Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 24, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-35805 | |
Entity Registrant Name | Boise Cascade Company | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-1496201 | |
Entity Address, Address Line One | 1111 West Jefferson Street Suite 300 | |
Entity Address, City or Town | Boise | |
Entity Address, State or Province | ID | |
Entity Address, Postal Zip Code | 83702-5389 | |
City Area Code | 208 | |
Local Phone Number | 384-6161 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | BCC | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 39,196,619 | |
Entity Central Index Key | 0001328581 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Sales | ||||
Sales | $ 1,242,760 | $ 1,230,081 | $ 2,413,294 | $ 2,272,167 |
Costs and expenses | ||||
Materials, labor, and other operating expenses (excluding depreciation) | 1,048,902 | 1,049,655 | 2,041,172 | 1,947,477 |
Depreciation and amortization | 19,899 | 19,454 | 55,231 | 38,671 |
Selling and distribution expenses | 103,566 | 98,866 | 203,029 | 185,892 |
General and administrative expenses | 18,755 | 16,786 | 34,839 | 33,461 |
Loss on curtailment of facility | 38 | 0 | 1,707 | 0 |
Other (income) expense, net | (170) | 188 | (1) | (120) |
Total costs and expenses | 1,190,990 | 1,184,949 | 2,335,977 | 2,205,381 |
Income from operations | 51,770 | 45,132 | 77,317 | 66,786 |
Foreign currency exchange gain (loss) | 409 | 248 | (464) | 410 |
Pension expense (excluding service costs) | (302) | (290) | (689) | (589) |
Interest expense | (6,633) | (6,486) | (13,054) | (12,923) |
Interest income | 190 | 416 | 845 | 908 |
Change in fair value of interest rate swaps | (514) | (1,551) | (2,828) | (2,534) |
Total nonoperating income (expense) | (6,850) | (7,663) | (16,190) | (14,728) |
Income before income taxes | 44,920 | 37,469 | 61,127 | 52,058 |
Income tax provision | (11,334) | (9,751) | (15,341) | (12,951) |
Net income | $ 33,586 | $ 27,718 | $ 45,786 | $ 39,107 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 39,312 | 39,087 | 39,238 | 38,986 |
Diluted (in shares) | 39,387 | 39,199 | 39,381 | 39,185 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.85 | $ 0.71 | $ 1.17 | $ 1 |
Diluted (in dollars per share) | 0.85 | 0.71 | 1.16 | 1 |
Dividends declared per common share | $ 0.10 | $ 0.09 | $ 0.20 | $ 0.18 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 33,586 | $ 27,718 | $ 45,786 | $ 39,107 |
Defined benefit pension plans | ||||
Amortization of actuarial (gain) loss, net of tax | 150 | (33) | 301 | (65) |
Amortization of actuarial (gain) loss, tax | 51 | (11) | 102 | (22) |
Effects of Settlements, net of tax | 0 | 0 | 64 | 0 |
Effect of settlements, tax effect | 0 | 0 | 22 | 0 |
Other comprehensive income (loss), net of tax | 150 | (33) | 365 | (65) |
Comprehensive income | $ 33,736 | $ 27,685 | $ 46,151 | $ 39,042 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current | ||
Cash and cash equivalents | $ 361,436 | $ 285,237 |
Receivables | ||
Trade, less allowances | 350,673 | 215,894 |
Trade receivables, allowances | 890 | 591 |
Related parties | 417 | 568 |
Other | 9,772 | 15,184 |
Inventories | 456,129 | 497,596 |
Prepaid expenses and other | 14,716 | 8,285 |
Total current assets | 1,193,143 | 1,022,764 |
Property and equipment, net | 446,773 | 476,949 |
Operating lease right-of-use assets | 64,676 | 64,228 |
Finance lease right-of-use assets | 30,101 | 21,798 |
Timber deposits | 14,212 | 12,287 |
Goodwill | 60,382 | 60,382 |
Intangible assets, net | 17,186 | 17,797 |
Deferred income taxes | 7,620 | 7,952 |
Other assets | 6,982 | 9,194 |
Total assets | 1,841,075 | 1,693,351 |
Accounts payable | ||
Trade | 320,839 | 222,930 |
Related parties | 1,835 | 1,624 |
Accrued liabilities | ||
Compensation and benefits | 78,386 | 83,943 |
Income taxes payable | 7,391 | 0 |
Interest payable | 6,696 | 6,723 |
Other | 70,140 | 69,772 |
Total current liabilities | 485,287 | 384,992 |
Debt | ||
Long-term debt | 440,178 | 440,544 |
Other | ||
Compensation and benefits | 42,205 | 45,586 |
Operating lease liabilities, net of current portion | 58,913 | 58,029 |
Finance lease liabilities, net of current portion | 31,816 | 23,419 |
Deferred income taxes | 25,333 | 26,694 |
Other long-term liabilities | 17,635 | 12,757 |
Total other liabilities | 175,902 | 166,485 |
Commitments and contingent liabilities | ||
Stockholders' equity | ||
Preferred Stock, Value, Issued | $ 0 | $ 0 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock, Value, Issued | $ 446 | $ 444 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 44,564,000 | 44,353,000 |
Treasury Stock, Common, Value | $ (138,909) | $ (138,909) |
Treasury stock, at cost | 5,367,000 | 5,367,000 |
Additional paid-in capital | $ 533,406 | $ 533,345 |
Accumulated other comprehensive loss | (49,883) | (50,248) |
Retained earnings | 394,648 | 356,698 |
Total stockholders' equity | 739,708 | 701,330 |
Total liabilities and stockholders' equity | $ 1,841,075 | $ 1,693,351 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash provided by (used for) operations | ||
Net income | $ 45,786 | $ 39,107 |
Items in net income not using (providing) cash | ||
Depreciation and amortization, including deferred financing costs and other | 56,295 | 39,821 |
Stock-based compensation | 3,345 | 4,069 |
Pension expense | 1,023 | 911 |
Deferred income taxes | (1,501) | 5,629 |
Change in fair value of interest rate swaps | 2,828 | 2,534 |
Loss on curtailment of facility (excluding severance) | 1,476 | 0 |
Other | 164 | (33) |
Decrease (increase) in working capital, net of acquisitions | ||
Receivables | (129,532) | (93,977) |
Inventories | 41,102 | 13,324 |
Prepaid expenses and other | (6,989) | (4,773) |
Accounts payable and accrued liabilities | 95,505 | 45,355 |
Pension contributions | (1,062) | (927) |
Income taxes payable | 8,616 | 16,735 |
Other | 1,220 | (923) |
Net cash provided by operations | 118,276 | 66,852 |
Cash provided by (used for) investment | ||
Expenditures for property and equipment | (28,849) | (32,824) |
Acquisitions of businesses and facilities | 0 | (15,675) |
Proceeds from sale of facilities | 0 | 2,493 |
Proceeds from sales of assets and other | 406 | 1,395 |
Net cash used for investment | (28,443) | (44,611) |
Cash provided by (used for) financing | ||
Borrowings of long-term debt, including revolving credit facility | 0 | 5,500 |
Payments of long-term debt, including revolving credit facility | 0 | 5,500 |
Dividends paid on common stock | (8,562) | (7,562) |
Tax withholding payments on stock-based awards | (3,309) | (3,574) |
Other | (1,763) | (369) |
Net cash used for financing | (13,634) | (11,505) |
Net increase in cash and cash equivalents | 76,199 | 10,736 |
Balance at beginning of the period | 285,237 | 191,671 |
Balance at end of the period | $ 361,436 | $ 202,407 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) Statement - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] |
Beginning balance, common stock, shares issued at Dec. 31, 2018 | 44,076 | |||||
Beginning balance, net of taxes at Dec. 31, 2018 | $ 672,590 | $ 441 | $ (138,909) | $ 528,654 | $ (47,652) | $ 330,056 |
Beginning balance, treasury stock, shares at Dec. 31, 2018 | 5,367 | |||||
Net income | 11,389 | 11,389 | ||||
Other comprehensive income (loss) | (32) | (32) | ||||
Common stock issued, shares | 265 | |||||
Common stock issued, value | 2 | $ 2 | ||||
Stock-based compensation | 2,200 | 2,200 | ||||
Common stock dividends | $ (3,561) | (3,561) | ||||
Dividends declared per common share | $ 0.09 | |||||
Tax withholding payments on stock-based awards | $ (3,569) | (3,569) | ||||
Other | (2) | (2) | ||||
Ending balance, common stock, shares issued at Mar. 31, 2019 | 44,341 | |||||
Ending balance, net of taxes at Mar. 31, 2019 | 679,017 | $ 443 | $ (138,909) | 527,283 | (47,684) | 337,884 |
Ending balance, treasury stock, shares at Mar. 31, 2019 | 5,367 | |||||
Beginning balance, common stock, shares issued at Dec. 31, 2018 | 44,076 | |||||
Beginning balance, net of taxes at Dec. 31, 2018 | 672,590 | $ 441 | $ (138,909) | 528,654 | (47,652) | 330,056 |
Beginning balance, treasury stock, shares at Dec. 31, 2018 | 5,367 | |||||
Net income | 39,107 | |||||
Other comprehensive income (loss) | $ (65) | |||||
Dividends declared per common share | $ 0.18 | |||||
Ending balance, common stock, shares issued at Jun. 30, 2019 | 44,342 | |||||
Ending balance, net of taxes at Jun. 30, 2019 | $ 705,021 | $ 443 | $ (138,909) | 529,147 | (47,717) | 362,057 |
Ending balance, treasury stock, shares at Jun. 30, 2019 | 5,367 | |||||
Beginning balance, common stock, shares issued at Mar. 31, 2019 | 44,341 | |||||
Beginning balance, net of taxes at Mar. 31, 2019 | 679,017 | $ 443 | $ (138,909) | 527,283 | (47,684) | 337,884 |
Beginning balance, treasury stock, shares at Mar. 31, 2019 | 5,367 | |||||
Net income | 27,718 | 27,718 | ||||
Other comprehensive income (loss) | (33) | (33) | ||||
Common stock issued, shares | 1 | |||||
Common stock issued, value | 0 | $ 0 | ||||
Stock-based compensation | 1,869 | 1,869 | ||||
Common stock dividends | $ (3,545) | (3,545) | ||||
Dividends declared per common share | $ 0.09 | |||||
Tax withholding payments on stock-based awards | $ (5) | (5) | ||||
Ending balance, common stock, shares issued at Jun. 30, 2019 | 44,342 | |||||
Ending balance, net of taxes at Jun. 30, 2019 | $ 705,021 | $ 443 | $ (138,909) | 529,147 | (47,717) | 362,057 |
Ending balance, treasury stock, shares at Jun. 30, 2019 | 5,367 | |||||
Beginning balance, common stock, shares issued at Dec. 31, 2019 | 44,353 | 44,353 | ||||
Beginning balance, net of taxes at Dec. 31, 2019 | $ 701,330 | $ 444 | $ (138,909) | 533,345 | (50,248) | 356,698 |
Beginning balance, treasury stock, shares at Dec. 31, 2019 | 5,367 | 5,367 | ||||
Net income | $ 12,200 | 12,200 | ||||
Other comprehensive income (loss) | 215 | 215 | ||||
Common stock issued, shares | 211 | |||||
Common stock issued, value | 2 | $ 2 | ||||
Stock-based compensation | 1,674 | 1,674 | ||||
Common stock dividends | $ (3,866) | (3,866) | ||||
Dividends declared per common share | $ 0.10 | |||||
Tax withholding payments on stock-based awards | $ (3,309) | (3,309) | ||||
Proceeds from exercise of stock options | 27 | 27 | ||||
Other | (2) | (2) | ||||
Ending balance, common stock, shares issued at Mar. 31, 2020 | 44,564 | |||||
Ending balance, net of taxes at Mar. 31, 2020 | $ 708,271 | $ 446 | $ (138,909) | 531,735 | (50,033) | 365,032 |
Ending balance, treasury stock, shares at Mar. 31, 2020 | 5,367 | |||||
Beginning balance, common stock, shares issued at Dec. 31, 2019 | 44,353 | 44,353 | ||||
Beginning balance, net of taxes at Dec. 31, 2019 | $ 701,330 | $ 444 | $ (138,909) | 533,345 | (50,248) | 356,698 |
Beginning balance, treasury stock, shares at Dec. 31, 2019 | 5,367 | 5,367 | ||||
Net income | $ 45,786 | |||||
Other comprehensive income (loss) | $ 365 | |||||
Dividends declared per common share | $ 0.20 | |||||
Ending balance, common stock, shares issued at Jun. 30, 2020 | 44,564 | 44,564 | ||||
Ending balance, net of taxes at Jun. 30, 2020 | $ 739,708 | $ 446 | $ (138,909) | 533,406 | (49,883) | 394,648 |
Ending balance, treasury stock, shares at Jun. 30, 2020 | 5,367 | 5,367 | ||||
Beginning balance, common stock, shares issued at Mar. 31, 2020 | 44,564 | |||||
Beginning balance, net of taxes at Mar. 31, 2020 | $ 708,271 | $ 446 | $ (138,909) | 531,735 | (50,033) | 365,032 |
Beginning balance, treasury stock, shares at Mar. 31, 2020 | 5,367 | |||||
Net income | 33,586 | 33,586 | ||||
Other comprehensive income (loss) | 150 | 150 | ||||
Stock-based compensation | 1,671 | 1,671 | ||||
Common stock dividends | $ (3,970) | (3,970) | ||||
Dividends declared per common share | $ 0.10 | |||||
Ending balance, common stock, shares issued at Jun. 30, 2020 | 44,564 | 44,564 | ||||
Ending balance, net of taxes at Jun. 30, 2020 | $ 739,708 | $ 446 | $ (138,909) | $ 533,406 | $ (49,883) | $ 394,648 |
Ending balance, treasury stock, shares at Jun. 30, 2020 | 5,367 | 5,367 |
Nature of Operations and Consol
