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A portion of the building products we produce or distribute, including OSB, plywood, and lumber, are commodities that are widely available from other manufacturers or distributors with prices and volumes determined frequently in an auction market based on participants' perceptions of short-term supply and demand factors.
−Removed: At times, the price for any one or more of the products we produce or distribute may fall below our cash production or purchase costs, requiring us to either incur short-term losses on product sales or cease production at one or more of our manufacturing facilities.
+Added: At times, the price for any one or more of the products we produce or distribute may fall below our cash production or purchase costs, requiring us to either incur short-term losses on product sales or curtail production at one or more of our manufacturing facilities.
Therefore, our profitability with respect to these commodity products depends, in significant part, on effective facilities maintenance programs, and on managing our cost structure, particularly raw materials and labor, which represent the largest components of our operating costs.
−Removed: Commodity wood product prices have historically been volatile in response to industry operating rates, the impact of COVID-19 on residential construction, net import and export activity, transportation constraints or disruptions, inventory levels in various distribution channels, and seasonal demand patterns.
−Removed: Demand for the products we manufacture, as well as the products we purchase and distribute, is closely correlated with new residential construction in the U.S.
−Removed: and, to a lesser extent, residential repair-and-remodeling activity and light commercial construction.
−Removed: New residential construction activity has historically been volatile with demand for new residential construction influenced by seasonal weather factors, mortgage availability and rates, housing affordability, unemployment levels, wage growth, household formation rates, domestic population growth, immigration rates, residential vacancy and foreclosure rates, demand for second homes, consumer confidence, and other general economic factors.
−Removed: Furthermore, the size of new single-family residences as well as the mix of single and multi-family starts influences product consumption.
−Removed: Industry supply for the products we produce and distribute is influenced primarily by price-induced changes in the operating rates of existing facilities, but is also influenced over time by the introduction of new product technologies, capacity additions and closures, restart of idled capacity, and log availability.
+Added: Commodity wood product prices have historically been volatile in response to economic uncertainties, industry operating rates, transportation constraints or disruptions, net import and export activity, inventory levels in various distribution channels, and seasonal demand patterns.
+Added: 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 in the U.S.
+Added: New residential construction activity has historically been volatile with demand for new residential construction influenced by seasonal weather factors, mortgage availability and rates, housing affordability constraints, unemployment levels, wage growth, household formation rates, domestic population growth, immigration rates, residential vacancy and foreclosure rates, demand for second homes, consumer confidence, and other general economic factors.
+Added: Furthermore, changing demographics could impact product consumption and demand, including urbanization compounding issues around affordability, increasing importance of multi-family housing, declining size of single-family entry level housing, increasing proportion of homes in warmer and/or coastal areas using slab-on-grade construction, reduced birthing statistics, and changing baby boomer needs freeing up housing capacity.
+Added: Industry supply for the products we produce and distribute is influenced primarily by price-induced changes in the operating rates of existing facilities, but is also influenced over time by the introduction of new product technologies, capacity additions and closures, the restart of idled capacity, and log availability.
The balance of supply and demand in the U.S.
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In addition, we sell wood chips that are a byproduct of processing logs at our manufacturing operations, or created through the chipping of small-diameter logs that we are unable to process at our manufacturing operations.
−Removed: Our wood chips are primarily sold to paper mills in close proximity to our operations who convert the chips into wood pulp.
−Removed: Periods of high output from wood based operations, closure of paper mills in the regions that we operate, or declines in demand for paper grades that utilize our chips, can negatively affect the balance of supply and demand for chips.
+Added: Our wood chips are primarily sold to paper mills in close proximity to our operations which convert the chips into wood pulp.
+Added: Periods of high output from wood-based operations, closure of paper mills in the regions that we operate, declines in demand for paper grades that utilize our chips, or substitution of our chips with other recycled fiber sources, can negatively affect the balance of supply and demand for chips.
An oversupply of chips has a negative impact on our chip price realizations and profitability.
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Certain mills operated by our competitors may be lower-cost manufacturers than the mills operated by us.
