UFP Industries (UFPI) 10-Q8 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2023 shares
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 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)	61,812,538
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000912767
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 24, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 957,092	$ 559,397	$ 449,135
Restricted cash	3,761	226	729
Investments	37,062	36,013	33,113
Accounts receivable, net	697,555	617,604	877,776
Inventories:
Raw materials	316,628	398,798	425,765
Finished goods	428,119	574,429	581,118
Total inventories	744,747	973,227	1,006,883
Refundable income taxes	26,484	33,126	28,771
Other current assets	38,421	42,520	39,956
TOTAL CURRENT ASSETS	2,505,122	2,262,113	2,436,363
DEFERRED INCOME TAXES	3,489	3,750	3,139
RESTRICTED INVESTMENTS	23,653	19,898	19,552
RIGHT OF USE ASSETS	106,506	107,517	101,001
OTHER ASSETS	150,351	101,262	94,090
GOODWILL	328,221	337,320	319,183
INDEFINITE-LIVED INTANGIBLE ASSETS	7,316	7,339	7,332
OTHER INTANGIBLE ASSETS, NET	140,734	143,892	113,880
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment	1,487,801	1,379,968	1,323,896
Less accumulated depreciation and amortization	(749,109)	(690,986)	(679,889)
PROPERTY, PLANT AND EQUIPMENT, NET	738,692	688,982	644,007
TOTAL ASSETS	4,004,084	3,672,073	3,738,547
CURRENT LIABILITIES:
Cash overdraft			4,174
Accounts payable	253,065	206,941	323,404
Accrued liabilities:
Compensation and benefits	244,214	296,120	298,384
Other	78,691	80,255	111,596
Current portion of lease liability	24,326	25,577	23,767
Current portion of long-term debt	1,539	2,942	41,536
TOTAL CURRENT LIABILITIES	601,835	611,835	802,861
LONG-TERM DEBT	273,308	275,154	275,417
LEASE LIABILITY	86,571	85,419	80,903
DEFERRED INCOME TAXES	50,779	51,265	62,436
OTHER LIABILITIES	36,040	44,697	40,628
TOTAL LIABILITIES	1,048,533	1,068,370	1,262,245
TEMPORARY EQUITY:
Redeemable noncontrolling interest	6,788	6,880	7,563
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, 61,812,538 , 61,618,193 and 61,637,514	61,813	61,618	61,638
Additional paid-in capital	345,399	294,029	284,025
Retained earnings	2,517,252	2,217,410	2,102,764
Accumulated other comprehensive loss	(5,083)	(9,075)	(11,348)
Total controlling interest shareholders' equity	2,919,381	2,563,982	2,437,079
Noncontrolling interest	29,382	32,841	31,660
TOTAL SHAREHOLDERS' EQUITY	2,948,763	2,596,823	2,468,739
TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS' EQUITY	$ 4,004,084	$ 3,672,073	$ 3,738,547

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022	Sep. 24, 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)	61,812,538	61,618,193	61,637,514
Common stock, shares outstanding (in shares)	61,812,538	61,618,193	61,637,514

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
NET SALES	$ 1,827,637	$ 2,322,855	$ 5,694,031	$ 7,713,042
COST OF GOODS SOLD	1,463,237	1,872,679	4,571,235	6,281,051
GROSS PROFIT	364,400	450,176	1,122,796	1,431,991
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	195,649	214,327	595,035	649,015
OTHER LOSSES (GAINS), NET	1,419	(1,195)	5,224	1,341
EARNINGS FROM OPERATIONS	167,332	237,044	522,537	781,635
INTEREST EXPENSE	3,205	3,516	9,598	10,213
INTEREST AND INVESTMENT (INCOME) LOSS	(9,390)	1,658	(23,654)	6,905
EQUITY IN LOSS OF INVESTEE	8	1,208	1,013	2,740
INTEREST AND OTHER	(6,177)	6,382	(13,043)	19,858
EARNINGS BEFORE INCOME TAXES	173,509	230,662	535,580	761,777
INCOME TAXES	39,326	58,561	125,031	188,692
NET EARNINGS	134,183	172,101	410,549	573,085
NET (EARNINGS) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST	(148)	(4,860)	316	(13,023)
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST	$ 134,035	$ 167,241	$ 410,865	$ 560,062
EARNINGS PER SHARE - BASIC (USD per share)	$ 2.14	$ 2.68	$ 6.55	$ 8.93
EARNINGS PER SHARE - DILUTED (USD per share)	$ 2.10	$ 2.66	$ 6.45	$ 8.89
OTHER COMPREHENSIVE INCOME:
NET EARNINGS	$ 134,183	$ 172,101	$ 410,549	$ 573,085
OTHER COMPREHENSIVE INCOME (LOSS)	(3,761)	(4,477)	6,969	(5,676)
COMPREHENSIVE INCOME	130,422	167,624	417,518	567,409
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	820	(4,273)	(2,661)	(13,290)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST	$ 131,242	$ 163,351	$ 414,857	$ 554,119

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
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)			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
Net issuance (forfeitures) 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
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)			167,241		4,380	171,621
Foreign currency translation adjustment				(3,330)	(29)	(3,359)
Unrealized gain (loss) on debt securities				(560)		(560)
Distributions to NCI					(9,970)	(9,970)
Redeemable NCI					(7,641)	(7,641)
Cash dividends			(15,405)			(15,405)
Issuance of shares under employee stock purchase plan	11	641				652
Net issuance (forfeitures) of shares under stock grant programs	(6)	(159)	6			(159)
Issuance of shares under deferred compensation plans	10	(10)
Expense associated with share-based compensation arrangements		7,407				7,407
Accrued expense under deferred compensation plans		1,085				1,085
Ending balance at Sep. 24, 2022	61,638	284,025	2,102,764	(11,348)	31,660	2,468,739
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
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)			150,761		56	150,817
Foreign currency translation adjustment				2,983	1,694	4,677
Unrealized gain (loss) on debt securities				(199)		(199)
Other		427				427
Cash dividends			(15,507)			(15,507)
Issuance of shares under employee stock purchase plan	9	754				763
Net issuance (forfeitures) of shares under stock grant programs	(1)	35				34
Issuance of shares under deferred compensation plans	12	(12)
Repurchase of shares	(251)		(19,965)			(20,216)
Expense associated with share-based compensation arrangements		8,201				8,201
Accrued expense under deferred compensation plans		1,213				1,213
Ending balance at Jul. 01, 2023	61,865	335,494	2,408,314	(2,290)	31,614	2,834,997
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)			134,035		19	134,054
Foreign currency translation adjustment				(2,619)	(685)	(3,304)
Unrealized gain (loss) on debt securities				(174)		(174)
Distributions to NCI					(2,496)	(2,496)
Other		150			(930)	(780)
Cash dividends			(18,574)			(18,574)
Issuance of shares under employee stock purchase plan	7	632				639
Net issuance (forfeitures) of shares under stock grant programs	(3)	36	3			36
Issuance of shares under deferred compensation plans	10	(10)
Repurchase of shares	(66)		(6,526)			(6,592)
Expense associated with share-based compensation arrangements		8,156				8,156
Accrued expense under deferred compensation plans		1,241				1,241
Ending balance at Sep. 30, 2023	$ 61,813	$ 345,399	$ 2,517,252	$ (5,083)	$ 29,382	$ 2,948,763

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 24, 2022
Increase (Decrease) in Temporary Equity
Beginning balance	$ 6,772	$ 6,801	$ 6,880
Net earnings (loss)	129	(29)	(178)	480
Foreign currency translation adjustment	(283)		56	(558)
Other	170		43
Redeemable NCI				7,641
Ending balance	$ 6,788	$ 6,772	$ 6,801	$ 7,563

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 24, 2022	Jun. 25, 2022	Mar. 26, 2022
Increase (Decrease) in Stockholders' Equity
Cash dividends per share (USD per share)	$ 0.30	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.20
Net issuance of shares under employee stock plans (in shares)	7,341	9,253	10,140	10,678	13,875	9,734
Net issuance (forfeiture) of shares under stock grant programs (in shares)	3,368	(1,503)	824,669	(6,396)	28,154	787,045
Issuance of shares under deferred compensation plans (in shares)	9,774	11,686	93,165	10,705	11,605	79,973
Repurchase of shares (in shares)	66,215	250,000	450,597		1,165,268	44,442

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022
CASH FLOWS USED IN OPERATING ACTIVITIES:
Net earnings	$ 410,549	$ 573,085
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation	80,432	68,881
Amortization of intangibles	15,325	13,448
Expense associated with share-based and grant compensation arrangements	26,068	19,979
Deferred income taxes (credit)	113	(269)
Unrealized (gain) loss on investments and other	362	8,453
Equity in loss of investee	1,013	2,740
Net (gain) loss on sale and disposition of assets	(465)	352
Changes in:
Accounts receivable	(82,883)	(137,607)
Inventories	230,559	(36,259)
Accounts payable and cash overdraft	49,093	(11,247)
Accrued liabilities and other	(18,363)	31,490
NET CASH FROM OPERATING ACTIVITIES	711,803	533,046
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(130,947)	(113,725)
Proceeds from sale of property, plant and equipment	2,211	2,303
Acquisitions, net of cash received and purchase of equity method investment	(52,488)	(105,212)
Purchases of investments	(26,333)	(16,925)
Proceeds from sale of investments	22,101	10,036
Other	(2,092)	911
NET CASH USED IN INVESTING ACTIVITIES	(187,548)	(222,612)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Borrowings under revolving credit facilities	18,915	570,700
Repayments under revolving credit facilities	(21,929)	(571,075)
Repayments of debt	(29)	(1,957)
Contingent consideration payments and other	(6,179)	(2,564)
Proceeds from issuance of common stock	2,087	2,110
Dividends paid to shareholders	(49,723)	(43,420)
Distributions to noncontrolling interest	(7,355)	(12,023)
Repurchase of common stock	(62,076)	(93,215)
Other	65	(210)
NET CASH USED IN FINANCING ACTIVITIES	(126,224)	(151,654)
Effect of exchange rate changes on cash	3,199	(139)
NET CHANGE IN CASH AND CASH EQUIVALENTS	401,230	158,641
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR	559,623	291,223
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD	$ 960,853	$ 449,864

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 24, 2022
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents, beginning of period	$ 559,397	$ 449,135	$ 286,662
Restricted cash, beginning of period	226	729	4,561
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR	559,623	449,864	291,223
Cash and cash equivalents, end of period	957,092	559,397	449,135
Restricted cash, end of period	3,761	226	729
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD	$ 960,853	$ 559,623	$ 449,864

CONDENSED CONSOLIDATED STATEM_7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL AND NON-CASH FINANCING ACTIVITIES (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022
SUPPLEMENTAL INFORMATION:
Interest paid	$ 9,492	$ 9,997
Income taxes paid	118,403	213,117
NON-CASH INVESTING ACTIVITIES
Capital expenditures included in accounts payable	3,427	3,211
NON-CASH FINANCING ACTIVITIES:
Common stock issued under deferred compensation plans	$ 9,937	$ 8,424

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 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. 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 September 30, 2023, the carrying value of our investment in Dempsey is $63.0 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. We also made an investment in UFP Palets y Embalajes SL (UFP Palets) on September 20, 2023, in which we own 80% of the issued equity of that entity, and the remaining 20% of the issued equity is owned by the previous owner (“Seller”). The investment in UFP Palets is accounted for using the equity method of accounting because we do not have control as a result of certain rights granted to the minority shareholder. Per the contract, the Seller has a put right to sell their equity interest to us and we have a call right to purchase the Seller’s equity interest, which are both first exercisable in September 2026. The values of the put and call options are based upon future performance. As of September 30, 2023, the carrying value of our investment in UFP Palets is $53.6 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 UFP Palets relative to the strike price of the put option. In our opinion, the Financial Statements contain all material adjustments necessary to present fairly our consolidated financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. These Financial Statements should be read in conjunction with the annual consolidated financial statements, and footnotes thereto, included in our Annual Report to Shareholders on Form 10-K for the fiscal year ended December 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 September 24, 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	9 Months Ended
FAIR VALUE	Sep. 30, 2023
FAIR VALUE
FAIR VALUE	B. FAIR VALUE We apply the provisions of ASC 820, Fair Value Measurements and Disclosures September 30, 2023 December 31, 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 $ 496,910 $ 11,894 $ — $ 508,804 $ 390,219 $ 1,286 $ — $ 391,505 Fixed income funds 4,768 18,160 — 22,928 2,594 16,692 — 19,286 Treasury securities 344 — — 344 343 — — 343 Equity securities 14,755 — 4,000 18,755 17,337 — — 17,337 Alternative investments — — 4,184 4,184 — — 4,102 4,102 Mutual funds: Domestic stock funds 12,048 — — 12,048 13,067 — — 13,067 International stock funds 467 — — 467 1,414 — — 1,414 Target funds 8 — — 8 8 — — 8 Bond funds 5,158 — — 5,158 130 — — 130 Alternative funds 485 — — 485 474 — — 474 Total mutual funds 18,166 — — 18,166 15,093 — — 15,093 Total $ 534,943 $ 30,054 $ 8,184 $ 573,181 $ 425,586 $ 17,978 $ 4,102 $ 447,666 From the assets measured at fair value as of September 30, 2023, listed in the table above, $508.4 million of money market funds are held in Cash and Cash Equivalents, $41.0 million of mutual funds, equity securities, and alternative investments are held in Investments, $0.1 million of money market and mutual funds are held in Other Assets for our deferred compensation plan, and $23.3 million of fixed income funds and $0.4 million of money market funds are held in Restricted Investments. As of December 31, 2022, $36.1 million of mutual funds, equity securities, and alternative investments were held in Investments, $391.2 million of money market funds were held in Cash and Cash Equivalents, $0.5 million of money market and mutual funds were held in Other Assets for our deferred compensation plan, and $19.6 million of fixed income funds and $0.3 million of money market funds were held in Restricted Investments. We maintain money market, mutual funds, bonds, and/or equity securities in our non-qualified deferred compensation plan, our wholly owned licensed captive insurance company, and assets held in financial institutions. These funds are valued at prices quoted in an active exchange market and are included in “Cash and Cash Equivalents”, “Investments”, “Other Assets”, and “Restricted Investments”. We have elected not to apply the fair value option under ASC 825, Financial Instruments, In accordance with our investment policy, our wholly-owned captive, Ardellis Insurance Ltd. (“Ardellis”), maintains an investment portfolio, totaling $60.3 million and $55.6 million as of September 30, 2023 and December 31, 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): September 30, 2023 December 31, 2022 Unrealized Unrealized Cost Gain (Loss) Fair Value Cost Gain (Loss) Fair Value Fixed income $ 25,336 $ (2,408) $ 22,928 $ 21,399 $ (2,113) $ 19,286 Treasury securities 344 — 344 343 — 343 Equity 13,349 1,406 14,755 15,762 1,575 17,337 Mutual funds 17,184 939 18,123 13,430 1,144 14,574 Alternative investments 3,184 1,000 4,184 3,105 997 4,102 Total $ 59,397 $ 937 $ 60,334 $ 54,039 $ 1,603 $ 55,642 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 $0.9 million and $1.6 million as of September 30, 2023 and December 31, 2022, respectively. Carrying amounts above are recorded in the investments and restricted investments line items within the balance sheet as of September 30, 2023 and December 31, 2022.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
REVENUE RECOGNITION	Sep. 30, 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 Nine Months Ended September 30, September 24, September 30, September 24, 2023 2022 % Change 2023 2022 % Change Point in Time Revenue $ 1,797,215 $ 2,270,438 (20.8)% $ 5,587,990 $ 7,571,128 (26.2)% Over Time Revenue 30,422 52,417 (42.0)% 106,041 141,914 (25.3)% Total Net Sales 1,827,637 2,322,855 (21.3)% $ 5,694,031 $ 7,713,042 (26.2)% The Construction segment comprises the construction contract revenue shown above. Construction contract revenue is primarily made up of site-built and framing customers. The following table presents the balances of over time accounting accounts which are included in “Other current assets” and “Accrued liabilities: Other”, respectively (in thousands): September 30, December 31, September 24, 2023 2022 2022 Cost and Earnings in Excess of Billings $ 1,614 $ 6,798 $ 8,477 Billings in Excess of Cost and Earnings 10,318 10,184 10,743

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Sep. 30, 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 Nine Months Ended September 30, September 24, September 30, September 24, 2023 2022 2023 2022 Numerator: Net earnings attributable to controlling interest $ 134,035 $ 167,241 $ 410,865 $ 560,062 Adjustment for earnings allocated to non-vested restricted common stock equivalents (6,754) (6,857) (19,863) (21,970) Net earnings for calculating EPS $ 127,281 $ 160,384 $ 391,002 $ 538,092 Denominator: Weighted average shares outstanding 62,693 62,445 62,736 62,743 Adjustment for non-vested restricted common stock equivalents (3,159) (2,560) (3,033) (2,461) Shares for calculating basic EPS 59,534 59,885 59,703 60,282 Effect of dilutive restricted common stock equivalents 1,087 307 958 255 Shares for calculating diluted EPS 60,621 60,192 60,661 60,537 Net earnings per share: Basic $ 2.14 $ 2.68 $ 6.55 $ 8.93 Diluted $ 2.10 $ 2.66 $ 6.45 $ 8.89

COMMITMENTS, CONTINGENCIES, AND

COMMITMENTS, CONTINGENCIES, AND GUARANTEES	9 Months Ended
COMMITMENTS, CONTINGENCIES, AND GUARANTEES	Sep. 30, 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 September 30, 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 September 30, 2023, we had outstanding purchase commitments on commenced capital projects of approximately $81.3 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 September 30, 2023, we had approximately $14.4 million in outstanding payment and performance bonds for open projects. We had approximately $12.6 million in payment and performance bonds outstanding for completed projects which are still under warranty. On September 30, 2023, we had outstanding letters of credit totaling $47.8 million, primarily related to certain insurance contracts, industrial development revenue bonds, and other debt agreements described further below. In lieu of cash deposits, we provide irrevocable letters of credit in favor of our insurers and other third parties to guarantee our performance under certain insurance contracts and other legal agreements. As of September 30, 2023, we have irrevocable letters of credit outstanding totaling approximately $44.5 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 third 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	9 Months Ended
BUSINESS COMBINATIONS AND EQUITY METHOD INVESTMENTS	Sep. 30, 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 the third quarter of 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 September 20, 2023 $54,292 consideration for equity method investment $ 45,713 $ 8,579 International UFP Palets Headquartered in Castellón, Spain, UFP Palets (formerly known as Palets Suller Group) is the market leader in machine-built wood pallets, serving the region's large ceramic tile industry. The company had trailing 12-month sales of approximately $38 million through August 2023. December 6, 2022 $70,942 consideration for 100% asset purchase $ 48,745 $ 22,197 Packaging Titan Corrugated, Inc. (Titan) and All Boxed Up, LLC (ABU) 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. ABU 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. The purchase accounting valuation of the UFP Palets investment is yet to be finalized. The allocation of intangible assets for Titan and ABU are final. In aggregate, investments completed since the end of the third quarter of 2022 and not consolidated with other operations contributed approximately $32.6 million in net sales and $2.0 million in operating profits during the first nine months of 2023. 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	9 Months Ended
SEGMENT REPORTING	Sep. 30, 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 that serve multiple segments, results are allocated and accounted for by segment. The exception to this market-centered reporting and management structure is our International segment, which comprises our 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 September 30, 2023 Retail Packaging Construction All Other Corporate Total Net sales to outside customers $ 711,381 $ 449,885 $ 583,960 $ 81,426 $ 985 $ 1,827,637 Intersegment net sales 102,190 16,910 24,194 58,903 (202,197) — Earnings from operations 45,349 41,429 69,560 6,668 4,326 167,332 Three Months Ended September 24, 2022 Retail Packaging Construction All Other Corporate Total Net sales to outside customers $ 845,304 $ 584,808 $ 777,126 $ 112,203 $ 3,414 $ 2,322,855 Intersegment net sales 87,362 19,778 31,352 102,927 (241,419) — Earnings from operations 28,932 77,298 110,384 13,705 6,725 237,044 Nine Months Ended September 30, 2023 Retail Packaging Construction All Other Corporate Total Net sales to outside customers $ 2,380,956 $ 1,424,546 $ 1,650,017 $ 235,162 $ 3,350 $ 5,694,031 Intersegment net sales 524,033 57,936 73,584 211,870 (867,423) — Earnings from operations 146,585 153,025 185,767 17,519 19,641 522,537 Nine Months Ended September 24, 2022 Retail Packaging Construction All Other Corporate Total Net sales to outside customers $ 2,959,976 $ 1,872,510 $ 2,538,973 $ 332,186 $ 9,397 $ 7,713,042 Intersegment net sales 220,922 63,438 88,570 338,592 (711,522) — Earnings from operations 124,856 253,899 322,034 51,268 29,578 781,635 The following table presents goodwill by segment as of September 30, 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 2023 Acquisitions — — — — — — 2023 Purchase Accounting Adjustments (979) (7,867) — — — (8,846) Foreign Exchange, Net — — 40 (293) — (253) Balance as of September 30, 2023 $ 83,661 $ 141,042 $ 87,710 $ 15,808 $ — $ 328,221 The following table presents total assets by segment as of September 30, 2023, and December 31, 2022 (in thousands). Total Assets by Segment September 30, December 31, Segment Classification 2023 2022 % Change Retail $ 868,021 $ 889,417 (2.4) % Packaging 819,566 885,878 (7.5) Construction 689,791 712,837 (3.2) All Other 349,786 308,688 13.3 Corporate 1,276,920 875,253 45.9 Total Assets $ 4,004,084 $ 3,672,073 9.0 %

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 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 22.7% in the third quarter of 2023 compared to 25.4% in the same period of 2022 and was 23.3% in the first nine months of 2023 compared to 24.8% for the same period in 2022.

COMMON STOCK

COMMON STOCK	9 Months Ended
COMMON STOCK	Sep. 30, 2023
COMMON STOCK
COMMON STOCK	I. COMMON STOCK Below is a summary of common stock issuances for the first nine months of 2023 and 2022 (in thousands, except average share price): September 30, 2023 Share Issuance Activity Common Stock Average Share Price Shares issued under the employee stock purchase plan 26 $ 91.85 Shares issued under the employee stock gift program 1 91.31 Shares issued under the director retainer stock program 2 91.87 Shares issued under the bonus plan 756 86.14 Shares issued under the executive stock match plan 75 85.89 Forfeitures (13) Total shares issued under stock grant programs 821 $ 86.14 Shares issued under the deferred compensation plans 115 $ 86.69 During the first nine months of 2023, we repurchased 766,812 shares of our common stock at an average share price of $80.95. September 24, 2022 Share Issuance Activity Common Stock Average Share Price Shares issued under the employee stock purchase plan 34 $ 71.65 Shares issued under the employee stock gift program 2 78.60 Shares issued under the director retainer stock program 3 83.24 Shares issued under the bonus plan 755 82.73 Shares issued under the executive stock grants plan 62 82.87 Forfeitures (13) Total shares issued under stock grant programs 809 $ 82.73 Shares issued under the deferred compensation plans 102 $ 82.36 During the first nine months of 2022, we repurchased approximately 1,210,000 shares of our common stock at an average share price of $77.06.

INVENTORIES

INVENTORIES	9 Months Ended
INVENTORIES	Sep. 30, 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. The lower of cost or net realizable value adjustment to inventory were not significant as of September 30, 2023 and September 24, 2022.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	K. SUBSEQUENT EVENTS Subsequent to our reporting date, we repurchased 208,057 shares for $20.1 million, at an average share price of $96.48.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 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)	9 Months Ended
FAIR VALUE (Tables)	Sep. 30, 2023
FAIR VALUE
Assets measured at fair value	Assets measured at fair value are as follows (in thousands): September 30, 2023 December 31, 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 $ 496,910 $ 11,894 $ — $ 508,804 $ 390,219 $ 1,286 $ — $ 391,505 Fixed income funds 4,768 18,160 — 22,928 2,594 16,692 — 19,286 Treasury securities 344 — — 344 343 — — 343 Equity securities 14,755 — 4,000 18,755 17,337 — — 17,337 Alternative investments — — 4,184 4,184 — — 4,102 4,102 Mutual funds: Domestic stock funds 12,048 — — 12,048 13,067 — — 13,067 International stock funds 467 — — 467 1,414 — — 1,414 Target funds 8 — — 8 8 — — 8 Bond funds 5,158 — — 5,158 130 — — 130 Alternative funds 485 — — 485 474 — — 474 Total mutual funds 18,166 — — 18,166 15,093 — — 15,093 Total $ 534,943 $ 30,054 $ 8,184 $ 573,181 $ 425,586 $ 17,978 $ 4,102 $ 447,666
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): September 30, 2023 December 31, 2022 Unrealized Unrealized Cost Gain (Loss) Fair Value Cost Gain (Loss) Fair Value Fixed income $ 25,336 $ (2,408) $ 22,928 $ 21,399 $ (2,113) $ 19,286 Treasury securities 344 — 344 343 — 343 Equity 13,349 1,406 14,755 15,762 1,575 17,337 Mutual funds 17,184 939 18,123 13,430 1,144 14,574 Alternative investments 3,184 1,000 4,184 3,105 997 4,102 Total $ 59,397 $ 937 $ 60,334 $ 54,039 $ 1,603 $ 55,642

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
REVENUE RECOGNITION (Tables)	Sep. 30, 2023
REVENUE RECOGNITION
Schedule of Disaggregation of revenue	The following table presents our net sales disaggregated by revenue source (in thousands): Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2023 2022 % Change 2023 2022 % Change Point in Time Revenue $ 1,797,215 $ 2,270,438 (20.8)% $ 5,587,990 $ 7,571,128 (26.2)% Over Time Revenue 30,422 52,417 (42.0)% 106,041 141,914 (25.3)% Total Net Sales 1,827,637 2,322,855 (21.3)% $ 5,694,031 $ 7,713,042 (26.2)%
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): September 30, December 31, September 24, 2023 2022 2022 Cost and Earnings in Excess of Billings $ 1,614 $ 6,798 $ 8,477 Billings in Excess of Cost and Earnings 10,318 10,184 10,743

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 30, 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 Nine Months Ended September 30, September 24, September 30, September 24, 2023 2022 2023 2022 Numerator: Net earnings attributable to controlling interest $ 134,035 $ 167,241 $ 410,865 $ 560,062 Adjustment for earnings allocated to non-vested restricted common stock equivalents (6,754) (6,857) (19,863) (21,970) Net earnings for calculating EPS $ 127,281 $ 160,384 $ 391,002 $ 538,092 Denominator: Weighted average shares outstanding 62,693 62,445 62,736 62,743 Adjustment for non-vested restricted common stock equivalents (3,159) (2,560) (3,033) (2,461) Shares for calculating basic EPS 59,534 59,885 59,703 60,282 Effect of dilutive restricted common stock equivalents 1,087 307 958 255 Shares for calculating diluted EPS 60,621 60,192 60,661 60,537 Net earnings per share: Basic $ 2.14 $ 2.68 $ 6.55 $ 8.93 Diluted $ 2.10 $ 2.66 $ 6.45 $ 8.89

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	9 Months Ended
BUSINESS COMBINATIONS (Tables)	Sep. 30, 2023
BUSINESS COMBINATIONS AND EQUITY METHOD INVESTMENTS
Acquisitions Accounted for Using Purchase Method	We completed the following acquisitions since the end of the third quarter of 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 September 20, 2023 $54,292 consideration for equity method investment $ 45,713 $ 8,579 International UFP Palets Headquartered in Castellón, Spain, UFP Palets (formerly known as Palets Suller Group) is the market leader in machine-built wood pallets, serving the region's large ceramic tile industry. The company had trailing 12-month sales of approximately $38 million through August 2023. December 6, 2022 $70,942 consideration for 100% asset purchase $ 48,745 $ 22,197 Packaging Titan Corrugated, Inc. (Titan) and All Boxed Up, LLC (ABU) 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. ABU 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.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
SEGMENT REPORTING (Tables)	Sep. 30, 2023
SEGMENT REPORTING
Segment Reporting	Three Months Ended September 30, 2023 Retail Packaging Construction All Other Corporate Total Net sales to outside customers $ 711,381 $ 449,885 $ 583,960 $ 81,426 $ 985 $ 1,827,637 Intersegment net sales 102,190 16,910 24,194 58,903 (202,197) — Earnings from operations 45,349 41,429 69,560 6,668 4,326 167,332 Three Months Ended September 24, 2022 Retail Packaging Construction All Other Corporate Total Net sales to outside customers $ 845,304 $ 584,808 $ 777,126 $ 112,203 $ 3,414 $ 2,322,855 Intersegment net sales 87,362 19,778 31,352 102,927 (241,419) — Earnings from operations 28,932 77,298 110,384 13,705 6,725 237,044 Nine Months Ended September 30, 2023 Retail Packaging Construction All Other Corporate Total Net sales to outside customers $ 2,380,956 $ 1,424,546 $ 1,650,017 $ 235,162 $ 3,350 $ 5,694,031 Intersegment net sales 524,033 57,936 73,584 211,870 (867,423) — Earnings from operations 146,585 153,025 185,767 17,519 19,641 522,537 Nine Months Ended September 24, 2022 Retail Packaging Construction All Other Corporate Total Net sales to outside customers $ 2,959,976 $ 1,872,510 $ 2,538,973 $ 332,186 $ 9,397 $ 7,713,042 Intersegment net sales 220,922 63,438 88,570 338,592 (711,522) — Earnings from operations 124,856 253,899 322,034 51,268 29,578 781,635
Schedule of Goodwill by Segment	Retail Packaging Construction All Other Corporate Total Balance as of December 31, 2022 $ 84,640 $ 148,909 $ 87,670 $ 16,101 $ — $ 337,320 2023 Acquisitions — — — — — — 2023 Purchase Accounting Adjustments (979) (7,867) — — — (8,846) Foreign Exchange, Net — — 40 (293) — (253) Balance as of September 30, 2023 $ 83,661 $ 141,042 $ 87,710 $ 15,808 $ — $ 328,221
Schedule of assets by segment	The following table presents total assets by segment as of September 30, 2023, and December 31, 2022 (in thousands). Total Assets by Segment September 30, December 31, Segment Classification 2023 2022 % Change Retail $ 868,021 $ 889,417 (2.4) % Packaging 819,566 885,878 (7.5) Construction 689,791 712,837 (3.2) All Other 349,786 308,688 13.3 Corporate 1,276,920 875,253 45.9 Total Assets $ 4,004,084 $ 3,672,073 9.0 %

COMMON STOCK (Tables)

COMMON STOCK (Tables)	9 Months Ended
COMMON STOCK (Tables)	Sep. 30, 2023
COMMON STOCK
Schedule of common stock issuances	Below is a summary of common stock issuances for the first nine months of 2023 and 2022 (in thousands, except average share price): September 30, 2023 Share Issuance Activity Common Stock Average Share Price Shares issued under the employee stock purchase plan 26 $ 91.85 Shares issued under the employee stock gift program 1 91.31 Shares issued under the director retainer stock program 2 91.87 Shares issued under the bonus plan 756 86.14 Shares issued under the executive stock match plan 75 85.89 Forfeitures (13) Total shares issued under stock grant programs 821 $ 86.14 Shares issued under the deferred compensation plans 115 $ 86.69 September 24, 2022 Share Issuance Activity Common Stock Average Share Price Shares issued under the employee stock purchase plan 34 $ 71.65 Shares issued under the employee stock gift program 2 78.60 Shares issued under the director retainer stock program 3 83.24 Shares issued under the bonus plan 755 82.73 Shares issued under the executive stock grants plan 62 82.87 Forfeitures (13) Total shares issued under stock grant programs 809 $ 82.73 Shares issued under the deferred compensation plans 102 $ 82.36

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 20, 2023	Jun. 27, 2022
Dempsey Wood Products, LLC
Ownership interest			50%
Dempsey Wood Products, LLC \| Sellers
Ownership interest			50%
UFP Palets
Ownership interest		80%
UFP Palets \| Sellers
Ownership interest		20%
Dempsey Wood Products, LLC
Sellers put right			$ 50
Call right			$ 70
Carrying value	$ 63
UFP Palets
Carrying value	$ 53.6

FAIR VALUE - Asset Measured at

FAIR VALUE - Asset Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fixed Income \| Restricted Investment
Fair Value
Investments at fair value	$ 23,300	$ 19,600
Money market funds \| Cash and Cash Equivalents
Fair Value
Investments at fair value	508,400	391,200
Money market funds \| Restricted Investment
Fair Value
Investments at fair value	400	300
Mutual funds, equity and alternative investments \| Investments
Fair Value
Investments at fair value	41,000	36,100
Money market and mutual funds \| Other Non current Assets
Fair Value
Investments at fair value	100	500
Ardellis Insurance Ltd.
Fair Value
Total Fair Value	60,334	55,642
Estimate of Fair Value Measurement \| Recurring
Fair Value
Investments at fair value	573,181	447,666
Estimate of Fair Value Measurement \| Recurring \| Fixed Income
Fair Value
Investments at fair value	22,928	19,286
Estimate of Fair Value Measurement \| Recurring \| Money market funds
Fair Value
Investments at fair value	508,804	391,505
Estimate of Fair Value Measurement \| Recurring \| Treasury securities
Fair Value
Investments at fair value	344	343
Estimate of Fair Value Measurement \| Recurring \| Equity
Fair Value
Investments at fair value	18,755	17,337
Estimate of Fair Value Measurement \| Recurring \| Alternative Investments
Fair Value
Investments at fair value	4,184	4,102
Estimate of Fair Value Measurement \| Recurring \| Mutual Fund
Fair Value
Investments at fair value	18,166	15,093
Estimate of Fair Value Measurement \| Recurring \| Domestic stock
Fair Value
Investments at fair value	12,048	13,067
Estimate of Fair Value Measurement \| Recurring \| International stock funds
Fair Value
Investments at fair value	467	1,414
Estimate of Fair Value Measurement \| Recurring \| Target funds
Fair Value
Investments at fair value	8	8
Estimate of Fair Value Measurement \| Recurring \| Bond funds
Fair Value
Investments at fair value	5,158	130
Estimate of Fair Value Measurement \| Recurring \| Alternative funds
Fair Value
Investments at fair value	485	474
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1)
Fair Value
Investments at fair value	534,943	425,586
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Fixed Income
Fair Value
Investments at fair value	4,768	2,594
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Money market funds
Fair Value
Investments at fair value	496,910	390,219
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Treasury securities
Fair Value
Investments at fair value	344	343
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Equity
Fair Value
Investments at fair value	14,755	17,337
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Mutual Fund
Fair Value
Investments at fair value	18,166	15,093
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Domestic stock
Fair Value
Investments at fair value	12,048	13,067
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| International stock funds
Fair Value
Investments at fair value	467	1,414
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Target funds
Fair Value
Investments at fair value	8	8
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Bond funds
Fair Value
Investments at fair value	5,158	130
Estimate of Fair Value Measurement \| Recurring \| Quoted Prices in Active Markets (Level 1) \| Alternative funds
Fair Value
Investments at fair value	485	474
Estimate of Fair Value Measurement \| Recurring \| Prices with Other Observable Inputs (Level 2)
Fair Value
Investments at fair value	30,054	17,978
Estimate of Fair Value Measurement \| Recurring \| Prices with Other Observable Inputs (Level 2) \| Fixed Income
Fair Value
Investments at fair value	18,160	16,692
Estimate of Fair Value Measurement \| Recurring \| Prices with Other Observable Inputs (Level 2) \| Money market funds
Fair Value
Investments at fair value	11,894	1,286
Estimate of Fair Value Measurement \| Recurring \| Prices with Unobservable Inputs (Level 3)
Fair Value
Investments at fair value	8,184	4,102
Estimate of Fair Value Measurement \| Recurring \| Prices with Unobservable Inputs (Level 3) \| Equity
Fair Value
Investments at fair value	4,000
Estimate of Fair Value Measurement \| Recurring \| Prices with Unobservable Inputs (Level 3) \| Alternative Investments
Fair Value
Investments at fair value	$ 4,184	$ 4,102

FAIR VALUE - Available for Sale

FAIR VALUE - Available for Sale Investment Portfolio (Details) - Ardellis Insurance Ltd. - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Available-for-sale securities
Total Securities Cost	$ 59,397	$ 54,039
Unrealized Gain (Loss)	937	1,603
Total Fair Value	60,334	55,642
Fixed Income
Available-for-sale securities
Debt Securities Cost	25,336	21,399
Debt Securities Unrealized Gain/(Loss)	(2,408)	(2,113)
Debt Securities Fair Value	22,928	19,286
Treasury securities
Available-for-sale securities
Debt Securities Cost	344	343
Debt Securities Fair Value	344	343
Equity
Available-for-sale securities
Equity Securities Cost	13,349	15,762
Equity Securities Unrealized Gain/(Loss)	1,406	1,575
Equity Securities Fair Value	14,755	17,337
Mutual Fund
Available-for-sale securities
Debt Securities Cost	17,184	13,430
Debt Securities Unrealized Gain/(Loss)	939	1,144
Debt Securities Fair Value	18,123	14,574
Alternative Investments
Available-for-sale securities
Debt Securities Cost	3,184	3,105
Debt Securities Unrealized Gain/(Loss)	1,000	997
Debt Securities Fair Value	$ 4,184	$ 4,102

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregated revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) item	Sep. 24, 2022 USD ($)	Sep. 30, 2023 USD ($) item	Sep. 24, 2022 USD ($)
Revenue Recognition.
Number of markets in which the entity operates (in markets) \| item	3		3
NET SALES	$ 1,827,637	$ 2,322,855	$ 5,694,031	$ 7,713,042
Change %	(21.30%)		(26.20%)
Point in Time Revenue
Revenue Recognition.
NET SALES	$ 1,797,215	2,270,438	$ 5,587,990	7,571,128
Change %	(20.80%)		(26.20%)
Over Time Revenue
Revenue Recognition.
NET SALES	$ 30,422	$ 52,417	$ 106,041	$ 141,914
Change %	(42.00%)		(25.30%)
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 \| 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]: 2023-10-01 \| 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	Sep. 30, 2023	Dec. 31, 2022	Sep. 24, 2022
REVENUE RECOGNITION
Cost and Earnings in Excess of Billings	$ 1,614	$ 6,798	$ 8,477
Billings in Excess of Cost and Earnings	$ 10,318	$ 10,184	$ 10,743

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Numerator:
Net Income (Loss)	$ 134,035	$ 167,241	$ 410,865	$ 560,062
Adjustment for earnings allocated to non-vested restricted common stock equivalents	(6,754)	(6,857)	(19,863)	(21,970)
Net earnings for calculating EPS	$ 127,281	$ 160,384	$ 391,002	$ 538,092
Denominator:
Weighted average shares outstanding (in shares)	62,693	62,445	62,736	62,743
Adjustment for non-vested restricted common stock equivalents (in shares)	(3,159)	(2,560)	(3,033)	(2,461)
Shares for calculating basic EPS (in shares)	59,534	59,885	59,703	60,282
Effect of dilutive restricted common stock equivalents (in shares)	1,087	307	958	255
Shares for calculating diluted EPS (in shares)	60,621	60,192	60,661	60,537
Net earnings per share
Basic (USD per share)	$ 2.14	$ 2.68	$ 6.55	$ 8.93
Diluted (USD per share)	$ 2.10	$ 2.66	$ 6.45	$ 8.89

COMMITMENTS, CONTINGENCIES, A_2

COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Long-term commitment
Outstanding purchase commitments on capital projects	$ 81.3
Surety Bonds and Letters of Credit
Outstanding letters of credit	47.8
Open Projects
Surety Bonds and Letters of Credit
Payment and performance bonds outstanding	14.4
Completed Projects
Surety Bonds and Letters of Credit
Payment and performance bonds outstanding	12.6
Insurance contracts and other legal agreements
Surety Bonds and Letters of Credit
Outstanding letters of credit	44.5
Revenue Bonds
Surety Bonds and Letters of Credit
Outstanding letters of credit	$ 3.3

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands			9 Months Ended
BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands	Sep. 20, 2023	Dec. 06, 2022	Sep. 30, 2023
Business Acquisition
Aggregate acquisitions' net sales			$ 32,600
Aggregate acquisitions' operating profit			$ 2,000
UFP Palets \| All Other \| International Segment
Business Acquisition
Purchase consideration, equity method investment	$ 54,292
Intangible Assets	45,713
Net Tangible Assets	8,579
Acquired entity, trailing 12-months sales	$ 38,000
Titan Corrugated, Inc. (Titan) and All Boxed Up, LLC \| Packaging
Business Acquisition
Purchase consideration		$ 70,942
Percentage of assets purchased (as a percent)		100%
Intangible Assets		$ 48,745
Net Tangible Assets		22,197
Acquired entity, trailing 12-months sales		$ 46,500

