XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.23.3

SEGMENT REPORTING | 9 Months Ended
--- | ---
Sep. 30, 2023
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 Packaging (formerly known as 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, Packaging, and Construction segments. In the case of locations that 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2023
​ |  | Retail |  | Packaging |  | Construction |  | All Other |  | Corporate |  | Total
Net sales to outside customers | ​ | $ | 711,381 |  | $ | 449,885 | ​ | $ | 583,960 | ​ | $ | 81,426 | ​ | $ | 985 | ​ | $ | 1,827,637
Intersegment net sales | ​ |  | 102,190 | ​ | ​ | 16,910 | ​ | ​ | 24,194 | ​ | ​ | 58,903 | ​ | ​ | (202,197) | ​ |  | —
Earnings from operations | ​ | ​ | 45,349 | ​ | ​ | 41,429 | ​ | ​ | 69,560 | ​ | ​ | 6,668 | ​ | ​ | 4,326 | ​ | ​ | 167,332
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 24, 2022
​ |  | Retail |  | Packaging |  | Construction |  | All Other |  | Corporate |  | Total
Net sales to outside customers | ​ | $ | 845,304 |  | $ | 584,808 | ​ | $ | 777,126 | ​ | $ | 112,203 | ​ | $ | 3,414 | ​ | $ | 2,322,855
Intersegment net sales | ​ |  | 87,362 | ​ | ​ | 19,778 | ​ | ​ | 31,352 | ​ | ​ | 102,927 | ​ | ​ | (241,419) | ​ |  | —
Earnings from operations | ​ | ​ | 28,932 | ​ | ​ | 77,298 | ​ | ​ | 110,384 | ​ | ​ | 13,705 | ​ | ​ | 6,725 | ​ | ​ | 237,044
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, 2023
​ |  | Retail |  | Packaging |  | Construction |  | All Other |  | Corporate |  | Total
Net sales to outside customers | ​ | $ | 2,380,956 |  | $ | 1,424,546 | ​ | $ | 1,650,017 | ​ | $ | 235,162 | ​ | $ | 3,350 | ​ | $ | 5,694,031
Intersegment net sales | ​ |  | 524,033 | ​ | ​ | 57,936 | ​ | ​ | 73,584 | ​ | ​ | 211,870 | ​ | ​ | (867,423) | ​ |  | —
Earnings from operations | ​ | ​ | 146,585 | ​ | ​ | 153,025 | ​ | ​ | 185,767 | ​ | ​ | 17,519 | ​ | ​ | 19,641 | ​ | ​ | 522,537
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 24, 2022
​ |  | Retail |  | Packaging |  | Construction |  | All Other |  | Corporate |  | Total
Net sales to outside customers | ​ | $ | 2,959,976 |  | $ | 1,872,510 | ​ | $ | 2,538,973 | ​ | $ | 332,186 | ​ | $ | 9,397 | ​ | $ | 7,713,042
Intersegment net sales | ​ |  | 220,922 | ​ | ​ | 63,438 | ​ | ​ | 88,570 | ​ | ​ | 338,592 | ​ | ​ | (711,522) | ​ |  | —
Earnings from operations | ​ | ​ | 124,856 | ​ | ​ | 253,899 | ​ | ​ | 322,034 | ​ | ​ | 51,268 | ​ | ​ | 29,578 | ​ | ​ | 781,635
​ The following table presents goodwill by segment as of September 30, 2023, and December 31, 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Retail |  | Packaging |  | Construction |  | All Other |  | Corporate |  | Total
Balance as of December 31, 2022 |  | $ | 84,640 |  | $ | 148,909 |  | $ | 87,670 |  | $ | 16,101 | ​ | $ | — |  | $ | 337,320
2023 Acquisitions |  | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — |  | ​ | —
2023 Purchase Accounting Adjustments | ​ | ​ | (979) | ​ | ​ | (7,867) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (8,846)
Foreign Exchange, Net |  | ​ | — | ​ | ​ | — | ​ | ​ | 40 | ​ | ​ | (293) | ​ | ​ | — |  | ​ | (253)
Balance as of September 30, 2023 | ​ | $ | 83,661 |  | $ | 141,042 | ​ | $ | 87,710 | ​ | $ | 15,808 | ​ | $ | — | ​ | $ | 328,221
​ The following table presents total assets by segment as of September 30, 2023, and December 31, 2022 (in thousands).
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Total Assets by Segment
​ | September 30, |  | December 31, |  | ​ | ​
Segment Classification | 2023 | ​ | 2022 | ​ | % Change
Retail | $ | 868,021 | ​ | $ | 889,417 |  | (2.4) | %
Packaging |  | 819,566 | ​ |  | 885,878 |  | (7.5) | ​
Construction |  | 689,791 | ​ |  | 712,837 |  | (3.2) | ​
All Other | ​ | 349,786 | ​ | ​ | 308,688 | ​ | 13.3 | ​
Corporate | ​ | 1,276,920 | ​ | ​ | 875,253 | ​ | 45.9 | ​
Total Assets | $ | 4,004,084 | ​ | $ | 3,672,073 |  | 9.0 | %
​

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration