What changed in this filing

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Item 1. Financial Statements

2021-08-02 compared with 2021-05-06 · 88 added, 46 removed, 521 unchanged (20% of the section changed)

3 unchanged sentences

Three Months Ended

June 30 Six Months Ended

2021 2020 2021 2020

(thousands, except per-share data)

29 unchanged sentences

Three Months Ended

June 30 Six Months Ended

2021 2020 2021 2020

Net income $ 302,556 $ 33,586 $ 451,712 $ 45,786

2 unchanged sentences

Amortization of actuarial (gain) loss, net of tax of $( 1 ) , $ 51 , $( 2 ), and $ 102 , respectively

( 3 ) 150 ( 7 ) 301

Effect of settlements, net of tax of $ — , $ — , $ — , and $ 22 , respectively

35 unchanged sentences

Interest payable 9,879 8,477

Dividends payable 78,662 —

Other 123,612 80,172

23 unchanged sentences

Consolidated Statements of Cash Flows

Three Months Ended

Six Months Ended

Cash provided by (used for) operations

7 unchanged sentences

Loss on curtailment of facility (excluding severance) — 1,476

Other 1,017 164

Decrease (increase) in working capital

6 unchanged sentences

Other 1,890 1,220

Net cash provided by (used for) operations 72,251 ( 42,467 )

Net cash provided by operations 291,179 118,276

Cash provided by (used for) investment

3 unchanged sentences

Cash provided by (used for) financing

Borrowings of long-term debt, including revolving credit facility 28,000 —

Payments of long-term debt, including revolving credit facility ( 28,000 ) —

Dividends paid on common stock ( 8,373 ) ( 8,562 )

2 unchanged sentences

Net cash used for financing ( 11,792 ) ( 13,634 )

Net increase (decrease) in cash and cash equivalents 51,600 ( 70,245 )

Net increase in cash and cash equivalents 248,385 76,199

Balance at beginning of the period 405,382 285,237

16 unchanged sentences

Balance at March 31, 2021 44,698 $ 447 5,367 $ ( 138,909 ) $ 537,431 $ ( 1,082 ) $ 597,374 $ 995,261

Net income 302,556 302,556

Other comprehensive loss ( 3 ) ( 3 )

Stock-based compensation 1,411 1,411

Common stock dividends ($ 2.10 per share)

( 83,514 ) ( 83,514 )

Other ( 1 ) ( 1 )

Balance at June 30, 2021 44,698 $ 447 5,367 $ ( 138,909 ) $ 538,841 $ ( 1,085 ) $ 816,416 $ 1,215,710

See accompanying condensed notes to unaudited quarterly consolidated financial statements.

14 unchanged sentences

Balance at March 31, 2020 44,564 $ 446 5,367 $ ( 138,909 ) $ 531,735 $ ( 50,033 ) $ 365,032 $ 708,271

Net income 33,586 33,586

Other comprehensive income 150 150

Stock-based compensation 1,671 1,671

Common stock dividends ($ 0.10 per share)

( 3,970 ) ( 3,970 )

Balance at June 30, 2020 44,564 $ 446 5,367 $ ( 138,909 ) $ 533,406 $ ( 49,883 ) $ 394,648 $ 739,708

See accompanying condensed notes to unaudited quarterly consolidated financial statements.

44 unchanged sentences

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 Building Materials Distribution segment, costs related to shipping and handling of $ 46.5 million and $ 40.7 million, for the three months ended March 31, 2021 and 2020, respectively, are included in "Selling and distribution expenses" in our Consolidated Statements of Operations.

For our Building Materials Distribution segment, costs related to shipping and handling of $ 49.7 million and $ 44.2 million, for the three months ended June 30, 2021 and 2020, respectively, and $ 96.2 million and $ 84.9 million for the six months ended June 30, 2021 and 2020, respectively, are included in "Selling and distribution expenses" in our Consolidated Statements of Operations.

In our Building Materials Distribution segment, our activities relate to the purchase and resale of finished product, 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.

2 unchanged sentences

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 March 31, 2021, and December 31, 2020, we had $ 56.4 million and $ 56.3 million, respectively, of rebates payable to our customers recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets.

Rebates are generally estimated based on the expected amount to be paid and recorded as a decrease in "Sales." At June 30, 2021, and December 31, 2020, we had $ 93.1 million and $ 56.3 million, respectively, of rebates payable to our customers recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets.

We adjust our estimate of revenue at the earlier of when the probability of rebates paid changes or when the amounts become fixed.

2 unchanged sentences

We receive rebates and allowances from our vendors under a number of different programs, including vendor marketing programs.

At March 31, 2021, and December 31, 2020, we had $ 8.2 million and $ 9.9 million, respectively, of vendor rebates and allowances recorded in "Receivables, Other" on our Consolidated Balance Sheets.

At June 30, 2021, and December 31, 2020, we had $ 11.6 million and $ 9.9 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.

12 unchanged sentences

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.

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.

31 unchanged sentences

Our cash is recorded at cost, which approximates fair value, and our cash equivalents are money market funds.

As of March 31, 2021, and December 31, 2020, we held $ 399.0 million and $ 371.8 million, respectively, in money market funds that are measured at fair value on a recurring basis using Level 1 inputs.

As of June 30, 2021, and December 31, 2020, we held $ 585.5 million and $ 371.8 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 March 31, 2021, and December 31, 2020, the book value of our fixed-rate debt for each period was $ 400.0 million, and the fair value was estimated to be $ 418.5 million and $ 432.0 million, respectively.

At June 30, 2021, and December 31, 2020, the book value of our fixed-rate debt for each period was $ 400.0 million, and the fair value was estimated to be $ 423.5 million and $ 432.0 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.

5 unchanged sentences

We are exposed to interest rate risk arising from fluctuations in variable-rate LIBOR on our term loan and when we have loan amounts outstanding on our Revolving Credit Facility.

At March 31, 2021, we had $ 50.0 million of variable-rate debt outstanding based on one-month LIBOR.

At June 30, 2021, we had $ 50.0 million of variable-rate debt outstanding based on one-month LIBOR.

Our objective is to limit the variability of interest payments on our debt.

2 unchanged sentences

We do not speculate using derivative instruments.

At March 31, 2021, we had two interest rate swap agreements.

At June 30, 2021, we had two interest rate swap agreements.

Under the interest rate swaps, we receive one-month LIBOR-based variable interest rate payments and make fixed interest rate payments, thereby fixing the interest rate on $ 50.0 million of variable rate debt exposure.

3 unchanged sentences

The interest rate swap agreements were not designated as cash flow hedges, 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 March 31, 2021, we recorded a long-term asset of $ 0.9 million in "Other assets" on our Consolidated Balance Sheets, and we also recorded a long-term liability of $ 0.4 million in "Other long-term liabilities" on our Consolidated Balance Sheets, representing the fair value of the interest rate swap agreements.

At June 30, 2021, we recorded a long-term asset of $ 0.7 million in "Other assets" on our Consolidated Balance Sheets, and we also recorded a long-term liability of $ 0.3 million in "Other long-term liabilities" on our Consolidated Balance Sheets, representing the fair value of the interest rate swap agreements.

At December 31, 2020, we recorded a long-term liability of $ 0.6 million in "Other long-term liabilities" on our Consolidated Balance Sheets, representing the fair value of the interest rate swap agreements.

3 unchanged sentences

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 March 31, 2021, receivables from two customers accounted for approximately 17 % and 11 % of total receivables.

At June 30, 2021, receivables from two customers accounted for approximately 18 % and 10 % of total receivables.

At December 31, 2020, receivables from these two customers accounted for approximately 13 % and 12 % of total receivables.

9 unchanged sentences

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.

For the three months ended March 31, 2021 and 2020, we recorded $ 51.4 million and $ 4.0 million, respectively, of income tax expense and had an effective rate of 25.6 % and 24.7 %, respectively.

During the three months ended March 31, 2021, 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 three months ended March 31, 2020, 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, offset by excess tax benefits of vested share-based payment awards and accounting for the tax impact of the CARES Act.

During the three months ended March 31, 2021 and 2020, cash paid for taxes, net of refunds received, were $ 1.0 million and $ 5.3 million, respectively.

For the three and six months ended June 30, 2021, we recorded $ 101.0 million and $ 152.5 million, respectively, of income tax expense and had an effective rate of 25.0 % and 25.2 %, respectively.

During the three and six months ended June 30, 2021, 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.

For the three and six months ended June 30, 2020, we recorded $ 11.3 million and $ 15.3 million, respectively, of income tax expense and had an effective rate of 25.2 % and 25.1 %, respectively.

During the three and six months ended June 30, 2020, 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, 2021 and 2020, cash paid for taxes, net of refunds received, were $ 155.5 million and $ 8.9 million, respectively.

Net Income Per Common Share

6 unchanged sentences

Three Months Ended

June 30 Six Months Ended

2021 2020 2021 2020

(thousands, except per-share data)

5 unchanged sentences

Net income per common share - Diluted $ 7.62 $ 0.85 $ 11.40 $ 1.16

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 March 31, 2021 and 2020.

The computation of the dilutive effect of other potential common shares excludes stock awards representing no shares and 0.1 million shares of common stock, respectively, in the three months ended June 30, 2021 and 2020, and 0.2 million and 0.1 million shares of common stock, respectively, in the six months ended June 30, 2021 and 2020.

Under the treasury stock method, the inclusion of these stock awards would have been antidilutive.

19 unchanged sentences

The Amended Agreement also contains a requirement that we meet a 1 :1 fixed-charge coverage ratio (FCCR), applicable only if Availability falls below 10 % of the aggregate revolving lending commitments (or $ 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 March 31, 2021, was $ 345.3 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, 2021, was $ 345.3 million.

The Amended Agreement 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 Amended Agreement, and (ii) pro forma Excess Availability (as defined in the Amended Agreement) is equal to or exceeds 25 % of the aggregate Revolver Commitments (as defined in the Amended Agreement) or (iii) (x) pro forma Excess Availability is equal to or exceeds 15 % of the aggregate Revolver Commitment and (y) our fixed-charge coverage ratio is greater than or equal to 1 :1 on a pro forma basis.

4 unchanged sentences

In addition, we are required to pay an unused commitment fee at a rate of 0.25 % per annum of the average unused portion of the lending commitments.

At both March 31, 2021, and December 31, 2020, we had no borrowings outstanding under the Revolving Credit Facility and $ 4.7 million and $ 4.8 million, respectively, of letters of credit outstanding.

At both June 30, 2021, and December 31, 2020, we had no borrowings outstanding under the Revolving Credit Facility and $ 4.7 million and $ 4.8 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.

During the six months ended June 30, 2021, the minimum and maximum borrowings under the Revolving Credit Facility were zero and $ 28.0 million, respectively, and the average interest rate on borrowings was approximately 1.37 %.

ABL Term Loan

3 unchanged sentences

Interest rates under the ABL Term Loan are based, at our election, on either LIBOR 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 LIBOR 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).

During the three months ended March 31, 2021, the average interest rate on the ABL Term Loan was approximately 1.87 %.

During the six months ended June 30, 2021, the average interest rate on the ABL Term Loan was approximately 1.86 %.

We have received and expect to continue receiving patronage credits under the ABL Term Loan.

2 unchanged sentences

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 0.9 % during the three months ended March 31, 2021.

After giving effect to expected patronage distributions, the effective average net interest rate on the ABL Term Loan was approximately 0.9 % during the six months ended June 30, 2021.

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.

17 unchanged sentences

Cash Paid for Interest

For the three months ended March 31, 2021 and 2020, cash payments for interest were $ 8.7 million and $ 10.7 million, respectively.

For the six months ended June 30, 2021 and 2020, cash payments for interest were $ 9.6 million and $ 11.5 million, respectively.

The components of lease expense were as follows:

Three Months Ended

June 30 Six Months Ended

2021 2020 2021 2020

Operating lease cost $ 3,363 $ 3,361 $ 6,725 $ 6,707

8 unchanged sentences

Supplemental cash flow information related to leases was as follows:

Three Months Ended

Six Months Ended

Cash paid for amounts included in the measurement of lease liabilities

6 unchanged sentences

Other information related to leases was as follows:

March 31, 2021 December 31, 2020

June 30, 2021 December 31, 2020

Weighted-average remaining lease term (years)

4 unchanged sentences

Finance leases 7.7 % 7.7 %

As of March 31, 2021, our minimum lease payment requirements for noncancelable operating and finance leases are as follows:

As of June 30, 2021, our minimum lease payment requirements for noncancelable operating and finance leases are as follows:

Operating Leases Finance Leases

10 unchanged sentences

Long-term lease obligations $ 50,967 $ 30,661

As of March 31, 2021, the minimum lease payment amount for leases signed but not yet commenced was $ 7.3 million.

As of June 30, 2021, the minimum lease payment amount for leases signed but not yet commenced was $ 7.3 million.

Retirement and Benefit Plans

1 unchanged sentence

Three Months Ended

June 30 Six Months Ended

2021 2020 2021 2020

Service cost $ — $ 166 $ — $ 334

5 unchanged sentences

Service cost is recorded in the same income statement line items as other employee compensation costs arising from services rendered, and the other components of net periodic benefit expense are recorded in "Pension expense (excluding service costs)" in our Consolidated Statements of Operations.

During the three months ended March 31, 2021, we paid $ 0.1 million in cash to the nonqualified pension plan participants.

During the six months ended June 30, 2021, we paid $ 0.2 million in cash to the nonqualified pension plan participants.

For the remainder of 2021, we expect to make approximately $ 0.2 million in cash payments to our nonqualified pension plan participants.

3 unchanged sentences

PSU and RSU Awards

During the three months ended March 31, 2021, we granted 73,265 PSUs to our officers and other employees, subject to performance and service conditions.

During the six months ended June 30, 2021, we granted 73,265 PSUs to our officers and other employees, subject to performance and service conditions.

For the officers, the number of shares actually awarded will range from 0 % and 200 % of the target amount, depending upon Boise Cascade's 2021 return on invested capital (ROIC), as approved by our Compensation Committee in accordance with the related grant agreement.

1 unchanged sentence

Because the ROIC and EBITDA components 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 three months ended March 31, 2020, we granted 94,850 PSUs to our officers and other employees, subject to performance and service conditions.

During the six months ended June 30, 2020, we granted 94,850 PSUs to our officers and other employees, subject to performance and service conditions.

During the 2020 performance period, officers and other employees both earned 200 % of the target based on Boise Cascade’s 2020 ROIC and EBITDA, determined by our Compensation Committee in accordance with the related grant agreement.

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 three months ended March 31, 2021 and 2020, we granted an aggregate of 96,622 and 125,716 RSUs, respectively, to our officers, other employees, and nonemployee directors with only service conditions.

During the six months ended June 30, 2021 and 2020, we granted an aggregate of 99,588 and 125,716 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.

1 unchanged sentence

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 three months ended March 31, 2021 and 2020, the total fair value of PSUs and RSUs vested was $ 9.2 million and $ 11.1 million, respectively.

The following summarizes the activity of our PSUs and RSUs awarded under our incentive plan for the three months ended March 31, 2021:

During the six months ended June 30, 2021 and 2020, the total fair value of PSUs and RSUs vested was $ 9.2 million and $ 11.1 million, respectively.

The following summarizes the activity of our PSUs and RSUs awarded under our incentive plan for the six months ended June 30, 2021:

Number of shares Weighted Average Grant-Date Fair Value Number of shares Weighted Average Grant-Date Fair Value

4 unchanged sentences

Forfeited ( 49,259 ) 37.19 ( 45,562 ) 33.76

Outstanding, March 31, 2021 284,457 $ 39.33 195,790 $ 42.48

Outstanding, June 30, 2021 246,973 $ 39.54 160,592 $ 45.06

_______________________________

(a) Represents additional PSUs granted during the three months ended March 31, 2021, related to the 2020 performance condition adjustment described above.

(a) Represents additional PSUs granted during the six months ended June 30, 2021, related to the 2020 performance condition adjustment described above.

Compensation Expense

5 unchanged sentences

Three Months Ended

June 30 Six Months Ended

2021 2020 2021 2020

PSUs $ 745 $ 691 $ 1,834 $ 1,301

1 unchanged sentence

Total $ 1,411 $ 1,671 $ 3,503 $ 3,345

The related tax benefit for the three months ended March 31, 2021 and 2020, was $ 0.5 million and $ 0.4 million respectively.

As of March 31, 2021, total unrecognized compensation expense related to nonvested share-based compensation arrangements was $ 18.9 million.

The related tax benefit for the six months ended June 30, 2021 and 2020, was $ 0.9 million and $ 0.8 million respectively.

As of June 30, 2021, total unrecognized compensation expense related to nonvested share-based compensation arrangements was $ 14.9 million.

This expense is expected to be recognized over a weighted-average period of 2.1 years.

1 unchanged sentence

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 three months ended March 31, 2021 and 2020, see "Common stock dividends" on our Consolidated Statements of Stockholders' Equity.

On May 6, 2021 , our board of directors declared a quarterly dividend of $ 0.10 per share on our common stock, payable on June 15, 2021 , to stockholders of record on June 1, 2021 .

For more information regarding our dividend declarations and payments made during each of the six months ended June 30, 2021 and 2020, see "Common stock dividends" on our Consolidated Statements of Stockholders' Equity.

