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SEGMENT REPORTING

12 Months Ended

Dec. 25, 2021

SEGMENT REPORTING

M.SEGMENT REPORTING

ASC 280, Segment Reporting (“ASC 280”), defines operating segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

We operate manufacturing, treating and distribution facilities internationally, but primarily in the United States. Our business segments consist of UFP Retail Solutions, UFP Industrial and UFP Construction and align with the end markets we serve. This segment structure allows for a specialized and consistent sales approach among Company operations, efficient use of resources and capital, and quicker introduction of new products and services. We manage the operations of our 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. Two customers, The Home Depot and Lowes, accounted for approximately 16% and 10%, respectively, of our total net sales in fiscal 2021. These customers accounted for approximately 24% and 4%, respectively, of our total net sales in fiscal 2020 and 19% and 4%, respectively, in 2019.

The exception to this market-centered reporting and management structure is our International segment, which comprises our Mexico, Canada, Europe, India, and Australia operations and sales and buying offices in other parts of the world and our Ardellis segment, which represents our wholly owned fully licensed captive insurance company based in Bermuda. Our International and Ardellis segments do not meet the quantitative thresholds in order to be separately reported and accordingly, the International and Ardellis segments have been aggregated in the “All Other” segment for reporting purposes.

“Corporate” includes purchasing, transportation and administrative functions that serve our operating segments. Operating results of Corporate primarily consist net sales to external customers initiated by UFP Purchasing and UFP Transportation and over (under) allocated costs. The operating results of UFP Real Estate, Inc., which owns and leases real estate, and UFP Transportation Ltd., which owns, leases and operates transportation equipment, are also included in the Corporate column. Inter-company lease and service charges are assessed to our operating segments for the use of these assets and services at fair market value rates. Total assets in 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., UFP Transportation Ltd, and UFP Purchasing.

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2021

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All

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​

​

​

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Retail

Industrial

Construction

Other

Corporate

Total

​

​

​

Net sales to outside customers

​

$

3,418,337

​

$

2,148,142

​

$

2,698,434

​

$

362,473

​

$

8,748

​

$

8,636,134

​

​

​

Intersegment net sales

​

214,400

​

85,954

​

82,026

​

455,874

​

(838,254)

​

—

​

​

​

Interest expense

​

98

​

12

​

1

​

184

​

13,519

​

13,814

​

​

​

Amortization expense

​

2,780

​

6,093

​

3,525

​

1,336

​

214

​

13,948

​

​

​

Depreciation expense

​

16,955

​

26,219

​

13,151

​

2,094

​

25,765

​

84,184

​

​

​

Segment earnings before income taxes

​

124,790

​

264,958

​

264,238

​

80,905

​

(8,555)

​

726,336

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​

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Segment assets

​

844,189

​

​

741,672

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​

736,157

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​

343,363

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​

579,890

​

3,245,271

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​

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Capital expenditures

​

40,408

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​

42,652

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​

22,344

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​

5,140

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​

40,622

​

151,166

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2020

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All

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​

​

​

​

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Retail

Industrial

Construction

Other

Corporate

Total

Net sales to outside customers

​

$

2,167,122

​

$

1,072,117

​

$

1,695,684

​

$

217,094

​

$

1,981

​

$

5,153,998

Intersegment net sales

​

142,839

​

45,217

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68,294

​

283,689

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(540,039)

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—

Interest expense

​

2

​

22

​

—

​

90

​

9,197

​

9,311

Amortization expense

​

1,482

​

4,159

​

2,152

​

877

​

46

​

8,716

Depreciation expense

​

11,675

​

15,163

​

12,123

​

1,619

​

23,384

​

63,964

Segment earnings before income taxes

​

155,364

​

83,430

​

69,092

​

38,333

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(5,236)

​

340,983

Segment assets

​

510,464

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​

416,487

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​

510,972

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​

196,856

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​

770,112

​

2,404,891

Capital expenditures

​

16,277

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​

21,141

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​

16,902

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​

2,258

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​

32,604

​

89,182

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2019

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All

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Retail

Industrial

Construction

Other

Corporate

Total

Net sales to outside customers

​

$

1,498,710

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$

1,085,635

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$

1,637,156

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$

193,785

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$

723

​

$

4,416,009

Intersegment net sales

​

135,705

​

45,010

​

56,116

​

200,426

​

(437,257)

​

—

Interest expense

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—

​

108

​

16

​

97

​

8,479

​

8,700

Amortization expense

​

1,380

​

3,034

​

1,164

​

747

​

—

​

6,325

Depreciation expense

​

11,041

​

14,340

​

11,465

​

1,532

​

22,116

​

60,494

Segment earnings before income taxes

​

61,708

​

82,913

​

82,407

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22,025

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(8,379)

