UFP Industries (UFPI) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Apr. 01, 2023 shares
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Apr. 01, 2023
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)	62,095,570
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000912767
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022	Mar. 26, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 423,299	$ 559,397	$ 73,783
Restricted cash	761	226	729
Investments	37,534	36,013	35,465
Accounts receivable, net	809,389	617,604	1,095,362
Inventories:
Raw materials	425,835	398,798	576,023
Finished goods	534,503	574,429	654,328
Total inventories	960,338	973,227	1,230,351
Refundable income taxes		33,126
Other current assets	35,692	42,520	36,727
TOTAL CURRENT ASSETS	2,267,013	2,262,113	2,472,417
DEFERRED INCOME TAXES	4,194	3,750	3,590
RESTRICTED INVESTMENTS	22,267	19,898	19,390
RIGHT OF USE ASSETS	116,564	107,517	99,914
OTHER ASSETS	99,516	101,262	32,544
GOODWILL	337,467	337,320	317,631
INDEFINITE-LIVED INTANGIBLE ASSETS	7,336	7,339	7,396
OTHER INTANGIBLE ASSETS, NET	142,277	143,892	120,205
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment	1,408,360	1,379,968	1,244,070
Less accumulated depreciation and amortization	(708,205)	(690,986)	(643,191)
PROPERTY, PLANT AND EQUIPMENT, NET	700,155	688,982	600,879
TOTAL ASSETS	3,696,789	3,672,073	3,673,966
CURRENT LIABILITIES:
Cash overdraft			61,711
Accounts payable	277,989	206,941	425,956
Accrued liabilities:
Compensation and benefits	142,603	296,120	189,509
Income taxes	1,855		54,682
Other	77,054	80,255	102,434
Current portion of lease liability	27,838	25,577	26,015
Current portion of long-term debt	3,020	2,942	42,895
TOTAL CURRENT LIABILITIES	530,359	611,835	903,202
LONG-TERM DEBT	275,002	275,154	379,015
LEASE LIABILITY	92,182	85,419	76,969
DEFERRED INCOME TAXES	51,254	51,265	61,278
OTHER LIABILITIES	35,550	44,697	35,330
TOTAL LIABILITIES	984,347	1,068,370	1,455,794
TEMPORARY EQUITY:
Redeemable noncontrolling interest	6,801	6,880
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, 62,095,570, 61,618,193 and 62,734,161	62,096	61,618	62,734
Additional paid-in capital	325,730	294,029	266,544
Retained earnings	2,293,025	2,217,410	1,851,784
Accumulated other comprehensive loss	(5,074)	(9,075)	(3,170)
Total controlling interest shareholders' equity	2,675,777	2,563,982	2,177,892
Noncontrolling interest	29,864	32,841	40,280
TOTAL SHAREHOLDERS' EQUITY	2,705,641	2,596,823	2,218,172
TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS' EQUITY	$ 3,696,789	$ 3,672,073	$ 3,673,966

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 01, 2023	Dec. 31, 2022	Mar. 26, 2022
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)	62,095,570	61,618,193	62,734,161
Common stock, shares outstanding (in shares)	62,095,570	61,618,193	62,734,161

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
NET SALES	$ 1,822,476	$ 2,489,313
COST OF GOODS SOLD	1,464,147	2,010,950
GROSS PROFIT	358,329	478,363
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	194,683	220,150
OTHER LOSSES (GAINS), NET	1,938	(812)
EARNINGS FROM OPERATIONS	161,708	259,025
INTEREST EXPENSE	3,118	3,302
INTEREST AND INVESTMENT (INCOME) LOSS	(6,547)	1,093
EQUITY IN LOSS OF INVESTEE	588	515
NON-OPERATING EXPENSE	(2,841)	4,910
EARNINGS BEFORE INCOME TAXES	164,549	254,115
INCOME TAXES	38,971	60,984
NET EARNINGS	125,578	193,131
NET LOSS (EARNINGS) ATTRIBUTABLE TO NONCONTROLLING INTEREST	491	(3,428)
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST	$ 126,069	$ 189,703
EARNINGS PER SHARE - BASIC (USD per share)	$ 2.01	$ 3.01
EARNINGS PER SHARE - DILUTED (USD per share)	$ 1.98	$ 3
OTHER COMPREHENSIVE INCOME:
NET EARNINGS	$ 125,578	$ 193,131
OTHER COMPREHENSIVE INCOME	6,252	3,184
COMPREHENSIVE INCOME	131,830	196,315
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	(1,760)	(4,377)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST	$ 130,070	$ 191,938

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. 25, 2021	$ 61,902	$ 243,995	$ 1,678,121	$ (5,405)	$ 37,956	$ 2,016,569
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)			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 NCI					(2,053)	(2,053)
Cash dividends			(12,541)			(12,541)
Issuance of shares under employee stock purchase plan	10	653				663
Net issuance (forfeitures) 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. 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
Net issuance (forfeitures) 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

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) $ in Thousands	3 Months Ended
	Apr. 01, 2023 USD ($)
Increase (Decrease) in Temporary Equity
Beginning balance	$ 6,880
Net earnings (loss)	(178)
Foreign currency translation adjustment	56
Other	43
Ending balance	$ 6,801

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Increase (Decrease) in Stockholders' Equity
Cash dividends per share (USD per share)	$ 0.25	$ 0.20
Net issuance of shares under employee stock plans (in shares)	10,140	9,734
Net issuance (forfeiture) of shares under stock grant programs (in shares)	824,669	787,045
Issuance of shares under deferred compensation plans (in shares)	93,165	79,973
Repurchase of shares (in shares)	450,597	44,442