Nature of Operations and Consolidation (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Consolidation | Nature of Operations and Consolidation Nature of Operations Boise Cascade Company is a building products company headquartered in Boise, Idaho. As used in this Form 10-Q, the terms "Boise Cascade," "we," and "our" refer to Boise Cascade Company and its consolidated subsidiaries. We are one of the largest producers of engineered wood products (EWP) and plywood in North America and a leading United States (U.S.) wholesale distributor of building products. We operate our business using two reportable segments: (1) Wood Products, which primarily manufactures EWP and plywood, and (2) Building Materials Distribution, which is a wholesale distributor of building materials. For more information, see Note 12, Segment Information. Consolidation The accompanying quarterly consolidated financial statements have not been audited by an independent registered public accounting firm but, in the opinion of management, include all adjustments necessary to present fairly the financial position, results of operations, cash flows, and stockholders' equity for the interim periods presented. Except as disclosed within these condensed notes to unaudited quarterly consolidated financial statements, the adjustments made were of a normal, recurring nature. Certain information and footnote disclosures normally included in our annual consolidated financial statements have been condensed or omitted. The quarterly consolidated financial statements include the accounts of Boise Cascade and its subsidiaries after elimination of intercompany balances and transactions. Quarterly results are not necessarily indicative of results that may be expected for the full year. These condensed notes to unaudited quarterly consolidated financial statements should be read in conjunction with our 2019 Form 10-K and the other reports we file with the Securities and Exchange Commission (SEC). |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Accounting Policies The complete summary of significant accounting policies is included in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" in our 2019 Form 10-K. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, inventories, goodwill, intangible assets, and other long-lived assets; legal contingencies; guarantee obligations; indemnifications; assumptions used in retirement, medical, and workers' compensation benefits; assumptions used in the determination of right-of-use assets and related lease liabilities; stock-based compensation; fair value measurements; income taxes; and vendor and customer rebates, among others. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. For revenue disaggregated by major product line for each reportable segment, see Note 12, Segment Information. Fees for shipping and handling charged to customers for sales transactions are included in "Sales" in our Consolidated Statements of Operations. When control over products has transferred to the customer, we have elected to recognize costs related to shipping and handling as fulfillment costs. For our Wood Products segment, costs related to shipping and handling are included in "Materials, labor, and other operating expenses (excluding depreciation)" in our Consolidated Statements of Operations. 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 Building Materials Distribution segment, costs related to shipping and handling of $44.2 million and $43.4 million, for the three months ended June 30, 2020 and 2019, respectively, and $84.9 million and $80.3 million for the six months ended June 30, 2020 and 2019, respectively, are included in "Selling and distribution expenses" in our Consolidated Statements of Operations. In our Building Materials Distribution segment, our activities relate to the purchase and resale of finished product, 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. Customer Rebates and Allowances Rebates are provided to our customers and our customers' customers based on the volume of their purchases, among other factors such as customer loyalty, conversion, and commitment. 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 June 30, 2020, and December 31, 2019, we had $45.4 million and $49.4 million, respectively, of rebates payable to our customers recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets. We adjust our estimate of revenue at the earlier of when the probability of rebates paid changes or when the amounts become fixed. There have not been significant changes to our estimates of rebates, although it is reasonably possible that a change in the estimate may occur. Vendor Rebates and Allowances We receive rebates and allowances from our vendors under a number of different programs, including vendor marketing programs. At June 30, 2020, and December 31, 2019, we had $6.9 million and $9.2 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. Amounts received from vendors that are linked to specific selling and distribution expenses are recognized as a reduction of "Selling and distribution expenses" in the period the expense is incurred. Leases We primarily lease land, building, and equipment under operating and finance leases. We determine if an arrangement is a lease at inception and assess lease classification as either operating or finance at lease inception or upon modification. Substantially all of our leases with initial terms greater than one year are for real estate, including distribution centers, corporate headquarters, land, and other office space. Substantially all of these lease agreements have fixed payment terms based on the passage of time and are recorded in our Building Materials Distribution segment. Many of our leases include fixed escalation clauses, renewal options and/or termination options that are factored into our determination of lease term and lease payments when appropriate. Renewal options generally range from one to ten years with fixed payment terms similar to those in the original lease agreements. Some lease agreements provide us with the option to purchase the leased property at market value. Our lease agreements do not contain any residual value guarantees. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. The current portion of our operating and finance lease liabilities are recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets. 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. 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 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. Our short-term leases primarily include equipment rentals with lease terms on a month-to-month basis, which provide for our seasonal needs and flexibility in the use of equipment. Our short-term leases also include certain real estate for which either party has the right to cancel upon providing notice of 30 to 90 days. We do not recognize ROU assets or lease liabilities for short-term leases. Inventories Inventories included the following (work in process is not material): June 30, December 31, (thousands) Finished goods and work in process $ 383,202 $ 413,020 Logs 33,145 45,574 Other raw materials and supplies 39,782 39,002 $ 456,129 $ 497,596 Property and Equipment Property and equipment consisted of the following asset classes: June 30, December 31, (thousands) Land $ 38,274 $ 39,304 Buildings 144,538 140,008 Improvements 61,955 61,187 Mobile equipment, information technology, and office furniture 171,438 165,445 Machinery and equipment 677,307 666,467 Construction in progress 30,645 34,846 1,124,157 1,107,257 Less accumulated depreciation (677,384) (630,308) $ 446,773 $ 476,949 Long-Lived Asset Impairment We review long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of assets may not be recoverable (triggering event). An impairment of long-lived assets exists when the carrying value is not recoverable through future undiscounted cash flows from operations and when the carrying value of an asset or asset group exceeds its fair value. No triggering event was identified during the quarter ended June 30, 2020. Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy under GAAP gives the highest priority to quoted market prices (Level 1) and the lowest priority to unobservable inputs (Level 3). In general, and where applicable, we use quoted prices in active markets for identical assets or liabilities to determine fair value (Level 1). If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, we use quoted prices for similar assets and liabilities or inputs that are observable either directly or indirectly (Level 2). If quoted prices for identical or similar assets are not available or are unobservable, we may use internally developed valuation models, whose inputs include bid prices, and third-party valuations utilizing underlying asset assumptions (Level 3). Financial Instruments Our financial instruments are cash and cash equivalents, accounts receivable, accounts payable, long-term debt, and interest rate swaps. Our cash is recorded at cost, which approximates fair value, and our cash equivalents are money market funds. As of June 30, 2020, and December 31, 2019, we held $333.9 million and $259.5 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 June 30, 2020, and December 31, 2019, the book value of our fixed-rate debt for each period was $350.0 million, and the fair value was estimated to be $353.5 million and $364.7 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. We estimated the fair value of our fixed-rate debt using quoted market prices of our debt in inactive markets (Level 2 inputs). The interest rate on our term loans is based on market conditions such as the London Interbank Offered Rate (LIBOR) or a base rate. Because the interest rate on the term loans is based on current market conditions, we believe that the estimated fair value of the outstanding balance on our term loans approximates book value. As discussed below, we also have interest rate swaps to mitigate our variable interest rate exposure, the fair value of which is measured based on Level 2 inputs. Interest Rate Risk and Interest Rate Swaps We are exposed to interest rate risk arising from fluctuations in variable-rate LIBOR on our term loans and when we have loan amounts outstanding on our Revolving Credit Facility. At June 30, 2020, we had $95.0 million of variable-rate debt outstanding based on one-month LIBOR. Our objective is to limit the variability of interest payments on our debt. To meet this objective, we enter into receive-variable, pay-fixed interest rate swaps to change the variable-rate cash flow exposure to fixed-rate cash flows. In accordance with our risk management strategy, we actively monitor our interest rate exposure and use derivative instruments from time to time to manage the related risk. We do not speculate using derivative instruments. At June 30, 2020, we had four interest rate swap agreements. Under the interest rate swaps, we receive one-month LIBOR-based variable interest rate payments and make fixed interest rate payments, thereby fixing the interest rate on $95.0 million of variable rate debt exposure. Payments on two interest rate swaps, entered into in 2016, with notional principal amounts of $50.0 million and $45.0 million are due on a monthly basis at an annual fixed rate of 1.007% and 1.256%, respectively, and expire in February 2022 and March 2022, respectively (Initial Swaps). During the three months ended June 30, 2020, we entered into two forward interest rate swap agreements which commence on the expiration date of the Initial Swaps. Payments on these two interest rate swaps with notional principal amounts of $50.0 million and $45.0 million will be due on a monthly basis at an annual fixed rate of 0.39% and 0.431%, respectively, and expire in June 2025 and December 2025, respectively. The interest rate swap agreements were not designated as cash flow hedges, 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 June 30, 2020, we recorded a long-term liability of $2.0 million in "Other long-term liabilities" on our Consolidated Balance Sheets, representing the fair value of the interest rate swap agreements. At December 31, 2019, we recorded a long-term asset of $0.8 million in "Other assets" on our Consolidated Balance Sheets, representing the fair value of the interest rate swap agreements. The swaps were valued based on observable inputs for similar assets and liabilities and other observable inputs for interest rates and yield curves (Level 2 inputs). Concentration of Credit Risk We are exposed to credit risk related to customer accounts receivable. 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 June 30, 2020, receivables from two customers accounted for approximately 16% and 13% of total receivables. At December 31, 2019, receivables from these two customers accounted for approximately 14% and 12% of total receivables. No other customer accounted for 10% or more of total receivables. New and Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Our current contracts that reference LIBOR include certain debt instruments and interest rate swaps. The amendments are effective for eligible contract modifications subsequent to March 12, 2020 and through December 31, 2022. The adoption of this standard did not have a material effect on our financial statements, but we will assess any eligible contract modifications in the future. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to reduce complexity in accounting for income taxes. This ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. We currently do not expect the adoption of the guidance to have a material effect on our financial statements, but will continue to monitor the standard through the effective date. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . This ASU amends ASC 715 to remove disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant related to defined benefit pension and other postretirement plans. The ASU's changes related to disclosures are part of the FASB's disclosure framework project. The updated guidance is effective retrospectively for annual reporting periods ending after December 15, 2020, with early adoption permitted. We are currently evaluating the effects of this ASU on our disclosures in the notes to our 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. |
Income Taxes (Notes)
