0001558370-24-011288 | 10-Q | XBRL Viewer

BUSINESS COMBINATIONS (Tables)

6 Months Ended

Jun. 29, 2024

Business acquisitions accounted for using purchase method

We completed the following business combination since the end of the second quarter of 2023, which was accounted for using the purchase method. Dollars below are in thousands unless otherwise noted:


					Net
Company	Acquisition		Intangible		Tangible		Operating
Name	Date	Purchase Price	Assets		Assets		Segment
	September 20, 2023	$52,841 consideration for 80% stock purchase, net of acquired cash	$	43,785	$	9,056	International
UFP Palets y Embalajes SL (UFP Palets)	Headquartered in Castellón, Spain, UFP Palets (formerly known as Palets Suller Group) is the market leader in machine-built wood pallets, serving the region's large ceramic tile industry. The company had trailing 12-month sales of approximately $38 million through August 2023.

BASIS OF PRESENTATION	6 Months Ended
Jun. 29, 2024
BASIS OF PRESENTATION
BASIS OF PRESENTATION	A. BASIS OF PRESENTATION The accompanying unaudited interim consolidated condensed financial statements (the “Financial Statements”) include our accounts and those of our wholly-owned and majority-owned subsidiaries and partnerships, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the Financial Statements do not include all the information and footnotes normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America. All significant intercompany balances and transactions have been eliminated in consolidation. We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members as well as whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. The primary beneficiary of a VIE is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The primary beneficiary is required to consolidate the VIE. We account for unconsolidated VIEs using the equity method of accounting. As a result of the investment in Dempsey on June 27, 2022, we own 50% of the issued equity of that entity, and the remaining 50% of the issued equity is owned by the previous owners (“Sellers”). The investment in Dempsey is an unconsolidated variable interest entity and we have accounted for it using the equity method of accounting because we do not have a controlling financial interest in the entity. Per the contracts, the Sellers have a put right to sell their equity interest to us for $50 million and we have a call right to purchase the Seller’s equity interest for $70 million, which are both first exercisable in June 2025 and expire in June 2030. As of June 29, 2024, the carrying value of our investment in Dempsey is $58.9 million and is recorded in Other Assets. Our maximum exposure to loss consists of our investment amount and any contingent loss that may occur in the future as a result of a change in the fair value of Dempsey relative to the strike price of the put option. In our opinion, the Financial Statements contain all material adjustments necessary to present fairly our consolidated financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. These Financial Statements should be read in conjunction with the annual consolidated financial statements, and footnotes thereto, included in our Annual Report to Shareholders on Form 10-K for the fiscal year ended December 30, 2023. Seasonality has a significant impact on our working capital from March to August, which historically results in negative or modest cash flows from operations in our first and second quarters. Conversely, we experience a substantial decrease in working capital from September to February which typically results in significant cash flow from operations in our third and fourth quarters. For comparative purposes, we have included the July 1, 2023 balances in the accompanying unaudited condensed consolidated balance sheets. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. Although the ASU only modifies our required income tax disclosures, we are currently evaluating the impact of adopting this guidance on the consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Although the ASU only requires additional disclosures about the Company's operating segments, we are currently evaluating the impact of adopting this guidance on the consolidated financial statements.

BASIS OF PRESENTATION

6 Months Ended

Jun. 29, 2024

BASIS OF PRESENTATION

BASIS OF PRESENTATION

A. BASIS OF PRESENTATION

The accompanying unaudited interim consolidated condensed financial statements (the “Financial Statements”) include our accounts and those of our wholly-owned and majority-owned subsidiaries and partnerships, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the Financial Statements do not include all the information and footnotes normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America. All significant intercompany balances and transactions have been eliminated in consolidation.

We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members as well as whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. The primary beneficiary of a VIE is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The primary beneficiary is required to consolidate the VIE. We account for unconsolidated VIEs using the equity method of accounting.

As a result of the investment in Dempsey on June 27, 2022, we own 50% of the issued equity of that entity, and the remaining 50% of the issued equity is owned by the previous owners (“Sellers”). The investment in Dempsey is an unconsolidated variable interest entity and we have accounted for it using the equity method of accounting because we do not have a controlling financial interest in the entity. Per the contracts, the Sellers have a put right to sell their equity interest to us for $50 million and we have a call right to purchase the Seller’s equity interest for $70 million, which are both first exercisable in June 2025 and expire in June 2030. As of June 29, 2024, the carrying value of our investment in Dempsey is $58.9 million and is recorded in Other Assets. Our maximum exposure to loss consists of our investment amount and any contingent loss that may occur in the future as a result of a change in the fair value of Dempsey relative to the strike price of the put option.

In our opinion, the Financial Statements contain all material adjustments necessary to present fairly our consolidated financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. These Financial Statements should be read in conjunction with the annual consolidated financial statements, and footnotes thereto, included in our Annual Report to Shareholders on Form 10-K for the fiscal year ended December 30, 2023.

Seasonality has a significant impact on our working capital from March to August, which historically results in negative or modest cash flows from operations in our first and second quarters. Conversely, we experience a substantial decrease in working capital from September to February which typically results in significant cash flow from operations in our third and fourth quarters. For comparative purposes, we have included the July 1, 2023 balances in the accompanying unaudited condensed consolidated balance sheets.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. Although the ASU only modifies our required income tax disclosures, we are currently evaluating the impact of adopting this guidance on the consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Although the ASU only requires additional disclosures about the Company's operating segments, we are currently evaluating the impact of adopting this guidance on the consolidated financial statements.

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 29, 2024 shares
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 29, 2024
Entity File Number	0-22684
Entity Registrant Name	UFP INDUSTRIES, INC.
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-1465835
Entity Address, Address Line One	2801 East Beltline NE
Entity Address, City or Town	Grand Rapids
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49525
City Area Code	616
Local Phone Number	364-6161
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	UFPI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)	60,918,541
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000912767
Amendment Flag	false

SEGMENT REPORTING - Gross Sales by Major Product Classification (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Revenue
Net sales	$ 1,901,959	$ 2,043,918	$ 3,540,925	$ 3,866,394
Corporate
Revenue
Net sales	1,671	(868)	2,611	2,365
Retail \| Deckorators
Revenue
Net sales	99,706	103,656	173,841	181,119
Retail \| ProWood
Revenue
Net sales	668,275	794,287	1,194,236	1,445,287
Retail \| UFP Edge
Revenue
Net sales	38,009	40,216	65,293	72,768
Retail \| Other Retail
Revenue
Net sales	3,077	471	4,462	750
Retail \| Operating Segments
Revenue
Net sales	809,067	938,630	1,437,832	1,699,924
Packaging \| Structural Packaging
Revenue
Net sales	280,102	330,510	554,252	658,760
Packaging \| PalletOne
Revenue
Net sales	136,911	136,937	269,401	274,507
Packaging \| Protective Packaging
Revenue
Net sales	18,191	20,653	35,969	41,394
Packaging \| Operating Segments
Revenue
Net sales	435,204	488,100	859,622	974,661
Construction \| Factory Built
Revenue
Net sales	225,242	180,024	417,076	347,637
Construction \| Site Built
Revenue
Net sales	238,547	248,445	460,106	469,562
Construction \| Commercial
Revenue
Net sales	66,347	66,320	127,731	138,665
Construction \| Concrete Forming
Revenue
Net sales	44,411	55,675	87,530	110,193
Construction \| Operating Segments
Revenue
Net sales	574,547	550,464	1,092,443	1,066,057
All Other \| Operating Segments
Revenue
Net sales	$ 81,470	$ 67,592	$ 148,417	$ 123,387

