What changed in this filing

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Item 1. Financial Statements

2024-08-05 compared with 2024-05-06 · 96 added, 58 removed, 567 unchanged (21% of the section changed)

3 unchanged sentences

Three Months Ended

June 30 Six Months Ended

2024 2023 2024 2023

(thousands, except per-share data)

8 unchanged sentences

Income from operations 146,981 189,975 279,963 317,577

Foreign currency exchange loss ( 299 ) ( 73 )

Foreign currency exchange gain (loss) ( 104 ) 320 ( 403 ) 247

Pension expense (excluding service costs) ( 37 ) ( 41 ) ( 74 ) ( 82 )

2 unchanged sentences

Change in fair value of interest rate swaps ( 487 ) 333 ( 707 ) ( 471 )

3,810 5,792 7,781 8,198

Income before income taxes 150,791 195,767 287,744 325,775

12 unchanged sentences

Three Months Ended

June 30 Six Months Ended

2024 2023 2024 2023

Net income $ 112,292 $ 146,320 $ 216,416 $ 243,053

36 unchanged sentences

Compensation and benefits 96,414 149,561

Income taxes payable 21,774 —

Interest payable 9,956 9,958

24 unchanged sentences

Consolidated Statements of Cash Flows

Three Months Ended

Six Months Ended

Cash provided by (used for) operations

45 unchanged sentences

Balance at March 31, 2024 45,127 $ 451 5,649 $ ( 172,377 ) $ 553,821 $ ( 509 ) $ 1,875,816 $ 2,257,202

Net income 112,292 112,292

Other comprehensive income 7 7

Common stock issued 3 — —

Treasury stock purchased 472 ( 61,887 ) ( 61,887 )

Stock-based compensation 3,818 3,818

Common stock dividends ($ 0.20 per share)

( 7,680 ) ( 7,680 )

Tax withholding payments on stock-based awards ( 160 ) ( 160 )

Other ( 615 ) ( 1 ) ( 616 )

Balance at June 30, 2024 45,130 $ 451 6,121 $ ( 234,879 ) $ 557,478 $ ( 502 ) $ 1,980,428 $ 2,302,976

See accompanying condensed notes to unaudited quarterly consolidated financial statements.

14 unchanged sentences

Balance at March 31, 2023 44,983 $ 450 5,392 $ ( 140,391 ) $ 548,611 $ ( 514 ) $ 1,736,364 $ 2,144,520

Net income 146,320 146,320

Other comprehensive income 7 7

Treasury stock purchased 1 ( 57 ) ( 57 )

Stock-based compensation 4,194 4,194

Common stock dividends ($ 3.15 per share)

( 126,460 ) ( 126,460 )

Balance at June 30, 2023 44,983 $ 450 5,393 $ ( 140,448 ) $ 552,805 $ ( 507 ) $ 1,756,224 $ 2,168,524

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 BMD segment, costs related to shipping and handling of $ 59.0 million and $ 53.5 million for the three months ended March 31, 2024 and 2023, respectively, are included in "Selling and distribution expenses" in our Consolidated Statements of Operations.

For our BMD segment, costs related to shipping and handling of $ 64.5 million and $ 60.3 million for the three months ended June 30, 2024 and 2023, respectively, and $ 123.4 million and $ 113.8 million for the six months ended June 30, 2024 and 2023, respectively, are included in "Selling and distribution expenses" in our Consolidated Statements of Operations.

In our BMD segment, our activities relate to the purchase and resale of finished products, 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, 2024 and December 31, 2023, we had $ 90.1 million and $ 87.9 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, 2024 and December 31, 2023, we had $ 106.9 million and $ 87.9 million, respectively, of rebates payable to our customers recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets.

We also estimate expected cash discounts on trade accounts receivable based on an analysis of historical experience and record cash discounts as a decrease in "Sales." We adjust our estimate of revenue at the earlier of when the probability of rebates paid and cash discounts provided 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, 2024 and December 31, 2023, we had $ 10.3 million and $ 17.4 million, respectively, of vendor rebates and allowances recorded in "Receivables, Other" on our Consolidated Balance Sheets.

At June 30, 2024 and December 31, 2023, we had $ 9.2 million and $ 17.4 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.

Variable lease expense generally includes reimbursement of actual costs for common area maintenance, property taxes, and insurance on leased real estate and are recorded as incurred.