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
CASH FLOWS USED IN OPERATING ACTIVITIES:
Net earnings	$ 125,578	$ 193,131
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation	25,774	21,842
Amortization of intangibles	5,009	4,672
Expense associated with share-based and grant compensation arrangements	9,637	6,931
Deferred income taxes (credit)	(242)	101
Unrealized (gain) loss on investments and other	(149)	1,601
Equity in loss of investee	588	515
Net (gain) on sale and disposition of assets	(164)	(306)
Changes in:
Accounts receivable	(191,064)	(352,928)
Inventories	14,674	(258,019)
Accounts payable and cash overdraft	68,388	143,895
Accrued liabilities and other	(95,105)	(6,466)
NET CASH USED IN OPERATING ACTIVITIES	(37,076)	(245,031)
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(38,166)	(32,072)
Proceeds from sale of property, plant and equipment	319	1,207
Acquisitions, net of cash received and purchase of equity method investment		(24,571)
Purchases of investments	(11,709)	(6,030)
Proceeds from sale of investments	8,849	4,725
Other	(1,151)	(2,995)
NET CASH USED IN INVESTING ACTIVITIES	(41,858)	(59,736)
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities	4,437	242,950
Repayments under revolving credit facilities	(4,518)	(141,438)
Repayments of debt	(29)	(199)
Contingent consideration payments and other	(6,179)	(551)
Proceeds from issuance of common stock	685	663
Dividends paid to shareholders	(15,642)	(12,541)
Distributions to noncontrolling interest	(4,859)	(2,053)
Repurchase of common stock	(33,288)	(501)
Other	25
NET CASH (USED IN) FROM FINANCING ACTIVITIES	(59,368)	86,330
Effect of exchange rate changes on cash	2,739	1,726
NET CHANGE IN CASH AND CASH EQUIVALENTS	(135,563)	(216,711)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR	559,623	291,223
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD	$ 424,060	$ 74,512

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL (Parenthetical) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022	Mar. 26, 2022
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents, beginning of period	$ 559,397	$ 73,783	$ 286,662
Restricted cash, beginning of period	226	729	4,561
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR	559,623	74,512	291,223
Cash and cash equivalents, end of period	423,299	559,397	73,783
Restricted cash, end of period	761	226	729
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD	$ 424,060	$ 559,623	$ 74,512

CONDENSED CONSOLIDATED STATEM_7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL AND NON-CASH FINANCING ACTIVITIES (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
SUPPLEMENTAL INFORMATION:
Interest paid	$ 3,309	$ 2,896
Income taxes paid	4,138	1,700
NON-CASH INVESTING ACTIVITIES
Capital expenditures included in accounts payable	3,122	2,512
NON-CASH FINANCING ACTIVITIES:
Common stock issued under deferred compensation plans	$ 7,950	$ 6,705

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Apr. 01, 2023
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. 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 31, 2022. 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 March 26, 2022 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. The ASU requires that an acquirer recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and is being applied prospectively to all business combinations occurring after this date.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Apr. 01, 2023
FAIR VALUE
FAIR VALUE	B. FAIR VALUE We apply the provisions of ASC 820, Fair Value Measurements and Disclosures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 1, 2023 ​ March 26, 2022 ​ ​ 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 ​ $ 208,129 $ 928 ​ $ — $ 209,057 $ 18 $ 9,641 ​ $ — $ 9,659 Fixed income funds ​ 3,838 ​ 17,882 ​ ​ — 21,720 ​ 2,279 ​ 16,128 ​ ​ — 18,407 Treasury securities ​ ​ 343 ​ ​ — ​ ​ — ​ ​ 343 ​ ​ 342 ​ ​ — ​ ​ — ​ ​ 342 Equity securities ​ 16,977 ​ — ​ ​ — 16,977 ​ 19,289 ​ — ​ ​ — 19,289 Alternative investments ​ ​ — ​ ​ — ​ ​ 4,103 ​ ​ 4,103 ​ ​ — ​ ​ — ​ ​ 3,964 ​ ​ 3,964 Mutual funds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic stock funds ​ 10,108 ​ — ​ ​ — 10,108 ​ 10,576 ​ — ​ ​ — 10,576 International stock funds ​ 1,092 ​ — ​ ​ — 1,092 ​ 1,621 ​ — ​ ​ — 1,621 Target funds ​ 8 ​ — ​ ​ — 8 ​ 22 ​ — ​ ​ — 22 Bond funds ​ 5,294 ​ — ​ ​ — 5,294 ​ 141 ​ — ​ ​ — 141 Alternative funds ​ ​ 468 ​ ​ — ​ ​ — ​ ​ 468 ​ ​ 501 ​ ​ — ​ ​ — ​ ​ 501 Total mutual funds ​ 16,970 ​ — ​ ​ — 16,970 ​ 12,861 ​ — ​ ​ — 12,861 Total ​ $ 246,257 ​ $ 18,810 ​ $ 4,103 ​ $ 269,170 ​ $ 34,789 ​ $ 25,769 ​ $ 3,964 ​ $ 64,522 ​ From the assets measured at fair value as of April 1, 2023, listed in the table above, $208.8 million of money market funds are held in Cash and Cash Equivalents, $37.5 million of mutual funds, equity securities, and alternative investments are held in Investments, $0.5 million of money market and mutual funds are held in Other Assets for our deferred compensation plan, and $22.1 million of fixed income funds and $0.3 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 $59.6 million and $54.2 million as of April 1, 2023 and March 26, 2022, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 1, 2023 ​ March 26, 2022 ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Cost Gain (Loss) Fair Value Cost Gain (Loss) Fair Value Fixed Income ​ $ 23,610 $ (1,890) $ 21,720 ​ $ 19,049 ​ $ (642) $ 18,407 Treasury Securities ​ ​ 343 ​ ​ — ​ ​ 343 ​ ​ 342 ​ ​ — ​ ​ 342 Equity ​ 14,976 ​ 2,001 16,977 ​ 15,347 ​ 3,942 ​ 19,289 Mutual Funds ​ ​ 15,553 ​ ​ 901 ​ 16,454 ​ ​ 9,392 ​ ​ 2,820 ​ 12,212 Alternative Investments ​ ​ 3,131 ​ ​ 972 ​ 4,103 ​ ​ 3,028 ​ ​ 936 ​ 3,964 Total ​ $ 57,613 ​ $ 1,984 $ 59,597 ​ $ 47,158 ​ $ 7,056 $ 54,214 ​ 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 $2.0 million and $7.1 million as of April 1, 2023 and March 26, 2022, respectively. Carrying amounts above are recorded in the investments and restricted investments line items within the balance sheet as of April 1, 2023 and March 26, 2022.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Apr. 01, 2023
REVENUE RECOGNITION
REVENUE RECOGNITION	C. REVENUE RECOGNITION Within the three primary segments, UFP Retail Solutions (“Retail”), UFP Packaging (“Packaging” and formerly known as UFP Industrial) 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 The following table presents our net sales disaggregated by revenue source (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ April 1, March 26, ​ ​ ​ ​ 2023 ​ 2022 ​ % Change ​ Point in Time Revenue ​ $ 1,784,456 ​ $ 2,450,281 (27.2)% ​ Over Time Revenue ​ 38,020 ​ ​ 39,032 (2.6)% ​ Total Net Sales ​ 1,822,476 ​ ​ 2,489,313 (26.8)% ​ ​ The Construction segment comprises the construction contract revenue shown above. Construction contract revenue is primarily made up of site-built and framing customers. The following table presents the balances of over time accounting accounts which are included in “Other current assets” and “Accrued liabilities: Other”, respectively (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 1, ​ December 31, ​ March 26, ​ ​ 2023 2022 2022 Cost and Earnings in Excess of Billings ​ $ 5,415 $ 6,798 $ 6,759 Billings in Excess of Cost and Earnings ​ 10,797 ​ 10,184 12,634 ​ ​

