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SEGMENT REPORTING

3 Months Ended

Mar. 29, 2025

SEGMENT REPORTING

SEGMENT REPORTING

G.       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 (“CODM”) in deciding how to allocate resources and in assessing performance. Our CODM is the chief executive officer, as he has the ultimate decision-making authority related to assessing the Company’s performance and allocating resources. The CODM assesses performance for our segments and decides how to allocate resources based on net sales, cost of goods sold, earnings from operations and net earnings. These metrics are also reported on the Consolidated Statement of Earnings and Comprehensive Income. The measure of segment assets is reported on the Consolidated Balance Sheet as total consolidated assets. The CODM uses earnings from operations and net earnings to evaluate income generated from segment assets (return on investment) in determining wage increase allocations and bonus pools, and in deciding whether to reinvest profits into the business, such as for acquisitions, or to pay dividends.

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, United Arab Emirates 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 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., and UFP Purchasing, Inc. Real estate activities are conducted by the real estate company on behalf of the segments, and capital expenditures associated with real estate are allocated to the segments.

The tables below are presented in thousands:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 29, 2025

​

​

​

​

​

​

​

​

​

​

​

All

​

​

​

​

​

​

​

Retail

Packaging

Construction

Other

Corporate

Total

Net sales to outside customers

​

$

607,383

​

$

410,008

​

$

515,940

​

$

60,298

​

$

1,890

​

$

1,595,519

Intersegment net sales

​

(64,645)

​

(23,714)

​

(26,561)

​

(90,484)

​

205,404

​

—

Cost of goods sold

​

526,088

​

340,434

​

425,140

​

49,666

​

​

(14,005)

​

1,327,323

Gross Profit

​

81,295

​

​

69,574

​

​

90,800

​

​

10,632

​

​

15,895

​

​

268,196

Selling, general, administrative expenses

​

55,355

​

​

47,769

​

​

62,784

​

​

8,462

​

​

1,884

​

176,254

Net loss (gain) on disposition and impairment of assets

​

​

24

​

​

32

​

​

120

​

​

—

​

​

(252)

​

​

(76)

Other (gains) losses, net

​

(218)

​

​

—

​

​

80

​

​

(54)

​

​

(42)

​

(234)

Earnings from operations

​

26,134

​

​

21,773

​

​

27,816

​

​

2,224

​

​

14,305

​

​

92,252

Interest expense

​

30

​

​

3

​

​

—

​

​

(333)

​

​

2,969

​

2,669

Interest and investment income

​

​

(90)

​

​

—

​

​

(1)

​

​

(308)

​

​

(10,718)

​

​

(11,117)

Equity in loss of investee

​

​

—

​

​

325

​

​

—

​

​

(306)

​

​

—

​

​

19

Interest and other

​

​

(60)

​

​

328

​

​

(1)

​

​

(947)

​

​

(7,749)

​

​

(8,429)

Earnings before income taxes

​

​

26,194

​

​

21,445

​

​

27,817

​

​

3,171

​

​

22,054

​

​

100,681

Income taxes

​

​

5,531

​

​

4,528

​

​

5,873

​

​

669

​

​

4,657

​

​

21,258

Net earnings

​

$

20,663

​

$

16,917

​

$

21,944

​

$

2,502

​

$

17,397

​

$

79,423

Other significant items:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortization expense

​

$

957

​

$

2,179

​

$

702

​

$

1,601

​

$

378

​

$

5,817

Depreciation expense

​

​

7,310

​

​

8,897

​

​

6,191

​

​

944

​

​

9,599

​

​

32,941

Segment assets

​

​

995,830

​

​

812,033

​

​

659,478

​

​

341,947

​

​

1,340,998

​

​

4,150,286

Capital expenditures

​

​

32,308

​

​

25,260

​

​

6,428

​

​

614

​

​

2,658

​

​

67,268

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 30, 2024

​

​

​

​

​

​

​

​

​

​

​

All

​

​

​

​

​

​

​

Retail

Packaging

Construction

Other

Corporate

Total

Net sales to outside customers

​

$

628,765

​

$

424,418

​

$

517,896

​

$

66,947

​

$

940

​

$

1,638,966

Intersegment net sales

​

59,346

​

20,926

​

20,035

​

71,257

​

(171,564)

​

—

Cost of goods sold

​

​

527,641

​

​

338,978

​

403,561

​

​

49,002

​

​

(6,294)