Most of our operating lease expense was recorded in "Selling and distribution expenses" in our Consolidated Statements of Operations.

Most of our operating lease expense is recorded in "Selling and distribution expenses" in our Consolidated Statements of Operations.

In addition, we do not separate lease and non-lease components for all of our leases.

28 unchanged sentences

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

As of March 31, 2024 and December 31, 2023, we held $ 829.8 million and $ 899.4 million, respectively, in money market funds that are measured at fair value on a recurring basis using Level 1 inputs.

As of June 30, 2024 and December 31, 2023, we held $ 879.5 million and $ 899.4 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, 2024 and December 31, 2023, the book value of our fixed-rate debt for each period was $ 400.0 million, and the fair value was estimated to be $ 370.0 million and $ 374.5 million, respectively.

At June 30, 2024 and December 31, 2023, the book value of our fixed-rate debt for each period was $ 400.0 million, and the fair value was estimated to be $ 369.5 million and $ 374.5 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 SOFR on our term loan and when we have loan amounts outstanding on our Revolving Credit Facility.

At March 31, 2024, we had $ 50.0 million of variable-rate debt outstanding based on one-month term SOFR.

At June 30, 2024, we had $ 50.0 million of variable-rate debt outstanding based on one-month term SOFR.

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, 2024, we had one interest rate swap agreement.

At June 30, 2024, we had one interest rate swap agreement.

Under the interest rate swap, we receive one-month SOFR plus a spread adjustment of 0.10 % variable interest rate payments and make fixed interest rate payments, thereby fixing the interest rate on $ 50.0 million of variable rate debt exposure.

1 unchanged sentence

The interest rate swap agreement was not designated as a cash flow hedge, 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, 2024 and December 31, 2023, we recorded a long-term asset of $ 2.7 million and $ 3.0 million, respectively, in "Other assets" on our Consolidated Balance Sheets, representing the fair value of the interest rate swap agreement.

At June 30, 2024 we recorded a current asset of $ 2.3 million in "Prepaid expenses and other" on our Consolidated Balance Sheet.

At December 31, 2023, we recorded a long-term asset of $ 3.0 million in "Other assets" on our Consolidated Balance Sheet.

These assets represent the fair value of the interest rate swap agreement.

The swap was valued based on observable inputs for similar assets and liabilities and other observable inputs for interest rates and yield curves (Level 2 inputs).

2 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, 2024, receivables from two customers accounted for approximately 19 % and 11 % of total receivables.

At December 31, 2023, receivables from these two customers accounted for approximately 19 % and 13 % of total receivables.

At June 30, 2024 and December 31, 2023, receivables from two customers accounted for approximately 19 % and 13 % of total receivables.

No other customer accounted for 10% or more of total receivables.

4 unchanged sentences

Early adoption is permitted.

We are currently evaluating the impact of this ASU on our consolidated financial statements and associated disclosures.

We are currently evaluating the impact of this ASU on the disclosures related to our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

2 unchanged sentences

Early adoption is permitted.

We are currently evaluating the impact of this ASU on our consolidated financial statements and associated disclosures.

We are currently evaluating the impact of this ASU on the disclosures related to our consolidated financial statements.

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.

1 unchanged sentence

Certain amounts in prior year's consolidated financial statements have been reclassified to conform with current year's presentation, none of which were considered material.

For the three months ended March 31, 2024 and 2023, we recorded $ 32.8 million and $ 33.3 million, respectively, of income tax expense and had an effective rate of 24.0 % and 25.6 %, respectively.

For both periods, 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, 2024 and 2023, cash paid for taxes, net of refunds received, were $ 1.9 million and $ 1.2 million, respectively.

For the three and six months ended June 30, 2024, we recorded $ 38.5 million and $ 71.3 million, respectively, of income tax expense and had an effective rate of 25.5 % and 24.8 %, respectively.

For the three and six months ended June 30, 2023, we recorded $ 49.4 million and $ 82.7 million, respectively, of income tax expense and had an effective rate of 25.3 % and 25.4 %, respectively.

For all periods, 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, 2024 and 2023, cash paid for taxes, net of refunds received, were $ 66.5 million and $ 46.6 million, respectively.

Net Income Per Common Share

6 unchanged sentences

Three Months Ended

June 30 Six Months Ended

2024 2023 2024 2023

(thousands, except per-share data)

5 unchanged sentences

Net income per common share - Diluted $ 2.84 $ 3.67 $ 5.44 $ 6.10

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 June 30, 2024 and 2023, and an insignificant number of shares of common stock and 0.1 million shares of common stock in the six months ended June 30, 2024 and 2023, respectively.