−Removed: Our Wood Products segment provides financial incentives, including temporary price protection, to various parties along the supply chain (including wholesale distributors, dealers, and homebuilders) to increase sales of and loyalty to our EWP
+Added: Our Wood Products segment provides financial incentives, including temporary price protection, to various parties along the supply chain (including wholesale distributors, dealers, and homebuilders) to increase sales of and loyalty to our EWP products.
As a result of these commercial arrangements, the full effects of announced price increases may be delayed or reduced, impacting our financial results.
−Removed: The building products distribution industry that our BMD segment competes in is highly fragmented and competitive, and the barriers to entry for local competitors are relatively low.
+Added: The building products distribution industry in which our BMD segment competes in is highly fragmented and competitive, and the barriers to entry for local competitors are relatively low.
Competitive factors in our industry include pricing and availability of product, service and delivery capabilities, ability to assist customers with problem-solving, extension of credit terms, customer relationships, geographic coverage, and breadth of product offerings.
−Removed: Also, financial stability is important to suppliers and customers in choosing distributors and allows for more favorable terms on which to obtain products from suppliers and sell products to customers.
+Added: Also, financial stability is important to suppliers and customers in choosing distributors and allows for more favorable terms to obtain products from suppliers and sell products to customers.
If our financial condition deteriorates in the future, our relationships with suppliers and customers may be negatively affected.
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For example, plastic, concrete, steel, wood/plastic or composite materials may be used by builders as alternatives to the products produced by our Wood Products segment, such as EWP and plywood.
−Removed: Changes in prices for oil, chemicals, and wood-based fiber can change the competitive position of our products relative to available alternatives and could increase substitution of those products for our products.
+Added: Changes in prices for oil, chemicals, and wood-based fiber can change the competitive position of our products relative to available alternatives and could increase the substitution of those products for our products.
As the use of these alternatives grows, demand for our products may decline.
−Removed: Our principal manufactured products are also subject to substitution from other wood-based products, such as EWP facing competition from numerous dimension lumber producers and other strand based EWP that we don't produce or plywood losing further market share to OSB in residential and non-residential applications.
−Removed: In addition, building code provisions have been implemented in certain jurisdictions to address concerns for firefighter safety related to the collapse of floors during residential fires.
+Added: Our principal manufactured products are also subject to substitution from other wood-based products, such as EWP facing competition from numerous dimension lumber producers and other strand-based EWP that we do not produce, or plywood losing further market share to OSB in residential and non-residential applications.
+Added: In addition, we have seen an increase in floor truss capacity by a number of our dealer customers, partially due to the limited supply of I-joists over the last two years.
+Added: The expansion of truss manufacturing could negatively impact our I-joist market share and net sales prices.
+Added: Building code provisions have also been implemented in certain jurisdictions to address concerns for firefighter safety related to the collapse of floors during residential fires.
The I-joists that we manufacture are subject to this code change.
−Removed: As local jurisdictions adopt the new code, we may be competitively disadvantaged in houses that are built with ground floors over unfinished basements and could be subject to substitution by dimension lumber or other products.
+Added: As local jurisdictions adopt the new code, we may be competitively disadvantaged in houses built with ground floors over unfinished basements and could be subject to substitution by dimension lumber or other products.
Operational Risks
−Removed: The ongoing COVID-19 pandemic, restrictions intended to prevent its spread, resulting economic conditions, and potential new regulations concerning mandatory COVID-19 vaccination continue to evolve and may adversely affect our business and results of operations.
−Removed: The ongoing impacts of the global emergence of COVID-19 on our business and financial results continue to remain unknown.
−Removed: We continue to conduct business with modifications to mill and distribution center housekeeping and cleanliness protocols, employee travel, employee work locations, and virtualization or cancellation of certain sales and marketing events, among other modifications.
−Removed: In addition, we continue to actively monitor evolving developments, including the impact of COVID-19 variants, and may take actions that alter our business operations as may be required by federal, state, or local authorities, or that we determine are in the best interests of our employees, customers, suppliers, communities, and stockholders.
−Removed: All of our manufacturing and distribution facilities are operating, but we have experienced periodic short-term disruptions at many locations due to COVID-19.