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Apr. 01, 2023
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 ​ ​ April 1, March 26, ​ ​ 2023 ​ 2022 ​ Numerator: ​ ​ Net earnings attributable to controlling interest ​ $ 126,069 ​ $ 189,703 ​ Adjustment for earnings allocated to non-vested restricted common stock equivalents ​ (5,581) ​ (6,806) ​ Net earnings for calculating EPS ​ $ 120,488 ​ $ 182,897 ​ Denominator: ​ ​ ​ Weighted average shares outstanding ​ 62,725 ​ 63,009 ​ Adjustment for non-vested restricted common stock equivalents ​ (2,777) ​ (2,261) ​ Shares for calculating basic EPS ​ 59,948 ​ 60,748 ​ Effect of dilutive restricted common stock equivalents ​ 855 ​ 225 ​ Shares for calculating diluted EPS ​ 60,803 ​ 60,973 ​ Net earnings per share: ​ ​ ​ Basic ​ $ 2.01 ​ $ 3.01 ​ Diluted ​ $ 1.98 ​ $ 3.00 ​ ​

COMMITMENTS, CONTINGENCIES, AND

COMMITMENTS, CONTINGENCIES, AND GUARANTEES	3 Months Ended
	Apr. 01, 2023
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 April 1, 2023, 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 April 1, 2023, we had outstanding purchase commitments on commenced capital projects of approximately $63.8 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 April 1, 2023, we had approximately $15.0 million in outstanding payment and performance bonds for open projects. We had approximately $24.8 million in payment and performance bonds outstanding for completed projects which are still under warranty. On April 1, 2023, we had outstanding letters of credit totaling $55.3 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 April 1, 2023, we have irrevocable letters of credit outstanding totaling approximately $52.0 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 first quarter of 2023 which would require us to recognize a liability on our balance sheet.

BUSINESS COMBINATIONS AND EQUIT

BUSINESS COMBINATIONS AND EQUITY METHOD INVESTMENTS	3 Months Ended
	Apr. 01, 2023
BUSINESS COMBINATIONS AND EQUITY METHOD INVESTMENTS
BUSINESS COMBINATIONS AND EQUITY METHOD INVESTMENTS	F. BUSINESS COMBINATIONS AND EQUITY METHOD INVESTMENTS We completed the following acquisitions since the end of March 2022, which were accounted for using the purchase or equity method. Dollars below are in thousands unless otherwise noted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Company Acquisition ​ Intangible Tangible Operating Name Date Purchase Price Assets Assets Segment ​ December 6, 2022 $71,009 cash paid for 100% asset purchase $ 48,812 $ 22,197 Packaging Titan Corrugated, Inc. (Titan) and All Boxed Up, LLC Located in Flower Mound, TX and founded in 2003, Titan’s primary products include boxes used in moving and storage, jumbo boxes for industrial products, corrugated shipping containers, and point-of-purchase displays. All Boxed Up distributes common box sizes manufactured by Titan throughout the United States. The combined companies had trailing 12-month sales through October 2022 of approximately $46.5 million. ​ June 27, 2022 $69,791 cash paid for equity method investment $ 34,552 $ 35,239 Packaging Dempsey Wood Products, Inc. (Dempsey) Located in Orangeburg, South Carolina and founded in 1988, Dempsey is a sawmill which produces products such as kiln dried finished lumber, industrial lumber, green cut stock lumber, pine chips and shavings, landscaping mulch, and sawdust. The Company had sales of approximately $69 million in 2021. ​ May 9, 2022 $15,398 $ 4,821 $ 10,577 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. ​ The intangible assets for the above investments have not been finalized and allocated to their respective identifiable asset and goodwill accounts. In aggregate, investments completed since the end of March 2022 and not consolidated with other operations contributed approximately $12.8 million in net sales and $0.5 million in operating profits during the first three months of 2023. 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 April 1, 2023, the carrying value of our investment in Dempsey is $66.7 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. The business combinations mentioned above were not significant to our operating results individually or in aggregate, and thus pro forma results for 2023 and 2022 are not presented.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Apr. 01, 2023
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 (formerly known as 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, Packaging, 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 April 1, 2023 ​ Retail Packaging Construction All Other Corporate Total Net sales to outside customers ​ $ 749,577 $ 486,561 ​ $ 515,593 ​ $ 67,512 ​ $ 3,233 ​ $ 1,822,476 Intersegment net sales ​ 223,325 ​ ​ 20,050 ​ ​ 25,836 ​ ​ 77,487 ​ ​ (346,698) ​ — Earnings from operations ​ ​ 41,056 ​ ​ 54,732 ​ ​ 54,248 ​ ​ 4,034 ​ ​ 7,638 ​ ​ 161,708 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 26, 2022 ​ Retail Packaging Construction All Other Corporate Total Net sales to outside customers ​ $ 993,232 $ 611,369 ​ $ 786,471 ​ $ 95,567 ​ $ 2,674 ​ $ 2,489,313 Intersegment net sales ​ 65,948 ​ ​ 22,173 ​ ​ 25,352 ​ ​ 109,772 ​ ​ (223,245) ​ — Earnings from operations ​ ​ 71,397 ​ ​ 82,391 ​ ​ 78,818 ​ ​ 14,815 ​ ​ 11,604 ​ ​ 259,025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table presents goodwill by segment as of April 1, 2023, and December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail Packaging Construction All Other Corporate Total Balance as of December 31, 2022 $ 84,640 $ 148,909 $ 87,670 $ 16,101 ​ $ — $ 337,320 Foreign Exchange, Net ​ — ​ ​ — ​ ​ 28 ​ ​ 119 ​ ​ — ​ 147 Balance as of April 1, 2023 ​ $ 84,640 $ 148,909 ​ $ 87,698 ​ $ 16,220 ​ $ — ​ $ 337,467 ​ The following table presents total assets by segment as of April 1, 2023, and December 31, 2022 (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets by Segment ​ April 1, December 31, ​ ​ Segment Classification 2023 ​ 2022 ​ % Change Retail $ 1,077,283 ​ $ 889,417 21.1 % Packaging 856,966 ​ 885,878 (3.3) ​ Construction 709,347 ​ 712,837 (0.5) ​ All Other ​ 299,510 ​ ​ 308,688 ​ (3.0) ​ Corporate ​ 753,683 ​ ​ 875,253 ​ (13.9) ​ Total Assets $ 3,696,789 ​ $ 3,672,073 0.7 % ​

INCOME TAXES

INCOME TAXES	3 Months Ended
	Apr. 01, 2023
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 23.7% in the first quarter of 2023 compared to 24.0% in the first quarter of 2022. ​

COMMON STOCK

COMMON STOCK	3 Months Ended
	Apr. 01, 2023
COMMON STOCK
COMMON STOCK	I. COMMON STOCK Below is a summary of common stock issuances for the first three months of 2023 and 2022 (in thousands, except average share price): ​ ​ ​ ​ ​ ​ ​ ​ April 1, 2023 Share Issuance Activity Common Stock ​ ​ Average Share Price Shares issued under the employee stock purchase plan ​ 10 ​ $ 79.47 ​ ​ ​ ​ ​ ​ Shares issued under the employee stock gift program ​ 1 ​ ​ 90.30 Shares issued under the director retainer stock program ​ 1 ​ ​ 96.33 Shares issued under the bonus plan ​ 756 ​ ​ 86.14 Shares issued under the executive stock match plan ​ 75 ​ ​ 85.89 Forfeitures ​ (8) ​ ​ ​ Total shares issued under stock grant programs ​ 825 ​ $ 86.12 ​ ​ ​ ​ ​ ​ Shares issued under the deferred compensation plans ​ 93 ​ $ 85.33 ​ During the first three months of 2023, we repurchased 450,597 shares of our common stock at an average share price of $78.27. ​ ​ ​ ​ ​ ​ ​ ​ March 26, 2022 Share Issuance Activity Common Stock ​ ​ Average Share Price Shares issued under the employee stock purchase plan ​ 10 ​ $ 80.04 ​ ​ ​ ​ ​ ​ Shares issued under the employee stock gift program ​ 1 ​ ​ 84.85 Shares issued under the director retainer stock program ​ 1 ​ ​ 80.78 Shares issued under the bonus plan ​ 725 ​ ​ 79.61 Shares issued under the executive stock grants plan ​ 62 ​ ​ 82.87 Forfeitures ​ (2) ​ ​ ​ Total shares issued under stock grant programs ​ 787 ​ $ 79.87 ​ ​ ​ ​ ​ ​ Shares issued under the deferred compensation plans ​ 80 ​ $ 83.84 ​ During the first three months of 2022, we repurchased 44,442 shares of our common stock at an average share price of $79.74.

INVENTORIES

INVENTORIES	3 Months Ended
	Apr. 01, 2023
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 a $0.7 million lower of cost or net realizable value adjustment to inventory as of April 1, 2023 and no adjustment as of March 26, 2022.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Apr. 01, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	K. SUBSEQUENT EVENTS Subsequent to our reporting date, we repurchased 150,000 shares of our common stock for approximately $12.0 million, at an average share price of $79.73.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Apr. 01, 2023
BASIS OF PRESENTATION
Revenue Recognition	Within the three primary segments, UFP Retail Solutions (“Retail”), UFP Packaging (“Packaging” and formerly known as UFP Industrial) 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

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Apr. 01, 2023
FAIR VALUE
Assets measured at fair value	Assets measured at fair value are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 1, 2023 ​ March 26, 2022 ​ ​ 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 ​ $ 208,129 $ 928 ​ $ — $ 209,057 $ 18 $ 9,641 ​ $ — $ 9,659 Fixed income funds ​ 3,838 ​ 17,882 ​ ​ — 21,720 ​ 2,279 ​ 16,128 ​ ​ — 18,407 Treasury securities ​ ​ 343 ​ ​ — ​ ​ — ​ ​ 343 ​ ​ 342 ​ ​ — ​ ​ — ​ ​ 342 Equity securities ​ 16,977 ​ — ​ ​ — 16,977 ​ 19,289 ​ — ​ ​ — 19,289 Alternative investments ​ ​ — ​ ​ — ​ ​ 4,103 ​ ​ 4,103 ​ ​ — ​ ​ — ​ ​ 3,964 ​ ​ 3,964 Mutual funds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic stock funds ​ 10,108 ​ — ​ ​ — 10,108 ​ 10,576 ​ — ​ ​ — 10,576 International stock funds ​ 1,092 ​ — ​ ​ — 1,092 ​ 1,621 ​ — ​ ​ — 1,621 Target funds ​ 8 ​ — ​ ​ — 8 ​ 22 ​ — ​ ​ — 22 Bond funds ​ 5,294 ​ — ​ ​ — 5,294 ​ 141 ​ — ​ ​ — 141 Alternative funds ​ ​ 468 ​ ​ — ​ ​ — ​ ​ 468 ​ ​ 501 ​ ​ — ​ ​ — ​ ​ 501 Total mutual funds ​ 16,970 ​ — ​ ​ — 16,970 ​ 12,861 ​ — ​ ​ — 12,861 Total ​ $ 246,257 ​ $ 18,810 ​ $ 4,103 ​ $ 269,170 ​ $ 34,789 ​ $ 25,769 ​ $ 3,964 ​ $ 64,522 ​
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 1, 2023 ​ March 26, 2022 ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Cost Gain (Loss) Fair Value Cost Gain (Loss) Fair Value Fixed Income ​ $ 23,610 $ (1,890) $ 21,720 ​ $ 19,049 ​ $ (642) $ 18,407 Treasury Securities ​ ​ 343 ​ ​ — ​ ​ 343 ​ ​ 342 ​ ​ — ​ ​ 342 Equity ​ 14,976 ​ 2,001 16,977 ​ 15,347 ​ 3,942 ​ 19,289 Mutual Funds ​ ​ 15,553 ​ ​ 901 ​ 16,454 ​ ​ 9,392 ​ ​ 2,820 ​ 12,212 Alternative Investments ​ ​ 3,131 ​ ​ 972 ​ 4,103 ​ ​ 3,028 ​ ​ 936 ​ 3,964 Total ​ $ 57,613 ​ $ 1,984 $ 59,597 ​ $ 47,158 ​ $ 7,056 $ 54,214 ​

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Apr. 01, 2023
REVENUE RECOGNITION
Schedule of Disaggregation of revenue	The following table presents our net sales disaggregated by revenue source (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ April 1, March 26, ​ ​ ​ ​ 2023 ​ 2022 ​ % Change ​ Point in Time Revenue ​ $ 1,784,456 ​ $ 2,450,281 (27.2)% ​ Over Time Revenue ​ 38,020 ​ ​ 39,032 (2.6)% ​ Total Net Sales ​ 1,822,476 ​ ​ 2,489,313 (26.8)% ​ ​
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 1, ​ December 31, ​ March 26, ​ ​ 2023 2022 2022 Cost and Earnings in Excess of Billings ​ $ 5,415 $ 6,798 $ 6,759 Billings in Excess of Cost and Earnings ​ 10,797 ​ 10,184 12,634 ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Apr. 01, 2023
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 ​ ​ April 1, March 26, ​ ​ 2023 ​ 2022 ​ Numerator: ​ ​ Net earnings attributable to controlling interest ​ $ 126,069 ​ $ 189,703 ​ Adjustment for earnings allocated to non-vested restricted common stock equivalents ​ (5,581) ​ (6,806) ​ Net earnings for calculating EPS ​ $ 120,488 ​ $ 182,897 ​ Denominator: ​ ​ ​ Weighted average shares outstanding ​ 62,725 ​ 63,009 ​ Adjustment for non-vested restricted common stock equivalents ​ (2,777) ​ (2,261) ​ Shares for calculating basic EPS ​ 59,948 ​ 60,748 ​ Effect of dilutive restricted common stock equivalents ​ 855 ​ 225 ​ Shares for calculating diluted EPS ​ 60,803 ​ 60,973 ​ Net earnings per share: ​ ​ ​ Basic ​ $ 2.01 ​ $ 3.01 ​ Diluted ​ $ 1.98 ​ $ 3.00 ​

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	3 Months Ended
	Apr. 01, 2023
BUSINESS COMBINATIONS AND EQUITY METHOD INVESTMENTS
Acquisitions Accounted for Using Purchase Method	We completed the following acquisitions since the end of March 2022, which were accounted for using the purchase or equity method. Dollars below are in thousands unless otherwise noted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Company Acquisition ​ Intangible Tangible Operating Name Date Purchase Price Assets Assets Segment ​ December 6, 2022 $71,009 cash paid for 100% asset purchase $ 48,812 $ 22,197 Packaging Titan Corrugated, Inc. (Titan) and All Boxed Up, LLC Located in Flower Mound, TX and founded in 2003, Titan’s primary products include boxes used in moving and storage, jumbo boxes for industrial products, corrugated shipping containers, and point-of-purchase displays. All Boxed Up distributes common box sizes manufactured by Titan throughout the United States. The combined companies had trailing 12-month sales through October 2022 of approximately $46.5 million. ​ June 27, 2022 $69,791 cash paid for equity method investment $ 34,552 $ 35,239 Packaging Dempsey Wood Products, Inc. (Dempsey) Located in Orangeburg, South Carolina and founded in 1988, Dempsey is a sawmill which produces products such as kiln dried finished lumber, industrial lumber, green cut stock lumber, pine chips and shavings, landscaping mulch, and sawdust. The Company had sales of approximately $69 million in 2021. ​ May 9, 2022 $15,398 $ 4,821 $ 10,577 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. ​

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Apr. 01, 2023
SEGMENT REPORTING
Segment Reporting	The tables below are presented in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended April 1, 2023 ​ Retail Packaging Construction All Other Corporate Total Net sales to outside customers ​ $ 749,577 $ 486,561 ​ $ 515,593 ​ $ 67,512 ​ $ 3,233 ​ $ 1,822,476 Intersegment net sales ​ 223,325 ​ ​ 20,050 ​ ​ 25,836 ​ ​ 77,487 ​ ​ (346,698) ​ — Earnings from operations ​ ​ 41,056 ​ ​ 54,732 ​ ​ 54,248 ​ ​ 4,034 ​ ​ 7,638 ​ ​ 161,708 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 26, 2022 ​ Retail Packaging Construction All Other Corporate Total Net sales to outside customers ​ $ 993,232 $ 611,369 ​ $ 786,471 ​ $ 95,567 ​ $ 2,674 ​ $ 2,489,313 Intersegment net sales ​ 65,948 ​ ​ 22,173 ​ ​ 25,352 ​ ​ 109,772 ​ ​ (223,245) ​ — Earnings from operations ​ ​ 71,397 ​ ​ 82,391 ​ ​ 78,818 ​ ​ 14,815 ​ ​ 11,604 ​ ​ 259,025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Goodwill by Segment	The following table presents goodwill by segment as of April 1, 2023, and December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail Packaging Construction All Other Corporate Total Balance as of December 31, 2022 $ 84,640 $ 148,909 $ 87,670 $ 16,101 ​ $ — $ 337,320 Foreign Exchange, Net ​ — ​ ​ — ​ ​ 28 ​ ​ 119 ​ ​ — ​ 147 Balance as of April 1, 2023 ​ $ 84,640 $ 148,909 ​ $ 87,698 ​ $ 16,220 ​ $ — ​ $ 337,467
Schedule of assets by segment	​ The following table presents total assets by segment as of April 1, 2023, and December 31, 2022 (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets by Segment ​ April 1, December 31, ​ ​ Segment Classification 2023 ​ 2022 ​ % Change Retail $ 1,077,283 ​ $ 889,417 21.1 % Packaging 856,966 ​ 885,878 (3.3) ​ Construction 709,347 ​ 712,837 (0.5) ​ All Other ​ 299,510 ​ ​ 308,688 ​ (3.0) ​ Corporate ​ 753,683 ​ ​ 875,253 ​ (13.9) ​ Total Assets $ 3,696,789 ​ $ 3,672,073 0.7 %

COMMON STOCK (Tables)

COMMON STOCK (Tables)	3 Months Ended
	Apr. 01, 2023
COMMON STOCK
Schedule of common stock issuances	Below is a summary of common stock issuances for the first three months of 2023 and 2022 (in thousands, except average share price): ​ ​ ​ ​ ​ ​ ​ ​ April 1, 2023 Share Issuance Activity Common Stock ​ ​ Average Share Price Shares issued under the employee stock purchase plan ​ 10 ​ $ 79.47 ​ ​ ​ ​ ​ ​ Shares issued under the employee stock gift program ​ 1 ​ ​ 90.30 Shares issued under the director retainer stock program ​ 1 ​ ​ 96.33 Shares issued under the bonus plan ​ 756 ​ ​ 86.14 Shares issued under the executive stock match plan ​ 75 ​ ​ 85.89 Forfeitures ​ (8) ​ ​ ​ Total shares issued under stock grant programs ​ 825 ​ $ 86.12 ​ ​ ​ ​ ​ ​ Shares issued under the deferred compensation plans ​ 93 ​ $ 85.33 ​ ​ ​ ​ ​ ​ ​ ​ ​ March 26, 2022 Share Issuance Activity Common Stock ​ ​ Average Share Price Shares issued under the employee stock purchase plan ​ 10 ​ $ 80.04 ​ ​ ​ ​ ​ ​ Shares issued under the employee stock gift program ​ 1 ​ ​ 84.85 Shares issued under the director retainer stock program ​ 1 ​ ​ 80.78 Shares issued under the bonus plan ​ 725 ​ ​ 79.61 Shares issued under the executive stock grants plan ​ 62 ​ ​ 82.87 Forfeitures ​ (2) ​ ​ ​ Total shares issued under stock grant programs ​ 787 ​ $ 79.87 ​ ​ ​ ​ ​ ​ Shares issued under the deferred compensation plans ​ 80 ​ $ 83.84 ​

FAIR VALUE - Asset Measured at

FAIR VALUE - Asset Measured at Fair Value (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Mar. 26, 2022
Fixed Income | Restricted Investment
Fair Value
Investments at fair value	$ 22,100
Money market funds | Cash and Cash Equivalents
Fair Value
Investments at fair value	208,800
Money market funds | Restricted Investment
Fair Value
Investments at fair value	300
Mutual funds, equity and alternative investments | Investments
Fair Value
Investments at fair value	37,500
Money market and mutual funds | Other Non current Assets
Fair Value
Investments at fair value	500
Ardellis Insurance Ltd.
Fair Value
Total Fair Value	59,597	$ 54,214
Estimate of Fair Value Measurement | Recurring
Fair Value
Investments at fair value	269,170	64,522
Estimate of Fair Value Measurement | Recurring | Fixed Income
Fair Value
Investments at fair value	21,720	18,407
Estimate of Fair Value Measurement | Recurring | Money market funds
Fair Value
Investments at fair value	209,057	9,659
Estimate of Fair Value Measurement | Recurring | Treasury securities
Fair Value
Investments at fair value	343	342
Estimate of Fair Value Measurement | Recurring | Equity
Fair Value
Investments at fair value	16,977	19,289
Estimate of Fair Value Measurement | Recurring | Alternative Investments
Fair Value
Investments at fair value	4,103	3,964
Estimate of Fair Value Measurement | Recurring | Mutual Fund
Fair Value
Investments at fair value	16,970	12,861
Estimate of Fair Value Measurement | Recurring | Domestic stock
Fair Value
Investments at fair value	10,108	10,576
Estimate of Fair Value Measurement | Recurring | International stock funds
Fair Value
Investments at fair value	1,092	1,621
Estimate of Fair Value Measurement | Recurring | Target funds
Fair Value
Investments at fair value	8	22
Estimate of Fair Value Measurement | Recurring | Bond funds
Fair Value
Investments at fair value	5,294	141
Estimate of Fair Value Measurement | Recurring | Alternative funds
Fair Value
Investments at fair value	468	501
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1)
Fair Value
Investments at fair value	246,257	34,789
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Fixed Income
Fair Value
Investments at fair value	3,838	2,279
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Money market funds
Fair Value
Investments at fair value	208,129	18
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Treasury securities
Fair Value
Investments at fair value	343	342
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Equity
Fair Value
Investments at fair value	16,977	19,289
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Mutual Fund
Fair Value
Investments at fair value	16,970	12,861
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Domestic stock
Fair Value
Investments at fair value	10,108	10,576
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | International stock funds
Fair Value
Investments at fair value	1,092	1,621
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Target funds
Fair Value
Investments at fair value	8	22
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Bond funds
Fair Value
Investments at fair value	5,294	141
Estimate of Fair Value Measurement | Recurring | Quoted Prices in Active Markets (Level 1) | Alternative funds
Fair Value
Investments at fair value	468	501
Estimate of Fair Value Measurement | Recurring | Prices with Other Observable Inputs (Level 2)
Fair Value
Investments at fair value	18,810	25,769
Estimate of Fair Value Measurement | Recurring | Prices with Other Observable Inputs (Level 2) | Fixed Income
Fair Value
Investments at fair value	17,882	16,128
Estimate of Fair Value Measurement | Recurring | Prices with Other Observable Inputs (Level 2) | Money market funds
Fair Value
Investments at fair value	928	9,641
Estimate of Fair Value Measurement | Recurring | Prices with Unobservable Inputs (Level 3)
Fair Value
Investments at fair value	4,103	3,964
Estimate of Fair Value Measurement | Recurring | Prices with Unobservable Inputs (Level 3) | Alternative Investments
Fair Value
Investments at fair value	$ 4,103	$ 3,964

FAIR VALUE - Available for Sale

FAIR VALUE - Available for Sale Investment Portfolio (Details) - Ardellis Insurance Ltd. - USD ($) $ in Thousands	Apr. 01, 2023	Mar. 26, 2022
Available-for-sale securities
Total Securities Cost	$ 57,613	$ 47,158
Unrealized Gain (Loss)	1,984	7,056
Total Fair Value	59,597	54,214
Fixed Income
Available-for-sale securities
Debt Securities Cost	23,610	19,049
Debt Securities Unrealized Gain/(Loss)	(1,890)	(642)
Debt Securities Fair Value	21,720	18,407
Treasury securities
Available-for-sale securities
Debt Securities Cost	343	342
Debt Securities Fair Value	343	342
Equity
Available-for-sale securities
Equity Securities Cost	14,976	15,347
Equity Securities Unrealized Gain/(Loss)	2,001	3,942
Equity Securities Fair Value	16,977	19,289
Mutual Fund
Available-for-sale securities
Debt Securities Cost	15,553	9,392
Debt Securities Unrealized Gain/(Loss)	901	2,820
Debt Securities Fair Value	16,454	12,212
Alternative Investments
Available-for-sale securities
Debt Securities Cost	3,131	3,028
Debt Securities Unrealized Gain/(Loss)	972	936
Debt Securities Fair Value	$ 4,103	$ 3,964

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregated revenue (Details) $ in Thousands	3 Months Ended
	Apr. 01, 2023 USD ($) item	Mar. 26, 2022 USD ($)
Revenue Recognition.
Number of markets in which the entity operates (in markets) | item	3
NET SALES	$ 1,822,476	$ 2,489,313
Change %	(26.80%)
Point in Time Revenue
Revenue Recognition.
NET SALES	$ 1,784,456	2,450,281
Change %	(27.20%)
Over Time Revenue
Revenue Recognition.
NET SALES	$ 38,020	$ 39,032
Change %	(2.60%)
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-02 | Over Time Revenue
Revenue Recognition.
Number of months to complete contract projects	6 months
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-02 | Over Time Revenue
Revenue Recognition.
Number of months to complete contract projects	18 months

REVENUE RECOGNITION - Percentag

REVENUE RECOGNITION - Percentage of completion (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022	Mar. 26, 2022
REVENUE RECOGNITION
Cost and Earnings in Excess of Billings	$ 5,415	$ 6,798	$ 6,759
Billings in Excess of Cost and Earnings	$ 10,797	$ 10,184	$ 12,634

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Numerator:
Net earnings attributable to controlling interest	$ 126,069	$ 189,703
Adjustment for earnings allocated to non-vested restricted common stock equivalents	(5,581)	(6,806)
Net earnings for calculating EPS	$ 120,488	$ 182,897
Denominator:
Weighted average shares outstanding (in shares)	62,725	63,009
Adjustment for non-vested restricted common stock equivalents (in shares)	(2,777)	(2,261)
Shares for calculating basic EPS (in shares)	59,948	60,748
Effect of dilutive restricted common stock equivalents (in shares)	855	225
Shares for calculating diluted EPS (in shares)	60,803	60,973
Net earnings per share
Basic (USD per share)	$ 2.01	$ 3.01
Diluted (USD per share)	$ 1.98	$ 3

COMMITMENTS, CONTINGENCIES, A_2

COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($)
Long-term commitment
Outstanding purchase commitments on capital projects	$ 63.8
Surety Bonds and Letters of Credit
Outstanding letters of credit	55.3
Open Projects
Surety Bonds and Letters of Credit
Payment and performance bonds outstanding	15
Completed Projects
Surety Bonds and Letters of Credit
Payment and performance bonds outstanding	24.8
Insurance contracts and other legal agreements
Surety Bonds and Letters of Credit
Outstanding letters of credit	52
Revenue Bonds
Surety Bonds and Letters of Credit
Outstanding letters of credit	$ 3.3