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

9 unchanged sentences

We funded the Acquisition and related costs with cash on hand.

We have substantially completed our estimates of fair value of assets acquired and liabilities assumed.

Our estimates are subject to revisions, which may result in adjustments to the preliminary values discussed below.

The purchase price consideration was allocated to the net assets acquired based upon their respective estimated fair values as follows:

The following table summarizes the final allocations of the purchase price consideration to the assets acquired and liabilities assumed based upon their respective estimated fair values at the date of acquisition:

Acquisition Date Fair Value

22 unchanged sentences

Three Months Ended

June 30, 2023 Six Months Ended

June 30, 2023

(unaudited, thousands)

4 unchanged sentences

The carrying amount of our goodwill by segment is as follows:

Balance at December 31, 2023 and March 31, 2024 $ 44,088 $ 126,166 $ 170,254

At March 31, 2024 and December 31, 2023, intangible assets represented the values assigned to trade names and trademarks and customer relationships.

Balance at December 31, 2023 and June 30, 2024 $ 44,088 $ 126,166 $ 170,254

At June 30, 2024 and December 31, 2023, intangible assets represented the values assigned to trade names and trademarks and customer relationships.

We maintain trademarks for our manufactured wood products, particularly EWP.

1 unchanged sentence

These trade names and trademarks have indefinite lives, are not amortized, and have a carrying amount of $ 8.9 million.

For the three months ended March 31, 2024 and 2023 we recognized $ 4.9 million and $ 4.3 million, respectively, of amortization expense for intangible assets.

For the three months ended June 30, 2024 and 2023 we recognized $ 4.9 million and $ 4.3 million, respectively, of amortization expense for intangible assets.

For the six months ended June 30, 2024 and 2023 we recognized $ 9.8 million and $ 8.6 million, respectively, of amortization expense for intangible assets.

Intangible assets consisted of the following:

March 31, 2024

June 30, 2024

Gross Carrying

21 unchanged sentences

On May 15, 2015, Boise Cascade and its principal operating subsidiaries, Boise Cascade Wood Products, L.L.C., and Boise Cascade Building Materials Distribution, L.L.C., as borrowers, and Boise Cascade Wood Products Holdings Corp., as guarantor, entered into an Amended and Restated Credit Agreement, as amended, (the Amended Agreement) with Wells Fargo Capital Finance, LLC, as administrative agent, and the banks named therein as lenders.

The Amended Agreement includes a $ 400 million senior secured asset-based revolving credit facility (Revolving Credit Facility) and a $ 50.0 million term loan (ABL Term Loan) maturing on the earlier of (a) September 9, 2027 and (b) 90 days prior to the maturity of our $ 400 million of

4.875 % senior notes due July 1, 2030 (or the maturity date of any permitted refinancing indebtedness or permitted upsized refinancing indebtedness in respect thereof).

The Amended Agreement includes a $ 400 million senior secured asset-based revolving credit facility (Revolving Credit Facility) and a $ 50.0 million term loan

(ABL Term Loan) maturing on the earlier of (a) September 9, 2027 and (b) 90 days prior to the maturity of our $ 400 million of 4.875 % senior notes due July 1, 2030 (or the maturity date of any permitted refinancing indebtedness or permitted upsized refinancing indebtedness in respect thereof).

Interest on borrowings under our Revolving Credit Facility and ABL Term Loan are payable monthly.

4 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 the greater of (a) 10 % of the Line Cap (as defined in the Amended Agreement) and (b) $ 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, 2024 was $ 395.7 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, 2024 was $ 395.7 million.

The Amended Agreement permits us to pay dividends only if at the time of payment (a) no default has occurred or is continuing (or would result from such payment) under the Amended Agreement, and (b) either (i) pro forma Excess Availability (as defined in the Amended Agreement) is equal to or exceeds the greater of (x) 20 % of the Line Cap and (y) $ 75 million or (ii) (x) pro forma Excess Availability is equal to or exceeds the greater of (1) 15 % of Line Cap and (2) $ 55 million and (y) our fixed-charge coverage ratio is greater than or equal to 1 :1 on a pro forma basis.

5 unchanged sentences

In addition, we are required to pay an unused commitment fee at a rate of 0.20 % per annum of the average unused portion of the lending commitments.

