UFP Industries (UFPI) 10-Q3 Aug 222022 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 25, 2022 shares
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 25, 2022
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)	61,622,527
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000912767
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 25, 2022	Dec. 25, 2021	Jun. 26, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 138,071	$ 286,662	$ 44,286
Restricted cash	729	4,561	629
Investments	35,475	36,495	33,827
Accounts receivable, net	1,046,543	737,805	980,571
Inventories:
Raw materials	490,923	416,043	540,289
Finished goods	615,379	547,277	486,199
Total inventories	1,106,302	963,320	1,026,488
Refundable income taxes	13,083	4,806
Other current assets	36,241	39,827	36,699
TOTAL CURRENT ASSETS	2,376,444	2,073,476	2,122,500
DEFERRED INCOME TAXES	3,568	3,462	2,362
RESTRICTED INVESTMENTS	19,885	19,310	18,896
RIGHT OF USE ASSETS	107,825	96,703	97,597
OTHER ASSETS	32,186	31,876	29,631
GOODWILL	320,532	315,038	318,108
INDEFINITE-LIVED INTANGIBLE ASSETS	7,350	7,369	7,401
OTHER INTANGIBLE ASSETS, NET	117,869	109,017	98,601
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment	1,286,037	1,212,113	1,120,381
Less accumulated depreciation and amortization	(660,873)	(623,093)	(587,194)
PROPERTY, PLANT AND EQUIPMENT, NET	625,164	589,020	533,187
TOTAL ASSETS	3,610,823	3,245,271	3,228,283
CURRENT LIABILITIES:
Cash overdraft	11,926	17,030	34,229
Accounts payable	386,833	319,125	359,484
Accrued liabilities:
Compensation and benefits	252,723	289,196	213,655
Income taxes			11,188
Other	107,112	84,853	90,153
Current portion of lease liability	24,903	23,155	22,511
Current portion of long-term debt	40,496	42,683	97
TOTAL CURRENT LIABILITIES	823,993	776,042	731,317
LONG-TERM DEBT	276,315	277,567	571,856
LEASE LIABILITY	86,464	76,632	78,564
DEFERRED INCOME TAXES	63,389	60,964	34,983
OTHER LIABILITIES	35,594	37,497	52,000
TOTAL LIABILITIES	1,285,755	1,228,702	1,468,720
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 80,000,000; issued and outstanding, 61,622,527, 61,901,851 and 61,850,733	61,623	61,902	61,851
Additional paid-in capital	275,061	243,995	235,309
Retained earnings	1,950,922	1,678,121	1,440,833
Accumulated other comprehensive loss	(7,458)	(5,405)	(1,464)
Total controlling interest shareholders' equity	2,280,148	1,978,613	1,736,529
Noncontrolling interest	44,920	37,956	23,034
TOTAL SHAREHOLDERS' EQUITY	2,325,068	2,016,569	1,759,563
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 3,610,823	$ 3,245,271	$ 3,228,283

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 25, 2022	Dec. 25, 2021	Jun. 26, 2021
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)	80,000,000	80,000,000	80,000,000
Common stock, shares issued (in shares)	61,622,527	61,901,851	61,850,733
Common stock, shares outstanding (in shares)	61,622,527	61,901,851	61,850,733

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
NET SALES	$ 2,900,874	$ 2,700,541	$ 5,390,187	$ 4,525,545
COST OF GOODS SOLD	2,397,422	2,279,247	4,408,372	3,817,697
GROSS PROFIT	503,452	421,294	981,815	707,848
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	214,538	184,539	434,688	334,637
OTHER GAINS, NET	3,348	(180)	2,536	(1,211)
EARNINGS FROM OPERATIONS	285,566	236,935	544,591	374,422
INTEREST EXPENSE	3,395	3,899	6,697	7,050
INTEREST AND INVESTMENT LOSS (INCOME)	4,154	(1,689)	5,247	(3,985)
EQUITY IN EARNINGS OF INVESTEE	1,017	835	1,532	1,465
NON-OPERATING (INCOME)/EXPENSE	8,566	3,045	13,476	4,530
EARNINGS BEFORE INCOME TAXES	277,000	233,890	531,115	369,892
INCOME TAXES	69,147	58,530	130,131	90,281
NET EARNINGS	207,853	175,360	400,984	279,611
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST	(4,735)	(1,978)	(8,163)	(2,918)
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST	$ 203,118	$ 173,382	$ 392,821	$ 276,693
EARNINGS PER SHARE - BASIC (USD per share)	$ 3.24	$ 2.79	$ 6.25	$ 4.46
EARNINGS PER SHARE - DILUTED (USD per share)	$ 3.23	$ 2.78	$ 6.22	$ 4.45
OTHER COMPREHENSIVE INCOME:
NET EARNINGS	$ 207,853	$ 175,360	$ 400,984	$ 279,611
OTHER COMPREHENSIVE GAIN (LOSS)	(4,383)	2,720	(1,199)	524
COMPREHENSIVE INCOME	203,470	178,080	399,785	280,135
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	(4,640)	(2,698)	(9,017)	(3,112)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST	$ 198,830	$ 175,382	$ 390,768	$ 277,023