SEGMENT REPORTING - Assets (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Segment Reporting
Segment assets	$ 4,138,494	$ 4,017,797	$ 3,843,943
Change in assets (as a percent)	3.00%
Corporate
Segment Reporting
Segment assets	$ 1,415,132	1,452,133
Change in assets (as a percent)	(2.50%)
Retail \| Operating Segments
Segment Reporting
Segment assets	$ 916,574	828,798
Change in assets (as a percent)	10.60%
Packaging \| Operating Segments
Segment Reporting
Segment assets	$ 802,204	798,623
Change in assets (as a percent)	0.40%
Construction \| Operating Segments
Segment Reporting
Segment assets	$ 666,622	621,762
Change in assets (as a percent)	7.20%
All Other \| Operating Segments
Segment Reporting
Segment assets	$ 337,962	$ 316,481
Change in assets (as a percent)	6.80%

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

REVENUE RECOGNITION

6 Months Ended

Jun. 29, 2024

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					Six Months Ended
	June 29,		July 1,			June 29,		July 1,
	2024		2023		% Change	2024		2023		% Change
Point in Time Revenue	$	1,857,264	$	2,006,319	(7.4)%	$	3,462,099	$	3,790,775	(8.7)%
Over Time Revenue		44,695		37,599	18.9%		78,826		75,619	4.2%
Total Net Sales		1,901,959		2,043,918	(6.9)%	$	3,540,925	$	3,866,394	(8.4)%

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):


	June 29,		December 30,		July 1,
	2024		2023		2023
Cost and Earnings in Excess of Billings	$	7,227	$	3,572	$	3,266
Billings in Excess of Cost and Earnings		8,816		9,487		12,914

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

BUSINESS COMBINATIONS

6 Months Ended

Jun. 29, 2024

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS

F. BUSINESS COMBINATIONS

We completed the following business combination since the end of the second quarter of 2023, which was accounted for using the purchase method. Dollars below are in thousands unless otherwise noted:


					Net
Company	Acquisition		Intangible		Tangible		Operating
Name	Date	Purchase Price	Assets		Assets		Segment
	September 20, 2023	$52,841 consideration for 80% stock purchase, net of acquired cash	$	43,785	$	9,056	International
UFP Palets y Embalajes SL (UFP Palets)	Headquartered in Castellón, Spain, UFP Palets (formerly known as Palets Suller Group) is the market leader in machine-built wood pallets, serving the region's large ceramic tile industry. The company had trailing 12-month sales of approximately $38 million through August 2023.

The purchase accounting valuation of the UFP Palets investment is yet to be finalized. In aggregate, investments completed since the end of the second quarter of 2023 and not consolidated with other operations contributed approximately $10.7 million in net sales and $1.2 million in operating losses during the first six months of 2024.

The business combination mentioned above was not significant to our operating results and thus pro forma results for 2024 and 2023 are not presented.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - SUPPLEMENTAL AND NON-CASH FINANCING ACTIVITIES (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
SUPPLEMENTAL INFORMATION:
Interest paid	$ 6,317	$ 6,345
Income taxes paid	65,572	66,329
NON-CASH INVESTING ACTIVITIES
Capital expenditures included in accounts payable	3,005	1,915
NON-CASH FINANCING ACTIVITIES:
Common stock issued under deferred compensation plans	$ 9,743	$ 8,929

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
SEGMENT REPORTING (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Segment Reporting
Net sales	$ 1,901,959	$ 2,043,918	$ 3,540,925	$ 3,866,394
Earnings from operations	159,034	193,497	292,857	355,205
Intersegment net sales
Segment Reporting
Net sales	(195,229)	(318,528)	(366,793)	(665,226)
Corporate
Segment Reporting
Net sales	1,671	(868)	2,611	2,365
Earnings from operations	10,228	7,677	17,610	15,315
Retail \| Operating Segments
Segment Reporting
Net sales	809,067	938,630	1,437,832	1,699,924
Earnings from operations	59,783	60,211	105,763	100,469
Retail \| Intersegment net sales
Segment Reporting
Net sales	70,102	198,518	129,448	421,843
Packaging \| Operating Segments
Segment Reporting
Net sales	435,204	488,100	859,622	974,661
Earnings from operations	29,516	56,864	60,762	111,596
Packaging \| Intersegment net sales
Segment Reporting
Net sales	26,275	20,976	47,201	41,026
Construction \| Operating Segments
Segment Reporting
Net sales	574,547	550,464	1,092,443	1,066,057
Earnings from operations	52,011	61,959	97,353	116,207
Construction \| Intersegment net sales
Segment Reporting
Net sales	18,797	23,554	38,832	49,390
All Other \| Operating Segments
Segment Reporting
Net sales	81,470	67,592	148,417	123,387
Earnings from operations	7,496	6,786	11,369	11,618
All Other \| Intersegment net sales
Segment Reporting
Net sales	$ 80,055	$ 75,480	$ 151,312	$ 152,967

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Earnings	Noncontrolling Interest	Total
Beginning balance at Dec. 31, 2022	$ 61,618	$ 294,029	$ 2,217,410	$ (9,075)	$ 32,841	$ 2,596,823
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)			126,069		(313)	125,756
Foreign currency translation adjustment				3,850	2,195	6,045
Unrealized gain (loss) on debt securities				151		151
Distributions to NCI					(4,859)	(4,859)
Cash dividends			(15,642)			(15,642)
Issuance of shares under employee stock purchase plan	10	675				685
Issuance of shares under stock grant programs	825	14,356	6			15,187
Issuance of shares under deferred compensation plans	93	(93)
Repurchase of shares	(450)		(34,818)			(35,268)
Expense associated with share-based compensation arrangements		9,598				9,598
Accrued expense under deferred compensation plans		7,165				7,165
Ending balance at Apr. 01, 2023	62,096	325,730	2,293,025	(5,074)	29,864	2,705,641
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)			150,761		56	150,817
Foreign currency translation adjustment				2,983	1,694	4,677
Unrealized gain (loss) on debt securities				(199)		(199)
Other		(427)				(427)
Cash dividends			(15,507)			(15,507)
Issuance of shares under employee stock purchase plan	9	754				763
Issuance of shares under stock grant programs	(1)	35				34
Issuance of shares under deferred compensation plans	12	(12)
Repurchase of shares	(251)		(19,965)			(20,216)
Expense associated with share-based compensation arrangements		8,201				8,201
Accrued expense under deferred compensation plans		1,213				1,213
Ending balance at Jul. 01, 2023	61,865	335,494	2,408,314	(2,290)	31,614	2,834,997
Beginning balance at Dec. 30, 2023	61,621	354,702	2,582,332	1,106	30,429	3,030,190
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)			120,791		622	121,413
Foreign currency translation adjustment				(1,419)	616	(803)
Unrealized gain (loss) on debt securities				6		6
Distributions to NCI					(3,331)	(3,331)
Cash dividends			(20,411)			(20,411)
Issuance of shares under employee stock purchase plan	6	648				654
Issuance of shares under stock grant programs	369	5,829				6,198
Issuance of shares under deferred compensation plans	77	(77)
Repurchase of shares	(319)	(17,686)	(18,631)			(36,636)
Expense associated with share-based compensation arrangements		11,194				11,194
Accrued expense under deferred compensation plans		7,621				7,621
Ending balance at Mar. 30, 2024	61,754	362,231	2,664,081	(307)	28,336	3,116,095
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)			125,930		652	126,582
Foreign currency translation adjustment				(5,594)	(2,220)	(7,814)
Unrealized gain (loss) on debt securities				(64)		(64)
Distributions to NCI					(6,069)	(6,069)
Other		607				607
Cash dividends			(20,249)			(20,249)
Issuance of shares under employee stock purchase plan	9	807				816
Issuance of shares under stock grant programs	29	1	5			35
Issuance of shares under deferred compensation plans	10	(10)
Repurchase of shares	(883)		(99,681)			(100,564)
Expense associated with share-based compensation arrangements		7,954				7,954
Accrued expense under deferred compensation plans		1,395				1,395
Ending balance at Jun. 29, 2024	$ 60,919	$ 371,771	$ 2,670,086	$ (5,965)	$ 20,699	$ 3,117,510

FAIR VALUE - Asset Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Fixed Income \| Restricted Investment
Fair Value
Investments at fair value	$ 30,000	$ 24,400
Money market funds \| Cash and Cash Equivalents
Fair Value
Investments at fair value	261,400	498,500
Money market funds \| Restricted Investment
Fair Value
Investments at fair value	300	400
Mutual funds, equity and alternative investments \| Investments
Fair Value
Investments at fair value	36,700	34,800
Mutual funds, equity and alternative investments \| Other Non current Assets
Fair Value
Investments at fair value	22,000	10,500
Money market and mutual funds \| Other Non current Assets
Fair Value
Investments at fair value	100	100
Ardellis Insurance Ltd.
Fair Value
Total Fair Value	66,691	59,177
Estimate of Fair Value Measurement \| Recurring
Fair Value
Investments at fair value	350,467	568,655
Estimate of Fair Value Measurement \| Recurring \| Fixed Income
Fair Value
Investments at fair value	29,607	24,088
Estimate of Fair Value Measurement \| Recurring \| Money market funds
Fair Value
Investments at fair value	261,727	498,933
Estimate of Fair Value Measurement \| Recurring \| Treasury securities
Fair Value
Investments at fair value	344	344
Estimate of Fair Value Measurement \| Recurring \| Equity
Fair Value
Investments at fair value	39,279	26,911
Estimate of Fair Value Measurement \| Recurring \| Alternative Investments
Fair Value
Investments at fair value	4,054	4,052
Estimate of Fair Value Measurement \| Recurring \| Mutual Fund
Fair Value
Investments at fair value	15,456	14,327
Estimate of Fair Value Measurement \| Recurring \| Domestic stock
Fair Value
Investments at fair value	14,406	13,330
Estimate of Fair Value Measurement \| Recurring \| International stock funds
Fair Value
Investments at fair value	550	509
Estimate of Fair Value Measurement \| Recurring \| Target funds
Fair Value
Investments at fair value	9	9
Estimate of Fair Value Measurement \| Recurring \| Bond funds
Fair Value
Investments at fair value	5	5
Estimate of Fair Value Measurement \| Recurring \| Alternative funds
Fair Value
Investments at fair value	486	474
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1)
Fair Value
Investments at fair value	288,984	528,994
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Fixed Income
Fair Value
Investments at fair value	5,130	5,112
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Money market funds
Fair Value
Investments at fair value	250,775	492,800
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Treasury securities
Fair Value
Investments at fair value	344	344
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Equity
Fair Value
Investments at fair value	17,279	16,411
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Mutual Fund
Fair Value
Investments at fair value	15,456	14,327
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Domestic stock
Fair Value
Investments at fair value	14,406	13,330
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| International stock funds
Fair Value
Investments at fair value	550	509
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Target funds
Fair Value
Investments at fair value	9	9
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Bond funds
Fair Value
Investments at fair value	5	5
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Alternative funds
Fair Value
Investments at fair value	486	474
Estimate of Fair Value Measurement \| Recurring \| Prices with Other Observable Inputs (Level 2)
Fair Value
Investments at fair value	35,429	25,109
Estimate of Fair Value Measurement \| Recurring \| Prices with Other Observable Inputs (Level 2) \| Fixed Income
Fair Value
Investments at fair value	24,477	18,976
Estimate of Fair Value Measurement \| Recurring \| Prices with Other Observable Inputs (Level 2) \| Money market funds
Fair Value
Investments at fair value	10,952	6,133
Estimate of Fair Value Measurement \| Recurring \| Prices with Unobservable Inputs (Level 3)
Fair Value
Investments at fair value	26,054	14,552
Estimate of Fair Value Measurement \| Recurring \| Prices with Unobservable Inputs (Level 3) \| Equity
Fair Value
Investments at fair value	22,000	10,500
Estimate of Fair Value Measurement \| Recurring \| Prices with Unobservable Inputs (Level 3) \| Alternative Investments
Fair Value
Investments at fair value	$ 4,054	$ 4,052

SEGMENT REPORTING - Goodwill (Details) $ in Thousands	6 Months Ended
SEGMENT REPORTING - Goodwill (Details) $ in Thousands	Jun. 29, 2024 USD ($)
Goodwill
Goodwill, Beginning Balance	$ 336,313
Foreign Exchange, Net	(865)
Goodwill, Ending Balance	335,448
Retail
Goodwill
Goodwill, Beginning Balance	84,204
Foreign Exchange, Net	(44)
Goodwill, Ending Balance	84,160
Packaging
Goodwill
Goodwill, Beginning Balance	141,042
Goodwill, Ending Balance	141,042
Construction
Goodwill
Goodwill, Beginning Balance	87,805
Foreign Exchange, Net	(170)
Goodwill, Ending Balance	87,635
All Other
Goodwill
Goodwill, Beginning Balance	23,262
Foreign Exchange, Net	(651)
Goodwill, Ending Balance	$ 22,611

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 247,331	$ 276,366
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation	60,643	52,786
Amortization of intangibles	11,735	10,371
Expense associated with share-based and grant compensation arrangements	19,276	17,875
Deferred income taxes	299	(319)
Unrealized gain on investments and other	(1,825)	(1,291)
Equity in loss of investee	1,236	1,005
Net loss (gain) on sale, disposition and impairment of assets	1,991	(182)
Gain from reduction of estimated earnout liability	(1,855)
Changes in:
Accounts receivable	(176,839)	(183,717)
Inventories	41,684	154,413
Accounts payable and cash overdraft	61,125	56,899
Accrued liabilities and other	(25,723)	(63,142)
NET CASH FROM OPERATING ACTIVITIES	239,078	321,064
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(106,585)	(84,981)
Proceeds from sale of property, plant and equipment	2,353	789
Acquisitions, net of cash received and purchase of equity method investment		67
Purchases of investments	(16,416)	(14,747)
Proceeds from sale of investments	9,284	11,486
Other	(7,674)	2,076
NET CASH USED IN INVESTING ACTIVITIES	(119,038)	(85,310)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Borrowings under revolving credit facilities	12,354	11,026
Repayments under revolving credit facilities	(11,988)	(11,869)
Repayments of debt		(29)
Repayment of debt on behalf of investee	(6,303)
Contingent consideration payments and other	(4,779)	(6,179)
Proceeds from issuance of common stock	1,470	1,448
Dividends paid to shareholders	(40,660)	(31,149)
Distributions to noncontrolling interest	(9,400)	(4,859)
Payments to taxing authorities in connection with shares directly withheld from employees	(17,838)
Repurchase of common stock	(119,362)	(55,484)
Other	38	48
NET CASH USED IN FINANCING ACTIVITIES	(196,468)	(97,047)
Effect of exchange rate changes on cash	(3,726)	4,579
NET CHANGE IN CASH AND CASH EQUIVALENTS	(80,154)	143,286
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR	1,122,256	559,623
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD	$ 1,042,102	$ 702,909

INCOME TAXES

6 Months Ended

Jun. 29, 2024

INCOME TAXES

INCOME TAXES

H. INCOME TAXES

Effective tax rates differ from statutory federal income tax rates, primarily due to provisions for foreign, state and local income taxes and permanent tax differences. Our effective tax rate was 25.1% in the second quarter of 2024 compared to 23.7% in the same period of 2023 and was 21.5% in the first six months of 2024 compared to 23.7% for the same period in 2023. The increase in our effective tax rate for the second quarter was primarily due to the impact of certain compensation expense which is not deductible. The decrease in our effective tax rate for the first six months of 2024 was primarily due to an increase in our tax deduction from stock-based compensation accounted for as a permanent difference.