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands				3 Months Ended
	Dec. 06, 2022	Jun. 27, 2022	May 09, 2022	Apr. 01, 2023	Jul. 27, 2022
Business Acquisition
Aggregate acquisitions' net sales				$ 12,800
Aggregate acquisitions' operating profit				500
Dempsey Wood Products, LLC
Business Acquisition
Ownership interest					50%
Sellers | Dempsey Wood Products, LLC
Business Acquisition
Ownership interest					50%
Dempsey Wood Products, LLC
Business Acquisition
Sellers put right					$ 50,000
Call right					$ 70,000
Carrying value				$ 66,700
Dempsey Wood Products, LLC | Packaging
Business Acquisition
Purchase consideration, equity method investment		$ 69,791
Intangible Assets		34,552
Net Tangible Assets		35,239
Acquired equity method investment, prior year sales		$ 69,000
Titan Corrugated, Inc. (Titan) and All Boxed Up, LLC | Packaging
Business Acquisition
Cash paid for business acquisition	$ 71,009
Percentage of assets purchased (as a percent)	100%
Intangible Assets	$ 48,812
Net Tangible Assets	22,197
Acquired entity, trailing 12-months sales	$ 46,500
Cedar Poly, LLC | Retail
Business Acquisition
Cash paid for business acquisition			$ 15,398
Percentage of assets purchased (as a percent)			100%
Intangible Assets			$ 4,821
Net Tangible Assets			10,577
Acquired entity, prior year sales			$ 17,300

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Segment Reporting
Net sales	$ 1,822,476	$ 2,489,313
Earnings from operations	161,708	259,025
Intersegment net sales
Segment Reporting
Net sales	(346,698)	(223,245)
Corporate
Segment Reporting
Net sales	3,233	2,674
Earnings from operations	7,638	11,604
Retail
Segment Reporting
Net sales	749,577	993,232
Earnings from operations	41,056	71,397
Retail | Intersegment net sales
Segment Reporting
Net sales	223,325	65,948
Packaging
Segment Reporting
Net sales	486,561	611,369
Earnings from operations	54,732	82,391
Packaging | Intersegment net sales
Segment Reporting
Net sales	20,050	22,173
Construction
Segment Reporting
Net sales	515,593	786,471
Earnings from operations	54,248	78,818
Construction | Intersegment net sales
Segment Reporting
Net sales	25,836	25,352
All Other
Segment Reporting
Net sales	67,512	95,567
Earnings from operations	4,034	14,815
All Other | Intersegment net sales
Segment Reporting
Net sales	$ 77,487	$ 109,772

SEGMENT REPORTING - Goodwill (D

SEGMENT REPORTING - Goodwill (Details) $ in Thousands	3 Months Ended
	Apr. 01, 2023 USD ($)
Goodwill
Goodwill, Beginning Balance	$ 337,320
Foreign Exchange, Net	147
Goodwill, Ending Balance	337,467
Retail
Goodwill
Goodwill, Beginning Balance	84,640
Goodwill, Ending Balance	84,640
Packaging
Goodwill
Goodwill, Beginning Balance	148,909
Goodwill, Ending Balance	148,909
Construction
Goodwill
Goodwill, Beginning Balance	87,670
Foreign Exchange, Net	28
Goodwill, Ending Balance	87,698
All Other
Goodwill
Goodwill, Beginning Balance	16,101
Foreign Exchange, Net	119
Goodwill, Ending Balance	$ 16,220

SEGMENT REPORTING - Assets (Det

SEGMENT REPORTING - Assets (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022	Mar. 26, 2022
Segment Reporting
Segment assets	$ 3,696,789	$ 3,672,073	$ 3,673,966
Change in assets (as a percent)	0.70%
Corporate
Segment Reporting
Segment assets	$ 753,683	875,253
Change in assets (as a percent)	(13.90%)
Retail
Segment Reporting
Segment assets	$ 1,077,283	889,417
Change in assets (as a percent)	21.10%
Packaging
Segment Reporting
Segment assets	$ 856,966	885,878
Change in assets (as a percent)	(3.30%)
Construction
Segment Reporting
Segment assets	$ 709,347	712,837
Change in assets (as a percent)	(0.50%)
All Other
Segment Reporting
Segment assets	$ 299,510	$ 308,688
Change in assets (as a percent)	(3.00%)

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
INCOME TAXES
Effective income tax rate	23.70%	24%

COMMON STOCK - Common Stock Iss

COMMON STOCK - Common Stock Issuances (Details) - $ / shares	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Common Stock
Common stock issued, net of forfeitures	824,669	787,045
Repurchase of common stock (in shares)	450,597	44,442
Average Share Price
Repurchase of common stock (dollars per share)	$ 78.27	$ 79.74
Stock Purchase Plan
Common Stock
Common stock issued	10,000	10,000
Average Share Price
Common stock issued (dollars per share)	$ 79.47	$ 80.04
Stock Gift Program
Common Stock
Common stock issued	1,000	1,000
Average Share Price
Common stock issued (dollars per share)	$ 90.30	$ 84.85
Stock Retainer Plan
Common Stock
Common stock issued	1,000	1,000
Average Share Price
Common stock issued (dollars per share)	$ 96.33	$ 80.78
LTSIP
Common Stock
Common stock issued	756,000	725,000
Average Share Price
Common stock issued (dollars per share)	$ 86.14	$ 79.61
Executive Stock Grants Plan
Common Stock
Common stock issued	75,000	62,000
Average Share Price
Common stock issued (dollars per share)	$ 85.89	$ 82.87
Deferred Compensation Plans
Common Stock
Common stock issued	93,000	80,000
Average Share Price
Common stock issued (dollars per share)	$ 85.33	$ 83.84
Stock grant programs
Common Stock
Common stock issued	825,000	787,000
Forfeitures	(8,000)	(2,000)
Average Share Price
Common stock issued (dollars per share)	$ 86.12	$ 79.87

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
INVENTORIES
Adjustments to inventory	$ 0.7	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	May 10, 2023	Apr. 01, 2023	Mar. 26, 2022
Subsequent Event
Repurchase of common stock (in shares)		450,597	44,442
Repurchase of common stock		$ 33,288	$ 501
Repurchase of common stock (dollars per share)		$ 78.27	$ 79.74
Subsequent Event
Subsequent Event
Repurchase of common stock (in shares)	150,000
Repurchase of common stock	$ 12,000
Repurchase of common stock (dollars per share)	$ 79.73