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Commitments and Contingencies | 3 Months Ended
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Mar. 29, 2025
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Regulatory Matters Government and regulatory agencies may have the ability to conduct routine audits and periodic examinations of, and administrative proceedings regarding, the Company’s business operations. As previously disclosed, U.S. Customs gathered initial information from the Company under routine audit procedures, and the information indicated that the Company potentially underpaid duties in prior periods arising from certain classification discrepancies for products imported into the United States as separately entered shipments. In working with U.S. Customs, the Company has exercised reasonable care to address this matter in an equitable and expeditious manner through the filing of a prior disclosure submission with U.S. Customs. As of March 29, 2025, the Company estimates that it will be required to pay approximately $8.0 million, excluding any interest. This amount is reflected in Other current liabilities on the Company’s unaudited condensed consolidated balance sheet as of March 29, 2025. On the Company’s unaudited condensed consolidated statements of operations, expense of $10.4 million, excluding interest, was recognized for this matter in the three fiscal months ended March 30, 2024, respectively, within Cost of products sold. See Note 2, Inventory, for disclosure concerning another matter related to import duties. In addition, U.S. Customs has issued proposed notices of action to the Company, asking for confirmation that certain plywood products the Company imported into the United States originated from Vietnam and Indonesia, respectively, as opposed to China. The Company is in the process of providing responses to U.S. Customs and believes that the information it has provided, and will be providing, support the declared origins of the plywood. But, if the government disagrees and determines the plywood originated from China, the Company believes it is reasonably possible that it could be responsible for additional duties on the entries identified by U.S. Customs that could range from zero to $22 million. Environmental Matters From time to time, the Company may be involved in proceedings involving various environmental and pollution control laws and regulations in the jurisdictions in which it operates. When the Company believes it has material financial exposure to these matters, it estimates and recognizes adequate liabilities and, if applicable, also timely records any expected recoveries from insurance coverages or subrogation in accordance with GAAP. Such liabilities, when recorded, may or may not be discounted, as required or permitted by GAAP. Based on presently available information, the Company had no material obligations for environmental matters as of March 29, 2025 or December 28, 2024. Collective Bargaining Agreements As of March 29, 2025, approximately 19.7% of the Company’s employees were represented by various local labor unions with terms and conditions of employment governed by collective bargaining agreements (“CBAs”). Five CBAs covering approximately 5.0% of the Company’s employees are up for renewal during the remainder of fiscal 2025, of which one is currently under negotiations and the other four are expected to be renegotiated before their renewal dates.

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