BOISE CASCADE CoBCC
BOISE CASCADE Co Segments Disclosure
Segment Information
We operate our business using two reportable segments: BMD and Wood Products. These segments represent distinct businesses that are managed separately because of differing products and services. Each of these businesses requires distinct operating and marketing strategies. For a description of the products sold by our segments, see Note 3, Revenues.
Our chief operating decision maker (CODM) is our chief executive officer. We measure and evaluate our reportable segments based on net sales and segment operating income (loss). Accordingly, our CODM reviews the performance of the Company and allocates resources based primarily on net sales and segment operating income (loss) for our business segments, predominantly in the budget and forecasting process. The CODM reviews capital plans for both of our business segments and uses these plans, along with expectations of segment performance, resource availability, and capital structure, to determine how to allocate resources to each business segment.
The segments follow the accounting principles described in Note 2, Summary of Significant Accounting Policies. Specified expenses are allocated to the segments. For many of these allocated expenses, the related assets and liabilities remain in corporate.
For the year ended December 31, 2025, two customers accounted for 12% and 11% of total sales, respectively, when combining sales from BMD and Wood Products to those customers. For the year ended December 31, 2024, two customers accounted for 12% and 10% of total sales, respectively, when combining sales from BMD and Wood Products to those customers. For the year ended December 31, 2023, one customer accounted for 12% of total sales when combining sales from BMD and Wood Products to that customer. Sales to foreign unaffiliated customers were approximately $118 million, $99 million, and $99 million, respectively, for the years ended December 31, 2025, 2024, and 2023.
At December 31, 2025, 2024, and 2023, and for the years then ended, long-lived assets located in foreign countries and net sales originating in foreign countries were not material.
BMD and Wood Products segment sales to external customers, including related parties, by product line are as follows:
| Year Ended December 31 | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (millions) | ||||||||||||||||||||
| Building Materials Distribution | ||||||||||||||||||||
| Commodity | $ | 2,080.1 | $ | 2,207.7 | $ | 2,335.7 | ||||||||||||||
| General line | 2,687.4 | 2,615.7 | 2,443.2 | |||||||||||||||||
| Engineered wood products | 1,173.8 | 1,343.1 | 1,399.6 | |||||||||||||||||
| 5,941.3 | 6,166.5 | 6,178.5 | ||||||||||||||||||
| Wood Products (a) | ||||||||||||||||||||
| LVL (b) | 47.2 | 64.0 | 46.7 | |||||||||||||||||
| I-joists (b) | 28.6 | 41.4 | 29.6 | |||||||||||||||||
| Other engineered wood products (b) | 19.6 | 27.0 | 33.4 | |||||||||||||||||
| Plywood and veneer | 235.4 | 281.0 | 353.2 | |||||||||||||||||
| Lumber | 47.5 | 54.2 | 86.0 | |||||||||||||||||
| Byproducts | 61.1 | 66.1 | 85.9 | |||||||||||||||||
| Other | 23.9 | 24.1 | 25.0 | |||||||||||||||||
| 463.3 | 557.8 | 659.7 | ||||||||||||||||||
| $ | 6,404.6 | $ | 6,724.3 | $ | 6,838.2 | |||||||||||||||
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(a)Amounts represent sales to external customers. Sales are calculated after intersegment sales eliminations to our BMD segment.
(b)Sales of EWP to external customers are net of the cost of all EWP rebates and sales allowances provided at various stages of the supply chain (including distributors, dealers, and homebuilders). For the years ended December 31, 2025, 2024, and 2023, approximately 75%, 75%, and 78%, respectively, of Wood Products' EWP sales volumes were to our BMD segment.
