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Item 5. Market for Registrant’s Common Equity

2021-02-22 compared with 2020-02-24 · 33 added, 15 removed, 63 unchanged (43% of the section changed)

5 unchanged sentences

The following graph compares the return on a $100 investment in our common stock on December 31, 2015, with a $100 investment also made on December 31, 2015, in the S&P SmallCap 600 Index and in our peer group.

The companies included in our peer group are Louisiana-Pacific Corporation, BlueLinx Holdings Inc., Universal Forest Products, Inc., Builders FirstSource, Inc., and Norbord Inc.

The companies included in our peer group are Louisiana-Pacific Corporation, BlueLinx Holdings Inc., UFP Industries, Inc., Builders FirstSource, Inc., and Norbord Inc.

The information in the graph below is not "soliciting material," is not deemed "filed" with the SEC, and is not to be incorporated by reference in any of our filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Annual Report on Form 10-K, except to the extent that we specifically incorporate such information by reference.

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$100 invested in stock or index on December 31, 2014, including reinvestment of dividends in additional shares of the same class of equity securities.

(a) $100 invested in stock or index on December 31, 2015, including reinvestment of dividends in additional shares of the same class of equity securities.

Unregistered Sales of Equity Securities

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Year Ended December 31

(millions, except per-share data)

Consolidated statement of operations data

Sales $ 5,475 $ 4,643 $ 4,995 $ 4,432 $ 3,911

Net income $ 175 $ 81 $ 20 $ 83 $ 38

Net income per common share – diluted $ 4.44 $ 2.06 $ 0.52 $ 2.12 $ 0.98

Earnings before interest, taxes, depreciation, and amortization (EBITDA) (d)

Adjusted EBITDA (d)

Cash dividends declared per common share (e)

Earnings before interest, taxes, depreciation, and amortization (EBITDA) (e) $ 407 $ 212 $ 193 $ 223 $ 142

Adjusted EBITDA (e) $ 423 $ 215 $ 193 $ 222 $ 153

Cash dividends declared per common share (f) $ 2.00 $ 1.37 $ 1.30 $ 0.07 $ —

Balance sheet data (at end of year)

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Working capital, excluding cash and cash equivalents $ 379 $ 353 $ 424 $ 374 $ 344

Total assets (f)

Total assets (g) $ 1,966 $ 1,693 $ 1,581 $ 1,607 $ 1,439

Total long-term debt $ 444 $ 441 $ 439 $ 438 $ 438

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The following items negatively impacted 2018 net income:

(a) The following items negatively impacted 2020 net income:

• $14.0 million pre-tax loss on extinguishment of debt.

For more information, see Note 10, Debt, of the Notes to Consolidated Financial Statements in "Item 8.

Financial Statements and Supplementary Data" of this Form 10-K.

• $15.0 million of accelerated depreciation and $1.7 million of various closure-related costs related to the permanent curtailment of I-joist production at our Roxboro, North Carolina facility.

For additional information, see Note 6, Curtailment of Manufacturing Facilities, of the Notes to Consolidated Financial Statements in "Item 8.

Financial Statements and Supplementary Data" of this Form 10-K.

• $6.2 million pre-tax loss from non-cash pension settlement charges, related to the elimination of our qualified defined benefit pension plan (Pension Plan).

For more information, see Note 12, Retirement and Benefit Plans, of the Notes to Consolidated Financial Statements in "Item 8.

Financial Statements and Supplementary Data" of this Form 10-K.

• $38.8 million of incremental income tax expense related to the release of stranded tax effects upon elimination of our Pension Plan in December 2020.

For more information, see Note 4, Income Taxes and Note 12, Retirement and Benefit Plans, of the Notes to Consolidated Financial Statements in "Item 8.

Financial Statements and Supplementary Data" of this Form 10-K.

(b) The following items negatively impacted 2018 net income:

• $23.3 million pre-tax loss from non-cash pension settlement charges.

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Financial Statements and Supplementary Data" of this Form 10-K.

In 2018 and 2017, net income included $3.8 million and $8.1 million, respectively, of income tax benefits associated with the remeasurement of our deferred tax assets and liabilities at the new federal corporate income tax rate of 21% as of December 22, 2017 (date of enactment of the Tax Cuts and Jobs Act).

(c) In 2018 and 2017, net income included $3.8 million and $8.1 million, respectively, of income tax benefits associated with the remeasurement of our deferred tax assets and liabilities at the new federal corporate income tax rate of 21% as of December 22, 2017 (date of enactment of the Tax Cuts and Jobs Act).

For more information, see Note 4, Income Taxes, of the Notes to Consolidated Financial Statements in "Item 8.

Financial Statements and Supplementary Data" of this Form 10-K.

The following items impacted 2016 net income:

(d) The following items impacted 2016 net income:

• $8.5 million of income tax benefit primarily associated with the reversal of a valuation allowance on foreign deferred tax assets, net of other tax adjustments.

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• $3.9 million pre-tax settlement expense associated with voluntary lump-sum payments to pension plan participants.

At December 31, 2016, total assets include the EWP facilities located in Thorsby, Alabama, and Roxboro, North Carolina, we acquired in March 2016, for an aggregate purchase price of $215.9 million.

(d) The following table reconciles net income to EBITDA and Adjusted EBITDA for the periods indicated:

(e) The following table reconciles net income to EBITDA and Adjusted EBITDA for the periods indicated:

Year Ended December 31

2020 2019 2018 2017 2016

Net income $ 175 $ 81 $ 20 $ 83 $ 38

Interest expense 26 26 26 25 27

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Depreciation and amortization 95 80 147 80 73

EBITDA 407 212 193 223 142

Change in fair value of interest rate swaps 2 3 (1) (1) (4)

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Our measures of EBITDA and Adjusted EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.

For more information regarding our dividends declared, including supplemental dividends of $1.00 per share of our common stock during each fourth quarter 2019 and third quarter 2018, see Note 14, Stockholders' Equity , of the Notes to Consolidated Financial Statements in "Item 8.

(f) For more information regarding our dividends declared, including supplemental dividends of $1.60 per share of our common stock during third quarter 2020 and $1.00 per share of our common stock during each fourth quarter 2019 and third quarter 2018, see Note 14, Stockholders' Equity, of the Notes to Consolidated Financial Statements in "Item 8.

Financial Statements and Supplementary Data" of this Form 10-K.

On January 1, 2019, we adopted Accounting Standards Update 2016-02, Leases (Topic 842), using the modified retrospective transition method and used the effective date as our date of initial application.

(g) On January 1, 2019, we adopted Accounting Standards Update 2016-02, Leases (Topic 842), using the modified retrospective transition method and used the effective date as our date of initial application.

Consequently, leases for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 840.

We recorded additional lease liabilities for operating leases of $72.4 million, with an offsetting increase to ROU assets of approximately $69.2 million as of January 1, 2019.

For more information regarding our adoption of Topic 842, see Note 11, Leases , of the Notes to Consolidated Financial Statements in "Item 8.

We recorded additional lease liabilities for operating leases of $72.4 million, with an offsetting increase to right-of-use (ROU) assets of approximately $69.2 million as of January 1, 2019.

For more information regarding our leases, see Note 11, Leases, of the Notes to Consolidated Financial Statements in "Item 8.

Financial Statements and Supplementary Data" of this Form 10-K.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity