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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
| | | | | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| | |
| For the quarterly period ended | June 30, 2024 |
| | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| | |
For the transition period from to |
Commission File Number: 001-35805
Boise Cascade Company
(Exact name of registrant as specified in its charter)
| | | | | |
Delaware | 20-1496201 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
1111 West Jefferson Street Suite 300
Boise, Idaho 83702-5389
(Address of principal executive offices) (Zip Code)
(208) 384-6161
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $0.01 par value per share | BCC | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer x Accelerated filer o Non-accelerated filer o Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No x
There were 38,919,052 shares of the registrant's common stock, $0.01 par value per share, outstanding on July 26, 2024.
Table of Contents
PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Boise Cascade Company
Consolidated Statements of Operations
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30 | | Six Months Ended June 30 |
| 2024 | | 2023 | | 2024 | | 2023 |
| (thousands, except per-share data) |
Sales | $ | 1,797,670 | | | $ | 1,815,219 | | | $ | 3,443,090 | | | $ | 3,359,548 | |
| | | | | | | |
Costs and expenses | | | | | | | |
Materials, labor, and other operating expenses (excluding depreciation) | 1,440,680 | | | 1,426,436 | | | 2,748,119 | | | 2,657,071 | |
Depreciation and amortization | 34,367 | | | 30,722 | | | 70,217 | | | 61,908 | |
Selling and distribution expenses | 149,783 | | | 139,205 | | | 293,893 | | | 267,993 | |
General and administrative expenses | 25,943 | | | 30,147 | | | 51,060 | | | 56,610 | |
| | | | | | | |
Other (income) expense, net | (84) | | | (1,266) | | | (162) | | | (1,611) | |
| 1,650,689 | | | 1,625,244 | | | 3,163,127 | | | 3,041,971 | |
| | | | | | | |
Income from operations | 146,981 | | | 189,975 | | | 279,963 | | | 317,577 | |
| | | | | | | |
Foreign currency exchange gain (loss) | (104) | | | 320 | | | (403) | | | 247 | |
Pension expense (excluding service costs) | (37) | | | (41) | | | (74) | | | (82) | |
Interest expense | (6,105) | | | (6,339) | | | (12,175) | | | (12,700) | |
Interest income | 10,543 | | | 11,519 | | | 21,140 | | | 21,204 | |
Change in fair value of interest rate swaps | (487) | | | 333 | | | (707) | | | (471) | |
| | | | | | | |
| 3,810 | | | 5,792 | | | 7,781 | | | 8,198 | |
| | | | | | | |
Income before income taxes | 150,791 | | | 195,767 | | | 287,744 | | | 325,775 | |
Income tax provision | (38,499) | | | (49,447) | | | (71,328) | | | (82,722) | |
Net income | $ | 112,292 | | | $ | 146,320 | | | $ | 216,416 | | | $ | 243,053 | |
| | | | | | | |
Weighted average common shares outstanding: | | | | | | | |
Basic | 39,412 | | | 39,675 | | | 39,510 | | | 39,634 | |
Diluted | 39,608 | | | 39,834 | | | 39,766 | | | 39,818 | |
| | | | | | | |
Net income per common share: | | | | | | | |
Basic | $ | 2.85 | | | $ | 3.69 | | | $ | 5.48 | | | $ | 6.13 | |
Diluted | $ | 2.84 | | | $ | 3.67 | | | $ | 5.44 | | | $ | 6.10 | |
| | | | | | | |
Dividends declared per common share | $ | 0.20 | | | $ | 3.15 | | | $ | 0.40 | | | $ | 3.30 | |
See accompanying condensed notes to unaudited quarterly consolidated financial statements.
Boise Cascade Company
Consolidated Statements of Comprehensive Income
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30 | | Six Months Ended June 30 |
| 2024 | | 2023 | | 2024 | | 2023 |
| (thousands) |
Net income | $ | 112,292 | | | $ | 146,320 | | | $ | 216,416 | | | $ | 243,053 | |
Other comprehensive income, net of tax | | | | | | | |
Defined benefit pension plans | | | | | | | |
| | | | | | | |
Amortization of actuarial loss, net of tax of $2, $2, $4, and $4, respectively | 7 | | | 7 | | | 15 | | | 13 | |
| | | | | | | |
Other comprehensive income, net of tax | 7 | | | 7 | | | 15 | | | 13 | |
Comprehensive income | $ | 112,299 | | | $ | 146,327 | | | $ | 216,431 | | | $ | 243,066 | |
See accompanying condensed notes to unaudited quarterly consolidated financial statements.
Boise Cascade Company
Consolidated Balance Sheets
(unaudited)
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
| (thousands) |
ASSETS | | | |
Current | | | |
Cash and cash equivalents | $ | 922,076 | | | $ | 949,574 | |
| | | |
Receivables | | | |
Trade, less allowances of $4,520 and $3,278 | 459,772 | | | 352,780 | |
Related parties | 249 | | | 181 | |
Other | 17,120 | | | 20,740 | |
Inventories | 832,241 | | | 712,369 | |
| | | |
Prepaid expenses and other | 36,348 | | | 21,170 | |
Total current assets | 2,267,806 | | | 2,056,814 | |
| | | |
Property and equipment, net | 948,841 | | | 932,633 | |
Operating lease right-of-use assets | 59,812 | | | 62,868 | |
Finance lease right-of-use assets | 23,548 | | | 24,003 | |
Timber deposits | 7,675 | | | 7,208 | |
| | | |
Goodwill | 170,254 | | | 170,254 | |
Intangible assets, net | 180,928 | | | 190,743 | |
Deferred income taxes | 4,655 | | | 4,854 | |
Other assets | 8,445 | | | 9,269 | |
Total assets | $ | 3,671,964 | | | $ | 3,458,646 | |
See accompanying condensed notes to unaudited quarterly consolidated financial statements.
Boise Cascade Company
Consolidated Balance Sheets (continued)
(unaudited)
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
| (thousands, except per-share data) |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | |
Current | | | |
| | | |
Accounts payable | | | |
Trade | $ | 438,235 | | | $ | 310,175 | |
Related parties | 2,146 | | | 1,501 | |
Accrued liabilities | | | |
Compensation and benefits | 96,414 | | | 149,561 | |
| | | |
Interest payable | 9,956 | | | 9,958 | |
| | | |
Other | 144,755 | | | 122,921 | |
Total current liabilities | 691,506 | | | 594,116 | |
| | | |
Debt | | | |
Long-term debt | 445,723 | | | 445,280 | |
| | | |
Other | | | |
Compensation and benefits | 39,648 | | | 40,189 | |
Operating lease liabilities, net of current portion | 53,170 | | | 56,425 | |
Finance lease liabilities, net of current portion | 27,891 | | | 28,084 | |
Deferred income taxes | 93,062 | | | 82,014 | |
Other long-term liabilities | 17,988 | | | 16,874 | |
| 231,759 | | | 223,586 | |
| | | |
Commitments and contingent liabilities | | | | | |
| | | |
Stockholders' equity | | | |
Preferred stock, $0.01 par value per share; 50,000 shares authorized, no shares issued and outstanding | — | | | — | |
Common stock, $0.01 par value per share; 300,000 shares authorized, 45,130 and 44,983 shares issued, respectively | 451 | | | 450 | |
Treasury stock, 6,121 and 5,443 shares at cost, respectively | (234,879) | | | (145,335) | |
Additional paid-in capital | 557,478 | | | 560,697 | |
Accumulated other comprehensive loss | (502) | | | (517) | |
Retained earnings | 1,980,428 | | | 1,780,369 | |
Total stockholders' equity | 2,302,976 | | | 2,195,664 | |
Total liabilities and stockholders' equity | $ | 3,671,964 | | | $ | 3,458,646 | |
See accompanying condensed notes to unaudited quarterly consolidated financial statements.
Boise Cascade Company
Consolidated Statements of Cash Flows
(unaudited)
| | | | | | | | | | | |
| Six Months Ended June 30 |
| 2024 | | 2023 |
| (thousands) |
Cash provided by (used for) operations | | | |
Net income | $ | 216,416 | | | $ | 243,053 | |
Items in net income not using (providing) cash | | | |
Depreciation and amortization, including deferred financing costs and other | 71,832 | | | 63,293 | |
Stock-based compensation | 7,923 | | | 7,518 | |
Pension expense | 74 | | | 82 | |
Deferred income taxes | 11,088 | | | 2,749 | |
Change in fair value of interest rate swaps | 707 | | | 471 | |
| | | |
Other | 115 | | | (1,798) | |
| | | |
Decrease (increase) in working capital, net of acquisitions | | | |
Receivables | (102,096) | | | (171,794) | |
Inventories | (120,976) | | | (5,482) | |
Prepaid expenses and other | (7,870) | | | (7,805) | |
Accounts payable and accrued liabilities | 99,354 | | | 124,910 | |
| | | |
Income taxes payable | (6,251) | | | 33,220 | |
| | | |
Other | (1,151) | | | 1,801 | |
Net cash provided by operations | 169,165 | | | 290,218 | |
| | | |
Cash provided by (used for) investment | | | |
Expenditures for property and equipment | (74,099) | | | (68,287) | |
Acquisitions of businesses and facilities | (3,387) | | | — | |
| | | |
Proceeds from sales of assets and other | 819 | | | 1,918 | |
Net cash used for investment | (76,667) | | | (66,369) | |
| | | |
Cash provided by (used for) financing | | | |
| | | |
| | | |
| | | |
Treasury stock purchased | (88,858) | | | (1,539) | |
Dividends paid on common stock | (19,069) | | | (132,967) | |
Tax withholding payments on stock-based awards | (11,117) | | | (5,926) | |
| | | |
| | | |
| | | |
Other | (952) | | | (904) | |
Net cash used for financing | (119,996) | | | (141,336) | |
| | | |
Net increase (decrease) in cash and cash equivalents | (27,498) | | | 82,513 | |
| | | |
Balance at beginning of the period | 949,574 | | | 998,344 | |
| | | |
Balance at end of the period | $ | 922,076 | | | $ | 1,080,857 | |
See accompanying condensed notes to unaudited quarterly consolidated financial statements.
Boise Cascade Company
Consolidated Statements of Stockholders' Equity
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Treasury Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Total |
| Shares | | Amount | | Shares | | Amount | | | | |
| (thousands) |
Balance at December 31, 2023 | 44,983 | | | $ | 450 | | | 5,443 | | | $ | (145,335) | | | $ | 560,697 | | | $ | (517) | | | $ | 1,780,369 | | | $ | 2,195,664 | |
Net income | | | | | | | | | | | | | 104,124 | | | 104,124 | |
Other comprehensive income | | | | | | | | | | | 8 | | | | | 8 | |
Common stock issued | 144 | | | 1 | | | | | | | | | | | | | 1 | |
Treasury stock purchased | | | | | 206 | | | (26,971) | | | | | | | | | (26,971) | |
Stock-based compensation | | | | | | | | | 4,105 | | | | | | | 4,105 | |
Common stock dividends ($0.20 per share) | | | | | | | | | | | | | (8,677) | | | (8,677) | |
Tax withholding payments on stock-based awards | | | | | | | | | (10,980) | | | | | | | (10,980) | |
| | | | | | | | | | | | | | | |
Other | | | | | | | (71) | | | (1) | | | | | | | (72) | |
Balance at March 31, 2024 | 45,127 | | | $ | 451 | | | 5,649 | | | $ | (172,377) | | | $ | 553,821 | | | $ | (509) | | | $ | 1,875,816 | | | $ | 2,257,202 | |
Net income | | | | | | | | | | | | | 112,292 | | | 112,292 | |
Other comprehensive income | | | | | | | | | | | 7 | | | | | 7 | |
Common stock issued | 3 | | | — | | | | | | | | | | | | | — | |
Treasury stock purchased | | | | | 472 | | | (61,887) | | | | | | | | | (61,887) | |
Stock-based compensation | | | | | | | | | 3,818 | | | | | | | 3,818 | |
Common stock dividends ($0.20 per share) | | | | | | | | | | | | | (7,680) | | | (7,680) | |
Tax withholding payments on stock-based awards | | | | | | | | | (160) | | | | | | | (160) | |
| | | | | | | | | | | | | | | |
Other | | | | | | | (615) | | | (1) | | | | | | | (616) | |
Balance at June 30, 2024 | 45,130 | | | $ | 451 | | | 6,121 | | | $ | (234,879) | | | $ | 557,478 | | | $ | (502) | | | $ | 1,980,428 | | | $ | 2,302,976 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
See accompanying condensed notes to unaudited quarterly consolidated financial statements.
Boise Cascade Company
Consolidated Statements of Stockholders' Equity (continued)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Treasury Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Total |
| Shares | | Amount | | Shares | | Amount | | | | |
| (thousands) |
Balance at December 31, 2022 | 44,827 | | | $ | 448 | | | 5,367 | | | $ | (138,909) | | | $ | 551,215 | | | $ | (520) | | | $ | 1,645,741 | | | $ | 2,057,975 | |
Net income | | | | | | | | | | | | | 96,733 | | | 96,733 | |
Other comprehensive income | | | | | | | | | | | 6 | | | | | 6 | |
Common stock issued | 156 | | | 2 | | | | | | | | | | | | | 2 | |
Treasury stock purchased | | | | | 25 | | | (1,482) | | | | | | | | | (1,482) | |
Stock-based compensation | | | | | | | | | 3,324 | | | | | | | 3,324 | |
Common stock dividends ($0.15 per share) | | | | | | | | | | | | | (6,110) | | | (6,110) | |
Tax withholding payments on stock-based awards | | | | | | | | | (5,926) | | | | | | | (5,926) | |
| | | | | | | | | | | | | | | |
Other | | | | | | | | | (2) | | | | | | | (2) | |
Balance at March 31, 2023 | 44,983 | | | $ | 450 | | | 5,392 | | | $ | (140,391) | | | $ | 548,611 | | | $ | (514) | | | $ | 1,736,364 | | | $ | 2,144,520 | |
Net income | | | | | | | | | | | | | 146,320 | | | 146,320 | |
Other comprehensive income | | | | | | | | | | | 7 | | | | | 7 | |
| | | | | | | | | | | | | | | |
Treasury stock purchased | | | | | 1 | | | (57) | | | | | | | | | (57) | |
Stock-based compensation | | | | | | | | | 4,194 | | | | | | | 4,194 | |
Common stock dividends ($3.15 per share) | | | | | | | | | | | | | (126,460) | | | (126,460) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Balance at June 30, 2023 | 44,983 | | | $ | 450 | | | 5,393 | | | $ | (140,448) | | | $ | 552,805 | | | $ | (507) | | | $ | 1,756,224 | | | $ | 2,168,524 | |
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See accompanying condensed notes to unaudited quarterly consolidated financial statements.
Condensed Notes to Unaudited Quarterly Consolidated Financial Statements
1. Nature of Operations and Consolidation
Nature of Operations
Boise Cascade Company is a building products company headquartered in Boise, Idaho. As used in this Form 10-Q, the terms "Boise Cascade," "we," and "our" refer to Boise Cascade Company and its consolidated subsidiaries. We are one of the largest producers of engineered wood products (EWP) and plywood in North America and a leading United States wholesale distributor of building products.
We operate our business using two reportable segments: (1) Wood Products, which primarily manufactures EWP and plywood, and (2) Building Materials Distribution (BMD), which is a wholesale distributor of building materials. For more information, see Note 12, Segment Information.
Consolidation
The accompanying quarterly consolidated financial statements have not been audited by an independent registered public accounting firm but, in the opinion of management, include all adjustments necessary to present fairly the financial position, results of operations, cash flows, and stockholders' equity for the interim periods presented. Except as disclosed within these condensed notes to unaudited quarterly consolidated financial statements, the adjustments made were of a normal, recurring nature. Certain information and footnote disclosures normally included in our annual consolidated financial statements have been condensed or omitted. The quarterly consolidated financial statements include the accounts of Boise Cascade and its subsidiaries after elimination of intercompany balances and transactions. Quarterly results are not necessarily indicative of results that may be expected for the full year. These condensed notes to unaudited quarterly consolidated financial statements should be read in conjunction with our 2023 Form 10-K and the other reports we file with the Securities and Exchange Commission.
2. Summary of Significant Accounting Policies
Accounting Policies
The complete summary of significant accounting policies is included in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" in our 2023 Form 10-K.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, inventories, goodwill, intangible assets, and other long-lived assets; legal contingencies; guarantee obligations; indemnifications; assumptions used in retirement, medical, and workers' compensation benefits; assumptions used in the determination of right-of-use (ROU) assets and related lease liabilities; stock-based compensation; fair value measurements; income taxes; and vendor and customer rebates, among others. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.
Revenue Recognition
Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. For revenue disaggregated by major product line for each reportable segment, see Note 12, Segment Information.
Fees for shipping and handling charged to customers for sales transactions are included in "Sales" in our Consolidated Statements of Operations. When control over products has transferred to the customer, we have elected to recognize costs related to shipping and handling as fulfillment costs. For our Wood Products segment, costs related to shipping and handling are included in "Materials, labor, and other operating expenses (excluding depreciation)" in our Consolidated Statements of Operations. In our Wood Products segment, we view our shipping and handling costs as a cost of the manufacturing process and the movement of product to our end customers. For our BMD segment, costs related to shipping and handling of $64.5 million and $60.3 million for the three months ended June 30, 2024 and 2023, respectively, and $123.4 million and $113.8 million for the six months ended June 30, 2024 and 2023, respectively, are included in "Selling and distribution expenses" in our Consolidated Statements of Operations. In our BMD segment, our activities relate to the purchase and resale of finished products, and excluding shipping and handling costs from "Materials, labor, and other operating expenses (excluding depreciation)" provides us a clearer view of our operating performance and the effectiveness of our sales and purchasing functions.
Customer Rebates and Allowances and Cash Discounts
Rebates are provided to our customers and our customers' customers based on the volume of their purchases, among other factors such as customer loyalty, conversion, and commitment, as well as temporary protection from price increases. We provide the rebates to increase the sell-through of our products. Rebates are generally estimated based on the expected amount to be paid and recorded as a decrease in "Sales." At June 30, 2024 and December 31, 2023, we had $106.9 million and $87.9 million, respectively, of rebates payable to our customers recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets. We also estimate expected cash discounts on trade accounts receivable based on an analysis of historical experience and record cash discounts as a decrease in "Sales." We adjust our estimate of revenue at the earlier of when the probability of rebates paid and cash discounts provided changes or when the amounts become fixed. There have not been significant changes to our estimates of rebates, although it is reasonably possible that a change in the estimate may occur.
Vendor Rebates and Allowances
We receive rebates and allowances from our vendors under a number of different programs, including vendor marketing programs. At June 30, 2024 and December 31, 2023, we had $9.2 million and $17.4 million, respectively, of vendor rebates and allowances recorded in "Receivables, Other" on our Consolidated Balance Sheets. Rebates and allowances received from our vendors are recognized as a reduction of "Materials, labor, and other operating expenses (excluding depreciation)" when the product is sold, unless the rebates and allowances are linked to a specific incremental cost to sell a vendor's product. Amounts received from vendors that are linked to specific selling and distribution expenses are recognized as a reduction of "Selling and distribution expenses" in the period the expense is incurred.
Leases
We primarily lease land, building, and equipment under operating and finance leases. We determine if an arrangement is a lease at inception and assess lease classification as either operating or finance at lease inception or upon modification. Substantially all of our leases with initial terms greater than one year are for real estate, including distribution centers, corporate headquarters, land, and other office space. Substantially all of these lease agreements have fixed payment terms based on the passage of time and are recorded in our BMD segment. Many of our leases include fixed escalation clauses, renewal options and/or termination options that are factored into our determination of lease term and lease payments when appropriate. Renewal options generally range from one to ten years with fixed payment terms similar to those in the original lease agreements. Some lease agreements provide us with the option to purchase the leased property at market value. Our lease agreements do not contain any residual value guarantees.
ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. The current portion of our operating and finance lease liabilities are recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets.
We use our estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments. In determining our incremental borrowing rates, we give consideration to publicly available interest rates for instruments with similar characteristics, including credit rating, term, and collateralization.
For purposes of determining straight-line rent expense, the lease term is calculated from the date we first take possession of the facility, including any periods of free rent and any renewal option periods we are reasonably certain of exercising. Variable lease expense generally includes reimbursement of actual costs for common area maintenance, property taxes, and insurance on leased real estate and are recorded as incurred. Most of our operating lease expense is recorded in "Selling and distribution expenses" in our Consolidated Statements of Operations. In addition, we do not separate lease and non-lease components for all of our leases.
Our short-term leases primarily include equipment rentals with lease terms on a month-to-month basis, which provide for our seasonal needs and flexibility in the use of equipment. Our short-term leases also include certain real estate for which either party has the right to cancel upon providing notice of 30 to 90 days. We do not recognize ROU assets or lease liabilities for short-term leases.
Inventories
Inventories included the following (work in process is not material):
| | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
| | (thousands) |
Finished goods and work in process | | $ | 738,967 | | | $ | 604,624 | |
Logs | | 38,378 | | | 56,270 | |
Other raw materials and supplies | | 54,896 | | | 51,475 | |
| | $ | 832,241 | | | $ | 712,369 | |
Property and Equipment
Property and equipment consisted of the following asset classes:
| | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
| | (thousands) |
Land | | $ | 85,504 | | | $ | 85,572 | |
Buildings | | 341,155 | | | 338,230 | |
Improvements | | 81,957 | | | 79,308 | |
Mobile equipment, information technology, and office furniture | | 277,494 | | | 254,783 | |
Machinery and equipment | | 1,052,404 | | | 1,037,135 | |
Construction in progress | | 90,147 | | | 64,619 | |
| | 1,928,661 | | | 1,859,647 | |
Less: accumulated depreciation | | (979,820) | | | (927,014) | |
| | $ | 948,841 | | | $ | 932,633 | |
Fair Value
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy under GAAP gives the highest priority to quoted market prices (Level 1) and the lowest priority to unobservable inputs (Level 3). In general, and where applicable, we use quoted prices in active markets for identical assets or liabilities to determine fair value (Level 1). If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, we use quoted prices for similar assets and liabilities or inputs that are observable either directly or indirectly (Level 2). If quoted prices for identical or similar assets are not available or are unobservable, we may use internally developed valuation models, whose inputs include bid prices, and third-party valuations utilizing underlying asset assumptions (Level 3).
Financial Instruments
Our financial instruments are cash and cash equivalents, accounts receivable, accounts payable, long-term debt, and an interest rate swap. Our cash is recorded at cost, which approximates fair value, and our cash equivalents are money market funds. As of June 30, 2024 and December 31, 2023, we held $879.5 million and $899.4 million, respectively, in money market funds that are measured at fair value on a recurring basis using Level 1 inputs. The recorded values of accounts receivable and accounts payable approximate fair values based on their short-term nature. At June 30, 2024 and December 31, 2023, the book value of our fixed-rate debt for each period was $400.0 million, and the fair value was estimated to be $369.5 million and $374.5 million, respectively. The difference between the book value and the fair value is derived from the difference between the period-end market interest rate and the stated rate of our fixed-rate, long-term debt. We estimated the fair value of our fixed-rate debt using quoted market prices of our debt in inactive markets (Level 2 inputs). The interest rate on our variable-rate debt is based on market conditions such as the Secured Overnight Financing Rate (SOFR) or a base rate. Because the interest rate on the variable-rate debt is based on current market conditions, we believe that the estimated fair value of the outstanding balance on our variable-rate debt approximates book value. As discussed below, we also have an interest rate swap to mitigate our variable interest rate exposure, the fair value of which is measured based on Level 2 inputs.
Interest Rate Risk and Interest Rate Swap
We are exposed to interest rate risk arising from fluctuations in variable-rate SOFR on our term loan and when we have loan amounts outstanding on our Revolving Credit Facility. At June 30, 2024, we had $50.0 million of variable-rate debt outstanding based on one-month term SOFR. Our objective is to limit the variability of interest payments on our debt. To meet this objective, we enter into receive-variable, pay-fixed interest rate swaps to mitigate the variable-rate cash flow exposure with fixed-rate cash flows. In accordance with our risk management strategy, we actively monitor our interest rate exposure and use derivative instruments from time to time to manage the related risk. We do not speculate using derivative instruments.
At June 30, 2024, we had one interest rate swap agreement. Under the interest rate swap, we receive one-month SOFR plus a spread adjustment of 0.10% variable interest rate payments and make fixed interest rate payments, thereby fixing the interest rate on $50.0 million of variable rate debt exposure. Payments on this interest rate swap, with a notional principal amount of $50.0 million, are due on a monthly basis at an annual fixed rate of 0.41%, and this swap expires in June 2025. The interest rate swap agreement was not designated as a cash flow hedge, and as a result, all changes in the fair value are recognized in "Change in fair value of interest rate swaps" in our Consolidated Statements of Operations rather than through other comprehensive income. At June 30, 2024 we recorded a current asset of $2.3 million in "Prepaid expenses and other" on our Consolidated Balance Sheet. At December 31, 2023, we recorded a long-term asset of $3.0 million in "Other assets" on our Consolidated Balance Sheet. These assets represent the fair value of the interest rate swap agreement. The swap was valued based on observable inputs for similar assets and liabilities and other observable inputs for interest rates and yield curves (Level 2 inputs).
Concentration of Credit Risk
We are exposed to credit risk related to customer accounts receivable. In order to manage credit risk, we consider customer concentrations and current economic trends and monitor the creditworthiness of significant customers based on ongoing credit evaluations. At June 30, 2024 and December 31, 2023, receivables from two customers accounted for approximately 19% and 13% of total receivables. No other customer accounted for 10% or more of total receivables.
New and Recently Adopted Accounting Standards
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances disclosures about significant segment expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. We are currently evaluating the impact of this ASU on the disclosures related to our consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid. The amendments in this ASU are effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. We are currently evaluating the impact of this ASU on the disclosures related to our consolidated financial statements.
There were no other accounting standards recently issued that had or are expected to have a material impact on our consolidated financial statements and associated disclosures.
Reclassifications
Certain amounts in prior year's consolidated financial statements have been reclassified to conform with current year's presentation, none of which were considered material.
3. Income Taxes
For the three and six months ended June 30, 2024, we recorded $38.5 million and $71.3 million, respectively, of income tax expense and had an effective rate of 25.5% and 24.8%, respectively. For the three and six months ended June 30, 2023, we recorded $49.4 million and $82.7 million, respectively, of income tax expense and had an effective rate of 25.3% and 25.4%, respectively. For all periods, the primary reason for the difference between the federal statutory income tax rate of 21% and the effective tax rate was the effect of state taxes.
During the six months ended June 30, 2024 and 2023, cash paid for taxes, net of refunds received, were $66.5 million and $46.6 million, respectively.
4. Net Income Per Common Share
Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Weighted average common shares outstanding for the basic net income per common share calculation includes certain vested restricted stock units (RSUs) and performance stock units (PSUs) as there are no conditions under which those shares will not be issued. Diluted net income per common share is computed by dividing net income by the combination of the weighted average number of common shares outstanding during the period and other potentially dilutive weighted average common shares. Other potentially dilutive weighted average common shares include the dilutive effect of RSUs and PSUs for each period using the treasury stock method. Under the treasury stock method, the exercise price of a share and the amount of compensation expense, if any, for future service that has not yet been recognized are assumed to be used to repurchase shares in the current period.
The following table sets forth the computation of basic and diluted net income per common share:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30 | | Six Months Ended June 30 |
| 2024 | | 2023 | | 2024 | | 2023 |
| (thousands, except per-share data) |
Net income | $ | 112,292 | | | $ | 146,320 | | | $ | 216,416 | | | $ | 243,053 | |
Weighted average common shares outstanding during the period (for basic calculation) | 39,412 | | | 39,675 | | | 39,510 | | | 39,634 | |
Dilutive effect of other potential common shares | 196 | | | 159 | | | 256 | | | 184 | |
Weighted average common shares and potential common shares (for diluted calculation) | 39,608 | | | 39,834 | | | 39,766 | | | 39,818 | |
| | | | | | | |
Net income per common share - Basic | $ | 2.85 | | | $ | 3.69 | | | $ | 5.48 | | | $ | 6.13 | |
Net income per common share - Diluted | $ | 2.84 | | | $ | 3.67 | | | $ | 5.44 | | | $ | 6.10 | |
The computation of the dilutive effect of other potential common shares excludes stock awards representing an insignificant number of shares of common stock in both the three months ended June 30, 2024 and 2023, and an insignificant number of shares of common stock and 0.1 million shares of common stock in the six months ended June 30, 2024 and 2023, respectively. Under the treasury stock method, the inclusion of these stock awards would have been antidilutive.
5. Acquisition
We account for acquisition transactions in accordance with ASC 805, Business Combinations. Accordingly, the results of operations of the acquiree are included in our consolidated financial statements from the acquisition date. The consideration transferred is allocated to the identifiable assets acquired and liabilities assumed based on estimated fair values at the acquisition date, with any excess recorded as goodwill. Transaction-related costs are expensed in the period the costs are incurred. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed with the corresponding adjustment to goodwill.
On October 2, 2023, our wholly-owned subsidiary, Boise Cascade Building Materials Distribution, L.L.C. (BMD) completed the acquisition of Brockway-Smith Company (BROSCO), a wholesale distributor specializing in doors and millwork, pursuant to the Agreement and Plan of Merger, dated August 22, 2023 (Merger Agreement), by and among BMD, Firepit Merger Sub, Inc., a wholly-owned subsidiary of BMD (the Merger Sub), BROSCO and the representative of the BROSCO stockholders. On the terms and subject to the conditions set forth in the Merger Agreement, on October 2, 2023, Merger Sub merged with and into BROSCO, with BROSCO surviving the merger as a wholly-owned subsidiary of BMD (the Acquisition). The purchase price of the Acquisition was $166.2 million, net of cash acquired, and inclusive of a post-transaction closing adjustment of $3.4 million based upon working capital and indebtedness as defined in the Merger Agreement. We funded the Acquisition and related costs with cash on hand.
The following table summarizes the final allocations of the purchase price consideration to the assets acquired and liabilities assumed based upon their respective estimated fair values at the date of acquisition:
| | | | | | | | |
| | Acquisition Date Fair Value |
| | (thousands) |
Cash and cash equivalents | | $ | 4,009 | |
Accounts receivable | | 19,688 | |
Inventories | | 36,000 |
Other current assets | | 159 |
Property and equipment | | 57,331 |
Other assets | | 508 |
Intangible assets: | | |
Trade name | | 18,000 |
Customer relationships | | 29,000 |
Goodwill | | 32,296 |
Assets acquired | | 196,991 |
| | |
Accounts payable | | 2,144 | |
Accrued liabilities | | 4,078 | |
Deferred tax liabilities | | 20,121 | |
Other long-term liabilities | | 478 | |
Liabilities assumed | | 26,821 | |
| | |
Net assets acquired | | $ | 170,170 | |
| | |
Consideration paid, net of cash acquired | | $ | 166,161 | |
Pro Forma Financial Information
The following pro forma financial information presents the combined results of operations as if the BROSCO facilities had been combined with us on January 1, 2022. The pro forma results are intended for information purposes only and do not purport to represent what the combined companies' results of operations would actually have been had the related transaction in fact occurred on January 1, 2022. They also do not reflect any cost savings, operating synergies, or revenue enhancements that we may achieve or the costs necessary to achieve these cost savings, operating synergies, revenue enhancements, or integration efforts.
| | | | | | | | | | | | | | |
| Pro Forma |
| | Three Months Ended June 30, 2023 | | Six Months Ended June 30, 2023 |
| (unaudited, thousands) |
Sales | | $ | 1,864,951 | | | $ | 3,459,409 | |
Net income | | $ | 151,143 | | | $ | 252,193 | |
6. Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price and related costs over the fair value of the net tangible and intangible assets of businesses acquired.
The carrying amount of our goodwill by segment is as follows:
| | | | | | | | | | | | | | | | | | | | |
| | Building Materials Distribution | |
Wood Products | | Total |
| | (thousands) |
| | | | | | |
| | | | | | |
| | | | | | |
Balance at December 31, 2023 and June 30, 2024 | | $ | 44,088 | | | $ | 126,166 | | | $ | 170,254 | |
At June 30, 2024 and December 31, 2023, intangible assets represented the values assigned to trade names and trademarks and customer relationships. We maintain trademarks for our manufactured wood products, particularly EWP. Our key registered trademarks are perpetual in duration as long as we continue to timely file all post registration maintenance documents related thereto. These trade names and trademarks have indefinite lives, are not amortized, and have a carrying amount of $8.9 million. For the three months ended June 30, 2024 and 2023 we recognized $4.9 million and $4.3 million, respectively, of amortization expense for intangible assets. For the six months ended June 30, 2024 and 2023 we recognized $9.8 million and $8.6 million, respectively, of amortization expense for intangible assets.
Intangible assets consisted of the following:
| | | | | | | | | | | | | | | | | | | | |
| | June 30, 2024 |
| | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount |
| | (thousands) |
Trade names and trademarks | | $ | 27,600 | | | $ | (1,599) | | | $ | 26,001 | |
Customer relationships | | 195,050 | | | (40,123) | | | 154,927 | |
| | $ | 222,650 | | | $ | (41,722) | | | $ | 180,928 | |
| | | | | | | | | | | | | | | | | | | | |
| | December 31, 2023 |
| | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount |
| | (thousands) |
Trade names and trademarks | | $ | 27,600 | | | $ | (1,000) | | | $ | 26,600 | |
Customer relationships | | 195,050 | | | (30,907) | | | 164,143 | |
| | $ | 222,650 | | | $ | (31,907) | | | $ | 190,743 | |
7. Debt
Long-term debt consisted of the following:
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
| (thousands) |
Asset-based revolving credit facility due 2027 | $ | — | | | $ | — | |
Asset-based credit facility term loan due 2027 | 50,000 | | | 50,000 | |
| | | |
4.875% senior notes due 2030 | 400,000 | | | 400,000 | |
| | | |
Deferred financing costs | (4,277) | | | (4,720) | |
Long-term debt | $ | 445,723 | | | $ | 445,280 | |
| | | |
| | | |
Asset-Based Credit Facility
On May 15, 2015, Boise Cascade and its principal operating subsidiaries, Boise Cascade Wood Products, L.L.C., and Boise Cascade Building Materials Distribution, L.L.C., as borrowers, and Boise Cascade Wood Products Holdings Corp., as guarantor, entered into an Amended and Restated Credit Agreement, as amended, (the Amended Agreement) with Wells Fargo Capital Finance, LLC, as administrative agent, and the banks named therein as lenders. The Amended Agreement includes a $400 million senior secured asset-based revolving credit facility (Revolving Credit Facility) and a $50.0 million term loan
(ABL Term Loan) maturing on the earlier of (a) September 9, 2027 and (b) 90 days prior to the maturity of our $400 million of 4.875% senior notes due July 1, 2030 (or the maturity date of any permitted refinancing indebtedness or permitted upsized refinancing indebtedness in respect thereof). Interest on borrowings under our Revolving Credit Facility and ABL Term Loan are payable monthly. Borrowings under the Amended Agreement are constrained by a borrowing base formula dependent upon levels of eligible receivables and inventory reduced by outstanding borrowings and letters of credit (Availability).
The Amended Agreement is secured by a first-priority security interest in substantially all of our assets, except for property and equipment. The proceeds of borrowings under the agreement are available for working capital and other general corporate purposes.
The Amended Agreement contains customary nonfinancial covenants, including a negative pledge covenant and restrictions on new indebtedness, investments, distributions to equity holders, asset sales, and affiliate transactions, the scope of which are dependent on the Availability existing from time to time. The Amended Agreement also contains a requirement that we meet a 1:1 fixed-charge coverage ratio (FCCR), applicable only if Availability falls below the greater of (a) 10% of the Line Cap (as defined in the Amended Agreement) and (b) $35 million. Availability exceeded the minimum threshold amounts required for testing of the FCCR at all times since entering into the Amended Agreement, and Availability at June 30, 2024 was $395.7 million.
The Amended Agreement permits us to pay dividends only if at the time of payment (a) no default has occurred or is continuing (or would result from such payment) under the Amended Agreement, and (b) either (i) pro forma Excess Availability (as defined in the Amended Agreement) is equal to or exceeds the greater of (x) 20% of the Line Cap and (y) $75 million or (ii) (x) pro forma Excess Availability is equal to or exceeds the greater of (1) 15% of Line Cap and (2) $55 million and (y) our fixed-charge coverage ratio is greater than or equal to 1:1 on a pro forma basis.
Revolving Credit Facility
Interest rates under the Revolving Credit Facility are based, at our election, on either Daily Simple SOFR, Term SOFR, or a base rate, as defined in the Amended Agreement, plus a spread over the index elected that ranges from 1.25% to 1.50% for loans based on SOFR and from 0.25% to 0.50% for loans based on the base rate. The spread is determined on the basis of a pricing grid that results in a higher spread as average quarterly Availability declines. Both SOFR options include an additional credit spread adjustment of 0.10%. Letters of credit are subject to a fronting fee payable to the issuing bank and a fee payable to the lenders equal to the Term SOFR margin rate. In addition, we are required to pay an unused commitment fee at a rate of 0.20% per annum of the average unused portion of the lending commitments.
At both June 30, 2024 and December 31, 2023, we had no borrowings outstanding under the Revolving Credit Facility and $4.3 million and $4.1 million, respectively, of letters of credit outstanding. These letters of credit and borrowings, if any, reduce availability under the Revolving Credit Facility by an equivalent amount.
ABL Term Loan
The ABL Term Loan was provided by institutions within the Farm Credit system. Borrowings under the ABL Term Loan may be repaid from time to time at the discretion of the borrowers without premium or penalty. However, any principal amount of ABL Term Loan repaid may not be subsequently re-borrowed.
Interest rates under the ABL Term Loan are based, at our election, on either Daily Simple SOFR, Term SOFR, or a base rate, as defined in the Amended Agreement, plus a spread over the index elected that ranges from 1.75% to 2.00% for SOFR rate loans and from 0.75% to 1.00% for base rate loans, both dependent on the amount of Average Excess Availability (as defined in the Amended Agreement). Both SOFR options include an additional credit spread adjustment of 0.10%. During the six months ended June 30, 2024, the average interest rate on the ABL Term Loan was approximately 7.18%.
We have received and expect to continue receiving patronage credits under the ABL Term Loan. Patronage credits are distributions of profits from banks in the Farm Credit system, which are cooperatives that are required to distribute profits to their members. Patronage distributions, which are generally made in cash, are received in the year after they are earned. Patronage credits are recorded as a reduction to interest expense in the year earned. After giving effect to expected patronage distributions, the effective average net interest rate on the ABL Term Loan was approximately 6.2% during the six months ended June 30, 2024.
2030 Notes
On July 27, 2020, we issued $400 million of 4.875% senior notes due July 1, 2030 (2030 Notes) through a private placement that was exempt from the registration requirements of the Securities Act. Interest on our 2030 Notes is payable semiannually in arrears on January 1 and July 1. The 2030 Notes are guaranteed by each of our existing and future direct or indirect domestic subsidiaries that is a guarantor under our Amended Agreement.
The 2030 Notes are senior unsecured obligations and rank equally with all of the existing and future senior indebtedness of Boise Cascade Company and of the guarantors, senior to all of their existing and future subordinated indebtedness, effectively subordinated to all of their present and future senior secured indebtedness (including all borrowings with respect to our Amended Agreement to the extent of the value of the assets securing such indebtedness), and structurally subordinated to the indebtedness of any subsidiaries that do not guarantee the 2030 Notes.
The terms of the indenture governing the 2030 Notes, among other things, limit the ability of Boise Cascade and our restricted subsidiaries to: incur additional debt; declare or pay dividends; redeem stock or make other distributions to stockholders; make investments; create liens on assets; consolidate, merge or transfer substantially all of their assets; enter into transactions with affiliates; and sell or transfer certain assets. The indenture governing the 2030 Notes permits us to pay dividends only if at the time of payment (i) no default has occurred or is continuing (or would result from such payment) under the indenture, and (ii) our consolidated leverage ratio is no greater than 3.5:1, or (iii) the dividend, together with other dividends since the issue date, would not exceed our "builder" basket under the indenture. In addition, the indenture includes certain specific baskets for the payment of dividends.
The indenture governing the 2030 Notes provides for customary events of default and remedies.
Interest Rate Swap
For information on our interest rate swap, see Interest Rate Risk and Interest Rate Swap of Note 2, Summary of Significant Accounting Policies.
Cash Paid for Interest
For the six months ended June 30, 2024 and 2023, cash payments for interest were $10.3 million and $11.1 million, respectively.
8. Leases
Lease Costs
The components of lease expense were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30 | | Six Months Ended June 30 |
| 2024 | | 2023 | | 2024 | | 2023 |
| (thousands) |
Operating lease cost | $ | 3,493 | | | $ | 3,264 | | | $ | 6,968 | | | $ | 6,581 | |
Finance lease cost | | | | | | | |
Amortization of right-of-use assets | 624 | | | 619 | | | 1,241 | | | 1,237 | |
Interest on lease liabilities | 542 | | | 560 | | | 1,083 | | | 1,120 | |
Variable lease cost | 1,584 | | | 1,377 | | | 3,161 | | | 2,762 | |
Short-term lease cost | 1,350 | | | 1,478 | | | 2,814 | | | 3,029 | |
Sublease income | (32) | | | (111) | | | (79) | | | (164) | |
Total lease cost | $ | 7,561 | | | $ | 7,187 | | | $ | 15,188 | | | $ | 14,565 | |
Other Information
Supplemental cash flow information related to leases was as follows:
| | | | | | | | | | | | |
| Six Months Ended June 30 | |
| 2024 | | 2023 | |
| (thousands) | |
Cash paid for amounts included in the measurement of lease liabilities | | | | |
Operating cash flows from operating leases | $ | 6,470 | | | $ | 6,706 | | |
Operating cash flows from finance leases | 1,065 | | | 1,118 | | |
Financing cash flows from finance leases | 952 | | | 904 | | |
Right-of-use assets obtained in exchange for lease obligations | | | | |
Operating leases | 1,955 | | | 3,578 | | |
Finance leases | 803 | | | — | | |
Other information related to leases was as follows:
| | | | | | | | | | | | | | | |
| |
| June 30, 2024 | | December 31, 2023 | | | | |
| | | | | | | |
Weighted-average remaining lease term (years) | | | | | | | |
Operating leases | 8 | | 8 | | | | |
Finance leases | 13 | | 13 | | | | |
Weighted-average discount rate | | | | | | | |
Operating leases | 6.2 | % | | 6.2 | % | | | | |
Finance leases | 7.5 | % | | 7.6 | % | | | | |
As of June 30, 2024, our minimum lease payment requirements for noncancelable operating and finance leases are as follows:
| | | | | | | | | | | | | | |
| | Operating Leases | | Finance Leases |
| | (thousands) |
Remainder of 2024 | | $ | 6,873 | | | $ | 2,085 | |
2025 | | 13,565 | | | 3,834 | |
2026 | | 10,465 | | | 3,680 | |
2027 | | 9,713 | | | 3,748 | |
2028 | | 7,662 | | | 3,496 | |
Thereafter | | 33,974 | | | 30,359 | |
Total future minimum lease payments | | 82,252 | | | 47,202 | |
Less: interest | | (18,644) | | | (17,307) | |
Total lease obligations | | 63,608 | | | 29,895 | |
Less: current obligations | | (10,438) | | | (2,004) | |
Long-term lease obligations | | $ | 53,170 | | | $ | 27,891 | |
9. Stock-Based Compensation
In first quarter 2024 and 2023, we granted two types of stock-based awards under our incentive plan: performance stock units (PSUs) and restricted stock units (RSUs).
PSU and RSU Awards
During the six months ended June 30, 2024, we granted 60,207 PSUs to our officers and other employees, subject to performance and service conditions. For the officers, the PSUs granted are subject to a three-year performance period. The number of shares actually awarded will range from 0% to 200% of the target amount. Achievement is measured in annual sub-periods, based on Boise Cascade's return on invested capital (ROIC) for 2024, 2025, and 2026. The average achievement for the three years included in the performance period will determine the number of earned PSUs, as approved by our compensation committee in accordance with the related grant agreement. We define ROIC as net operating profit after taxes (NOPAT) divided by average invested capital (based on a rolling thirteen-month average). We define NOPAT as net income plus after-tax financing expense. Invested capital is defined as total assets plus capitalized lease expense, less cash, cash equivalents, and current liabilities, excluding short-term debt. For the other employees, the PSUs granted are subject to a one-year performance period. The number of shares actually awarded will range from 0% to 200% of the target amount, depending upon Boise Cascade’s 2024 EBITDA, defined as income before interest (interest expense and interest income), income taxes, and depreciation and amortization, as approved by executive management, determined in accordance with the related grant agreement. Because the PSUs contain a performance condition, we record compensation expense over the requisite service period based on the most probable number of shares expected to vest.
During the six months ended June 30, 2023, we granted 93,282 PSUs to our officers and other employees, subject to performance and service conditions. The PSUs granted were subject to a one-year performance period. During the 2023 performance period, officers and other employees both earned 200% of the target based on Boise Cascade's 2023 ROIC and EBITDA, as applicable, determined by our compensation committee and executive management, as applicable, in accordance with the related grant agreements.
The PSUs granted to officers generally vest in a single installment three years from the date of grant, while the PSUs granted to other employees vest in three equal tranches each year after the grant date.
During the six months ended June 30, 2024 and 2023, we granted an aggregate of 72,289 and 115,252 RSUs, respectively, to our officers, other employees, and nonemployee directors with only service conditions. The RSUs granted to officers and other employees vest in three equal tranches each year after the grant date. The RSUs granted to nonemployee directors vest in a single installment after a one year period.
We based the fair value of PSU and RSU awards on the closing market price of our common stock on the grant date. During the six months ended June 30, 2024 and 2023, the total fair value of PSUs and RSUs vested was $34.0 million and $16.8 million, respectively.
The following summarizes the activity of our PSUs and RSUs awarded under our incentive plan for the six months ended June 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | |
| PSUs | | RSUs |
| Number of shares | | Weighted Average Grant-Date Fair Value | | Number of shares | | Weighted Average Grant-Date Fair Value |
Outstanding, December 31, 2023 | 287,106 | | | $ | 66.51 | | | 178,511 | | | $ | 70.13 | |
Granted | 60,207 | | | 137.79 | | | 72,289 | | | 137.76 | |
Performance condition adjustment (a) | 91,227 | | | 69.33 | | | — | | | — | |
Vested | (148,872) | | | 58.78 | | | (97,376) | | | 68.57 | |
Forfeited | (32,317) | | | 84.66 | | | (21,388) | | | 93.47 | |
Outstanding, June 30, 2024 | 257,351 | | | $ | 86.38 | | | 132,036 | | | $ | 104.52 | |
_______________________________
(a) Represents additional PSUs granted during the six months ended June 30, 2024, related to above-target achievement of the 2023
performance condition described above.
Compensation Expense
We record compensation expense over the awards' vesting period and account for share-based award forfeitures as they occur, rather than making estimates of future forfeitures. Any shares not vested are forfeited. We recognize compensation expense for stock awards with only service conditions on a straight-line basis over the requisite service period. Most of our stock-based compensation expense was recorded in "General and administrative expenses" in our Consolidated Statements of Operations. Total stock-based compensation recognized from PSUs and RSUs, net of forfeitures, was as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30 | | Six Months Ended June 30 |
| 2024 | | 2023 | | 2024 | | 2023 |
| (thousands) |
PSUs | $ | 2,045 | | | $ | 2,577 | | | $ | 4,322 | | | $ | 4,391 | |
RSUs | 1,773 | | | 1,617 | | | 3,601 | | | 3,127 | |
| | | | | | | |
Total | $ | 3,818 | | | $ | 4,194 | | | $ | 7,923 | | | $ | 7,518 | |
The related tax benefit for the six months ended June 30, 2024 and 2023, was $2.0 million and $1.9 million respectively. As of June 30, 2024, total unrecognized compensation expense related to nonvested share-based compensation arrangements was $24.9 million. This expense is expected to be recognized over a weighted-average period of 2.0 years.
10. Stockholders' Equity
Dividends
On November 14, 2017, we announced that our board of directors approved a dividend policy to pay quarterly cash dividends to holders of our common stock. For more information regarding our dividend declarations and payments made during each of the six months ended June 30, 2024 and 2023, see "Common stock dividends" on our Consolidated Statements of Stockholders' Equity.
On August 1, 2024, our board of directors declared a quarterly dividend of $0.21 per share, as well as a special dividend of $5.00 per share, on our common stock. The dividends will be paid on September 16, 2024, to stockholders of record on September 3, 2024. For a description of the restrictions in our asset-based credit facility and the indenture governing our senior notes on our ability to pay dividends, see Note 7, Debt.
Future dividend declarations, including amount per share, record date and payment date, will be made at the discretion of our board of directors and will depend upon, among other things, legal capital requirements and surplus, our future operations and earnings, general financial condition, material cash requirements, restrictions imposed by our asset-based credit facility and the indenture governing our senior notes, applicable laws, and other factors that our board of directors may deem relevant.
Stock Repurchase
On July 28, 2022, our board of directors authorized the repurchase of an additional 1.5 million shares of our common stock. This increase was in addition to the remaining authorized shares under our prior common stock repurchase program that was authorized on February 25, 2015 (the Program). Share repurchases may be made on an opportunistic basis, through open market transactions, privately negotiated transactions, or by other means in accordance with applicable federal securities laws. We are not obligated to purchase any shares and there is no set date that the Program will expire. Our board of directors may increase or decrease the number of shares under the Program or terminate the Program in its discretion at any time. During the six months ended June 30, 2024, we repurchased 677,845 shares under the Program at a cost of $88.9 million, or an average of $131.09 per share. During the six months ended June 30, 2023, we repurchased 25,678 shares under the Program at a cost of $1.5 million, or an average of $59.91 per share. The shares were purchased with cash on hand and are recorded as "Treasury stock" on our Consolidated Balance Sheets. As of June 30, 2024, there were 1,243,466 shares of common stock that may yet be purchased under the Program.
In July 2024 we repurchased 90,000 shares under the Program at a cost of $10.5 million, or an average of $117.14 per share. The shares were purchased with cash on hand. As of July 31, 2024, there were 1,153,466 shares of common stock that may yet be purchased under the Program.
