) | $ 1.02 | $ 1.36 | $ 1.64 | $ 0.95 | $ 0.93 | $ 1.26 | $ 1.28 | $ 0.51 | $ 4.96 | $ 3.99 | $ 2.86 |
FAIR VALUE - Assets and Liabili
FAIR VALUE - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 26, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | $ 11,387 | $ 85,740 |
Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 8,617 | 82,372 |
Prices with Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 2,770 | 3,368 |
Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 242 | 78,210 |
Recurring | Fixed income funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 4,268 | 238 |
Recurring | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 5,609 | 3,130 |
Recurring | Domestic stock funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 760 | 3,523 |
Recurring | International stock funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 72 | 237 |
Recurring | Target funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 235 | 230 |
Recurring | Bond funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 201 | 172 |
Recurring | Total mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 1,268 | 4,162 |
Recurring | Quoted Prices in Active Markets (Level 1) | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 64 | 78,210 |
Recurring | Quoted Prices in Active Markets (Level 1) | Fixed income funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 1,676 | 0 |
Recurring | Quoted Prices in Active Markets (Level 1) | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 5,609 | 0 |
Recurring | Quoted Prices in Active Markets (Level 1) | Domestic stock funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 760 | 3,523 |
Recurring | Quoted Prices in Active Markets (Level 1) | International stock funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 72 | 237 |
Recurring | Quoted Prices in Active Markets (Level 1) | Target funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 235 | 230 |
Recurring | Quoted Prices in Active Markets (Level 1) | Bond funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 201 | 172 |
Recurring | Quoted Prices in Active Markets (Level 1) | Total mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 1,268 | 4,162 |
Recurring | Prices with Other Observable Inputs (Level 2) | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 178 | 0 |
Recurring | Prices with Other Observable Inputs (Level 2) | Fixed income funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 2,592 | 238 |
Recurring | Prices with Other Observable Inputs (Level 2) | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 3,130 |
Recurring | Prices with Other Observable Inputs (Level 2) | Domestic stock funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
Recurring | Prices with Other Observable Inputs (Level 2) | International stock funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
Recurring | Prices with Other Observable Inputs (Level 2) | Target funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
Recurring | Prices with Other Observable Inputs (Level 2) | Bond funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
Recurring | Prices with Other Observable Inputs (Level 2) | Total mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | $ 0 | $ 0 |
FAIR VALUE FAIR VALUE - (Narrat
FAIR VALUE FAIR VALUE - (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 26, 2015 |
Fair Value Disclosures [Abstract] | ||
Investments | $ 10,348 | $ 6,743 |
FAIR VALUE - Available for Sale
FAIR VALUE - Available for Sale Investment Portfolio (Details) - Ardellis - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 9,972 | $ 6,800 |
Gain/Loss | 376 | (57) |
Fair Value | 10,348 | 6,743 |
Fixed Income | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 4,310 | 3,362 |
Gain/Loss | (43) | (12) |
Fair Value | 4,267 | 3,350 |
Equity | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 5,181 | 3,438 |
Gain/Loss | 428 | (45) |
Fair Value | 5,609 | 3,393 |
Mutual Funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 481 | 0 |
Gain/Loss | (9) | 0 |
Fair Value | 472 | $ 0 |
Interest Income | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Net realized gain | $ 8 |
BUSINESS COMBINATIONS - Busines
BUSINESS COMBINATIONS - Business Acquisitions Accounted for Using Purchase Method (Details) - USD ($) $ in Thousands | Nov. 29, 2016 | Sep. 16, 2016 | Jul. 29, 2016 | Jun. 30, 2016 | Apr. 15, 2016 | Feb. 02, 2015 | Jan. 16, 2015 | Nov. 24, 2014 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 |
Business Acquisition [Line Items] | |||||||||||
Advances on notes receivable | $ 6,012 | $ 6,994 | $ 6,201 | ||||||||
Consideration paid to retire outstanding debt | $ 92,830 | $ 0 | $ 0 | ||||||||
The UBEECO Group Pty. Ltd. (Ubeeco) | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price | $ 9,455 | ||||||||||
Acquired entity, prior year sales (in millions) | $ 20,000 | ||||||||||
Percentage of stock purchase (in hundredths) | 100.00% | ||||||||||
Intangible Assets | $ 7,313 | ||||||||||
Net Tangible Assets | $ 2,142 | ||||||||||
idX | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price | $ 66,046 | ||||||||||
Cash received | 11,337 | ||||||||||
Consideration paid to retire outstanding debt | 86,294 | ||||||||||
Consideration paid for certain other obigations | 6,536 | ||||||||||
