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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 29, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 0-22684

UNIVERSAL FOREST PRODUCTS INC

(Exact name of registrant as specified in its charter)

Michigan

    

38-1465835

(State or other jurisdiction of incorporation or

(I.R.S. Employer Identification Number)

organization)

2801 East Beltline NE, Grand Rapids, Michigan

49525

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code (616) 364-6161

NONE

(Former name or former address, if changed since last report.)

DDEN_ROW

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by checkmark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes    No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Class

    

Outstanding as of June 29, 2019

Common stock, $1 par value

61,366,680

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange On Which Registered

Common Stock, no par value

UFPI

The Nasdaq Stock Market, LLC

Table of Contents

UNIVERSAL FOREST PRODUCTS, INC.

TABLE OF CONTENTS

PART I.

FINANCIAL INFORMATION.

Page No.

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets at June 29, 2019, December 29, 2018 and June 30, 2018

3

Condensed Consolidated Statements of Earnings and Comprehensive Income for the Three and Six Months Ended June 29, 2019 and June 30, 2018

4

Condensed Consolidated Statements of Shareholders’ Equity for the Six Months Ended June 29, 2019 and June 30, 2018

5

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 29, 2019 and June 30, 2018

6

Notes to Unaudited Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

17

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

30

Item 4.

Controls and Procedures

31

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings – NONE

Item 1A.

Risk Factors 

32

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

32

Item 3.

Defaults upon Senior Securities – NONE

Item 4.

Mine Safety Disclosures – NONE

Item 5.

Other Information – NONE

32

Item 6.

Exhibits

33

2

Table of Contents

UNIVERSAL FOREST PRODUCTS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share data)

June 29,

December 29,

June 30,

    

2019

    

2018

    

2018

ASSETS

  

  

CURRENT ASSETS:

  

  

Cash and cash equivalents

$

20,497

    

$

27,316

  

$

27,501

Restricted cash

 

1,024

 

882

  

 

16,758

Investments

 

16,776

 

14,755

  

 

14,493

Accounts receivable, net

 

483,263

 

343,450

  

 

489,145

Inventories:

  

  

Raw materials

 

258,078

 

271,871

  

 

272,765

Finished goods

 

270,602

 

284,349

  

 

259,109

Total inventories

 

528,680

 

556,220

  

 

531,874

Refundable income taxes

 

 

14,130

  

 

2,396

Other current assets

 

46,868

 

38,525

  

 

30,464

TOTAL CURRENT ASSETS

 

1,097,108

 

995,278

 

1,112,631

DEFERRED INCOME TAXES

 

2,341

 

2,668

  

 

2,235

RESTRICTED INVESTMENTS

14,856

 

13,267

  

 

10,950

RIGHT OF USE ASSETS

70,650

OTHER ASSETS

 

23,328

 

8,662

  

 

7,081

GOODWILL

 

225,269

 

224,117

  

 

219,595

INDEFINITE-LIVED INTANGIBLE ASSETS

 

7,359

 

7,360

  

 

7,384

OTHER INTANGIBLE ASSETS, NET

 

41,176

 

41,486

  

 

36,045

PROPERTY, PLANT AND EQUIPMENT:

  

  

Property, plant and equipment

851,565

814,645

791,348

Less accumulated depreciation and amortization

 

(482,993)

 

(459,935)

  

 

(450,650)

PROPERTY, PLANT AND EQUIPMENT, NET

368,572

354,710

340,698

TOTAL ASSETS

1,850,659

1,647,548

1,736,619

LIABILITIES AND SHAREHOLDERS’ EQUITY

  

  

CURRENT LIABILITIES:

  

  

Cash overdraft

$

24,972

$

27,367

  

$

33,608

Accounts payable

 

189,649

 

136,901

  

 

197,408

Accrued liabilities:

  

  

Compensation and benefits

 

100,409

 

104,109

  

 

88,771

Income taxes

739

Other

 

48,746

 

41,645

  

 

50,038

Current portion of lease liability

14,918

Current portion of long-term debt

 

173

 

148

  

 

542

TOTAL CURRENT LIABILITIES

 

379,606

 

310,170

  

 

370,367

LONG-TERM DEBT

 

187,471

 

202,130

  

 

276,274

LEASE LIABILITY

55,875

DEFERRED INCOME TAXES

 

14,773

 

15,687

  

 

13,856

OTHER LIABILITIES

 

29,701

 

30,877

  

 

28,399

TOTAL LIABILITIES

 

667,426

 