11. Transactions With Related Party
Louisiana Timber Procurement Company, L.L.C. (LTP) is an unconsolidated variable-interest entity that is 50% owned by us and 50% owned by Packaging Corporation of America (PCA). LTP procures sawtimber, pulpwood, residual chips, and other residual wood fiber to meet the wood and fiber requirements of us and PCA in Louisiana. We are not the primary beneficiary of LTP as we do not have power to direct the activities that most significantly affect the economic performance of LTP. Accordingly, we do not consolidate LTP's results in our financial statements.
Sales
Related-party sales to LTP from our Wood Products segment in our Consolidated Statements of Operations were $3.1 million during each of the three months ended June 30, 2024 and 2023, and $5.7 million and $6.1 million, respectively, during the six months ended June 30, 2024 and 2023. These sales are recorded in "Sales" in our Consolidated Statements of Operations.
Costs and Expenses
Related-party wood fiber purchases from LTP were $21.3 million and $21.1 million, respectively, during the three months ended June 30, 2024 and 2023, and $41.1 million and $41.2 million, respectively, during the six months ended June 30, 2024 and 2023. These costs are recorded in "Materials, labor, and other operating expenses (excluding depreciation)" in our Consolidated Statements of Operations.
12. Segment Information
We operate our business using two reportable segments: Wood Products and BMD. We measure and evaluate our reportable segments based on net sales and segment operating income (loss). Accordingly, our chief operating decision maker reviews the performance of the company and allocates resources based primarily on net sales and segment operating income (loss) for our business segments. Unallocated corporate costs are presented as reconciling items to arrive at operating income. There are no differences in our basis of measurement of segment profit or loss from those disclosed in Note 15, Segment Information, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" in our 2023 Form 10-K.
Wood Products and BMD segment sales to external customers, including related parties, by product line, are as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30 | | Six Months Ended June 30 |
| 2024 | | 2023 | | 2024 | | 2023 |
| (millions) |
Wood Products (a) | | | | | | | |
LVL (b) | $ | 12.6 | | | $ | 14.2 | | | $ | 25.2 | | | $ | 21.6 | |
I-joists (b) | 9.5 | | | 9.3 | | | 16.2 | | | 14.0 | |
Other engineered wood products (b) | 8.3 | | | 9.8 | | | 16.4 | | | 17.2 | |
Plywood and veneer | 75.3 | | | 93.8 | | | 149.8 | | | 185.1 | |
Lumber | 13.2 | | | 23.7 | | | 28.4 | | | 47.2 | |
Byproducts | 18.4 | | | 23.1 | | | 35.5 | | | 47.4 | |
| | | | | | | |
Other | 5.1 | | | 4.8 | | | 11.3 | | | 11.3 | |
| 142.5 | | | 178.7 | | | 282.9 | | | 343.9 | |
| | | | | | | |
Building Materials Distribution | | | | | | | |
Commodity | 578.8 | | | 613.7 | | | 1,131.8 | | | 1,161.2 | |
General line | 702.5 | | | 647.5 | | | 1,319.4 | | | 1,181.0 | |
Engineered wood products | 373.9 | | | 375.4 | | | 709.0 | | | 673.5 | |
| 1,655.2 | | | 1,636.5 | | | 3,160.2 | | | 3,015.7 | |
| $ | 1,797.7 | | | $ | 1,815.2 | | | $ | 3,443.1 | | | $ | 3,359.5 | |
___________________________________
(a) Amounts represent sales to external customers. Sales are calculated after intersegment sales eliminations to our BMD segment.
(b) Sales of EWP to external customers are net of the cost of all EWP rebates and sales allowances provided at various stages of the supply chain (including distributors, dealers, and homebuilders). For the six months ended June 30, 2024 and 2023, approximately 77% and 78%, respectively, of Wood Products' EWP sales volumes were to our BMD segment.
An analysis of our operations by segment is as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30 | | Six Months Ended June 30 |
| 2024 | | 2023 | | 2024 | | 2023 |
| (thousands) |
Net sales by segment | | | | | | | |
Wood Products | $ | 489,823 | | | $ | 530,273 | | | $ | 958,751 | | | $ | 967,701 | |
Building Materials Distribution | 1,655,221 | | | 1,636,538 | | | 3,160,242 | | | 3,015,780 | |
Intersegment eliminations (a) | (347,374) | | | (351,592) | | | (675,903) | | | (623,933) | |
Total net sales | $ | 1,797,670 | | | $ | 1,815,219 | | | $ | 3,443,090 | | | $ | 3,359,548 | |
| | | | | | | |
Segment operating income | | | | | | | |
Wood Products | $ | 72,780 | | | $ | 104,035 | | | $ | 144,018 | | | $ | 173,430 | |
Building Materials Distribution | 85,400 | | | 98,550 | | | 157,863 | | | 168,235 | |
Total segment operating income | 158,180 | | | 202,585 | | | 301,881 | | | 341,665 | |
Unallocated corporate costs | (11,199) | | | (12,610) | | | (21,918) | | | (24,088) | |
Income from operations | $ | 146,981 | | | $ | 189,975 | | | $ | 279,963 | | | $ | 317,577 | |
| | | | | | | |
___________________________________
(a) Primarily represents intersegment sales from our Wood Products segment to our BMD segment.
13. Commitments, Legal Proceedings and Contingencies, and Guarantees
Commitments
We are a party to a number of long-term log supply agreements that are discussed in Note 16, Commitments, Legal Proceedings and Contingencies, and Guarantees, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" in our 2023 Form 10-K. In addition, we have purchase obligations for goods and services, capital expenditures, and raw materials entered into in the normal course of business. As of June 30, 2024, there have been no material changes to the above commitments disclosed in the 2023 Form 10-K.
Legal Proceedings and Contingencies
We are a party to legal proceedings that arise in the ordinary course of our business, including commercial liability claims, premises claims, environmental claims, and employment-related claims, among others. As of the date of this filing, we do not believe that we are party to any legal action that could reasonably be expected to have, individually or in the aggregate, a material adverse effect on our financial position, results of operations, or cash flows.
Guarantees
We provide guarantees, indemnifications, and assurances to others. Note 16, Commitments, Legal Proceedings and Contingencies, and Guarantees, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" in our 2023 Form 10-K describes the nature of our guarantees, including the approximate terms of the guarantees, how the guarantees arose, the events or circumstances that would require us to perform under the guarantees, and the maximum potential undiscounted amounts of future payments we could be required to make. As of June 30, 2024, there have been no material changes to the guarantees disclosed in the 2023 Form 10-K.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Understanding Our Financial Information
This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our consolidated financial statements and related notes in "Item 1. Financial Statements" of this Form 10-Q, as well as our 2023 Form 10-K. The following discussion includes statements regarding our expectations with respect to our future performance, liquidity, and capital resources. Such statements, along with any other non-historical statements in the discussion, are forward-looking. These forward-looking statements include, without limitation, any statement that may predict, indicate, or imply future results, performance, or achievements and may contain the words "may," "will," "expect," "believe," "should," "plan," "anticipate," and other similar expressions. All of these forward-looking statements are based on estimates and assumptions made by our management that, although believed by us to be reasonable, are inherently uncertain. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in "Item 1A. Risk Factors" in our 2023 Form 10-K, as well as those factors listed in other documents we file with the Securities and Exchange Commission (the SEC). We do not assume an obligation to update any forward-looking statement. Our future actual results may differ materially from those contained in or implied by any of the forward-looking statements in this Form 10-Q.
Background
Boise Cascade Company is a building products company headquartered in Boise, Idaho. As used in this Form 10-Q, the terms "Boise Cascade," "we," and "our" refer to Boise Cascade Company and its consolidated subsidiaries. Boise Cascade is a large, integrated wood products manufacturer and building materials distributor. We have two reportable segments: (i) Wood Products, which primarily manufactures engineered wood products (EWP) and plywood; and (ii) Building Materials Distribution (BMD), which is a wholesale distributor of building materials. Our products are used in the construction of new residential housing, including single-family, multi-family, and manufactured homes, the repair-and-remodeling of existing housing, the construction of light industrial and commercial buildings, and industrial applications. For more information, see Note 12, Segment Information, of the Condensed Notes to Unaudited Quarterly Consolidated Financial Statements in "Item 1. Financial Statements" of this Form 10-Q.
Executive Overview
We recorded income from operations of $147.0 million during the three months ended June 30, 2024, compared with income from operations of $190.0 million during the three months ended June 30, 2023. In our Wood Products segment, income decreased $31.3 million to $72.8 million for the three months ended June 30, 2024, from $104.0 million for the three months ended June 30, 2023, due primarily to lower EWP sales prices, as well as higher wood fiber and conversion costs. These decreases in segment income were offset partially by higher EWP sales volumes. In our BMD segment, income decreased $13.2 million to $85.4 million for the three months ended June 30, 2024, from $98.6 million for the three months ended June 30, 2023, driven by increased selling and distribution expenses and depreciation and amortization expense of $10.9 million and $4.4 million, respectively. These decreases were offset partially by decreased general and administrative expenses of $2.0 million. Gross margins were flat when compared with the same quarter in the prior year. These changes are discussed further in "Our Operating Results" below.
We ended second quarter 2024 with $922.1 million of cash and cash equivalents and $395.7 million of undrawn committed bank line availability, for total available liquidity of $1,317.8 million. We had $445.7 million of outstanding debt at June 30, 2024. We used $27.5 million of cash during the six months ended June 30, 2024, principally to fund seasonal working capital increases and capital spending, treasury stock purchases, dividends paid on our common stock, and tax withholding payments on stock-based awards. A further description of our cash sources and uses for the six-month comparative periods are discussed in "Liquidity and Capital Resources" below.
Demand for the products we manufacture, as well as the products we purchase and distribute, is correlated with new residential construction, residential repair-and-remodeling activity and light commercial construction. Residential construction, particularly new single-family construction, is the key demand driver for the products we manufacture and distribute. Current industry forecasts for 2024 U.S. housing starts are slightly below actual housing starts of 1.42 million in 2023, as reported by the U.S. Census Bureau. Home affordability remains a challenge for many consumers due to the cost of housing, as well as persistent elevated mortgage rates. However, with low unemployment, an undersupply of existing housing stock available for sale, and favorable demographic trends, new residential construction is expected to remain an important source of supply for homebuyers. Multi-family starts have declined sharply from historic levels due to increased capital costs for developers, combined with elevated supply. Regarding home improvement spending, the age of U.S. housing stock and elevated levels of homeowner equity will continue to provide a favorable backdrop for repair-and-remodel spending. However, while home improvement spending is expected to remain healthy compared to history, renovation spending has softened due to consumer uncertainty, labor availability, higher borrowing costs, and building material inflation. Ultimately, macroeconomic factors, the level and expectations for mortgage rates, home affordability, home equity levels, home size, and other factors will likely influence the near-term demand environment for the products we manufacture and distribute.
As a manufacturer of certain commodity products, we have sales and profitability exposure to declines in commodity product prices and rising input costs. Our distribution business purchases and resells a broad mix of products with periods of increasing prices providing the opportunity for higher sales and increased margins, while declining price environments expose us to declines in sales and profitability. Future product pricing, particularly commodity products pricing and input costs, may be volatile in response to economic uncertainties, industry operating rates, supply-related disruptions, transportation constraints or disruptions, net import and export activity, inventory levels in various distribution channels, and seasonal demand patterns.
Factors That Affect Our Operating Results and Trends
Our results of operations and financial performance are influenced by a variety of factors, including the following:
•the commodity nature of a portion of our products and their price movements, which are driven largely by industry capacity and operating rates, industry cycles that affect supply and demand, and net import and export activity;
•general economic conditions, including but not limited to housing starts, repair-and-remodeling activity, light commercial construction, inventory levels of new and existing homes for sale, foreclosure rates, interest rates, inflation, unemployment rates, household formation rates, prospective home buyers' access to and cost of financing, and housing affordability, that ultimately affect demand for our products;
•the highly competitive nature of our industry;
•declines in demand for our products due to competing technologies or materials, as well as changes in building code provisions;
•disruptions to information systems used to process and store customer, employee, and vendor information, as well as the technology that manages our operations and other business processes;
•material disruptions and/or major equipment failure at our manufacturing facilities;
•declining demand for residual byproducts, particularly wood chips generated in our manufacturing operations;
•labor disruptions, shortages of skilled and technical labor, or increased labor costs;
•the need to successfully formulate and implement succession plans for key members of our management team;
•product shortages, loss of key suppliers, and our dependence on third-party suppliers and manufacturers;
•the cost and availability of third-party transportation services used to deliver the goods we manufacture and distribute, as well as our raw materials;
•cost and availability of raw materials, including wood fiber and glues and resins;
•our ability to execute our organic growth and acquisition strategies efficiently and effectively;
•failures or delays with new or existing technology systems and software platforms;
•our ability to successfully pursue our long-term growth strategy related to innovation and digital technology;
•concentration of our sales among a relatively small group of customers, as well as the financial condition and creditworthiness of our customers;
•impairment of our long-lived assets, goodwill, and/or intangible assets;
•substantial ongoing capital investment costs, including those associated with organic growth and acquisitions, and the difficulty in offsetting fixed costs related to those investments;
•our indebtedness, including the possibility that we may not generate sufficient cash flows from operations or that future borrowings may not be available in amounts sufficient to fulfill our debt obligations and fund other liquidity needs;
•restrictive covenants contained in our debt agreements;
•compliance with data privacy and security laws and regulations;
•the impacts of climate change and related legislative and regulatory responses intended to reduce climate change;
•cost of compliance with government regulations, in particular, environmental regulations;
•exposure to product liability, product warranty, casualty, construction defect, and other claims;
•fluctuations in the market for our equity; and
•the other factors described in "Item 1A. Risk Factors" in our 2023 Form 10-K.
Our Operating Results
The following tables set forth our operating results in dollars and as a percentage of sales for the three and six months ended June 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30 | | Six Months Ended June 30 |
| 2024 | | 2023 | | 2024 | | 2023 |
| (millions) |
Sales | $ | 1,797.7 | | | $ | 1,815.2 | | | $ | 3,443.1 | | | $ | 3,359.5 | |
| | | | | | | |
Costs and expenses | | | | | | | |
Materials, labor, and other operating expenses (excluding depreciation) | 1,440.7 | | | 1,426.4 | | | 2,748.1 | | | 2,657.1 | |
Depreciation and amortization | 34.4 | | | 30.7 | | | 70.2 | | | 61.9 | |
Selling and distribution expenses | 149.8 | | | 139.2 | | | 293.9 | | | 268.0 | |
General and administrative expenses | 25.9 | | | 30.1 | | | 51.1 | | | 56.6 | |
| | | | | | | |
Other (income) expense, net | (0.1) | | | (1.3) | | | (0.2) | | | (1.6) | |
| 1,650.7 | | | 1,625.2 | | | 3,163.1 | | | 3,042.0 | |
| | | | | | | |
Income from operations | $ | 147.0 | | | $ | 190.0 | | | $ | 280.0 | | | $ | 317.6 | |
| | | | | | | |
| (percentage of sales) |
Sales | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
| | | | | | | |
Costs and expenses | | | | | | | |
Materials, labor, and other operating expenses (excluding depreciation) | 80.1 | % | | 78.6 | % | | 79.8 | % | | 79.1 | % |
Depreciation and amortization | 1.9 | | | 1.7 | | | 2.0 | | | 1.8 | |
Selling and distribution expenses | 8.3 | | | 7.7 | | | 8.5 | | | 8.0 | |
General and administrative expenses | 1.4 | | | 1.7 | | | 1.5 | | | 1.7 | |
| | | | | | | |
Other (income) expense, net | — | | | (0.1) | | | — | | | — | |
| 91.8 | % | | 89.5 | % | | 91.9 | % | | 90.5 | % |
| | | | | | | |
Income from operations | 8.2 | % | | 10.5 | % | | 8.1 | % | | 9.5 | % |
Sales Volumes and Prices
Set forth below are historical U.S. housing starts data, segment sales volumes and average net selling prices for the principal products sold by our Wood Products segment, and sales mix and gross margin information for our BMD segment for the three and six months ended June 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30 | | Six Months Ended June 30 |
| 2024 | | 2023 | | 2024 | | 2023 |
| (thousands) |
U.S. Housing Starts (a) | | | | | | | |
Single-family | 280.5 | | | 261.2 | | | 521.8 | | | 449.4 | |
Multi-family | 91.5 | | | 139.2 | | | 171.5 | | | 265.8 | |
| 372.0 | | | 400.4 | | | 693.3 | | | 715.2 | |
| | | | | | | |
| (thousands) |
Segment Sales | | | | | | | |
Wood Products | $ | 489,823 | | | $ | 530,273 | | | $ | 958,751 | | | $ | 967,701 | |
Building Materials Distribution | 1,655,221 | | | 1,636,538 | | | 3,160,242 | | | 3,015,780 | |
| | | | | | | |
Intersegment eliminations | (347,374) | | | (351,592) | | | (675,903) | | | (623,933) | |
Total sales | $ | 1,797,670 | | | $ | 1,815,219 | | | $ | 3,443,090 | | | $ | 3,359,548 | |
| | | | | | | |
Wood Products | (millions) |
Sales Volumes | | | | | | | |
Laminated veneer lumber (LVL) (cubic feet) | 5.1 | | | 4.7 | | | 9.9 | | | 8.3 | |
I-joists (equivalent lineal feet) | 66 | | | 63 | | | 122 | | | 102 | |
Plywood (sq. ft.) (3/8" basis) | 383 | | | 440 | | | 755 | | | 846 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Wood Products | (dollars per unit) |
Average Net Selling Prices | | | | | | | |
Laminated veneer lumber (LVL) (cubic foot) | $ | 28.12 | | | $ | 30.14 | | | $ | 28.42 | | | $ | 30.59 | |
I-joists (1,000 equivalent lineal feet) | 1,961 | | | 2,088 | | | 1,987 | | | 2,118 | |
Plywood (1,000 sq. ft.) (3/8" basis) | 362 | | | 365 | | | 369 | | | 366 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| (percentage of BMD sales) |
Building Materials Distribution | | | | | | | |
Product Line Sales | | | | | | | |
Commodity | 35.0 | % | | 37.5 | % | | 35.8 | % | | 38.5 | % |
General line | 42.4 | % | | 39.6 | % | | 41.8 | % | | 39.2 | % |
Engineered wood products | 22.6 | % | | 22.9 | % | | 22.4 | % | | 22.3 | % |
| | | | | | | |
Gross margin percentage (b) | 14.8 | % | | 15.0 | % | | 14.9 | % | | 14.9 | % |
_______________________________________
(a) Actual U.S. housing starts data reported by the U.S. Census Bureau.
(b) We define gross margin as "Sales" less "Materials, labor, and other operating expenses (excluding depreciation)." Substantially all costs included in "Materials, labor, and other operating expenses (excluding depreciation)" for our BMD segment are for inventory purchased for resale. Gross margin percentage is gross margin as a percentage of segment sales.
Sales
For the three months ended June 30, 2024, total sales decreased $17.5 million, or 1%, to $1,797.7 million from $1,815.2 million during the three months ended June 30, 2023. For the six months ended June 30, 2024, total sales increased $83.5 million, or 2%, to $3,443.1 million from $3,359.5 million for the same period in the prior year. As described below, the change in sales was driven by the changes in sales prices and volumes for the products we manufacture and distribute with single-family residential construction activity being the key demand driver of our sales. In second quarter 2024, total U.S. housing starts decreased 7%, while single-family housing starts increased 7%, compared with the same period in 2023. On a year-to-date basis through June 2024, total housing starts decreased 3%, while single-family housing starts increased 16%, compared with the same period in 2023. Average composite panel prices for the three and six months ended June 30, 2024 were 14% and 18% higher, respectively, than in the same period in the prior year, as reflected by Random Lengths composite panel pricing. Average composite lumber prices for the three and six months ended June 30, 2024 were 6% and 4% lower, respectively, than in the same period in the prior year, as reflected by Random Lengths composite lumber pricing.
Wood Products. Sales, including sales to our BMD segment, decreased $40.5 million, or 8%, to $489.8 million for the three months ended June 30, 2024, from $530.3 million for the three months ended June 30, 2023. The decrease in sales was driven by lower plywood sales volumes of 13% resulting in decreased sales of $20.7 million. Plywood sales volumes decreased as we shifted a higher proportion of our internally produced veneer into EWP production, given the change in demand for EWP. Lower sales prices for LVL and I-joists (collectively referred to as EWP) of 7% and 6%, respectively, resulted in decreased sales of $10.3 million and $8.3 million, respectively. In addition, other sales, including lumber and residual byproducts, decreased $14.3 million. These decreases were offset partially by increased sales volumes for LVL and I-joists of 8% and 5%, respectively, resulting in increased sales of $11.8 million and $5.9 million, respectively.
For the six months ended June 30, 2024, sales, including sales to our BMD segment, decreased $9.0 million, or 1%, to $958.8 million from $967.7 million for the same period in the prior year. The decrease in sales was driven by lower sales prices for LVL and I-joists (collectively referred to as EWP) of 7% and 6%, respectively, resulting in decreased sales of $21.4 million and $16.1 million, respectively. Plywood sales volumes decreased 11% resulting in decreased sales of $33.3 million. Plywood sales volumes decreased as we shifted a higher proportion of our internally produced veneer into EWP production, given the change in demand for EWP. In addition, other sales, including lumber and residual byproducts, decreased $28.8 million. These decreases were offset partially by higher sales volumes for LVL and I-joists of 18% and 20%, respectively, resulting in increased sales of $46.8 million and $43.9 million, respectively. EWP sales volumes increased due to an increase in single-family housing starts.
Building Materials Distribution. Sales increased $18.7 million, or 1%, to $1,655.2 million for the three months ended June 30, 2024, from $1,636.5 million for the three months ended June 30, 2023. Compared with the same quarter in the prior year, the overall increase in sales was driven by a sales volume increase of 2%, offset partially by a sales price decrease of 1%. Excluding the impact of the BROSCO acquisition on October 2, 2023, sales would have decreased by 2%. By product line, commodity sales decreased 6%, or $34.8 million; general line product sales increased 8%, or $55.0 million; and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased less than 1%, or $1.5 million.
During the six months ended June 30, 2024, sales increased $144.5 million, or 5%, to $3,160.2 million from $3,015.8 million for the same period in the prior year. The overall increase in sales was driven by a sales volume increase of 6%, offset partially by a sales price decrease of 1%. Excluding the impact of the BROSCO acquisition, sales would have increased by 2%. By product line, commodity sales decreased 3%, or $29.4 million; general line product sales increased 12%, or $138.4 million; and sales of EWP (substantially all of which are sourced through our Wood Products segment) increased 5%, or $35.5 million.
Costs and Expenses
Materials, labor, and other operating expenses (excluding depreciation) increased $14.2 million, or 1%, to $1,440.7 million for the three months ended June 30, 2024, compared with $1,426.4 million during the same period in the prior year. In our Wood Products segment, materials, labor, and other operating expenses decreased as higher costs of OSB (used in the manufacture of I-joists), were offset by improved cost leveraging from higher EWP sales volumes and lower plywood sales volumes, compared with second quarter 2023. However, materials, labor, and other operating expenses as a percentage of sales (MLO rate) in our Wood Products segment increased by 430 basis points, primarily as the result of lower EWP sales prices. In BMD, the increase in materials, labor, and other operating expenses compared with second quarter 2023 was driven by higher purchased materials costs as a result of the BROSCO acquisition. The BMD segment MLO rate increased 20 basis points, driven by lower margin percentages for our commodity and EWP sales, offset partially by higher margin percentages on our general line sales.
For the six months ended June 30, 2024, materials, labor, and other operating expenses (excluding depreciation) increased $91.0 million, or 3%, to $2,748.1 million, compared with $2,657.1 million in the same period in the prior year. In our Wood Products segment, materials, labor, and other operating expenses increased due to higher EWP sales volumes and higher costs of OSB (used in the manufacture of I-joists), compared with the first six months of 2023. Labor and other manufacturing costs were also higher compared with the same period in the prior year. The MLO rate in our Wood Products segment increased by 290 basis points, due primarily to lower EWP sales prices. In BMD, the increase in materials, labor, and other operating expenses compared with the first six months of 2023 was driven by higher purchased materials costs as a result of an increase in sales volumes, as well as the BROSCO acquisition. However, the BMD segment MLO rate was flat primarily due to higher margin percentages on our general line sales, offset by lower margins on our EWP sales compared with the first six months of 2023.
Depreciation and amortization expense increased $3.6 million, or 12%, to $34.4 million for the three months ended June 30, 2024, compared with $30.7 million during the same period in the prior year. For the six months ended June 30, 2024, these expenses increased $8.3 million, or 13%, to $70.2 million, compared with $61.9 million in the same period in the prior year. The increase in both periods was due primarily to the BROSCO acquisition, as well as other capital expenditures. For the six months ended June 30, 2024, the increase was also due to $2.2 million of accelerated depreciation recorded in first quarter 2024 for the indefinite curtailment of lumber production at our Chapman, Alabama facility.
Selling and distribution expenses, inclusive of the BROSCO acquisition, increased $10.6 million, or 8%, to $149.8 million for the three months ended June 30, 2024, compared with $139.2 million during the same period in the prior year. The increase was due primarily to higher employee-related expense of $6.1 million, offset partially by decreased incentive compensation expense of $1.4 million. In addition, costs related to professional fees, travel and entertainment, and advertising increased $1.6 million and occupancy costs increased $1.5 million. For the six months ended June 30, 2024, selling and distribution expenses increased $25.9 million, or 10%, to $293.9 million, compared with $268.0 million during the same period in 2023, primarily as a result of higher employee-related expenses of $12.7 million. Occupancy and shipping and handling costs increased $2.5 million and $2.3 million, respectively. In addition, costs related to professional fees, travel and entertainment, and advertising increased $3.4 million.