​

240,674

Segment assets

​

402,221

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377,329

​

522,638

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136,990

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450,299

​

1,889,477

Capital expenditures

​

15,502

​

20,134

​

16,097

​

2,150

​

31,050

​

84,933

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Information regarding principal geographic areas was as follows (in thousands):

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2021

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2020

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2019

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Long-Lived

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Long-Lived

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Long-Lived

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Tangible

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Tangible

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Tangible

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Net Sales

Assets

Net Sales

Assets

Net Sales

Assets

United States

​

$

8,395,737

​

$

679,757

​

$

5,022,014

​

$

478,325

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$

4,308,618

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$

469,605

Foreign

​

240,397

​

​

54,873

​

​

131,984

​

​

36,380

​

​

107,391

​

​

36,878

Total

​

$

8,636,134

​

$

734,630

​

$

5,153,998

​

$

514,705

​

$

4,416,009

​

$

506,483

​

The following table presents, for the periods indicated, our disaggregated net sales (in thousands) by business unit for each segment and our percentage of value-added and commodity-based sales to total net sales by segment.

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 25,		​	December 26,		​	December 28,
​		2021			2020			2019
Retail	​	​	​	​	​	​	​	​	​
Deckorators	​	$	248,765	​	$	219,930	​	$	185,221
Prowood	​		1,349,901	​		1,215,201	​		786,720
Outdoor Essentials	​		392,826	​		299,684	​		227,767
Sunbelt	​	​	773,909	​	​	—	​	​	—
UFP Edge	​		148,927	​		114,987	​		95,608
Handprint	​		101,090	​		88,351	​		52,553
Retail Building Materials	​		395,894	​		225,253	​		149,153
Other	​		7,025	​		3,716	​		1,688
Total Retail	​	$	3,418,337	​	$	2,167,122	​	$	1,498,710
​	​	​	​	​	​	​	​	​	​
Industrial	​	​	​	​	​	​	​	​	​
North Industrial	​	$	615,092	​	$	385,132	​	$	376,515
Southeast Industrial	​	​	395,069	​	​	229,316	​	​	255,419
Southwest Industrial	​	​	400,515	​	​	238,643	​	​	241,774
West Industrial	​	​	363,300	​	​	206,022	​	​	197,686
PalletOne	​	​	355,347	​	​	—	​	​	—
Protective Packaging	​	​	18,819	​	​	13,004	​	​	14,241
Total Industrial	​	$	2,148,142	​	$	1,072,117	​	$	1,085,635
​	​	​	​	​	​	​	​	​	​
Construction	​	​	​	​	​	​	​	​	​
Factory Built	​	$	1,098,905	​	$	597,017	​	$	479,927
Site Built	​		1,190,393	​		725,899	​		708,767
Commercial	​	​	259,360	​	​	221,988	​	​	290,785
Concrete Forming	​		149,776	​		150,780	​		157,677
Total Construction	​	$	2,698,434	​	$	1,695,684	​	$	1,637,156
​	​	​	​	​	​	​	​	​	​
All Other	​	$	362,473	​	$	217,094	​	$	193,785
​	​	​	​	​	​	​	​	​	​
Corporate	​	$	8,748	​	$	1,981	​	$	723
​	​	​	​	​	​	​	​	​	​
Total Net Sales	​	$	8,636,134	​	$	5,153,998	​	$	4,416,009
​	​	​	​	​	​	​	​	​	​
Value-Added	​	​	​	​	​	​	​	​	​
Retail	​	​	43.2%	​	​	53.8%	​	​	57.8%
Industrial	​	​	67.7%	​	​	64.7%	​	​	66.2%
Construction	​	​	73.0%	​	​	76.3%	​	​	81.4%
All Other and Corporate	​	​	74.9%	​	​	75.6%	​	​	75.8%
Total	​	​	59.7%	​	​	64.3%	​	​	69.3%
​	​	​	​	​	​	​	​	​	​
Commodity-Based	​	​	​	​	​	​	​	​	​
Retail	​	​	56.8%	​	​	46.2%	​	​	42.2%
Industrial	​	​	32.3%	​	​	35.3%	​	​	33.8%
Construction	​	​	27.0%	​	​	23.7%	​	​	18.6%
All Other and Corporate	​	​	25.1%	​	​	24.4%	​	​	24.2%
Total	​	​	40.3%	​	​	35.7%	​	​	30.7%

​

X

- 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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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