What changed in this filing

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Item 1. Business

2023-02-21 compared with 2022-02-22 · 93 added, 81 removed, 330 unchanged (35% of the section changed)

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Our Shared Values

At Boise Cascade, we truly care about relationships with our teammates, customers, suppliers, shareholders, and the communities where we operate.

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:

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it is our uncompromising commitment to do the right thing.

We nurture long-term relationships every day, in everything we do.

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.

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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 ideas to drive sustainable results.

have the autonomy to apply our knowledge and experience to solve problems, make decisions, and implement new ideas to drive sustainable results.

Segment Overview

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We have grown our EWP sales and thereby diverted more of our internally produced veneer away from plywood, which is a product line exposed to oriented strand board substitution and significant price volatility.

In 2022, we acquired Coastal Plywood Company (Coastal Plywood) and its plywood manufacturing locations in Havana, Florida, and Chapman, Alabama, to provide avenues for further EWP growth.

These facilities will provide incremental stress-rated veneer needed to optimize and expand our southeastern U.S.

EWP production capacity.

In addition, we have divested of assets that we considered to be non-strategic or where we believed we were unlikely to generate a sufficient return on invested capital in the future.

In BMD, our growth strategy includes adding products and services, expanding our market penetration via acquisition or the opening or expansion of locations in under-served markets, and identifying and executing upon adjacent distribution platforms that can be scaled.

Doors provides a recent example of product line expansion in BMD.

In 2020 and 2021, we expanded our door shop assembly operations with the addition of assembly equipment in Dallas, Texas, and Houston, Texas.

Also in 2021, we completed or announced capacity expansion projects in Nashville, Tennessee;

Doors provide a recent example of product line expansion in BMD.

In 2020 and 2021, we expanded our door shop assembly operations with the addition of properties and related assembly equipment in Dallas and Houston, Texas.

In addition, we recently announced the purchase of a new facility in Kansas City, Missouri, to house an additional door shop assembly operation.

In 2022, we completed or announced capacity expansion projects in Albuquerque, New Mexico;

Marion, Ohio;

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and Minneapolis, Minnesota.

Furthermore, we recently purchased properties in South Carolina and Texas to build two new distribution facilities over the next two years.

These organic growth projects allow us to further expand our product and service offerings in those markets.

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Wood Products' change in sales mix by product line over time is illustrated below.

The charts below illustrate our growth in EWP and how we have transitioned more of our veneer usage to support our EWP growth.

In BMD, we have grown by adding products and services, capturing additional market share in many of our existing markets, expanding our market presence via acquisition or start-up or expansion of locations, and by identifying and executing upon adjacent distribution platforms.

The chart below illustrates our growth in EWP.

BMD carries a broad line of building materials used in residential construction, repair and remodel, and industrial applications.

Over time, BMD intends to increase the proportion of its sales attributable to general line and EWP as those products carry a higher margin profile than commodities.

The chart below reflects BMD's sales mix by product for the year ended December 31, 2022.

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and Birmingham, Alabama.

In addition, we opened a new distribution center in St.

Louis, Missouri, during 2017.

In addition, we recently purchased properties in South Carolina and Texas to build two new distribution facilities over the next two years.

These facilities will allow us to better serve customers in Charleston, South Carolina, San Antonio, Texas, and surrounding markets.

Leverage our Integrated Model

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Key learnings and best practices are then leveraged across our distribution locations.

Accelerate Pace of Innovation, Digital Technology, and Diversity & Inclusion

Accelerate Pace of Innovation, Digital Technology, and Diversity, Equity & Inclusion

The Company is actively pursuing additional initiatives that we believe will provide further avenues for revenue and earnings growth:

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Innovation efforts within our Wood Products segment are also focused on identifying process and cost efficiency improvement opportunities, some of which will include further automation within our manufacturing operations.

To support our innovation initiatives, we have added dedicated resources and are also leveraging tools to capture ideas from associates across our organization.

To support our innovation initiatives, we have added dedicated resources and are also leveraging tools to capture ideas from employees across our organization.

Digital Technology - Like many companies, we use multiple systems to manage our business.

This can mean that critical business data is not in one central and easily accessible location.

As such, we have undertaken a project that will bring much of our primary business data into a single repository that, when combined with a robust reporting engine, will allow us to quickly access and analyze the information.

Ultimately, we expect the project to result in the development of business use cases that will provide revenue generating, cost reducing, and risk mitigating opportunities.

Diversity & Inclusion - In alignment with our core values, we strive to 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, greater agility as an organization, and ultimately a more sustainable and profitable business model over time.

At the same time, we also recognize that shifting demographics, a changing talent market, and a competitive business environment make a compelling case for us to be even more intentional in creating a diverse and inclusive work environment.

As such, we have hired a Director of Diversity and Inclusion, supported by our executive leadership team and a steering committee composed of associates from across the Company.

Our ongoing efforts have placed additional focus on diversity and inclusion to develop an iterative framework of education and training, strategy development, and implementation that will be shared with all levels of our organization.

As such, we have undertaken a project that has brought much of our primary business data into a single repository.

That data, combined with a robust reporting engine, is allowing us to quickly access and analyze the information.

This project has resulted in the development of business use cases that are expected to provide revenue-generating, cost-reducing, and risk-mitigating opportunities.

This journey is ongoing, and we expect to continue to leverage this digital investment to further develop value-generating analytics and business insights.

Diversity, Equity & Inclusion (DEI) - At Boise Cascade, we are pursuing excellence by embracing the power of our differences.

We are committed to fostering an inclusive culture that values diversity and creates connection where everyone feels seen, heard, and valued.

We recognize both the compelling business case for DEI to drive business impact and the role this work plays in living our core values of integrity, safety, respect, and the pursuit of excellence.

Our strategy drives our work to build diverse and inclusive teams by putting initiatives in place that welcome diversity, build community, and grow our people and our business.

Our DEI Director works in partnership with an employee DEI Steering Committee that informs and guides our work and an employee DEI Action Council that integrates DEI into our systems and processes to operationalize the strategy.

Our commitment starts at the top with our executive leadership team and engages employees at all levels with training, webinars, and other tools, resources, and activities that celebrate our differences, increase our awareness, diversify our talent pipelines, and foster a culture of inclusion for all employees.

Segment Detail

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LVL is also used in the manufacture of I-joists, which are assembled by combining a vertical web of OSB with top and bottom LVL or solid wood flanges.

I-joists, which are used primarily in residential and commercial flooring and roofing systems and other structural applications, are stronger, lighter, and straighter than conventional lumber joists.

I-joists, which are used primarily in residential and commercial flooring and roofing systems and other structural applications, are stronger, lighter, and straighter than conventional lumber products.

Plywood is used in a wide range of structural, interior, and exterior applications within the residential, industrial, and repair and remodel sectors.

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2022 2021 2020 2019 2018

LVL (cubic feet) (b)(c) 34.0 34.0 34.0 33.5 35.5

LVL (cubic feet) (b) 34.6 34.0 34.0 34.0 33.5

Plywood and Parallel Laminated Veneer (PLV) (sq.

ft.) (3/8" basis) (d)(e) 2,230 2,230 2,230 2,440 2,440

ft.) (3/8" basis) (c)(d) 2,735 2,230 2,230 2,230 2,440

Production Volumes

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Plywood and PLV (sq.

ft.) (3/8" basis) (d) 1,727 1,637 1,668 1,822 1,828

ft.) (3/8" basis) (c) 1,753 1,727 1,637 1,668 1,822

Sales Volumes

LVL (cubic feet) (f) 18.2 17.3 17.9 17.7 17.3

LVL (cubic feet) (e) 17.6 18.2 17.3 17.9 17.7

I-joists (equivalent lineal feet) 229 290 241 227 237

ft.) (3/8" basis) (g) 1,259 1,253 1,337 1,423 1,458

ft.) (3/8" basis) (f) 1,319 1,259 1,253 1,337 1,423

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Capacity is based on LVL production only.

(c) In November 2018, we ceased LVL production at our Roxboro, North Carolina facility, prior to which its estimated annual capacity was 2.0 million cubic feet.

I-joist production at Roxboro was ceased in March 2020.

For additional information regarding the Roxboro I-joist production curtailment, see Note 6, Curtailment of Manufacturing Facility, of the Notes to the Consolidated Financial Statements in "Item 8, Financial Statements and Supplementary Data" of this Form 10-K.

(d) Approximately 29%, 27%, 23%, 24%, and 22%, respectively, of production in 2021, 2020, 2019, 2018, and 2017 was for PLV panels that are utilized internally to produce LVL.

(e) The years 2017-2018 include 135 million square feet of plywood capacity related to the Moncure, North Carolina facility that was sold in March 2019.

(f) Excludes LVL produced and used as flange stock in the manufacture of I-joists.

(g) Excludes PLV produced and used in the manufacture of LVL.

The following table sets forth segment sales, segment income (loss), depreciation and amortization, and EBITDA for the periods indicated:

(c) Approximately 25%, 29%, 27%, 23%, and 24%, respectively, of production in 2022, 2021, 2020, 2019, and 2018 was for PLV panels that are utilized internally to produce LVL.

(d) 2022 includes 505 million square feet of plywood capacity related to the two plywood manufacturing facilities in Chapman, Alabama, and Havana, Florida, that were purchased in July 2022.

2018 includes 135 million square feet of plywood capacity related to the Moncure, North Carolina, facility that was sold in March 2019.

(e) Excludes LVL produced and used as flange stock in the manufacture of I-joists.

(f) Excludes PLV produced and used in the manufacture of LVL.

The following table sets forth segment sales, segment income (loss), depreciation and amortization, and EBITDA (a non-GAAP measure) for the periods indicated:

Year Ended December 31

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The year ended December 31, 2020 includes $15.0 million of accelerated depreciation and $1.7 million of other closure costs related to the Roxboro I-joist curtailment in March 2020.

For additional information regarding the Roxboro I-joist production curtailment, see Note 6, Curtailment of Manufacturing Facility, of the Notes to Consolidated Financial Statements in "Item 8, Financial Statements and Supplementary Data" of this Form 10-K.

(d) Segment EBITDA is calculated as segment income before depreciation and amortization.

We define EBITDA as income before interest (interest expense and interest income), income taxes, and depreciation and amortization.

We believe EBITDA is a meaningful measure because it presents a transparent view of our recurring operating performance and allows management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance.

We also believe EBITDA is useful to investors because it provides a means to evaluate the operating performance of our segments and our Company on an ongoing basis using criteria that is used by our management and because it is frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates.

EBITDA, however, is not a measure of our liquidity or financial performance under generally accepted accounting principles (GAAP) and should not be considered as an alternative to net income, income from operations, or any other performance measure derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity.

The use of EBITDA instead of net income or segment income (loss) has limitations as analytical tools, including the inability to determine profitability;

the exclusion of interest expense, interest income, and associated significant cash requirements;

and the exclusion of depreciation and amortization, which represent unavoidable operating costs.

Management compensates for these limitations by relying on our GAAP results.

Our measure of EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.

Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-K for a description of our reasons for using EBITDA and for a discussion of the limitations of such a non-GAAP measure.

Our Wood Products segment operates five EWP facilities.

Our two most significant EWP facilities are located in Louisiana and Oregon and have a high degree of raw material and manufacturing integration with our neighboring plywood and veneer facilities.

We also operate eight plywood and veneer plants, as well as two sawmills.

We also operate eleven plywood and veneer plants, as well as two sawmills.

Raw Materials and Input Costs

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Our sales force provides a variety of technical support services, including integrated design, engineering, product specification software, distributor inventory management software, and job-pack preparation systems.