General and administrative expenses decreased $4.2 million, or 14%, to $25.9 million for the three months ended June 30, 2024, compared with $30.1 million for the same period in the prior year. For the six months ended June 30, 2024, general and administrative expenses decreased $5.6 million, or 10%, to $51.1 million, compared with $56.6 million during the same period in 2023. The decrease in both periods was primarily the result of lower incentive compensation and professional fees, offset partially by an increase in employee-related expenses.
Income From Operations
Income from operations decreased $43.0 million to $147.0 million for the three months ended June 30, 2024, compared with $190.0 million for the three months ended June 30, 2023. Income from operations decreased $37.6 million to $280.0 million for the six months ended June 30, 2024, compared with $317.6 million for the six months ended June 30, 2023.
Wood Products. Segment income decreased $31.3 million to $72.8 million for the three months ended June 30, 2024, compared with $104.0 million for the three months ended June 30, 2023. The decrease in segment income was due primarily to lower EWP sales prices, as well as higher wood fiber and conversion costs. These decreases in segment income were offset partially by higher EWP sales volumes.
For the six months ended June 30, 2024, segment income decreased $29.4 million to $144.0 million from $173.4 million for the six months ended June 30, 2023. The decrease in segment income was due primarily to lower EWP sales prices, as well as higher wood fiber and conversion costs. In addition, segment income was negatively impacted by accelerated depreciation of $2.2 million in first quarter 2024 for the indefinite curtailment of lumber production at our Chapman, Alabama facility. These decreases in segment income were offset partially by higher EWP sales volumes.
Building Materials Distribution. Segment income decreased $13.2 million to $85.4 million for the three months ended June 30, 2024, from $98.6 million for the three months ended June 30, 2023. The decrease in segment income was driven by increased selling and distribution expenses and depreciation and amortization expense of $10.9 million and $4.4 million, respectively. These decreases were offset partially by decreased general and administrative expenses of $2.0 million. Gross margins were flat when compared with the same quarter in the prior year.
For the six months ended June 30, 2024, segment income decreased $10.4 million to $157.9 million from $168.2 million for the six months ended June 30, 2023. The decline in segment income was driven by increased selling and distribution
expenses and depreciation and amortization expense of $27.4 million and $8.4 million, respectively. These decreases in segment income were offset partially by a gross margin increase of $23.1 million, resulting primarily from improved gross margins on general line products, offset partially by lower gross margins on EWP.
Corporate. Unallocated corporate expenses decreased $1.4 million to $11.2 million for the three months ended June 30, 2024, from $12.6 million for the same period in the prior year. For the six months ended June 30, 2024, unallocated corporate expenses decreased $2.2 million to $21.9 million from $24.1 million for the six months ended June 30, 2023. The decrease in both periods was due primarily to lower incentive compensation.
Other
Change in fair value of interest rate swaps. For information related to our interest rate swap, see the discussion under "Interest Rate Risk and Interest Rate Swap" of Note 2, Summary of Significant Accounting Policies, of the Condensed Notes to Unaudited Quarterly Consolidated Financial Statements in "Item 1. Financial Statements" of this Form 10-Q.
Income Tax Provision
For the three and six months ended June 30, 2024, we recorded $38.5 million and $71.3 million, respectively, of income tax expense and had an effective rate of 25.5% and 24.8%, respectively. For the three and six months ended June 30, 2023, we recorded $49.4 million and $82.7 million, respectively, of income tax expense and had an effective rate of 25.3% and 25.4%, respectively. For all periods, the primary reason for the difference between the federal statutory income tax rate of 21% and the effective tax rate was the effect of state taxes.
Liquidity and Capital Resources
We ended second quarter 2024 with $922.1 million of cash and cash equivalents and $445.7 million of debt. At June 30, 2024, we had $1,317.8 million of available liquidity (cash and cash equivalents and undrawn committed bank line availability). Our cash and cash equivalents decreased by $27.5 million during the six months ended June 30, 2024, principally to fund seasonal working capital increases and capital spending, treasury stock purchases, dividends paid on our common stock, and tax withholding payments on stock-based awards. Further descriptions of our cash sources and uses for the six-month comparative periods are noted below.
We believe that our cash flows from operations, combined with our current cash levels and available borrowing capacity, will be adequate to fund debt service requirements and provide cash, as required, to support our ongoing operations, capital expenditures, lease obligations, working capital, income tax payments, and to pay cash dividends to holders of our common stock over the next 12 months. We expect to fund our seasonal and intra-month working capital requirements in the remainder of 2024 from cash on hand and, if necessary, borrowings under our revolving credit facility.
Sources and Uses of Cash
We generate cash primarily from sales of our products, as well as short-term and long-term borrowings. Our primary uses of cash are for expenses related to the manufacture and distribution of building products, including inventory purchased for resale, wood fiber, labor, energy, and glues and resins. In addition to paying for ongoing operating costs, we use cash to invest in our business, service our debt and lease obligations, and return cash to our shareholders through dividends or common stock repurchases. Below is a discussion of our sources and uses of cash for operating activities, investing activities, and financing activities.
| | | | | | | | | | | |
| Six Months Ended June 30 |
| 2024 | | 2023 |
| (thousands) |
Net cash provided by operations | $ | 169,165 | | | $ | 290,218 | |
Net cash used for investment | (76,667) | | | (66,369) | |
Net cash used for financing | (119,996) | | | (141,336) | |
Operating Activities
For the six months ended June 30, 2024, our operating activities generated $169.2 million of cash, compared with $290.2 million of cash generated in the same period in 2023. The $121.1 million decrease in cash provided by operations was due primarily to a greater year-over-year increase in working capital, as well as a decrease in income from operations. Working capital increased $131.6 million during the six months ended June 30, 2024, compared with a $60.2 million increase for the same period in the prior year. In addition, cash paid for taxes, net of refunds, increased $19.9 million compared to the same period in 2023. See "Our Operating Results" in this Management's Discussion and Analysis of Financial Condition and Results of Operations for more information related to factors affecting our operating results.
The increase in working capital during both periods was primarily attributable to higher receivables and inventories, offset by an increase in accounts payable and accrued liabilities. The increase in receivables in both periods primarily reflect increased sales of approximately 16% and 41%, comparing sales for the months of June 2024 and 2023 with sales for the months of December 2023 and 2022, respectively. During both the six months ended June 30, 2024 and June 30, 2023, inventories increased due to seasonally higher inventory purchases in our BMD segment for the summer building season. The increase in accounts payable and accrued liabilities in both periods was related to the increase in inventories and extended terms offered by certain BMD vendors, offset partially by employee incentive compensation payouts made during the periods.
Investment Activities
During the six months ended June 30, 2024 and 2023, we used $74.1 million and $68.3 million, respectively, of cash for purchases of property and equipment, including business improvement and quality/efficiency projects, replacement and expansion projects, and ongoing environmental compliance. During the six months ended June 30, 2024, we also used $3.4 million of cash for post-transaction closing adjustments related to the BROSCO acquisition. For further discussion on the BROSCO acquisition, see Note 5, Acquisition, of the Condensed Notes to Unaudited Quarterly Consolidated Financial Statements in "Item 1. Financial Statements" of this Form 10-Q. During the six months ended June 30, 2023, we received $1.0 million of earn-out income related to a previous asset sale in our Wood Products segment.
Excluding potential acquisitions, we expect capital expenditures in 2024 to total approximately $250 million to $270 million. We expect our capital spending in 2024 will be for business improvement and quality/efficiency projects, replacement and expansion projects, and ongoing environmental compliance. Our 2024 capital expenditures range includes spending on previously announced projects to add I-joist production capabilities at our Thorsby, Alabama EWP mill and converting a plywood layup line to a parallel laminated veneer line at our Chapman, Alabama plywood facility. At our Oakdale, Louisiana facility, multiple investment projects are planned over the next two years which include upgrade and redesign of the log utilization center, a new veneer dryer and press, and modification of an existing veneer dryer. In addition, our 2024 capital expenditures range includes spending on the previously announced greenfield distribution centers in Texas and South Carolina in our BMD segment. This level of capital expenditures could increase or decrease as a result of several factors, including acquisitions, efforts to further accelerate organic growth, exercise of lease purchase options, our financial results, future economic conditions, availability of engineering and construction resources, and timing and availability of equipment purchases.
Financing Activities
During the six months ended June 30, 2024, our financing activities used $120.0 million of cash, including $88.9 million for the repurchase of 677,845 shares of our common stock, $19.1 million for common stock dividend payments, and $11.1 million of tax withholding payments on stock-based awards. During the six months ended June 30, 2024, we did not borrow under our revolving credit facility and therefore have no borrowings outstanding on the facility as of June 30, 2024.
During the six months ended June 30, 2023, our financing activities used $141.3 million of cash, including $133.0 million for common stock dividend payments, $5.9 million of tax withholding payments on stock-based awards, and $1.5 million for the repurchase of 25,678 shares of our common stock. During the six months ended June 30, 2023, we did not borrow under our revolving credit facility.
Future dividend declarations, including amount per share, record date and payment date, will be made at the discretion of our board of directors and will depend upon, among other things, legal capital requirements and surplus, our future operations and earnings, general financial condition, material cash requirements, restrictions imposed by our asset-based credit facility and the indenture governing our senior notes, applicable laws, and other factors that our board of directors may deem relevant.
For more information related to our debt transactions and structure, our dividend policy, and our stock repurchase program, see the discussion in Note 7, Debt, and Note 10, Stockholders' Equity, respectively, of the Condensed Notes to Unaudited Quarterly Consolidated Financial Statements in "Item 1. Financial Statements" of this Form 10-Q.
Other Material Cash Requirements
For information about other material cash requirements, see Liquidity and Capital Resources in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2023 Form 10-K. As of June 30, 2024, there have been no material changes in other material cash requirements outside the ordinary course of business since December 31, 2023.
Guarantees
Note 8, Debt, and Note 16, Commitments, Legal Proceedings and Contingencies, and Guarantees, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" in our 2023 Form 10-K describe the nature of our guarantees, including the approximate terms of the guarantees, how the guarantees arose, the events or circumstances that would require us to perform under the guarantees, and the maximum potential undiscounted amounts of future payments we could be required to make. As of June 30, 2024, there have been no material changes to the guarantees disclosed in our 2023 Form 10-K.
Seasonal Influences
We are exposed to fluctuations in quarterly sales volumes and expenses due to seasonal factors. These seasonal factors are common in the building products industry. Seasonal changes in levels of building activity affect our building products businesses, which are dependent on housing starts, repair-and-remodeling activities, and light commercial construction activities. We typically report lower sales volumes in the first and fourth quarters due to the impact of poor weather on the construction market, and we generally have higher sales volumes in the second and third quarters, reflecting an increase in construction due to more favorable weather conditions. We typically have higher working capital in the first and second quarters in preparation and response to the building season. Seasonally cold weather increases costs, especially energy consumption costs, at most of our manufacturing facilities.
Employees
As of July 21, 2024, we had approximately 7,400 employees. Approximately 18% of these employees work pursuant to collective bargaining agreements. As of July 21, 2024, we had ten collective bargaining agreements. Five agreements covering approximately 470 employees at our Elgin plywood plant, Kettle Falls plywood plant, and Woodinville BMD facility expired on May 31, 2024, but the terms and conditions of these agreements remain in effect pending negotiation of new agreements. One agreement covering approximately 40 employees at our Vancouver BMD facility is set to expire on December 31, 2024, one agreement covering approximately 20 employees at our Billings BMD facility is set to expire on March 31, 2025, and two agreements covering approximately 730 employees at our Oakdale and Florien plywood plants are set to expire on July 15, 2025. The terms and conditions of these agreements will remain in effect after expiration pending negotiation of new agreements. We may not be able to renew these agreements or may renew them on terms that are less favorable to us than the current agreements. If any of these agreements are not renewed or extended upon their termination, we could experience a material labor disruption, strike, or significantly increased labor costs at one or more of our facilities, either in the course of negotiations of a labor agreement or otherwise. Labor disruptions or shortages could prevent us from meeting customer demands or result in increased costs, thereby reducing our sales and profitability.
Disclosures of Financial Market Risks
In the normal course of business, we are exposed to financial risks such as changes in commodity prices, interest rates, and foreign currency exchange rates. As of June 30, 2024, there have been no material changes to financial market risks disclosed in our 2023 Form 10-K.
Environmental
As of June 30, 2024, there have been no material changes to environmental issues disclosed in our 2023 Form 10-K. For additional information, see Environmental in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2023 Form 10-K.
Critical Accounting Estimates
Critical accounting estimates are those that are most important to the portrayal of our financial condition and results. These estimates require management's most difficult, subjective, or complex judgments, often as a result of the need to estimate matters that are inherently uncertain. We review the development, selection, and disclosure of our critical accounting estimates with the Audit Committee of our board of directors. For information about critical accounting estimates, see Critical Accounting Estimates in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2023 Form 10-K. At June 30, 2024, there have been no material changes to our critical accounting estimates from those disclosed in our 2023 Form 10-K.
New and Recently Adopted Accounting Standards
For information related to new and recently adopted accounting standards, see "New and Recently Adopted Accounting Standards" in Note 2, Summary of Significant Accounting Policies, of the Condensed Notes to Unaudited Quarterly Consolidated Financial Statements in "Item 1. Financial Statements" in this Form 10-Q.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
For information relating to quantitative and qualitative disclosures about market risk, see the discussion under "Item 7A. Quantitative and Qualitative Disclosures About Market Risk" and under the headings "Disclosures of Financial Market Risks" and "Financial Instruments" in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2023 Form 10-K. As of June 30, 2024, there have been no material changes in our exposure to market risk from those disclosed in our 2023 Form 10-K.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We maintain "disclosure controls and procedures," as defined in Rule 13a-15(e) under the Exchange Act. We have designed these controls and procedures to reasonably assure that information required to be disclosed in our reports filed or submitted under the Exchange Act, such as this Form 10-Q, is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. We have also designed our disclosure controls to provide reasonable assurance that such information is accumulated and communicated to our senior management, including our chief executive officer (CEO) and our chief financial officer (CFO), as appropriate, to allow them to make timely decisions regarding our required disclosures. Based on their evaluation, our CEO and CFO have concluded that as of June 30, 2024, our disclosure controls and procedures were effective.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting that occurred during the three months ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II—OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We are a party to legal proceedings that arise in the ordinary course of our business, including commercial liability claims, premises claims, environmental claims, and employment-related claims, among others. As of the date of this filing, we do not believe that we are party to any legal action that could reasonably be expected to have, individually or in the aggregate, a material adverse effect on our financial position, results of operations, or cash flows.
SEC regulations require us to disclose certain information about proceedings arising under federal, state or local environmental provisions if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to the SEC regulations, we use a threshold of $1 million or more for purposes of determining whether disclosure of any such proceedings is required.
ITEM 1A. RISK FACTORS
This report on Form 10-Q contains forward-looking statements. Statements that are not historical or current facts, including statements about our expectations, anticipated financial results, projected capital expenditures, and future business prospects, are forward-looking statements. You can identify these statements by our use of words such as "may," "will," "expect," "believe," "should," "plan," "anticipate," and other similar expressions. You can find examples of these statements throughout this report, including "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations." We cannot guarantee that our actual results will be consistent with the forward-looking statements we make in this report. You should review carefully the risk factors listed in "Item 1A. Risk Factors" in our 2023 Form 10-K, as well as those factors listed in other documents we file with the Securities and Exchange Commission. We do not assume an obligation to update any forward-looking statement.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Purchase of Equity Securities by the Issuer and Affiliated Purchasers
On July 28, 2022, our board of directors authorized the repurchase of an additional 1.5 million shares of our common stock. This increase was in addition to the remaining authorized shares under our prior common stock repurchase program that was authorized on February 25, 2015 (the Program). Share repurchases may be made on an opportunistic basis, through open market transactions, privately negotiated transactions, or by other means in accordance with applicable federal securities laws. During second quarter 2024, we repurchased 471,907 shares under the Program at a cost of $61.9 million, or an average of $131.14 per share. Set forth below is information regarding the Company's share repurchases during the second quarter ended June 30, 2024.
| | | | | | | | | | | | | | | | | | | | | | | |
| Total Number of Shares Purchased | | Average Price Paid per Share | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | The Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs |
April 1, 2024 - April 30, 2024 | — | | | $ | — | | | — | | | 1,715,373 |
May 1, 2024 - May 31, 2024 | 299,192 | | | 134.68 | | | 299,192 | | | 1,416,181 |
June 1, 2024 - June 30, 2024 | 172,715 | | 125.02 | | | 172,715 | | 1,243,466 |
Total | 471,907 | | $ | 131.14 | | | 471,907 | | 1,243,466 |
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
During the three months ended June 30, 2024, none of Boise Cascade's directors or officers adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).
ITEM 6. EXHIBITS
| | | | | | | | |
Number | | Description |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
101.INS | | Inline XBRL Instance Document |
| | |
101.SCH | | Inline XBRL Taxonomy Extension Schema Document |
| | |
101.CAL | | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| | |
101.DEF | | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| | |
101.LAB | | Inline XBRL Taxonomy Extension Label Linkbase Document |
| | |
101.PRE | | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| | |
104 | | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | |
| | BOISE CASCADE COMPANY |
| | |
| | |
| | /s/ Kelly E. Hibbs |
| | Kelly E. Hibbs Senior Vice President, Chief Financial Officer and Treasurer |
| | |
Date: August 5, 2024
Exhibit 31.1
CEO CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Nathan R. Jorgensen, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Boise Cascade Company;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: August 5, 2024
| | | | | |
| /s/ Nathan R. Jorgensen |
| Nathan R. Jorgensen Chief Executive Officer |
| |
Exhibit 31.2
CFO CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Kelly E. Hibbs, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Boise Cascade Company;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: August 5, 2024
| | | | | |
| /s/ Kelly E. Hibbs |
| |
| Kelly E. Hibbs |
| Senior Vice President, Chief Financial Officer & Treasurer |
Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Nathan R. Jorgensen, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1. the accompanying Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Boise Cascade Company at the dates and for the periods indicated in the Report.
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Boise Cascade Company and will be retained by Boise Cascade Company and furnished to the Securities and Exchange Commission or its staff upon request.
The undersigned expressly disclaims any obligation to update the foregoing certification except as required by law.
Date: August 5, 2024
| | | | | |
| /s/ Nathan R. Jorgensen |
| Nathan R. Jorgensen Chief Executive Officer |
The foregoing certification is being furnished solely pursuant to the requirements of 18 U.S.C. § 1350 and is not being filed as a part of the Report or as a separate disclosure document.
Exhibit 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Kelly E. Hibbs, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1. the accompanying Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Boise Cascade Company at the dates and for the periods indicated in the Report.
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Boise Cascade Company and will be retained by Boise Cascade Company and furnished to the Securities and Exchange Commission or its staff upon request.
The undersigned expressly disclaims any obligation to update the foregoing certification except as required by law.
Date: August 5, 2024
| | | | | |
| /s/ Kelly E. Hibbs |
| |
| Kelly E. Hibbs |
| Senior Vice President, Chief Financial Officer & Treasurer |
The foregoing certification is being furnished solely pursuant to the requirements of 18 U.S.C. § 1350 and is not being filed as a part of the Report or as a separate disclosure document.
v3.24.2.u1
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Jul. 26, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-35805
|
|
Entity Registrant Name |
Boise Cascade Company
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
20-1496201
|
|
Entity Address, Address Line One |
1111 West Jefferson Street Suite 300
|
|
Entity Address, City or Town |
Boise
|
|
Entity Address, State or Province |
ID
|
|
Entity Address, Postal Zip Code |
83702-5389
|
|
City Area Code |
208
|
|
Local Phone Number |
384-6161
|
|
Title of 12(b) Security |
Common Stock, $0.01 par value per share
|
|
Trading Symbol |
BCC
|
|
Security Exchange Name |
NYSE
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
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Entity Filer Category |
Large Accelerated Filer
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
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Entity Common Stock, Shares Outstanding |
|
38,919,052
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Entity Central Index Key |
0001328581
|
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Current Fiscal Year End Date |
--12-31
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Document Fiscal Year Focus |
2024
|
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Document Fiscal Period Focus |
Q2
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v3.24.2.u1
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Sales |
|
|
|
|
Sales |
$ 1,797,670
|
$ 1,815,219
|
$ 3,443,090
|
$ 3,359,548
|
Costs and expenses |
|
|
|
|
Materials, labor, and other operating expenses (excluding depreciation) |
1,440,680
|
1,426,436
|
2,748,119
|
2,657,071
|
Depreciation and amortization |
34,367
|
30,722
|
70,217
|
61,908
|
Selling and distribution expenses |
149,783
|
139,205
|
293,893
|
267,993
|
General and administrative expenses |
25,943
|
30,147
|
51,060
|
56,610
|
Other (income) expense, net |
(84)
|
(1,266)
|
(162)
|
(1,611)
|
Total costs and expenses |
1,650,689
|
1,625,244
|
3,163,127
|
3,041,971
|
Income from operations |
146,981
|
189,975
|
279,963
|
317,577
|
Foreign currency exchange gain (loss) |
(104)
|
320
|
(403)
|
247
|
Pension expense (excluding service costs) |
(37)
|
(41)
|
(74)
|
(82)
|
Interest expense |
(6,105)
|
(6,339)
|
(12,175)
|
(12,700)
|
Interest income |
10,543
|
11,519
|
21,140
|
21,204
|
Change in fair value of interest rate swaps |
(487)
|
333
|
(707)
|
(471)
|
Total nonoperating income (expense) |
3,810
|
5,792
|
7,781
|
8,198
|
Income before income taxes |
150,791
|
195,767
|
287,744
|
325,775
|
Income tax provision |
(38,499)
|
(49,447)
|
(71,328)
|
(82,722)
|
Net Income (Loss) Attributable to Parent, Total |
$ 112,292
|
$ 146,320
|
$ 216,416
|
$ 243,053
|
Weighted average common shares outstanding: |
|
|
|
|
Basic (in shares) |
39,412
|
39,675
|
39,510
|
39,634
|
Diluted (in shares) |
39,608
|
39,834
|
39,766
|
39,818
|
Net income per common share: |
|
|
|
|
Basic (in dollars per share) |
$ 2.85
|
$ 3.69
|
$ 5.48
|
$ 6.13
|
Diluted (in dollars per share) |
2.84
|
3.67
|
5.44
|
6.10
|
Dividends declared per common share (in dollars per share) |
$ 0.20
|
$ 3.15
|
$ 0.40
|
$ 3.30
|
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v3.24.2.u1
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net income |
$ 112,292
|
$ 146,320
|
$ 216,416
|
$ 243,053
|
Defined benefit pension plans |
|
|
|
|
Amortization of actuarial loss, net of tax of $2, $2, $4, and $4, respectively |
7
|
7
|
15
|
13
|
Other comprehensive income, net of tax |
7
|
7
|
15
|
13
|
Comprehensive income |
$ 112,299
|
$ 146,327
|
$ 216,431
|
$ 243,066
|
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- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Current |
|
|
Cash and cash equivalents |
$ 922,076
|
$ 949,574
|
Receivables |
|
|
Other |
17,120
|
20,740
|
Inventories |
832,241
|
712,369
|
Prepaid expenses and other |
36,348
|
21,170
|
Total current assets |
2,267,806
|
2,056,814
|
Property and equipment, net |
948,841
|
932,633
|
Operating lease right-of-use assets |
59,812
|
62,868
|
Finance lease right-of-use assets |
23,548
|
24,003
|
Timber deposits |
7,675
|
7,208
|
Goodwill |
170,254
|
170,254
|
Intangible assets, net |
180,928
|
190,743
|
Deferred income taxes |
4,655
|
4,854
|
Other assets |
8,445
|
9,269
|
Total assets |
3,671,964
|
3,458,646
|
Accrued liabilities |
|
|
Compensation and benefits |
96,414
|
149,561
|
Interest payable |
9,956
|
9,958
|
Other |
144,755
|
122,921
|
Total current liabilities |
691,506
|
594,116
|
Debt |
|
|
Long-term debt |
445,723
|
445,280
|
Other |
|
|
Compensation and benefits |
39,648
|
40,189
|
Operating lease liabilities, net of current portion |
53,170
|
56,425
|
Finance lease liabilities, net of current portion |
27,891
|
28,084
|
Deferred income taxes |
93,062
|
82,014
|
Other long-term liabilities |
17,988
|
16,874
|
Total other liabilities |
231,759
|
223,586
|
Commitments and contingent liabilities |
|
|
Stockholders' equity |
|
|
Preferred stock, $0.01 par value per share; 50,000 shares authorized, no shares issued and outstanding |
0
|
0
|
Common stock, $0.01 par value per share; 300,000 shares authorized, 45,130 and 44,983 shares issued, respectively |
451
|
450
|
Treasury stock, 6,121 and 5,443 shares at cost, respectively |
(234,879)
|
(145,335)
|
Additional paid-in capital |
557,478
|
560,697
|
Accumulated other comprehensive loss |
(502)
|
(517)
|
Retained earnings |
1,980,428
|
1,780,369
|
Total stockholders' equity |
2,302,976
|
2,195,664
|
Total liabilities and stockholders' equity |
3,671,964
|
3,458,646
|
Nonrelated Party |
|
|
Receivables |
|
|
Receivables |
459,772
|
352,780
|
Accounts payable |
|
|
Accounts payable |
438,235
|
310,175
|
Related Party |
|
|
Receivables |
|
|
Receivables |
249
|
181
|
Accounts payable |
|
|
Accounts payable |
$ 2,146
|
$ 1,501
|
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v3.24.2.u1
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Trade receivables, allowances |
$ 4,520
|
$ 3,278
|
Preferred stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Preferred stock, shares authorized (in shares) |
50,000,000
|
50,000,000
|
Preferred stock, shares issued (in shares) |
0
|
0
|
Preferred stock, shares outstanding (in shares) |
0
|
0
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized (in shares) |
300,000,000
|
300,000,000
|
Common stock, shares issued (in shares) |
45,130,000
|
44,983,000
|
Treasury stock, shares at cost (in shares) |
6,121,000
|
5,443,000
|
X |
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v3.24.2.u1
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash provided by (used for) operations |
|
|
Net income |
$ 216,416
|
$ 243,053
|
Items in net income not using (providing) cash |
|
|
Depreciation and amortization, including deferred financing costs and other |
71,832
|
63,293
|
Stock-based compensation |
7,923
|
7,518
|
Pension expense |
74
|
82
|
Deferred income taxes |
11,088
|
2,749
|
Change in fair value of interest rate swaps |
707
|
471
|
Other |
115
|
(1,798)
|
Decrease (increase) in working capital, net of acquisitions |
|
|
Receivables |
(102,096)
|
(171,794)
|
Inventories |
(120,976)
|
(5,482)
|
Prepaid expenses and other |
(7,870)
|
(7,805)
|
Accounts payable and accrued liabilities |
99,354
|
124,910
|
Income taxes payable |
(6,251)
|
33,220
|
Other |
(1,151)
|
1,801
|
Net cash provided by operations |
169,165
|
290,218
|
Cash provided by (used for) investment |
|
|
Expenditures for property and equipment |
(74,099)
|
(68,287)
|
Acquisitions of businesses and facilities |
(3,387)
|
0
|
Proceeds from sales of assets and other |
819
|
1,918
|
Net cash used for investment |
(76,667)
|
(66,369)
|
Cash provided by (used for) financing |
|
|
Treasury stock purchased |
(88,858)
|
(1,539)
|
Dividends paid on common stock |
(19,069)
|
(132,967)
|
Tax withholding payments on stock-based awards |
(11,117)
|
(5,926)
|
Other |
(952)
|
(904)
|
Net cash used for financing |
(119,996)
|
(141,336)
|
Net increase (decrease) in cash and cash equivalents |
(27,498)
|
82,513
|
Balance at beginning of the period |
949,574
|
998,344
|
Balance at end of the period |
$ 922,076
|
$ 1,080,857
|
X |
- DefinitionThe noncash expense related to depreciation and amortization, including deferred financing costs and other, charged against earnings in the period to allocate the cost of tangible and intangible assets.
