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SEGMENT REPORTING
 9 Months Ended
Sep. 25, 2021
SEGMENT REPORTING  
SEGMENT REPORTING

G.       SEGMENT REPORTING

The Company operates manufacturing, treating and distribution facilities internationally, but primarily in the United States. The business segments align with the following markets: UFP Retail Solutions, UFP Construction and UFP Industrial. 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. In the case of locations which serve multiple segments, results are allocated and accounted for by segment. 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. The tables below are presented in thousands:

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Three Months Ended September 25, 2021

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Retail

    

Industrial

    

Construction

    

  All Other  

    

  Corporate  

    

      Total      

Net sales to outside customers

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$

696,201

 

$

573,234

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$

722,872

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$

98,689

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$

2,788

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$

2,093,784

Intersegment net sales

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50,546

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​

23,148

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27,574

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​

122,470

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(223,738)

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—

Segment operating profit

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(26,153)

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​

70,408

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​

84,205

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​

20,283

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​

19,382

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​

168,125

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Three Months Ended September 26, 2020

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Retail

    

Industrial

    

Construction

    

  All Other  

    

  Corporate  

    

      Total      

Net sales to outside customers

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$

700,522

 

$

282,124

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$

447,103

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$

56,700

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$

(222)

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$

1,486,227

Intersegment net sales

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45,416

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​

11,773

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​

17,909

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​

76,029

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(151,127)

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Segment operating profit

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​

62,181

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​

22,037

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​

16,513

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​

7,449

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(1,579)

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​

106,601

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Nine Months Ended September 25, 2021

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Retail

    

Industrial

    

Construction

    

  All Other  

    

  Corporate  

    

      Total      

Net sales to outside customers

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$

2,714,440

 

$

1,633,289

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$

2,021,106

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$

243,736

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$

6,758

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$

6,619,329

Intersegment net sales

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163,279

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​

66,039

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​

62,069

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​

345,920

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(637,307)

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Segment operating profit

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​

89,443

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​

190,344

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​

184,330

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​

44,565

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​

33,865

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​

542,547

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Nine Months Ended September 26, 2020

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Retail

    

Industrial

    

Construction

    

  All Other  

    

  Corporate  

    

      Total      

Net sales to outside customers

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$

1,661,873

 

$

763,046

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$

1,187,429

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$

148,503

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$

(561)

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$

3,760,290

Intersegment net sales

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109,378

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​

32,788

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​

49,685

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​

196,908

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(388,759)

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Segment operating profit

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​

122,082

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​

53,837

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​

50,544

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​

20,573

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​

10,555

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​

257,591

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The following table presents goodwill by segment as of September 25, 2021, and December 26, 2020 (in thousands):

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Retail

    

Industrial

    

Construction

    

All Other

    

Corporate

    

Total

Balance as of December 26, 2020

 

$

61,943

 

$

87,827

 

$

90,729

 

$

11,694

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$

—

 

$

252,193

2021 Acquisitions

 

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18,441

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​

43,844

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​

2,427

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​

4,176

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—

 

​

68,888

2021 Purchase Accounting Adjustments

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(1,682)

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(17,937)

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(6,227)

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(2,575)

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—

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(28,421)

Foreign Exchange, Net

 

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—

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—

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101

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(443)

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—

 

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(342)

Balance as of September 25, 2021

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$

78,702

 

$

113,734

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$

87,030

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$

12,852

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$

—

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$

292,318

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The following table presents total assets by segment as of September 25, 2021, and December 26, 2020 (in thousands).

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Total Assets by Segment

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September 25,

    

December 26,

    

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Segment Classification

2021

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2020

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% Change

Retail

$

829,745

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$

510,464

 

62.5

%

Industrial

 

740,206

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416,487

 

77.7

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Construction

 

725,419

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510,972

 

42.0

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All Other

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284,626

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​

196,856

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44.6

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Corporate

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434,251

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​

770,112

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(43.6)

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Total Assets

$

3,014,247

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$

2,404,891

 

25.3

%

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