Consolidating Guarantor and Nonguarantor Financial Information

12 Months Ended

Dec. 31, 2014

Disclosure Text Block Supplement [Abstract]

Consolidating Guarantor and Nonguarantor Financial Information

The following consolidating financial information presents the Statements of Comprehensive Income (Loss), Balance Sheets, and Statements of Cash Flows related to Boise Cascade. The Senior Notes are guaranteed fully and unconditionally and jointly and severally by each of our existing and future subsidiaries (other than our foreign subsidiaries). Each of our existing subsidiaries that is a guarantor of the Senior Notes is 100% owned by Boise Cascade. Other than the consolidated financial statements and footnotes for Boise Cascade and the consolidating financial information, financial statements and other disclosures concerning the guarantors have not been presented because management believes that such information is not material to investors. The reclassifications to net income from accumulated other comprehensive loss are recorded primarily in our guarantor subsidiaries.

Furthermore, the cancellation provisions in the related indenture regarding guarantor subsidiaries are customary, and they do not include an arrangement that permits a guarantor subsidiary to opt out of the obligation prior to or during the term of the debt. Each guarantor subsidiary is automatically released from its obligations as a guarantor upon the sale of the subsidiary or substantially all of its assets to a third party, the designation of the subsidiary as an unrestricted subsidiary for purposes of the covenants included in the indenture, the release of the indebtedness under the indenture, or if the issuer exercises its legal defeasance option or the discharge of its obligations in accordance with the indenture governing the Senior Notes.

On October 1, 2013, we entered into a supplemental indenture (Supplemental Indenture) with certain of our subsidiaries and U.S. Bank National Association, the trustee for our Senior Notes, to add Chester Wood Products LLC and Moncure Plywood LLC as guarantors of the Senior Notes. Entry into the Supplemental Indenture was consummated in connection with the Acquisition on September 30, 2013. As such, Chester Wood Products LLC and Moncure Plywood LLC are included as guarantor subsidiaries in the consolidating guarantor and nonguarantor financial statements effective October 1, 2013.

Boise Cascade Company and Subsidiaries Consolidating Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2014

	Boise Cascade Company (Parent)			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
	(thousands)
Sales
Trade	$	—		$	3,560,416		$	13,316		$	—		$	3,573,732
Intercompany	—			—			18,224			(18,224		)	—
	—			3,560,416			31,540			(18,224		)	3,573,732

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	—			3,057,603			27,956			(19,888		)	3,065,671
Depreciation and amortization	179			50,070			1,190			—			51,439
Selling and distribution expenses	—			261,749			2,424			—			264,173
General and administrative expenses	19,252			27,573			—			1,664			48,489
Other (income) expense, net	(26		)	(889		)	(674		)	—			(1,589		)
	19,405			3,396,106			30,896			(18,224		)	3,428,183

Income (loss) from operations	(19,405		)	164,310			644			—			145,549

Foreign currency exchange gain (loss)	(379		)	18			(71		)	—			(432		)
Interest expense	(22,049		)	—			—			—			(22,049		)
Interest income	32			205			—			—			237
	(22,396		)	223			(71		)	—			(22,244		)

Income (loss) before income taxes and equity in net income of affiliates	(41,801		)	164,533			573			—			123,305
Income tax (provision) benefit	(43,402		)	106			—			—			(43,296		)

Income (loss) before equity in net income of affiliates	(85,203		)	164,639			573			—			80,009
Equity in net income of affiliates	165,212			—			—			(165,212		)	—
Net income	80,009			164,639			573			(165,212		)	80,009

Other comprehensive loss, net of tax
Defined benefit pension plans
Net actuarial loss	(46,234		)	—			—			—			(46,234		)
Amortization of actuarial gain	(15		)	—			—			—			(15		)
Amortization of prior service costs	—			—			—			—			—
Other comprehensive loss, net of tax	(46,249		)	—			—			—			(46,249		)
Comprehensive income	$	33,760		$	164,639		$	573		$	(165,212	)	$	33,760

Boise Cascade Company and Subsidiaries Consolidating Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2013

