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SEGMENT REPORTING | 9 Months Ended
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Sep. 28, 2024
SEGMENT REPORTING |
SEGMENT REPORTING | F. 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 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 packaging operations in Mexico, Canada, Spain, India, and Australia 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, corporate ventures, 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, and 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 28, 2024
​ |  | Retail |  | Packaging |  | Construction |  | All Other |  | Corporate |  | Total
Net sales to outside customers | ​ | $ | 635,571 |  | $ | 401,626 | ​ | $ | 534,625 | ​ | $ | 75,802 | ​ | $ | 1,759 | ​ | $ | 1,649,383
Intersegment net sales | ​ |  | 60,393 | ​ | ​ | 23,791 | ​ | ​ | 18,293 | ​ | ​ | 67,906 | ​ | ​ | (170,383) | ​ |  | —
Earnings from operations | ​ | ​ | 41,812 | ​ | ​ | 21,865 | ​ | ​ | 42,400 | ​ | ​ | 2,547 | ​ | ​ | 11,302 | ​ | ​ | 119,926
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2023
​ |  | Retail |  | Packaging |  | Construction |  | All Other |  | Corporate |  | Total
Net sales to outside customers | ​ | $ | 730,353 |  | $ | 449,885 | ​ | $ | 583,960 | ​ | $ | 62,454 | ​ | $ | 985 | ​ | $ | 1,827,637
Intersegment net sales | ​ |  | 102,190 | ​ | ​ | 16,910 | ​ | ​ | 24,194 | ​ | ​ | 58,903 | ​ | ​ | (202,197) | ​ |  | —
Earnings from operations | ​ | ​ | 46,674 | ​ | ​ | 41,429 | ​ | ​ | 69,560 | ​ | ​ | 5,343 | ​ | ​ | 4,326 | ​ | ​ | 167,332
Note: As of December 31, 2023, our Pinelli Universal entity was transferred to our Retail segment from our International segment (grouped in All Other) due to changes in our management structure. Prior year figures have been updated to reflect the change for comparability purposes in every applicable table in this filing.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 28, 2024
​ |  | Retail |  | Packaging |  | Construction |  | All Other |  | Corporate |  | Total
Net sales to outside customers | ​ | $ | 2,073,403 |  | $ | 1,261,248 | ​ | $ | 1,627,068 | ​ | $ | 224,219 | ​ | $ | 4,370 | ​ | $ | 5,190,308
Intersegment net sales | ​ |  | 189,841 | ​ | ​ | 70,992 | ​ | ​ | 57,125 | ​ | ​ | 219,218 | ​ | ​ | (537,176) | ​ |  | —
Earnings from operations | ​ | ​ | 147,575 | ​ | ​ | 82,627 | ​ | ​ | 139,753 | ​ | ​ | 13,916 | ​ | ​ | 28,912 | ​ | ​ | 412,783
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, 2023
​ |  | Retail |  | Packaging |  | Construction |  | All Other |  | Corporate |  | Total
Net sales to outside customers | ​ | $ | 2,430,277 |  | $ | 1,424,546 | ​ | $ | 1,650,017 | ​ | $ | 185,841 | ​ | $ | 3,350 | ​ | $ | 5,694,031
Intersegment net sales | ​ |  | 524,033 | ​ | ​ | 57,936 | ​ | ​ | 73,584 | ​ | ​ | 211,870 | ​ | ​ | (867,423) | ​ |  | —
Earnings from operations | ​ | ​ | 147,143 | ​ | ​ | 153,025 | ​ | ​ | 185,767 | ​ | ​ | 16,961 | ​ | ​ | 19,641 | ​ | ​ | 522,537
​ The following table presents goodwill by segment as of September 28, 2024, and December 30, 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Retail |  | Packaging |  | Construction |  | All Other |  | Corporate |  | Total