Income Taxes (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three and six months ended June 30, 2020, we recorded $11.3 million and $15.3 million, respectively, of income tax expense and had an effective rate of 25.2% and 25.1%, respectively. During the three and six months ended June 30, 2020, 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. For the three and six months ended June 30, 2019, we recorded $9.8 million and $13.0 million, respectively, of income tax expense and had an effective rate of 26.0% and 24.9%, respectively. During the three and six months ended June 30, 2019, 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, 2020, cash paid for taxes, net of refunds received were $8.9 million. During the six months ended June 30, 2019, refunds received, net of cash taxes paid, were $10.6 million. |
Net Income Per Common Share (No
Net Income Per Common Share (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income Per Common Share Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Weighted average common shares outstanding for the basic net income per common share calculation includes certain vested restricted stock units (RSUs) and performance stock units (PSUs) as there are no conditions under which those shares will not be issued. Diluted net income per common share is computed by dividing net income by the combination of the weighted average number of common shares outstanding during the period and other potentially dilutive weighted average common shares. Other potentially dilutive weighted average common shares include the dilutive effect of stock options, RSUs, and PSUs for each period using the treasury stock method. Under the treasury stock method, the exercise price of a share and the amount of compensation expense, if any, for future service that has not yet been recognized are assumed to be used to repurchase shares in the current period. The following table sets forth the computation of basic and diluted net income per common share: Three Months Ended Six Months Ended 2020 2019 2020 2019 (thousands, except per-share data) Net income $ 33,586 $ 27,718 $ 45,786 $ 39,107 Weighted average common shares outstanding during the period (for basic calculation) 39,312 39,087 39,238 38,986 Dilutive effect of other potential common shares 75 112 143 199 Weighted average common shares and potential common shares (for diluted calculation) 39,387 39,199 39,381 39,185 Net income per common share - Basic $ 0.85 $ 0.71 $ 1.17 $ 1.00 Net income per common share - Diluted $ 0.85 $ 0.71 $ 1.16 $ 1.00 |
Curtailment of Manufacturing Fa
Curtailment of Manufacturing Facility (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | Curtailment of Manufacturing Facility On February 20, 2020, we decided to permanently curtail I-joist production at our Roxboro, North Carolina facility by March 31, 2020. As a result of the curtailment, we recorded $15.0 million of accelerated depreciation during first quarter 2020 to fully depreciate the curtailed I-joist assets. In addition, we recorded $1.7 million of various closure-related costs in "Loss on curtailment of facility" in our Consolidated Statements of Operations. |
Debt (Notes)
Debt (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt consisted of the following: June 30, December 31, (thousands) Asset-based revolving credit facility due 2025 $ — $ — Asset-based credit facility term loan due 2025 50,000 50,000 Term loan due 2026 45,000 45,000 5.625% senior notes due 2024 350,000 350,000 Deferred financing costs (4,822) (4,456) Long-term debt $ 440,178 $ 440,544 Asset-Based Credit Facility 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, (Amended Agreement) with Wells Fargo Capital Finance, LLC, as administrative agent, and the banks named therein as lenders. On March 13, 2020, we entered into the sixth amendment to the Amended Agreement to reduce the maximum amount available for revolving loans from $370 million to $350 million (Revolving Credit Facility) and to extend the maturity date of the Credit Agreement from May 1, 2022, to March 13, 2025. The term loan within the Amended Agreement remains at $50.0 million (ABL Term Loan). Interest on borrowings under our Revolving Credit Facility and ABL Term Loan are payable monthly. Borrowings under the Amended Agreement are constrained by a borrowing base formula dependent upon levels of eligible receivables and inventory reduced by outstanding borrowings and letters of credit (Availability). The Amended Agreement is secured by a first-priority security interest in substantially all of our assets, except for property and equipment. The proceeds of borrowings under the agreement are available for working capital and other general corporate purposes. The Amended Agreement contains customary nonfinancial covenants, including a negative pledge covenant and restrictions on new indebtedness, investments, distributions to equity holders, asset sales, and affiliate transactions, the scope of which are dependent on the Availability existing from time to time. The Amended Agreement also contains a requirement that we meet a 1:1 fixed-charge coverage ratio (FCCR), applicable only if Availability falls below 10% of the aggregate revolving lending commitments, or $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 June 30, 2020, was $345.4 million. The Amended Agreement permits us to pay dividends only if at the time of payment (i) no default has occurred or is continuing (or would result from such payment) under the Amended Agreement, and (ii) pro forma Excess Availability (as defined in the Amended Agreement) is equal to or exceeds 25% of the aggregate Revolver Commitments (as defined in the Amended Agreement) or (iii) (x) pro forma Excess Availability is equal to or exceeds 15% of the aggregate Revolver Commitment and (y) our fixed-charge coverage ratio is greater than or equal to 1:1 on a pro forma basis. Revolving Credit Facility Interest rates under the Revolving Credit Facility are based, at our election, on either LIBOR or a base rate, as defined in the Amended Agreement, plus a spread over the index elected that ranges from 1.25% to 1.50% for loans based on LIBOR and from 0.25% to 0.50% for loans based on the base rate. The spread is determined on the basis of a pricing grid that results in a higher spread as average quarterly Availability declines. Letters of credit are subject to a fronting fee payable to the issuing bank and a fee payable to the lenders equal to the LIBOR margin rate. In addition, we are required to pay an unused commitment fee at a rate of 0.25% per annum of the average unused portion of the lending commitments. At both June 30, 2020, and December 31, 2019, we had no borrowings outstanding under the Revolving Credit Facility and $4.6 million of letters of credit outstanding. These letters of credit and borrowings, if any, reduce Availability under the Revolving Credit Facility by an equivalent amount. ABL Term Loan The ABL Term Loan was provided by institutions within the Farm Credit system. Borrowings under the ABL Term Loan may be repaid from time to time at the discretion of the borrowers without premium or penalty. However, any principal amount of ABL Term Loan repaid may not be subsequently re-borrowed. Interest rates under the ABL Term Loan are based, at our election, on either LIBOR or a base rate, as defined in the Amended Agreement, plus a spread over the index elected that ranges from 1.75% to 2.00% for LIBOR rate loans and from 0.75% to 1.00% for base rate loans, both dependent on the amount of Average Excess Availability (as defined in the Amended Agreement). During the six months ended June 30, 2020, the average interest rate on the ABL Term Loan was approximately 2.75%. We have received and expect to continue receiving patronage credits under the ABL Term Loan. Patronage credits are distributions of profits from banks in the Farm Credit system, which are cooperatives that are required to distribute profits to their members. Patronage distributions, which are generally made in cash, are received in the year after they are earned. 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 1.7% during the six months ended June 30, 2020. Term Loan On March 30, 2016 (Closing Date), 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 the guarantors party thereto, entered into a term loan agreement, as amended, (Term Loan Agreement) with American AgCredit, PCA, as administrative agent and sole lead arranger, and other banks in the Farm Credit system named therein as lenders. The Term Loan Agreement was for a $75.0 million secured term loan (Term Loan). The outstanding principal balance of the Term Loan amortizes and is payable in equal installments of $10 million per year on each of the sixth, seventh, eighth, and ninth anniversaries of the Closing Date, with the remaining principal balance due and payable on March 30, 2026. Interest on our Term Loan is payable monthly. In December 2016, we prepaid $30 million of the Term Loan, which became available to reborrow. In November 2018, we terminated the ability to reborrow this prepaid Term Loan. This prepayment of $30 million satisfied our principal obligations due on the sixth, seventh, and eighth anniversaries of the Closing Date. Pursuant to the Term Loan Agreement, the borrowers are required to maintain, as of the end of any fiscal quarter, a Capitalization Ratio lower than 60%, a Consolidated Net Worth greater than $350 million, and Available Liquidity greater than $100 million (each as defined in the Term Loan Agreement). In addition, under the Term Loan Agreement, and subject to certain exceptions, the borrowers may not, among other things, (i) incur indebtedness, (ii) incur liens, (iii) make junior payments, (iv) make certain investments, and (v) under certain circumstances, make capital expenditures in excess of $50 million during four consecutive quarters. The Term Loan Agreement also includes customary representations of the borrowers and provides for certain events of default customary for similar facilities. The Term Loan Agreement permits us to pay dividends only if at the time of payment (i) no default has occurred or is continuing (or would result from such payment) under the Term Loan Agreement, and (ii) our interest coverage ratio is greater than or equal to 3:1 at such time or (iii) our fixed-charge coverage ratio is greater than or equal to 1:1. Interest rates under the Term Loan Agreement are based, at our election, on either the LIBOR or a base rate, as defined in the Term Loan Agreement, plus a spread over the index. The applicable spread for the Term Loan ranges from 1.875% to 2.125% for LIBOR rate loans, and 0.875% to 1.125% for base rate loans, both dependent on our Interest Coverage Ratio (as defined in the Term Loan Agreement). During the six months ended June 30, 2020, the average interest rate on the Term Loan was approximately 2.97%. We have received and expect to continue receiving patronage credits under the Term Loan. After giving effect to expected patronage distributions, the effective average net interest rate on the Term Loan was approximately 2.0%. The Term Loan is secured by a first priority mortgage on our Thorsby, Alabama, and Roxboro, North Carolina, EWP facilities and a first priority security interest on the equipment and certain tangible personal property located therein. 2024 Notes On August 29, 2016, Boise Cascade issued $350 million of 5.625% senior notes due September 1, 2024 (2024 Notes), through a private placement that was exempt from the registration requirements of the Securities Act of 1933, as amended (Securities Act). Interest on our 2024 Notes is payable semiannually in arrears on March 1 and September 1. The 2024 Notes are guaranteed by each of our existing and future direct or indirect domestic subsidiaries that is a guarantor under our Amended Agreement. The 2024 Notes are senior unsecured obligations and rank equally with all of the existing and future senior indebtedness of Boise Cascade Company and of the guarantors, senior to all of their existing and future subordinated indebtedness, effectively subordinated to all of their present and future senior secured indebtedness (including all borrowings with respect to our Amended Agreement to the extent of the value of the assets securing such indebtedness), and structurally subordinated to the indebtedness of any subsidiaries that do not guarantee the 2024 Notes. The terms of the indenture governing the 2024 Notes, among other things, limit the ability of Boise Cascade and our restricted subsidiaries to: incur additional debt; declare or pay dividends; redeem stock or make other distributions to stockholders; make investments; create liens on assets; consolidate, merge or transfer substantially all of their assets; enter into transactions with affiliates; and sell or transfer certain assets. The indenture governing the 2024 Notes permits us to pay dividends only if at the time of payment (i) no default has occurred or is continuing (or would result from such payment) under the indenture, and (ii) our consolidated leverage ratio is no greater than 3.5:1, or (iii) the dividend, together with other dividends since the issue date, would not exceed our "builder" basket under the indenture. In addition, the indenture includes certain specific baskets for the payment of dividends. The indenture governing the 2024 Notes provides for customary events of default and remedies. 2030 Notes On July 27, 2020, we issued $400 million of 4.875% senior notes due July 1, 2030 (2030 Notes), to repurchase any and all of our 2024 Notes in a cash tender offer, to redeem any 2024 Notes that remain outstanding after the consummation of the tender offer, to pay off our American AgCredit Term Loan of $45.0 million, and to pay related financings fees and expenses. For more information related to these debt transactions, see Note 14, Subsequent Events. Interest Rate Swaps For information on interest rate swaps, see Interest Rate Risk and Interest Rate Swaps of Note 2, Summary of Significant Accounting Policies. Cash Paid for Interest For both six months ended June 30, 2020 and 2019, cash payments for interest was $11.5 million. |
