Boise Cascade Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Boise Cascade Co. has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

BOISE CASCADE Co (BCC) filed a Annual Report (10-K) with the SEC on February 20, 2024. Boise Cascade Co. reported its 2023 fiscal year results on February 20, 2024. The company's fiscal year ended on December 31, 2023. The filing is a 10-K annual report. The company's principal business is wholesale lumber and other construction materials. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking BOISE CASCADE Co, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Boise Cascade's financial health, operational performance, and strategic positioning for the fiscal year 2023, offering insights into its business segments and market conditions. Investors and analysts can use this report to assess the company's financial stability, profitability trends, and potential risks and opportunities within the wholesale lumber and construction materials sector.

Risk Assessment

Risk Level: medium — BOISE CASCADE Co shows moderate risk based on this filing. The company operates in the wholesale lumber and construction materials sector, which is subject to cyclical demand and price fluctuations influenced by the housing market and economic conditions.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Boise Cascade's performance drivers and potential headwinds in the construction materials market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-20 — Filing Date (Date of submission)
• 2023 — Fiscal Year (Year for which the report is filed)
• 2022 — Prior Fiscal Year (Previous year's data)
• 2021 — Prior Fiscal Year (Data from two years prior)

Key Players & Entities

• BOISE CASCADE Co (company) — Filer name
• 10-K (filing) — Form type
• 20231231 (date) — Fiscal year end
• 20240220 (date) — Filing date
• DE (location) — State of incorporation
• WHOLESALE-LUMBER & OTHER CONSTRUCTION MATERIALS (industry) — Standard Industrial Classification

FAQ

Industry Context

Boise Cascade Co. operates in the wholesale distribution of building products and the manufacturing of wood products, serving the construction industry.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial performance and business operations.

What Investors Should Do

1. Analyze the company's revenue streams and segment performance for fiscal year 2023.
2. Examine the balance sheet and cash flow statements for financial health and liquidity.
3. Review any disclosed risk factors related to market conditions, supply chain, or operational challenges.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-20: Filing Date — Date Boise Cascade Co. submitted its 10-K report.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K. Comparative data from previous filings would be needed for a full 'vs last filing' analysis.

Key Financial Figures

• $0.01 — ange on Which Registered Common Stock, $0.01 par value per share BCC New York Stock
• $6.2 million — e year ended December 31, 2023 includes $6.2 million of accelerated depreciation related to
• $15.0 million — e year ended December 31, 2020 includes $15.0 million of accelerated depreciation and $1.7 mi
• $1.7 million — million of accelerated depreciation and $1.7 million of other closure costs related to the R

Filing Documents

• bcc-20231231.htm (10-K) — 2118KB
• bcc10k12312023ex211.htm (EX-21.1) — 8KB
• bcc10k12312023ex231.htm (EX-23.1) — 2KB
• bcc10k12312023ex311.htm (EX-31.1) — 11KB
• bcc10k12312023ex312.htm (EX-31.2) — 11KB
• bcc10k12312023ex321.htm (EX-32.1) — 5KB
• bcc10k12312023ex322.htm (EX-32.2) — 6KB
• ex971executivecompensation.htm (EX-97.1) — 30KB
• bcc-20231231_g1.jpg (GRAPHIC) — 137KB
• bcc-20231231_g2.jpg (GRAPHIC) — 46KB
• bcc-20231231_g3.jpg (GRAPHIC) — 46KB
• bcc-20231231_g4.jpg (GRAPHIC) — 58KB
• bcc-20231231_g5.jpg (GRAPHIC) — 51KB
• bcc-20231231_g6.jpg (GRAPHIC) — 134KB
• bcc-20231231_g7.jpg (GRAPHIC) — 173KB
• bcc-20231231_g8.jpg (GRAPHIC) — 102KB
• bcc-20231231_g9.jpg (GRAPHIC) — 125KB
• 0001328581-24-000018.txt (&nbsp;) — 12700KB
• bcc-20231231.xsd (EX-101.SCH) — 65KB
• bcc-20231231_cal.xml (EX-101.CAL) — 108KB
• bcc-20231231_def.xml (EX-101.DEF) — 391KB
• bcc-20231231_lab.xml (EX-101.LAB) — 998KB
• bcc-20231231_pre.xml (EX-101.PRE) — 644KB
• bcc-20231231_htm.xml (XML) — 1489KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 29 Item 1C. Cybersecurity 29 Item 2.