Acquired entity, prior year sales (in millions) | $ 300,000 | ||||||||||
Percentage of stock purchase (in hundredths) | 100.00% | ||||||||||
Intangible Assets | $ 17,016 | ||||||||||
Net Tangible Assets | $ 49,030 | ||||||||||
Seven D Truss, L.P. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price | $ 1,246 | ||||||||||
Acquired entity, prior year sales (in millions) | 4,000 | ||||||||||
Intangible Assets | 405 | ||||||||||
Net Tangible Assets | $ 841 | ||||||||||
Idaho Western, Inc. (IWI) | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price | $ 10,787 | ||||||||||
Purchase price, holdback | 500 | ||||||||||
Acquired entity, prior year sales (in millions) | $ 21,000 | ||||||||||
Percentage of stock purchase (in hundredths) | 100.00% | ||||||||||
Intangible Assets | $ 6,817 | ||||||||||
Net Tangible Assets | $ 4,248 | ||||||||||
Packnet Ltd (“Packnet”) | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price | $ 7,506 | ||||||||||
Advances on notes receivable | 1,877 | ||||||||||
Acquired entity, prior year sales (in millions) | 9,600 | ||||||||||
Intangible Assets | 7,885 | ||||||||||
Net Tangible Assets | $ 1,498 | ||||||||||
Capital Components & Millwork, Inc. (CCM) | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price | $ 1,682 | ||||||||||
Assumed liability | 205 | ||||||||||
Acquired entity, prior year sales (in millions) | 16,600 | ||||||||||
Intangible Assets | 0 | ||||||||||
Net Tangible Assets | $ 1,887 | ||||||||||
Rapid Wood Mfg., LLC (“Rapid Wood”) | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price | $ 1,638 | ||||||||||
Acquired entity, prior year sales (in millions) | 3,500 | ||||||||||
Intangible Assets | 789 | ||||||||||
Net Tangible Assets | $ 849 | ||||||||||
Integra Packaging Proprietary, Ltd (“Integra Packaging”) | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price | $ 1,102 | ||||||||||
Acquired entity, prior year sales (in millions) | $ 7,600 | ||||||||||
Percentage of stock purchase (in hundredths) | 51.94% | ||||||||||
Intangible Assets | $ 1,406 | ||||||||||
Net Tangible Assets | 715 | ||||||||||
Integra Packaging Proprietary, Ltd (“Integra Packaging”) | Parent Company | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangible Assets | $ 730 | ||||||||||
Percentage of intangible assets acquired (in hundredths) | 51.94% | ||||||||||
Net Tangible Assets | $ 372 | ||||||||||
Percentage of tangible assets acquired (in hundredths) | 51.94% |
BUSINESS COMBINATIONS - Acquire
BUSINESS COMBINATIONS - Acquired Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Nov. 29, 2016 | Sep. 16, 2016 | Jul. 29, 2016 | Jun. 30, 2016 | Dec. 26, 2015 | Jan. 16, 2015 | Dec. 27, 2014 |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 198,535 | $ 180,990 | $ 183,062 | |||||
The UBEECO Group Pty. Ltd. (Ubeeco) | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets other than goodwill | $ 7,313 | |||||||
Goodwill | 7,313 | |||||||
Goodwill - Tax Deductible | 0 | |||||||
idX | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets other than goodwill | $ 17,016 | |||||||
Goodwill | 7,016 | |||||||
Goodwill - Tax Deductible | 0 | |||||||
Seven D Truss, L.P. | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets other than goodwill | $ 405 | |||||||
Goodwill | 0 | |||||||
Goodwill - Tax Deductible | 405 | |||||||
Idaho Western, Inc. (IWI) | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets other than goodwill | $ 6,817 | |||||||
Goodwill | 3,177 | |||||||
Goodwill - Tax Deductible | 0 | |||||||
Rapid Wood | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | 789 | |||||||
Goodwill - Tax Deductible | 789 | |||||||
Integra Packaging Proprietary, Ltd (“Integra Packaging”) | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets other than goodwill | $ 1,406 | |||||||
Goodwill | 854 | |||||||
Goodwill - Tax Deductible | 0 | |||||||
Non-compete agreements | The UBEECO Group Pty. Ltd. (Ubeeco) | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets other than goodwill | 0 | |||||||
Non-compete agreements | idX | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets other than goodwill | 0 | |||||||
Non-compete agreements | Seven D Truss, L.P. | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets other than goodwill | 405 | |||||||
Non-compete agreements | Idaho Western, Inc. (IWI) | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets other than goodwill | 0 | |||||||
Non-compete agreements | Rapid Wood | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets other than goodwill | 0 | |||||||
Non-compete agreements | Integra Packaging Proprietary, Ltd (“Integra Packaging”) | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets other than goodwill | 85 | |||||||
Customer relationships | The UBEECO Group Pty. Ltd. (Ubeeco) | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets other than goodwill | 0 | |||||||
Customer relationships | idX | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets other than goodwill | 10,000 | |||||||
Intangible assets | 10,000 | |||||||
Customer relationships | Seven D Truss, L.P. | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets other than goodwill | 0 | |||||||
Customer relationships | Idaho Western, Inc. (IWI) | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets other than goodwill | 3,640 | |||||||
Customer relationships | Rapid Wood | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets other than goodwill | 0 | |||||||
Customer relationships | Integra Packaging Proprietary, Ltd (“Integra Packaging”) | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets other than goodwill | $ 467 |
NET LOSS (GAIN) ON DISPOSITIO46
NET LOSS (GAIN) ON DISPOSITION OF ASSETS AND IMPAIRMENT CHARGES (Details) $ in Millions | 12 Months Ended |
Dec. 27, 2014USD ($)property | |
NET LOSS (GAIN) ON DISPOSITION OF ASSETS AND IMPAIRMENT CHARGES [Abstract] | |
Gain on disposition and impairment of asset | $ 3.4 |
Gain on the sale of certain real estate | $ 2.7 |
Ownership percentage (in hundredths) | 50.00% |
Gain on disposition of other properties and equipment | $ 1.9 |
Impairment loss | $ 1.2 |
Number of vacant properties with a reduction in value | property | 1 |
GOODWILL AND OTHER INTANGIBLE47
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill impairment | $ 0 | ||
Indefinite-lived intangible assets | 2,340,000 | $ 2,340,000 | |
Amortization of intangibles | $ 2,795,000 | $ 3,531,000 | $ 2,410,000 |
GOODWILL AND OTHER INTANGIBLE48
GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill by Reporting Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Goodwill [Roll Forward] | ||
Goodwill beginning balance | $ 180,990 | $ 183,062 |
Acquisitions | 17,506 | 1,407 |
2014 Final Purchase Accounting | (1,328) | |
Foreign Exchange, Net | 39 | (2,151) |
Goodwill ending balance | 198,535 | 180,990 |
North | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 43,253 | 44,983 |
Acquisitions | 0 | 0 |
2014 Final Purchase Accounting | 0 | |
Foreign Exchange, Net | 133 | (1,730) |
Goodwill ending balance | 43,386 | 43,253 |
South | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 43,625 | 43,625 |
Acquisitions | 0 | 0 |
2014 Final Purchase Accounting | 0 | |
Foreign Exchange, Net | 0 | 0 |
Goodwill ending balance | 43,625 | 43,625 |
West | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 84,553 | 85,092 |
Acquisitions | 3,177 | 789 |
2014 Final Purchase Accounting | (1,328) | |
Foreign Exchange, Net | 0 | 0 |
Goodwill ending balance | 87,730 | 84,553 |
idX | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 0 | 0 |
Acquisitions | 7,016 | 0 |
2014 Final Purchase Accounting | 0 | |
Foreign Exchange, Net | 0 | 0 |
Goodwill ending balance | 7,016 | 0 |
All Other | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 9,559 | 9,362 |
Acquisitions | 7,313 | 618 |
2014 Final Purchase Accounting | 0 | |
Foreign Exchange, Net | (94) | (421) |
Goodwill ending balance | $ 16,778 | $ 9,559 |
GOODWILL AND OTHER INTANGIBLE49
GOODWILL AND OTHER INTANGIBLE ASSETS - Included in Other Amortizable Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 26, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Non-compete agreements | $ 5,411 | $ 5,496 |
Customer relationships | 25,503 | 19,194 |
Licensing agreements | 4,589 | 4,589 |
Patents | 704 | 3,563 |
Total | 36,207 | 32,842 |
Accumulated Amortization | (9,476) | (17,485) |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | (1,954) | (1,725) |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | (4,351) | (10,140) |
Licensing agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | (2,991) | (2,524) |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (180) | $ (3,096) |
GOODWILL AND OTHER INTANGIBLE50
GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Useful Lives of Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Non-compete agreements | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 9 years 7 months 6 days |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 13 years 1 month 6 days |
Licensing agreements | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
Weighted average amortization period | 10 years |
Minimum | Non-compete agreements | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 5 years |
Minimum | Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 5 years |
Maximum | Non-compete agreements | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 15 years |
Maximum | Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 15 years |
GOODWILL AND OTHER INTANGIBLE51
GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Amortization Expense for Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 26, 2015 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,017 | $ 3,070 | |
2,018 | 2,762 | |
2,019 | 2,469 | |
2,020 | 2,058 | |
2,021 | 1,803 | |
Thereafter | 14,569 | |
Total | $ 26,731 | $ 15,357 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) - USD ($) | Nov. 03, 2014 | Dec. 31, 2016 | Dec. 26, 2015 | Nov. 02, 2014 | Dec. 17, 2012 |
Debt Instrument [Line Items] | |||||
Outstanding letters of credit | $ 25,500,000 | $ 25,400,000 | |||
Fair value of long-term debt including current portion | 111,600,000 | ||||
Difference between fair value and carrying value of debt | 300,000 | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Term of debt | 5 years | ||||
Maximum borrowing capacity | $ 295,000,000 | 295,000,000 | $ 265,000,000 | ||
Outstanding letters of credit | 45,000,000 | ||||
Outstanding letters of credit that can be converted to foreign currency | $ 100,000,000 | ||||
Remaining borrowing capacity | $ 261,000,000 | ||||
