BOISE CASCADE Co
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
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9. Leases
- Leases
Lease Costs
The components of lease expense were as follows:
| Year Ended December 31 | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (thousands) | |||
| Operating lease cost | $13,690 | $13,227 | $14,212 |
| Finance lease cost | |||
| Amortization of right-of-use assets | 2,480 | 2,470 | 2,482 |
| Interest on lease liabilities | 2,147 | 2,229 | 2,327 |
| Variable lease cost | 5,800 | 5,429 | 4,406 |
| Short-term lease cost | 5,784 | 6,149 | 5,662 |
| Sublease income | (153) | (330) | (439) |
| Total lease cost | $29,748 | $29,174 | $28,650 |
Other Information
Supplemental cash flow information related to leases was as follows:
| Year Ended December 31 | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (thousands) | |||
| Cash paid for amounts included in the measurement of lease liabilities | |||
| Operating cash flows from operating leases | $13,125 | $13,472 | $14,203 |
| Operating cash flows from finance leases | 2,128 | 2,226 | 2,338 |
| Financing cash flows from finance leases | 1,955 | 1,831 | 1,685 |
| Right-of-use assets obtained in exchange for lease obligations | |||
| Operating leases | 5,356 | 18,147 | 5,096 |
| Finance leases | 803 | — | — |
Other information related to leases was as follows:
| December 31, 2024 | December 31, 2023 | |
|---|---|---|
| Weighted-average remaining lease term (years) | ||
| Operating leases | 7 | 8 |
| Finance leases | 13 | 13 |
| Weighted-average discount rate | ||
| Operating leases | 5.9% | 6.2% |
| Finance leases | 7.5% | 7.6% |
As of December 31, 2024, our minimum lease payment requirements for noncancelable operating and finance leases are as follows:
| Operating Leases · Finance Leases | ||
|---|---|---|
| (thousands) | ||
| 2025 | $13,137 | $3,727 |
| 2026 | 9,932 | 3,573 |
| 2027 | 9,355 | 3,641 |
| 2028 | 7,345 | 3,496 |
| 2029 | 6,921 | 3,479 |
| Thereafter | 19,835 | 26,880 |
| Total future minimum lease payments | 66,525 | 44,796 |
| Less: interest | (12,989) | (16,181) |
| Total lease obligations | 53,536 | 28,615 |
| Less: current obligations | (10,362) | (1,732) |
| Long-term lease obligations | $43,174 | $26,883 |
As of December 31, 2024, the undiscounted future lease payments for additional leases that have not yet commenced was approximately $9 million. These leases are expected to commence in 2025 with lease terms ranging from 3 years to 9 years.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.