558,864

  

 

688,896

SHAREHOLDERS’ EQUITY:

  

  

Controlling interest shareholders’ equity:

  

  

Preferred stock, no par value; shares authorized 1,000,000; issued and outstanding, none

$

$

  

$

Common stock, $1 par value; shares authorized 80,000,000; issued and outstanding, 61,366,680, 60,883,749, and 61,632,401

 

61,367

 

60,884

  

 

61,632

Additional paid-in capital

 

192,783

 

178,540

  

 

174,749

Retained earnings

 

917,704

 

839,917

  

 

800,237

Accumulated other comprehensive income

 

(4,479)

 

(5,938)

  

 

(4,077)

Total controlling interest shareholders’ equity

 

1,167,375

 

1,073,403

  

 

1,032,541

Noncontrolling interest

 

15,858

 

15,281

  

 

15,182

TOTAL SHAREHOLDERS’ EQUITY

 

1,183,233

 

1,088,684

  

 

1,047,723

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

1,850,659

$

1,647,548

  

$

1,736,619

See notes to consolidated condensed financial statements.

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UNIVERSAL FOREST PRODUCTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

AND COMPREHENSIVE INCOME

(Unaudited)

(in thousands, except per share data)

Three Months Ended

Six Months Ended

June 29,

June 30,

June 29,

June 30,

    

2019

    

2018

    

2019

    

2018

    

NET SALES

$

1,239,817

    

$

1,294,440

  

$

2,254,943

    

$

2,288,297

    

COST OF GOODS SOLD

 

1,053,091

 

1,128,751

  

 

1,913,950

 

1,991,719

GROSS PROFIT

 

186,726

 

165,689

  

 

340,993

 

296,578

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

112,688

 

104,595

  

 

218,631

 

197,800

NET (GAIN) LOSS ON DISPOSITION OF ASSETS

(199)

477

(321)

(6,057)

EARNINGS FROM OPERATIONS

 

74,237

 

60,617

  

 

122,683

 

104,835

INTEREST EXPENSE

 

2,407

 

2,248

  

 

4,867

 

4,025

INTEREST AND INVESTMENT INCOME

 

(682)

 

(181)

  

 

(2,275)

 

(898)

NET INTEREST EXPENSE

 

1,725

 

2,067

  

 

2,592

 

3,127

EARNINGS BEFORE INCOME TAXES

 

72,512

 

58,550

  

 

120,091

 

101,708

INCOME TAXES

 

17,367

 

13,420

  

 

28,944

 

22,994

NET EARNINGS

 

55,145

 

45,130

  

 

91,147

 

78,714

LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

(630)

 

(1,086)

  

 

(1,092)

 

(1,836)

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST

$

54,515

$

44,044

  

$

90,055

$

76,878

EARNINGS PER SHARE - BASIC

$

0.88

$

0.71

  

$

1.46

$

1.24

EARNINGS PER SHARE - DILUTED

$

0.88

$

0.71

  

$

1.46

$

1.24

OTHER COMPREHENSIVE INCOME:

NET EARNINGS

 

55,145

 

45,130

  

 

91,147

 

78,714

OTHER COMPREHENSIVE GAIN (LOSS)

 

471

 

(3,905)

  

 

1,844

 

(4,344)

COMPREHENSIVE INCOME

 

55,616

 

41,225

  

 

92,991

 

74,370

LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

(791)

 

(119)

  

 

(1,477)

 

(1,713)

COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST

$

54,825

$

41,106

  

$

91,514

$

72,657

See notes to consolidated condensed financial statements.

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UNIVERSAL FOREST PRODUCTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

(in thousands, except share and per share data)

Controlling Interest Shareholders’ Equity

Accumulated

Additional

Other

Common

Paid-In

Retained

Comprehensive

Noncontrolling

    

Stock

    

Capital

    

Earnings

    

Earnings

    

Interest

    

Total

Balance at December 30, 2017

$

61,192

$

161,928

  

$

736,212

$

144

  

$

14,547

  

$

974,023

Net earnings

  

  

 

76,878

 

  

 

1,836

  

 

78,714

Foreign currency translation adjustment

  

  

  

 

(3,669)

 

(123)

  

 

(3,792)

Unrealized gain (loss) on investment & foreign currency

  

  

  

 

(552)

 

  

 

(552)

Distributions to noncontrolling interest

  

  

  

  

 

(1,078)

 

(1,078)

Cash dividends - $0.180 per share

  

  

 

(11,090)