	Boise Cascade Company (Parent)			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
	(thousands)
Sales
Trade	$	—		$	3,258,873		$	14,623		$	—		$	3,273,496
Intercompany	—			—			12,259			(12,259		)	—
	—			3,258,873			26,882			(12,259		)	3,273,496

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	—			2,831,103			28,338			(12,827		)	2,846,614
Depreciation and amortization	140			36,682			1,216			—			38,038
Selling and distribution expenses	—			242,743			2,540			—			245,283
General and administrative expenses	18,786			26,135			—			568			45,489
Other (income) expense, net	(150		)	324			(859		)	—			(685		)
	18,776			3,136,987			31,235			(12,259		)	3,174,739

Income (loss) from operations	(18,776		)	121,886			(4,353		)	—			98,757

Foreign currency exchange loss	(292		)	(115		)	(17		)	—			(424		)
Interest expense	(20,426		)	—			—			—			(20,426		)
Interest income	83			158			—			—			241
	(20,635		)	43			(17		)	—			(20,609		)

Income (loss) before income taxes and equity in net income of affiliates	(39,411		)	121,929			(4,370		)	—			78,148
Income tax (provision) benefit	38,656			154			(22		)	—			38,788

Income (loss) before equity in net income of affiliates	(755		)	122,083			(4,392		)	—			116,936
Equity in net income of affiliates	117,691			—			—			(117,691		)	—
Net income (loss)	116,936			122,083			(4,392		)	(117,691		)	116,936

Other comprehensive income, net of tax
Defined benefit pension plans
Net actuarial gain	60,100			—			—			—			60,100
Amortization of actuarial loss	5,692			—			—			—			5,692
Amortization of prior service costs	188			—			—			—			188
Other comprehensive income, net of tax	65,980			—			—			—			65,980
Comprehensive income (loss)	$	182,916		$	122,083		$	(4,392	)	$	(117,691	)	$	182,916

Boise Cascade Company and Subsidiaries Consolidating Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2012

	Boise Cascade Company (Parent)			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
	(thousands)
Sales
Trade	$	—		$	2,765,980		$	13,082		$	—		$	2,779,062
Intercompany	—			—			13,396			(13,396		)	—
	—			2,765,980			26,478			(13,396		)	2,779,062

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	—			2,390,124			27,885			(14,564		)	2,403,445
Depreciation and amortization	120			31,691			1,596			—			33,407
Selling and distribution expenses	—			231,593			3,462			—			235,055
General and administrative expenses	16,425			25,529			—			1,168			43,122
Other (income) expense, net	126			2,818			(2,042		)	—			902
	16,671			2,681,755			30,901			(13,396		)	2,715,931

Income (loss) from operations	(16,671		)	84,225			(4,423		)	—			63,131

Foreign currency exchange gain (loss)	149			(124		)	12			—			37
Interest expense	(21,757		)	—			—			—			(21,757		)
Interest income	196			196			—			—			392
	(21,412		)	72			12			—			(21,328		)

Income (loss) before income taxes and equity in net income of affiliates	(38,083		)	84,297			(4,411		)	—			41,803
Income tax provision	(300		)	(7		)	—			—			(307		)

Income (loss) before equity in net income of affiliates	(38,383		)	84,290			(4,411		)	—			41,496
Equity in net income of affiliates	79,879			—			—			(79,879		)	—
Net income (loss)	41,496			84,290			(4,411		)	(79,879		)	41,496

Other comprehensive loss
Defined benefit pension plans
Net actuarial loss	(8,432		)	—			—			—			(8,432		)
Amortization of actuarial loss	7,632			—			—			—			7,632
Amortization of prior service costs and other	416			—			—			—			416
Other comprehensive loss	(384		)	—			—			—			(384		)
Comprehensive income (loss)	$	41,112		$	84,290		$	(4,411	)	$	(79,879	)	$	41,112

Boise Cascade Company and Subsidiaries Consolidating Balance Sheets at December 31, 2014