Leases (Notes)
Leases (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Lessee, Operating Leases | Leases Lease Costs The components of lease expense were as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (thousands) Operating lease cost $ 3,361 $ 3,367 $ 6,707 $ 6,708 Finance lease cost Amortization of right-of-use assets 552 385 999 760 Interest on lease liabilities 559 465 1,044 926 Variable lease cost 754 722 1,461 1,341 Short-term lease cost 937 1,075 2,070 2,069 Sublease income (38) (172) (77) (304) Total lease cost $ 6,125 $ 5,842 $ 12,204 $ 11,500 Other Information Supplemental cash flow information related to leases was as follows: Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 6,588 $ 6,637 Operating cash flows from finance leases 1,044 926 Financing cash flows from finance leases 591 369 Right-of-use assets obtained in exchange for lease obligations Operating leases 5,769 1,368 Finance leases 9,338 310 Other information related to leases was as follows: June 30, 2020 December 31, 2019 Weighted-average remaining lease term (years) Operating leases 8 8 Finance leases 16 14 Weighted-average discount rate Operating leases 6.4 % 6.5 % Finance leases 7.7 % 8.5 % As of June 30, 2020, our minimum lease payment requirements for noncancelable operating and finance leases are as follows: Operating Leases Finance Leases (thousands) Remainder of 2020 $ 6,398 $ 1,908 2021 12,858 3,853 2022 11,937 3,859 2023 11,636 3,898 2024 11,060 3,893 Thereafter 34,992 40,967 Total future minimum lease payments 88,881 58,378 Less: interest (20,924) (25,129) Total lease obligations 67,957 33,249 Less: current obligations (9,044) (1,433) Long-term lease obligations $ 58,913 $ 31,816 |
Leases, Finance Leases | Leases Lease Costs The components of lease expense were as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (thousands) Operating lease cost $ 3,361 $ 3,367 $ 6,707 $ 6,708 Finance lease cost Amortization of right-of-use assets 552 385 999 760 Interest on lease liabilities 559 465 1,044 926 Variable lease cost 754 722 1,461 1,341 Short-term lease cost 937 1,075 2,070 2,069 Sublease income (38) (172) (77) (304) Total lease cost $ 6,125 $ 5,842 $ 12,204 $ 11,500 Other Information Supplemental cash flow information related to leases was as follows: Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 6,588 $ 6,637 Operating cash flows from finance leases 1,044 926 Financing cash flows from finance leases 591 369 Right-of-use assets obtained in exchange for lease obligations Operating leases 5,769 1,368 Finance leases 9,338 310 Other information related to leases was as follows: June 30, 2020 December 31, 2019 Weighted-average remaining lease term (years) Operating leases 8 8 Finance leases 16 14 Weighted-average discount rate Operating leases 6.4 % 6.5 % Finance leases 7.7 % 8.5 % As of June 30, 2020, our minimum lease payment requirements for noncancelable operating and finance leases are as follows: Operating Leases Finance Leases (thousands) Remainder of 2020 $ 6,398 $ 1,908 2021 12,858 3,853 2022 11,937 3,859 2023 11,636 3,898 2024 11,060 3,893 Thereafter 34,992 40,967 Total future minimum lease payments 88,881 58,378 Less: interest (20,924) (25,129) Total lease obligations 67,957 33,249 Less: current obligations (9,044) (1,433) Long-term lease obligations $ 58,913 $ 31,816 |
Retirement and Benefit Plans (N
Retirement and Benefit Plans (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Retirement and Benefit Plans | Retirement and Benefit Plans The following table presents the pension benefit costs: Three Months Ended Six Months Ended 2020 2019 2020 2019 (thousands) Service cost $ 166 $ 161 $ 334 $ 322 Interest cost 1,473 1,809 2,946 3,625 Expected return on plan assets (1,372) (1,475) (2,746) (2,949) Amortization of actuarial (gain) loss 201 (44) 403 (87) Plan settlement loss — — 86 — Net periodic benefit expense $ 468 $ 451 $ 1,023 $ 911 Service cost is recorded in the same income statement line items as other employee compensation costs arising from services rendered, and the other components of net periodic benefit expense are recorded in "Pension expense (excluding service costs)" in our Consolidated Statements of Operations. We announced to plan participants that we will freeze accrual of all benefits on our qualified defined benefit pension plan (Pension Plan) effective August 31, 2020, as well as our intention to terminate the Pension Plan. During the six months ended June 30, 2020, we contributed $1.1 million in cash to the pension plans. For the remainder of 2020, we expect to make approximately $13 million in cash contributions to the pension plans, which includes the repurchase of two BMD locations leased from the Pension Plan. For information related to the contribution of properties to our qualified defined benefit pension plan, see Note 12, Retirement and Benefit Plans, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" in our 2019 Form 10-K. |
Stock-Based Compensation (Notes
Stock-Based Compensation (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation In first quarter 2020 and 2019, we granted two types of stock-based awards under our incentive plan: performance stock units (PSUs) and restricted stock units (RSUs). PSU and RSU Awards During the six months ended June 30, 2020, we granted 94,850 PSUs to our officers and other employees, subject to performance and service conditions. For the officers, the number of shares actually awarded will range from 0% and 200% of the target amount, depending upon Boise Cascade's 2020 return on invested capital (ROIC), as approved by our Compensation Committee in accordance with the related grant agreement. For the other employees, the number of shares actually awarded will range from 0% to 200% of the target amount, depending upon Boise Cascade’s 2020 EBITDA, defined as income before interest (interest expense and interest income), income taxes, and depreciation and amortization, determined in accordance with the related grant agreement. Because the ROIC and EBITDA components 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 six months ended June 30, 2019, we granted 110,923 PSUs to our officers and other employees, subject to performance and service conditions. During the 2019 performance period, officers and other employees earned 93% and 96%, respectively, of the target based on Boise Cascade’s 2019 ROIC and EBITDA, determined by our Compensation Committee in accordance with the related grant agreement. 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 six months ended June 30, 2020 and 2019, we granted an aggregate of 125,716 and 166,180 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. The RSUs granted to nonemployee directors vest over a one year period. 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 six months ended June 30, 2020 and 2019, the total fair value of PSUs and RSUs vested was $11.1 million and $11.4 million, respectively. The following summarizes the activity of our PSUs and RSUs awarded under our incentive plan for the six months ended June 30, 2020: PSUs RSUs Number of shares Weighted Average Grant-Date Fair Value Number of shares Weighted Average Grant-Date Fair Value Outstanding, December 31, 2019 295,347 $ 31.09 257,564 $ 31.14 Granted 94,850 36.45 125,716 36.45 Performance condition adjustment (a) (6,989) 29.48 — — Vested (162,622) 28.93 (143,807) 30.88 Forfeited (24,246) 32.57 (26,707) 32.82 Outstanding, June 30, 2020 196,340 $ 35.34 212,766 $ 34.24 _______________________________ (a) Represents total PSUs forfeited during the six months ended June 30, 2020 related to the 2019 performance condition adjustment described above. Compensation Expense We record compensation expense over the awards' vesting period and account for share-based award forfeitures as they occur, rather than making estimates of future forfeitures. Any shares not vested are forfeited. We recognize stock awards with only service conditions on a straight-line basis over the requisite service period. Most of our share-based compensation expense was recorded in "General and administrative expenses" in our Consolidated Statements of Operations. Total stock-based compensation recognized from PSUs and RSUs, net of forfeitures, was as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (thousands) PSUs $ 691 $ 736 $ 1,301 $ 1,715 RSUs 980 1,133 2,044 2,354 Total $ 1,671 $ 1,869 $ 3,345 $ 4,069 The related tax benefit for the six months ended June 30, 2020 and 2019, was $0.8 million and $1.0 million, respectively. As of June 30, 2020, total unrecognized compensation expense related to nonvested share-based compensation arrangements was $9.8 million. This expense is expected to be recognized over a weighted-average period of 2.0 years. |
Stockholders' Equity (Notes)
Stockholders' Equity (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Dividends 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 six months ended June 30, 2020 and 2019, see "Common stock dividends" on our Consolidated Statements of Stockholders' Equity. On July 30, 2020, our board of directors declared a dividend of $0.10 per share on our common stock, payable on September 15, 2020, to stockholders of record on September 1, 2020. For a description of the restrictions in our asset-based credit facility, Term Loan, and the indenture governing our senior notes on our ability to pay dividends, see Note 6, Debt. Future quarterly dividend declarations, including amount per share, record date and payment date, will be made at the discretion of our board of directors and will depend upon, among other things, legal capital requirements and surplus, our future operations and earnings, general financial condition, contractual obligations, restrictions imposed by our asset-based credit facility, term loan, and the indenture governing our senior notes, applicable laws, and other factors that our board of directors may deem relevant. Accumulated Other Comprehensive Loss The following table details the changes in accumulated other comprehensive loss for the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended 2020 2019 2020 2019 (thousands) Beginning balance, net of taxes $ (50,033) $ (47,684) $ (50,248) $ (47,652) Amortization of actuarial (gain) loss, before taxes (a) 201 (44) 403 (87) Effect of settlements, before taxes (a) — — 86 — Income taxes (51) 11 (124) 22 Ending balance, net of taxes $ (49,883) $ (47,717) $ (49,883) $ (47,717) ___________________________________ (a) Represents amounts reclassified from accumulated other comprehensive loss. These amounts are included in the computation of net periodic pension cost. For additional information, see Note 8, Retirement and Benefit Plans. |
Transactions With Related Party
Transactions With Related Party (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Transactions With Related Party | Transactions With Related Party Louisiana Timber Procurement Company, L.L.C. (LTP) is an unconsolidated variable-interest entity that is 50% owned by us and 50% owned by Packaging Corporation of America (PCA). LTP procures sawtimber, pulpwood, residual chips, and other residual wood fiber to meet the wood and fiber requirements of us and PCA in Louisiana. We are not the primary beneficiary of LTP as we do not have power to direct the activities that most significantly affect the economic performance of LTP. Accordingly, we do not consolidate LTP's results in our financial statements. Sales Related-party sales to LTP from our Wood Products segment in our Consolidated Statements of Operations were $2.5 million and $4.3 million, respectively, during the three months ended June 30, 2020 and 2019, and $6.8 million and $8.8 million, respectively, during the six months ended June 30, 2020 and 2019. These sales are recorded in "Sales" in our Consolidated Statements of Operations. Costs and Expenses |
Segment Information (Notes)