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v3.24.2.u1
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands |
Total |
Common Stock |
Treasury Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive Loss |
Retained Earnings |
Beginning balance (in shares) at Dec. 31, 2022 |
|
44,827
|
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 2,057,975
|
$ 448
|
$ (138,909)
|
$ 551,215
|
$ (520)
|
$ 1,645,741
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
|
5,367
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net income |
96,733
|
|
|
|
|
96,733
|
Other comprehensive income |
6
|
|
|
|
6
|
|
Common stock issued (in shares) |
|
156
|
|
|
|
|
Common stock issued |
2
|
$ 2
|
|
|
|
|
Treasury stock purchased (in shares) |
|
|
25
|
|
|
|
Treasury stock purchased |
(1,482)
|
|
$ (1,482)
|
|
|
|
Stock-based compensation |
3,324
|
|
|
3,324
|
|
|
Common stock dividends |
(6,110)
|
|
|
|
|
(6,110)
|
Tax withholding payments on stock-based awards |
(5,926)
|
|
|
(5,926)
|
|
|
Other |
(2)
|
|
|
(2)
|
|
|
Ending balance (in shares) at Mar. 31, 2023 |
|
44,983
|
|
|
|
|
Ending balance at Mar. 31, 2023 |
2,144,520
|
$ 450
|
$ (140,391)
|
548,611
|
(514)
|
1,736,364
|
Ending balance (in shares) at Mar. 31, 2023 |
|
|
5,392
|
|
|
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
44,827
|
|
|
|
|
Beginning balance at Dec. 31, 2022 |
2,057,975
|
$ 448
|
$ (138,909)
|
551,215
|
(520)
|
1,645,741
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
|
5,367
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net income |
243,053
|
|
|
|
|
|
Other comprehensive income |
13
|
|
|
|
|
|
Ending balance (in shares) at Jun. 30, 2023 |
|
44,983
|
|
|
|
|
Ending balance at Jun. 30, 2023 |
2,168,524
|
$ 450
|
$ (140,448)
|
552,805
|
(507)
|
1,756,224
|
Ending balance (in shares) at Jun. 30, 2023 |
|
|
5,393
|
|
|
|
Beginning balance (in shares) at Mar. 31, 2023 |
|
44,983
|
|
|
|
|
Beginning balance at Mar. 31, 2023 |
2,144,520
|
$ 450
|
$ (140,391)
|
548,611
|
(514)
|
1,736,364
|
Beginning balance (in shares) at Mar. 31, 2023 |
|
|
5,392
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net income |
146,320
|
|
|
|
|
146,320
|
Other comprehensive income |
7
|
|
|
|
7
|
|
Treasury stock purchased (in shares) |
|
|
1
|
|
|
|
Treasury stock purchased |
(57)
|
|
$ (57)
|
|
|
|
Stock-based compensation |
4,194
|
|
|
4,194
|
|
|
Common stock dividends |
(126,460)
|
|
|
|
|
(126,460)
|
Ending balance (in shares) at Jun. 30, 2023 |
|
44,983
|
|
|
|
|
Ending balance at Jun. 30, 2023 |
$ 2,168,524
|
$ 450
|
$ (140,448)
|
552,805
|
(507)
|
1,756,224
|
Ending balance (in shares) at Jun. 30, 2023 |
|
|
5,393
|
|
|
|
Beginning balance (in shares) at Dec. 31, 2023 |
44,983
|
44,983
|
|
|
|
|
Beginning balance at Dec. 31, 2023 |
$ 2,195,664
|
$ 450
|
$ (145,335)
|
560,697
|
(517)
|
1,780,369
|
Beginning balance (in shares) at Dec. 31, 2023 |
5,443
|
|
5,443
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net income |
$ 104,124
|
|
|
|
|
104,124
|
Other comprehensive income |
8
|
|
|
|
8
|
|
Common stock issued (in shares) |
|
144
|
|
|
|
|
Common stock issued |
1
|
$ 1
|
|
|
|
|
Treasury stock purchased (in shares) |
|
|
206
|
|
|
|
Treasury stock purchased |
(26,971)
|
|
$ (26,971)
|
|
|
|
Stock-based compensation |
4,105
|
|
|
4,105
|
|
|
Common stock dividends |
(8,677)
|
|
|
|
|
(8,677)
|
Tax withholding payments on stock-based awards |
(10,980)
|
|
|
(10,980)
|
|
|
Other |
(72)
|
|
(71)
|
(1)
|
|
|
Ending balance (in shares) at Mar. 31, 2024 |
|
45,127
|
|
|
|
|
Ending balance at Mar. 31, 2024 |
$ 2,257,202
|
$ 451
|
$ (172,377)
|
553,821
|
(509)
|
1,875,816
|
Ending balance (in shares) at Mar. 31, 2024 |
|
|
5,649
|
|
|
|
Beginning balance (in shares) at Dec. 31, 2023 |
44,983
|
44,983
|
|
|
|
|
Beginning balance at Dec. 31, 2023 |
$ 2,195,664
|
$ 450
|
$ (145,335)
|
560,697
|
(517)
|
1,780,369
|
Beginning balance (in shares) at Dec. 31, 2023 |
5,443
|
|
5,443
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net income |
$ 216,416
|
|
|
|
|
|
Other comprehensive income |
$ 15
|
|
|
|
|
|
Ending balance (in shares) at Jun. 30, 2024 |
45,130
|
45,130
|
|
|
|
|
Ending balance at Jun. 30, 2024 |
$ 2,302,976
|
$ 451
|
$ (234,879)
|
557,478
|
(502)
|
1,980,428
|
Ending balance (in shares) at Jun. 30, 2024 |
6,121
|
|
6,121
|
|
|
|
Beginning balance (in shares) at Mar. 31, 2024 |
|
45,127
|
|
|
|
|
Beginning balance at Mar. 31, 2024 |
$ 2,257,202
|
$ 451
|
$ (172,377)
|
553,821
|
(509)
|
1,875,816
|
Beginning balance (in shares) at Mar. 31, 2024 |
|
|
5,649
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net income |
112,292
|
|
|
|
|
112,292
|
Other comprehensive income |
7
|
|
|
|
7
|
|
Common stock issued (in shares) |
|
3
|
|
|
|
|
Common stock issued |
0
|
$ 0
|
|
|
|
|
Treasury stock purchased (in shares) |
|
|
472
|
|
|
|
Treasury stock purchased |
(61,887)
|
|
$ (61,887)
|
|
|
|
Stock-based compensation |
3,818
|
|
|
3,818
|
|
|
Common stock dividends |
(7,680)
|
|
|
|
|
(7,680)
|
Tax withholding payments on stock-based awards |
(160)
|
|
|
(160)
|
|
|
Other |
$ (616)
|
|
(615)
|
(1)
|
|
|
Ending balance (in shares) at Jun. 30, 2024 |
45,130
|
45,130
|
|
|
|
|
Ending balance at Jun. 30, 2024 |
$ 2,302,976
|
$ 451
|
$ (234,879)
|
$ 557,478
|
$ (502)
|
$ 1,980,428
|
Ending balance (in shares) at Jun. 30, 2024 |
6,121
|
|
6,121
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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v3.24.2.u1
Nature of Operations and Consolidation
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Operations and Consolidation |
Nature of Operations and Consolidation Nature of Operations
Boise Cascade Company is a building products company headquartered in Boise, Idaho. As used in this Form 10-Q, the terms "Boise Cascade," "we," and "our" refer to Boise Cascade Company and its consolidated subsidiaries. We are one of the largest producers of engineered wood products (EWP) and plywood in North America and a leading United States wholesale distributor of building products.
We operate our business using two reportable segments: (1) Wood Products, which primarily manufactures EWP and plywood, and (2) Building Materials Distribution (BMD), which is a wholesale distributor of building materials. For more information, see Note 12, Segment Information.
Consolidation
The accompanying quarterly consolidated financial statements have not been audited by an independent registered public accounting firm but, in the opinion of management, include all adjustments necessary to present fairly the financial position, results of operations, cash flows, and stockholders' equity for the interim periods presented. Except as disclosed within these condensed notes to unaudited quarterly consolidated financial statements, the adjustments made were of a normal, recurring nature. Certain information and footnote disclosures normally included in our annual consolidated financial statements have been condensed or omitted. The quarterly consolidated financial statements include the accounts of Boise Cascade and its subsidiaries after elimination of intercompany balances and transactions. Quarterly results are not necessarily indicative of results that may be expected for the full year. These condensed notes to unaudited quarterly consolidated financial statements should be read in conjunction with our 2023 Form 10-K and the other reports we file with the Securities and Exchange Commission.
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v3.24.2.u1
Summary of Significant Accounting Policies
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6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
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Summary of Significant Accounting Policies |
Summary of Significant Accounting Policies Accounting Policies
The complete summary of significant accounting policies is included in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" in our 2023 Form 10-K.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, inventories, goodwill, intangible assets, and other long-lived assets; legal contingencies; guarantee obligations; indemnifications; assumptions used in retirement, medical, and workers' compensation benefits; assumptions used in the determination of right-of-use (ROU) assets and related lease liabilities; stock-based compensation; fair value measurements; income taxes; and vendor and customer rebates, among others. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods. Revenue Recognition
Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. For revenue disaggregated by major product line for each reportable segment, see Note 12, Segment Information.
Fees for shipping and handling charged to customers for sales transactions are included in "Sales" in our Consolidated Statements of Operations. When control over products has transferred to the customer, we have elected to recognize costs related to shipping and handling as fulfillment costs. For our Wood Products segment, costs related to shipping and handling are included in "Materials, labor, and other operating expenses (excluding depreciation)" in our Consolidated Statements of Operations. In our Wood Products segment, we view our shipping and handling costs as a cost of the manufacturing process and the movement of product to our end customers. For our BMD segment, costs related to shipping and handling of $64.5 million and $60.3 million for the three months ended June 30, 2024 and 2023, respectively, and $123.4 million and $113.8 million for the six months ended June 30, 2024 and 2023, respectively, are included in "Selling and distribution expenses" in our Consolidated Statements of Operations. In our BMD segment, our activities relate to the purchase and resale of finished products, and excluding shipping and handling costs from "Materials, labor, and other operating expenses (excluding depreciation)" provides us a clearer view of our operating performance and the effectiveness of our sales and purchasing functions.
Customer Rebates and Allowances and Cash Discounts
Rebates are provided to our customers and our customers' customers based on the volume of their purchases, among other factors such as customer loyalty, conversion, and commitment, as well as temporary protection from price increases. We provide the rebates to increase the sell-through of our products. Rebates are generally estimated based on the expected amount to be paid and recorded as a decrease in "Sales." At June 30, 2024 and December 31, 2023, we had $106.9 million and $87.9 million, respectively, of rebates payable to our customers recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets. We also estimate expected cash discounts on trade accounts receivable based on an analysis of historical experience and record cash discounts as a decrease in "Sales." We adjust our estimate of revenue at the earlier of when the probability of rebates paid and cash discounts provided changes or when the amounts become fixed. There have not been significant changes to our estimates of rebates, although it is reasonably possible that a change in the estimate may occur.
Vendor Rebates and Allowances
We receive rebates and allowances from our vendors under a number of different programs, including vendor marketing programs. At June 30, 2024 and December 31, 2023, we had $9.2 million and $17.4 million, respectively, of vendor rebates and allowances recorded in "Receivables, Other" on our Consolidated Balance Sheets. Rebates and allowances received from our vendors are recognized as a reduction of "Materials, labor, and other operating expenses (excluding depreciation)" when the product is sold, unless the rebates and allowances are linked to a specific incremental cost to sell a vendor's product. Amounts received from vendors that are linked to specific selling and distribution expenses are recognized as a reduction of "Selling and distribution expenses" in the period the expense is incurred.
Leases
We primarily lease land, building, and equipment under operating and finance leases. We determine if an arrangement is a lease at inception and assess lease classification as either operating or finance at lease inception or upon modification. Substantially all of our leases with initial terms greater than one year are for real estate, including distribution centers, corporate headquarters, land, and other office space. Substantially all of these lease agreements have fixed payment terms based on the passage of time and are recorded in our BMD segment. Many of our leases include fixed escalation clauses, renewal options and/or termination options that are factored into our determination of lease term and lease payments when appropriate. Renewal options generally range from one to ten years with fixed payment terms similar to those in the original lease agreements. Some lease agreements provide us with the option to purchase the leased property at market value. Our lease agreements do not contain any residual value guarantees.
ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. The current portion of our operating and finance lease liabilities are recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets. We use our estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments. In determining our incremental borrowing rates, we give consideration to publicly available interest rates for instruments with similar characteristics, including credit rating, term, and collateralization.
For purposes of determining straight-line rent expense, the lease term is calculated from the date we first take possession of the facility, including any periods of free rent and any renewal option periods we are reasonably certain of exercising. Variable lease expense generally includes reimbursement of actual costs for common area maintenance, property taxes, and insurance on leased real estate and are recorded as incurred. Most of our operating lease expense is recorded in "Selling and distribution expenses" in our Consolidated Statements of Operations. In addition, we do not separate lease and non-lease components for all of our leases.
Our short-term leases primarily include equipment rentals with lease terms on a month-to-month basis, which provide for our seasonal needs and flexibility in the use of equipment. Our short-term leases also include certain real estate for which either party has the right to cancel upon providing notice of 30 to 90 days. We do not recognize ROU assets or lease liabilities for short-term leases.
Inventories Inventories included the following (work in process is not material): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | (thousands) | Finished goods and work in process | | $ | 738,967 | | | $ | 604,624 | | Logs | | 38,378 | | | 56,270 | | Other raw materials and supplies | | 54,896 | | | 51,475 | | | | $ | 832,241 | | | $ | 712,369 | |
Property and Equipment Property and equipment consisted of the following asset classes: | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | (thousands) | Land | | $ | 85,504 | | | $ | 85,572 | | Buildings | | 341,155 | | | 338,230 | | Improvements | | 81,957 | | | 79,308 | | Mobile equipment, information technology, and office furniture | | 277,494 | | | 254,783 | | Machinery and equipment | | 1,052,404 | | | 1,037,135 | | Construction in progress | | 90,147 | | | 64,619 | | | | 1,928,661 | | | 1,859,647 | | Less: accumulated depreciation | | (979,820) | | | (927,014) | | | | $ | 948,841 | | | $ | 932,633 | |
Fair Value
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy under GAAP gives the highest priority to quoted market prices (Level 1) and the lowest priority to unobservable inputs (Level 3). In general, and where applicable, we use quoted prices in active markets for identical assets or liabilities to determine fair value (Level 1). If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, we use quoted prices for similar assets and liabilities or inputs that are observable either directly or indirectly (Level 2). If quoted prices for identical or similar assets are not available or are unobservable, we may use internally developed valuation models, whose inputs include bid prices, and third-party valuations utilizing underlying asset assumptions (Level 3).
Financial Instruments
Our financial instruments are cash and cash equivalents, accounts receivable, accounts payable, long-term debt, and an interest rate swap. Our cash is recorded at cost, which approximates fair value, and our cash equivalents are money market funds. As of June 30, 2024 and December 31, 2023, we held $879.5 million and $899.4 million, respectively, in money market funds that are measured at fair value on a recurring basis using Level 1 inputs. The recorded values of accounts receivable and accounts payable approximate fair values based on their short-term nature. At June 30, 2024 and December 31, 2023, the book value of our fixed-rate debt for each period was $400.0 million, and the fair value was estimated to be $369.5 million and $374.5 million, respectively. The difference between the book value and the fair value is derived from the difference between the period-end market interest rate and the stated rate of our fixed-rate, long-term debt. We estimated the fair value of our fixed-rate debt using quoted market prices of our debt in inactive markets (Level 2 inputs). The interest rate on our variable-rate debt is based on market conditions such as the Secured Overnight Financing Rate (SOFR) or a base rate. Because the interest rate on the variable-rate debt is based on current market conditions, we believe that the estimated fair value of the outstanding balance on our variable-rate debt approximates book value. As discussed below, we also have an interest rate swap to mitigate our variable interest rate exposure, the fair value of which is measured based on Level 2 inputs.
Interest Rate Risk and Interest Rate Swap
We are exposed to interest rate risk arising from fluctuations in variable-rate SOFR on our term loan and when we have loan amounts outstanding on our Revolving Credit Facility. At June 30, 2024, we had $50.0 million of variable-rate debt outstanding based on one-month term SOFR. Our objective is to limit the variability of interest payments on our debt. To meet this objective, we enter into receive-variable, pay-fixed interest rate swaps to mitigate the variable-rate cash flow exposure with fixed-rate cash flows. In accordance with our risk management strategy, we actively monitor our interest rate exposure and use derivative instruments from time to time to manage the related risk. We do not speculate using derivative instruments.
At June 30, 2024, we had one interest rate swap agreement. Under the interest rate swap, we receive one-month SOFR plus a spread adjustment of 0.10% variable interest rate payments and make fixed interest rate payments, thereby fixing the interest rate on $50.0 million of variable rate debt exposure. Payments on this interest rate swap, with a notional principal amount of $50.0 million, are due on a monthly basis at an annual fixed rate of 0.41%, and this swap expires in June 2025. The interest rate swap agreement was not designated as a cash flow hedge, and as a result, all changes in the fair value are recognized in "Change in fair value of interest rate swaps" in our Consolidated Statements of Operations rather than through other comprehensive income. At June 30, 2024 we recorded a current asset of $2.3 million in "Prepaid expenses and other" on our Consolidated Balance Sheet. At December 31, 2023, we recorded a long-term asset of $3.0 million in "Other assets" on our Consolidated Balance Sheet. These assets represent the fair value of the interest rate swap agreement. The swap was valued based on observable inputs for similar assets and liabilities and other observable inputs for interest rates and yield curves (Level 2 inputs).
Concentration of Credit Risk
We are exposed to credit risk related to customer accounts receivable. In order to manage credit risk, we consider customer concentrations and current economic trends and monitor the creditworthiness of significant customers based on ongoing credit evaluations. At June 30, 2024 and December 31, 2023, receivables from two customers accounted for approximately 19% and 13% of total receivables. No other customer accounted for 10% or more of total receivables. New and Recently Adopted Accounting Standards
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances disclosures about significant segment expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. We are currently evaluating the impact of this ASU on the disclosures related to our consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid. The amendments in this ASU are effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. We are currently evaluating the impact of this ASU on the disclosures related to our consolidated financial statements.
There were no other accounting standards recently issued that had or are expected to have a material impact on our consolidated financial statements and associated disclosures.
Reclassifications Certain amounts in prior year's consolidated financial statements have been reclassified to conform with current year's presentation, none of which were considered material.
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v3.24.2.u1
Income Taxes
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6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
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Income Taxes |
Income Taxes For the three and six months ended June 30, 2024, we recorded $38.5 million and $71.3 million, respectively, of income tax expense and had an effective rate of 25.5% and 24.8%, respectively. For the three and six months ended June 30, 2023, we recorded $49.4 million and $82.7 million, respectively, of income tax expense and had an effective rate of 25.3% and 25.4%, respectively. For all periods, the primary reason for the difference between the federal statutory income tax rate of 21% and the effective tax rate was the effect of state taxes.
During the six months ended June 30, 2024 and 2023, cash paid for taxes, net of refunds received, were $66.5 million and $46.6 million, respectively.
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- DefinitionThe entire disclosure for income tax.
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v3.24.2.u1
Net Income Per Common Share
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6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
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Net Income Per Common Share |
Net Income Per Common Share Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Weighted average common shares outstanding for the basic net income per common share calculation includes certain vested restricted stock units (RSUs) and performance stock units (PSUs) as there are no conditions under which those shares will not be issued. Diluted net income per common share is computed by dividing net income by the combination of the weighted average number of common shares outstanding during the period and other potentially dilutive weighted average common shares. Other potentially dilutive weighted average common shares include the dilutive effect of RSUs and PSUs for each period using the treasury stock method. Under the treasury stock method, the exercise price of a share and the amount of compensation expense, if any, for future service that has not yet been recognized are assumed to be used to repurchase shares in the current period. The following table sets forth the computation of basic and diluted net income per common share: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30 | | Six Months Ended June 30 | | 2024 | | 2023 | | 2024 | | 2023 | | (thousands, except per-share data) | Net income | $ | 112,292 | | | $ | 146,320 | | | $ | 216,416 | | | $ | 243,053 | | Weighted average common shares outstanding during the period (for basic calculation) | 39,412 | | | 39,675 | | | 39,510 | | | 39,634 | | Dilutive effect of other potential common shares | 196 | | | 159 | | | 256 | | | 184 | | Weighted average common shares and potential common shares (for diluted calculation) | 39,608 | | | 39,834 | | | 39,766 | | | 39,818 | | | | | | | | | | Net income per common share - Basic | $ | 2.85 | | | $ | 3.69 | | | $ | 5.48 | | | $ | 6.13 | | Net income per common share - Diluted | $ | 2.84 | | | $ | 3.67 | | | $ | 5.44 | | | $ | 6.10 | |
The computation of the dilutive effect of other potential common shares excludes stock awards representing an insignificant number of shares of common stock in both the three months ended June 30, 2024 and 2023, and an insignificant number of shares of common stock and 0.1 million shares of common stock in the six months ended June 30, 2024 and 2023, respectively. Under the treasury stock method, the inclusion of these stock awards would have been antidilutive.
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v3.24.2.u1
Acquisitions
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6 Months Ended |
Jun. 30, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
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Acquisitions |
Acquisition We account for acquisition transactions in accordance with ASC 805, Business Combinations. Accordingly, the results of operations of the acquiree are included in our consolidated financial statements from the acquisition date. The consideration transferred is allocated to the identifiable assets acquired and liabilities assumed based on estimated fair values at the acquisition date, with any excess recorded as goodwill. Transaction-related costs are expensed in the period the costs are incurred. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed with the corresponding adjustment to goodwill.
On October 2, 2023, our wholly-owned subsidiary, Boise Cascade Building Materials Distribution, L.L.C. (BMD) completed the acquisition of Brockway-Smith Company (BROSCO), a wholesale distributor specializing in doors and millwork, pursuant to the Agreement and Plan of Merger, dated August 22, 2023 (Merger Agreement), by and among BMD, Firepit Merger Sub, Inc., a wholly-owned subsidiary of BMD (the Merger Sub), BROSCO and the representative of the BROSCO stockholders. On the terms and subject to the conditions set forth in the Merger Agreement, on October 2, 2023, Merger Sub merged with and into BROSCO, with BROSCO surviving the merger as a wholly-owned subsidiary of BMD (the Acquisition). The purchase price of the Acquisition was $166.2 million, net of cash acquired, and inclusive of a post-transaction closing adjustment of $3.4 million based upon working capital and indebtedness as defined in the Merger Agreement. We funded the Acquisition and related costs with cash on hand. The following table summarizes the final allocations of the purchase price consideration to the assets acquired and liabilities assumed based upon their respective estimated fair values at the date of acquisition: | | | | | | | | | | | Acquisition Date Fair Value | | | (thousands) | Cash and cash equivalents | | $ | 4,009 | | Accounts receivable | | 19,688 | | Inventories | | 36,000 | Other current assets | | 159 | Property and equipment | | 57,331 | Other assets | | 508 | Intangible assets: | | | Trade name | | 18,000 | Customer relationships | | 29,000 | Goodwill | | 32,296 | Assets acquired | | 196,991 | | | | Accounts payable | | 2,144 | | Accrued liabilities | | 4,078 | | Deferred tax liabilities | | 20,121 | | Other long-term liabilities | | 478 | | Liabilities assumed | | 26,821 | | | | | Net assets acquired | | $ | 170,170 | | | | | Consideration paid, net of cash acquired | | $ | 166,161 | |
Pro Forma Financial Information
The following pro forma financial information presents the combined results of operations as if the BROSCO facilities had been combined with us on January 1, 2022. The pro forma results are intended for information purposes only and do not purport to represent what the combined companies' results of operations would actually have been had the related transaction in fact occurred on January 1, 2022. They also do not reflect any cost savings, operating synergies, or revenue enhancements that we may achieve or the costs necessary to achieve these cost savings, operating synergies, revenue enhancements, or integration efforts.
| | | | | | | | | | | | | | | | Pro Forma | | | Three Months Ended June 30, 2023 | | Six Months Ended June 30, 2023 | | (unaudited, thousands) | Sales | | $ | 1,864,951 | | | $ | 3,459,409 | | Net income | | $ | 151,143 | | | $ | 252,193 | |
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- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.24.2.u1
Goodwill and Intangible Assets
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Intangible Assets |
Goodwill and Intangible Assets Goodwill represents the excess of the purchase price and related costs over the fair value of the net tangible and intangible assets of businesses acquired. The carrying amount of our goodwill by segment is as follows: | | | | | | | | | | | | | | | | | | | | | | | Building Materials Distribution | |
Wood Products | | Total | | | (thousands) | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2023 and June 30, 2024 | | $ | 44,088 | | | $ | 126,166 | | | $ | 170,254 | |
At June 30, 2024 and December 31, 2023, intangible assets represented the values assigned to trade names and trademarks and customer relationships. We maintain trademarks for our manufactured wood products, particularly EWP. Our key registered trademarks are perpetual in duration as long as we continue to timely file all post registration maintenance documents related thereto. These trade names and trademarks have indefinite lives, are not amortized, and have a carrying amount of $8.9 million. For the three months ended June 30, 2024 and 2023 we recognized $4.9 million and $4.3 million, respectively, of amortization expense for intangible assets. For the six months ended June 30, 2024 and 2023 we recognized $9.8 million and $8.6 million, respectively, of amortization expense for intangible assets.
Intangible assets consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | | (thousands) | Trade names and trademarks | | $ | 27,600 | | | $ | (1,599) | | | $ | 26,001 | | Customer relationships | | 195,050 | | | (40,123) | | | 154,927 | | | | $ | 222,650 | | | $ | (41,722) | | | $ | 180,928 | |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | | (thousands) | Trade names and trademarks | | $ | 27,600 | | | $ | (1,000) | | | $ | 26,600 | | Customer relationships | | 195,050 | | | (30,907) | | | 164,143 | | | | $ | 222,650 | | | $ | (31,907) | | | $ | 190,743 | |
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- DefinitionThe entire disclosure for goodwill and intangible assets.
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v3.24.2.u1
Debt
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Debt |
Debt Long-term debt consisted of the following:
| | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | (thousands) | Asset-based revolving credit facility due 2027 | $ | — | | | $ | — | | Asset-based credit facility term loan due 2027 | 50,000 | | | 50,000 | | | | | | 4.875% senior notes due 2030 | 400,000 | | | 400,000 | | | | | | Deferred financing costs | (4,277) | | | (4,720) | | Long-term debt | $ | 445,723 | | | $ | 445,280 | | | | | | | | | |
Asset-Based Credit Facility
On May 15, 2015, Boise Cascade and its principal operating subsidiaries, Boise Cascade Wood Products, L.L.C., and Boise Cascade Building Materials Distribution, L.L.C., as borrowers, and Boise Cascade Wood Products Holdings Corp., as guarantor, entered into an Amended and Restated Credit Agreement, as amended, (the Amended Agreement) with Wells Fargo Capital Finance, LLC, as administrative agent, and the banks named therein as lenders. The Amended Agreement includes a $400 million senior secured asset-based revolving credit facility (Revolving Credit Facility) and a $50.0 million term loan (ABL Term Loan) maturing on the earlier of (a) September 9, 2027 and (b) 90 days prior to the maturity of our $400 million of 4.875% senior notes due July 1, 2030 (or the maturity date of any permitted refinancing indebtedness or permitted upsized refinancing indebtedness in respect thereof). Interest on borrowings under our Revolving Credit Facility and ABL Term Loan are payable monthly. Borrowings under the Amended Agreement are constrained by a borrowing base formula dependent upon levels of eligible receivables and inventory reduced by outstanding borrowings and letters of credit (Availability).
The Amended Agreement is secured by a first-priority security interest in substantially all of our assets, except for property and equipment. The proceeds of borrowings under the agreement are available for working capital and other general corporate purposes.
The Amended Agreement contains customary nonfinancial covenants, including a negative pledge covenant and restrictions on new indebtedness, investments, distributions to equity holders, asset sales, and affiliate transactions, the scope of which are dependent on the Availability existing from time to time. The Amended Agreement also contains a requirement that we meet a 1:1 fixed-charge coverage ratio (FCCR), applicable only if Availability falls below the greater of (a) 10% of the Line Cap (as defined in the Amended Agreement) and (b) $35 million. Availability exceeded the minimum threshold amounts required for testing of the FCCR at all times since entering into the Amended Agreement, and Availability at June 30, 2024 was $395.7 million.
The Amended Agreement permits us to pay dividends only if at the time of payment (a) no default has occurred or is continuing (or would result from such payment) under the Amended Agreement, and (b) either (i) pro forma Excess Availability (as defined in the Amended Agreement) is equal to or exceeds the greater of (x) 20% of the Line Cap and (y) $75 million or (ii) (x) pro forma Excess Availability is equal to or exceeds the greater of (1) 15% of Line Cap and (2) $55 million and (y) our fixed-charge coverage ratio is greater than or equal to 1:1 on a pro forma basis.
Revolving Credit Facility
Interest rates under the Revolving Credit Facility are based, at our election, on either Daily Simple SOFR, Term SOFR, or a base rate, as defined in the Amended Agreement, plus a spread over the index elected that ranges from 1.25% to 1.50% for loans based on SOFR and from 0.25% to 0.50% for loans based on the base rate. The spread is determined on the basis of a pricing grid that results in a higher spread as average quarterly Availability declines. Both SOFR options include an additional credit spread adjustment of 0.10%. Letters of credit are subject to a fronting fee payable to the issuing bank and a fee payable to the lenders equal to the Term SOFR margin rate. In addition, we are required to pay an unused commitment fee at a rate of 0.20% per annum of the average unused portion of the lending commitments.
At both June 30, 2024 and December 31, 2023, we had no borrowings outstanding under the Revolving Credit Facility and $4.3 million and $4.1 million, respectively, of letters of credit outstanding. These letters of credit and borrowings, if any, reduce availability under the Revolving Credit Facility by an equivalent amount.
ABL Term Loan
The ABL Term Loan was provided by institutions within the Farm Credit system. Borrowings under the ABL Term Loan may be repaid from time to time at the discretion of the borrowers without premium or penalty. However, any principal amount of ABL Term Loan repaid may not be subsequently re-borrowed.
Interest rates under the ABL Term Loan are based, at our election, on either Daily Simple SOFR, Term SOFR, or a base rate, as defined in the Amended Agreement, plus a spread over the index elected that ranges from 1.75% to 2.00% for SOFR rate loans and from 0.75% to 1.00% for base rate loans, both dependent on the amount of Average Excess Availability (as defined in the Amended Agreement). Both SOFR options include an additional credit spread adjustment of 0.10%. During the six months ended June 30, 2024, the average interest rate on the ABL Term Loan was approximately 7.18%.
We have received and expect to continue receiving patronage credits under the ABL Term Loan. Patronage credits are distributions of profits from banks in the Farm Credit system, which are cooperatives that are required to distribute profits to their members. Patronage distributions, which are generally made in cash, are received in the year after they are earned. Patronage credits are recorded as a reduction to interest expense in the year earned. After giving effect to expected patronage distributions, the effective average net interest rate on the ABL Term Loan was approximately 6.2% during the six months ended June 30, 2024. 2030 Notes
On July 27, 2020, we issued $400 million of 4.875% senior notes due July 1, 2030 (2030 Notes) through a private placement that was exempt from the registration requirements of the Securities Act. Interest on our 2030 Notes is payable semiannually in arrears on January 1 and July 1. The 2030 Notes are guaranteed by each of our existing and future direct or indirect domestic subsidiaries that is a guarantor under our Amended Agreement.
The 2030 Notes are senior unsecured obligations and rank equally with all of the existing and future senior indebtedness of Boise Cascade Company and of the guarantors, senior to all of their existing and future subordinated indebtedness, effectively subordinated to all of their present and future senior secured indebtedness (including all borrowings with respect to our Amended Agreement to the extent of the value of the assets securing such indebtedness), and structurally subordinated to the indebtedness of any subsidiaries that do not guarantee the 2030 Notes.
The terms of the indenture governing the 2030 Notes, among other things, limit the ability of Boise Cascade and our restricted subsidiaries to: incur additional debt; declare or pay dividends; redeem stock or make other distributions to stockholders; make investments; create liens on assets; consolidate, merge or transfer substantially all of their assets; enter into transactions with affiliates; and sell or transfer certain assets. The indenture governing the 2030 Notes permits us to pay dividends only if at the time of payment (i) no default has occurred or is continuing (or would result from such payment) under the indenture, and (ii) our consolidated leverage ratio is no greater than 3.5:1, or (iii) the dividend, together with other dividends since the issue date, would not exceed our "builder" basket under the indenture. In addition, the indenture includes certain specific baskets for the payment of dividends.
The indenture governing the 2030 Notes provides for customary events of default and remedies.
Interest Rate Swap
For information on our interest rate swap, see Interest Rate Risk and Interest Rate Swap of Note 2, Summary of Significant Accounting Policies.
Cash Paid for Interest
For the six months ended June 30, 2024 and 2023, cash payments for interest were $10.3 million and $11.1 million, respectively.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.2.u1
Leases
|
6 Months Ended |
Jun. 30, 2024 |
Leases [Abstract] |
|
Leases |
Leases Lease Costs
The components of lease expense were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30 | | Six Months Ended June 30 | | 2024 | | 2023 | | 2024 | | 2023 | | (thousands) | Operating lease cost | $ | 3,493 | | | $ | 3,264 | | | $ | 6,968 | | | $ | 6,581 | | Finance lease cost | | | | | | | | Amortization of right-of-use assets | 624 | | | 619 | | | 1,241 | | | 1,237 | | Interest on lease liabilities | 542 | | | 560 | | | 1,083 | | | 1,120 | | Variable lease cost | 1,584 | | | 1,377 | | | 3,161 | | | 2,762 | | Short-term lease cost | 1,350 | | | 1,478 | | | 2,814 | | | 3,029 | | Sublease income | (32) | | | (111) | | | (79) | | | (164) | | Total lease cost | $ | 7,561 | | | $ | 7,187 | | | $ | 15,188 | | | $ | 14,565 | |
Other Information
Supplemental cash flow information related to leases was as follows: | | | | | | | | | | | | | | Six Months Ended June 30 | | | 2024 | | 2023 | | | (thousands) | | Cash paid for amounts included in the measurement of lease liabilities | | | | | Operating cash flows from operating leases | $ | 6,470 | | | $ | 6,706 | | | Operating cash flows from finance leases | 1,065 | | | 1,118 | | | Financing cash flows from finance leases | 952 | | | 904 | | | Right-of-use assets obtained in exchange for lease obligations | | | | | Operating leases | 1,955 | | | 3,578 | | | Finance leases | 803 | | | — | | |
Other information related to leases was as follows: | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | | | | | | | | | | | Weighted-average remaining lease term (years) | | | | | | | | Operating leases | 8 | | 8 | | | | | Finance leases | 13 | | 13 | | | | | Weighted-average discount rate | | | | | | | | Operating leases | 6.2 | % | | 6.2 | % | | | | | Finance leases | 7.5 | % | | 7.6 | % | | | | |
As of June 30, 2024, our minimum lease payment requirements for noncancelable operating and finance leases are as follows: | | | | | | | | | | | | | | | | | Operating Leases | | Finance Leases | | | (thousands) | Remainder of 2024 | | $ | 6,873 | | | $ | 2,085 | | 2025 | | 13,565 | | | 3,834 | | 2026 | | 10,465 | | | 3,680 | | 2027 | | 9,713 | | | 3,748 | | 2028 | | 7,662 | | | 3,496 | | Thereafter | | 33,974 | | | 30,359 | | Total future minimum lease payments | | 82,252 | | | 47,202 | | Less: interest | | (18,644) | | | (17,307) | | Total lease obligations | | 63,608 | | | 29,895 | | Less: current obligations | | (10,438) | | | (2,004) | | Long-term lease obligations | | $ | 53,170 | | | $ | 27,891 | |
|
Leases |
Leases Lease Costs
The components of lease expense were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30 | | Six Months Ended June 30 | | 2024 | | 2023 | | 2024 | | 2023 | | (thousands) | Operating lease cost | $ | 3,493 | | | $ | 3,264 | | | $ | 6,968 | | | $ | 6,581 | | Finance lease cost | | | | | | | | Amortization of right-of-use assets | 624 | | | 619 | | | 1,241 | | | 1,237 | | Interest on lease liabilities | 542 | | | 560 | | | 1,083 | | | 1,120 | | Variable lease cost | 1,584 | | | 1,377 | | | 3,161 | | | 2,762 | | Short-term lease cost | 1,350 | | | 1,478 | | | 2,814 | | | 3,029 | | Sublease income | (32) | | | (111) | | | (79) | | | (164) | | Total lease cost | $ | 7,561 | | | $ | 7,187 | | | $ | 15,188 | | | $ | 14,565 | |
Other Information
Supplemental cash flow information related to leases was as follows: | | | | | | | | | | | | | | Six Months Ended June 30 | | | 2024 | | 2023 | | | (thousands) | | Cash paid for amounts included in the measurement of lease liabilities | | | | | Operating cash flows from operating leases | $ | 6,470 | | | $ | 6,706 | | | Operating cash flows from finance leases | 1,065 | | | 1,118 | | | Financing cash flows from finance leases | 952 | | | 904 | | | Right-of-use assets obtained in exchange for lease obligations | | | | | Operating leases | 1,955 | | | 3,578 | | | Finance leases | 803 | | | — | | |
Other information related to leases was as follows: | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | | | | | | | | | | | Weighted-average remaining lease term (years) | | | | | | | | Operating leases | 8 | | 8 | | | | | Finance leases | 13 | | 13 | | | | | Weighted-average discount rate | | | | | | | | Operating leases | 6.2 | % | | 6.2 | % | | | | | Finance leases | 7.5 | % | | 7.6 | % | | | | |
As of June 30, 2024, our minimum lease payment requirements for noncancelable operating and finance leases are as follows: | | | | | | | | | | | | | | | | | Operating Leases | | Finance Leases | | | (thousands) | Remainder of 2024 | | $ | 6,873 | | | $ | 2,085 | | 2025 | | 13,565 | | | 3,834 | | 2026 | | 10,465 | | | 3,680 | | 2027 | | 9,713 | | | 3,748 | | 2028 | | 7,662 | | | 3,496 | | Thereafter | | 33,974 | | | 30,359 | | Total future minimum lease payments | | 82,252 | | | 47,202 | | Less: interest | | (18,644) | | | (17,307) | | Total lease obligations | | 63,608 | | | 29,895 | | Less: current obligations | | (10,438) | | | (2,004) | | Long-term lease obligations | | $ | 53,170 | | | $ | 27,891 | |
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v3.24.2.u1
Stock-Based Compensation
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-Based Compensation |
Stock-Based Compensation In first quarter 2024 and 2023, we granted two types of stock-based awards under our incentive plan: performance stock units (PSUs) and restricted stock units (RSUs).
PSU and RSU Awards
During the six months ended June 30, 2024, we granted 60,207 PSUs to our officers and other employees, subject to performance and service conditions. For the officers, the PSUs granted are subject to a three-year performance period. The number of shares actually awarded will range from 0% to 200% of the target amount. Achievement is measured in annual sub-periods, based on Boise Cascade's return on invested capital (ROIC) for 2024, 2025, and 2026. The average achievement for the three years included in the performance period will determine the number of earned PSUs, as approved by our compensation committee in accordance with the related grant agreement. We define ROIC as net operating profit after taxes (NOPAT) divided by average invested capital (based on a rolling thirteen-month average). We define NOPAT as net income plus after-tax financing expense. Invested capital is defined as total assets plus capitalized lease expense, less cash, cash equivalents, and current liabilities, excluding short-term debt. For the other employees, the PSUs granted are subject to a one-year performance period. The number of shares actually awarded will range from 0% to 200% of the target amount, depending upon Boise Cascade’s 2024 EBITDA, defined as income before interest (interest expense and interest income), income taxes, and depreciation and amortization, as approved by executive management, determined in accordance with the related grant agreement. Because the PSUs contain a performance condition, we record compensation expense over the requisite service period based on the most probable number of shares expected to vest.
During the six months ended June 30, 2023, we granted 93,282 PSUs to our officers and other employees, subject to performance and service conditions. The PSUs granted were subject to a one-year performance period. During the 2023 performance period, officers and other employees both earned 200% of the target based on Boise Cascade's 2023 ROIC and EBITDA, as applicable, determined by our compensation committee and executive management, as applicable, in accordance with the related grant agreements.
The PSUs granted to officers generally vest in a single installment three years from the date of grant, while the PSUs granted to other employees vest in three equal tranches each year after the grant date.
During the six months ended June 30, 2024 and 2023, we granted an aggregate of 72,289 and 115,252 RSUs, respectively, to our officers, other employees, and nonemployee directors with only service conditions. The RSUs granted to officers and other employees vest in three equal tranches each year after the grant date. The RSUs granted to nonemployee directors vest in a single installment after a one year period.
We based the fair value of PSU and RSU awards on the closing market price of our common stock on the grant date. During the six months ended June 30, 2024 and 2023, the total fair value of PSUs and RSUs vested was $34.0 million and $16.8 million, respectively.
The following summarizes the activity of our PSUs and RSUs awarded under our incentive plan for the six months ended June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | PSUs | | RSUs | | Number of shares | | Weighted Average Grant-Date Fair Value | | Number of shares | | Weighted Average Grant-Date Fair Value | Outstanding, December 31, 2023 | 287,106 | | | $ | 66.51 | | | 178,511 | | | $ | 70.13 | | Granted | 60,207 | | | 137.79 | | | 72,289 | | | 137.76 | | Performance condition adjustment (a) | 91,227 | | | 69.33 | | | — | | | — | | Vested | (148,872) | | | 58.78 | | | (97,376) | | | 68.57 | | Forfeited | (32,317) | | | 84.66 | | | (21,388) | | | 93.47 | | Outstanding, June 30, 2024 | 257,351 | | | $ | 86.38 | | | 132,036 | | | $ | 104.52 | |
_______________________________ (a) Represents additional PSUs granted during the six months ended June 30, 2024, related to above-target achievement of the 2023 performance condition described above.
Compensation Expense
We record compensation expense over the awards' vesting period and account for share-based award forfeitures as they occur, rather than making estimates of future forfeitures. Any shares not vested are forfeited. We recognize compensation expense for stock awards with only service conditions on a straight-line basis over the requisite service period. Most of our stock-based compensation expense was recorded in "General and administrative expenses" in our Consolidated Statements of Operations. Total stock-based compensation recognized from PSUs and RSUs, net of forfeitures, was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30 | | Six Months Ended June 30 | | 2024 | | 2023 | | 2024 | | 2023 | | (thousands) | PSUs | $ | 2,045 | | | $ | 2,577 | | | $ | 4,322 | | | $ | 4,391 | | RSUs | 1,773 | | | 1,617 | | | 3,601 | | | 3,127 | | | | | | | | | | Total | $ | 3,818 | | | $ | 4,194 | | | $ | 7,923 | | | $ | 7,518 | |
The related tax benefit for the six months ended June 30, 2024 and 2023, was $2.0 million and $1.9 million respectively. As of June 30, 2024, total unrecognized compensation expense related to nonvested share-based compensation arrangements was $24.9 million. This expense is expected to be recognized over a weighted-average period of 2.0 years.
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.2.u1
Stockholders' Equity
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Stockholders' Equity |
Stockholders' Equity Dividends
On November 14, 2017, we announced that our board of directors approved a dividend policy to pay quarterly cash dividends to holders of our common stock. For more information regarding our dividend declarations and payments made during each of the six months ended June 30, 2024 and 2023, see "Common stock dividends" on our Consolidated Statements of Stockholders' Equity.
On August 1, 2024, our board of directors declared a quarterly dividend of $0.21 per share, as well as a special dividend of $5.00 per share, on our common stock. The dividends will be paid on September 16, 2024, to stockholders of record on September 3, 2024. For a description of the restrictions in our asset-based credit facility and the indenture governing our senior notes on our ability to pay dividends, see Note 7, Debt.
Future dividend declarations, including amount per share, record date and payment date, will be made at the discretion of our board of directors and will depend upon, among other things, legal capital requirements and surplus, our future operations and earnings, general financial condition, material cash requirements, restrictions imposed by our asset-based credit facility and the indenture governing our senior notes, applicable laws, and other factors that our board of directors may deem relevant. Stock Repurchase
On July 28, 2022, our board of directors authorized the repurchase of an additional 1.5 million shares of our common stock. This increase was in addition to the remaining authorized shares under our prior common stock repurchase program that was authorized on February 25, 2015 (the Program). Share repurchases may be made on an opportunistic basis, through open market transactions, privately negotiated transactions, or by other means in accordance with applicable federal securities laws. We are not obligated to purchase any shares and there is no set date that the Program will expire. Our board of directors may increase or decrease the number of shares under the Program or terminate the Program in its discretion at any time. During the six months ended June 30, 2024, we repurchased 677,845 shares under the Program at a cost of $88.9 million, or an average of $131.09 per share. During the six months ended June 30, 2023, we repurchased 25,678 shares under the Program at a cost of $1.5 million, or an average of $59.91 per share. The shares were purchased with cash on hand and are recorded as "Treasury stock" on our Consolidated Balance Sheets. As of June 30, 2024, there were 1,243,466 shares of common stock that may yet be purchased under the Program.
In July 2024 we repurchased 90,000 shares under the Program at a cost of $10.5 million, or an average of $117.14 per share. The shares were purchased with cash on hand. As of July 31, 2024, there were 1,153,466 shares of common stock that may yet be purchased under the Program.
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v3.24.2.u1
Transactions With Related Party
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
Transactions With Related Party |
Transactions With Related Party Louisiana Timber Procurement Company, L.L.C. (LTP) is an unconsolidated variable-interest entity that is 50% owned by us and 50% owned by Packaging Corporation of America (PCA). LTP procures sawtimber, pulpwood, residual chips, and other residual wood fiber to meet the wood and fiber requirements of us and PCA in Louisiana. We are not the primary beneficiary of LTP as we do not have power to direct the activities that most significantly affect the economic performance of LTP. Accordingly, we do not consolidate LTP's results in our financial statements.
Sales
Related-party sales to LTP from our Wood Products segment in our Consolidated Statements of Operations were $3.1 million during each of the three months ended June 30, 2024 and 2023, and $5.7 million and $6.1 million, respectively, during the six months ended June 30, 2024 and 2023. These sales are recorded in "Sales" in our Consolidated Statements of Operations.
Costs and Expenses
Related-party wood fiber purchases from LTP were $21.3 million and $21.1 million, respectively, during the three months ended June 30, 2024 and 2023, and $41.1 million and $41.2 million, respectively, during the six months ended June 30, 2024 and 2023. These costs are recorded in "Materials, labor, and other operating expenses (excluding depreciation)" in our Consolidated Statements of Operations.
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2.u1
Segment Information
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
Segment Information |
Segment Information We operate our business using two reportable segments: Wood Products and BMD. We measure and evaluate our reportable segments based on net sales and segment operating income (loss). Accordingly, our chief operating decision maker reviews the performance of the company and allocates resources based primarily on net sales and segment operating income (loss) for our business segments. Unallocated corporate costs are presented as reconciling items to arrive at operating income. There are no differences in our basis of measurement of segment profit or loss from those disclosed in Note 15, Segment Information, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" in our 2023 Form 10-K. Wood Products and BMD segment sales to external customers, including related parties, by product line, are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30 | | Six Months Ended June 30 | | 2024 | | 2023 | | 2024 | | 2023 | | (millions) | Wood Products (a) | | | | | | | | LVL (b) | $ | 12.6 | | | $ | 14.2 | | | $ | 25.2 | | | $ | 21.6 | | I-joists (b) | 9.5 | | | 9.3 | | | 16.2 | | | 14.0 | | Other engineered wood products (b) | 8.3 | | | 9.8 | | | 16.4 | | | 17.2 | | Plywood and veneer | 75.3 | | | 93.8 | | | 149.8 | | | 185.1 | | Lumber | 13.2 | | | 23.7 | | | 28.4 | | | 47.2 | | Byproducts | 18.4 | | | 23.1 | | | 35.5 | | | 47.4 | | | | | | | | | | Other | 5.1 | | | 4.8 | | | 11.3 | | | 11.3 | | | 142.5 | | | 178.7 | | | 282.9 | | | 343.9 | | | | | | | | | | Building Materials Distribution | | | | | | | | Commodity | 578.8 | | | 613.7 | | | 1,131.8 | | | 1,161.2 | | General line | 702.5 | | | 647.5 | | | 1,319.4 | | | 1,181.0 | | Engineered wood products | 373.9 | | | 375.4 | | | 709.0 | | | 673.5 | | | 1,655.2 | | | 1,636.5 | | | 3,160.2 | | | 3,015.7 | | | $ | 1,797.7 | | | $ | 1,815.2 | | | $ | 3,443.1 | | | $ | 3,359.5 | |
___________________________________
(a) Amounts represent sales to external customers. Sales are calculated after intersegment sales eliminations to our BMD segment.
(b) Sales of EWP to external customers are net of the cost of all EWP rebates and sales allowances provided at various stages of the supply chain (including distributors, dealers, and homebuilders). For the six months ended June 30, 2024 and 2023, approximately 77% and 78%, respectively, of Wood Products' EWP sales volumes were to our BMD segment. An analysis of our operations by segment is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30 | | Six Months Ended June 30 | | 2024 | | 2023 | | 2024 | | 2023 | | (thousands) | Net sales by segment | | | | | | | | Wood Products | $ | 489,823 | | | $ | 530,273 | | | $ | 958,751 | | | $ | 967,701 | | Building Materials Distribution | 1,655,221 | | | 1,636,538 | | | 3,160,242 | | | 3,015,780 | | Intersegment eliminations (a) | (347,374) | | | (351,592) | | | (675,903) | | | (623,933) | | Total net sales | $ | 1,797,670 | | | $ | 1,815,219 | | | $ | 3,443,090 | | | $ | 3,359,548 | | | | | | | | | | Segment operating income | | | | | | | | Wood Products | $ | 72,780 | | | $ | 104,035 | | | $ | 144,018 | | | $ | 173,430 | | Building Materials Distribution | 85,400 | | | 98,550 | | | 157,863 | | | 168,235 | | Total segment operating income | 158,180 | | | 202,585 | | | 301,881 | | | 341,665 | | Unallocated corporate costs | (11,199) | | | (12,610) | | | (21,918) | | | (24,088) | | Income from operations | $ | 146,981 | | | $ | 189,975 | | | $ | 279,963 | | | $ | 317,577 | | | | | | | | | |
___________________________________ (a) Primarily represents intersegment sales from our Wood Products segment to our BMD segment.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.24.2.u1
Commitments, Legal Proceedings and Contingencies, and Guarantees
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments, Legal Proceedings and Contingencies, and Guarantees |
Commitments, Legal Proceedings and Contingencies, and Guarantees Commitments
We are a party to a number of long-term log supply agreements that are discussed in Note 16, Commitments, Legal Proceedings and Contingencies, and Guarantees, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" in our 2023 Form 10-K. In addition, we have purchase obligations for goods and services, capital expenditures, and raw materials entered into in the normal course of business. As of June 30, 2024, there have been no material changes to the above commitments disclosed in the 2023 Form 10-K.
Legal Proceedings and Contingencies
We are a party to legal proceedings that arise in the ordinary course of our business, including commercial liability claims, premises claims, environmental claims, and employment-related claims, among others. As of the date of this filing, we do not believe that we are party to any legal action that could reasonably be expected to have, individually or in the aggregate, a material adverse effect on our financial position, results of operations, or cash flows.
Guarantees
We provide guarantees, indemnifications, and assurances to others. Note 16, Commitments, Legal Proceedings and Contingencies, and Guarantees, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" in our 2023 Form 10-K describes the nature of our guarantees, including the approximate terms of the guarantees, how the guarantees arose, the events or circumstances that would require us to perform under the guarantees, and the maximum potential undiscounted amounts of future payments we could be required to make. As of June 30, 2024, there have been no material changes to the guarantees disclosed in the 2023 Form 10-K.
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v3.24.2.u1
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure |
|
|
|
|
|
|
Net income |
$ 112,292
|
$ 104,124
|
$ 146,320
|
$ 96,733
|
$ 216,416
|
$ 243,053
|
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- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Use of Estimates |
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, inventories, goodwill, intangible assets, and other long-lived assets; legal contingencies; guarantee obligations; indemnifications; assumptions used in retirement, medical, and workers' compensation benefits; assumptions used in the determination of right-of-use (ROU) assets and related lease liabilities; stock-based compensation; fair value measurements; income taxes; and vendor and customer rebates, among others. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.
|
Revenue Recognition and Customer Rebates and Allowances and Cash Discounts |
Revenue Recognition
Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. For revenue disaggregated by major product line for each reportable segment, see Note 12, Segment Information.
Fees for shipping and handling charged to customers for sales transactions are included in "Sales" in our Consolidated Statements of Operations. When control over products has transferred to the customer, we have elected to recognize costs related to shipping and handling as fulfillment costs. For our Wood Products segment, costs related to shipping and handling are included in "Materials, labor, and other operating expenses (excluding depreciation)" in our Consolidated Statements of Operations. In our Wood Products segment, we view our shipping and handling costs as a cost of the manufacturing process and the movement of product to our end customers. For our BMD segment, costs related to shipping and handling of $64.5 million and $60.3 million for the three months ended June 30, 2024 and 2023, respectively, and $123.4 million and $113.8 million for the six months ended June 30, 2024 and 2023, respectively, are included in "Selling and distribution expenses" in our Consolidated Statements of Operations. In our BMD segment, our activities relate to the purchase and resale of finished products, and excluding shipping and handling costs from "Materials, labor, and other operating expenses (excluding depreciation)" provides us a clearer view of our operating performance and the effectiveness of our sales and purchasing functions.
Customer Rebates and Allowances and Cash Discounts
Rebates are provided to our customers and our customers' customers based on the volume of their purchases, among other factors such as customer loyalty, conversion, and commitment, as well as temporary protection from price increases. We provide the rebates to increase the sell-through of our products. Rebates are generally estimated based on the expected amount to be paid and recorded as a decrease in "Sales." At June 30, 2024 and December 31, 2023, we had $106.9 million and $87.9 million, respectively, of rebates payable to our customers recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets. We also estimate expected cash discounts on trade accounts receivable based on an analysis of historical experience and record cash discounts as a decrease in "Sales." We adjust our estimate of revenue at the earlier of when the probability of rebates paid and cash discounts provided changes or when the amounts become fixed. There have not been significant changes to our estimates of rebates, although it is reasonably possible that a change in the estimate may occur.
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Vendor Rebates and Allowances |
Rebates and allowances received from our vendors are recognized as a reduction of "Materials, labor, and other operating expenses (excluding depreciation)" when the product is sold, unless the rebates and allowances are linked to a specific incremental cost to sell a vendor's product. Amounts received from vendors that are linked to specific selling and distribution expenses are recognized as a reduction of "Selling and distribution expenses" in the period the expense is incurred.
|
Leases |
Leases
We primarily lease land, building, and equipment under operating and finance leases. We determine if an arrangement is a lease at inception and assess lease classification as either operating or finance at lease inception or upon modification. Substantially all of our leases with initial terms greater than one year are for real estate, including distribution centers, corporate headquarters, land, and other office space. Substantially all of these lease agreements have fixed payment terms based on the passage of time and are recorded in our BMD segment. Many of our leases include fixed escalation clauses, renewal options and/or termination options that are factored into our determination of lease term and lease payments when appropriate. Renewal options generally range from one to ten years with fixed payment terms similar to those in the original lease agreements. Some lease agreements provide us with the option to purchase the leased property at market value. Our lease agreements do not contain any residual value guarantees.
ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. The current portion of our operating and finance lease liabilities are recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets. We use our estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments. In determining our incremental borrowing rates, we give consideration to publicly available interest rates for instruments with similar characteristics, including credit rating, term, and collateralization.
For purposes of determining straight-line rent expense, the lease term is calculated from the date we first take possession of the facility, including any periods of free rent and any renewal option periods we are reasonably certain of exercising. Variable lease expense generally includes reimbursement of actual costs for common area maintenance, property taxes, and insurance on leased real estate and are recorded as incurred. Most of our operating lease expense is recorded in "Selling and distribution expenses" in our Consolidated Statements of Operations. In addition, we do not separate lease and non-lease components for all of our leases.
Our short-term leases primarily include equipment rentals with lease terms on a month-to-month basis, which provide for our seasonal needs and flexibility in the use of equipment. Our short-term leases also include certain real estate for which either party has the right to cancel upon providing notice of 30 to 90 days. We do not recognize ROU assets or lease liabilities for short-term leases.
|
Fair Value |
Fair Value
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy under GAAP gives the highest priority to quoted market prices (Level 1) and the lowest priority to unobservable inputs (Level 3). In general, and where applicable, we use quoted prices in active markets for identical assets or liabilities to determine fair value (Level 1). If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, we use quoted prices for similar assets and liabilities or inputs that are observable either directly or indirectly (Level 2). If quoted prices for identical or similar assets are not available or are unobservable, we may use internally developed valuation models, whose inputs include bid prices, and third-party valuations utilizing underlying asset assumptions (Level 3).
|
Financial Instruments |
Financial Instruments
Our financial instruments are cash and cash equivalents, accounts receivable, accounts payable, long-term debt, and an interest rate swap. Our cash is recorded at cost, which approximates fair value, and our cash equivalents are money market funds. As of June 30, 2024 and December 31, 2023, we held $879.5 million and $899.4 million, respectively, in money market funds that are measured at fair value on a recurring basis using Level 1 inputs. The recorded values of accounts receivable and accounts payable approximate fair values based on their short-term nature. At June 30, 2024 and December 31, 2023, the book value of our fixed-rate debt for each period was $400.0 million, and the fair value was estimated to be $369.5 million and $374.5 million, respectively. The difference between the book value and the fair value is derived from the difference between the period-end market interest rate and the stated rate of our fixed-rate, long-term debt. We estimated the fair value of our fixed-rate debt using quoted market prices of our debt in inactive markets (Level 2 inputs). The interest rate on our variable-rate debt is based on market conditions such as the Secured Overnight Financing Rate (SOFR) or a base rate. Because the interest rate on the variable-rate debt is based on current market conditions, we believe that the estimated fair value of the outstanding balance on our variable-rate debt approximates book value. As discussed below, we also have an interest rate swap to mitigate our variable interest rate exposure, the fair value of which is measured based on Level 2 inputs.
|
Interest Rate Risk and Interest Rate Swap |
In accordance with our risk management strategy, we actively monitor our interest rate exposure and use derivative instruments from time to time to manage the related risk. We do not speculate using derivative instruments.
|
New and Recently Adopted Accounting Standards |
New and Recently Adopted Accounting Standards
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances disclosures about significant segment expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. We are currently evaluating the impact of this ASU on the disclosures related to our consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid. The amendments in this ASU are effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. We are currently evaluating the impact of this ASU on the disclosures related to our consolidated financial statements.
There were no other accounting standards recently issued that had or are expected to have a material impact on our consolidated financial statements and associated disclosures.
|
Reclassifications |
Reclassifications Certain amounts in prior year's consolidated financial statements have been reclassified to conform with current year's presentation, none of which were considered material.
|
Acquisitions |
We account for acquisition transactions in accordance with ASC 805, Business Combinations. Accordingly, the results of operations of the acquiree are included in our consolidated financial statements from the acquisition date. The consideration transferred is allocated to the identifiable assets acquired and liabilities assumed based on estimated fair values at the acquisition date, with any excess recorded as goodwill. Transaction-related costs are expensed in the period the costs are incurred. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed with the corresponding adjustment to goodwill.
|
Compensation Expense |
Compensation Expense We record compensation expense over the awards' vesting period and account for share-based award forfeitures as they occur, rather than making estimates of future forfeitures. Any shares not vested are forfeited. We recognize compensation expense for stock awards with only service conditions on a straight-line basis over the requisite service period.
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v3.24.2.u1
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Inventory |
Inventories included the following (work in process is not material): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | (thousands) | Finished goods and work in process | | $ | 738,967 | | | $ | 604,624 | | Logs | | 38,378 | | | 56,270 | | Other raw materials and supplies | | 54,896 | | | 51,475 | | | | $ | 832,241 | | | $ | 712,369 | |
|
Schedule of Property and Equipment |
Property and equipment consisted of the following asset classes: | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | (thousands) | Land | | $ | 85,504 | | | $ | 85,572 | | Buildings | | 341,155 | | | 338,230 | | Improvements | | 81,957 | | | 79,308 | | Mobile equipment, information technology, and office furniture | | 277,494 | | | 254,783 | | Machinery and equipment | | 1,052,404 | | | 1,037,135 | | Construction in progress | | 90,147 | | | 64,619 | | | | 1,928,661 | | | 1,859,647 | | Less: accumulated depreciation | | (979,820) | | | (927,014) | | | | $ | 948,841 | | | $ | 932,633 | |
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v3.24.2.u1
Net Income Per Common Share (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Computation of Basic and Diluted Net Income Per Common Share |
The following table sets forth the computation of basic and diluted net income per common share: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30 | | Six Months Ended June 30 | | 2024 | | 2023 | | 2024 | | 2023 | | (thousands, except per-share data) | Net income | $ | 112,292 | | | $ | 146,320 | | | $ | 216,416 | | | $ | 243,053 | | Weighted average common shares outstanding during the period (for basic calculation) | 39,412 | | | 39,675 | | | 39,510 | | | 39,634 | | Dilutive effect of other potential common shares | 196 | | | 159 | | | 256 | | | 184 | | Weighted average common shares and potential common shares (for diluted calculation) | 39,608 | | | 39,834 | | | 39,766 | | | 39,818 | | | | | | | | | | Net income per common share - Basic | $ | 2.85 | | | $ | 3.69 | | | $ | 5.48 | | | $ | 6.13 | | Net income per common share - Diluted | $ | 2.84 | | | $ | 3.67 | | | $ | 5.44 | | | $ | 6.10 | |
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v3.24.2.u1
Acquisitions (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
Summary of Purchase Price Allocations |
The following table summarizes the final allocations of the purchase price consideration to the assets acquired and liabilities assumed based upon their respective estimated fair values at the date of acquisition: | | | | | | | | | | | Acquisition Date Fair Value | | | (thousands) | Cash and cash equivalents | | $ | 4,009 | | Accounts receivable | | 19,688 | | Inventories | | 36,000 | Other current assets | | 159 | Property and equipment | | 57,331 | Other assets | | 508 | Intangible assets: | | | Trade name | | 18,000 | Customer relationships | | 29,000 | Goodwill | | 32,296 | Assets acquired | | 196,991 | | | | Accounts payable | | 2,144 | | Accrued liabilities | | 4,078 | | Deferred tax liabilities | | 20,121 | | Other long-term liabilities | | 478 | | Liabilities assumed | | 26,821 | | | | | Net assets acquired | | $ | 170,170 | | | | | Consideration paid, net of cash acquired | | $ | 166,161 | |
|
Business Acquisition, Pro Forma Information |
The following pro forma financial information presents the combined results of operations as if the BROSCO facilities had been combined with us on January 1, 2022. The pro forma results are intended for information purposes only and do not purport to represent what the combined companies' results of operations would actually have been had the related transaction in fact occurred on January 1, 2022. They also do not reflect any cost savings, operating synergies, or revenue enhancements that we may achieve or the costs necessary to achieve these cost savings, operating synergies, revenue enhancements, or integration efforts.
| | | | | | | | | | | | | | | | Pro Forma | | | Three Months Ended June 30, 2023 | | Six Months Ended June 30, 2023 | | (unaudited, thousands) | Sales | | $ | 1,864,951 | | | $ | 3,459,409 | | Net income | | $ | 151,143 | | | $ | 252,193 | |
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v3.24.2.u1
Goodwill and Intangible Assets (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Goodwill by Segment |
The carrying amount of our goodwill by segment is as follows: | | | | | | | | | | | | | | | | | | | | | | | Building Materials Distribution | |
Wood Products | | Total | | | (thousands) | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2023 and June 30, 2024 | | $ | 44,088 | | | $ | 126,166 | | | $ | 170,254 | |
|
Schedule of Indefinite-Lived Intangible Assets |
Intangible assets consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | | (thousands) | Trade names and trademarks | | $ | 27,600 | | | $ | (1,599) | | | $ | 26,001 | | Customer relationships | | 195,050 | | | (40,123) | | | 154,927 | | | | $ | 222,650 | | | $ | (41,722) | | | $ | 180,928 | |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | | (thousands) | Trade names and trademarks | | $ | 27,600 | | | $ | (1,000) | | | $ | 26,600 | | Customer relationships | | 195,050 | | | (30,907) | | | 164,143 | | | | $ | 222,650 | | | $ | (31,907) | | | $ | 190,743 | |
|
Schedule of Finite-Lived Intangible Assets |
Intangible assets consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | | (thousands) | Trade names and trademarks | | $ | 27,600 | | | $ | (1,599) | | | $ | 26,001 | | Customer relationships | | 195,050 | | | (40,123) | | | 154,927 | | | | $ | 222,650 | | | $ | (41,722) | | | $ | 180,928 | |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | | (thousands) | Trade names and trademarks | | $ | 27,600 | | | $ | (1,000) | | | $ | 26,600 | | Customer relationships | | 195,050 | | | (30,907) | | | 164,143 | | | | $ | 222,650 | | | $ | (31,907) | | | $ | 190,743 | |
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- DefinitionTabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.
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v3.24.2.u1
Debt (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Long-term Debt |
Long-term debt consisted of the following:
| | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | (thousands) | Asset-based revolving credit facility due 2027 | $ | — | | | $ | — | | Asset-based credit facility term loan due 2027 | 50,000 | | | 50,000 | | | | | | 4.875% senior notes due 2030 | 400,000 | | | 400,000 | | | | | | Deferred financing costs | (4,277) | | | (4,720) | | Long-term debt | $ | 445,723 | | | $ | 445,280 | | | | | | | | | |
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v3.24.2.u1
Leases (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Leases [Abstract] |
|
Summary of Lease Expense Components |
The components of lease expense were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30 | | Six Months Ended June 30 | | 2024 | | 2023 | | 2024 | | 2023 | | (thousands) | Operating lease cost | $ | 3,493 | | | $ | 3,264 | | | $ | 6,968 | | | $ | 6,581 | | Finance lease cost | | | | | | | | Amortization of right-of-use assets | 624 | | | 619 | | | 1,241 | | | 1,237 | | Interest on lease liabilities | 542 | | | 560 | | | 1,083 | | | 1,120 | | Variable lease cost | 1,584 | | | 1,377 | | | 3,161 | | | 2,762 | | Short-term lease cost | 1,350 | | | 1,478 | | | 2,814 | | | 3,029 | | Sublease income | (32) | | | (111) | | | (79) | | | (164) | | Total lease cost | $ | 7,561 | | | $ | 7,187 | | | $ | 15,188 | | | $ | 14,565 | |
|
Schedule of Supplemental Cash Flow Information Related to Leases |
Supplemental cash flow information related to leases was as follows: | | | | | | | | | | | | | | Six Months Ended June 30 | | | 2024 | | 2023 | | | (thousands) | | Cash paid for amounts included in the measurement of lease liabilities | | | | | Operating cash flows from operating leases | $ | 6,470 | | | $ | 6,706 | | | Operating cash flows from finance leases | 1,065 | | | 1,118 | | | Financing cash flows from finance leases | 952 | | | 904 | | | Right-of-use assets obtained in exchange for lease obligations | | | | | Operating leases | 1,955 | | | 3,578 | | | Finance leases | 803 | | | — | | |
|
Schedule of Other Information Related to Leases |
Other information related to leases was as follows: | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | | | | | | | | | | | Weighted-average remaining lease term (years) | | | | | | | | Operating leases | 8 | | 8 | | | | | Finance leases | 13 | | 13 | | | | | Weighted-average discount rate | | | | | | | | Operating leases | 6.2 | % | | 6.2 | % | | | | | Finance leases | 7.5 | % | | 7.6 | % | | | | |
|
Schedule of Minimum Lease Payment Requirements for Noncancelable Leases |
As of June 30, 2024, our minimum lease payment requirements for noncancelable operating and finance leases are as follows: | | | | | | | | | | | | | | | | | Operating Leases | | Finance Leases | | | (thousands) | Remainder of 2024 | | $ | 6,873 | | | $ | 2,085 | | 2025 | | 13,565 | | | 3,834 | | 2026 | | 10,465 | | | 3,680 | | 2027 | | 9,713 | | | 3,748 | | 2028 | | 7,662 | | | 3,496 | | Thereafter | | 33,974 | | | 30,359 | | Total future minimum lease payments | | 82,252 | | | 47,202 | | Less: interest | | (18,644) | | | (17,307) | | Total lease obligations | | 63,608 | | | 29,895 | | Less: current obligations | | (10,438) | | | (2,004) | | Long-term lease obligations | | $ | 53,170 | | | $ | 27,891 | |
|
Schedule of Minimum Lease Payment Requirements for Noncancelable Leases |
As of June 30, 2024, our minimum lease payment requirements for noncancelable operating and finance leases are as follows: | | | | | | | | | | | | | | | | | Operating Leases | | Finance Leases | | | (thousands) | Remainder of 2024 | | $ | 6,873 | | | $ | 2,085 | | 2025 | | 13,565 | | | 3,834 | | 2026 | | 10,465 | | | 3,680 | | 2027 | | 9,713 | | | 3,748 | | 2028 | | 7,662 | | | 3,496 | | Thereafter | | 33,974 | | | 30,359 | | Total future minimum lease payments | | 82,252 | | | 47,202 | | Less: interest | | (18,644) | | | (17,307) | | Total lease obligations | | 63,608 | | | 29,895 | | Less: current obligations | | (10,438) | | | (2,004) | | Long-term lease obligations | | $ | 53,170 | | | $ | 27,891 | |
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v3.24.2.u1
Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Activity of PSU and RSU Awards |
The following summarizes the activity of our PSUs and RSUs awarded under our incentive plan for the six months ended June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | PSUs | | RSUs | | Number of shares | | Weighted Average Grant-Date Fair Value | | Number of shares | | Weighted Average Grant-Date Fair Value | Outstanding, December 31, 2023 | 287,106 | | | $ | 66.51 | | | 178,511 | | | $ | 70.13 | | Granted | 60,207 | | | 137.79 | | | 72,289 | | | 137.76 | | Performance condition adjustment (a) | 91,227 | | | 69.33 | | | — | | | — | | Vested | (148,872) | | | 58.78 | | | (97,376) | | | 68.57 | | Forfeited | (32,317) | | | 84.66 | | | (21,388) | | | 93.47 | | Outstanding, June 30, 2024 | 257,351 | | | $ | 86.38 | | | 132,036 | | | $ | 104.52 | |
_______________________________ (a) Represents additional PSUs granted during the six months ended June 30, 2024, related to above-target achievement of the 2023 performance condition described above.
|
Total Stock-based Compensation Recognized From PSUs & RSUs |
Total stock-based compensation recognized from PSUs and RSUs, net of forfeitures, was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30 | | Six Months Ended June 30 | | 2024 | | 2023 | | 2024 | | 2023 | | (thousands) | PSUs | $ | 2,045 | | | $ | 2,577 | | | $ | 4,322 | | | $ | 4,391 | | RSUs | 1,773 | | | 1,617 | | | 3,601 | | | 3,127 | | | | | | | | | | Total | $ | 3,818 | | | $ | 4,194 | | | $ | 7,923 | | | $ | 7,518 | |
|
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v3.24.2.u1
Segment Information (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
Schedule of Segment Sales to External Customers |
Wood Products and BMD segment sales to external customers, including related parties, by product line, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30 | | Six Months Ended June 30 | | 2024 | | 2023 | | 2024 | | 2023 | | (millions) | Wood Products (a) | | | | | | | | LVL (b) | $ | 12.6 | | | $ | 14.2 | | | $ | 25.2 | | | $ | 21.6 | | I-joists (b) | 9.5 | | | 9.3 | | | 16.2 | | | 14.0 | | Other engineered wood products (b) | 8.3 | | | 9.8 | | | 16.4 | | | 17.2 | | Plywood and veneer | 75.3 | | | 93.8 | | | 149.8 | | | 185.1 | | Lumber | 13.2 | | | 23.7 | | | 28.4 | | | 47.2 | | Byproducts | 18.4 | | | 23.1 | | | 35.5 | | | 47.4 | | | | | | | | | | Other | 5.1 | | | 4.8 | | | 11.3 | | | 11.3 | | | 142.5 | | | 178.7 | | | 282.9 | | | 343.9 | | | | | | | | | | Building Materials Distribution | | | | | | | | Commodity | 578.8 | | | 613.7 | | | 1,131.8 | | | 1,161.2 | | General line | 702.5 | | | 647.5 | | | 1,319.4 | | | 1,181.0 | | Engineered wood products | 373.9 | | | 375.4 | | | 709.0 | | | 673.5 | | | 1,655.2 | | | 1,636.5 | | | 3,160.2 | | | 3,015.7 | | | $ | 1,797.7 | | | $ | 1,815.2 | | | $ | 3,443.1 | | | $ | 3,359.5 | |
___________________________________
(a) Amounts represent sales to external customers. Sales are calculated after intersegment sales eliminations to our BMD segment.
