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SEGMENT REPORTING | 6 Months Ended
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Jun. 27, 2020
SEGMENT REPORTING |
SEGMENT REPORTING | G. SEGMENT REPORTING The Company operates manufacturing, treating and distribution facilities internationally, but primarily in the United States. Effective January 1, 2020, the Company re-organized around the markets it serves rather than geography. The prior periods have been recast to reflect the new segment structure. The business segments align with the following markets: UFP Retail Solutions, UFP Construction and UFP Industrial. This change allows for a more specialized and consistent sales approach among Company operations, more efficient use of resources and capital, and quicker introduction of new products and services. The Company manages the operations of its individual locations primarily through a market-centered reporting structure under which each location is included in a business unit and business units are included in our Retail, Industrial, and Construction segments. The exception to this market-centered reporting and management structure is the Company’s International segment, which comprises our Mexico, Canada, and Australia operations and sales and buying offices in other parts of the world. Our International segment and Ardellis (our insurance captive) have been included in the “All Other” column of the table below. The “Corporate” column includes purchasing, transportation and administrative functions that serve our operating segments. Operating results of Corporate primarily consists of over (under) allocated costs. The operating results of UFP Real Estate, Inc., which owns and leases real estate, and UFP Transportation Ltd., which owns and leases transportation equipment, are also included in the Corporate column. An inter-company lease charge is assessed to our operating segments for the use of these assets at fair market value rates. Total assets of the Corporate column include unallocated cash and cash equivalents, certain prepaid assets, certain property, equipment and other assets pertaining to the centralized activities of Corporate, UFP Real Estate, Inc., and UFP Transportation Ltd. During the second quarter of 2020, management retrospectively reallocated certain inter-company charges from Corporate to their respective segments to better assess segment profitability. Prior year information in these tables has been restated to reflect these changes. ​
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​ | ​ | Three Months Ended June 27, 2020
(in thousands) |  | Retail |  | Industrial |  | Construction |  | All Other |  | Corporate |  | Total
Net sales to outside customers | ​ | $ | 609,190 |  | $ | 224,379 | ​ | $ | 359,170 | ​ | $ | 49,411 | ​ | $ | (149) | ​ | $ | 1,242,001
Intersegment net sales | ​ |  | 34,104 |  | ​ | 9,795 | ​ |  | 16,353 | ​ |  | 67,712 | ​ |  | (127,964) | ​ |  | —
Segment operating profit | ​ | ​ | 45,775 | ​ | ​ | 15,420 | ​ | ​ | 19,542 | ​ | ​ | 8,633 | ​ | ​ | 2,989 | ​ | ​ | 92,359
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​ | ​ | Three Months Ended June 29, 2019
(in thousands) |  | Retail |  | Industrial |  | Construction |  | All Other |  | Corporate |  | Total
Net sales to outside customers | ​ | $ | 482,090 |  | $ | 291,245 | ​ | $ | 414,825 | ​ | $ | 52,669 | ​ | $ | (1,012) | ​ | $ | 1,239,817
Intersegment net sales | ​ |  | 39,232 |  | ​ | 13,596 | ​ |  | 14,505 | ​ |  | 56,590 | ​ |  | (123,923) | ​ |  | —
Segment operating profit | ​ | ​ | 22,430 | ​ | ​ | 20,709 | ​ | ​ | 20,268 | ​ | ​ | 3,735 | ​ | ​ | 7,095 | ​ | ​ | 74,237
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​ | ​ | Six Months Ended June 27, 2020
​ |  | Retail |  | Industrial |  | Construction |  | All Other |  | Corporate |  | Total
Net sales to outside customers | ​ | $ | 961,351 |  | $ | 480,922 | ​ | $ | 740,325 | ​ | $ | 91,804 | ​ | $ | (339) | ​ | $ | 2,274,063
Intersegment net sales | ​ |  | 63,962 |  | ​ | 21,015 | ​ |  | 31,776 | ​ |  | 120,879 | ​ |  | (237,632) | ​ |  | —
Segment operating profit | ​ | ​ | 59,901 | ​ | ​ | 31,800 | ​ | ​ | 34,031 | ​ | ​ | 13,124 | ​ | ​ | 12,134 | ​ | ​ | 150,990
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​ | ​ | Six Months Ended June 29, 2019
​ |  | Retail |  | Industrial |  | Construction |  | All Other |  | Corporate |  | Total
Net sales to outside customers | ​ | $ | 815,190 |  | $ | 566,004 | ​ | $ | 779,962 | ​ | $ | 94,779 | ​ | $ | (992) | ​ | $ | 2,254,943
Intersegment net sales | ​ |  | 68,803 |  | ​ | 24,658 | ​ |  | 26,336 | ​ |  | 109,719 | ​ |  | (229,516) | ​ |  | —
Segment operating profit | ​ | ​ | 33,300 | ​ | ​ | 39,440 | ​ | ​ | 34,857 | ​ | ​ | 5,929 | ​ | ​ | 9,157 | ​ | ​ | 122,683
​ ​ Identifiable intangibles have been transferred and goodwill was re-allocated, based on their relative fair values, to our new segments and reporting units. The following table presents goodwill by segment as of June 27, 2020, and December 28, 2019 (in thousands): ​
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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 |  | ​ | — | ​ | ​ | — | ​ | ​ | 18,289 | ​ | ​ | — | ​ | ​ | — |  | ​ | 18,289
2020 Purchase Accounting Adjustments | ​ | ​ | 202 | ​ | ​ | 22 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 224
Foreign Exchange, Net |  | ​ | — | ​ | ​ | — | ​ | ​ | (188) | ​ | ​ | (379) | ​ | ​ | — |  | ​ | (567)
Balance as of June 27, 2020 | ​ | $ | 58,300 |  | $ | 81,298 | ​ | $ | 101,012 | ​ | $ | 6,872 | ​ | $ | — | ​ | $ | 247,482
​ The following table presents total assets by segment as of June 27, 2020, and December 28, 2019. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Total Assets by Segment
(in thousands) | June 27, |  | December 28, |  | ​ | ​
Segment Classification | 2020 | ​ | 2019 | ​ | % Change
Retail | $ | 583,480 | ​ | $ | 402,221 |  | 45.1 | %
Industrial |  | 337,027 | ​ |  | 377,329 |  | (10.7) | ​
Construction |  | 512,111 | ​ |  | 522,638 |  | (2.0) | ​
All Other | ​ | 145,205 | ​ | ​ | 136,990 | ​ | 6.0 | ​
Corporate | ​ | 480,785 | ​ | ​ | 450,299 | ​ | 6.8 | ​
Total Assets | $ | 2,058,608 | ​ | $ | 1,889,477 |  | 9.0 | %
Note: During 2020, certain assets were reclassified to a different segment. Prior year information in this table has been restated to reflect these changes.

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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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