Segment Information (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We operate our business using two reportable segments: Wood Products and Building Materials Distribution. Unallocated corporate costs are presented as reconciling items to arrive at operating income. There are no differences in our basis of measurement of segment profit or loss from those disclosed in Note 17, Segment Information, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" in our 2019 Form 10-K. Wood Products and Building Materials Distribution segment sales to external customers, including related parties, by product line are as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (millions) Wood Products (a) LVL $ 5.3 $ 12.0 $ 11.3 $ 23.9 I-joists 2.6 8.0 7.1 13.3 Other engineered wood products 5.2 8.6 11.6 14.3 Plywood and veneer 65.2 63.5 129.0 130.9 Lumber 12.3 14.0 24.6 27.2 Byproducts 15.7 18.0 36.4 38.0 Other 2.2 8.6 9.0 19.4 108.5 132.7 229.0 267.1 Building Materials Distribution Commodity 490.0 450.7 930.1 849.0 General line 448.1 429.6 845.6 753.1 Engineered wood products 196.2 217.2 408.6 403.0 1,134.3 1,097.4 2,184.3 2,005.1 $ 1,242.8 $ 1,230.1 $ 2,413.3 $ 2,272.2 ___________________________________ (a) Amounts represent sales to external customers. Sales are calculated after intersegment sales eliminations to our Building Materials Distribution segment, as well as the cost of EWP rebates and sales allowances provided at various stages of the supply chain (including distributors, retail lumberyards, and professional builders). For the six months ended June 30, 2020, approximately 80% of Wood Products' EWP sales volumes were to our Building Materials Distribution segment. An analysis of our operations by segment is as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (thousands) Net sales by segment Wood Products $ 281,505 $ 334,256 $ 601,566 $ 653,779 Building Materials Distribution 1,134,260 1,097,421 2,184,257 2,005,129 Intersegment eliminations (a) (173,005) (201,596) (372,529) (386,741) Total net sales $ 1,242,760 $ 1,230,081 $ 2,413,294 $ 2,272,167 Segment operating income Wood Products (b) $ 17,074 $ 18,908 $ 20,837 $ 30,538 Building Materials Distribution 43,210 33,800 72,512 51,317 Total segment operating income 60,284 52,708 93,349 81,855 Unallocated corporate costs (8,514) (7,576) (16,032) (15,069) Income from operations $ 51,770 $ 45,132 $ 77,317 $ 66,786 ___________________________________ (a) Primarily represents intersegment sales from our Wood Products segment to our Building Materials Distribution segment. (b) Wood Products segment operating income for the six months ended June 30, 2020, includes $15.0 million of accelerated depreciation and $1.7 million of other closure-related costs due to the permanent curtailment of I-joist production at our Roxboro, North Carolina facility. For more information, see Note 5, Curtailment of Manufacturing Facility. |
Commitments, Legal Proceedings
Commitments, Legal Proceedings and Contingencies, and Guarantees (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Contingencies and Guarantees [Text Block] | Commitments, Legal Proceedings and Contingencies, and Guarantees Commitments We are a party to a number of long-term log supply agreements that are discussed in Note 18, Commitments, Legal Proceedings and Contingencies, and Guarantees, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" in our 2019 Form 10-K. 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 June 30, 2020, there have been no material changes to the above commitments disclosed in the 2019 Form 10-K. Legal Proceedings and Contingencies We are a party to legal proceedings that arise in the ordinary course of our business, including commercial liability claims, premises claims, environmental claims, and employment-related claims, among others. As of the date of this filing, we believe it is not reasonably possible that any of the legal actions against us will, individually or in the aggregate, have a material adverse effect on our financial position, results of operations, or cash flows. Guarantees |
Subsequent Events (Notes)
Subsequent Events (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 27, 2020, we issued $400 million of 4.875% senior notes due July 1, 2030 (2030 Notes), to fund the repurchase of any and all of our 2024 Notes in a cash tender offer, to redeem any 2024 Notes that remain outstanding after the consummation of the tender offer, to pay off our American AgCredit Term Loan of $45.0 million, and to pay related financing fees and expenses. In connection with the repurchase and redemption of our 2024 Notes, we expect to recognize a pre-tax loss on extinguishment of debt of approximately $14.0 million during the third quarter of 2020, including $11.0 million of repurchase and redemption premiums and $3.0 million for the write-off of unamortized deferred financing costs. The 2030 Notes are exempt from the registration requirements of the Securities Act and mature on July 1, 2030, with interest payable semiannually in arrears on January 1 and July 1, commencing on January 1, 2021. The 2030 Notes are guaranteed by each of our existing and future direct or indirect domestic subsidiaries that is a guarantor under our Amended Agreement. The 2030 Notes are senior unsecured obligations and rank equally with all of the existing and future senior indebtedness of Boise Cascade Company and of the guarantors, senior to all of their existing and future subordinated indebtedness, effectively subordinated to all of their present and future senior secured indebtedness (including all borrowings with respect to our Amended Agreement to the extent of the value of the assets securing such indebtedness), and structurally subordinated to the indebtedness of any subsidiaries that do not guarantee the 2030 Notes. The terms of the indenture governing the 2030 Notes, among other things, limit the ability of Boise Cascade and our restricted subsidiaries to: incur additional debt; declare or pay dividends; redeem stock or make other distributions to stockholders; make investments; create liens on assets; consolidate, merge or transfer substantially all of their assets; enter into transactions with affiliates; and sell or transfer certain assets. The indenture governing the 2030 Notes provides for customary events of default and remedies. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, inventories, goodwill, intangible assets, and other long-lived assets; legal contingencies; guarantee obligations; indemnifications; assumptions used in retirement, medical, and workers' compensation benefits; assumptions used in the determination of right-of-use assets and related lease liabilities; stock-based compensation; fair value measurements; income taxes; and vendor and customer rebates, among others. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods. |
Revenue Recognition [Policy Text Block] | Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. For revenue disaggregated by major product line for each reportable segment, see Note 12, Segment Information. Fees for shipping and handling charged to customers for sales transactions are included in "Sales" in our Consolidated Statements of Operations. When control over products has transferred to the customer, we have elected to recognize costs related to shipping and handling as fulfillment costs. For our Wood Products segment, costs related to shipping and handling are included in "Materials, labor, and other operating expenses (excluding depreciation)" in our Consolidated Statements of Operations. 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 Building Materials Distribution segment, costs related to shipping and handling of $44.2 million and $43.4 million, for the three months ended June 30, 2020 and 2019, respectively, and $84.9 million and $80.3 million for the six months ended June 30, 2020 and 2019, respectively, are included in "Selling and distribution expenses" in our Consolidated Statements of Operations. In our Building Materials Distribution segment, our activities relate to the purchase and resale of finished product, 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. Customer Rebates and Allowances Rebates are provided to our customers and our customers' customers based on the volume of their purchases, among other factors such as customer loyalty, conversion, and commitment. 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 June 30, 2020, and December 31, 2019, we had $45.4 million and $49.4 million, respectively, of rebates payable to our customers recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets. We adjust our estimate of revenue at the earlier of when the probability of rebates paid changes or when the amounts become fixed. There have not been significant changes to our estimates of rebates, although it is reasonably possible that a change in the estimate may occur. |
Vendor Rebates and Allowances [Policy Text Block] | 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. Amounts received from vendors that are linked to specific selling and distribution expenses are recognized as a reduction of "Selling and distribution expenses" in the period the expense is incurred. |
Lessee, Leases [Policy Text Block] | Leases We primarily lease land, building, and equipment under operating and finance leases. We determine if an arrangement is a lease at inception and assess lease classification as either operating or finance at lease inception or upon modification. Substantially all of our leases with initial terms greater than one year are for real estate, including distribution centers, corporate headquarters, land, and other office space. Substantially all of these lease agreements have fixed payment terms based on the passage of time and are recorded in our Building Materials Distribution segment. Many of our leases include fixed escalation clauses, renewal options and/or termination options that are factored into our determination of lease term and lease payments when appropriate. Renewal options generally range from one to ten years with fixed payment terms similar to those in the original lease agreements. Some lease agreements provide us with the option to purchase the leased property at market value. Our lease agreements do not contain any residual value guarantees. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. The current portion of our operating and finance lease liabilities are recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets. 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. 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 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. |
Long-Lived Asset Impairment [Policy Text Block] | Long-Lived Asset Impairment We review long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of assets may not be recoverable (triggering event). An impairment of long-lived assets exists when the carrying value is not recoverable through future undiscounted cash flows from operations and when the carrying value of an asset or asset group exceeds its fair value. |
Fair Value [Policy Text Block] | Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy under GAAP gives the highest priority to quoted market prices (Level 1) and the lowest priority to unobservable inputs (Level 3). In general, and where applicable, we use quoted prices in active markets for identical assets or liabilities to determine fair value (Level 1). If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, we use quoted prices for similar assets and liabilities or inputs that are observable either directly or indirectly (Level 2). If quoted prices for identical or similar assets are not available or are unobservable, we may use internally developed valuation models, whose inputs include bid prices, and third-party valuations utilizing underlying asset assumptions (Level 3). |
Financial Instruments [Policy Text Block] | Financial Instruments Our financial instruments are cash and cash equivalents, accounts receivable, accounts payable, long-term debt, and interest rate swaps. Our cash is recorded at cost, which approximates fair value, and our cash equivalents are money market funds. As of June 30, 2020, and December 31, 2019, we held $333.9 million and $259.5 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 June 30, 2020, and December 31, 2019, the book value of our fixed-rate debt for each period was $350.0 million, and the fair value was estimated to be $353.5 million and $364.7 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. We estimated the fair value of our fixed-rate debt using quoted market prices of our debt in inactive markets (Level 2 inputs). The interest rate on our term loans is based on market conditions such as the London Interbank Offered Rate (LIBOR) or a base rate. Because the interest rate on the term loans is based on current market conditions, we believe that the estimated fair value of the outstanding balance on our term loans approximates book value. As discussed below, we also have interest rate swaps to mitigate our variable interest rate exposure, the fair value of which is measured based on Level 2 inputs. |
Derivatives [Policy Text Block] | In accordance with our risk management strategy, we actively monitor our interest rate exposure and use derivative instruments from time to time to manage the related risk. |