 

  

 

  

 

(11,090)

Issuance of 16,917 shares under employee stock plans

 

17

 

483

  

  

  

  

 

500

Issuance of 346,777 shares under stock grant programs

 

347

 

4,990

  

  

  

  

 

5,337

Issuance of 132,603 shares under deferred compensation plans

 

132

 

(132)

  

  

  

  

 

Repurchase of 55,784 shares

(56)

(1,763)

(1,819)

Expense associated with share-based compensation arrangements

  

 

1,817

 

  

 

  

 

  

 

1,817

Accrued expense under deferred compensation plans

  

 

5,663

 

  

 

  

 

  

 

5,663

Balance at June 30, 2018

$

61,632

$

174,749

  

$

800,237

$

(4,077)

  

$

15,182

  

$

1,047,723

Balance at December 29, 2018

$

60,884

$

178,540

  

$

839,917

$

(5,938)

  

$

15,281

  

$

1,088,684

Net earnings

  

  

 

90,055

 

  

 

1,092

  

 

91,147

Foreign currency translation adjustment

  

  

  

 

1,133

 

385

  

 

1,518

Unrealized gain (loss) on debt securities

  

  

  

 

326

 

  

 

326

Distributions to noncontrolling interest

  

  

  

  

 

(900)

 

(900)

Cash dividends - $0.200 per share

  

  

 

(12,271)

 

  

 

  

 

(12,271)

Issuance of 18,953 shares under employee stock purchase plans

 

19

 

523

  

  

  

  

 

542

Issuance of 309,250 shares under stock grant programs

 

309

 

5,839

  

3

  

  

  

 

6,151

Issuance of 154,728 shares under deferred compensation plans

 

155

 

(155)

  

  

  

  

 

Expense associated with share-based compensation arrangements

  

 

2,111

 

  

 

  

 

  

 

2,111

Accrued expense under deferred compensation plans

  

 

5,925

 

  

 

  

 

  

 

5,925

Balance at June 29, 2019

$

61,367

$

192,783

  

$

917,704

$

(4,479)

  

$

15,858

  

$

1,183,233

See notes to consolidated condensed financial statements.

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UNIVERSAL FOREST PRODUCTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

Six Months Ended

June 29,

June 30,

    

2019

    

2018

    

CASH FLOWS FROM OPERATING ACTIVITIES:

  

Net earnings

$

91,147

    

$

78,714

Adjustments to reconcile net earnings to net cash from operating activities:

  

Depreciation

 

29,200

 

26,144

Amortization of intangibles

 

2,946

 

2,702

Expense associated with share-based and grant compensation arrangements

 

2,209

 

1,924

Deferred income taxes credits

 

(536)

 

(565)

Unrealized gain on investments

 

(1,518)

 

Net gain on disposition of assets

 

(321)

 

(6,057)

Changes in:

  

Accounts receivable

 

(139,468)

 

(155,666)

Inventories

 

28,008

 

(61,828)

Accounts payable and cash overdraft

 

49,947

 

62,665

Accrued liabilities and other

 

9,334

 

15,895

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

 

70,948

 

(36,072)

CASH FLOWS FROM INVESTING ACTIVITIES:

  

Purchases of property, plant and equipment

 

(42,477)

 

(54,313)

Proceeds from sale of property, plant and equipment

 

977

 

36,724

Acquisitions, net of cash received

 

(5,034)

 

(37,960)

Purchases of investments

 

(4,859)

 

(9,348)

Proceeds from sale of investments

 

3,667

 

3,180

Other

 

(10)

 

(1,352)

NET CASH USED IN INVESTING ACTIVITIES

 

(47,736)

 

(63,069)

CASH FLOWS FROM FINANCING ACTIVITIES:

  

Borrowings under revolving credit facilities

 

393,434

 

488,853

Repayments under revolving credit facilities

 

(408,027)

 

(431,657)

Borrowings of debt

1,639

Repayment of debt

(3,061)

(5,437)

Issuance of long-term debt

75,000

Proceeds from issuance of common stock

 

542

 

500

Dividends paid to shareholders

 

(12,271)

 

(11,090)

Distributions to noncontrolling interest

(900)

(1,078)

Repurchase of common stock

 

 

(1,819)

Other

 

28

 

(71)

NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES

 

(30,255)

 

114,840

Effect of exchange rate changes on cash

 

366

 

(256)

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

(6,677)

 

15,443

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR

 

28,198

 

28,816

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD

$

21,521

$

44,259

RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:

Cash and cash equivalents, beginning of period

$

27,316

$

28,339

Restricted cash, beginning of period

882

477

Cash, cash equivalents, and restricted cash, beginning of period

$

28,198

$

28,816

Cash and cash equivalents, end of period

$

20,497

$

27,501

Restricted cash, end of period

1,024

16,758

Cash, cash equivalents, and restricted cash, end of period

$

21,521

$

44,259

SUPPLEMENTAL INFORMATION:

  

Interest paid

$

4,658

$

3,889

Income taxes paid

 

14,569

 

18,745

NON-CASH FINANCING ACTIVITIES:

Common stock issued under deferred compensation plans

 

5,041

 

4,779

See notes to consolidated condensed financial statements.

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UNIVERSAL FOREST PRODUCTS, INC.

NOTES TO UNAUDITED

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

A.       BASIS OF PRESENTATION

The accompanying unaudited interim consolidated condensed financial statements (the “Financial Statements”) include our accounts and those of our wholly-owned and majority-owned subsidiaries and partnerships, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the Financial Statements do not include all of the information and footnotes normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States. All intercompany transactions and balances have been eliminated.

In our opinion, the Financial Statements contain all material adjustments necessary to present fairly our consolidated financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. These Financial Statements should be read in conjunction with the annual consolidated financial statements, and footnotes thereto, included in our Annual Report to Shareholders on Form 10-K for the fiscal year ended December 29, 2018.

Seasonality has a significant impact on our working capital from March to August which historically results in negative or modest cash flows from operations in our first and second quarters. Conversely, we experience a substantial decrease in working capital from September to February which typically results in significant cash flow from operations in our third and fourth quarters. For comparative purposes, we have included the June 30, 2018 balances in the accompanying unaudited consolidated condensed balance sheets.

B.       FAIR VALUE

We apply the provisions of ASC 820, Fair Value Measurements and Disclosures, to assets and liabilities measured at fair value. Assets measured at fair value are as follows:

June 29, 2019

June 30, 2018

Quoted

Prices with

Quoted

Prices with

Prices in

Other

Prices with

Prices in

Other

Prices with

Active

Observable

Unobservable

Active

Observable

Unobservable

Markets

Inputs

Inputs

Markets

Inputs

Inputs

(in thousands)

    

(Level 1)

    

(Level 2)

(Level 3)

Total

    

(Level 1)

    

(Level 2)

(Level 3)

    

Total

Money market funds

$

57

    

$

1,051

$

    

$

1,108

    

$

56

    

$

1,513

    

$

1,569

Fixed income funds

 

2,709

 

11,222

 

 

13,931

 

2,879

 

7,968

 

 

10,847

Equity securities

 

8,651

 

 

 

8,651

 

7,892

 

 

 

7,892

Hedge funds

1,829

1,829

1,689

1,689

Mutual funds:

  

 

  

  

 

Domestic stock funds

 

2,472

 

 

 

2,472

 

413

 

 

 

413

International stock funds

 

2,059

 

 

 

2,059

 

3,951

 

 

 

3,951

Target funds

 

266

 

 

 

266

 

249

 

 

 

249

Bond funds

 

815

 

 

 

815

 

725

 

 

 

725

Alternative funds

1,696

1,696

Total mutual funds

 

7,308

 

 

 

7,308

 

5,338

 

 

 

5,338

Total

$

18,725

$

12,273

1,829

$

32,827

$

16,165

$

9,481

1,689

$

27,335

Assets at fair value

$

18,725

$

12,273

1,829

 

$

32,827

$

16,165

$

9,481

1,689

 

$

27,335

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UNIVERSAL FOREST PRODUCTS, INC.

We maintain money market, mutual funds, bonds, and/or stocks in our non-qualified deferred compensation plan and our wholly owned licensed captive insurance company. These funds are valued at prices quoted in an active exchange market and are included in “Cash and Cash Equivalents”, “Investments”, “Restricted Cash”, and “Restricted Investments”. We have elected not to apply the fair value option under ASC 825, Financial Instruments, to any of our financial instruments except for those expressly required by U.S. GAAP.

During 2018, we purchased a private real estate income trust which are valued as a Level 3 asset.

In accordance with our investment policy, our wholly-owned captive, Ardellis Insurance Ltd. (“Ardellis”), maintains an investment portfolio, totaling $30.7 million as of June 29, 2019, consisting of domestic and international stocks, hedge funds, and fixed income bonds.