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Earnings	Noncontrolling Interest	Total
Beginning balance at Dec. 26, 2020	$ 61,206	$ 218,224	$ 1,182,680	$ (1,794)	$ 22,836	$ 1,483,152
Increase (Decrease) in Stockholders' Equity
Net earnings			103,311		940	104,251
Foreign currency translation adjustment				(374)	(526)	(900)
Unrealized gain (loss) on debt securities				(1,296)		(1,296)
Distributions to noncontrolling interest					(2,914)	(2,914)
Cash dividends			(9,274)			(9,274)
Issuance of shares under employee stock purchase plan	6	357				363
Issuance of shares under stock grant programs	537	3,888	5			4,430
Issuance of shares under deferred compensation plans	89	(89)
Expense associated with share-based compensation arrangements		2,936				2,936
Accrued expense under deferred compensation plans		5,795				5,795
Ending balance at Mar. 27, 2021	61,838	231,111	1,276,722	(3,464)	20,336	1,586,543
Beginning balance at Dec. 26, 2020	61,206	218,224	1,182,680	(1,794)	22,836	1,483,152
Increase (Decrease) in Stockholders' Equity
Net earnings						279,611
Ending balance at Jun. 26, 2021	61,851	235,309	1,440,833	(1,464)	23,034	1,759,563
Beginning balance at Mar. 27, 2021	61,838	231,111	1,276,722	(3,464)	20,336	1,586,543
Increase (Decrease) in Stockholders' Equity
Net earnings			173,382		1,978	175,360
Foreign currency translation adjustment				1,759	720	2,479
Unrealized gain (loss) on debt securities				241		241
Cash dividends			(9,276)			(9,276)
Issuance of shares under employee stock purchase plan	9	564				573
Issuance of shares under stock grant programs	(6)	(224)	5			(225)
Issuance of shares under deferred compensation plans	10	(10)
Expense associated with share-based compensation arrangements		2,728				2,728
Accrued expense under deferred compensation plans		1,140				1,140
Ending balance at Jun. 26, 2021	61,851	235,309	1,440,833	(1,464)	23,034	1,759,563
Beginning balance at Dec. 25, 2021	61,902	243,995	1,678,121	(5,405)	37,956	2,016,569
Increase (Decrease) in Stockholders' Equity
Net earnings			189,703		3,428	193,131
Foreign currency translation adjustment				2,930	949	3,879
Unrealized gain (loss) on debt securities				(695)		(695)
Distributions to noncontrolling interest					(2,053)	(2,053)
Cash dividends			(12,541)			(12,541)
Issuance of shares under employee stock purchase plan	10	653				663
Issuance of shares under stock grant programs	787	8,959				9,746
Issuance of shares under deferred compensation plans	80	(80)
Repurchase of shares	(45)		(3,499)			(3,544)
Expense associated with share-based compensation arrangements		6,883				6,883
Accrued expense under deferred compensation plans		6,134				6,134
Ending balance at Mar. 26, 2022	62,734	266,544	1,851,784	(3,170)	40,280	2,218,172
Beginning balance at Dec. 25, 2021	61,902	243,995	1,678,121	(5,405)	37,956	2,016,569
Increase (Decrease) in Stockholders' Equity
Net earnings						400,984
Ending balance at Jun. 25, 2022	61,623	275,061	1,950,922	(7,458)	44,920	2,325,068
Beginning balance at Mar. 26, 2022	62,734	266,544	1,851,784	(3,170)	40,280	2,218,172
Increase (Decrease) in Stockholders' Equity
Net earnings			203,118		4,735	207,853
Foreign currency translation adjustment				(3,660)	(95)	(3,755)
Unrealized gain (loss) on debt securities				(628)		(628)
Cash dividends			(15,474)			(15,474)
Issuance of shares under employee stock purchase plan	14	781				795
Issuance of shares under stock grant programs	28	1,092				1,120
Issuance of shares under deferred compensation plans	12	(12)
Repurchase of shares	(1,165)		(88,506)			(89,671)
Expense associated with share-based compensation arrangements		5,556				5,556
Accrued expense under deferred compensation plans		1,100				1,100
Ending balance at Jun. 25, 2022	$ 61,623	$ 275,061	$ 1,950,922	$ (7,458)	$ 44,920	$ 2,325,068

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 25, 2022	Mar. 26, 2022	Jun. 26, 2021	Mar. 27, 2021
Increase (Decrease) in Stockholders' Equity
Cash dividends per share (USD per share)	$ 0.25	$ 0.20	$ 0.15	$ 0.15
Net issuance of shares under employee stock plans (in shares)	13,875	9,734	9,282	5,816
Net issuance (forfeiture) of shares under stock grant programs (in shares)	28,154	787,045	5,718	536,970
Issuance of shares under deferred compensation plans (in shares)	11,605	79,973	8,913	89,690
Repurchase of shares (in shares)	1,165,268	44,442

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
Net earnings	$ 400,984	$ 279,611
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation	44,034	38,342
Amortization of intangibles	8,740	7,193
Expense associated with share-based and grant compensation arrangements	12,542	5,742
Deferred income taxes	179	177
Unrealized loss (gain) on investments and other	6,181	(2,784)
Equity in earnings of investee	1,532	1,465
Net loss (gain) on sale and disposition of assets	766	(1,577)
Changes in:
Accounts receivable	(304,715)	(336,094)
Inventories	(134,653)	(329,577)
Accounts payable and cash overdraft	56,120	143,018
Accrued liabilities and other	(1,313)	78,751
NET CASH FROM (USED IN) OPERATING ACTIVITIES	90,397	(115,733)
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(71,675)	(79,028)
Proceeds from sale of property, plant and equipment	2,029	6,673
Acquisitions and purchases of non-controlling interest, net of cash received	(39,343)	(433,239)
Purchases of investments	(15,166)	(14,581)
Proceeds from sale of investments	8,221	6,885
Other	(2,829)	(708)
NET CASH USED IN INVESTING ACTIVITIES	(118,763)	(513,998)
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities	570,700	849,944
Repayments under revolving credit facilities	(571,075)	(589,695)
Repayments of debt	(2,485)
Contingent consideration payments and other	(2,553)	(1,464)
Proceeds from issuance of common stock	1,457	936
Dividends paid to shareholders	(28,015)	(18,550)
Distributions to noncontrolling interest	(2,053)	(2,914)
Repurchase of common stock	(90,805)
Other	(184)	(331)
NET CASH (USED IN) FROM FINANCING ACTIVITIES	(125,013)	237,926
Effect of exchange rate changes on cash	956	112
NET CHANGE IN CASH AND CASH EQUIVALENTS	(152,423)	(391,693)
Cash, cash equivalents, and restricted cash, beginning of period	291,223	436,608
Cash, cash equivalents, and restricted cash, end of period	$ 138,800	$ 44,915

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL (Parenthetical) - USD ($) $ in Thousands	Jun. 25, 2022	Dec. 25, 2021	Jun. 26, 2021
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents, beginning of period	$ 286,662	$ 44,286	$ 436,507
Restricted cash, beginning of period	4,561	629	101
Cash, cash equivalents, and restricted cash, beginning of period	291,223	44,915	436,608
Cash and cash equivalents, end of period	138,071	286,662	44,286
Restricted cash, end of period	729	4,561	629
Cash, cash equivalents, and restricted cash, end of period	$ 138,800	$ 291,223	$ 44,915

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL AND NON-CASH FINANCING ACTIVITIES (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
SUPPLEMENTAL INFORMATION:
Interest paid	$ 7,008	$ 7,107
Income taxes paid	138,420	73,174
NON-CASH INVESTING ACTIVITIES
Capital expenditures included in accounts payable	2,856
NON-CASH FINANCING ACTIVITIES:
Common stock issued under deferred compensation plans	$ 7,563	$ 6,064

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 25, 2022
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. All intercompany transactions and balances have been eliminated. 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 25, 2021. 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 June 26, 2021 balances in the accompanying unaudited condensed consolidated balance sheets. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