New and recently adopted accounting standards [Policy Text Block] | New and Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Our current contracts that reference LIBOR include certain debt instruments and interest rate swaps. The amendments are effective for eligible contract modifications subsequent to March 12, 2020 and through December 31, 2022. The adoption of this standard did not have a material effect on our financial statements, but we will assess any eligible contract modifications in the future. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to reduce complexity in accounting for income taxes. This ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. We currently do not expect the adoption of the guidance to have a material effect on our financial statements, but will continue to monitor the standard through the effective date. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . This ASU amends ASC 715 to remove disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant related to defined benefit pension and other postretirement plans. The ASU's changes related to disclosures are part of the FASB's disclosure framework project. The updated guidance is effective retrospectively for annual reporting periods ending after December 15, 2020, with early adoption permitted. We are currently evaluating the effects of this ASU on our disclosures in the notes to our 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. |
Compensation Related Costs [Policy Text Block] | We record compensation expense over the awards' vesting period and account for share-based award forfeitures as they occur, rather than making estimates of future forfeitures. Any shares not vested are forfeited. We recognize stock awards with only service conditions on a straight-line basis over the requisite service period. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Inventories [Table Text Block] | Inventories included the following (work in process is not material): June 30, December 31, (thousands) Finished goods and work in process $ 383,202 $ 413,020 Logs 33,145 45,574 Other raw materials and supplies 39,782 39,002 $ 456,129 $ 497,596 |
Property and Equipment [Table Text Block] | Property and equipment consisted of the following asset classes: June 30, December 31, (thousands) Land $ 38,274 $ 39,304 Buildings 144,538 140,008 Improvements 61,955 61,187 Mobile equipment, information technology, and office furniture 171,438 165,445 Machinery and equipment 677,307 666,467 Construction in progress 30,645 34,846 1,124,157 1,107,257 Less accumulated depreciation (677,384) (630,308) $ 446,773 $ 476,949 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share [Table Text Block] | The following table sets forth the computation of basic and diluted net income per common share: Three Months Ended Six Months Ended 2020 2019 2020 2019 (thousands, except per-share data) Net income $ 33,586 $ 27,718 $ 45,786 $ 39,107 Weighted average common shares outstanding during the period (for basic calculation) 39,312 39,087 39,238 38,986 Dilutive effect of other potential common shares 75 112 143 199 Weighted average common shares and potential common shares (for diluted calculation) 39,387 39,199 39,381 39,185 Net income per common share - Basic $ 0.85 $ 0.71 $ 1.17 $ 1.00 Net income per common share - Diluted $ 0.85 $ 0.71 $ 1.16 $ 1.00 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt [Table Text Block] | Long-term debt consisted of the following: June 30, December 31, (thousands) Asset-based revolving credit facility due 2025 $ — $ — Asset-based credit facility term loan due 2025 50,000 50,000 Term loan due 2026 45,000 45,000 5.625% senior notes due 2024 350,000 350,000 Deferred financing costs (4,822) (4,456) Long-term debt $ 440,178 $ 440,544 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Lease Costs [Table Text Block] | The components of lease expense were as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (thousands) Operating lease cost $ 3,361 $ 3,367 $ 6,707 $ 6,708 Finance lease cost Amortization of right-of-use assets 552 385 999 760 Interest on lease liabilities 559 465 1,044 926 Variable lease cost 754 722 1,461 1,341 Short-term lease cost 937 1,075 2,070 2,069 Sublease income (38) (172) (77) (304) Total lease cost $ 6,125 $ 5,842 $ 12,204 $ 11,500 |
Lease Supplemental Cash Flow [Table Text Block] | Supplemental cash flow information related to leases was as follows: Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 6,588 $ 6,637 Operating cash flows from finance leases 1,044 926 Financing cash flows from finance leases 591 369 Right-of-use assets obtained in exchange for lease obligations Operating leases 5,769 1,368 Finance leases 9,338 310 |
Lease Weighted-average Term and Discount Rate [Table Text Block] | Other information related to leases was as follows: June 30, 2020 December 31, 2019 Weighted-average remaining lease term (years) Operating leases 8 8 Finance leases 16 14 Weighted-average discount rate Operating leases 6.4 % 6.5 % Finance leases 7.7 % 8.5 % |
Minimum Lease Payment Requirements for Operating Lease Liability - Topic 842 [Table Text Block] | As of June 30, 2020, our minimum lease payment requirements for noncancelable operating and finance leases are as follows: Operating Leases Finance Leases (thousands) Remainder of 2020 $ 6,398 $ 1,908 2021 12,858 3,853 2022 11,937 3,859 2023 11,636 3,898 2024 11,060 3,893 Thereafter 34,992 40,967 Total future minimum lease payments 88,881 58,378 Less: interest (20,924) (25,129) Total lease obligations 67,957 33,249 Less: current obligations (9,044) (1,433) Long-term lease obligations $ 58,913 $ 31,816 |
Minimum Lease Payment Requirements for Finance Lease Liability - Topic 842 [Table Text Block] | As of June 30, 2020, our minimum lease payment requirements for noncancelable operating and finance leases are as follows: Operating Leases Finance Leases (thousands) Remainder of 2020 $ 6,398 $ 1,908 2021 12,858 3,853 2022 11,937 3,859 2023 11,636 3,898 2024 11,060 3,893 Thereafter 34,992 40,967 Total future minimum lease payments 88,881 58,378 Less: interest (20,924) (25,129) Total lease obligations 67,957 33,249 Less: current obligations (9,044) (1,433) Long-term lease obligations $ 58,913 $ 31,816 |
Retirement and Benefit Plans (T
Retirement and Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Retirement and Benefit Plans [Table Text Block] | The following table presents the pension benefit costs: Three Months Ended Six Months Ended 2020 2019 2020 2019 (thousands) Service cost $ 166 $ 161 $ 334 $ 322 Interest cost 1,473 1,809 2,946 3,625 Expected return on plan assets (1,372) (1,475) (2,746) (2,949) Amortization of actuarial (gain) loss 201 (44) 403 (87) Plan settlement loss — — 86 — Net periodic benefit expense $ 468 $ 451 $ 1,023 $ 911 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Nonvested Share Activity [Table Text Block] | The following summarizes the activity of our PSUs and RSUs awarded under our incentive plan for the six months ended June 30, 2020: PSUs RSUs Number of shares Weighted Average Grant-Date Fair Value Number of shares Weighted Average Grant-Date Fair Value Outstanding, December 31, 2019 295,347 $ 31.09 257,564 $ 31.14 Granted 94,850 36.45 125,716 36.45 Performance condition adjustment (a) (6,989) 29.48 — — Vested (162,622) 28.93 (143,807) 30.88 Forfeited (24,246) 32.57 (26,707) 32.82 Outstanding, June 30, 2020 196,340 $ 35.34 212,766 $ 34.24 _______________________________ |
Stock-Based Compensation Expense Recognized [Table Text Block] | Total stock-based compensation recognized from PSUs and RSUs, net of forfeitures, was as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (thousands) PSUs $ 691 $ 736 $ 1,301 $ 1,715 RSUs 980 1,133 2,044 2,354 Total $ 1,671 $ 1,869 $ 3,345 $ 4,069 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Changes in Accumulated Other Comprehensive Loss [Table Text Block] | The following table details the changes in accumulated other comprehensive loss for the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended 2020 2019 2020 2019 (thousands) Beginning balance, net of taxes $ (50,033) $ (47,684) $ (50,248) $ (47,652) Amortization of actuarial (gain) loss, before taxes (a) 201 (44) 403 (87) Effect of settlements, before taxes (a) — — 86 — Income taxes (51) 11 (124) 22 Ending balance, net of taxes $ (49,883) $ (47,717) $ (49,883) $ (47,717) ___________________________________ (a) Represents amounts reclassified from accumulated other comprehensive loss. These amounts are included in the computation of net periodic pension cost. For additional information, see Note 8, Retirement and Benefit Plans. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Sales by Product Line [Table Text Block] | Wood Products and Building Materials Distribution segment sales to external customers, including related parties, by product line are as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (millions) Wood Products (a) LVL $ 5.3 $ 12.0 $ 11.3 $ 23.9 I-joists 2.6 8.0 7.1 13.3 Other engineered wood products 5.2 8.6 11.6 14.3 Plywood and veneer 65.2 63.5 129.0 130.9 Lumber 12.3 14.0 24.6 27.2 Byproducts 15.7 18.0 36.4 38.0 Other 2.2 8.6 9.0 19.4 108.5 132.7 229.0 267.1 Building Materials Distribution Commodity 490.0 450.7 930.1 849.0 General line 448.1 429.6 845.6 753.1 Engineered wood products 196.2 217.2 408.6 403.0 1,134.3 1,097.4 2,184.3 2,005.1 $ 1,242.8 $ 1,230.1 $ 2,413.3 $ 2,272.2 ___________________________________ (a) Amounts represent sales to external customers. Sales are calculated after intersegment sales eliminations to our Building Materials Distribution segment, as well as the cost of EWP rebates and sales allowances provided at various stages of the supply chain (including distributors, retail lumberyards, and professional builders). For the six months ended June 30, 2020, approximately 80% of Wood Products' EWP sales volumes were to our Building Materials Distribution segment. |
Segment information [Table Text Block] | An analysis of our operations by segment is as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (thousands) Net sales by segment Wood Products $ 281,505 $ 334,256 $ 601,566 $ 653,779 Building Materials Distribution 1,134,260 1,097,421 2,184,257 2,005,129 Intersegment eliminations (a) (173,005) (201,596) (372,529) (386,741) Total net sales $ 1,242,760 $ 1,230,081 $ 2,413,294 $ 2,272,167 Segment operating income Wood Products (b) $ 17,074 $ 18,908 $ 20,837 $ 30,538 Building Materials Distribution 43,210 33,800 72,512 51,317 Total segment operating income 60,284 52,708 93,349 81,855 Unallocated corporate costs (8,514) (7,576) (16,032) (15,069) Income from operations $ 51,770 $ 45,132 $ 77,317 $ 66,786 ___________________________________ (a) Primarily represents intersegment sales from our Wood Products segment to our Building Materials Distribution segment. (b) Wood Products segment operating income for the six months ended June 30, 2020, includes $15.0 million of accelerated depreciation and $1.7 million of other closure-related costs due to the permanent curtailment of I-joist production at our Roxboro, North Carolina facility. For more information, see Note 5, Curtailment of Manufacturing Facility. |
Nature of Operations and Cons_2
Nature of Operations and Consolidation (Details) | 6 Months Ended |
Jun. 30, 2020segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Reportable Segments | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies:Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Revenue from External Customer [Line Items] | |||||
Customer Rebates and Allowances | $ 45.4 | $ 45.4 | $ 49.4 | ||
Building Materials Distribution [Member] | Shipping and Handling [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Cost of Goods and Services Sold | $ 44.2 | $ 43.4 | $ 84.9 | $ 80.3 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Summary of Significant Accounting Policies:Vendor Rebates and Allowances (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Vendor Rebates and Allowances | $ 6.9 | $ 9.2 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Summary of Significant Accounting Policies:Leases (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Lessee, Lease, Description [Line Items] | |
Lease Term, Minimum Initial Term of Real Estate Leases | 1 year |
Real Estate Leases, Cancellation Notice, Latest Notice | 30 days |
Real Estate Leases, Cancellation Notice, Earliest Notice | 90 days |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Renewal Term | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Renewal Term | 10 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies:Inventory Valuation (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Inventory, Net [Abstract] | ||
Finished goods and work in process | $ 383,202 | $ 413,020 |
Logs | 33,145 | 45,574 |
Other raw materials and supplies | 39,782 | 39,002 |
Inventories | $ 456,129 | $ 497,596 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies:Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,124,157 | $ 1,107,257 |
Less accumulated depreciation | (677,384) | (630,308) |
Property and equipment, net | 446,773 | 476,949 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 38,274 | 39,304 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 144,538 | 140,008 |
Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 61,955 | 61,187 |
