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SEGMENT REPORTING

9 Months Ended

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:

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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

​

​

​

​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

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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

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(202,197)

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—

Earnings from operations

​

​

46,674

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​

41,429

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​

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.

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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)

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—

Earnings from operations

​

​

147,575

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​

82,627

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​

139,753

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​

13,916

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​

28,912

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​

412,783

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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

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​

73,584

​

​

211,870

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​

(867,423)

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—

Earnings from operations

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​

147,143

​

​

153,025

​

​

185,767

​

​

16,961

​

​

19,641

​

​

522,537

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The following table presents goodwill by segment as of September 28, 2024, and December 30, 2023 (in thousands):

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		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).

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​	​	​	​	​	​	​	​	​
​	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	%

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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).

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Three Months Ended

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Nine Months Ended

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September 28,

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September 30,

​

September 28,

​

September 30,

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2024

2023

2024

2023

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Retail

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​

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​

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​

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​

​

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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

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​

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​

​

​

​

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​

Packaging

​

​

​

​

​

​

​

​

​

​

​

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​

Structural Packaging

​

$

256,959

​

$

299,098

​

$

811,211

​

$

957,857

​

PalletOne

​

​

126,007

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​

129,302

​

​

395,408

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​

403,809

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Protective Packaging

​

​

18,660

​

​

21,485

​

​

54,629

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​

62,880

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Total Packaging

​

$

401,626

​

$

449,885

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$

1,261,248

​

$

1,424,546

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Construction

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Factory Built

​

$

201,831

​

$

197,231

​

$

618,907

​

$

544,868

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Site Built

​

219,626

​

264,734

​

679,732

​

734,297

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Commercial

​

​

69,528

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​

73,302

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​

197,259

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​

211,967

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Concrete Forming

​

43,640

​

48,693

​

131,170

​

158,885

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Total Construction

​

$

534,625

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$

583,960

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$

1,627,068

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$

1,650,017

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All Other

​

$

75,802

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$

62,454

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$

224,219

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$

185,841

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Corporate

​

$

1,759

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$

985

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$

4,370

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$

3,350

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Total Net Sales

​

$

1,649,383

​

$

1,827,637

​

$

5,190,308

​

$

5,694,031

​

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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.

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