On June 28, 2021 , our board of directors declared a supplemental dividend of $ 2.00 per share on our common stock, payable on July 30, 2021 , to stockholders of record on July 15, 2021 .

At June 30, 2021, we accrued $ 78.7 million in "Dividends payable" on our Consolidated Balance Sheets, representing our supplemental dividend declaration.

On July 29, 2021 , our board of directors declared a quarterly dividend of $ 0.10 per share on our common stock, payable on September 15, 2021 , to stockholders of record on September 1, 2021 .

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 6, Debt.

1 unchanged sentence

Accumulated Other Comprehensive Loss

The following table details the changes in accumulated other comprehensive loss for the three months ended March 31, 2021 and 2020:

The following table details the changes in accumulated other comprehensive loss for the three and six months ended June 30, 2021 and 2020:

Three Months Ended

June 30 Six Months Ended

2021 2020 2021 2020

Beginning balance, net of taxes

14 unchanged sentences

Accordingly, we do not consolidate LTP's results in our financial statements.

Related-party sales to LTP from our Wood Products segment in our Consolidated Statements of Operations were $ 3.3 million and $ 4.2 million, respectively, during the three months ended March 31, 2021 and 2020.

Related-party sales to LTP from our Wood Products segment in our Consolidated Statements of Operations were $ 3.4 million and $ 2.5 million, respectively, during the three months ended June 30, 2021 and 2020, and $ 6.7 million and $ 6.8 million, respectively, during the six months ended June 30, 2021 and 2020.

These sales are recorded in "Sales" in our Consolidated Statements of Operations.

Costs and Expenses

Related-party wood fiber purchases from LTP were $ 20.3 million and $ 22.6 million, respectively, during the three months ended March 31, 2021 and 2020.

Related-party wood fiber purchases from LTP were $ 20.7 million and $ 13.8 million, respectively, during the three months ended June 30, 2021 and 2020, and $ 41.0 million and $ 36.4 million, respectively, during the six months ended June 30, 2021 and 2020.

These costs are recorded in "Materials, labor, and other operating expenses (excluding depreciation)" in our Consolidated Statements of Operations.

7 unchanged sentences

Three Months Ended

June 30 Six Months Ended

2021 2020 2021 2020

Wood Products (a)

6 unchanged sentences

Other 5.1 2.2 10.9 9.0

270.5 108.5 457.0 229.0

Building Materials Distribution

7 unchanged sentences

Sales are calculated after intersegment sales eliminations to our Building Materials Distribution segment, as well as the cost of EWP rebates and sales allowances provided at various stages of the supply chain (including distributors, retail lumberyards, and professional builders).

For the three months ended March 31, 2021 and 2020, approximately 78 % and 79 %, respectively, of Wood Products' EWP sales volumes were to our Building Materials Distribution segment.

For the six months ended June 30, 2021 and 2020, approximately 78 % and 80 %, respectively, of Wood Products' EWP sales volumes were to our Building Materials Distribution segment.

An analysis of our operations by segment is as follows:

Three Months Ended

June 30 Six Months Ended

2021 2020 2021 2020

Net sales by segment

11 unchanged sentences

(a) Primarily represents intersegment sales from our Wood Products segment to our Building Materials Distribution segment.

(b) Wood Products segment operating income for the three months ended March 31, 2020, included $ 15.0 million of accelerated depreciation and $ 1.7 million of other closure-related costs due to the permanent curtailment of I-joist production at our Roxboro, North Carolina facility.

(b) Wood Products segment operating income for the six months ended June 30, 2020, included $ 15.0 million of accelerated depreciation and $ 1.7 million of other closure-related costs due to the permanent curtailment of I-joist production at our Roxboro, North Carolina facility.

For more information, see Note 5, Curtailment of Manufacturing Facility.

3 unchanged sentences

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 March 31, 2021, there have been no material changes to the above commitments disclosed in the 2020 Form 10-K.

As of June 30, 2021, there have been no material changes to the above commitments disclosed in the 2020 Form 10-K.

Legal Proceedings and Contingencies

4 unchanged sentences

Financial Statements and Supplementary Data" in our 2020 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 March 31, 2021, there have been no material changes to the guarantees disclosed in the 2020 Form 10-K.

As of June 30, 2021, there have been no material changes to the guarantees disclosed in the 2020 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-Q

Item 1. Financial Statements