- Definition

The entire disclosure for income tax.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (Unaudited)
NET SALES	$ 1,901,959	$ 2,043,918	$ 3,540,925	$ 3,866,394
COST OF GOODS SOLD	1,539,216	1,643,851	2,852,104	3,107,998
GROSS PROFIT	362,743	400,067	688,821	758,396
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	203,155	204,703	395,214	399,386
OTHER LOSSES (GAINS), NET	554	1,867	750	3,805
EARNINGS FROM OPERATIONS	159,034	193,497	292,857	355,205
INTEREST EXPENSE	3,167	3,275	6,303	6,393
INTEREST AND INVESTMENT INCOME	(13,215)	(7,717)	(29,708)	(14,264)
EQUITY IN LOSS OF INVESTEE	642	417	1,236	1,005
INTEREST AND OTHER	(9,406)	(4,025)	(22,169)	(6,866)
EARNINGS BEFORE INCOME TAXES	168,440	197,522	315,026	362,071
INCOME TAXES	42,208	46,734	67,695	85,705
NET EARNINGS	126,232	150,788	247,331	276,366
NET (EARNINGS) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST	(302)	(27)	(610)	464
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST	$ 125,930	$ 150,761	$ 246,721	$ 276,830
EARNINGS PER SHARE - BASIC (USD per share)	$ 2.05	$ 2.40	$ 4.01	$ 4.41
EARNINGS PER SHARE - DILUTED (USD per share)	$ 2.05	$ 2.36	$ 4.00	$ 4.35
OTHER COMPREHENSIVE INCOME:
NET EARNINGS	$ 126,232	$ 150,788	$ 247,331	$ 276,366
OTHER COMPREHENSIVE INCOME (LOSS)	(7,980)	4,478	(9,110)	10,730
COMPREHENSIVE INCOME	118,252	155,266	238,221	287,096
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST	2,020	(1,721)	1,429	(3,481)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST	$ 120,272	$ 153,545	$ 239,650	$ 283,615

REVENUE RECOGNITION - Percentage of completion (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
REVENUE RECOGNITION
Cost and Earnings in Excess of Billings	$ 7,227	$ 3,572	$ 3,266
Billings in Excess of Cost and Earnings	$ 8,816	$ 9,487	$ 12,914

EARNINGS PER SHARE

6 Months Ended

Jun. 29, 2024

EARNINGS PER SHARE

EARNINGS PER SHARE

D. EARNINGS PER SHARE

The computation of earnings per share (“EPS”) is as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 29,		July 1,		June 29,		July 1,
	2024		2023		2024		2023
Numerator:
Net earnings attributable to controlling interest	$	125,930	$	150,761	$	246,721	$	276,830
Adjustment for earnings allocated to non-vested restricted common stock equivalents		(4,781)		(7,588)		(9,684)		(13,096)
Net earnings for calculating EPS	$	121,149	$	143,173	$	237,037	$	263,734
Denominator:
Weighted average shares outstanding		61,668		62,786		61,817		62,756
Adjustment for non-vested restricted common stock equivalents		(2,633)		(3,160)		(2,710)		(2,969)
Shares for calculating basic EPS		59,035		59,626		59,107		59,787
Effect of dilutive restricted common stock equivalents		124		918		106		885
Shares for calculating diluted EPS		59,159		60,544		59,213		60,672
Net earnings per share:
Basic	$	2.05	$	2.40	$	4.01	$	4.41
Diluted	$	2.05	$	2.36	$	4.00	$	4.35

SEGMENT REPORTING

6 Months Ended

Jun. 29, 2024

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 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, 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 June 29, 2024
	Retail		Packaging		Construction		All Other		Corporate		Total
Net sales to outside customers	$	809,067	$	435,204	$	574,547	$	81,470	$	1,671	$	1,901,959
Intersegment net sales		70,102		26,275		18,797		80,055		(195,229)		—
Earnings from operations		59,783		29,516		52,011		7,496		10,228		159,034


	Three Months Ended July 1, 2023
	Retail		Packaging		Construction		All Other		Corporate		Total
Net sales to outside customers	$	938,630	$	488,100	$	550,464	$	67,592	$	(868)	$	2,043,918
Intersegment net sales		198,518		20,976		23,554		75,480		(318,528)		—
Earnings from operations		60,211		56,864		61,959		6,786		7,677		193,497

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.


	Six Months Ended June 29, 2024
	Retail		Packaging		Construction		All Other		Corporate		Total
Net sales to outside customers	$	1,437,832	$	859,622	$	1,092,443	$	148,417	$	2,611	$	3,540,925
Intersegment net sales		129,448		47,201		38,832		151,312		(366,793)		—
Earnings from operations		105,763		60,762		97,353		11,369		17,610		292,857


	Six Months Ended July 1, 2023
	Retail		Packaging		Construction		All Other		Corporate		Total
Net sales to outside customers	$	1,699,924	$	974,661	$	1,066,057	$	123,387	$	2,365	$	3,866,394
Intersegment net sales		421,843		41,026		49,390		152,967		(665,226)		—
Earnings from operations		100,469		111,596		116,207		11,618		15,315		355,205

The following table presents goodwill by segment as of June 29, 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		(44)		—		(170)		(651)		—		(865)
Balance as of June 29, 2024	$	84,160	$	141,042	$	87,635	$	22,611	$	—	$	335,448

The following table presents total assets by segment as of June 29, 2024, and December 30, 2023 (in thousands).


	Total Assets by Segment
	June 29,		December 30,
Segment Classification	2024		2023		% Change
Retail	$	916,574	$	828,798	10.6	%
Packaging		802,204		798,623	0.4
Construction		666,622		621,762	7.2
All Other		337,962		316,481	6.8
Corporate		1,415,132		1,452,133	(2.5)
Total Assets	$	4,138,494	$	4,017,797	3.0	%

The following table presents our disaggregated net sales (in thousands) by business unit for each segment for the three and six months ended June 29, 2024, and July 1, 2023 (in thousands).


	Three Months Ended				Six Months Ended
	June 29,		July 1,		June 29,		July 1,
	2024		2023		2024		2023
Retail
Deckorators	$	99,706	$	103,656	$	173,841	$	181,119
ProWood		668,275		794,287		1,194,236		1,445,287
UFP Edge		38,009		40,216		65,293		72,768
Other		3,077		471		4,462		750
Total Retail	$	809,067	$	938,630	$	1,437,832	$	1,699,924

Packaging
Structural Packaging	$	280,102	$	330,510	$	554,252	$	658,760
PalletOne		136,911		136,937		269,401		274,507
Protective Packaging		18,191		20,653		35,969		41,394
Total Packaging	$	435,204	$	488,100	$	859,622	$	974,661

Construction
Factory Built	$	225,242	$	180,024	$	417,076	$	347,637
Site Built		238,547		248,445		460,106		469,562
Commercial		66,347		66,320		127,731		138,665
Concrete Forming		44,411		55,675		87,530		110,193
Total Construction	$	574,547	$	550,464	$	1,092,443	$	1,066,057

All Other	$	81,470	$	67,592	$	148,417	$	123,387

Corporate	$	1,671	$	(868)	$	2,611	$	2,365

Total Net Sales	$	1,901,959	$	2,043,918	$	3,540,925	$	3,866,394

- 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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+ Details

COMMON STOCK (Tables)

6 Months Ended

Jun. 29, 2024

COMMON STOCK

Schedule of common stock issuances

Below is a summary of common stock issuances for the first six months of 2024 and 2023 (in thousands, except average share price):


	June 29, 2024
Share Issuance Activity	Common Stock		Average Share Price
Shares issued under the employee stock purchase plan	15	$	116.64

Shares issued under the employee stock gift program	1		117.80
Shares issued under the director compensation plan	1		114.61
Shares issued under the LTSIP	352		113.49
Shares issued under the executive stock match plan	64		111.35
Forfeitures	(20)
Total shares issued under stock grant programs	398	$	113.14