An analysis of our operations by segment is as follows:
| Year Ended December 31 | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (thousands) | |||||||||||||||||
| Building Materials Distribution | |||||||||||||||||
| Sales | $ | 5,941,297 | $ | 6,166,493 | $ | 6,178,690 | |||||||||||
| Less: | |||||||||||||||||
| Materials, labor, and other operating expenses (excluding depreciation) (a) | 5,045,585 | 5,221,945 | 5,249,211 | ||||||||||||||
| Selling and distribution expenses | 573,690 | 551,874 | 514,513 | ||||||||||||||
| Other segment items (b) | 41,115 | 39,755 | 46,805 | ||||||||||||||
| Depreciation and amortization | 58,689 | 49,534 | 32,353 | ||||||||||||||
| 5,719,079 | 5,863,108 | 5,842,882 | |||||||||||||||
| Segment income from operations | $ | 222,218 | $ | 303,385 | $ | 335,808 | |||||||||||
| Wood Products | |||||||||||||||||
| Sales | $ | 1,613,441 | $ | 1,832,317 | $ | 1,932,602 | |||||||||||
| Less: | |||||||||||||||||
| Materials, labor, and other operating expenses (excluding depreciation) (a) | 1,457,211 | 1,446,555 | 1,432,745 | ||||||||||||||
| Other segment items (b) | 51,938 | 61,105 | 64,015 | ||||||||||||||
| Depreciation and amortization | 98,456 | 93,203 | 98,710 | ||||||||||||||
| 1,607,605 | 1,600,863 | 1,595,470 | |||||||||||||||
| Segment income from operations | $ | 5,836 | $ | 231,454 | $ | 337,132 | |||||||||||
| Reconciliation of sales | |||||||||||||||||
| Building Materials Distribution | $ | 5,941,297 | $ | 6,166,493 | $ | 6,178,690 | |||||||||||
| Wood Products | 1,613,441 | 1,832,317 | 1,932,602 | ||||||||||||||
| Intersegment eliminations (c) | (1,150,143) | (1,274,516) | (1,273,047) | ||||||||||||||
| Total net sales | $ | 6,404,595 | $ | 6,724,294 | $ | 6,838,245 | |||||||||||
| Reconciliation of income | |||||||||||||||||
| Building Materials Distribution | $ | 222,218 | $ | 303,385 | $ | 335,808 | |||||||||||
| Wood Products | 5,836 | 231,454 | 337,132 | ||||||||||||||
| Unallocated corporate costs (d) | (44,725) | (44,801) | (48,554) | ||||||||||||||
| Income from operations | $ | 183,329 | $ | 490,038 | $ | 624,386 | |||||||||||
| Interest expense | (21,846) | (24,067) | (25,496) | ||||||||||||||
| Interest income | 18,766 | 39,139 | 48,106 | ||||||||||||||
| Other unallocated items (e) | (296) | (3,351) | (1,947) | ||||||||||||||
| Income before income taxes | $ | 179,953 | $ | 501,759 | $ | 645,049 | |||||||||||
__________________
(a)Substantially all costs included in "Materials, labor, and other operating expenses (excluding depreciation)" for our BMD segment are for inventory purchased for resale. "Materials, labor, and other operating expenses (excluding depreciation)" for our Wood Products segment are the costs associated with Wood Products' manufacturing processes, including wood fiber, labor, glues and resins, energy, operating supplies, maintenance materials, freight, and other manufacturing costs.
(b)Other segment items for our BMD segment includes general and administrative expenses and other income (expense). Other segment items for our Wood Products segment includes selling and distribution expenses, general and administrative expenses, and other income (expense).
(c)Primarily represents intersegment sales from our Wood Products segment to our BMD segment. During 2025, 2024, and 2023, approximately 71%, 70%, and 66%, respectively, of Wood Products' overall sales were to our BMD segment.
(d)Unallocated corporate costs include corporate support staff services, and related assets and liabilities. Support services include, but are not limited to, information technology, human resources, finance, accounting, insurance and legal functions. For the year ended December 31, 2025, unallocated corporate costs include a $1.9 million settlement gain for property damages at one of our distribution facilities.
(e)Other unallocated items include foreign exchange gains and losses, pension expense (excluding service costs) and the change in fair value of interest rate swaps.
| December 31 | |||||||||||
| 2025 | 2024 | ||||||||||
| (thousands) | |||||||||||
| Assets | |||||||||||
| Building Materials Distribution | $ | 1,580,239 | $ | 1,524,214 | |||||||
| Wood Products | 1,183,351 | 1,145,555 | |||||||||
| Corporate | 478,353 | 699,614 | |||||||||
| Total assets | $ | 3,241,943 | $ | 3,369,383 | |||||||
| Year Ended December 31 | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (thousands) | |||||||||||||||||
| Capital expenditures | |||||||||||||||||
| Building Materials Distribution (a)(b) | $ | 104,596 | $ | 107,593 | $ | 155,724 | |||||||||||
| Wood Products (c) | 136,590 | 121,870 | 59,360 | ||||||||||||||
| Corporate | 245 | 106 | 354 | ||||||||||||||
| Total capital expenditures | $ | 241,431 | $ | 229,569 | $ | 215,438 | |||||||||||
__________________
(a)Capital spending in 2025 for our BMD segment excludes $33.4 million of consideration paid, net of cash acquired, for the Holden Humphrey Acquisition. Capital spending in 2023 for our BMD segment excludes $162.8 million of consideration paid, net of cash acquired, for the BROSCO acquisition. For more information on the Holden Humphrey Acquisition, see Note 6, Acquisitions.
(b)Capital spending in 2025 for our BMD segment includes approximately $17 million to purchase previously leased properties in Chicago, Illinois and Minneapolis, Minnesota. Capital spending in 2024 for our BMD segment includes approximately $25 million to purchase previously leased properties in Westfield, Massachusetts and Chicago, Illinois. Capital spending in 2023 for our BMD segment includes approximately $74 million to purchase facilities in West Palm Beach, Florida and Modesto, California to expand or relocate existing distribution centers, as well as to purchase a facility in Kansas City, Missouri, to house a new door and millwork location.
(c)Capital spending in 2025 and 2024 for our Wood Products segment includes spending on significant modernization projects at our Oakdale, Louisiana veneer and plywood mill, spending to add I-joist production capabilities at our Thorsby, Alabama EWP mill, as well as spending to convert a plywood layup line to a parallel laminated veneer line at our Chapman, Alabama veneer and plywood mill.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.