At both March 31, 2024 and December 31, 2023, we had no borrowings outstanding under the Revolving Credit Facility and $ 4.3 million and $ 4.1 million, respectively, of letters of credit outstanding.

At both June 30, 2024 and December 31, 2023, we had no borrowings outstanding under the Revolving Credit Facility and $ 4.3 million and $ 4.1 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.

5 unchanged sentences

Both SOFR options include an additional credit spread adjustment of 0.10 %.

During the three months ended March 31, 2024, the average interest rate on the ABL Term Loan was approximately 7.18 %.

During the six months ended June 30, 2024, the average interest rate on the ABL Term Loan was approximately 7.18 %.

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 6.2 % during the three months ended March 31, 2024.

After giving effect to expected patronage distributions, the effective average net interest rate on the ABL Term Loan was approximately 6.2 % during the six months ended June 30, 2024.

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, 2024 and 2023, cash payments for interest were $ 10.0 million and $ 10.4 million, respectively.

For the six months ended June 30, 2024 and 2023, cash payments for interest were $ 10.3 million and $ 11.1 million, respectively.

The components of lease expense were as follows:

Three Months Ended

June 30 Six Months Ended

2024 2023 2024 2023

Operating lease cost $ 3,493 $ 3,264 $ 6,968 $ 6,581

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, 2024 December 31, 2023

June 30, 2024 December 31, 2023

Weighted-average remaining lease term (years)

4 unchanged sentences

Finance leases 7.5 % 7.6 %

As of March 31, 2024, our minimum lease payment requirements for noncancelable operating and finance leases are as follows:

As of June 30, 2024, our minimum lease payment requirements for noncancelable operating and finance leases are as follows:

Operating Leases Finance Leases

14 unchanged sentences

PSU and RSU Awards

During the three months ended March 31, 2024, we granted 60,207 PSUs to our officers and other employees, subject to performance and service conditions.

During the six months ended June 30, 2024, we granted 60,207 PSUs to our officers and other employees, subject to performance and service conditions.

For the officers, the PSUs granted are subject to a three-year performance period.

8 unchanged sentences

Because the PSUs 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, 2023, we granted 93,282 PSUs to our officers and other employees, subject to performance and service conditions.

During the six months ended June 30, 2023, we granted 93,282 PSUs to our officers and other employees, subject to performance and service conditions.

The PSUs granted were subject to a one-year performance period.

1 unchanged sentence

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, 2024 and 2023, we granted an aggregate of 71,168 and 115,060 RSUs, respectively, to our officers, other employees, and nonemployee directors with only service conditions.

During the six months ended June 30, 2024 and 2023, we granted an aggregate of 72,289 and 115,252 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, 2024 and 2023, the total fair value of PSUs and RSUs vested was $ 31.1 million and $ 16.8 million, respectively.

The following summarizes the activity of our PSUs and RSUs awarded under our incentive plan for the three months ended March 31, 2024:

During the six months ended June 30, 2024 and 2023, the total fair value of PSUs and RSUs vested was $ 34.0 million and $ 16.8 million, respectively.

The following summarizes the activity of our PSUs and RSUs awarded under our incentive plan for the six months ended June 30, 2024:

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

4 unchanged sentences

Forfeited ( 32,317 ) 84.66 ( 21,388 ) 93.47

Outstanding, March 31, 2024 299,320 $ 85.89 149,149 $ 103.54

Outstanding, June 30, 2024 257,351 $ 86.38 132,036 $ 104.52

_______________________________

(a) Represents additional PSUs granted during the three months ended March 31, 2024, related to above-target achievement of the 2023

(a) Represents additional PSUs granted during the six months ended June 30, 2024, related to above-target achievement of the 2023

performance condition described above.

6 unchanged sentences

Three Months Ended

June 30 Six Months Ended

2024 2023 2024 2023

PSUs $ 2,045 $ 2,577 $ 4,322 $ 4,391

1 unchanged sentence

Total $ 3,818 $ 4,194 $ 7,923 $ 7,518

The related tax benefit for the three months ended March 31, 2024 and 2023, was $ 1.0 million and $ 0.9 million respectively.

As of March 31, 2024, total unrecognized compensation expense related to nonvested share-based compensation arrangements was $ 32.5 million.

The related tax benefit for the six months ended June 30, 2024 and 2023, was $ 2.0 million and $ 1.9 million respectively.

