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REVENUE RECOGNITION | 9 Months Ended
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Sep. 27, 2025
REVENUE RECOGNITION |
REVENUE RECOGNITION | C. REVENUE RECOGNITION Within the three primary segments, UFP Retail Solutions (“Retail”), UFP Packaging (“Packaging”) and UFP Construction (“Construction”), that the Company operates, there are a variety of written agreements governing the sale of our products and services. The transaction price is stated at the purchase order level, which includes shipping and/or freight costs and any applicable governmental authority taxes. The majority of our contracts have a single performance obligation concentrated around the delivery of goods to the carrier, Free On Board (FOB) shipping point. Therefore, revenue is recognized when this performance obligation is satisfied. Generally, title and control passes at the time of shipment. In certain circumstances, the customer takes title when the shipment arrives at the destination. However, our shipping process is typically completed the same day. Certain customer products that we provide require installation by the Company or a third party. Installation revenue is recognized upon completion. If we use a third party for installation, the party will act as an agent to us until completion of the installation. Installation revenue represents an immaterial share of our total net sales. We utilize rebates, credits, discounts and/or cash-based incentives with certain customers which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be provided to customers and reduce revenues recognized. We believe that there will not be significant changes to our estimates of variable consideration. The allocation of these costs are applied at the invoice level and recognized in conjunction with revenue. Additionally, returns and refunds are estimated on a historical and expected basis which is a reduction of revenue recognized. Earnings on construction contracts are reflected in operations using over time accounting, under either cost to cost or units of delivery methods, depending on the nature of the business at individual operations, which is in accordance with ASC 606 as revenue is recognized when certain performance obligations are performed. Under over time accounting using the cost to cost method, revenues and related earnings on construction contracts are measured by the relationships of actual costs incurred relative to the total estimated costs. Under over time accounting using the units of delivery method, revenues and related earnings on construction contracts are measured by the relationships of actual units produced relative to the total number of units. Revisions in earnings estimates on the construction contracts are recorded in the accounting period in which the basis for such revisions becomes known. Projected losses on individual contracts are charged to operations in their entirety when such losses become apparent. Our construction contracts are generally entered into with a fixed price, and completion of the projects can range from 6 to 18 months in duration. Therefore, our operating results are impacted by, among many other things, labor rates and commodity costs. During the year, we update our estimated costs to complete our projects using current labor and commodity costs and recognize losses to the extent that they exist. The following table presents our net sales disaggregated by revenue source (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ |  | September 27, |  | September 28, |  | ​ | ​ | September 27, |  | September 28, | ​ | ​
​ | ​ | 2025 | ​ | 2024 | ​ | % Change | ​ | 2025 | ​ | 2024 | ​ | % Change
Point in Time Revenue | ​ | $ | 1,528,506 | ​ | $ | 1,607,411 |  | (4.9)% | ​ | $ | 4,911,049 | ​ | $ | 5,069,509 | ​ | (3.1)%
Over Time Revenue | ​ |  | 31,121 | ​ | ​ | 41,972 |  | (25.9)% | ​ |  | 79,471 | ​ | ​ | 120,799 | ​ | (34.2)%
Total Net Sales | ​ |  | 1,559,627 | ​ | ​ | 1,649,383 |  | (5.4)% | ​ | $ | 4,990,520 | ​ | $ | 5,190,308 | ​ | (3.8)%
​ The Construction segment comprises the construction contract revenue shown above. Construction contract revenue is primarily made up of site-built and framing customers. The following table presents the balances of over time accounting accounts which are included in “Other current assets” and “Accrued liabilities: Other”, respectively (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 27, | ​ | December 28, | ​ | September 28, | ​
​ |  | 2025 |  | 2024 |  | 2024 |
Cost and Earnings in Excess of Billings | ​ | $ | 4,730 |  | $ | 7,478 |  | $ | 8,097 |
Billings in Excess of Cost and Earnings | ​ |  | 5,214 | ​ |  | 6,483 |  |  | 8,692 | ​
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