Revolving Credit Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Facility fee (in hundredths) | 0.15% | ||||
Revolving Credit Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Facility fee (in hundredths) | 0.325% | ||||
Series 2012 Senior Notes Tranche A | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate (in hundredths) | 3.89% | 3.89% | |||
Debt | $ 35,000,000 | ||||
Series 2012 Senior Notes Tranche B | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate (in hundredths) | 3.98% | 3.98% | |||
Debt | $ 40,000,000 | ||||
Series 2002-A Senior Notes Tranche B | Corporate Debt Securities | |||||
Debt Instrument [Line Items] | |||||
Debt | $ 40,000,000 | ||||
Shelf Agreement | |||||
Debt Instrument [Line Items] | |||||
Remaining borrowing capacity | $ 150,000,000 | ||||
Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Interest rate (in hundredths) | 0.75% | ||||
Term of debt | 1 year | ||||
Letter of Credit | Industrial Development Revenue Bonds | |||||
Debt Instrument [Line Items] | |||||
Outstanding letters of credit | $ 9,800,000 | ||||
Letter of Credit | Industrial Development Revenue Bonds | Minimum | |||||
Debt Instrument [Line Items] | |||||
Interest rate (in hundredths) | 1.10% |
DEBT - Long-term Debt Obligatio
DEBT - Long-term Debt Obligations (Details) - USD ($) | Dec. 31, 2016 | Dec. 26, 2015 | Nov. 03, 2014 | Nov. 02, 2014 | Dec. 17, 2012 |
Debt Instrument [Line Items] | |||||
Total | $ 111,896,000 | $ 85,895,000 | |||
Less current portion | 2,634,000 | 1,145,000 | |||
Less debt issuance costs | 203,000 | 0 | |||
Long-term portion | 109,059,000 | 84,750,000 | |||
Foreign Affiliate Debt | |||||
Debt Instrument [Line Items] | |||||
Total | 3,336,000 | 1,195,000 | |||
Senior Notes | Series 2012 Senior Notes Tranche A | |||||
Debt Instrument [Line Items] | |||||
Total | $ 35,000,000 | 35,000,000 | |||
Interest rate (in hundredths) | 3.89% | 3.89% | |||
Senior Notes | Series 2012 Senior Notes Tranche B | |||||
Debt Instrument [Line Items] | |||||
Total | $ 40,000,000 | 40,000,000 | |||
Interest rate (in hundredths) | 3.98% | 3.98% | |||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Total | $ 23,860,000 | 0 | |||
Maximum borrowing capacity | $ 295,000,000 | $ 295,000,000 | $ 265,000,000 | ||
Interest rate at period end (in hundredths) | 1.67% | ||||
Corporate Debt Securities | Series 1999 Industrial Development Revenue Bonds | |||||
Debt Instrument [Line Items] | |||||
Total | $ 3,300,000 | $ 3,300,000 | |||
Interest rate at period end (in hundredths) | 0.52% | 0.17% | |||
Corporate Debt Securities | Series 2000 Industrial Development Revenue Bonds | |||||
Debt Instrument [Line Items] | |||||
Total | $ 2,700,000 | $ 2,700,000 | |||
Interest rate at period end (in hundredths) | 0.59% | 0.26% | |||
Corporate Debt Securities | Series 2002 Industrial Development Revenue Bonds | |||||
Debt Instrument [Line Items] | |||||
Total | $ 3,700,000 | $ 3,700,000 | |||
Interest rate at period end (in hundredths) | 0.57% | 0.25% |
DEBT - Principal Maturities of
DEBT - Principal Maturities of Long-Term Debt and Capital Lease Obligations (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Principal Maturities of Long-term Debt and Capital Lease Obligations [Abstract] | |
2,017 | $ 2,634 |
2,018 | 393 |
2,019 | 24,009 |
2,020 | 2,832 |
2,021 | 28 |
Thereafter | 82,000 |
Total | $ 111,896 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Future minimum payments under non-cancelable operating leases [Abstract] | |||
2,017 | $ 17,664 | ||
2,018 | 14,216 | ||
2,019 | 8,798 | ||
2,020 | 6,034 | ||
2,021 | 4,180 | ||
Thereafter | 4,974 | ||
Total minimum lease payments | 55,866 | ||
Rent expense | $ 10,500 | $ 6,300 | $ 5,200 |
Minimum | |||
Operating Leased Assets [Line Items] | |||
Term of lease | 1 year | ||
Renewal options of lease | 5 years | ||
Minimum | Motor Vehicles, Equipment and Aircraft | |||
Operating Leased Assets [Line Items] | |||
Term of lease | 1 year | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Term of lease | 10 years | ||
Renewal options of lease | 15 years | ||
Maximum | Motor Vehicles, Equipment and Aircraft | |||
Operating Leased Assets [Line Items] | |||
Term of lease | 10 years |
DEFERRED COMPENSATION (Details)
DEFERRED COMPENSATION (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 26, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Assets held by the Plan | $ 0.9 | $ 0.8 |
Liabilities related to Plan | 17.4 | 13.3 |
Other Liabilities | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation liability | 2.4 | 2.3 |
Other Assets | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cash surrender value of life insurance | $ 2.3 | $ 2 |
COMMON STOCK (Details)
COMMON STOCK (Details) - USD ($) | Apr. 15, 2010 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | Oct. 14, 2010 | Nov. 14, 2001 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 2,208,000 | $ 1,846,000 | $ 1,919,000 | |||
Income tax benefit from share-based compensation | 1,100,000 | 900,000 | 900,000 | |||
Cash received from option exercises and share issuances under plans | 500,000 | 1,100,000 | 500,000 | |||
Tax benefits from non-qualified stock options exercised | $ 0 | $ 370,000 | $ 319,000 | |||
Stock Repurchase Program [Abstract] | ||||||
Shares authorized for repurchase (in shares) | 2,000,000 | 2,500,000 | ||||