Shares issued under the deferred compensation plans	87	$	112.29


	July 1, 2023
Share Issuance Activity	Common Stock		Average Share Price
Shares issued under the employee stock purchase plan	19	$	87.86

Shares issued under the employee stock gift program	1		86.88
Shares issued under the director retainer stock program	2		87.02
Shares issued under the LTSIP	756		86.14
Shares issued under the executive stock grants plan	75		85.89
Forfeitures	(10)
Total shares issued under stock grant programs	824	$	86.12

Shares issued under the deferred compensation plans	105	$	85.16

FAIR VALUE (Tables)

6 Months Ended

Jun. 29, 2024

FAIR VALUE

Assets measured at fair value

Assets measured at fair value are as follows (in thousands):


	June 29, 2024								December 30, 2023
	Quoted		Prices with						Quoted		Prices with
	Prices in		Other			Prices with			Prices in		Other			Prices with
	Active		Observable			Unobservable			Active		Observable			Unobservable
	Markets		Inputs			Inputs			Markets		Inputs			Inputs
	(Level 1)		(Level 2)			(Level 3)	Total		(Level 1)		(Level 2)			(Level 3)	Total
Money market funds	$	250,775	$	10,952	$	—	$	261,727	$	492,800	$	6,133	$	—	$	498,933
Fixed income funds		5,130		24,477		—		29,607		5,112		18,976		—		24,088
Treasury securities		344		—		—		344		344		—		—		344
Equity securities		17,279		—		22,000		39,279		16,411		—		10,500		26,911
Alternative investments		—		—		4,054		4,054		—		—		4,052		4,052
Mutual funds:
Domestic stock funds		14,406		—		—		14,406		13,330		—		—		13,330
International stock funds		550		—		—		550		509		—		—		509
Target funds		9		—		—		9		9		—		—		9
Bond funds		5		—		—		5		5		—		—		5
Alternative funds		486		—		—		486		474		—		—		474
Total mutual funds		15,456		—		—		15,456		14,327		—		—		14,327
Total	$	288,984	$	35,429	$	26,054	$	350,467	$	528,994	$	25,109	$	14,552	$	568,655

Available for sale investment portfolio

Ardellis’ available for sale investment portfolio, including funds held with the State of Michigan, consists of the following (in thousands):


	June 29, 2024						December 30, 2023
			Unrealized						Unrealized
	Cost		Gain (Loss)		Fair Value		Cost		Gain (Loss)		Fair Value
Fixed income	$	31,067	$	(1,460)	$	29,607	$	25,514	$	(1,426)	$	24,088
Treasury securities		344		—		344		344		—		344
Equity		13,669		3,610		17,279		13,523		2,888		16,411
Mutual funds		12,922		2,485		15,407		12,348		1,934		14,282
Alternative investments		3,266		788		4,054		3,211		841		4,052
Total	$	61,268	$	5,423	$	66,691	$	54,940	$	4,237	$	59,177

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
INCOME TAXES (Details)	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
INCOME TAXES
Effective income tax rate	25.10%	23.70%	21.50%	23.70%

COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) $ in Millions	6 Months Ended
	Jun. 29, 2024 USD ($)
Long-term commitment
Outstanding purchase commitments on capital projects	$ 109.7
Surety Bonds and Letters of Credit
Outstanding letters of credit	43.8
Open Projects
Surety Bonds and Letters of Credit
Payment and performance bonds outstanding	23.4
Completed Projects
Surety Bonds and Letters of Credit
Payment and performance bonds outstanding	6.9
Insurance contracts and other legal agreements
Surety Bonds and Letters of Credit
Outstanding letters of credit	40.4
Revenue Bonds
Surety Bonds and Letters of Credit
Outstanding letters of credit	$ 3.3

REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 29, 2024

REVENUE RECOGNITION

Schedule of disaggregation of revenue

The following table presents our net sales disaggregated by revenue source (in thousands):


	Three Months Ended					Six Months Ended
	June 29,		July 1,			June 29,		July 1,
	2024		2023		% Change	2024		2023		% Change
Point in Time Revenue	$	1,857,264	$	2,006,319	(7.4)%	$	3,462,099	$	3,790,775	(8.7)%
Over Time Revenue		44,695		37,599	18.9%		78,826		75,619	4.2%
Total Net Sales		1,901,959		2,043,918	(6.9)%	$	3,540,925	$	3,866,394	(8.4)%

Schedule of percentage-of-completion balances

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):


	June 29,		December 30,		July 1,
	2024		2023		2023
Cost and Earnings in Excess of Billings	$	7,227	$	3,572	$	3,266
Billings in Excess of Cost and Earnings		8,816		9,487		12,914

SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 29, 2024

SEGMENT REPORTING

Segment Reporting

The tables below are presented in thousands:


	Three Months Ended June 29, 2024
	Retail		Packaging		Construction		All Other		Corporate		Total
Net sales to outside customers	$	809,067	$	435,204	$	574,547	$	81,470	$	1,671	$	1,901,959
Intersegment net sales		70,102		26,275		18,797		80,055		(195,229)		—
Earnings from operations		59,783		29,516		52,011		7,496		10,228		159,034


	Three Months Ended July 1, 2023
	Retail		Packaging		Construction		All Other		Corporate		Total
Net sales to outside customers	$	938,630	$	488,100	$	550,464	$	67,592	$	(868)	$	2,043,918
Intersegment net sales		198,518		20,976		23,554		75,480		(318,528)		—
Earnings from operations		60,211		56,864		61,959		6,786		7,677		193,497


	Six Months Ended June 29, 2024
	Retail		Packaging		Construction		All Other		Corporate		Total
Net sales to outside customers	$	1,437,832	$	859,622	$	1,092,443	$	148,417	$	2,611	$	3,540,925
Intersegment net sales		129,448		47,201		38,832		151,312		(366,793)		—
Earnings from operations		105,763		60,762		97,353		11,369		17,610		292,857


	Six Months Ended July 1, 2023
	Retail		Packaging		Construction		All Other		Corporate		Total
Net sales to outside customers	$	1,699,924	$	974,661	$	1,066,057	$	123,387	$	2,365	$	3,866,394
Intersegment net sales		421,843		41,026		49,390		152,967		(665,226)		—
Earnings from operations		100,469		111,596		116,207		11,618		15,315		355,205

Schedule of Goodwill by Segment


	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		(44)		—		(170)		(651)		—		(865)
Balance as of June 29, 2024	$	84,160	$	141,042	$	87,635	$	22,611	$	—	$	335,448

Schedule of assets by segment


	Total Assets by Segment
	June 29,		December 30,
Segment Classification	2024		2023		% Change
Retail	$	916,574	$	828,798	10.6	%
Packaging		802,204		798,623	0.4
Construction		666,622		621,762	7.2
All Other		337,962		316,481	6.8
Corporate		1,415,132		1,452,133	(2.5)
Total Assets	$	4,138,494	$	4,017,797	3.0	%

Gross Sales by Major Product Classification

The following table presents our disaggregated net sales (in thousands) by business unit for each segment for the three and six months ended June 29, 2024, and July 1, 2023 (in thousands).