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
SEGMENT REPORTING (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Segment Reporting
Net sales	$ 1,827,637	$ 2,322,855	$ 5,694,031	$ 7,713,042
Earnings from operations	167,332	237,044	522,537	781,635
Intersegment net sales
Segment Reporting
Net sales	(202,197)	(241,419)	(867,423)	(711,522)
Corporate
Segment Reporting
Net sales	985	3,414	3,350	9,397
Earnings from operations	4,326	6,725	19,641	29,578
Retail \| Operating Segments
Segment Reporting
Net sales	711,381	845,304	2,380,956	2,959,976
Earnings from operations	45,349	28,932	146,585	124,856
Retail \| Intersegment net sales
Segment Reporting
Net sales	102,190	87,362	524,033	220,922
Packaging \| Operating Segments
Segment Reporting
Net sales	449,885	584,808	1,424,546	1,872,510
Earnings from operations	41,429	77,298	153,025	253,899
Packaging \| Intersegment net sales
Segment Reporting
Net sales	16,910	19,778	57,936	63,438
Construction \| Operating Segments
Segment Reporting
Net sales	583,960	777,126	1,650,017	2,538,973
Earnings from operations	69,560	110,384	185,767	322,034
Construction \| Intersegment net sales
Segment Reporting
Net sales	24,194	31,352	73,584	88,570
All Other \| Operating Segments
Segment Reporting
Net sales	81,426	112,203	235,162	332,186
Earnings from operations	6,668	13,705	17,519	51,268
All Other \| Intersegment net sales
Segment Reporting
Net sales	$ 58,903	$ 102,927	$ 211,870	$ 338,592

SEGMENT REPORTING - Goodwill (D

SEGMENT REPORTING - Goodwill (Details) $ in Thousands	9 Months Ended
SEGMENT REPORTING - Goodwill (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Goodwill
Goodwill, Beginning Balance	$ 337,320
Purchase Accounting Adjustments	(8,846)
Foreign Exchange, Net	(253)
Goodwill, Ending Balance	328,221
Retail
Goodwill
Goodwill, Beginning Balance	84,640
Purchase Accounting Adjustments	(979)
Goodwill, Ending Balance	83,661
Packaging
Goodwill
Goodwill, Beginning Balance	148,909
Purchase Accounting Adjustments	(7,867)
Goodwill, Ending Balance	141,042
Construction
Goodwill
Goodwill, Beginning Balance	87,670
Foreign Exchange, Net	40
Goodwill, Ending Balance	87,710
All Other
Goodwill
Goodwill, Beginning Balance	16,101
Foreign Exchange, Net	(293)
Goodwill, Ending Balance	$ 15,808

SEGMENT REPORTING - Assets (Det

SEGMENT REPORTING - Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 24, 2022
Segment Reporting
Segment assets	$ 4,004,084	$ 3,672,073	$ 3,738,547
Change in assets (as a percent)	9%
Corporate
Segment Reporting
Segment assets	$ 1,276,920	875,253
Change in assets (as a percent)	45.90%
Retail \| Operating Segments
Segment Reporting
Segment assets	$ 868,021	889,417
Change in assets (as a percent)	(2.40%)
Packaging \| Operating Segments
Segment Reporting
Segment assets	$ 819,566	885,878
Change in assets (as a percent)	(7.50%)
Construction \| Operating Segments
Segment Reporting
Segment assets	$ 689,791	712,837
Change in assets (as a percent)	(3.20%)
All Other \| Operating Segments
Segment Reporting
Segment assets	$ 349,786	$ 308,688
Change in assets (as a percent)	13.30%

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
INCOME TAXES (Details)	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
INCOME TAXES
Effective income tax rate	22.70%	25.40%	23.30%	24.80%

COMMON STOCK - Common Stock Iss

COMMON STOCK - Common Stock Issuances (Details) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 24, 2022	Jun. 25, 2022	Mar. 26, 2022	Sep. 30, 2023	Sep. 24, 2022
Common Stock
Common stock issued, net of forfeitures	3,368	(1,503)	824,669	(6,396)	28,154	787,045
Repurchase of common stock (in shares)	66,215	250,000	450,597		1,165,268	44,442	766,812	1,210,000
Average Share Price
Repurchase of common stock (dollars per share)							$ 80.95	$ 77.06
Stock Purchase Plan
Common Stock
Common stock issued							26,000	34,000
Average Share Price
Common stock issued (dollars per share)	$ 91.85			$ 71.65			$ 91.85	$ 71.65
Stock Gift Program
Common Stock
Common stock issued							1,000	2,000
Average Share Price
Common stock issued (dollars per share)	91.31			78.60			$ 91.31	$ 78.60
Stock Retainer Plan
Common Stock
Common stock issued							2,000	3,000
Average Share Price
Common stock issued (dollars per share)	91.87			83.24			$ 91.87	$ 83.24
LTSIP
Common Stock
Common stock issued							756,000	755,000
Average Share Price
Common stock issued (dollars per share)	86.14			82.73			$ 86.14	$ 82.73
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			$ 85.89	$ 82.87
Deferred Compensation Plans
Common Stock
Common stock issued							115,000	102,000
Average Share Price
Common stock issued (dollars per share)	86.69			82.36			$ 86.69	$ 82.36
Stock grant programs
Common Stock
Common stock issued							821,000	809,000
Forfeitures							(13,000)	(13,000)
Average Share Price
Common stock issued (dollars per share)	$ 86.14			$ 82.73			$ 86.14	$ 82.73

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended					9 Months Ended
	Nov. 08, 2023	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Jun. 25, 2022	Mar. 26, 2022	Sep. 30, 2023	Sep. 24, 2022
Subsequent Event
Repurchase of shares		$ 6,592	$ 20,216	$ 35,268	$ 89,671	$ 3,544
Repurchase of shares (in shares)		66,215	250,000	450,597	1,165,268	44,442	766,812	1,210,000
Repurchase of common stock (dollars per share)							$ 80.95	$ 77.06
Subsequent Event
Subsequent Event
Repurchase of shares	$ 20,100
Repurchase of shares (in shares)	208,057
Repurchase of common stock (dollars per share)	$ 96.48

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 134,035	$ 167,241	$ 410,865	$ 560,062

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false