FAIR VALUE

FAIR VALUE	6 Months Ended
FAIR VALUE	Jun. 25, 2022
FAIR VALUE
FAIR VALUE	B. FAIR VALUE We apply the provisions of ASC 820, Fair Value Measurements and Disclosures June 25, 2022 June 26, 2021 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 $ 19 $ 4,170 $ — $ 4,189 $ 19 $ 2,840 $ — $ 2,859 Fixed income funds 2,684 16,654 — 19,338 244 17,610 — 17,854 Treasury securities 342 — — 342 307 — — 307 Equity securities 17,249 — — 17,249 19,014 — — 19,014 Alternative investments — — 4,079 4,079 — — 3,304 3,304 Mutual funds: Domestic stock funds 12,723 — — 12,723 10,037 — — 10,037 International stock funds 1,378 — — 1,378 1,463 — — 1,463 Target funds 21 — — 21 22 — — 22 Bond funds 134 — — 134 145 — — 145 Alternative funds 510 — — 510 501 — — 501 Total mutual funds 14,766 — — 14,766 12,168 — — 12,168 Total $ 35,060 $ 20,824 $ 4,079 $ 59,963 $ 31,752 $ 20,450 $ 3,304 $ 55,506 Assets at fair value $ 35,060 $ 20,824 $ 4,079 $ 59,963 $ 31,752 $ 20,450 $ 3,304 $ 55,506 From the assets measured at fair value as of June 25, 2022, listed in the table above, $35.5 million of mutual funds, equity securities, and alternative investments are held in Investments, $4.0 million of money market funds are held in Cash and Cash Equivalents, $0.6 million of money market and mutual funds are held in Other Assets for our deferred compensation plan, and $19.7 million of fixed income funds and $0.2 million of money market funds are 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, In accordance with our investment policy, our wholly-owned captive, Ardellis Insurance Ltd. (“Ardellis”), maintains an investment portfolio, totaling $55.2 million as of June 25, 2022, 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 25, 2022 June 26, 2021 Unrealized Unrealized Cost Gain Fair Value Cost Gain Fair Value Fixed Income $ 20,875 $ (1,537) $ 19,338 $ 17,066 $ 788 $ 17,854 Treasury Securities 342 — 342 — — — Equity 15,668 1,581 17,249 14,760 4,254 19,014 Mutual Funds 13,405 742 14,147 8,769 2,740 11,509 Alternative Investments 3,053 1,026 4,079 2,953 351 3,304 Total $ 53,343 $ 1,812 $ 55,155 $ 43,548 $ 8,133 $ 51,681 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 unrealized gain of the portfolio was $1.8 million. Carrying amounts above are recorded in the investments and restricted investments line items within the balance sheet as of June 25, 2022 and June 26, 2021.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
REVENUE RECOGNITION	Jun. 25, 2022
REVENUE RECOGNITION
REVENUE RECOGNITION	C. REVENUE RECOGNITION Within the three primary segments (Retail, Industrial, and 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 The following table presents our net sales disaggregated by revenue source (in thousands): Three Months Ended Six Months Ended June 25, June 26, June 25, June 26, 2022 2021 % Change 2022 2021 % Change Point in Time Revenue $ 2,850,409 $ 2,669,159 6.8% $ 5,300,690 $ 4,466,558 18.7% Over Time Revenue 50,465 31,382 60.8% 89,497 58,987 51.7% Total Net Sales 2,900,874 2,700,541 7.4% $ 5,390,187 $ 4,525,545 19.1% 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 25, December 25, June 26, 2022 2021 2021 Cost and Earnings in Excess of Billings $ 6,413 $ 5,602 $ 4,201 Billings in Excess of Cost and Earnings 10,046 10,744 8,239

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Jun. 25, 2022
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 25, June 26, June 25, June 26, 2022 2021 2022 2021 Numerator: Net earnings attributable to controlling interest $ 203,118 $ 173,382 $ 392,821 $ 276,693 Adjustment for earnings allocated to non-vested restricted common stock (8,270) (5,670) (15,045) (8,807) Net earnings for calculating EPS $ 194,848 $ 167,712 $ 377,776 $ 267,886 Denominator: Weighted average shares outstanding 62,766 62,242 62,889 62,087 Adjustment for non-vested restricted common stock (2,555) (2,035) (2,409) (1,976) Shares for calculating basic EPS 60,211 60,207 60,480 60,111 Effect of dilutive restricted common stock 205 156 220 121 Shares for calculating diluted EPS 60,416 60,363 60,700 60,232 Net earnings per share: Basic $ 3.24 $ 2.79 $ 6.25 $ 4.46 Diluted $ 3.23 $ 2.78 $ 6.22 $ 4.45

