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SEGMENT REPORTING

6 Months Ended

Jun. 25, 2022

SEGMENT REPORTING

SEGMENT REPORTING

G.       SEGMENT REPORTING

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. 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 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 of 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, Inc., UFP Purchasing, Inc., and UFP RMS, LLC. The tables below are presented in thousands:

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Three Months Ended June 25, 2022

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Retail

Industrial

Construction

All Other

Corporate

Total

Net sales to outside customers

​

$

1,121,440

$

676,333

​

$

975,376

​

$

124,416

​

$

3,309

​

$

2,900,874

Intersegment net sales

​

67,612

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​

21,487

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​

31,866

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​

125,893

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(246,858)

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—

Earnings from operations

​

​

24,527

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​

94,210

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​

132,832

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​

22,748

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​

11,249

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​

285,566

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Three Months Ended June 26, 2021

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Retail

Industrial

Construction

All Other

Corporate

Total

Net sales to outside customers

​

$

1,259,218

$

611,181

​

$

738,704

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$

89,470

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$

1,968

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$

2,700,541

Intersegment net sales

​

65,147

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​

24,985

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​

20,034

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​

126,054

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(236,220)

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—

Earnings from operations

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​

62,051

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​

79,526

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​

67,107

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​

16,304

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​

11,947

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​

236,935

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Six Months Ended June 25, 2022

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Retail

Industrial

Construction

All Other

Corporate

Total

Net sales to outside customers

​

$

2,114,672

$

1,287,702

​

$

1,761,847

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$

219,983

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$

5,983

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$

5,390,187

Intersegment net sales

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133,560

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​

43,660

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​

57,218

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​

235,665

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(470,103)

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—

Earnings from operations

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​

95,924

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​

176,601

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​

211,650

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​

37,563

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​

22,853

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​

544,591

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Six Months Ended June 26, 2021

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Retail

Industrial

Construction

All Other

Corporate

Total

Net sales to outside customers

​

$

2,018,239

$

1,060,055

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$

1,298,234

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$

145,047

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$

3,970

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$

4,525,545

Intersegment net sales

​

112,733

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​

42,891

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​

34,495

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​

223,450

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(413,569)

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—

Earnings from operations

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​

115,596

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​

119,936

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​

100,125

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​

24,282

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​

14,483

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​

374,422

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The following table presents goodwill by segment as of June 25, 2022, and December 25, 2021 (in thousands):

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Retail

Industrial

Construction

All Other

Corporate

Total

Balance as of December 25, 2021

$

73,376

$

128,541

$

89,000

$

24,121

​

$

—

$

315,038

2022 Acquisitions

​

11,938

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—

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—

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—

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—

​

11,938

2022 Purchase Accounting Adjustments

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​

293

​

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(5,830)

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(674)

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​

595

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—

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(5,616)

Foreign Exchange, Net

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—

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—

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(32)

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(796)

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—

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(828)

Balance as of June 25, 2022

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$

85,607

$

122,711

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$

88,294

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$

23,920

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$

—

​

$

320,532

​

The following table presents total assets by segment as of June 25, 2022, and December 25, 2021 (in thousands).

​	​	​	​	​	​	​	​	​
​	Total Assets by Segment
​	June 25,			December 25,			​	​
Segment Classification	2022		​	2021		​	% Change
Retail	$	1,075,310	​	$	844,189		27.4	%
Industrial		835,735	​		741,672		12.7	​
Construction		912,507	​		736,157		24.0	​
All Other	​	341,877	​	​	343,363	​	(0.4)	​
Corporate	​	445,394	​	​	579,890	​	(23.2)	​
Total Assets	$	3,610,823	​	$	3,245,271		11.3	%

​

X

- References

No definition available.

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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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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