(b) Sales of EWP to external customers are net of the cost of all EWP rebates and sales allowances provided at various stages of the supply chain (including distributors, dealers, and homebuilders). For the six months ended June 30, 2024 and 2023, approximately 77% and 78%, respectively, of Wood Products' EWP sales volumes were to our BMD segment.
|
Schedule of Analysis of Operations by Segment |
An analysis of our operations by segment is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30 | | Six Months Ended June 30 | | 2024 | | 2023 | | 2024 | | 2023 | | (thousands) | Net sales by segment | | | | | | | | Wood Products | $ | 489,823 | | | $ | 530,273 | | | $ | 958,751 | | | $ | 967,701 | | Building Materials Distribution | 1,655,221 | | | 1,636,538 | | | 3,160,242 | | | 3,015,780 | | Intersegment eliminations (a) | (347,374) | | | (351,592) | | | (675,903) | | | (623,933) | | Total net sales | $ | 1,797,670 | | | $ | 1,815,219 | | | $ | 3,443,090 | | | $ | 3,359,548 | | | | | | | | | | Segment operating income | | | | | | | | Wood Products | $ | 72,780 | | | $ | 104,035 | | | $ | 144,018 | | | $ | 173,430 | | Building Materials Distribution | 85,400 | | | 98,550 | | | 157,863 | | | 168,235 | | Total segment operating income | 158,180 | | | 202,585 | | | 301,881 | | | 341,665 | | Unallocated corporate costs | (11,199) | | | (12,610) | | | (21,918) | | | (24,088) | | Income from operations | $ | 146,981 | | | $ | 189,975 | | | $ | 279,963 | | | $ | 317,577 | | | | | | | | | |
___________________________________ (a) Primarily represents intersegment sales from our Wood Products segment to our BMD segment.
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Jun. 30, 2024 |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
|
Finished goods and work in process |
$ 738,967
|
$ 604,624
|
Logs |
38,378
|
56,270
|
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54,896
|
51,475
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$ 712,369
|
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Jun. 30, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 1,928,661
|
$ 1,859,647
|
Less: accumulated depreciation |
(979,820)
|
(927,014)
|
Property and equipment, net |
948,841
|
932,633
|
Land |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
85,504
|
85,572
|
Buildings |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
341,155
|
338,230
|
Improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
81,957
|
79,308
|
Mobile equipment, information technology, and office furniture |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
277,494
|
254,783
|
Machinery and equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
1,052,404
|
1,037,135
|
Construction in progress |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 90,147
|
$ 64,619
|
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v3.24.2.u1
Summary of Significant Accounting Policies - Interest Rate Risk and Interest Rate Swap (Details) $ in Thousands |
6 Months Ended |
|
|
Jun. 30, 2024
USD ($)
derivative
|
Dec. 31, 2023
USD ($)
|
Feb. 28, 2022
USD ($)
|
Interest Rate Derivatives [Line Items] |
|
|
|
Long-term debt |
$ 445,723
|
$ 445,280
|
|
Interest Rate Swap |
|
|
|
Interest Rate Derivatives [Line Items] |
|
|
|
Number of derivative instruments | derivative |
1
|
|
|
Interest Rate Swap | Not Designated as Hedging Instrument | Level 2 | Prepaid Expenses and Other Current Assets |
|
|
|
Interest Rate Derivatives [Line Items] |
|
|
|
Fair value of interest rate swap agreements, asset |
$ 2,300
|
|
|
Interest Rate Swap | Not Designated as Hedging Instrument | Level 2 | Other assets |
|
|
|
Interest Rate Derivatives [Line Items] |
|
|
|
Fair value of interest rate swap agreements, asset |
|
$ 3,000
|
|
Interest Rate Swap - $50 million notional amount fixed at 0.41% | Not Designated as Hedging Instrument |
|
|
|
Interest Rate Derivatives [Line Items] |
|
|
|
Interest rate swaps, notional amount |
|
|
$ 50,000
|
Interest rate swaps, fixed interest rate |
|
|
0.41%
|
Asset-based credit facility term loan due 2027 |
|
|
|
Interest Rate Derivatives [Line Items] |
|
|
|
Long-term debt |
$ 50,000
|
|
|
Credit spread adjustment on variable rate |
0.10%
|
|
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Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
|
|
|
Income tax provision |
$ 38,499
|
$ 49,447
|
$ 71,328
|
$ 82,722
|
Effective income tax rate (as a percent) |
25.50%
|
25.30%
|
24.80%
|
25.40%
|
Income taxes paid, net |
|
|
$ 66,500
|
$ 46,600
|
v3.24.2.u1
Net Income Per Common Share - Computation of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
|
|
|
Net income |
$ 112,292
|
$ 146,320
|
$ 216,416
|
$ 243,053
|
Computation of basic and diluted net income per common share |
|
|
|
|
Weighted average common shares outstanding during the period (for basic calculation) (in shares) |
39,412
|
39,675
|
39,510
|
39,634
|
Dilutive effect of other potential common shares (in shares) |
196
|
159
|
256
|
184
|
Weighted average common shares and potential common shares (for diluted calculation) (in shares) |
39,608
|
39,834
|
39,766
|
39,818
|
Net income per common share - Basic (in dollars per share) |
$ 2.85
|
$ 3.69
|
$ 5.48
|
$ 6.13
|
Net income per common share - Diluted (in dollars per share) |
$ 2.84
|
$ 3.67
|
$ 5.44
|
$ 6.10
|
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Acquisitions - Summary of Allocations of Purchase Price (Details) - USD ($) $ in Thousands |
Oct. 02, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Business Combination [Line Items] |
|
|
|
Goodwill |
|
$ 170,254
|
$ 170,254
|
Brockway-Smith Company |
|
|
|
Business Combination [Line Items] |
|
|
|
Cash and cash equivalents |
$ 4,009
|
|
|
Accounts receivable |
19,688
|
|
|
Inventories |
36,000
|
|
|
Other current assets |
159
|
|
|
Property and equipment |
57,331
|
|
|
Other assets |
508
|
|
|
Goodwill |
32,296
|
|
|
Assets acquired |
196,991
|
|
|
Accounts payable |
2,144
|
|
|
Accrued liabilities |
4,078
|
|
|
Deferred tax liabilities |
20,121
|
|
|
Other long-term liabilities |
478
|
|
|
Liabilities assumed |
26,821
|
|
|
Net assets acquired |
170,170
|
|
|
Purchase price of acquisitions |
166,161
|
|
|
Brockway-Smith Company | Trade names and trademarks |
|
|
|
Business Combination [Line Items] |
|
|
|
Intangible assets |
18,000
|
|
|
Brockway-Smith Company | Customer relationships |
|
|
|
Business Combination [Line Items] |
|
|
|
Intangible assets |
$ 29,000
|
|
|
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Acquisitions - Pro Forma Financial Information (Details) - Brockway-Smith Company - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2023 |
Business Combination [Line Items] |
|
|
Sales |
$ 1,864,951
|
$ 3,459,409
|
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$ 151,143
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$ 252,193
|
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Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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|
|
|
|
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$ 4,300
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$ 9,800
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$ 8,600
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|
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|
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Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Accumulated Amortization |
$ (41,722)
|
$ (31,907)
|
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180,928
|
190,743
|
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222,650
|
222,650
|
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|
|
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|
|
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(1,599)
|
(1,000)
|
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|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Accumulated Amortization |
(40,123)
|
(30,907)
|
Gross Carrying Amount |
195,050
|
195,050
|
Net Carrying Amount |
154,927
|
164,143
|
Trade names and trademarks |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
27,600
|
27,600
|
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$ 26,600
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Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jul. 27, 2020 |
Debt Instrument [Line Items] |
|
|
|
Deferred financing costs |
$ (4,277)
|
$ (4,720)
|
|
Long-term debt |
445,723
|
445,280
|
|
Asset-based revolving credit facility due 2027 |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Long-term debt, gross |
0
|
0
|
|
Asset-based credit facility term loan due 2027 |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Long-term debt, gross |
50,000
|
50,000
|
|
Long-term debt |
50,000
|
|
|
$4.875% senior notes due 2030 |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Long-term debt, gross |
$ 400,000
|
$ 400,000
|
|
$4.875% senior notes due 2030 | Senior Notes |
|
|
|
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|
|
|
Interest rate |
|
|
4.875%
|
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Debt - Asset-Based Credit Facility (Details) $ in Millions |
6 Months Ended |
|
|
|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Sep. 09, 2022
USD ($)
|
Jul. 27, 2020
USD ($)
|
Asset-based revolving credit facility due 2027 |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Maximum borrowing capacity |
|
|
$ 400.0
|
|
Commitment fee rate |
0.20%
|
|
|
|
Borrowings outstanding |
$ 0.0
|
$ 0.0
|
|
|
Letters of credit outstanding |
$ 4.3
|
$ 4.1
|
|
|
Asset-based revolving credit facility due 2027 | Term Secured Overnight Financing Rate (SOFR) |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Credit spread adjustment on variable rate |
0.10%
|
|
|
|
Asset-based revolving credit facility due 2027 | Minimum | Term Secured Overnight Financing Rate (SOFR) |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Basis spread on variable interest rate |
1.25%
|
|
|
|
Asset-based revolving credit facility due 2027 | Minimum | Base Rate |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Basis spread on variable interest rate |
0.25%
|
|
|
|
Asset-based revolving credit facility due 2027 | Maximum | Term Secured Overnight Financing Rate (SOFR) |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Basis spread on variable interest rate |
1.50%
|
|
|
|
Asset-based revolving credit facility due 2027 | Maximum | Base Rate |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Basis spread on variable interest rate |
0.50%
|
|
|
|
Asset-based credit facility term loan due 2027 |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Face amount |
|
|
$ 50.0
|
|
Credit spread adjustment on variable rate |
0.10%
|
|
|
|
Average interest rate |
7.18%
|
|
|
|
Effective average net interest rate |
6.20%
|
|
|
|
Asset-based credit facility term loan due 2027 | Term Secured Overnight Financing Rate (SOFR) |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Credit spread adjustment on variable rate |
0.10%
|
|
|
|
Asset-based credit facility term loan due 2027 | Minimum | Term Secured Overnight Financing Rate (SOFR) |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Basis spread on variable interest rate |
1.75%
|
|
|
|
Asset-based credit facility term loan due 2027 | Minimum | Base Rate |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Basis spread on variable interest rate |
0.75%
|
|
|
|
Asset-based credit facility term loan due 2027 | Maximum | Term Secured Overnight Financing Rate (SOFR) |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Basis spread on variable interest rate |
2.00%
|
|
|
|
Asset-based credit facility term loan due 2027 | Maximum | Base Rate |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Basis spread on variable interest rate |
1.00%
|
|
|
|
$4.875% senior notes due 2030 | Senior Notes |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Face amount |
|
|
|
$ 400.0
|
Interest rate |
|
|
|
4.875%
|
Asset Based Credit Facility |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Fixed charge coverage ratio requirement, if availability falls below 10% of line cap |
1
|
|
|
|
Threshold of availability as a percentage of line cap, below which 1:1 fixed charge coverage ratio must be met |
0.10
|
|
|
|
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$ 35.0
|
|
|
|
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$ 395.7
|
|
|
|
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0.20
|
|
|
|
Dividend restriction, single threshold, amount |
$ 75.0
|
|
|
|
Dividend restriction, combination thresholds, percentage of line cap |
0.15
|
|
|
|
Dividend restriction, combination thresholds, amount |
$ 55.0
|
|
|
|
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1
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Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Lease, Cost [Abstract] |
|
|
|
|
Operating lease cost |
$ 3,493
|
$ 3,264
|
$ 6,968
|
$ 6,581
|
Finance lease cost |
|
|
|
|
Amortization of right-of-use assets |
624
|
619
|
1,241
|
1,237
|
Interest on lease liabilities |
542
|
560
|
1,083
|
1,120
|
Variable lease cost |
1,584
|
1,377
|
3,161
|
2,762
|
Short-term lease cost |
1,350
|
1,478
|
2,814
|
3,029
|
Sublease income |
(32)
|
(111)
|
(79)
|
(164)
|
Total lease cost |
$ 7,561
|
$ 7,187
|
$ 15,188
|
$ 14,565
|
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- DefinitionAmount of interest expense on finance lease liability.
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v3.24.2.u1
Leases - Minimum Lease Payment Requirements (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Operating Leases |
|
|
Remainder of 2024 |
$ 6,873
|
|
2025 |
13,565
|
|
2026 |
10,465
|
|
2027 |
9,713
|
|
2028 |
7,662
|
|
Thereafter |
33,974
|
|
Total future minimum lease payments |
82,252
|
|
Less: interest |
(18,644)
|
|
Total lease obligations |
63,608
|
|
Less: current obligations |
(10,438)
|
|
Long-term lease obligations |
53,170
|
$ 56,425
|
Finance Leases |
|
|
Remainder of 2024 |
2,085
|
|
2025 |
3,834
|
|
2026 |
3,680
|
|
2027 |
3,748
|
|
2028 |
3,496
|
|
Thereafter |
30,359
|
|
Total future minimum lease payments |
47,202
|
|
Less: interest |
(17,307)
|
|
Total lease obligations |
29,895
|
|
Less: current obligations |
(2,004)
|
|
Long-term lease obligations |
$ 27,891
|
$ 28,084
|
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v3.24.2.u1
Stock-Based Compensation - Narrative (Details) $ in Millions |
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2024
USD ($)
stockAward
|
Jun. 30, 2023
stockAward
|
Jun. 30, 2024
USD ($)
tranche
shares
|
Jun. 30, 2023
USD ($)
shares
|
Dec. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Number of types of awards granted | stockAward |
2
|
2
|
|
|
|
Fair market value of awards | $ |
|
|
$ 34.0
|
$ 16.8
|
|
Tax benefit from compensation expense | $ |
|
|
2.0
|
$ 1.9
|
|
Unrecognized compensation expense | $ |
$ 24.9
|
|
$ 24.9
|
|
|
Unrecognized compensation, period for recognition |
|
|
2 years
|
|
|
PSUs |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Granted (in shares) |
|
|
60,207
|
|
|
RSUs |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Granted (in shares) |
|
|
72,289
|
|
|
Officers and other employees | PSUs |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Granted (in shares) |
|
|
60,207
|
93,282
|
|
Performance period |
|
|
|
1 year
|
|
Officers and other employees | RSUs |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Number of equal tranches for annual vesting | tranche |
|
|
3
|
|
|
Officer | PSUs |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Vesting period |
|
|
3 years
|
|
|
Performance shares target percentage earned, officers |
|
|
|
|
2
|
Officer | PSUs | Minimum |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Performance shares that could be awarded as a percentage of ROIC target amount |
|
|
0
|
|
|
Officer | PSUs | Maximum |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Performance shares that could be awarded as a percentage of ROIC target amount |
|
|
2
|
|
|
Other employees | PSUs |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Performance period |
|
|
1 year
|
|
|
Performance shares target percentage earned, other employees |
|
|
|
|
2
|
Number of equal tranches for annual vesting | tranche |
|
|
3
|
|
|
Other employees | PSUs | Minimum |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Performance Shares that could be awarded, as a percentage of EBITDA target amount |
|
|
0
|
|
|
Other employees | PSUs | Maximum |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Performance Shares that could be awarded, as a percentage of EBITDA target amount |
|
|
2
|
|
|
Officers and Other Employees and Nonemployment directors | RSUs |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Granted (in shares) |
|
|
72,289
|
115,252
|
|
Nonemployee Directors | RSUs |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Vesting period |
|
|
1 year
|
|
|
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v3.24.2.u1
Stock-Based Compensation - Summary of PSU and RSU Activity (Details)
|
6 Months Ended |
Jun. 30, 2024
$ / shares
shares
|
PSUs |
|
Number of shares |
|
Outstanding at beginning of the period (in shares) | shares |
287,106
|
Granted (in shares) | shares |
60,207
|
Performance condition adjustment (in shares) | shares |
91,227
|
Vested (in shares) | shares |
(148,872)
|
Forfeited (in shares) | shares |
(32,317)
|
Outstanding at period end (in shares) | shares |
257,351
|
Weighted Average Grant-Date Fair Value |
|
Outstanding at beginning of the period (in dollars per share) | $ / shares |
$ 66.51
|
Granted (in dollars per share) | $ / shares |
137.79
|
Performance condition adjustment (in dollars per share) | $ / shares |
69.33
|
Vested (in dollars per share) | $ / shares |
58.78
|
Forfeited (in dollars per share) | $ / shares |
84.66
|
Outstanding at period end (in dollars per share) | $ / shares |
$ 86.38
|
RSUs |
|
Number of shares |
|
Outstanding at beginning of the period (in shares) | shares |
178,511
|
Granted (in shares) | shares |
72,289
|
Performance condition adjustment (in shares) | shares |
0
|
Vested (in shares) | shares |
(97,376)
|
Forfeited (in shares) | shares |
(21,388)
|
Outstanding at period end (in shares) | shares |
132,036
|
Weighted Average Grant-Date Fair Value |
|
Outstanding at beginning of the period (in dollars per share) | $ / shares |
$ 70.13
|
Granted (in dollars per share) | $ / shares |
137.76
|
Performance condition adjustment (in dollars per share) | $ / shares |
0
|
Vested (in dollars per share) | $ / shares |
68.57
|
Forfeited (in dollars per share) | $ / shares |
93.47
|
Outstanding at period end (in dollars per share) | $ / shares |
$ 104.52
|
X |
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Stock-Based Compensation - Total Stock-based Compensation Recognized From PSUs & RSUs (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
$ 3,818
|
$ 4,194
|
$ 7,923
|
$ 7,518
|
PSUs |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
2,045
|
2,577
|
4,322
|
4,391
|
RSUs |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
$ 1,773
|
$ 1,617
|
$ 3,601
|
$ 3,127
|
X |
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v3.24.2.u1
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands |
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Aug. 01, 2024 |
Jul. 31, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jul. 28, 2022 |
Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock dividends (in dollars per share) |
|
|
$ 0.20
|
$ 0.20
|
$ 3.15
|
$ 0.15
|
$ 0.40
|
$ 3.30
|
|
Treasury stock repurchased |
|
|
$ 61,887
|
$ 26,971
|
$ 57
|
$ 1,482
|
|
|
|
Subsequent Event |
|
|
|
|
|
|
|
|
|
Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock dividends (in dollars per share) |
$ 0.21
|
|
|
|
|
|
|
|
|
Special dividend per share declared (in dollars per share) |
$ 5.00
|
|
|
|
|
|
|
|
|
Share Repurchase Program |
|
|
|
|
|
|
|
|
|
Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Additional shares authorized for repurchase (in shares) |
|
|
|
|
|
|
|
|
1,500,000
|
Treasury stock purchased (in shares) |
|
|
|
|
|
|
677,845
|
25,678
|
|
Treasury stock repurchased |
|
|
|
|
|
|
$ 88,900
|
$ 1,500
|
|
Average cost per share (in dollars per share) |
|
|
|
|
|
|
$ 131.09
|
$ 59.91
|
|
Remaining number of shares authorized to be repurchased (in shares) |
|
|
1,243,466
|
|
|
|
1,243,466
|
|
|
Share Repurchase Program | Subsequent Event |
|
|
|
|
|
|
|
|
|
Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Treasury stock purchased (in shares) |
|
90,000
|
|
|
|
|
|
|
|
Treasury stock repurchased |
|
$ 10,500
|
|
|
|
|
|
|
|
Average cost per share (in dollars per share) |
|
$ 117.14
|
|
|
|
|
|
|
|
Remaining number of shares authorized to be repurchased (in shares) |
|
1,153,466
|
|
|
|
|
|
|
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v3.24.2.u1
Transactions With Related Party (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
Sales |
$ 1,797,670
|
$ 1,815,219
|
$ 3,443,090
|
$ 3,359,548
|
Unconsolidated variable interest entity |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Sales |
3,100
|
3,100
|
5,700
|
6,100
|
Cost of sales from related party |
$ 21,300
|
$ 21,100
|
$ 41,100
|
$ 41,200
|
Louisiana Timber Procurement Company LLC | Unconsolidated variable interest entity |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Variable interest entity, ownership percentage |
|
|
50.00%
|
|
Louisiana Timber Procurement Company LLC | Packaging Corporation of America (PCA) | Variable Interest Entity, Primary Beneficiary |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Variable interest entity, ownership percentage |
|
|
50.00%
|
|
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v3.24.2.u1
Segment Information - Segment Sales to External Customers by Product Line (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Sales to external customer [Line Items] |
|
|
|
|
Sales |
$ 1,797,670
|
$ 1,815,219
|
$ 3,443,090
|
$ 3,359,548
|
Wood Products |
|
|
|
|
Sales to external customer [Line Items] |
|
|
|
|
Sales |
142,500
|
178,700
|
$ 282,900
|
$ 343,900
|
Intersegment EWP sales volumes as percentage to total EWP sales volumes |
|
|
77.00%
|
78.00%
|
Wood Products | LVL |
|
|
|
|
Sales to external customer [Line Items] |
|
|
|
|
Sales |
12,600
|
14,200
|
$ 25,200
|
$ 21,600
|
Wood Products | I-joists |
|
|
|
|
Sales to external customer [Line Items] |
|
|
|
|
Sales |
9,500
|
9,300
|
16,200
|
14,000
|
Wood Products | Other engineered wood products |
|
|
|
|
Sales to external customer [Line Items] |
|
|
|
|
Sales |
8,300
|
9,800
|
16,400
|
17,200
|
Wood Products | Plywood and veneer |
|
|
|
|
Sales to external customer [Line Items] |
|
|
|
|
Sales |
75,300
|
93,800
|
149,800
|
185,100
|
Wood Products | Lumber |
|
|
|
|
Sales to external customer [Line Items] |
|
|
|
|
Sales |
13,200
|
23,700
|
28,400
|
47,200
|
Wood Products | Byproducts |
|
|
|
|
Sales to external customer [Line Items] |
|
|
|
|
Sales |
18,400
|
23,100
|
35,500
|
47,400
|
Wood Products | Other |
|
|
|
|
Sales to external customer [Line Items] |
|
|
|
|
Sales |
5,100
|
4,800
|
11,300
|
11,300
|
Building Materials Distribution |
|
|
|
|
Sales to external customer [Line Items] |
|
|
|
|
Sales |
1,655,200
|
1,636,500
|
3,160,200
|
3,015,700
|
Building Materials Distribution | Commodity |
|
|
|
|
Sales to external customer [Line Items] |
|
|
|
|
Sales |
578,800
|
613,700
|
1,131,800
|
1,161,200
|
Building Materials Distribution | General line |
|
|
|
|
Sales to external customer [Line Items] |
|
|
|
|
Sales |
702,500
|
647,500
|
1,319,400
|
1,181,000
|
Building Materials Distribution | Engineered wood products |
|
|
|
|
Sales to external customer [Line Items] |
|
|
|
|
Sales |
$ 373,900
|
$ 375,400
|
$ 709,000
|
$ 673,500
|
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v3.24.2.u1
Segment Information - Analysis of Operations by Segment (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Segment Reporting Information [Line Items] |
|
|
|
|
Total net sales |
$ 1,797,670
|
$ 1,815,219
|
$ 3,443,090
|
$ 3,359,548
|
Income from operations |
146,981
|
189,975
|
279,963
|
317,577
|
Operating Segments |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Income from operations |
158,180
|
202,585
|
301,881
|
341,665
|
Intersegment Eliminations |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total net sales |
(347,374)
|
(351,592)
|
(675,903)
|
(623,933)
|
Corporate, Non-Segment |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Income from operations |
(11,199)
|
(12,610)
|
(21,918)
|
(24,088)
|
Wood Products |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total net sales |
142,500
|
178,700
|
282,900
|
343,900
|
Wood Products | Operating Segments |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total net sales |
489,823
|
530,273
|
958,751
|
967,701
|
Income from operations |
72,780
|
104,035
|
144,018
|
173,430
|
Building Materials Distribution |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total net sales |
1,655,200
|
1,636,500
|
3,160,200
|
3,015,700
|
Building Materials Distribution | Operating Segments |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total net sales |
1,655,221
|
1,636,538
|
3,160,242
|
3,015,780
|
Income from operations |
$ 85,400
|
$ 98,550
|
$ 157,863
|
$ 168,235
|
X |
- DefinitionThe net result for the period of deducting operating expenses from operating revenues.
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