Mobile equipment, information technology, and office furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 171,438 | 165,445 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 677,307 | 666,467 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 30,645 | $ 34,846 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies:Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Reported Value Measurement [Member] | 5.625% Senior Notes Due 2024 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fixed-rate debt | $ 350 | $ 350 |
Level 2 [Member] | Estimate of Fair Value Measurement [Member] | 5.625% Senior Notes Due 2024 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fixed-rate debt | 353.5 | 364.7 |
Fair Value, Recurring [Member] | Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Cash equivalents, fair value | $ 333.9 | $ 259.5 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies:Interest Rate Risk and Interest Rate Swaps (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Interest Rate Derivatives [Line Items] | ||
Long-term debt | $ 440,178 | $ 440,544 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Level 2 [Member] | Other Noncurrent Liabilities [Member] | ||
Interest Rate Derivatives [Line Items] | ||
Fair value of interest swap agreements, Liability | 2,000 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Level 2 [Member] | Other assets [Member] | ||
Interest Rate Derivatives [Line Items] | ||
Fair value of interest rate swap agreements, Asset | 800 | |
Interest rate swap – $50 million and $45 million notional amount fixed at 1.007% and 1.256% [Member] | Not Designated as Hedging Instrument [Member] | ||
Interest Rate Derivatives [Line Items] | ||
Interest rate swaps, notional amount | 95,000 | $ 95,000 |
Interest Rate Swap - $50 million notional amount fixed at 1.007% [Member] | Not Designated as Hedging Instrument [Member] | ||
Interest Rate Derivatives [Line Items] | ||
Interest rate swaps, notional amount | $ 50,000 | |
Interest rate swaps, fixed interest rate | 1.007% | |
Interest Rate Swap - $45 million notional amount fixed at 1.256% [Member] | Not Designated as Hedging Instrument [Member] | ||
Interest Rate Derivatives [Line Items] | ||
Interest rate swaps, notional amount | $ 45,000 | |
Interest rate swaps, fixed interest rate | 1.256% | |
Interest Rate Swap - $50 million notional amount fixed at 0.39% [Member] | Not Designated as Hedging Instrument [Member] | ||
Interest Rate Derivatives [Line Items] | ||
Interest rate swaps, notional amount | $ 50,000 | |
Interest rate swaps, forward interest rate | 0.39% | |
Interest Rate Swap - $45 million notional amount fixed at 0.431% [Member] | Not Designated as Hedging Instrument [Member] | ||
Interest Rate Derivatives [Line Items] | ||
Interest rate swaps, notional amount | $ 45,000 | |
Interest rate swaps, forward interest rate | 0.431% | |
Term Loans Due 2024 and 2026 [Member] | ||
Interest Rate Derivatives [Line Items] | ||
Long-term debt | $ 95,000 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies:Concentration of Credit Risk (Details) - Accounts Receivable [Member] - Credit Concentration Risk [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 16.00% | 14.00% |
Customer Two [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 13.00% | 12.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision | $ 11,334 | $ 9,751 | $ 15,341 | $ 12,951 |
Effective income tax rate (as a percent) | 25.20% | 26.00% | 25.10% | 24.90% |
Statutory U.S. income tax rate (as a percent) | 21.00% | 21.00% | 21.00% | 21.00% |
Income taxes paid (refunds), net | $ 8,900 | $ (10,600) |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||||
Net income | $ 33,586 | $ 12,200 | $ 27,718 | $ 11,389 | $ 45,786 | $ 39,107 |
Computation of basic and diluted net income per common share | ||||||
Weighted average common shares outstanding during the period (for basic calculation) | 39,312 | 39,087 | 39,238 | 38,986 | ||
Dilutive effect of other potential common shares | 75 | 112 | 143 | 199 | ||
Weighted average common shares and potential common shares (for diluted calculation) | 39,387 | 39,199 | 39,381 | 39,185 | ||
Net income per common share - Basic | $ 0.85 | $ 0.71 | $ 1.17 | $ 1 | ||
Net income per common share - Diluted | $ 0.85 | $ 0.71 | $ 1.16 | $ 1 | ||
Stock awards [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Antidilutive stock awards | 100 | 200 | 100 | 200 |
Curtailment of Manufacturing _2
Curtailment of Manufacturing Facility (Details) - Curtailment of I-joist Production at Roxboro, NC Facility - USD ($) $ in Millions | Mar. 31, 2020 | Feb. 20, 2020 | Jun. 30, 2020 |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Activities, Initiation Date | Feb. 20, 2020 | ||
Restructuring and Related Activities, Completion Date | Mar. 31, 2020 | ||
Accelerated depreciation | $ 15 | ||
Loss on curtailment of facility | |||
Restructuring Cost and Reserve [Line Items] | |||
Other closure-related costs | $ 1.7 |
Debt_Summary Table (Details)
Debt:Summary Table (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Deferred financing costs | $ (4,822) | $ (4,456) |
Long-term debt | 440,178 | 440,544 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 0 | 0 |
Term Loan Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 50,000 | 50,000 |
Term Loan Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 45,000 | 45,000 |
5.625% Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 350,000 | $ 350,000 |
Debt Asset-Based Revolving Cred
Debt Asset-Based Revolving Credit Facility (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2020 | Mar. 13, 2020 | Dec. 31, 2019 | May 15, 2015 | |
AssetBasedCreditFacility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Fixed charge coverage ratio requirement, if availability falls below 10% of aggregate lending commitments (as a percent) | 100.00% | |||
Threshold of availability as a percentage of aggregate lending commitments, below which 1:1 fixed charge coverage ratio must be met | 10.00% | |||
Threshold of availability, below which 1:1 fixed charge coverage ratio must be met | $ 35,000 | |||
Current availability | $ 345,400 | |||
Dividend restriction, single threshold, percentage of aggregate Revolver Commitments | 25.00% | |||
Dividend restriction, combination thresholds, percentage of aggregate Revolver Commitments | 15.00% | |||
Dividend restriction, combination thresholds, fixed-charge coverage ratio (as a percent) | 100.00% | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 350,000 | $ 370,000 | ||
Commitment fee rate (as a percentage) | 0.25% | |||
Amount outstanding on Revolving Credit Facility | $ 0 | $ 0 | ||
Letters of credit outstanding | $ 4,600 | $ 4,600 | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable interest rate | 1.25% | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable interest rate | 1.50% | |||
Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable interest rate | 0.25% | |||
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable interest rate | 0.50% | |||
Term Loan Due 2025 [Member] | ||||
ABL Term Loan [Abstract] | ||||
Debt Instrument, Face Amount | $ 50,000 | |||
Debt Instrument, Interest Rate During Period | 2.75% | |||
Debt Instrument, Interest Rate During Period With Patronage Credits | 1.70% | |||
Term Loan Due 2025 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable interest rate | 1.75% | |||
Term Loan Due 2025 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable interest rate | 2.00% | |||
Term Loan Due 2025 [Member] | Base Rate [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable interest rate | 0.75% | |||
Term Loan Due 2025 [Member] | Base Rate [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable interest rate | 1.00% |
Debt_Term Loan (Details)
Debt:Term Loan (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020USD ($)Integer9 | Jun. 30, 2019USD ($) | Dec. 31, 2016USD ($) | Mar. 30, 2016USD ($) | |
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | $ 0 | $ 5,500 | ||
Term Loan Due 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 75,000 | |||
Debt Instrument, Periodic Payment, Principal | $ 10,000 | |||
Debt Instrument, Date of First Required Payment | Mar. 30, 2022 | |||
Debt Instrument, Frequency of Periodic Payment | annual | |||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 30,000 | |||
Repayments of Long-term Debt | $ 30,000 | |||
Debt Instrument, Covenant, Capitalization Ratio, Maximum (as a percent) | 60.00% | |||
Debt Instrument, Covenant, Consolidated Net Worth, Minimum | $ 350,000 | |||
Debt Instrument, Covenant, Available Liquidity, Minimum | 100,000 | |||
Threshold of amount of capital expenditures made during four consecutive quarters, maximum | $ 50,000 | |||
Number of Consecutive Quarters Within Which Maximum Threshold Amount Of Capital Expenditures Applies | Integer9 | 4 | |||
Dividend restriction, interest coverage ratio (as a percent) | 300.00% | |||
Dividend restriction, fixed-charge coverage ratio (as a percent) | 100.00% | |||
Debt Instrument, Interest Rate During Period | 2.97% | |||
Debt Instrument, Interest Rate During Period With Patronage Credits | 2.00% | |||
Term Loan Due 2026 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable interest rate | 1.875% | |||
Term Loan Due 2026 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable interest rate | 2.125% | |||
Term Loan Due 2026 [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable interest rate | 0.875% | |||
Term Loan Due 2026 [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable interest rate | 1.125% |
Debt_2024 Notes (Details)
Debt:2024 Notes (Details) - 5.625% Senior Notes Due 2024 [Member] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Aug. 29, 2016 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 350 | |
Interest rate | 5.625% | |
Dividend restriction, interest coverage ratio (as a percent) | 350.00% |
Debt_2030 Notes (Details)
Debt:2030 Notes (Details) - USD ($) $ in Thousands | Jul. 27, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2016 | Mar. 30, 2016 |
Subsequent Event [Line Items] | |||||
Repayments of Long-term Debt | $ 0 | $ 5,500 | |||
Term Loan Due 2026 [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt Instrument, Face Amount | $ 75,000 | ||||
Repayments of Long-term Debt | $ 30,000 | ||||
Subsequent Event [Member] | 4.875% Senior Notes Due 2030 [Member] | |||||
Subsequent Event [Line Items] | |||||
Interest rate | 4.875% | ||||
Subsequent Event [Member] | 4.875% Senior Notes Due 2030 [Member] | Senior Notes [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt Instrument, Face Amount | $ 400,000 | ||||
Subsequent Event [Member] | Term Loan Due 2026 [Member] | |||||
Subsequent Event [Line Items] | |||||
Repayments of Long-term Debt | $ 45,000 |
Debt_Cash Paid for Interest (De
Debt:Cash Paid for Interest (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Debt Disclosure [Abstract] | ||
Interest Paid | $ 11.5 | $ 11.5 |
Leases_Costs (Details)
Leases:Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Lease, Cost [Abstract] | ||||
Operating lease cost | $ 3,361 | $ 3,367 | $ 6,707 | $ 6,708 |
Amortization of right-of-use assets | 552 | 385 | 999 | 760 |
Interest on lease liabilities | 559 | 465 | 1,044 | 926 |
Variable lease cost | 754 | 722 | 1,461 | 1,341 |
Short-term lease cost | 937 | 1,075 | 2,070 | 2,069 |
Sublease income | (38) | (172) | (77) | (304) |
Total lease cost | $ 6,125 | $ 5,842 | $ 12,204 | $ 11,500 |
Leases_Other Information (Detai
Leases:Other Information (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Lessee Disclosure [Abstract] | |||
Operating cash flows from operating leases | $ 6,588,000 | $ 6,637,000 | |
Operating cash flows from finance leases | 1,044,000 | 926,000 | |
Financing cash flows from finance leases | 591,000 | 369,000 | |
Right-of-use assets obtained in exchange for lease obligations, operating leases | 5,769,000 | 1,368,000 | |
Right-of-use assets obtained in exchange for lease obligations, finance leases | $ 9,338,000 | $ 310,000 | |
Weighted-average remaining lease term, operating leases | 8 years | 8 years | |
Weighted-average remaining lease term, finance leases | 16 years | 14 years | |
Weighted-average discount rate, operating leases | 6.40% | 6.50% | |
Weighted average discount rate, finance leases | 7.70% | 8.50% | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Remainder of 2020 | $ 6,398,000 | ||
2021 | 12,858,000 | ||
2022 | 11,937,000 | ||
2023 | 11,636,000 | ||
2024 | 11,060,000 | ||
Thereafter | 34,992,000 | ||
Total future minimum lease payments | 88,881,000 | ||
Less: interest | (20,924,000) | ||
Total lease obligations | 67,957,000 | ||
Less: current obligations | (9,044,000) | ||
Long-term lease obligations | 58,913,000 | $ 58,029,000 | |
Finance Lease, Liability, Payment, Due [Abstract] | |||
Remainder of 2020 | 1,908,000 | ||
2021 | 3,853,000 | ||
2022 | 3,859,000 | ||
2023 | 3,898,000 | ||
2024 | 3,893,000 | ||
Thereafter | 40,967,000 | ||
Total future minimum lease payments | 58,378,000 | ||
Less: interest | (25,129,000) | ||
Total lease obligations | 33,249,000 | ||
Less: current obligations | (1,433,000) | ||
Long-term lease obligations | $ 31,816,000 | $ 23,419,000 |
Retirement and Benefit Plans (D
Retirement and Benefit Plans (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)Integer7 | Jun. 30, 2019USD ($) | |