Properties

Properties 31 Item 3.

Legal Proceedings

Legal Proceedings 31 Item 4. Mine Safety Disclosures 32 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 32 Item 6. [RESERVED] 33 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Understanding Our Financial Information 34 Overview 34 Factors That Affect Our Operating Results and Trends 35 Our Operating Results 38 Income Tax Provision 41 Liquidity and Capital Resources 42 Guarantees 45 Seasonal Influences 45 Disclosures of Financial Market Risks 46 Financial Instruments 47 Environmental 47 Critical Accounting Estimates 50 Non-GAAP Financial Measures 51 New and Recently Adopted Accounting Standards 52 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 53

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 59 1. Nature of Operations and Basis of Presentation 59 2. Summary of Significant Accounting Policies 59 3. Revenues 64 4. Income Taxes 66 5. Net Income Per Common Share 68 6. Acquisitions 69 7. Goodwill and Intangible Assets 72 8. Debt 73 ii Table of Contents 9. Leases 75 10. Retirement and Benefit Plans 77 11. Long-Term Incentive Compensation Plans 78 12. Stockholders' Equity 80 13. Transactions with Related Party 82 14. Financial Instrument Risk 82 15. Segment Information 83 16. Commitments, Legal Proceedings and Contingencies, and Guarantees 86 Reports of Independent Registered Public Accounting Firm 87 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 91 Item 9A.

Controls and Procedures

Controls and Procedures 91 Item 9B. Other Information 92 Item 9C. Holding Foreign Companies Accountable Act Disclosures 92 PART III Item 10. Directors, Executive Officers, and Corporate Governance 92 Item 11.

Executive Compensation

Executive Compensation 92 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92 Item 13. Certain Relationships and Related Transactions, and Director Independence 93 Item 14. Principal Accountant Fees and Services 93 PART IV Item 15. Exhibits and Financial Statement Schedules 94 Index to Exhibits 95

Signatures

Signatures 100 iii Table of Contents Cautionary Statement Concerning Forward-Looking Statements Certain statements made in this Form 10-K contain forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by these forward-looking statements. Forward-looking statements include information concerning our future financial performance, business strategy, plans, goals, and objectives. The following factors, among others, could cause our actual results, performance, or achievements to differ from those set forth in the forward-looking statements: 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 ou

BUSINESS

ITEM 1. BUSINESS Boise Cascade is one of the largest producers of engineered wood products (EWP) and plywood in North America and a leading U.S. wholesale distributor of building products. As used in this Form 10-K, the terms "Boise Cascade," "we," and "our" refer to Boise Cascade Company and its consolidated subsidiaries. Our Purpose and Values Purpose As a leading manufacturer and distributor of building materials, we bring people, products, and services together to build strong homes, businesses, and communities that stand the test of time. Our Shared Values At Boise Cascade, our values are not just words; they are the behaviors that we expect of each other and help us all share in a bigger purpose. We truly care about relationships with our teammates, customers, suppliers, shareholders, and the communities where we operate. We approach the way we do business with these core values: Integrity - We are our word. Integrity goes beyond the lasting structural strength of our products; it is our uncompromising commitment to do the right thing. We nurture long-term relationships every day, in everything that we do. Safety - We each have the responsibility for our own safety and the safety of those around us, both at work and at home. Together, we strive to create an injury-free environment by identifying risks, eliminating hazards, and requiring safe behaviors. 2 Table of Contents Respect - We cultivate a climate of mutual respect, camaraderie, and teamwork. We welcome diverse backgrounds, views, and skills because we believe it results in stronger teams, inspired solutions, and greater agility as an organization. Pursuit of Excellence - We are committed to the continuous improvement of people, processes, and the quality of products that we deliver. We apply best practices in our environmental management and forest stewardship. We all have the autonomy to apply our knowledge and experience to solve problems, make decisions, and implement new ide

View Full Filing

View this 10-K filing on SEC EDGAR