Sales of plywood are managed centrally from our headquarters.

Sales of plywood are handled in multiple locations, with management located centrally at headquarters.

In 2022, EWP and plywood accounted for 57% and 34%, respectively, of our Wood Products sales.

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Engineered wood products 21.8 % 18.2 % 17.8 % 20.1 % 18.6 %

The following table sets forth segment sales, income, depreciation and amortization, and EBITDA for the periods indicated:

The following table sets forth segment sales, income, depreciation and amortization, and EBITDA (a non-GAAP measure) for the periods indicated:

Year Ended December 31

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(a) Segment EBITDA is calculated as segment income before depreciation and amortization.

We define EBITDA as income before interest (interest expense and interest income), income taxes, and depreciation and amortization.

EBITDA, however, is not a measure of our liquidity or financial performance under GAAP and should not be considered as an alternative to net income, income from operations, or any other performance measure derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity.

The use of EBITDA instead of net income or segment income (loss) has limitations as analytical tools, including the inability to determine profitability;

the exclusion of interest expense, interest income, and associated significant cash requirements;

and the exclusion of depreciation and amortization, which represent unavoidable operating costs.

Management compensates for these limitations by relying on our GAAP results.

Our measure of EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.

Our BMD segment operates a nationwide network of 38 building materials distribution facilities throughout the U.S.

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Our broad geographic presence reduces our exposure to market factors in any single region.

During 2018 and 2019, we acquired wholesale building material distribution locations in Nashville, Tennessee;

During 2018 and 2019, we acquired wholesale building material distribution locations in Nashville,

Medford, Oregon;

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These locations complemented our existing distribution business and strengthened our nationwide presence, and we have been able to broaden our product and service offerings within each of these markets.

For further discussion on acquisitions, see Note 7, Acquisitions, of the Notes to

Consolidated Financial Statements in "Item 8.

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

Sales, Marketing, and Distribution

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Broadening our product offering also helps us drive additional products through our distribution system, thereby increasing our scale and efficiency.

Our customer relationships range from locally owned single-location facilities to the largest national home improvement center and dealers across the U.S., with Builders FirstSource and Home Depot being our largest customers.

Our customer relationships range from locally owned single-location facilities to large national dealers and home improvement centers across the U.S., with Builders FirstSource and Home Depot being our largest customers.

Substantially all sales to Builders FirstSource were recorded in our BMD segment, and sales to Home Depot were recorded in our BMD and Wood Products segments.

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The wood products manufacturing markets in which we operate are large and highly competitive.

In EWP, we compete against several major North American EWP producers, such as Weyerhaeuser Company, Louisiana-Pacific Corporation, and Roseburg Forest Products, as well as several other smaller firms.

Our EWP products also face competition from numerous dimension lumber producers, because EWP may be substituted by dimension lumber in many building applications.

In EWP, we compete against several major North American EWP producers, such as Weyerhaeuser Company, Pacific Woodtech Corporation, and Roseburg Forest Products, as well as several other smaller firms.

Our EWP products also face competition because EWP may be substituted by dimension lumber and truss products in many building applications.

In plywood, we compete with Georgia-Pacific, the largest manufacturer in North America, other large producers such as Roseburg Forest Products, foreign imports produced principally in South America, and several smaller domestic producers.

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The building materials distribution markets in which we operate are highly fragmented, and we compete in each of our geographic and product markets with national, regional, and local distributors.

Our wholesale distribution competitors include BlueLinx Holdings Inc., Specialty Building Products Inc., Weyerhaeuser Company, Dixie Plywood and Lumber, OrePac, U.S.

Lumber Group, Huttig Building Products, and Capital Lumber, among others.

Our wholesale distribution competitors include BlueLinx Holdings Inc., Specialty Building Products Inc., Weyerhaeuser Company, Dixie Plywood and Lumber, OrePac, Woodgrain Inc., and Capital Lumber, among others.

We also compete with wholesale brokers, specialty distributors, and certain buying cooperatives.

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Human capital management and our ability to attract, develop and retain talent that embraces our shared values of integrity, safety, respect, and pursuit of excellence have been and will continue to be critical to executing our previously described strategic objectives.

At Boise Cascade, the health and safety of our 6,110 associates is core to how we do business.

At Boise Cascade, the health and safety of our 6,780 employees is core to how we do business.

We collect and report common lagging indicators of safety performance, and our safety programs include tools, training, and resources that allow us to collect, analyze, and share leading indicators of safety-related hazards broadly across our organization.

We believe that our focus on leading indicators helps to prevent future incidents and injuries.

Living our values means driving the expectation that each of our associates has ownership in safety and the authority to stop work if there is a safety concern.

Our safety commitment extends to minimizing the spread and reducing the severity of COVID-19, including educating our associates on the effectiveness of vaccines and strongly encouraging vaccination for its long-term health benefits.

Our cross-functional crisis team continues to monitor and adjust our protocols as infection rates fluctuate and state/local regulations change across the country.

We continue to follow the Centers for Disease Control’s guidance and communicate regularly to our associates.

Living our values means driving the expectation that each of our employees has ownership in safety and the authority to stop work if there is a safety concern.

Our safety commitment extends to minimizing the spread and reducing the severity of COVID-19.

Our cross-functional crisis team continues to monitor and adjust our protocols as infection rates fluctuate and we continue to follow the Centers for Disease Control’s guidance and communicate regularly to our employees.

Our Code of Ethics guides the actions and behaviors of anyone working for, representing, or partnering with Boise Cascade.

The code establishes the expectations for ensuring we have an inclusive and harassment-free work environment.

We have an open-door policy that encourages associates to speak up about any work-related issues, suggestions, or ideas.

We have an open-door policy that encourages employees to speak up about any work-related issues, suggestions, or ideas.

We also provide a confidential CARE Line, which offers an additional way to report behavior or activity that may be unsafe, unethical, or illegal.

We are committed to providing comprehensive benefit programs.

We offer benefits that will help our associates and their families live healthier and more secure lives.

We offer benefits that will help our employees and their families live healthier and more secure lives.

Our Total Rewards program provides competitive pay, comprehensive health benefits, 401(k) savings plans, well-being programs, community engagement opportunities, education aid, and career recognition and development.

Selecting and developing talent is a vital aspect of our human capital strategy because our associates are at the heart of our Purpose and delivering on our promises to our stakeholders.

We focus on developing talent from within our businesses and supplement with finding the right external hires to support our key strategic objectives of accelerating innovation, digital technology, and diversity and inclusion.

We strive for excellence in business continuity and personal growth by developing our associates as individuals through targeted leadership programs, experiences, and assignments.

Selecting and developing talent is a vital aspect of our human capital strategy because our employees are at the heart of our Purpose and delivering on our promises to our stakeholders.

We strive for excellence in business continuity and personal growth by developing our employees as individuals through targeted leadership programs, experiences, and assignments.

Individual development includes annual performance reviews with development plans, access to a variety of resources, and ongoing education opportunities.

In October 2022 we successfully launched a new integrated Human Capital Management (HCM) system.

The HCM system provides the capability to increase effectiveness and efficiency by improving automation of HR transactions and reporting, enhancing access for managers and HR, and adding capacity and scalability, including mobile access for employees, all within one platform.

The initial launch updated our Core HR, Payroll, Benefits, Onboarding and Recruiting processes.

Additional modules are planned for 2023, which includes a Learning Management System.

Environmental

Boise Cascade recognizes the weight of scientific evidence indicates a changing climate associated with increasing carbon dioxide in the atmosphere, and uses the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) for guidance in tracking and communicating our position and performance relative to climate.

To further enhance our ability to track and report on climate-related issues, we formed an Environmental, Social, and Governance (ESG) working group in 2022, made up of members from several departments across the company.

The working group evaluated material sources of Scope 1 and 2 greenhouse gas (GHG) emissions and undertook a review and selection of technology tools that will allow us to begin tracking GHG emissions and energy metrics.

A discussion of general and industry-specific environmental laws and regulations, climate change, and energy uses are presented under the caption "Environmental" in "Item 7.

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Our filings under the Exchange Act, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and all amendments to these filings, are available free of charge on the investor relations portion of our website at www.bc.com.

These reports are available as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC.

These reports are available as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission (SEC).

The reference to our website address does not constitute incorporation by reference of the information contained on the website, and the information contained on the website is not part of this document.

Executive Officers and Key Management

Information About Our Executive Officers and Key Management

Below is a list of names, ages, and a brief description of the business experience of our executive officers and key members of management, each as of February 10, 2023.

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Chris Seymour 51 Senior Vice President, Manufacturing Operations, Wood Products

Rich Viola 64 Senior Vice President of Sales and Marketing, Building Materials Distribution

Rich Viola 65 Senior Vice President of Sales and Marketing, Building Materials Distribution (retiring March 1, 2023)

Joanna Barney 49 Vice President, Western Operations, Building Materials Distribution

Troy Little 55 Vice President, Finance and Commodity Sales, Wood Products

Jim Wickham 57 Vice President, Eastern Operations, Building Materials Distribution

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• Pacific Region Manager, Building Materials Distribution, November 2006 - September 2015

Hoffmann received a bachelor's degree in Business from the University of Idaho, Moscow, ID, with a dual major in management and marketing.

Hoffmann received a bachelor's degree in Business from the University of Idaho, Moscow, ID, with a dual major in marketing and management.

Robert Johnson, Senior Vice President, Engineered Wood Products Sales & Marketing, Wood Products

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• Director of Engineered Wood Products, March 2019 - January 2020

• Region Manager, Wood Products, February 2016 - March 2019

• Business Optimization Manager, Wood Products, May 2017 - March 2019

• Region Manager, Wood Products, February 2016 - May 2017

• Business Optimization Manager, Wood Products, March 2015 - February 2016

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Rich Viola, Senior Vice President of Sales and Marketing, Building Materials Distribution

Viola was elected the company's senior vice president of sales and marketing, Building Materials Distribution, in February 2016.

Viola, our senior vice president of sales and marketing, Building Materials Distribution, has elected to retire from the company effective March 1, 2023.

He was elected to the position in February 2016.

His previous positions with the company include:

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Viola received a bachelor's degree in Marketing from Northeastern University, Boston, MA.

Joanna Barney, Vice President, Western Operations, Building Materials Distribution

Barney was elected the company’s vice president of western operations, Building Materials Distribution, in May 2022.

Her previous positions with the company include:

• General Manager, Western Operations, Building Materials Distribution, September 2021 – May 2022

• Branch Manager, Building Materials Distribution, September 2015 – September 2021

Barney received a bachelor’s degree in Business Finance from the University of Utah, Salt Lake City, UT.

Troy Little, Vice President, Finance and Commodity Sales, Wood Products

Little was elected the company’s vice president, finance and commodity sales, Wood Products, in May 2022.

His previous positions with the company include:

• Director of Finance & Commodity Sales, Wood Products, May 2020 – May 2022

• Financial Manager, Wood Products, May 2018 - May 2020

• Division Controller, Wood Products, October 2016 – May 2018

Little received a bachelor’s degree in Business Administration from the College of Idaho, Caldwell, ID.

Jim Wickham, Vice President, Eastern Operations, Building Materials Distribution

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• General Manager, Eastern Operations, Building Materials Distribution, February 2021 - February 2022

• Region Manager, Building Materials Distribution, May 2016 - February 2021

• Northeastern Region Manager, Building Materials Distribution, May 2016 - February 2021

• Branch Manager, Building Materials Distribution, March 2008 - May 2016

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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 1. Business