Repurchase of shares (in shares) | 0 | 13,613 | 105,012 | |||
Cumulative total authorized shares available for repurchase (in shares) | 2,900,000 | |||||
Stock Purchase Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Discount rate from fair market value on purchase date (in hundredths) | 85.00% | |||||
Stock Retainer Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Multiplier of retainer fee (in hundredths) | 110.00% | |||||
Stock Retainer Plan expense | $ 700,000 | $ 600,000 | $ 600,000 | |||
LTSIP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized for LTSIP (in shares) | 1,000,000 | |||||
Unused shares from prior plans (in shares) | 1,600,000 | |||||
Additional shares authorized per year, maximum (in shares) | 200,000 | |||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense of stock options | $ 0 | $ 0 | $ 0 |
COMMON STOCK - Stock Option Pla
COMMON STOCK - Stock Option Plan Activity (Details) - Stock Options - USD ($) | 12 Months Ended | 36 Months Ended | |||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | Dec. 31, 2013 | Dec. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||
Outstanding, beginning balance (in shares) | 0 | 23,737 | 32,474 | ||
Exercised (in shares) | 0 | (23,737) | (8,737) | ||
Forfeited or expired (in shares) | 0 | 0 | 0 | ||
Outstanding, ending balance (in shares) | 0 | 0 | 23,737 | ||
Vested or expected to vest at December 26, 2015 (in shares) | 0 | ||||
Excercisable at December 26, 2015 (in shares) | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||||
Outstanding, beginning balance (in dollars per share) | $ 0 | $ 32.03 | $ 31.65 | ||
Exercised (in dollars per share) | 0 | 30.64 | 30.64 | ||
Forfeited or expired (in dollars per share) | 0 | 0 | 0 | ||
Outstanding, ending balance (in dollars per share) | 0 | $ 0 | $ 32.03 | ||
Vested or expected to vest at December 26, 2015 (in dollars per share) | 0 | ||||
Exercisable (in dollars per share) | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||
Average remaining contractual term of shares outstanding | 0 years | 0 years | 1 year | 1 year 6 months 20 days | |
Average remaining contractual term of shares exercisable | 0 years | ||||
Aggregated intrinsic value of shares outstanding | $ 0 | $ 0 | $ 493,304 | $ 661,674 | |
Total intrinsic value of options exercised | 0 | $ 559,510 | $ 163,830 | ||
Aggregated intrinsic value of shares exercisable | $ 0 |
COMMON STOCK - Nonvested Restri
COMMON STOCK - Nonvested Restricted Shares Awards (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 36 Months Ended | |||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | Dec. 31, 2013 | Dec. 28, 2013 | |
Nonvested Restricted Awards, Number of Shares [Roll Forward] | |||||
Nonvested, beginning balance (in shares) | 207,916 | 257,086 | 206,420 | ||
Granted (in shares) | 116,964 | 76,321 | 62,555 | ||
Vested (in shares) | (60,155) | (121,642) | (9,446) | ||
Forfeited (in shares) | (881) | (3,849) | (2,443) | ||
Nonvested, ending balance (in shares) | 263,844 | 207,916 | 257,086 | ||
Nonvested Restricted Awards, Weighted Average Grant Date Fair Value [Roll Forward] | |||||
Nonvested, beginning balance (in dollars per share) | $ 40.97 | $ 36.39 | $ 32.52 | ||
Granted (in dollars per share) | 71.88 | 54.01 | 55.30 | ||
Vested (in dollars per share) | 46.98 | 38.61 | 55.30 | ||
Forfeited (in dollars per share) | 64.36 | 48.85 | 36.13 | ||
Nonvested, ending balance (in dollars per share) | $ 57.95 | $ 40.97 | $ 36.39 | ||
Employee Service Share-based Compensation, Nonvested Restricted Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||||
Nonvested restricted awards, unrecognized compensation expense | $ 4.8 | $ 5.2 | $ 1.7 | $ 2.9 | |
Nonvested restricted awards, weighted-average period to recognize expense | 1 year 6 months 3 days | 2 years 6 months 11 days | 1 year 9 months 23 days | 2 years |
RETIREMENT PLANS (Details)
RETIREMENT PLANS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution, percent (in hundredths) | 25.00% | ||
Defined contribution plan, cost recognized | $ 4.4 | $ 2.4 | $ 2 |
Maximum annual contribution per employee (in hundredths) | 6.00% | ||
Percentage of officer's highest base salary (in hundredths) | 150.00% | ||
Years preceding separation from service | 3 years | ||
Other Liabilities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Liabilities related to Plan | $ 6.5 | $ 5.8 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Currently Payable: | |||
Federal | $ 42,397 | $ 34,672 | $ 18,664 |
State and local | 6,341 | 6,643 | 4,852 |
Foreign | 6,143 | 5,599 | 5,619 |
Total current payable | 54,881 | 46,914 | 29,135 |
Net Deferred: | |||
Federal | (455) | (1,104) | 4,128 |
State and local | 438 | 96 | 1,079 |
Foreign | 310 | (36) | (193) |
Total net deferred | 293 | (1,044) | 5,014 |
Total income tax expense | $ 55,174 | $ 45,870 | $ 34,149 |
INCOME TAXES - Components of Ea
INCOME TAXES - Components of Earnings before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Components of earnings before income taxes [Abstract] | |||
U.S. | $ 140,106 | $ 115,231 | $ 79,365 |
Foreign | 20,565 | 15,771 | 16,348 |
Total | $ 160,671 | $ 131,002 | $ 95,713 |
INCOME TAXES - Effective Income
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Effective income tax rate reconciliation [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State and local taxes (net of federal benefits) | 3.10% | 3.60% | 4.10% |