Net periodic benefit cost [Abstract] | ||||
Net periodic benefit expense | $ 1,023 | $ 911 | ||
Pension contributions [Abstract] | ||||
Pension contributions | $ 1,062 | 927 | ||
Number of Repurchased Real Property | Integer7 | 2 | |||
Pension Plan [Member] | ||||
Net periodic benefit cost [Abstract] | ||||
Service cost | $ 166 | $ 161 | $ 334 | 322 |
Interest cost | 1,473 | 1,809 | 2,946 | 3,625 |
Expected return on plan assets | (1,372) | (1,475) | (2,746) | (2,949) |
Amortization of actuarial (gain) loss | 201 | (44) | 403 | (87) |
Plan settlement loss | 0 | 0 | 86 | 0 |
Net periodic benefit expense | 468 | $ 451 | 1,023 | $ 911 |
Pension contributions [Abstract] | ||||
Pension contributions | 1,100 | |||
Estimated remaining 2020 pension contributions | $ 13,000 | $ 13,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2020USD ($)$ / sharesshares | Mar. 31, 2020stock_awards$ / sharesshares | Jun. 30, 2019USD ($) | Mar. 31, 2019stock_awards | Jun. 30, 2020USD ($)tranch$ / sharesshares | Jun. 30, 2019USD ($)shares | Dec. 31, 2019$ / sharesshares | ||
Stock-Based Compensation [Abstract] | ||||||||
Number of types of stock-based awards granted (in types) | stock_awards | 2 | 2 | ||||||
Fair market value of awards | $ | $ 11,100 | $ 11,400 | ||||||
Stock-based compensation expense | $ | $ 1,671 | $ 1,869 | 3,345 | 4,069 | ||||
Tax benefit from compensation expense | $ | 800 | 1,000 | ||||||
Unrecognized compensation expense | $ | 9,800 | $ 9,800 | ||||||
Unrecognized compensation, period for recognition | 2 years | |||||||
Performance Shares [Member] | ||||||||
Stock-Based Compensation [Abstract] | ||||||||
Stock-based compensation expense | $ | $ 691 | 736 | $ 1,301 | $ 1,715 | ||||
Number of shares [Abstract] | ||||||||
Outstanding, December 31, 2019 | shares | 295,347 | 295,347 | ||||||
Granted | shares | 94,850 | 110,923 | ||||||
Performance condition adjustment (a) | shares | [1] | (6,989) | ||||||
Vested | shares | (162,622) | |||||||
Forfeited | shares | (24,246) | |||||||
Outstanding, June 30, 2020 | shares | 196,340 | 196,340 | 295,347 | |||||
Weighted Average Grant Date Fair Value [Abstract] | ||||||||
Outstanding, December 31, 2019 | $ / shares | $ 31.09 | $ 31.09 | ||||||
Granted | $ / shares | 36.45 | |||||||
Performance condition adjustment (a) | $ / shares | [1] | 29.48 | ||||||
Vested | $ / shares | 28.93 | |||||||
Forfeited | $ / shares | 32.57 | |||||||
Outstanding, June 30, 2020 | $ / shares | $ 35.34 | $ 35.34 | $ 31.09 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Stock-Based Compensation [Abstract] | ||||||||
Stock-based compensation expense | $ | $ 980 | $ 1,133 | $ 2,044 | $ 2,354 | ||||
Number of shares [Abstract] | ||||||||
Outstanding, December 31, 2019 | shares | 257,564 | 257,564 | ||||||
Granted | shares | 125,716 | 166,180 | ||||||
Performance condition adjustment (a) | shares | [1] | 0 | ||||||
Vested | shares | (143,807) | |||||||
Forfeited | shares | (26,707) | |||||||
Outstanding, June 30, 2020 | shares | 212,766 | 212,766 | 257,564 | |||||
Weighted Average Grant Date Fair Value [Abstract] | ||||||||
Outstanding, December 31, 2019 | $ / shares | $ 31.14 | $ 31.14 | ||||||
Granted | $ / shares | 36.45 | |||||||
Performance condition adjustment (a) | $ / shares | [1] | 0 | ||||||
Vested | $ / shares | 30.88 | |||||||
Forfeited | $ / shares | 32.82 | |||||||
Outstanding, June 30, 2020 | $ / shares | $ 34.24 | $ 34.24 | $ 31.14 | |||||
Officer [Member] | ||||||||
Stock-Based Compensation [Abstract] | ||||||||
Performance Shares that could be awarded, as a percentage of ROIC target amount, minimum | 0.00% | |||||||
Performance Shares that could be awarded, as a percentage of ROIC target amount, maximum | 200.00% | |||||||
Performance Shares Target Percentage Earned, Officers | 93.00% | |||||||
Vesting period (in years) | 3 years | |||||||
Other employees [Member] | ||||||||
Stock-Based Compensation [Abstract] | ||||||||
Performance Shares that could be awarded, as a percentage of EBITDA target amount, minimum | 0.00% | |||||||
Performance Shares that could be awarded, as a percentage of EBITDA target amount, maximum | 200.00% | |||||||
Performance Shares Target Percentage Earned, Other Employees | 96.00% | |||||||
Number of equal tranches for annual vesting (in tranches) | tranch | 3 | |||||||
Officers and other employees [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Stock-Based Compensation [Abstract] | ||||||||
Number of equal tranches for annual vesting (in tranches) | tranch | 3 | |||||||
Nonemployee Directors [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Stock-Based Compensation [Abstract] | ||||||||
Vesting period (in years) | 1 year | |||||||
[1] | Represents total PSUs forfeited during the six months ended June 30, 2020 related to the 2019 performance condition adjustment described above. |
Stockholders' Equity_Shares and
Stockholders' Equity:Shares and Dividends (Details) - $ / shares | Jul. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Subsequent Event [Line Items] | |||||||
Dividends declared per common share | $ 0.10 | $ 0.10 | $ 0.09 | $ 0.09 | $ 0.20 | $ 0.18 | |
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividends Payable, Date Declared | Jul. 30, 2020 | ||||||
Dividends declared per common share | $ 0.10 | ||||||
Dividends Payable, Date to be Paid | Sep. 15, 2020 | ||||||
Dividends Payable, Date of Record | Sep. 1, 2020 |
Stockholders' Equity_AOCI (Deta
Stockholders' Equity:AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance, net of taxes | $ 708,271 | $ 679,017 | $ 701,330 | $ 672,590 | |
Amortization of actuarial (gain) loss, before taxes (a) | [1] | 201 | (44) | 403 | (87) |
Effect of settlements, before taxes (a) | [1] | 0 | 0 | 86 | 0 |
Income taxes | (51) | 11 | (124) | 22 | |
Ending balance, net of taxes | 739,708 | 705,021 | 739,708 | 705,021 | |
Accumulated Other Comprehensive Loss [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance, net of taxes | (50,033) | (47,684) | (50,248) | (47,652) | |
Ending balance, net of taxes | $ (49,883) | $ (47,717) | $ (49,883) | $ (47,717) | |
[1] | Represents amounts reclassified from accumulated other comprehensive loss. These amounts are included in the computation of net periodic pension cost. For additional information, see Note 8, Retirement and Benefit Plans. |
Transactions With Related Par_2
Transactions With Related Party (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Unconsolidated variable interest entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related party | $ 2.5 | $ 4.3 | $ 6.8 | $ 8.8 |
Cost of sales from related party | $ 13.8 | $ 21.4 | $ 36.4 | $ 41.4 |
LouisianaTimberProcurementCompanyLLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Variable interest entity, ownership percentage | 50.00% | |||
LouisianaTimberProcurementCompanyLLC [Member] | Packaging Corporation of America (PCA) [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Related Party Transaction [Line Items] | ||||
Variable interest entity, ownership percentage | 50.00% |
Segment Information Segment Sal
Segment Information Segment Sales to External Customers by Product Line (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)segment | Jun. 30, 2019USD ($) | ||
Segment Reporting [Abstract] | |||||
Number of Reportable Segments | segment | 2 | ||||
Revenue from External Customer [Line Items] | |||||
Sales | $ 1,242,760 | $ 1,230,081 | $ 2,413,294 | $ 2,272,167 | |
Wood Products and Building Materials Distribution [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Sales | 1,242,800 | 1,230,100 | 2,413,300 | 2,272,200 | |
Wood Products [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Sales | 108,500 | 132,700 | $ 229,000 | 267,100 | |
Intersegment EWP Sales Volumes As Percentage to Total EWP Sales Volumes | 80.00% | ||||
Wood Products [Member] | Laminated Veneer Lumber [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Sales | [1] | 5,300 | 12,000 | $ 11,300 | 23,900 |
Wood Products [Member] | I-joists [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Sales | [1] | 2,600 | 8,000 | 7,100 | 13,300 |
Wood Products [Member] | Other engineered wood products [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Sales | [1] | 5,200 | 8,600 | 11,600 | 14,300 |
Wood Products [Member] | Plywood and veneer [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Sales | [1] | 65,200 | 63,500 | 129,000 | 130,900 |
Wood Products [Member] | Lumber [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Sales | [1] | 12,300 | 14,000 | 24,600 | 27,200 |
Wood Products [Member] | Byproducts [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Sales | [1] | 15,700 | 18,000 | 36,400 | 38,000 |
Wood Products [Member] | Other [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Sales | [1] | 2,200 | 8,600 | 9,000 | 19,400 |
Building Materials Distribution [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Sales | 1,134,300 | 1,097,400 | 2,184,300 | 2,005,100 | |
Building Materials Distribution [Member] | Commodity product line [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Sales | 490,000 | 450,700 | 930,100 | 849,000 | |
Building Materials Distribution [Member] | General line [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Sales | 448,100 | 429,600 | 845,600 | 753,100 | |
Building Materials Distribution [Member] | Engineered wood products [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Sales | $ 196,200 | $ 217,200 | $ 408,600 | $ 403,000 | |
[1] | Amounts represent sales to external customers. Sales are calculated after intersegment sales eliminations to our Building Materials Distribution segment, as well as the cost of EWP rebates and sales allowances provided at various stages of the supply chain (including distributors, retail lumberyards, and professional builders). For the six months ended June 30, 2020, approximately 80% of Wood Products' EWP sales volumes were to our Building Materials Distribution segment. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Segment Reporting Information [Line Items] | |||||
Sales | $ 1,242,760 | $ 1,230,081 | $ 2,413,294 | $ 2,272,167 | |
Income from operations | 51,770 | 45,132 | 77,317 | 66,786 | |
Curtailment of I-joist Production at Roxboro, NC Facility | |||||
Segment Reporting Information [Line Items] | |||||
Accelerated depreciation | 15,000 | ||||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income from operations | 60,284 | 52,708 | 93,349 | 81,855 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | [1] | (173,005) | (201,596) | (372,529) | (386,741) |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income from operations | (8,514) | (7,576) | (16,032) | (15,069) | |
Wood Products [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 108,500 | 132,700 | 229,000 | 267,100 | |
Wood Products [Member] | Curtailment of I-joist Production at Roxboro, NC Facility | |||||
Segment Reporting Information [Line Items] | |||||
Accelerated depreciation | 15,000 | ||||
Other closure-related costs | 1,700 | ||||
Wood Products [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 281,505 | 334,256 | 601,566 | 653,779 | |
Income from operations | [2] | 17,074 | 18,908 | 20,837 | 30,538 |
Building Materials Distribution [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 1,134,300 | 1,097,400 | 2,184,300 | 2,005,100 | |
Building Materials Distribution [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 1,134,260 | 1,097,421 | 2,184,257 | 2,005,129 | |
Income from operations | $ 43,210 | $ 33,800 | $ 72,512 | $ 51,317 | |
[1] | Primarily represents intersegment sales from our Wood Products segment to our Building Materials Distribution segment. | ||||
[2] | Wood Products segment operating income for the six months ended June 30, 2020, includes $15.0 million of accelerated depreciation and $1.7 million of other closure-related costs due to the permanent curtailment of I-joist production at our Roxboro, North Carolina facility. For more information, see Note 5, Curtailment of Manufacturing Facility. |
Subsequent Event_Notes 2030 (De
Subsequent Event:Notes 2030 (Details) - USD ($) $ in Thousands | Jul. 27, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2016 | Aug. 29, 2016 | Mar. 30, 2016 |
Debt Instrument [Line Items] | ||||||
Repayments of Long-term Debt | $ 0 | $ 5,500 | ||||
Term Loan Due 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 75,000 | |||||
Repayments of Long-term Debt | $ 30,000 | |||||
5.625% Senior Notes Due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 350,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |||||
Subsequent Event [Member] | 4.875% Senior Notes Due 2030 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | |||||
Subsequent Event [Member] | Term Loan Due 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Long-term Debt | $ 45,000 | |||||
Subsequent Event [Member] | 5.625% Senior Notes Due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Gain (Loss) on Extinguishment of Debt | (14,000) | |||||
Debt extinguishment premiums paid | 11,000 | |||||
Write off of Unamortized Deferred Financing Costs | 3,000 | |||||
Subsequent Event [Member] | Senior Notes [Member] | 4.875% Senior Notes Due 2030 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 400,000 |