Ardellis’ available for sale investment portfolio, including funds held with the State of Michigan, consists of the following (in thousands):

June 29,2019

Unrealized

    

Cost

    

Gain/(Loss)

    

Fair Value

Fixed Income

$

13,694

    

$

237

  

$

13,931

Equity

 

7,531

 

1,120

  

 

8,651

Mutual Funds

6,376

(79)

  

6,297

Hedge Funds

1,766

63

  

1,829

Total

$

29,367

$

1,341

  

$

30,708

Our fixed income investments consist of a blend of US Government and Agency bonds and investment grade corporate bonds with varying maturities. Our equity investments consist of small, mid, and large cap growth and value funds, as well as international equity. Our hedge funds consist of the private real estate income trust which is valued as a Level 3 asset. The net unrealized gain was $1.3 million. Carrying amounts above are recorded in the investments and restricted investments line items within the balance sheet as of June 29, 2019.

C.       REVENUE RECOGNITION

On May 28, 2014, the FASB issued ASU No. 2014-09 (Accounting Standard Codification 606), Revenue from Contracts with Customers. Topic 606 supersedes the revenue recognition requirements in Accounting Standards Codification Topic 605, Revenue Recognition, and requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the considerations to which the entity expects to be entitled to in exchange for those goods or services. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The Company has adopted the requirements of the new standard as of January 1, 2018, and utilized the modified retrospective method of transition which was applied to all contracts.

The Company completed the new revenue recognition standard assessment and determined that there was no material impact to our consolidated financial statements, aside from additional required disclosures, thus no needed adjustment to the opening retained earnings for the annual reporting period.

Within the three markets (retail, industrial, and construction) that the Company operates, there are a variety of written and oral contracts that are utilized to generate revenue from the sale of wood, wood composite and other products. The transaction price is stated at the purchase order level, which includes shipping and/or freight costs and any applicable governmental authority taxes. The majority of our contracts have a single performance obligation concentrated around the delivery of goods to the carrier, Free On Board (FOB) shipping point. Therefore, revenue is recognized when this performance obligation is satisfied. Generally, title and control passes

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UNIVERSAL FOREST PRODUCTS, INC.

at the time of shipment. In certain circumstances, the customer takes title when the shipment arrives at the destination. However, our shipping process is typically completed the same day.

Certain customer products that we provide require installation by the Company or a 3rd party. Installation revenue is recognized upon completion, which is typically 2-3 days after receipt. If it is determined to utilize a 3rd party for installation, the party will act as an agent to the Company until completion of the installation. Installation revenue represents an immaterial share of the Company’s total sales.

The Company utilizes rebates, credits, discounts and/or cash-based incentives with certain customers which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be provided to customers and reduce revenues recognized. We believe that there will not be significant changes to our estimates of variable consideration. The allocation of these costs are applied at the invoice level and recognized in conjunction with revenue. Additionally, the volume returns and refunds are estimated on a historical and expected basis which is a reduction of revenue recognized.

Earnings on construction contracts are reflected in operations using over time accounting, under either cost to cost or units of delivery methods, depending on the nature of the business at individual operations, which is in accordance with ASC 606 as revenue is recognized when certain performance obligations are performed. Under over time accounting using the cost to cost method, revenues and related earnings on construction contracts are measured by the relationships of actual costs incurred related to the total estimated costs. Under over time accounting using the units of delivery method, revenues and related earnings on construction contracts are measured by the relationships of actual units produced related to the total number of units. Revisions in earnings estimates on the construction contracts are recorded in the accounting period in which the basis for such revisions becomes known. Projected losses on individual contracts are charged to operations in their entirety when such losses become apparent.

Our construction contracts are generally entered into with a fixed price and completion of the projects can range from 6 to 18 months in duration. Therefore, our operating results are impacted by, among many other things, labor rates and commodity costs. During the year, we update our estimated costs to complete our projects using current labor and commodity costs and recognize losses to the extent that they exist.

The following table presents our gross revenues disaggregated by revenue source:

Three Months Ended

Six Months Ended

(in thousands)

    

June 29,

    

June 30,

    

June 29,

    

June 30,

    

Market Classification

2019

2018

% Change

2019

2018

% Change

FOB Shipping Point Revenue

$

1,220,844

$

1,281,557

 

-4.7%

$

2,217,667

$

2,263,248

 

-2.0%

Construction Contract Revenue

 

43,663

38,811

 

12.5%

 

78,445

68,787

 

14.0%

Total Gross Sales

 

1,264,507

1,320,368