	Three Months Ended				Six Months Ended
	June 29,		July 1,		June 29,		July 1,
	2024		2023		2024		2023
Retail
Deckorators	$	99,706	$	103,656	$	173,841	$	181,119
ProWood		668,275		794,287		1,194,236		1,445,287
UFP Edge		38,009		40,216		65,293		72,768
Other		3,077		471		4,462		750
Total Retail	$	809,067	$	938,630	$	1,437,832	$	1,699,924

Packaging
Structural Packaging	$	280,102	$	330,510	$	554,252	$	658,760
PalletOne		136,911		136,937		269,401		274,507
Protective Packaging		18,191		20,653		35,969		41,394
Total Packaging	$	435,204	$	488,100	$	859,622	$	974,661

Construction
Factory Built	$	225,242	$	180,024	$	417,076	$	347,637
Site Built		238,547		248,445		460,106		469,562
Commercial		66,347		66,320		127,731		138,665
Concrete Forming		44,411		55,675		87,530		110,193
Total Construction	$	574,547	$	550,464	$	1,092,443	$	1,066,057

All Other	$	81,470	$	67,592	$	148,417	$	123,387

Corporate	$	1,671	$	(868)	$	2,611	$	2,365

Total Net Sales	$	1,901,959	$	2,043,918	$	3,540,925	$	3,866,394

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

FAIR VALUE - Available for Sale Investment Portfolio (Details) - Ardellis Insurance Ltd. - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Available-for-sale securities
Total Securities Cost	$ 61,268	$ 54,940
Unrealized Gain (Loss)	5,423	4,237
Total Fair Value	66,691	59,177
Fixed Income
Available-for-sale securities
Debt Securities Cost	31,067	25,514
Debt Securities Unrealized Gain/(Loss)	(1,460)	(1,426)
Debt Securities Fair Value	29,607	24,088
Treasury securities
Available-for-sale securities
Debt Securities Cost	344	344
Debt Securities Fair Value	344	344
Equity
Available-for-sale securities
Equity Securities Cost	13,669	13,523
Equity Securities Unrealized Gain/(Loss)	3,610	2,888
Equity Securities Fair Value	17,279	16,411
Mutual Fund
Available-for-sale securities
Debt Securities Cost	12,922	12,348
Debt Securities Unrealized Gain/(Loss)	2,485	1,934
Debt Securities Fair Value	15,407	14,282
Alternative Investments
Available-for-sale securities
Debt Securities Cost	3,266	3,211
Debt Securities Unrealized Gain/(Loss)	788	841
Debt Securities Fair Value	$ 4,054	$ 4,052

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 29, 2024

EARNINGS PER SHARE

Schedule of computation of earnings per share

The computation of earnings per share (“EPS”) is as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 29,		July 1,		June 29,		July 1,
	2024		2023		2024		2023
Numerator:
Net earnings attributable to controlling interest	$	125,930	$	150,761	$	246,721	$	276,830
Adjustment for earnings allocated to non-vested restricted common stock equivalents		(4,781)		(7,588)		(9,684)		(13,096)
Net earnings for calculating EPS	$	121,149	$	143,173	$	237,037	$	263,734
Denominator:
Weighted average shares outstanding		61,668		62,786		61,817		62,756
Adjustment for non-vested restricted common stock equivalents		(2,633)		(3,160)		(2,710)		(2,969)
Shares for calculating basic EPS		59,035		59,626		59,107		59,787
Effect of dilutive restricted common stock equivalents		124		918		106		885
Shares for calculating diluted EPS		59,159		60,544		59,213		60,672
Net earnings per share:
Basic	$	2.05	$	2.40	$	4.01	$	4.41
Diluted	$	2.05	$	2.36	$	4.00	$	4.35

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 125,930	$ 150,761	$ 246,721	$ 276,830

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

BASIS OF PRESENTATION (Policies)

6 Months Ended

Jun. 29, 2024

BASIS OF PRESENTATION

Revenue Recognition

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023
Increase (Decrease) in Temporary Equity
Beginning balance	$ 19,383	$ 20,030	$ 6,801	$ 6,880
Net earnings (loss)	(350)	(314)	(29)	(178)
Foreign currency translation adjustment	(102)	(333)		56
Other				43
Ending balance	$ 18,931	$ 19,383	$ 6,772	$ 6,801

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
SHAREHOLDERS' EQUITY:
Preferred stock, no par value (in dollars per share)	$ 0	$ 0	$ 0
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common Stock, Par or Stated Value Per Share	$ 1	$ 1	$ 1
Common stock, shares authorized (in shares)	160,000,000	160,000,000	160,000,000
Common stock, shares issued (in shares)	60,918,541	61,621,004	61,865,006
Common stock, shares outstanding (in shares)	60,918,541	61,621,004	61,865,006

COMMON STOCK

6 Months Ended

Jun. 29, 2024

COMMON STOCK

COMMON STOCK

I. COMMON STOCK

Below is a summary of common stock issuances for the first six months of 2024 and 2023 (in thousands, except average share price):


	June 29, 2024
Share Issuance Activity	Common Stock		Average Share Price
Shares issued under the employee stock purchase plan	15	$	116.64

Shares issued under the employee stock gift program	1		117.80
Shares issued under the director compensation plan	1		114.61
Shares issued under the LTSIP	352		113.49
Shares issued under the executive stock match plan	64		111.35
Forfeitures	(20)
Total shares issued under stock grant programs	398	$	113.14

Shares issued under the deferred compensation plans	87	$	112.29

During the first six months of 2024, we repurchased 1,202,527 shares of our common stock at an average share price of $114.09.


	July 1, 2023
Share Issuance Activity	Common Stock		Average Share Price
Shares issued under the employee stock purchase plan	19	$	87.86

Shares issued under the employee stock gift program	1		86.88
Shares issued under the director retainer stock program	2		87.02
Shares issued under the LTSIP	756		86.14
Shares issued under the executive stock grants plan	75		85.89
Forfeitures	(10)
Total shares issued under stock grant programs	824	$	86.12

Shares issued under the deferred compensation plans	105	$	85.16

During the first six months of 2023, we repurchased approximately 700,597 shares of our common stock at an average share price of $79.20.

COMMITMENTS, CONTINGENCIES, AND GUARANTEES

6 Months Ended

Jun. 29, 2024

COMMITMENTS, CONTINGENCIES, AND GUARANTEES

COMMITMENTS, CONTINGENCIES, AND GUARANTEES

E. COMMITMENTS, CONTINGENCIES, AND GUARANTEES

We are self-insured for environmental impairment liability, including certain liabilities which are insured through a wholly owned subsidiary, Ardellis Insurance Ltd., a licensed captive insurance company.

In addition, on June 29, 2024, we were parties either as plaintiff or defendant to a number of lawsuits and claims arising through the normal course of our business. In the opinion of management, our consolidated financial statements will not be materially affected by the outcome of these contingencies and claims.

On June 29, 2024, we had outstanding purchase commitments on commenced capital projects of approximately $109.7 million.

We provide a variety of warranties for products we manufacture. Historically, warranty claims have not been material. We also distribute products manufactured by other companies. While we do not warrant these products, we have received claims as a distributor of these products when the manufacturer no longer exists or has the ability to pay. Historically, these costs have not had a material effect on our consolidated financial statements.

As part of our operations, we supply building materials and labor to site-built construction projects or we jointly bid on contracts with framing companies for such projects. In some instances, we are required to post payment and performance bonds to ensure the products and installation services are completed in accordance with our contractual obligations. We have agreed to indemnify the surety for claims properly made against these bonds. As of June 29, 2024, we had approximately $23.4 million in outstanding payment and performance bonds for open projects. We had approximately $6.9 million in payment and performance bonds outstanding for completed projects which are still under warranty.

On June 29, 2024, we had outstanding letters of credit totaling $43.8 million, primarily related to certain insurance contracts, industrial development revenue bonds, and other debt agreements described further below.

In lieu of cash deposits, we provide irrevocable letters of credit in favor of our insurers and other third parties to guarantee our performance under certain insurance contracts and other legal agreements. As of June 29, 2024, we have irrevocable letters of credit outstanding totaling approximately $40.4 million for these types of arrangements. We have reserves recorded on our balance sheet, in accrued liabilities, that reflect our expected future liabilities under those insurance arrangements.

We are required to provide irrevocable letters of credit in favor of the bond trustees for all industrial development revenue bonds that have been issued. These letters of credit guarantee principal and interest payments to the bondholders. We currently have irrevocable letters of credit outstanding totaling approximately $3.3 million related to our outstanding industrial development revenue bonds. These letters of credit have varying terms but may be renewed at the option of the issuing banks.

Certain wholly owned domestic subsidiaries have guaranteed the indebtedness of UFP Industries, Inc. in certain debt agreements, including the Series 2012, 2018 and 2020 Senior Notes and our revolving credit facility. The maximum exposure of these guarantees is limited to the indebtedness outstanding under these debt arrangements and this exposure will expire concurrent with the expiration of the debt agreements.

We did not enter into any new guarantee arrangements during the second quarter of 2024 which would require us to recognize a liability on our balance sheet.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 1,041,341	$ 1,118,329	$ 702,148
Restricted cash	761	3,927	761
Investments	36,740	34,745	38,459
Accounts receivable, net	724,921	549,499	802,300
Inventories:
Raw materials	393,871	352,785	334,300
Finished goods	290,942	375,003	486,887
Total inventories	684,813	727,788	821,187
Refundable income taxes	27,499	29,327	13,717
Other current assets	37,954	38,474	36,486
TOTAL CURRENT ASSETS	2,554,029	2,502,089	2,415,058
DEFERRED INCOME TAXES	3,291	4,228	4,187
RESTRICTED INVESTMENTS	30,344	24,838	22,756
RIGHT OF USE ASSETS	124,903	103,774	105,907
OTHER ASSETS	101,292	87,438	96,079
GOODWILL	335,448	336,313	336,495
INDEFINITE-LIVED INTANGIBLE ASSETS	7,332	7,345	7,330
OTHER INTANGIBLE ASSETS, NET	162,358	175,195	138,117
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment	1,638,880	1,559,304	1,447,482
Less accumulated depreciation and amortization	(819,383)	(782,727)	(729,468)
PROPERTY, PLANT AND EQUIPMENT, NET	819,497	776,577	718,014
TOTAL ASSETS	4,138,494	4,017,797	3,843,943
CURRENT LIABILITIES:
Accounts payable	263,318	203,055	264,408
Accrued liabilities:
Compensation and benefits	172,790	232,331	183,910
Other	80,506	66,713	79,414
Current portion of lease liability	28,020	22,977	25,887
Current portion of long-term debt	43,754	42,900	2,385
TOTAL CURRENT LIABILITIES	588,388	567,976	556,004
LONG-TERM DEBT	232,979	233,534	274,821
LEASE LIABILITY	102,872	84,885	84,194
DEFERRED INCOME TAXES	44,787	45,248	51,018
OTHER LIABILITIES	33,027	35,934	36,137
TOTAL LIABILITIES	1,002,053	967,577	1,002,174
TEMPORARY EQUITY:
Redeemable noncontrolling interest	18,931	20,030	6,772
Controlling interest shareholders' equity:
Preferred stock, no par value; shares authorized 1,000,000; issued and outstanding, none
Common stock, $1 par value; shares authorized 160,000,000; issued and outstanding, 60,918,541, 61,621,004, and 61,865,006	60,919	61,621	61,865
Additional paid-in capital	371,771	354,702	335,494
Retained earnings	2,670,086	2,582,332	2,408,314
Accumulated other comprehensive loss	(5,965)	1,106	(2,290)
Total controlling interest shareholders' equity	3,096,811	2,999,761	2,803,383
Noncontrolling interest	20,699	30,429	31,614
TOTAL SHAREHOLDERS' EQUITY	3,117,510	3,030,190	2,834,997
TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS' EQUITY	$ 4,138,494	$ 4,017,797	$ 3,843,943

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	Aug. 07, 2024	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Subsequent Event
Repurchase of shares		$ 100,564	$ 36,636	$ 20,216	$ 35,268
Repurchase of shares (in shares)		883,232	319,295	250,000	450,597	1,202,527	700,597
Repurchase of common stock (dollars per share)				$ 79.20		$ 114.09	$ 79.20
Subsequent Event
Subsequent Event
Repurchase of shares	$ 21,800
Repurchase of shares (in shares)	197,417
Repurchase of common stock (dollars per share)	$ 110.22

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

FAIR VALUE

6 Months Ended

Jun. 29, 2024

FAIR VALUE

FAIR VALUE

B. FAIR VALUE

We apply the provisions of ASC 820, Fair Value Measurements and Disclosures, to assets and liabilities measured at fair value. Assets measured at fair value are as follows (in thousands):


	June 29, 2024								December 30, 2023
	Quoted		Prices with						Quoted		Prices with
	Prices in		Other			Prices with			Prices in		Other			Prices with
	Active		Observable			Unobservable			Active		Observable			Unobservable
	Markets		Inputs			Inputs			Markets		Inputs			Inputs
	(Level 1)		(Level 2)			(Level 3)	Total		(Level 1)		(Level 2)			(Level 3)	Total
Money market funds	$	250,775	$	10,952	$	—	$	261,727	$	492,800	$	6,133	$	—	$	498,933
Fixed income funds		5,130		24,477		—		29,607		5,112		18,976		—		24,088
Treasury securities		344		—		—		344		344		—		—		344
Equity securities		17,279		—		22,000		39,279		16,411		—		10,500		26,911
Alternative investments		—		—		4,054		4,054		—		—		4,052		4,052
Mutual funds:
Domestic stock funds		14,406		—		—		14,406		13,330		—		—		13,330
International stock funds		550		—		—		550		509		—		—		509
Target funds		9		—		—		9		9		—		—		9
Bond funds		5		—		—		5		5		—		—		5
Alternative funds		486		—		—		486		474		—		—		474
Total mutual funds		15,456		—		—		15,456		14,327		—		—		14,327
Total	$	288,984	$	35,429	$	26,054	$	350,467	$	528,994	$	25,109	$	14,552	$	568,655

From the assets measured at fair value as of June 29, 2024, listed in the table above, $261.4 million of money market funds are held in Cash and Cash Equivalents, $36.7 million of mutual funds, equity securities, and alternative investments are held in Investments, $22.0 million of equity securities are held in Other Assets, $0.1 million of money market and mutual funds are held in Other Assets for our deferred compensation plan, and $30.0 million of fixed income funds and $0.3 million of money market funds are held in Restricted Investments. As of December 30, 2023, $498.5 million of money market funds were held in Cash and Cash Equivalents, $34.8 million of mutual funds, equity securities, and alternative investments were held in Investments, $10.5 million of equity securities were held in Other Assets, $0.1 million of money market and mutual funds were held in Other Assets for our deferred compensation plan, and $24.4 million of fixed income funds and $0.4 million of money market funds were held in Restricted Investments.

We maintain money market, mutual funds, bonds, and/or equity securities in our non-qualified deferred compensation plan, our wholly owned licensed captive insurance company, and assets held in financial institutions. These funds are valued at prices quoted in an active exchange market and are included in “Cash and Cash Equivalents”, “Investments”, “Other Assets”, and “Restricted Investments”. We have elected not to apply the fair value option under ASC 825, Financial Instruments, to any of our financial instruments except for those expressly required by U.S. GAAP.

In accordance with our investment policy, our wholly-owned captive, Ardellis Insurance Ltd. (“Ardellis”), maintains an investment portfolio, totaling $66.7 million and $59.2 million as of June 29, 2024 and December 30, 2023, respectively, which has been included in the aforementioned table of total investments. This portfolio consists of domestic and international equity securities, alternative investments, and fixed income bonds.

Ardellis’ available for sale investment portfolio, including funds held with the State of Michigan, consists of the following (in thousands):


	June 29, 2024						December 30, 2023
			Unrealized						Unrealized
	Cost		Gain (Loss)		Fair Value		Cost		Gain (Loss)		Fair Value
Fixed income	$	31,067	$	(1,460)	$	29,607	$	25,514	$	(1,426)	$	24,088
Treasury securities		344		—		344		344		—		344
Equity		13,669		3,610		17,279		13,523		2,888		16,411
Mutual funds		12,922		2,485		15,407		12,348		1,934		14,282
Alternative investments		3,266		788		4,054		3,211		841		4,052
Total	$	61,268	$	5,423	$	66,691	$	54,940	$	4,237	$	59,177

Our fixed income investments consist of a blend of US Government and Agency bonds and investment grade corporate bonds with varying maturities. Our equity investments consist of small, mid, and large cap growth and value funds, as well as international equity. Our mutual fund investments consist of domestic and international stock. Our alternative investments consist of a private real estate income trust which is valued as a Level 3 asset. The net pre-tax unrealized gain of the portfolio was $5.4 million and $4.2 million as of June 29, 2024 and December 30, 2023, respectively. Carrying amounts above are recorded in the Investments and Restricted Investments line items within the balance sheet as of June 29, 2024 and December 30, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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-Topic 820
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-Section 55
-Paragraph 100
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - SUPPLEMENTAL (Parenthetical) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents, beginning of period	$ 1,118,329	$ 702,148	$ 559,397
Restricted cash, beginning of period	3,927	761	226
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR	1,122,256	702,909	559,623
Cash and cash equivalents, end of period	1,041,341	1,118,329	702,148
Restricted cash, end of period	761	3,927	761
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD	$ 1,042,102	$ 1,122,256	$ 702,909

SUBSEQUENT EVENTS

6 Months Ended

Jun. 29, 2024

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

K. SUBSEQUENT EVENTS

Subsequent to our reporting date, we repurchased 197,417 shares for $21.8 million, at an average share price of $110.22.

COMMON STOCK - Common Stock Issuances (Details) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Common Stock
Common stock issued, net of forfeitures	29,460	369,012	1,503	824,669
Repurchase of common stock (in shares)	883,232	319,295	250,000	450,597	1,202,527	700,597
Average Share Price
Repurchase of common stock (dollars per share)			$ 79.20		$ 114.09	$ 79.20
Stock Purchase Plan
Common Stock
Common stock issued					15,000	19,000
Average Share Price
Common stock issued (dollars per share)	$ 116.64		87.86		$ 116.64	$ 87.86
Stock Gift Program
Common Stock
Common stock issued					1,000	1,000
Average Share Price
Common stock issued (dollars per share)	117.80		86.88		$ 117.80	$ 86.88
Director Compensation Plan
Common Stock
Common stock issued					1,000
Average Share Price
Common stock issued (dollars per share)	114.61				$ 114.61
Stock Retainer Plan
Common Stock
Common stock issued						2,000
Average Share Price
Common stock issued (dollars per share)			87.02			$ 87.02
LTSIP
Common Stock
Common stock issued					352,000	756,000
Average Share Price
Common stock issued (dollars per share)	113.49		86.14		$ 113.49	$ 86.14
Executive Stock Grants Plan
Common Stock
Common stock issued					64,000	75,000
Average Share Price
Common stock issued (dollars per share)	111.35		85.89		$ 111.35	$ 85.89
Deferred Compensation Plans
Common Stock
Common stock issued					87,000	105,000
Average Share Price
Common stock issued (dollars per share)	112.29		85.16		$ 112.29	$ 85.16
Stock grant programs
Common Stock
Common stock issued					398,000	824,000
Forfeitures					(20,000)	(10,000)
Average Share Price
Common stock issued (dollars per share)	$ 113.14		$ 86.12		$ 113.14	$ 86.12

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023
Increase (Decrease) in Stockholders' Equity
Cash dividends per share (USD per share)	$ 0.33	$ 0.33	$ 0.25	$ 0.25
Net issuance of shares under employee stock plans (in shares)	8,573	6,251	9,253	10,140
Net issuance (forfeiture) of shares under stock grant programs (in shares)	29,460	369,012	1,503	824,669
Issuance of shares under deferred compensation plans (in shares)	9,841	76,927	11,686	93,165
Repurchase of shares (in shares)	883,232	319,295	250,000	450,597

- Definition

+ References + Details

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jun. 27, 2022
Dempsey Wood Products, LLC
Ownership interest		50.00%
Dempsey Wood Products, LLC \| Sellers
Ownership interest		50.00%
Dempsey Wood Products, LLC
Sellers put right		$ 50.0
Call right		$ 70.0
Carrying value	$ 58.9

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

INVENTORIES

6 Months Ended

Jun. 29, 2024

INVENTORIES

INVENTORIES

J. INVENTORIES

Inventories are stated at the lower of cost or net realizable value. The cost of inventories includes raw materials, direct labor, and manufacturing overhead and is determined using the weighted average cost method. Raw materials consist primarily of unfinished wood products and other materials expected to be manufactured or treated prior to sale, while finished goods represent various manufactured and treated wood products ready for sale.

We write down the value of inventory, the impact of which is reflected in cost of goods sold in the Condensed Consolidated Statement of Earnings and Comprehensive Income, if the cost of specific inventory items on hand exceeds the amount we expect to realize from the ultimate sale or disposal of the inventory. These estimates are based on management's judgment regarding future demand and market conditions and analysis of historical experience. There was no lower of cost or net realizable value adjustment to inventory as of June 29, 2024 and a $0.8 million adjustment as of July 1, 2023.

BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands		6 Months Ended
BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands	Sep. 20, 2023	Jun. 29, 2024
Business Acquisition
Aggregate acquisitions' net sales		$ 10,700
Aggregate acquisitions' operating profit		$ 1,200
UFP Palets \| All Other \| International Segment
Business Acquisition
Intangible Assets	$ 43,785
Net tangible assets	9,056
Purchase consideration, equity method investment	$ 52,841
Percentage of stock purchase (as a percent)	80.00%
Acquired entity, trailing 12-months sales	$ 38,000

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Numerator:
Net Income (Loss)	$ 125,930	$ 150,761	$ 246,721	$ 276,830
Adjustment for earnings allocated to non-vested restricted common stock equivalents	(4,781)	(7,588)	(9,684)	(13,096)
Net earnings for calculating EPS	$ 121,149	$ 143,173	$ 237,037	$ 263,734
Denominator:
Weighted average shares outstanding (in shares)	61,668	62,786	61,817	62,756
Adjustment for non-vested restricted common stock equivalents (in shares)	(2,633)	(3,160)	(2,710)	(2,969)
Shares for calculating basic EPS (in shares)	59,035	59,626	59,107	59,787
Effect of dilutive restricted common stock equivalents (in shares)	124	918	106	885
Shares for calculating diluted EPS (in shares)	59,159	60,544	59,213	60,672
Net earnings per share
Basic (USD per share)	$ 2.05	$ 2.40	$ 4.01	$ 4.41
Diluted (USD per share)	$ 2.05	$ 2.36	$ 4.00	$ 4.35

REVENUE RECOGNITION - Disaggregated revenue (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024 USD ($) item	Jul. 01, 2023 USD ($)	Jun. 29, 2024 USD ($) item	Jul. 01, 2023 USD ($)
Revenue Recognition.
Number of markets in which the entity operates (in markets) \| item	3		3
NET SALES	$ 1,901,959	$ 2,043,918	$ 3,540,925	$ 3,866,394
Change %	(6.90%)		(8.40%)
Point in Time Revenue
Revenue Recognition.
NET SALES	$ 1,857,264	2,006,319	$ 3,462,099	3,790,775
Change %	(7.40%)		(8.70%)
Over Time Revenue
Revenue Recognition.
NET SALES	$ 44,695	$ 37,599	$ 78,826	$ 75,619
Change %	18.90%		4.20%
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-31 \| Over Time Revenue
Revenue Recognition.
Number of months to complete contract projects	6 months		6 months
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-31 \| Over Time Revenue
Revenue Recognition.
Number of months to complete contract projects	18 months		18 months

INVENTORIES (Details) - USD ($) $ in Millions	6 Months Ended
INVENTORIES (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023
INVENTORIES
Adjustments to inventory	$ 0.0	$ 0.8