BOISE CASCADE Co

For the period ended Dec 31, 2023. Filed Feb 20, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 20, 2024

BCC$70.42-3.0%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Financial Statements and Supplementary Data

Consolidated Statements of Operations

	2023	2022	2021
(thousands, except per-share data)
Sales	$6,838,245	$8,387,307	$7,926,111
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	5,409,311	6,472,540	6,300,076
Depreciation and amortization	132,467	101,593	80,753
Selling and distribution expenses	559,503	553,251	491,016
General and administrative expenses	114,434	103,750	83,228
Other (income) expense, net	(1,856)	(1,676)	(765)
	6,213,859	7,229,458	6,954,308
Income from operations	624,386	1,157,849	971,803
Foreign currency exchange gain (loss)	7	(1,584)	(10)
Pension expense (excluding service costs)	(163)	(294)	(76)
Interest expense	(25,496)	(25,412)	(24,806)
Interest income	48,106	12,263	195
Change in fair value of interest rate swaps	(1,791)	3,559	1,745
	20,663	(11,468)	(22,952)
Income before income taxes	645,049	1,146,381	948,851
Income tax provision	(161,393)	(288,723)	(236,365)
Net income	$483,656	$857,658	$712,486
Weighted average common shares outstanding:
Basic	39,649	39,526	39,420
Diluted	39,901	39,772	39,646
Net income per common share:
Basic	$12.20	$21.70	$18.07
Diluted	$12.12	$21.56	$17.97
Dividends declared per common share	$8.70	$4.01	$5.42

Consolidated Statements of Comprehensive Income

	Year Ended December 31
	2023	2022	2021
(thousands)
Net income	$483,656	$857,658	$712,486
Other comprehensive income, net of tax
Defined benefit pension plans
Actuarial gain (loss), net of tax of $(7), $122, and $15, respectively	(22)	367	46
Amortization of actuarial (gain) loss, net of tax of $8, $21, and $(4), respectively	25	62	(15)
Effects of settlements, net of tax of $—, $32, and $—, respectively	—	98	—
Other comprehensive income, net of tax	3	527	31
Comprehensive income	$483,659	$858,185	$712,517

Consolidated Balance Sheets

	2023	2022
(thousands)
ASSETS
Current
Cash and cash equivalents	$949,574	$998,344
Receivables
Trade, less allowances of $3,278 and $3,264	352,780	297,237
Related parties	181	19
Other	20,740	23,023
Inventories	712,369	697,551
Prepaid expenses and other	21,170	47,878
Total current assets	2,056,814	2,064,052
Property and equipment, net	932,633	770,023
Operating lease right-of-use assets	62,868	55,582
Finance lease right-of-use assets	24,003	26,501
Timber deposits	7,208	7,519
Goodwill	170,254	137,958
Intangible assets, net	190,743	161,433
Deferred income taxes	4,854	6,116
Other assets	9,269	11,330
Total assets	$3,458,646	$3,240,514

Consolidated Balance Sheets (continued)

	2023	2022
(thousands, except per-share data)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade	$310,175	$269,785
Related parties	1,501	1,019
Accrued liabilities
Compensation and benefits	149,561	142,463
Interest payable	9,958	9,955
Other	122,921	122,606
Total current liabilities	594,116	545,828
Debt
Long-term debt	445,280	444,392
Other
Compensation and benefits	40,189	33,226
Operating lease liabilities, net of current portion	56,425	48,668
Finance lease liabilities, net of current portion	28,084	30,022
Deferred income taxes	82,014	63,454
Other long-term liabilities	16,874	16,949
	223,586	192,319
Commitments and contingent liabilities
Stockholders' equity
Preferred stock, $0.01 par value per share; 50,000 shares authorized, no shares issued and outstanding	—	—
Common stock, $0.01 par value per share; 300,000 shares authorized, 44,983 and 44,827 shares issued, respectively	450	448
Treasury stock, 5,443 and 5,367 shares at cost, respectively	(145,335)	(138,909)
Additional paid-in capital	560,697	551,215
Accumulated other comprehensive loss	(517)	(520)
Retained earnings	1,780,369	1,645,741
Total stockholders' equity	2,195,664	2,057,975
Total liabilities and stockholders' equity	$3,458,646	$3,240,514