COMMITMENTS, CONTINGENCIES, AND

COMMITMENTS, CONTINGENCIES, AND GUARANTEES	6 Months Ended
COMMITMENTS, CONTINGENCIES, AND GUARANTEES	Jun. 25, 2022
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 25, 2022, 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 25, 2022, we had outstanding purchase commitments on commenced capital projects of approximately $80.4 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, some of which are no longer in business. 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 25, 2022, we had approximately $13.8 million in outstanding payment and performance bonds for open projects. We had approximately $26.7 million in payment and performance bonds outstanding for completed projects which are still under warranty. On June 25, 2022, we had outstanding letters of credit totaling $60.0 million, primarily related to certain insurance contracts and industrial development revenue bonds described further below. In lieu of cash deposits, we provide irrevocable letters of credit in favor of our insurers to guarantee our performance under certain insurance contracts. As of June 25, 2022, we have irrevocable letters of credit outstanding totaling approximately $50.1 million for these types of insurance arrangements. We have reserves recorded on our balance sheet, in accrued liabilities, that reflect our expected future liabilities under these 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 $7.1 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 2022 which would require us to recognize a liability on our balance sheet.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	6 Months Ended
BUSINESS COMBINATIONS	Jun. 25, 2022
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS	F. BUSINESS COMBINATIONS We completed the following acquisitions in fiscal 2022 and since the end of June 2021, which were 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 May 9, 2022 $15,386 $ 4,801 $ 10,585 Retail Cedar Poly, LLC Located in Tipton, Iowa, Cedar Poly is a full-service recycler of high-density and low-density polyethylene (HDPE and LDPE) flakes and pellets used in various products, including composite decking. The company also recycles corrugate and operates its own transportation fleet. Cedar Poly had 2021 sales of approximately $17.3 million and will operate in UFP’s Deckorators business unit. December 27, 2021 $24,057 $ 17,484 $ 6,573 Retail Ultra Aluminum Manufacturing, Inc. (Ultra) Located in Howell, Michigan and founded in 1996, Ultra is a leading manufacturer of aluminum fencing, gates and railing. The company designs and produces an extensive selection of ornamental aluminum fence and railing products for contractors, landscapers, fence dealers and wholesalers. The Company had sales of approximately $45 million in 2021. December 20, 2021 $20,754 $ 11,417 $ 9,337 Industrial Advantage Labels & Packaging, Inc. (Advantage) Based in Grand Rapids, Michigan, Advantage provides blank and customized labels, printers, label applicators and other packaging supplies. Key industries served by the company include beer and beverage; body armor; food production and processing; greenhouse and nursery; hobby and craft; manufacturing; and automotive. The company had trailing 12-month sales through November 2021 of approximately $19.8 million. November 22, 2021 $11,155 $ 9,562 $ 1,593 Other Ficus Pax Private Limited (Ficus) Headquartered in Bangalore, India, Ficus manufactures mixed-material cases and crates, nail-less plywood boxes, wooden pallets and other packaging products through 10 facilities located in major industrial markets throughout southern India. Ficus also owns a majority stake in Wadpack, a manufacturer of corrugated fiber board containers, corrugated pallets and display solutions. The company had trailing 12-month sales through August 2021 of approximately $39 million USD. November 1, 2021 $5,984 $ 5,681 $ 303 Other Boxpack Packaging (Boxpack) Based near Melbourne, Australia, Boxpack specializes in flexographic and lithographic cardboard packaging, using the latest CAD design and finishing techniques. Boxpack serves multiple industries, including food and beverage, confectionary, pharmaceutical, industrial and agricultural. The company had trailing 12-month sales through June 30, 2021, of $6.2 million USD ($8.2 million AUD). Net Company Acquisition Intangible Tangible Operating Name Date Purchase Price Assets Assets Segment September 27, 2021 $6,443 $ 4,039 $ 2,404 Construction Shelter Products, Inc. (Shelter) Based in Haleyville, Alabama, Shelter operates its distribution and logistics business from an 87,800 sq.-ft. warehouse that specializes in manufactured housing industry customers. Shelter’s facility is adjacent to a UFP manufacturing facility that supplies trusses to manufactured housing builders, and the proximity will enable additional operational synergies. The Company had sales of approximately $11.4 million in 2020. The intangible assets for the above acquisitions have not been finalized and allocated to their respective identifiable asset and goodwill accounts. In aggregate, acquisitions completed since the end of June 2021 and not consolidated with other operations contributed approximately $53.7 million in net sales and $3.2 million in operating profits during the first six months of 2022.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
SEGMENT REPORTING	Jun. 25, 2022
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 Industrial 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, Industrial, and Construction segments. In the case of locations which 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 Mexico, Canada, Europe, India, and Australia operations 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 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 25, 2022 Retail Industrial Construction All Other Corporate Total Net sales to outside customers $ 1,121,440 $ 676,333 $ 975,376 $ 124,416 $ 3,309 $ 2,900,874 Intersegment net sales 67,612 21,487 31,866 125,893 (246,858) — Earnings from operations 24,527 94,210 132,832 22,748 11,249 285,566 Three Months Ended June 26, 2021 Retail Industrial Construction All Other Corporate Total Net sales to outside customers $ 1,259,218 $ 611,181 $ 738,704 $ 89,470 $ 1,968 $ 2,700,541 Intersegment net sales 65,147 24,985 20,034 126,054 (236,220) — Earnings from operations 62,051 79,526 67,107 16,304 11,947 236,935 Six Months Ended June 25, 2022 Retail Industrial Construction All Other Corporate Total Net sales to outside customers $ 2,114,672 $ 1,287,702 $ 1,761,847 $ 219,983 $ 5,983 $ 5,390,187 Intersegment net sales 133,560 43,660 57,218 235,665 (470,103) — Earnings from operations 95,924 176,601 211,650 37,563 22,853 544,591 Six Months Ended June 26, 2021 Retail Industrial Construction All Other Corporate Total Net sales to outside customers $ 2,018,239 $ 1,060,055 $ 1,298,234 $ 145,047 $ 3,970 $ 4,525,545 Intersegment net sales 112,733 42,891 34,495 223,450 (413,569) — Earnings from operations 115,596 119,936 100,125 24,282 14,483 374,422 The following table presents goodwill by segment as of June 25, 2022, and December 25, 2021 (in thousands): Retail Industrial Construction All Other Corporate Total Balance as of December 25, 2021 $ 73,376 $ 128,541 $ 89,000 $ 24,121 $ — $ 315,038 2022 Acquisitions 11,938 — — — — 11,938 2022 Purchase Accounting Adjustments 293 (5,830) (674) 595 — (5,616) Foreign Exchange, Net — — (32) (796) — (828) Balance as of June 25, 2022 $ 85,607 $ 122,711 $ 88,294 $ 23,920 $ — $ 320,532 The following table presents total assets by segment as of June 25, 2022, and December 25, 2021 (in thousands). Total Assets by Segment June 25, December 25, Segment Classification 2022 2021 % Change Retail $ 1,075,310 $ 844,189 27.4 % Industrial 835,735 741,672 12.7 Construction 912,507 736,157 24.0 All Other 341,877 343,363 (0.4) Corporate 445,394 579,890 (23.2) Total Assets $ 3,610,823 $ 3,245,271 11.3 %

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 25, 2022
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 25.0% in the second quarter of 2022 and 2021 and was 24.5% in the first six months of 2022 compared to 24.4% for the same period in 2021.

COMMON STOCK

COMMON STOCK	6 Months Ended
COMMON STOCK	Jun. 25, 2022
COMMON STOCK
COMMON STOCK	I. COMMON STOCK Below is a summary of common stock issuances for the first six months of 2022 and 2021 (in thousands, except average share price): June 25, 2022 Share Issuance Activity Common Stock Average Share Price Shares issued under the employee stock purchase plan 24 $ 72.58 Shares issued under the employee stock gift program 2 78.57 Shares issued under the director retainer stock program 2 79.46 Shares issued under the bonus plan 755 82.73 Shares issued under the executive stock match plan 62 82.87 Forfeitures (6) Total shares issued under stock grant programs 815 $ 82.72 Shares issued under the deferred compensation plans 92 $ 82.59 June 26, 2021 Share Issuance Activity Common Stock Average Share Price Shares issued under the employee stock purchase plan 15 $ 72.94 Shares issued under the employee stock gift program 1 79.64 Shares issued under the director retainer stock program 3 67.77 Shares issued under the bonus plan 468 53.68 Shares issued under the executive stock grants plan 77 60.24 Forfeitures (18) Total shares issued under stock grant programs 531 $ 54.71 Shares issued under the deferred compensation plans 99 $ 61.50 During the first six months of 2022, we repurchased approximately 1,210,000 shares of our common stock at an average share price of $77.06. During the first six months of 2021, we did not repurchase any of our shares of common stock.