As of June 30, 2024, total unrecognized compensation expense related to nonvested share-based compensation arrangements was $ 24.9 million.

This expense is expected to be recognized over a weighted-average period of 2.0 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, 2024 and 2023, see "Common stock dividends" on our Consolidated Statements of Stockholders' Equity.

On May 2, 2024, our board of directors declared a quarterly dividend of $ 0.20 per share on our common stock, payable on June 17, 2024, to stockholders of record on June 3, 2024.

For more information regarding our dividend declarations and payments made during each of the six months ended June 30, 2024 and 2023, see "Common stock dividends" on our Consolidated Statements of Stockholders' Equity.

On August 1, 2024, our board of directors declared a quarterly dividend of $ 0.21 per share, as well as a special dividend of $ 5.00 per share, on our common stock.

The dividends will be paid on September 16, 2024, to stockholders of record on September 3, 2024.

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 7, Debt.

6 unchanged sentences

Our board of directors may increase or decrease the number of shares under the Program or terminate the Program in its discretion at any time.

During 2024, we repurchased 205,938 shares under the Program at a cost of $ 27.0 million, or an average of $ 130.97 per share.

During 2023, we repurchased 24,727 shares under the Program at a cost of $ 1.5 million, or an average of $ 59.91 per share.

During the six months ended June 30, 2024, we repurchased 677,845 shares under the Program at a cost of $ 88.9 million, or an average of $ 131.09 per share.

During the six months ended June 30, 2023, we repurchased 25,678 shares under the Program at a cost of $ 1.5 million, or an average of $ 59.91 per share.

The shares were purchased with cash on hand and are recorded as "Treasury stock" on our Consolidated Balance Sheets.

As of March 31, 2024, there were 1,715,373 shares of common stock that may yet be purchased under the Program.

As of June 30, 2024, there were 1,243,466 shares of common stock that may yet be purchased under the Program.

In July 2024 we repurchased 90,000 shares under the Program at a cost of $ 10.5 million, or an average of $ 117.14 per share.

The shares were purchased with cash on hand.

As of July 31, 2024, there were 1,153,466 shares of common stock that may yet be purchased under the Program.

Transactions With Related Party

4 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 $ 2.6 million and $ 3.0 million, respectively, during the three months ended March 31, 2024 and 2023.

Related-party sales to LTP from our Wood Products segment in our Consolidated Statements of Operations were $ 3.1 million during each of the three months ended June 30, 2024 and 2023, and $ 5.7 million and $ 6.1 million, respectively, during the six months ended June 30, 2024 and 2023.

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

Costs and Expenses

Related-party wood fiber purchases from LTP were $ 19.8 million and $ 20.1 million, respectively, during the three months ended March 31, 2024 and 2023.

Related-party wood fiber purchases from LTP were $ 21.3 million and $ 21.1 million, respectively, during the three months ended June 30, 2024 and 2023, and $ 41.1 million and $ 41.2 million, respectively, during the six months ended June 30, 2024 and 2023.

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

9 unchanged sentences

Three Months Ended

June 30 Six Months Ended

2024 2023 2024 2023

Wood Products (a)

6 unchanged sentences

Other 5.1 4.8 11.3 11.3

142.5 178.7 282.9 343.9

Building Materials Distribution

8 unchanged sentences

(b) Sales of EWP to external customers are net of the cost of all EWP rebates and sales allowances provided at various stages of the supply chain (including distributors, dealers, and homebuilders).

For the three months ended March 31, 2024 and 2023, approximately 77 % and 79 % , respectively, of Wood Products' EWP sales volumes were to our BMD segment.

For the six months ended June 30, 2024 and 2023, approximately 77 % and 78 % , respectively, of Wood Products' EWP sales volumes were to our BMD segment.

An analysis of our operations by segment is as follows:

Three Months Ended

June 30 Six Months Ended

2024 2023 2024 2023

Net sales by segment

15 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, 2024, there have been no material changes to the above commitments disclosed in the 2023 Form 10-K.

As of June 30, 2024, there have been no material changes to the above commitments disclosed in the 2023 Form 10-K.

Legal Proceedings and Contingencies

4 unchanged sentences

Financial Statements and Supplementary Data" in our 2023 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, 2024, there have been no material changes to the guarantees disclosed in the 2023 Form 10-K.

As of June 30, 2024, there have been no material changes to the guarantees disclosed in the 2023 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