−Removed: We may be required to implement temporary curtailments and to operate both manufacturing and distribution facilities at reduced levels, which would result in negative impacts on our business, financial condition, results of operations, and cash flows.
−Removed: In addition, the economic consequences of COVID-19 may adversely affect the pace of household formation rates and residential repair-and-remodeling activity due to employment levels, lower wages, reduced consumer confidence, availability of construction labor, materials, building lots, transportation resources, homebuyers' access to and cost of financing, and housing affordability, as well as other factors.
−Removed: As a large national employer, we are subject to potential new regulations and mandates that may require employees to be fully vaccinated from COVID-19 or require frequent testing of unvaccinated workers.
−Removed: While we educate our associates on the effectiveness of vaccines and strongly encourage vaccination for its long-term health benefits, new regulations and mandates may have the near-term effect of increasing costs, straining company resources, interrupting operations, reducing employee morale, or increasing employee turnover, which could adversely affect our business, results of operations, or financial condition.
Cyber security risks related to the technology used in our operations and other business processes, as well as security breaches of company, customer, employee, and vendor information, could adversely affect our business.
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To date, none of the known security breaches or cyber-attacks have had material adverse effects on our operations.
−Removed: However, in the future, network, system, and data breaches could result in misappropriation of sensitive data or operational disruptions, including interruption to systems availability and denial of access to and misuse of applications required by our customers to conduct business with us.
+Added: However, in the future, network, system, and data breaches could result in the misappropriation of sensitive data or operational disruptions, including interruption to systems availability and denial of access to and misuse of applications required by our customers to conduct business with us.
In addition, sophisticated hardware and operating system software and applications that we procure from third parties may contain defects in design or manufacture, including "bugs" and other problems that could unexpectedly interfere with the operation of the systems.
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Any of our manufacturing facilities, or any of our machines within an otherwise operational facility, could cease operations unexpectedly due to a number of events, including but not limited to:
−Removed: • labor difficulties, including the inability to staff our facilities due to a COVID-19 outbreak;
+Added: • labor difficulties, including the inability to staff our facilities due to a global health pandemic;
• equipment failure, particularly a press at one of our major EWP production facilities;
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As of February 10, 2023, we had ten collective bargaining agreements.
−Removed: Two agreements covering approximately 750 employees at our Oakdale and Florien plywood plants expired on July 15, 2021, but the terms and conditions of these agreements remain in effect pending negotiation of new agreements.
−Removed: One agreement covering approximately 110 employees at our Canadian EWP facility is set to expire on December 31, 2022.
−Removed: 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.
+Added: One agreement covering approximately 90 employees at our Canadian EWP facility expired on December 31, 2022, but the terms
+Added: and conditions of this agreement remain in effect pending negotiation of a new agreement.
+Added: We may not be able to renew this agreement or may renew it on terms that are less favorable to us than the current agreement.
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.
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In the case of the general line and EWP products that we distribute, brand preference and product performance characteristics can have a high degree of influence on our customers' purchasing decision.
−Removed: Supply chains, including key products purchased from our suppliers, may be disrupted during a pandemic outbreak such as COVID-19.
+Added: Supply chains, including key products purchased from our suppliers, may be disrupted during a global health pandemic.
In addition, although we have agreements in place with many of our suppliers, such agreements are generally terminable by either party on relatively short notice.
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In BMD, we rely primarily on third parties for inbound receipt of the products we resell and manage the outbound movement of products to our customers with a combination of internal and external resources.
−Removed: In addition, we are subject to seasonal capacity constraints and weather-related delays for both rail and truck transportation.
−Removed: If any of these providers were to fail to deliver raw materials or finished goods for resale to us in a timely manner, we may be unable to meet our customer demands.
−Removed: In addition, if any of our third-party transportation providers were to fail to deliver the goods we manufacture or distribute in a timely manner, we may be unable to sell those products at full value.
+Added: In addition, we are subject to seasonal capacity constraints and weather-related delays for rail and truck transportation.
+Added: If any of these providers fail to deliver raw materials or finished goods for resale to us in a timely manner, we may be unable to meet our customer demands.