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Jun. 25, 2022
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. Cost is determined on a weighted average FIFO basis. 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. The lower of cost or net realizable value adjustment to inventory as of June 25, 2022 and June 26, 2021 was $9.3 million and $23.2 million, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 25, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	K. SUBSEQUENT EVENTS On June 27, 2022, we acquired 50% of the equity of Dempsey Wood Products, LLC, for $66.0 million. Based in Orangeburg, South Carolina, Dempsey Wood Products produces kiln-dried lumber, pallet lumber, and other industrial wood products.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
BASIS OF PRESENTATION (Policies)	Jun. 25, 2022
BASIS OF PRESENTATION
Revenue Recognition	Within the three primary segments (Retail, Industrial, and 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

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
FAIR VALUE (Tables)	Jun. 25, 2022
FAIR VALUE
Assets measured at fair value	Assets measured at fair value are as follows (in thousands): June 25, 2022 June 26, 2021 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 $ 19 $ 4,170 $ — $ 4,189 $ 19 $ 2,840 $ — $ 2,859 Fixed income funds 2,684 16,654 — 19,338 244 17,610 — 17,854 Treasury securities 342 — — 342 307 — — 307 Equity securities 17,249 — — 17,249 19,014 — — 19,014 Alternative investments — — 4,079 4,079 — — 3,304 3,304 Mutual funds: Domestic stock funds 12,723 — — 12,723 10,037 — — 10,037 International stock funds 1,378 — — 1,378 1,463 — — 1,463 Target funds 21 — — 21 22 — — 22 Bond funds 134 — — 134 145 — — 145 Alternative funds 510 — — 510 501 — — 501 Total mutual funds 14,766 — — 14,766 12,168 — — 12,168 Total $ 35,060 $ 20,824 $ 4,079 $ 59,963 $ 31,752 $ 20,450 $ 3,304 $ 55,506 Assets at fair value $ 35,060 $ 20,824 $ 4,079 $ 59,963 $ 31,752 $ 20,450 $ 3,304 $ 55,506
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 25, 2022 June 26, 2021 Unrealized Unrealized Cost Gain Fair Value Cost Gain Fair Value Fixed Income $ 20,875 $ (1,537) $ 19,338 $ 17,066 $ 788 $ 17,854 Treasury Securities 342 — 342 — — — Equity 15,668 1,581 17,249 14,760 4,254 19,014 Mutual Funds 13,405 742 14,147 8,769 2,740 11,509 Alternative Investments 3,053 1,026 4,079 2,953 351 3,304 Total $ 53,343 $ 1,812 $ 55,155 $ 43,548 $ 8,133 $ 51,681

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
REVENUE RECOGNITION (Tables)	Jun. 25, 2022
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 25, June 26, June 25, June 26, 2022 2021 % Change 2022 2021 % Change Point in Time Revenue $ 2,850,409 $ 2,669,159 6.8% $ 5,300,690 $ 4,466,558 18.7% Over Time Revenue 50,465 31,382 60.8% 89,497 58,987 51.7% Total Net Sales 2,900,874 2,700,541 7.4% $ 5,390,187 $ 4,525,545 19.1%
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 25, December 25, June 26, 2022 2021 2021 Cost and Earnings in Excess of Billings $ 6,413 $ 5,602 $ 4,201 Billings in Excess of Cost and Earnings 10,046 10,744 8,239

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 25, 2022
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 25, June 26, June 25, June 26, 2022 2021 2022 2021 Numerator: Net earnings attributable to controlling interest $ 203,118 $ 173,382 $ 392,821 $ 276,693 Adjustment for earnings allocated to non-vested restricted common stock (8,270) (5,670) (15,045) (8,807) Net earnings for calculating EPS $ 194,848 $ 167,712 $ 377,776 $ 267,886 Denominator: Weighted average shares outstanding 62,766 62,242 62,889 62,087 Adjustment for non-vested restricted common stock (2,555) (2,035) (2,409) (1,976) Shares for calculating basic EPS 60,211 60,207 60,480 60,111 Effect of dilutive restricted common stock 205 156 220 121 Shares for calculating diluted EPS 60,416 60,363 60,700 60,232 Net earnings per share: Basic $ 3.24 $ 2.79 $ 6.25 $ 4.46 Diluted $ 3.23 $ 2.78 $ 6.22 $ 4.45

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	6 Months Ended
BUSINESS COMBINATIONS (Tables)	Jun. 25, 2022
BUSINESS COMBINATIONS
Business Acquisitions Accounted for Using Purchase Method	We completed the following acquisitions in fiscal 2022 and since the end of June 2021, which were 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 May 9, 2022 $15,386 $ 4,801 $ 10,585 Retail Cedar Poly, LLC Located in Tipton, Iowa, Cedar Poly is a full-service recycler of high-density and low-density polyethylene (HDPE and LDPE) flakes and pellets used in various products, including composite decking. The company also recycles corrugate and operates its own transportation fleet. Cedar Poly had 2021 sales of approximately $17.3 million and will operate in UFP’s Deckorators business unit. December 27, 2021 $24,057 $ 17,484 $ 6,573 Retail Ultra Aluminum Manufacturing, Inc. (Ultra) Located in Howell, Michigan and founded in 1996, Ultra is a leading manufacturer of aluminum fencing, gates and railing. The company designs and produces an extensive selection of ornamental aluminum fence and railing products for contractors, landscapers, fence dealers and wholesalers. The Company had sales of approximately $45 million in 2021. December 20, 2021 $20,754 $ 11,417 $ 9,337 Industrial Advantage Labels & Packaging, Inc. (Advantage) Based in Grand Rapids, Michigan, Advantage provides blank and customized labels, printers, label applicators and other packaging supplies. Key industries served by the company include beer and beverage; body armor; food production and processing; greenhouse and nursery; hobby and craft; manufacturing; and automotive. The company had trailing 12-month sales through November 2021 of approximately $19.8 million. November 22, 2021 $11,155 $ 9,562 $ 1,593 Other Ficus Pax Private Limited (Ficus) Headquartered in Bangalore, India, Ficus manufactures mixed-material cases and crates, nail-less plywood boxes, wooden pallets and other packaging products through 10 facilities located in major industrial markets throughout southern India. Ficus also owns a majority stake in Wadpack, a manufacturer of corrugated fiber board containers, corrugated pallets and display solutions. The company had trailing 12-month sales through August 2021 of approximately $39 million USD. November 1, 2021 $5,984 $ 5,681 $ 303 Other Boxpack Packaging (Boxpack) Based near Melbourne, Australia, Boxpack specializes in flexographic and lithographic cardboard packaging, using the latest CAD design and finishing techniques. Boxpack serves multiple industries, including food and beverage, confectionary, pharmaceutical, industrial and agricultural. The company had trailing 12-month sales through June 30, 2021, of $6.2 million USD ($8.2 million AUD). Net Company Acquisition Intangible Tangible Operating Name Date Purchase Price Assets Assets Segment September 27, 2021 $6,443 $ 4,039 $ 2,404 Construction Shelter Products, Inc. (Shelter) Based in Haleyville, Alabama, Shelter operates its distribution and logistics business from an 87,800 sq.-ft. warehouse that specializes in manufactured housing industry customers. Shelter’s facility is adjacent to a UFP manufacturing facility that supplies trusses to manufactured housing builders, and the proximity will enable additional operational synergies. The Company had sales of approximately $11.4 million in 2020.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
SEGMENT REPORTING (Tables)	Jun. 25, 2022
SEGMENT REPORTING
Segment Reporting	The tables below are presented in thousands: Three Months Ended June 25, 2022 Retail Industrial Construction All Other Corporate Total Net sales to outside customers $ 1,121,440 $ 676,333 $ 975,376 $ 124,416 $ 3,309 $ 2,900,874 Intersegment net sales 67,612 21,487 31,866 125,893 (246,858) — Earnings from operations 24,527 94,210 132,832 22,748 11,249 285,566 Three Months Ended June 26, 2021 Retail Industrial Construction All Other Corporate Total Net sales to outside customers $ 1,259,218 $ 611,181 $ 738,704 $ 89,470 $ 1,968 $ 2,700,541 Intersegment net sales 65,147 24,985 20,034 126,054 (236,220) — Earnings from operations 62,051 79,526 67,107 16,304 11,947 236,935 Six Months Ended June 25, 2022 Retail Industrial Construction All Other Corporate Total Net sales to outside customers $ 2,114,672 $ 1,287,702 $ 1,761,847 $ 219,983 $ 5,983 $ 5,390,187 Intersegment net sales 133,560 43,660 57,218 235,665 (470,103) — Earnings from operations 95,924 176,601 211,650 37,563 22,853 544,591 Six Months Ended June 26, 2021 Retail Industrial Construction All Other Corporate Total Net sales to outside customers $ 2,018,239 $ 1,060,055 $ 1,298,234 $ 145,047 $ 3,970 $ 4,525,545 Intersegment net sales 112,733 42,891 34,495 223,450 (413,569) — Earnings from operations 115,596 119,936 100,125 24,282 14,483 374,422
Schedule of Goodwill by Segment	The following table presents goodwill by segment as of June 25, 2022, and December 25, 2021 (in thousands): Retail Industrial Construction All Other Corporate Total Balance as of December 25, 2021 $ 73,376 $ 128,541 $ 89,000 $ 24,121 $ — $ 315,038 2022 Acquisitions 11,938 — — — — 11,938 2022 Purchase Accounting Adjustments 293 (5,830) (674) 595 — (5,616) Foreign Exchange, Net — — (32) (796) — (828) Balance as of June 25, 2022 $ 85,607 $ 122,711 $ 88,294 $ 23,920 $ — $ 320,532
Schedule of assets by segment	The following table presents total assets by segment as of June 25, 2022, and December 25, 2021 (in thousands). Total Assets by Segment June 25, December 25, Segment Classification 2022 2021 % Change Retail $ 1,075,310 $ 844,189 27.4 % Industrial 835,735 741,672 12.7 Construction 912,507 736,157 24.0 All Other 341,877 343,363 (0.4) Corporate 445,394 579,890 (23.2) Total Assets $ 3,610,823 $ 3,245,271 11.3 %