​

​

1,312,888

Gross Profit

​

​

101,124

​

​

85,440

​

​

114,335

​

​

17,945

​

​

7,234

​

​

326,078

Selling, general, administrative expenses

​

​

55,610

​

​

53,941

​

​

69,150

​

​

13,391

​

​

(33)

​

​

192,059

Net (gain) loss on disposition and impairment of assets

​

​

(272)

​

​

253

​

​

(1)

​

​

(9)

​

​

(202)

​

​

(231)

Other (gains) losses, net

​

​

(194)

​

​

—

​

​

(156)

​

​

690

​

​

87

​

​

427

Earnings from operations

​

​

45,980

​

​

31,246

​

​

45,342

​

​

3,873

​

​

7,382

​

​

133,823

Interest expense

​

​

29

​

4

​

—

​

(817)

​

3,920

​

3,136

Interest and investment income

​

​

(123)

​

​

(10)

​

​

(11)

​

​

(2,774)

​

​

(13,575)

​

​

(16,493)

Equity in loss of investee

​

​

—

​

​

594

​

​

—

​

​

—

​

​

—

​

​

594

Interest and other

​

​

(94)

​

​

588

​

​

(11)

​

​

(3,591)

​

​

(9,655)

​

​

(12,763)

Earnings before income taxes

​

​

46,074

​

​

30,658

​

​

45,353

​

​

7,464

​

​

17,037

​

​

146,586

Income taxes

​

​

8,011

​

​

5,330

​

​

7,885

​

​

1,298

​

​

2,963

​

​

25,487

Net earnings

​

$

38,063

​

$

25,328

​

$

37,468

​

$

6,166

​

$

14,074

​

$

121,099

Other significant items:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortization expense

​

$

998

​

$

2,192

​

$

702

​

$

1,534

​

$

456

​

$

5,882

Depreciation expense

​

6,965

​

​

8,469

​

​

5,384

​

​

789

​

​

8,412

​

30,019

Segment assets

​

966,544

​

​

794,418

​

​

655,972

​

​

310,360

​

​

1,351,345

​

4,078,639

Capital expenditures

​

13,400

​

​

13,311

​

​

12,626

​

​

1,029

​

​

8,782

​

49,148

​

The following table presents goodwill by segment as of March 29, 2025, and December 28, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Retail

Packaging

Construction

All Other

Corporate

Total

Balance as of December 28, 2024

$

84,116

$

146,747

$

87,401

$

21,575

​

$

—

$

339,839

2025 Purchase Accounting Adjustments

​

​

—

​

​

12

​

​

—

​

​

—

​

​

—

​

​

12

Foreign Exchange, Net

​

(1)

​

​

—

​

​

33

​

​

372

​

​

—

​

404

Balance as of March 29, 2025

​

$

84,115

$

146,759

​

$

87,434

​

$

21,947

​

$

—

​

$

340,255

​

The following table presents our disaggregated net sales (in thousands) by business unit for each segment for the three months ended March 29, 2025, and March 30, 2024 (in thousands).

​	​	​	​	​	​	​	​
​	​	Three Months Ended					​
​	​	March 29,		​	March 30,		​
​	​	2025			2024		​
Retail	​	​	​	​	​	​	​
Deckorators	​	$	65,612	​	$	74,135	​
ProWood	​		540,469	​		553,245	​
Other	​		1,302	​		1,385	​
Total Retail	​	$	607,383	​	$	628,765	​
​	​	​	​	​	​	​	​
Packaging	​	​	​	​	​	​	​
Structural Packaging	​	$	255,982	​	$	274,150	​
PalletOne	​	​	134,219	​	​	132,490	​
Protective Packaging	​	​	19,807	​	​	17,778	​
Total Packaging	​	$	410,008	​	$	424,418	​
​	​	​	​	​	​	​	​
Construction	​	​	​	​	​	​	​
Factory Built	​	$	217,219	​	$	191,834	​
Site Built	​		190,617	​		221,559	​
Commercial	​	​	63,720	​	​	61,384	​
Concrete Forming	​		44,384	​		43,119	​
Total Construction	​	$	515,940	​	$	517,896	​
​	​	​	​	​	​	​	​
All Other	​	$	60,298	​	$	66,947	​
​	​	​	​	​	​	​	​
Corporate	​	$	1,890	​	$	940	​
​	​	​	​	​	​	​	​
Total Net Sales	​	$	1,595,519	​	$	1,638,966	​

​

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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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