Balance as of December 30, 2023 |  | $ | 84,204 |  | $ | 141,042 |  | $ | 87,805 |  | $ | 23,262 | ​ | $ | — |  | $ | 336,313
Foreign Exchange, Net |  | ​ | (75) | ​ | ​ | — | ​ | ​ | (86) | ​ | ​ | (60) | ​ | ​ | — |  | ​ | (221)
Balance as of September 28, 2024 | ​ | $ | 84,129 |  | $ | 141,042 | ​ | $ | 87,719 | ​ | $ | 23,202 | ​ | $ | — | ​ | $ | 336,092
​ The following table presents total assets by segment as of September 28, 2024, and December 30, 2023 (in thousands). ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Total Assets by Segment
​ | September 28, |  | December 30, |  | ​ | ​
Segment Classification | 2024 | ​ | 2023 | ​ | % Change
Retail | $ | 843,299 | ​ | $ | 828,798 |  | 1.7 | %
Packaging |  | 786,988 | ​ |  | 798,623 |  | (1.5) | ​
Construction |  | 660,815 | ​ |  | 621,762 |  | 6.3 | ​
All Other | ​ | 341,860 | ​ | ​ | 316,481 | ​ | 8.0 | ​
Corporate | ​ | 1,584,923 | ​ | ​ | 1,452,133 | ​ | 9.1 | ​
Total Assets | $ | 4,217,885 | ​ | $ | 4,017,797 |  | 5.0 | %
​ ​ ​ ​ ​ The following table presents our disaggregated net sales (in thousands) by business unit for each segment for the three and nine months ended September 28, 2024, and September 30, 2023 (in thousands). ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 28, | ​ | September 30, | ​ | September 28, | ​ | September 30, | ​
​ | ​ | 2024 |  | 2023 |  | 2024 |  | 2023 | ​
Retail | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deckorators | ​ | $ | 76,572 | ​ | $ | 79,508 | ​ | $ | 250,413 | ​ | $ | 260,627 | ​
ProWood | ​ |  | 518,361 | ​ |  | 610,275 | ​ |  | 1,712,597 | ​ |  | 2,055,562 | ​
UFP Edge | ​ |  | 38,277 | ​ |  | 40,246 | ​ |  | 103,570 | ​ |  | 113,014 | ​
Other | ​ |  | 2,361 | ​ |  | 324 | ​ |  | 6,823 | ​ |  | 1,074 | ​
Total Retail | ​ | $ | 635,571 | ​ | $ | 730,353 | ​ | $ | 2,073,403 | ​ | $ | 2,430,277 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Packaging | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Structural Packaging | ​ | $ | 256,959 | ​ | $ | 299,098 | ​ | $ | 811,211 | ​ | $ | 957,857 | ​
PalletOne | ​ | ​ | 126,007 | ​ | ​ | 129,302 | ​ | ​ | 395,408 | ​ | ​ | 403,809 | ​
Protective Packaging | ​ | ​ | 18,660 | ​ | ​ | 21,485 | ​ | ​ | 54,629 | ​ | ​ | 62,880 | ​
Total Packaging | ​ | $ | 401,626 | ​ | $ | 449,885 | ​ | $ | 1,261,248 | ​ | $ | 1,424,546 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Factory Built | ​ | $ | 201,831 | ​ | $ | 197,231 | ​ | $ | 618,907 | ​ | $ | 544,868 | ​
Site Built | ​ |  | 219,626 | ​ |  | 264,734 | ​ |  | 679,732 | ​ |  | 734,297 | ​
Commercial | ​ | ​ | 69,528 | ​ | ​ | 73,302 | ​ | ​ | 197,259 | ​ | ​ | 211,967 | ​
Concrete Forming | ​ |  | 43,640 | ​ |  | 48,693 | ​ |  | 131,170 | ​ |  | 158,885 | ​
Total Construction | ​ | $ | 534,625 | ​ | $ | 583,960 | ​ | $ | 1,627,068 | ​ | $ | 1,650,017 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
All Other | ​ | $ | 75,802 | ​ | $ | 62,454 | ​ | $ | 224,219 | ​ | $ | 185,841 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate | ​ | $ | 1,759 | ​ | $ | 985 | ​ | $ | 4,370 | ​ | $ | 3,350 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Net Sales | ​ | $ | 1,649,383 | ​ | $ | 1,827,637 | ​ | $ | 5,190,308 | ​ | $ | 5,694,031 | ​
​

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