+Added: In addition, if any of our third-party transportation providers fail to deliver the goods we manufacture or distribute in a timely manner, we may be unable to sell those products at full value.
In addition, if any of these third parties were to cease operations or cease doing business with us, we may be unable to replace them at a reasonable cost.
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Our primary source of wood fiber is logs.
−Removed: Log prices have been historically cyclical in response to changes in domestic and foreign demand and supply.
+Added: Log prices have been historically cyclical in response to changes in domestic and foreign demand
In the future, we expect the level of foreign demand for log exports from the western U.S.
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We may be unable to efficiently integrate acquired operations or realize expected benefits from such acquisitions.
+Added: We may not be able to integrate the operations of acquired businesses, including those of Coastal Plywood, which we acquired in July 2022 and which include mill operations in Havana, Florida, and Chapman, Alabama, in an efficient and cost-effective manner or without disruption to our existing operations or may not be able to realize expected benefits.
+Added: Acquisitions involve significant risks and uncertainties, including some that may not be identifiable or resolvable in due diligence.
+Added: Subsequent to making the investment, performance of the acquired assets is subject to economic uncertainties, as described in our other risk factors, as well as difficulties integrating acquired personnel into our business, the potential loss of key employees, customers, or suppliers, difficulties in integrating different computer and accounting systems, exposure to unknown or unforeseen liabilities of acquired companies, and the diversion of management attention and resources from existing operations.
We evaluate potential acquisitions from time to time and have, in the past, grown through acquisitions.
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We may also be required to incur additional debt in order to consummate acquisitions, which debt may be substantial and may limit our flexibility in using our cash flow from operations.
−Removed: We may not be able to integrate the operations of acquired businesses in an efficient and cost-effective manner or without disruption to our existing operations or may not be able to realize expected benefits.
−Removed: Acquisitions involve significant risks and uncertainties, including some that may not be identifiable or resolvable in due diligence.
−Removed: Subsequent to making the investment, performance of the acquired assets is subject to economic uncertainties, as described in our other risk factors, as well as difficulties integrating acquired personnel into our business, the potential loss of key employees, customers, or suppliers, difficulties in integrating different computer and accounting systems, exposure to unknown or unforeseen liabilities of acquired companies, and the diversion of management attention and resources from existing operations.
−Removed: Our failure to integrate future acquired businesses effectively, realize expected benefits, or to manage other consequences of our acquisitions could adversely affect our financial condition, operating results, and cash flows.
+Added: Our failure to integrate the Coastal Plywood operations or future acquired businesses effectively, realize expected benefits, or manage other consequences of our acquisitions could adversely affect our financial condition, operating results, and cash flows.
Financial Risks
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Although we believe that our relationships with our customers are strong, the loss of one or more of these customers could have a material adverse effect on our operating results, cash flow, and liquidity.
−Removed: Adverse market conditions, including the inability of our customers to conduct operations due to the ongoing COVID-19 pandemic, may increase the credit risk from our customers.
−Removed: Our BMD and Wood Products segments extend credit to numerous customers who are generally susceptible to the same economic business risks as we are, including the ongoing COVID-19 pandemic outbreak.
−Removed: Unfavorable market conditions or the inability of our customers to conduct operations due to the COVID-19 pandemic could result in financial failures of one or more of our significant customers.
−Removed: Furthermore, we may not necessarily be aware of any deterioration in our customers' financial position.
+Added: Adverse market conditions may increase the credit risk from our customers.
+Added: Our BMD and Wood Products segments extend credit to numerous customers who are generally susceptible to the same economic business risks as we are.
+Added: Unfavorable market conditions could result in financial failures of one or more of our significant customers.
+Added: Furthermore, we may not be aware of any deterioration in our customers' financial position.
In addition, as customers merge and consolidate, credit risk may become concentrated among fewer customers.
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These non-cash impairments or accelerated depreciation charges could have a material impact on our results of operations in the period in which these charges are recognized.
−Removed: Future events or circumstances such as sustained negative economic impact of the ongoing COVID-19 pandemic, declines in single-family housing starts, environmental regulations or restrictions, sustained periods of weak commodity prices, loss of key customers, capacity additions by competitors, changes in the competitive position of our products, or changes in raw materials or manufacturing costs that lead us to believe the long-lived asset will no longer provide a sufficient return on investment, could prompt decisions to invest capital differently than expected, sell facilities, or to curtail operations.