COMMON STOCK (Tables)

COMMON STOCK (Tables)	6 Months Ended
COMMON STOCK (Tables)	Jun. 25, 2022
COMMON STOCK
Schedule of common stock issuances	Below is a summary of common stock issuances for the first six months of 2022 and 2021 (in thousands, except average share price): June 25, 2022 Share Issuance Activity Common Stock Average Share Price Shares issued under the employee stock purchase plan 24 $ 72.58 Shares issued under the employee stock gift program 2 78.57 Shares issued under the director retainer stock program 2 79.46 Shares issued under the bonus plan 755 82.73 Shares issued under the executive stock match plan 62 82.87 Forfeitures (6) Total shares issued under stock grant programs 815 $ 82.72 Shares issued under the deferred compensation plans 92 $ 82.59 June 26, 2021 Share Issuance Activity Common Stock Average Share Price Shares issued under the employee stock purchase plan 15 $ 72.94 Shares issued under the employee stock gift program 1 79.64 Shares issued under the director retainer stock program 3 67.77 Shares issued under the bonus plan 468 53.68 Shares issued under the executive stock grants plan 77 60.24 Forfeitures (18) Total shares issued under stock grant programs 531 $ 54.71 Shares issued under the deferred compensation plans 99 $ 61.50

FAIR VALUE - Asset Measured at

FAIR VALUE - Asset Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 25, 2022	Jun. 26, 2021
Money market funds \| Cash and Cash Equivalents
Fair Value
Investments at fair value	$ 4,000
Money market funds \| Restricted Investment
Fair Value
Investments at fair value	200
Fixed Income \| Restricted Investment
Fair Value
Investments at fair value	19,700
Mutual funds, equity and alternative investments \| Investments
Fair Value
Investments at fair value	35,500
Money market and mutual funds \| Other Non current Assets
Fair Value
Investments at fair value	600
Ardellis Insurance Ltd.
Fair Value
Total Fair Value	55,155	$ 51,681
Estimate of Fair Value Measurement \| Recurring
Fair Value
Investments at fair value	59,963	55,506
Assets at fair value	59,963	55,506
Estimate of Fair Value Measurement \| Recurring \| Money market funds
Fair Value
Investments at fair value	4,189	2,859
Estimate of Fair Value Measurement \| Recurring \| Fixed Income
Fair Value
Investments at fair value	19,338	17,854
Estimate of Fair Value Measurement \| Recurring \| Treasury securities
Fair Value
Investments at fair value	342	307
Estimate of Fair Value Measurement \| Recurring \| Equity
Fair Value
Investments at fair value	17,249	19,014
Estimate of Fair Value Measurement \| Recurring \| Alternative Investments
Fair Value
Investments at fair value	4,079	3,304
Estimate of Fair Value Measurement \| Recurring \| Mutual Fund
Fair Value
Investments at fair value	14,766	12,168
Estimate of Fair Value Measurement \| Recurring \| Domestic stock
Fair Value
Investments at fair value	12,723	10,037
Estimate of Fair Value Measurement \| Recurring \| International stock funds
Fair Value
Investments at fair value	1,378	1,463
Estimate of Fair Value Measurement \| Recurring \| Target funds
Fair Value
Investments at fair value	21	22
Estimate of Fair Value Measurement \| Recurring \| Bond funds
Fair Value
Investments at fair value	134	145
Estimate of Fair Value Measurement \| Recurring \| Alternative funds
Fair Value
Investments at fair value	510	501
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1)
Fair Value
Investments at fair value	35,060	31,752
Assets at fair value	35,060	31,752
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Money market funds
Fair Value
Investments at fair value	19	19
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Fixed Income
Fair Value
Investments at fair value	2,684	244
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Treasury securities
Fair Value
Investments at fair value	342	307
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Equity
Fair Value
Investments at fair value	17,249	19,014
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Mutual Fund
Fair Value
Investments at fair value	14,766	12,168
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Domestic stock
Fair Value
Investments at fair value	12,723	10,037
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| International stock funds
Fair Value
Investments at fair value	1,378	1,463
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Target funds
Fair Value
Investments at fair value	21	22
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Bond funds
Fair Value
Investments at fair value	134	145
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Alternative funds
Fair Value
Investments at fair value	510	501
Estimate of Fair Value Measurement \| Recurring \| Prices with Other Observable Inputs (Level 2)
Fair Value
Investments at fair value	20,824	20,450
Assets at fair value	20,824	20,450
Estimate of Fair Value Measurement \| Recurring \| Prices with Other Observable Inputs (Level 2) \| Money market funds
Fair Value
Investments at fair value	4,170	2,840
Estimate of Fair Value Measurement \| Recurring \| Prices with Other Observable Inputs (Level 2) \| Fixed Income
Fair Value
Investments at fair value	16,654	17,610
Estimate of Fair Value Measurement \| Recurring \| Prices with Unobservable Inputs (Level 3)
Fair Value
Investments at fair value	4,079	3,304
Assets at fair value	4,079	3,304
Estimate of Fair Value Measurement \| Recurring \| Prices with Unobservable Inputs (Level 3) \| Alternative Investments
Fair Value
Investments at fair value	$ 4,079	$ 3,304

FAIR VALUE - Available for Sale

FAIR VALUE - Available for Sale Investment Portfolio (Details) - Ardellis Insurance Ltd. - USD ($) $ in Thousands	Jun. 25, 2022	Jun. 26, 2021
Available-for-sale securities
Total Securities Cost	$ 53,343	$ 43,548
Unrealized Gain (Loss)	1,812	8,133
Total Fair Value	55,155	51,681
Fixed Income
Available-for-sale securities
Debt Securities Cost	20,875	17,066
Debt Securities Unrealized Gain/(Loss)	(1,537)
Debt Securities Unrealized Gain/(Loss)		788
Debt Securities Fair Value	19,338	17,854
Treasury securities
Available-for-sale securities
Debt Securities Cost	342
Debt Securities Fair Value	342
Equity
Available-for-sale securities
Equity Securities Cost	15,668	14,760
Equity Securities Unrealized Gain/(Loss)	1,581	4,254
Equity Securities Fair Value	17,249	19,014
Mutual Fund
Available-for-sale securities
Debt Securities Cost	13,405	8,769
Debt Securities Unrealized Gain/(Loss)	742	2,740
Debt Securities Fair Value	14,147	11,509
Alternative Investments
Available-for-sale securities
Debt Securities Cost	3,053	2,953
Debt Securities Unrealized Gain/(Loss)	1,026	351
Debt Securities Fair Value	$ 4,079	$ 3,304

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregated revenue (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022 USD ($) item	Jun. 26, 2021 USD ($)	Jun. 25, 2022 USD ($) item	Jun. 26, 2021 USD ($)
Revenue Recognition.
Number of markets in which the entity operates (in markets) \| item	3		3
NET SALES	$ 2,900,874	$ 2,700,541	$ 5,390,187	$ 4,525,545
Change %	7.40%		19.10%
Point in Time Revenue
Revenue Recognition.
NET SALES	$ 2,850,409	2,669,159	$ 5,300,690	4,466,558
Change %	6.80%		18.70%
Over Time Revenue
Revenue Recognition.
NET SALES	$ 50,465	$ 31,382	$ 89,497	$ 58,987
Change %	60.80%		51.70%
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-06-26 \| 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]: 2022-06-26 \| Over Time Revenue
Revenue Recognition.
Number of months to complete contract projects	18 months		18 months

REVENUE RECOGNITION - Percentag

REVENUE RECOGNITION - Percentage of completion (Details) - USD ($) $ in Thousands	Jun. 25, 2022	Dec. 25, 2021	Jun. 26, 2021
REVENUE RECOGNITION
Cost and Earnings in Excess of Billings	$ 6,413	$ 5,602	$ 4,201
Billings in Excess of Cost and Earnings	$ 10,046	$ 10,744	$ 8,239

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Numerator:
Net earnings attributable to controlling interest	$ 203,118	$ 173,382	$ 392,821	$ 276,693
Adjustment for earnings allocated to non-vested restricted common stock	(8,270)	(5,670)	(15,045)	(8,807)
Net earnings for calculating EPS	$ 194,848	$ 167,712	$ 377,776	$ 267,886
Denominator:
Weighted average shares outstanding (in shares)	62,766	62,242	62,889	62,087
Adjustment for non-vested restricted common stock (in shares)	(2,555)	(2,035)	(2,409)	(1,976)
Shares for calculating basic EPS (in shares)	60,211	60,207	60,480	60,111
Effect of dilutive restricted common stock (in shares)	205	156	220	121
Shares for calculating diluted EPS (in shares)	60,416	60,363	60,700	60,232
Net earnings per share
Basic (USD per share)	$ 3.24	$ 2.79	$ 6.25	$ 4.46
Diluted (USD per share)	$ 3.23	$ 2.78	$ 6.22	$ 4.45

COMMITMENTS, CONTINGENCIES, A_2

COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) $ in Millions	6 Months Ended
	Jun. 25, 2022 USD ($)
Long-term commitment
Outstanding purchase commitments on capital projects	$ 80.4
Surety Bonds and Letters of Credit
Outstanding letters of credit	60
Open Projects
Surety Bonds and Letters of Credit
Payment and performance bonds outstanding	13.8
Completed Projects
Surety Bonds and Letters of Credit
Payment and performance bonds outstanding	26.7
Insurance Contracts
Surety Bonds and Letters of Credit
Outstanding letters of credit	50.1
Revenue Bonds
Surety Bonds and Letters of Credit
Outstanding letters of credit	$ 7.1

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) $ in Thousands, $ in Millions								6 Months Ended
	May 09, 2022 USD ($)	Dec. 27, 2021 USD ($)	Dec. 20, 2021 USD ($)	Nov. 22, 2021 USD ($) location	Nov. 01, 2021 USD ($)	Nov. 01, 2021 AUD ($)	Sep. 27, 2021 USD ($) ft²	Jun. 25, 2022 USD ($)
Business Acquisition
Aggregate acquisitions' net sales								$ 53,700
Aggregate acquisitions' operating profit								$ 3,200
Cedar Poly, LLC \| Retail
Business Acquisition
Purchase Price	$ 15,386
Percentage of assets purchased (as a percent)	100%
Intangible Assets	$ 4,801
Net Tangible Assets	10,585
Acquired entity, prior year sales	$ 17,300
Ultra \| Retail
Business Acquisition
Purchase Price		$ 24,057
Percentage of stock purchase (as a percent)		100%
Intangible Assets		$ 17,484
Net Tangible Assets		6,573
Acquired entity, prior year sales		$ 45,000
Advantage \| Industrial
Business Acquisition
Purchase Price			$ 20,754
Percentage of stock purchase (as a percent)			100%
Intangible Assets			$ 11,417
Net Tangible Assets			9,337
Acquired entity, trailing 12-months sales			$ 19,800
Ficus \| All Other
Business Acquisition
Purchase Price				$ 11,155
Percentage of assets purchased (as a percent)				70%
Number of plant locations \| location				10
Intangible Assets				$ 9,562
Net Tangible Assets				1,593
Acquired entity, trailing 12-months sales				$ 39,000
Boxpack Packaging \| All Other
Business Acquisition
Purchase Price					$ 5,984
Percentage of assets purchased (as a percent)					100%
Intangible Assets					$ 5,681
Net Tangible Assets					303
Acquired entity, trailing 12-months sales					$ 6,200	$ 8.2
Shelter Products \| Construction
Business Acquisition
Purchase Price							$ 6,443
Percentage of assets purchased (as a percent)							100%
Intangible Assets							$ 4,039
Net Tangible Assets							2,404
Acquired entity, prior year sales							$ 11,400
Square feet of warehouse \| ft²							87,800

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
SEGMENT REPORTING (Details) - USD ($) $ in Thousands	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Segment Reporting
Net sales	$ 2,900,874	$ 2,700,541	$ 5,390,187	$ 4,525,545
Earnings from operations	285,566	236,935	544,591	374,422
Intersegment net sales
Segment Reporting
Net sales	(246,858)	(236,220)	(470,103)	(413,569)
Corporate
Segment Reporting
Net sales	3,309	1,968	5,983	3,970
Earnings from operations	11,249	11,947	22,853	14,483
Retail
Segment Reporting
Net sales	1,121,440	1,259,218	2,114,672	2,018,239
Earnings from operations	24,527	62,051	95,924	115,596
Retail \| Intersegment net sales
Segment Reporting
Net sales	67,612	65,147	133,560	112,733
Industrial
Segment Reporting
Net sales	676,333	611,181	1,287,702	1,060,055
Earnings from operations	94,210	79,526	176,601	119,936
Industrial \| Intersegment net sales
Segment Reporting
Net sales	21,487	24,985	43,660	42,891
Construction
Segment Reporting
Net sales	975,376	738,704	1,761,847	1,298,234
Earnings from operations	132,832	67,107	211,650	100,125
Construction \| Intersegment net sales
Segment Reporting
Net sales	31,866	20,034	57,218	34,495
All Other
Segment Reporting
Net sales	124,416	89,470	219,983	145,047
Earnings from operations	22,748	16,304	37,563	24,282
All Other \| Intersegment net sales
Segment Reporting
Net sales	$ 125,893	$ 126,054	$ 235,665	$ 223,450

SEGMENT REPORTING - Goodwill (D

SEGMENT REPORTING - Goodwill (Details) $ in Thousands	6 Months Ended
SEGMENT REPORTING - Goodwill (Details) $ in Thousands	Jun. 25, 2022 USD ($)
Goodwill
Goodwill, Beginning Balance	$ 315,038
Acquisitions	11,938
Purchase Accounting Adjustments	(5,616)
Foreign Exchange, Net	(828)
Goodwill, Ending Balance	320,532
Retail
Goodwill
Goodwill, Beginning Balance	73,376
Acquisitions	11,938
Purchase Accounting Adjustments	293
Goodwill, Ending Balance	85,607
Industrial
Goodwill
Goodwill, Beginning Balance	128,541
Purchase Accounting Adjustments	(5,830)
Goodwill, Ending Balance	122,711
Construction
Goodwill
Goodwill, Beginning Balance	89,000
Purchase Accounting Adjustments	(674)
Foreign Exchange, Net	(32)
Goodwill, Ending Balance	88,294
All Other
Goodwill
Goodwill, Beginning Balance	24,121
Purchase Accounting Adjustments	595
Foreign Exchange, Net	(796)
Goodwill, Ending Balance	$ 23,920

SEGMENT REPORTING - Assets (Det

SEGMENT REPORTING - Assets (Details) - USD ($) $ in Thousands	Jun. 25, 2022	Dec. 25, 2021	Jun. 26, 2021
Segment Reporting
Segment assets	$ 3,610,823	$ 3,245,271	$ 3,228,283
Change in assets (as a percent)	11.30%
Corporate
Segment Reporting
Segment assets	$ 445,394	579,890
Change in assets (as a percent)	(23.20%)
Retail
Segment Reporting
Segment assets	$ 1,075,310	844,189
Change in assets (as a percent)	27.40%
Industrial
Segment Reporting
Segment assets	$ 835,735	741,672
Change in assets (as a percent)	12.70%
Construction
Segment Reporting
Segment assets	$ 912,507	736,157
Change in assets (as a percent)	24%
All Other
Segment Reporting
Segment assets	$ 341,877	$ 343,363
Change in assets (as a percent)	(0.40%)

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
INCOME TAXES (Details)	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
INCOME TAXES
Effective income tax rate	25%	25%	24.50%	24.40%

COMMON STOCK - Common Stock Iss

COMMON STOCK - Common Stock Issuances (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Mar. 26, 2022	Jun. 25, 2022	Jun. 26, 2021
Common Stock
Repurchase of common stock (in shares)	1,165,268	44,442	1,210,000
Average Share Price
Repurchase of common stock (dollars per share)			$ 77.06
Stock Purchase Plan
Common Stock
Common stock issued			24,000	15,000
Average Share Price
Common stock issued (dollars per share)	$ 72.58		$ 72.58	$ 72.94
Stock Gift Program
Common Stock
Common stock issued			2,000	1,000
Average Share Price
Common stock issued (dollars per share)	78.57		$ 78.57	$ 79.64
Stock Retainer Plan
Common Stock
Common stock issued			2,000	3,000
Average Share Price
Common stock issued (dollars per share)	79.46		$ 79.46	$ 67.77
LTSIP
Common Stock
Common stock issued			755,000	468,000
Average Share Price
Common stock issued (dollars per share)	82.73		$ 82.73	$ 53.68
Executive Stock Grants Plan
Common Stock
Common stock issued			62,000	77,000
Average Share Price
Common stock issued (dollars per share)	82.87		$ 82.87	$ 60.24
Deferred Compensation Plans
Common Stock
Common stock issued			92,000	99,000
Average Share Price
Common stock issued (dollars per share)	82.59		$ 82.59	$ 61.50
Stock grant programs
Common Stock
Common stock issued			815,000	531,000
Forfeitures			(6,000)	(18,000)
Average Share Price
Common stock issued (dollars per share)	$ 82.72		$ 82.72	$ 54.71

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	6 Months Ended
INVENTORIES (Details) - USD ($) $ in Millions	Jun. 25, 2022	Jun. 26, 2021
INVENTORIES
Adjustments to inventory	$ 9.3	$ 23.2

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - Dempsey Wood Products, LLC $ in Millions	Jun. 27, 2022 USD ($)
Subsequent Event
Percentage of stock purchase (as a percent)	50%
Purchase Price	$ 66