Consolidated Statements of Cash Flows

	2023	2022	2021
(thousands)
Cash provided by (used for) operations
Net income	$483,656	$857,658	$712,486
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other	135,414	103,879	82,489
Stock-based compensation	15,410	11,870	7,911
Pension expense	163	294	76
Deferred income taxes	(180)	59,666	(13,704)
Change in fair value of interest rate swaps	1,791	(3,559)	(1,745)
Other	(1,898)	(1,043)	712
Decrease (increase) in working capital, net of acquisitions
Receivables	(35,024)	158,073	(71,190)
Inventories	22,286	(13,903)	(158,472)
Prepaid expenses and other	(824)	(2,834)	(3,238)
Accounts payable and accrued liabilities	37,146	(100,354)	123,670
Pension contributions	(553)	(1,058)	(470)
Income taxes payable	28,590	(30,561)	(10,057)
Other	1,481	3,091	(1,484)
Net cash provided by operations	687,458	1,041,219	666,984
Cash provided by (used for) investment
Expenditures for property and equipment	(215,438)	(114,117)	(106,518)
Acquisitions of businesses and facilities, net of cash acquired	(162,774)	(515,237)	—
Proceeds from sales of assets and other	2,660	3,898	932
Net cash used for investment	(375,552)	(625,456)	(105,586)
Cash provided by (used for) financing
Borrowings of long-term debt, including revolving credit facility	—	—	28,000
Payments of long-term debt, including revolving credit facility	—	—	(28,000)
Dividends paid on common stock	(346,493)	(159,564)	(213,681)
Tax withholding payments on stock-based awards	(5,926)	(3,930)	(2,729)
Treasury stock purchased	(6,426)	—	—
Payments of deferred financing costs	—	(1,174)	—
Other	(1,831)	(1,658)	(1,463)
Net cash used for financing	(360,676)	(166,326)	(217,873)
Net increase (decrease) in cash and cash equivalents	(48,770)	249,437	343,525
Balance at beginning of the period	998,344	748,907	405,382
Balance at end of the period	$949,574	$998,344	$748,907

Consolidated Statements of Stockholders' Equity

Common Stock · Treasury Stock · Additional Paid-In Capital · Accumulated Other Comprehensive Loss · Retained Earnings · Total
Shares · Amount · Shares · Amount
(thousands)
Balance at December 31, 2020	44,568		$446	5,367			$(138,909)		$538,006		$(1,078)	$452,334	$850,799
Net income								712,486	712,486
Other comprehensive income						31			31
Common stock issued	130	1								1
Stock-based compensation					7,911				7,911
Common stock dividends ($5.42 per share)								(215,941)	(215,941)
Tax withholding payments on stock-based awards					(2,729)				(2,729)
Proceeds from exercise of stock options					63				63
Other					(2)				(2)
Balance at December 31, 2021	44,698		$447	5,367			$(138,909)		$543,249		$(1,047)	$948,879	$1,352,619
Net income								857,658	857,658
Other comprehensive income						527			527
Common stock issued	129	1								1
Stock-based compensation					11,870				11,870
Common stock dividends ($4.01 per share)								(160,796)	(160,796)
Tax withholding payments on stock-based awards					(3,930)				(3,930)
Proceeds from exercise of stock options					27				27
Other					(1)				(1)
Balance at December 31, 2022	44,827		$448	5,367			$(138,909)		$551,215		$(520)	$1,645,741	$2,057,975
Net income								483,656	483,656
Other comprehensive income						3			3
Common stock issued	156	2								2
Treasury stock purchased			76	(6,426)						(6,426)
Stock-based compensation					15,410				15,410
Common stock dividends ($8.70 per share)								(349,028)	(349,028)
Tax withholding payments on stock-based awards					(5,926)				(5,926)
Other					(2)				(2)
Balance at December 31, 2023	44,983		$450	5,443			$(145,335)		$560,697		$(517)	$1,780,369	$2,195,664

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.