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SEGMENT REPORTING | 3 Months Ended
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Mar. 28, 2020
SEGMENT REPORTING |
SEGMENT REPORTING | G. SEGMENT REPORTING The Company operates manufacturing, treating and distribution facilities internationally, but primarily in the United States. Effective January 1, 2020, the Company re-organized around the markets it serves rather than geography. The prior periods have been recast to reflect the new segment structure. The business segments align with the following markets: UFP Retail Solutions, UFP Construction and UFP Industrial. This change allows for a more specialized and consistent sales approach among Company operations, more efficient use of resources and capital, and quicker introduction of new products and services. The Company manages the operations of its individual locations primarily through the market-centered reporting structure under which each location is included in a business unit and business units are included in our Retail, Industrial, and Construction segments. The exception to this market-centered reporting and management structure is the Company’s International segment, which comprises our Mexico, Canada, and Australia operations and sales and buying offices in other parts of the world. Our International segment and Ardellis (our insurance captive) have been included in the “All Other” column of the table below. The “Corporate” column includes purchasing, transportation and administrative functions that serve our operating segments. Operating results of Corporate primarily consists of over (under) allocated costs. The operating results of UFP Real Estate, Inc., which owns and leases real estate, and UFP Transportation Ltd., which owns and leases transportation equipment, are also included in the Corporate column. An inter-company lease charge is assessed to our operating segments for the use of these assets at fair market value rates. ​
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​ | ​ | Three Months Ended March 28, 2020
(in thousands) |  | Retail |  | Industrial |  | Construction |  | All Other |  | Corporate |  | Total
Net sales to outside customers | ​ | $ | 352,161 |  | $ | 256,543 | ​ | $ | 381,155 | ​ | $ | 42,392 | ​ | $ | (189) | ​ | $ | 1,032,062
Intersegment net sales | ​ |  | 29,858 |  | ​ | 11,220 | ​ |  | 15,423 | ​ |  | 53,167 | ​ |  | (109,668) | ​ |  | —
Segment operating profit | ​ | ​ | 15,512 | ​ | ​ | 18,074 | ​ | ​ | 17,135 | ​ | ​ | 4,739 | ​ | ​ | 3,172 | ​ | ​ | 58,632
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​ | ​ | Three Months Ended March 30, 2019
(in thousands) |  | Retail |  | Industrial |  | Construction |  | All Other |  | Corporate |  | Total
Net sales to outside customers | ​ | $ | 333,100 |  | $ | 274,759 | ​ | $ | 365,137 | ​ | $ | 42,110 | ​ | $ | 19 | ​ | $ | 1,015,125
Intersegment net sales | ​ |  | 29,571 |  | ​ | 11,062 | ​ |  | 11,831 | ​ |  | 53,129 | ​ |  | (105,593) | ​ |  | —
Segment operating profit | ​ | ​ | 11,031 | ​ | ​ | 18,823 | ​ | ​ | 15,267 | ​ | ​ | 2,048 | ​ | ​ | 1,277 | ​ | ​ | 48,446
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​ Intangibles have been transferred and goodwill was re-allocated, based on their relative fair values, to our new segments and reporting units. The following table presents goodwill by segment as of March 28, 2020, and December 28, 2019 (in thousands): ​
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​ |  | Retail |  | Industrial |  | Construction |  | All Other |  | Corporate |  | Total
Balance as of December 28, 2019 |  | $ | 58,098 |  | $ | 81,276 |  | $ | 82,911 |  | $ | 7,251 | ​ | $ | — |  | $ | 229,536
2020 Acquisitions |  | ​ | — | ​ | ​ | — | ​ | ​ | 18,219 | ​ | ​ | — | ​ | ​ | — |  | ​ | 18,219
Foreign Exchange, Net |  | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,296) | ​ | ​ | — |  | ​ | (1,296)
Balance as of March 28, 2020 | ​ | $ | 58,098 |  | $ | 81,276 | ​ | $ | 101,130 | ​ | $ | 5,955 | ​ | $ | — | ​ | $ | 246,459
​ The following table presents total assets by segment as of March 28, 2020, and December 28, 2019. ​
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​ | Total Assets by Segment
(in thousands) | March 28, |  | December 28, |  | ​ | ​
Segment Classification | 2020 | ​ | 2019 | ​ | % Change
Retail | $ | 521,977 | ​ | $ | 436,397 |  | 19.6 | %
Industrial |  | 363,508 | ​ |  | 410,383 |  | (11.4) | ​
Construction |  | 544,826 | ​ |  | 583,107 |  | (6.6) | ​
All Other | ​ | 127,406 | ​ | ​ | 145,418 | ​ | (12.4) | ​
Corporate | ​ | 325,265 | ​ | ​ | 314,172 | ​ | 3.5 | ​
Total Assets | $ | 1,882,982 | ​ | $ | 1,889,477 |  | (0.3) | %
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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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