+Added: Future events or circumstances such as sustained negative economic impacts, declines in single-family housing starts, environmental regulations or restrictions, sustained periods of weak commodity prices, loss of key customers, capacity additions by competitors, changes in the competitive position of our products, or changes in raw materials or manufacturing costs that lead us to believe the long-lived asset will no longer provide a sufficient return on investment, could prompt decisions to invest capital differently than expected, sell facilities, or curtail operations.
Any of these factors, among others, could result in non-cash impairment or accelerated depreciation charges in the future with respect to the book value of certain assets and past investments we have made.
−Removed: For additional information and a discussion regarding the impact of impairment of long-lived assets and accelerated depreciation charges on our results of operations and financial condition, see Note 6, Curtailment of Manufacturing Facility, of the Notes to the Consolidated Financial Statements in "Item 8, Financial Statements and Supplementary Data" and "Long-Lived Asset Impairment" included in "Critical Accounting Estimates" in "Item 7.
+Added: For additional information and a discussion regarding the impact of impairment of long-lived assets and accelerated depreciation charges on our results of operations and financial condition, see Note 6, Curtailment of Manufacturing Facility, of the Notes to Consolidated Financial Statements in "Item 8, Financial Statements and Supplementary Data" and "Long-Lived Asset Impairment" included in "Critical Accounting Estimates" in "Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-K.
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These capital investments, along with acquisitions, have resulted in increased fixed costs, which could negatively affect our profitability if our revenue and operating results do not offset our incremental fixed costs.
−Removed: Capital expenditures for expansion or replacement of existing facilities or equipment or to comply with future changes in environmental laws and regulations may be substantial.
+Added: Capital expenditures for the expansion or replacement of existing facilities or equipment or to comply with future changes in environmental laws and regulations may be substantial.
Although we maintain our production equipment with regular periodic and scheduled maintenance, we cannot guarantee that key pieces of equipment in our various manufacturing facilities will not need to be repaired or replaced or that we will not incur significant additional costs associated with environmental compliance.
−Removed: The costs of repairing or replacing such equipment and the associated downtime of the affected production line could have a material adverse effect on our financial condition, results of
−Removed: operations and cash flow.
+Added: The costs of repairing or replacing such equipment and the associated downtime of the affected production line could have a material adverse effect on our financial condition, results of operations and cash flow.
If, for any reason, we are unable to provide for our operating needs, capital expenditures, and other cash requirements on economic terms, we could experience a material adverse effect on our business, financial condition, results of operations, and cash flows.
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• in the case of our revolving credit facility, make prepayments on our senior notes and subordinated indebtedness.
−Removed: In addition, our revolving credit facility provides that if an event of default occurs or excess availability under our revolving credit facility drops below a threshold amount equal to the greater of 10% of the aggregate commitments under our revolving credit facility or $35 million (and until such time as excess availability for two consecutive fiscal months exceeds that threshold amount and no event of default has occurred and is continuing), we will be required to maintain a monthly minimum fixed charge coverage ratio of 1.0:1.0, determined on a trailing twelve-month basis.
+Added: In addition, our revolving credit facility provides that if an event of default occurs or excess availability under our revolving credit facility drops below a threshold amount equal to the greater of 10% of the Line Cap (as defined in the Amended Agreement) and $35 million (and until such time as excess availability for two consecutive fiscal months exceeds that threshold amount and no event of default has occurred and is continuing), we will be required to maintain a monthly minimum fixed charge coverage ratio of 1.0:1.0, determined on a trailing twelve-month basis.
Our failure to comply with any of these covenants could result in an event of default which, if not cured or waived, could result in the acceleration of all of our indebtedness.
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states have enacted data privacy and security laws and regulations that govern the collection, use, disclosure, transfer, storage, disposal, and protection of sensitive personal information.
−Removed: In the ordinary course of business we capture, process, store, and transmit confidential business information and certain personal information relating to our associates, customers and vendors that are subject to these laws and regulations.
+Added: In the ordinary course of business we capture, process, store, and transmit confidential business information and certain personal information relating to our employees, customers and vendors that are subject to these laws and regulations.
The legislative and regulatory landscape for privacy and data protection continues to evolve, and there has been an increasing focus on privacy and data protection issues.
−Removed: Ongoing efforts to comply with evolving laws and regulations may require subsequent modifications to our policies, procedures
−Removed: We will continue to monitor and assess the impact of these state laws, which may impose substantial penalties for violations, increased costs for investigations, monitoring and compliance, potential litigation, and possible damage to our reputation, all of which could have a material adverse effect on our operations, financial condition, or cash flows.
+Added: Ongoing efforts to comply with evolving laws and regulations may require subsequent modifications to our policies, procedures and systems.
+Added: We will continue to monitor and assess the impact of regulatory legislation, which may impose substantial penalties for violations, increased costs for investigations, monitoring and compliance, potential litigation, and possible damage to our reputation, all of which could have a material adverse effect on our operations, financial condition, or cash flows.
The impacts of climate change, and related legislative and regulatory responses intended to reduce climate change, may adversely impact our business.
There is increasing concern that climate change will cause significant changes in temperatures and weather patterns around the globe, an increase in the frequency, severity, and duration of extreme weather conditions and natural disasters, and water scarcity and poor water quality.
−Removed: These events could adversely impact both the availability of raw materials required for manufacture of our products and the delivery of products to our distribution facilities.
+Added: These events could adversely impact both the availability of raw materials required for
+Added: manufacture of our products and the delivery of products to our distribution facilities.
They could disrupt the operation of our supply chain and the productivity of our suppliers, increase our production and transportation costs, impose capacity restraints, and impact the purchases of our products.
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We could be found liable under these laws whether or not we knew of, or were responsible for, the presence of such substances.
−Removed: In some cases, this liability may exceed the value of the property itself.
+Added: In some cases, this liability may exceed the property's value.
We may be unable to generate funds or other sources of liquidity and capital to fund unforeseen environmental liabilities or expenditures to the extent we are not indemnified by third parties.
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In addition, we are exposed to potential claims arising from the conduct of our employees, and homebuilders and their subcontractors, for which we may be contractually liable.
−Removed: Although we currently maintain what we believe to be suitable and adequate insurance in excess of our self-insured amounts, there can be no assurance that we will be able to maintain such insurance on acceptable terms or that such insurance will provide adequate protection against potential liabilities.
+Added: Although we currently maintain what we believe to be
+Added: suitable and adequate insurance in excess of our self-insured amounts, there can be no assurance that we will be able to maintain such insurance on acceptable terms or that such insurance will provide adequate protection against potential liabilities.
Product liability, product warranty, casualty, construction defect, and other claims can be expensive to defend and can divert the attention of management and other personnel for significant periods, regardless of the ultimate outcome.
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• our quarterly or annual earnings or those of other companies in our industry;
−Removed: • the public's reaction to our press releases, our other public announcements, and our filings with the Securities and Exchange Commission (SEC);
+Added: • the public's reaction to our press releases, our other public announcements, and our filings with the SEC;
• changes in key personnel;
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In November 2017, our board of directors approved a dividend policy pursuant to which we have paid quarterly cash dividends to holders of our common stock.
−Removed: In addition to these quarterly dividends, we also paid supplemental dividends in each of the last four years.
+Added: In addition to these quarterly dividends, we also paid special dividends in each of the last five years.
However, the future declaration and payment of dividends will continue to be at the discretion of our board of directors and the dividend policy may be suspended or canceled at its discretion at any time.
−Removed: Declaration of future dividends will depend upon legal capital requirements and surplus, our future operations and earnings, general financial condition, material cash requirements, restrictions imposed by our asset-based credit facility, the indenture governing our senior notes, applicable laws, and other factors that our board of directors may deem relevant.
+Added: Declaration of future dividends will depend upon 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.
Unless we continue to pay cash dividends on our common stock in the future, the success of an investment in our common stock will depend entirely upon its appreciation.
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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.