Effect of noncontrolling owned interest in earnings of partnerships | (0.20%) | (0.30%) | (0.20%) |
Manufacturing deduction | (2.40%) | (2.40%) | (2.00%) |
Tax credits, including foreign tax credit | (1.40%) | (1.60%) | (1.90%) |
Change in uncertain tax positions reserve | 0.40% | 0.30% | (0.20%) |
Other permanent differences | 0.10% | 0.70% | 0.60% |
Other, net | (0.30%) | (0.30%) | 0.30% |
Effective income tax rate | 34.30% | 35.00% | 35.70% |
INCOME TAXES - Components of De
INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 26, 2015 |
Components of Deferred Tax Assets [Abstract] | ||
Employee benefits | $ 13,375 | $ 10,996 |
Net operating loss carryforwards | 13,605 | 1,256 |
Foreign subsidiary capital loss carryforward | 509 | 478 |
Other tax credits | 1,196 | 3,518 |
Inventory | 2 | 1,264 |
Reserves on receivables | 1,208 | 1,213 |
Accrued expenses | 8,931 | 5,311 |
Other, net | 2,323 | 4,728 |
Gross deferred income tax assets | 41,149 | 28,764 |
Valuation allowance | (5,371) | (1,454) |
Deferred income tax assets | 35,778 | 27,310 |
Components of Deferred Tax Liabilities [Abstract] | ||
Depreciation | (29,971) | (25,795) |
Intangibles | (25,078) | (20,765) |
Other, net | 0 | (3,276) |
Deferred income tax liabilities | (55,049) | (49,836) |
Net deferred income tax liability | $ (19,271) | $ (22,526) |
INCOME TAXES TAXES - NOL and Cr
INCOME TAXES TAXES - NOL and Credit Carryforwards (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Domestic Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | $ 7,742 |
Tax Credits | 433 |
Domestic Tax Authority | 2016 - 2020 | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 0 |
Tax Credits | 253 |
Domestic Tax Authority | 2021 - 2025 | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 0 |
Tax Credits | 180 |
Domestic Tax Authority | 2026 - 2030 | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 0 |
Tax Credits | 0 |
Domestic Tax Authority | 2031 - 2035 | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 7,726 |
Tax Credits | 0 |
Domestic Tax Authority | Thereafter | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 16 |
Tax Credits | 0 |
State | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 2,978 |
Tax Credits | 558 |
State | 2016 - 2020 | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 396 |
Tax Credits | 118 |
State | 2021 - 2025 | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 469 |
Tax Credits | 440 |
State | 2026 - 2030 | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 689 |
Tax Credits | 0 |
State | 2031 - 2035 | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 1,204 |
Tax Credits | 0 |
State | Thereafter | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 220 |
Tax Credits | 0 |
Foreign | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 2,887 |
Foreign | 2016 - 2020 | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 2,300 |
Foreign | 2021 - 2025 | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 117 |
Foreign | 2026 - 2030 | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 0 |
Foreign | 2031 - 2035 | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 202 |
Foreign | Thereafter | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 268 |
State and Foreign Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 1,500 |
Capital Loss Carryforward | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforward, valuation allowance | 500 |
idX | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 12,100 |
Tax Credits | $ 400 |
ACCOUNTING FOR UNCERTAINTY IN66
ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Reconciliation of beginning and ending amount of unrecognized tax benefits [Roll Forward] | |||
Gross unrecognized tax benefits beginning of year | $ 2,209 | $ 1,793 | $ 1,923 |
Increase in tax positions for prior years | 243 | 0 | 0 |
Increase in tax positions due to acquisitions | 362 | 0 | 0 |
Increase in tax positions for current year | 905 | 754 | 556 |
Settlements with taxing authorities | (32) | 0 | 0 |
Lapse in statute of limitations | (306) | (338) | (686) |
Gross unrecognized tax benefits end of year | 3,381 | 2,209 | 1,793 |
Income tax penalties and interest accrued | 600 | $ 200 | $ 200 |
Increase in unrecognized tax benefits is reasonably possible | $ 700 |
COMMITMENTS, CONTINGENCIES, A67
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2014employee | Feb. 28, 2014operation | Dec. 31, 2016USD ($) | Dec. 26, 2015USD ($) | |
Long-term Purchase Commitment [Line Items] | ||||
Estimated costs to complete future remediation efforts | $ 3.6 | $ 3.5 | ||
Approximate identification and removal of contaminants costs | 0.3 | |||
Loss contingency, Number of operations served with a federal grand jury subpoena | operation | 1 | |||
Loss contingency, number of employees terminated | employee | 2 | |||
Surety Bonds and Letters of Credit [Abstract] | ||||
Payment and performance bonds outstanding | 6.1 | |||
Completed projects still under warranty | 0.3 | |||
Outstanding letters of credit | 25.5 | $ 25.4 | ||
Irrevocable letters of credit in favor of our insurers outstanding | 15.7 | |||
Irrevocable letters of credit in favor of our industrial development revenue bonds outstanding | 9.8 | |||
Capital Addition Purchase Commitments | ||||
Long-term Purchase Commitment [Line Items] | ||||
Outstanding purchase commitments on capital projects | $ 10.1 |
SEGMENT REPORTING - Information
SEGMENT REPORTING - Information by Reporting Segment (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)market | Sep. 24, 2016USD ($) | Jun. 25, 2016USD ($) | Mar. 26, 2016USD ($) | Dec. 26, 2015USD ($) | Sep. 26, 2015USD ($) | Jun. 27, 2015USD ($) | Mar. 28, 2015USD ($) | Dec. 31, 2016USD ($)market | Dec. 26, 2015USD ($) | Dec. 27, 2014USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of markets in which the entity operates | market | 3 | 3 | |||||||||
Percentage of sales to a single customer (in hundredths) | 20.00% | 19.00% | 17.00% | ||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 859,584 | $ 826,665 | $ 872,093 | $ 682,151 | $ 653,600 | $ 762,275 | $ 838,171 | $ 633,025 | $ 3,240,493 | $ 2,887,071 | $ 2,660,329 |
Interest expense | 4,575 | 5,133 | 4,267 | ||||||||
Amortization expense | 2,795 | 3,531 | 2,410 | ||||||||
Depreciation expense | 40,823 | 37,710 | 33,913 | ||||||||
Segment earnings from operations | 164,438 | 135,467 | 97,367 | ||||||||
Segment assets | 1,292,058 | 1,107,679 | 1,292,058 | 1,107,679 | 1,023,800 | ||||||
Capital expenditures | 53,762 | 43,522 | 45,305 | ||||||||
Intersegment Net Sales | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 204,044 | 153,821 | 118,368 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Interest expense | 3,737 | 4,269 | 3,905 | ||||||||
Amortization expense | 0 | 0 | 0 | ||||||||
Depreciation expense | 7,828 | 6,814 | 6,042 | ||||||||
Segment earnings from operations | (35,630) | (22,410) | (16,825) | ||||||||
Segment assets | 305,185 | 163,166 | 305,185 | 163,166 | 82,124 | ||||||
Capital expenditures | 11,604 | 7,708 | 9,680 | ||||||||
North | Reportable Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,000,426 | 922,092 | 840,277 | ||||||||
Interest expense | 1 | 0 | 0 | ||||||||
Amortization expense | 115 | 267 | 331 | ||||||||
Depreciation expense | 8,948 | 7,901 | 7,060 | ||||||||
Segment earnings from operations | 59,408 | 53,879 | 32,988 | ||||||||
Segment assets | 220,148 | 291,614 | 220,148 | 291,614 | 303,213 | ||||||
Capital expenditures | 10,902 | 9,622 | 10,887 | ||||||||
North | Intersegment Net Sales | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 57,770 | 51,796 | 37,624 | ||||||||
South | Reportable Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 711,862 | 656,550 | 611,700 | ||||||||
Interest expense | 307 | 296 | 323 | ||||||||
Amortization expense | 0 | 9 | 10 | ||||||||
Depreciation expense | 6,190 | 6,255 | 5,700 | ||||||||
Segment earnings from operations | 47,146 | 30,740 | 24,474 | ||||||||
Segment assets | 145,451 | 185,818 | 145,451 | 185,818 | 201,245 | ||||||
Capital expenditures | 5,571 | 6,138 | 8,875 | ||||||||
South | Intersegment Net Sales | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 38,641 | 29,940 | 20,224 | ||||||||
West | Reportable Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,251,093 | 1,133,398 | 1,062,565 | ||||||||
Interest expense | 387 | 516 | 39 | ||||||||
Amortization expense | 1,858 | 2,467 | 1,358 | ||||||||
Depreciation expense | 13,326 | 13,033 | 11,029 | ||||||||
Segment earnings from operations | 76,875 | 70,220 | 53,575 | ||||||||
Segment assets | 303,607 | 369,077 | 303,607 | 369,077 | 351,557 | ||||||
Capital expenditures | 19,648 | 13,356 | 11,984 | ||||||||
West | Intersegment Net Sales | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 88,311 | 58,412 | 47,737 | ||||||||
idX | Reportable Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 87,001 | ||||||||||
Interest expense | 50 | ||||||||||
Amortization expense | 190 | ||||||||||
Depreciation expense | 1,598 | ||||||||||
Segment earnings from operations | 627 | ||||||||||
Segment assets | 185,813 | 185,813 | |||||||||
Capital expenditures | 0 | ||||||||||
idX | Intersegment Net Sales | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 15 | ||||||||||
All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 190,111 | 175,031 | 145,787 | ||||||||
Interest expense | 93 | 52 | 0 | ||||||||
Amortization expense | 632 | 788 | 711 | ||||||||
Depreciation expense | 2,933 | 3,707 | 4,082 | ||||||||
Segment earnings from operations | 16,012 | 3,038 | 3,155 | ||||||||
Segment assets | $ 131,854 | $ 98,004 | 131,854 | 98,004 | 85,661 | ||||||
Capital expenditures | 6,037 | 6,698 | 3,879 | ||||||||
All Other | Intersegment Net Sales | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 19,307 | $ 13,673 | $ 12,783 |
SEGMENT REPORTING - Informati69
SEGMENT REPORTING - Information Regarding Principal Geographic Areas (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | $ 3,240,493 | $ 2,887,071 | $ 2,660,329 |
Long-Lived Tangible Assets | 306,468 | 259,448 | 257,834 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 3,162,331 | 2,811,359 | 2,596,278 |
Long-Lived Tangible Assets | 280,362 | 244,040 | 242,156 |
Foreign | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 78,162 | 75,712 | 64,051 |
Long-Lived Tangible Assets | $ 26,106 | $ 15,408 | $ 15,678 |
SEGMENT REPORTING - Percentage
SEGMENT REPORTING - Percentage of Value-added and Commodity-based Sales to Total Sales and Gross Sales by Major Product Classification (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Revenue from External Customer [Line Items] | |||
Percentage of sales (in hundredths) | 20.00% | 19.00% | 17.00% |
Value-Added | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales (in hundredths) | 62.60% | 59.80% | 58.50% |
Commodity-Based | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales (in hundredths) | 37.40% | 40.20% | 41.50% |
SEGMENT REPORTING - Gross Sales
SEGMENT REPORTING - Gross Sales by Major Product Classification (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 24, 2016 | Jun. 25, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | $ 3,290,249 | $ 2,927,093 | $ 2,697,930 | ||||||||
Sales allowances | (49,756) | (40,022) | (37,601) | ||||||||
Total Net Sales | $ 859,584 | $ 826,665 | $ 872,093 | $ 682,151 | $ 653,600 | $ 762,275 | $ 838,171 | $ 633,025 | 3,240,493 | 2,887,071 | 2,660,329 |
Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 2,060,610 | 1,749,082 | 1,578,379 | ||||||||
Commodity-Based Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 1,229,639 | 1,178,011 | 1,119,551 | ||||||||
Trusses – residential, modular and manufactured housing | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 334,956 | 299,111 | 273,605 | ||||||||
Fencing | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 176,668 | 149,526 | 143,252 | ||||||||
Decking and railing – composite, wood and other | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 200,004 | 177,787 | 141,121 | ||||||||
Turn-key framing and installed sales | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 141,474 | 129,803 | 121,434 | ||||||||
Industrial packaging and components | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 391,610 | 374,030 | 298,335 | ||||||||
Engineered wood products (eg. LVL; i-joist) | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 76,503 | 67,804 | 61,970 | ||||||||
In-store fixtures | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 87,262 | 0 | 0 | ||||||||
Manufactured brite and other lumber | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 68,517 | 59,804 | 73,261 | ||||||||
Wall panels | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 53,279 | 46,496 | 43,751 | ||||||||
Outdoor DIY products (eg. stakes; landscape ties) | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 106,284 | 56,846 | 51,710 | ||||||||
Construction and building materials (eg. door packages; drywall) | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 204,732 | 200,901 | 191,426 | ||||||||
Lattice – plastic and wood | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 50,556 | 47,392 | 40,943 | ||||||||
Manufactured brite and other panels | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 60,753 | 57,999 | 69,622 | ||||||||
Siding, trim and moulding | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 66,048 | 45,215 | 32,323 | ||||||||
Hardware | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 20,713 | 17,123 | 17,265 | ||||||||
Manufactured treated lumber | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 17,412 | 13,611 | 12,071 | ||||||||
Manufactured treated panels | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 3,449 | 5,353 | 6,042 | ||||||||
Other | Value-Added Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 390 | 281 | 248 | ||||||||
Other | Commodity-Based Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 12,084 | 10,978 | 9,402 | ||||||||
Non-manufactured brite and other lumber | Commodity-Based Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 469,042 | 458,023 | 454,695 | ||||||||
Non-manufactured treated lumber | Commodity-Based Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 479,333 | 423,543 | 389,487 | ||||||||
Non-manufactured brite and other panels | Commodity-Based Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | 238,806 | 253,678 | 232,821 | ||||||||
Non-manufactured treated panels | Commodity-Based Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Gross Sales | $ 30,374 | $ 31,789 | $ 33,146 |
QUARTERLY FINANCIAL INFORMATI72
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 24, 2016 | Jun. 25, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
NET SALES | $ 859,584 | $ 826,665 | $ 872,093 | $ 682,151 | $ 653,600 | $ 762,275 | $ 838,171 | $ 633,025 | $ 3,240,493 | $ 2,887,071 | $ 2,660,329 |
Gross profit | 122,310 | 118,054 | 131,487 | 102,739 | 97,173 | 110,706 | 112,443 | 79,582 | 474,590 | 399,904 | 325,342 |
Net earnings | 22,241 | 28,764 | 34,237 | 20,255 | 20,561 | 26,883 | 26,884 | 10,804 | 105,497 | 85,132 | 61,564 |
Net earnings attributable to controlling interest | $ 20,750 | $ 27,819 | $ 33,398 | $ 19,212 | $ 18,901 | $ 25,556 | $ 25,976 | $ 10,162 | $ 101,179 | $ 80,595 | $ 57,551 |
EARNINGS PER SHARE - BASIC (in dollars per share) | $ 1.02 | $ 1.36 | $ 1.64 | $ 0.95 | $ 0.93 | $ 1.26 | $ 1.29 | $ 0.51 | $ 4.97 | $ 3.99 | $ 2.87 |
EARNINGS PER SHARE - DILUTED (in dollars per share) | $ 1.02 | $ 1.36 | $ 1.64 | $ 0.95 | $ 0.93 | $ 1.26 | $ 1.28 | $ 0.51 | $ 4.96 | $ 3.99 | $ 2.86 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event $ in Millions | 2 Months Ended |
Mar. 01, 2017USD ($)acquisition | |
Subsequent Event [Line Items] | |
Number of acquisition definitive agreements | acquisition | 2 |
Purchase price | $ | $ 53 |