	Boise Cascade Company (Parent)		Guarantor Subsidiaries		Non- guarantor Subsidiaries		Eliminations			Consolidated
	(thousands)
ASSETS
Current
Cash and cash equivalents	$	163,512	$	23	$	14	$	—		$	163,549
Receivables
Trade, less allowances	237		171,613		464		—			172,314
Related parties	—		821		—		—			821
Other	171		6,908		232		—			7,311
Inventories	—		389,259		5,202		—			394,461
Deferred income taxes	20,305		—		6		—			20,311
Prepaid expenses and other	10,756		4,064		37		—			14,857
Total current assets	194,981		572,688		5,955		—			773,624

Property and equipment, net	1,601		359,474		7,053		—			368,128
Timber deposits	—		13,819		—		—			13,819
Deferred financing costs	7,149		—		—		—			7,149
Goodwill	—		21,823		—		—			21,823
Intangible assets, net	—		10,183		—		—			10,183
Deferred income taxes	16,684		—		—		—			16,684
Other assets	20		9,055		—		—			9,075
Investments in affiliates	771,026		—		—		(771,026		)	—
Total assets	$	991,461	$	987,042	$	13,008	$	(771,026	)	$	1,220,485

Boise Cascade Company and Subsidiaries Consolidating Balance Sheets at December 31, 2014 (continued)

	Boise Cascade Company (Parent)			Guarantor Subsidiaries		Non- guarantor Subsidiaries		Eliminations			Consolidated
	(thousands)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade	$	7,238		$	143,141	$	314	$	—		$	150,693
Related parties	—			1,743		—		—			1,743
Accrued liabilities
Compensation and benefits	18,793			46,867		510		—			66,170
Interest payable	3,298			—		—		—			3,298
Other	1,559			30,163		1,564		—			33,286
	30,888			221,914		2,388		—			255,190

Debt
Long-term debt	301,415			—		—		—			301,415

Other
Compensation and benefits	156,218			—		—		—			156,218
Other long-term liabilities	10,552			4,722		—		—			15,274
	166,770			4,722		—		—			171,492

Commitments and contingent liabilities

Stockholders' equity
Preferred stock	—			—		—		—			—
Common stock	433			—		—		—			433
Treasury stock	(100,000		)	—		—		—			(100,000		)
Additional paid-in capital	502,739			—		—		—			502,739
Accumulated other comprehensive loss	(101,498		)	—		—		—			(101,498		)
Retained earnings	190,714			—		—		—			190,714
Subsidiary equity	—			760,406		10,620		(771,026		)	—
Total stockholders' equity	492,388			760,406		10,620		(771,026		)	492,388
Total liabilities and stockholders' equity	$	991,461		$	987,042	$	13,008	$	(771,026	)	$	1,220,485

Boise Cascade Company and Subsidiaries Consolidating Balance Sheets at December 31, 2013

	Boise Cascade Company (Parent)			Guarantor Subsidiaries		Non- guarantor Subsidiaries		Eliminations			Consolidated
	(thousands)
ASSETS
Current
Cash and cash equivalents	$	118,198		$	25	$	26	$	—		$	118,249
Receivables
Trade, less allowances	13			151,225		1,002		—			152,240
Related parties	17			566		—		—			583
Other	(30		)	7,115		183		—			7,268
Inventories	(101		)	379,012		4,448		—			383,359
Deferred income taxes	18,143			—		8		—			18,151
Prepaid expenses and other	2,819			4,983		53		—			7,855
Total current assets	139,059			542,926		5,720		—			687,705

Property and equipment, net	1,113			351,838		8,034		—			360,985
Timber deposits	—			6,266		—		—			6,266
Deferred financing costs	8,334			—		—		—			8,334
Goodwill	—			21,823		—		—			21,823
Intangible assets, net	—			10,277		—		—			10,277
Deferred income taxes	760			—		—		—			760
Other assets	36			8,000		—		—			8,036
Investments in affiliates	739,420			—		—		(739,420		)	—
Total assets	$	888,722		$	941,130	$	13,754	$	(739,420	)	$	1,104,186

Boise Cascade Company and Subsidiaries Consolidating Balance Sheets at December 31, 2013 (continued)

	Boise Cascade Company (Parent)			Guarantor Subsidiaries		Non- guarantor Subsidiaries		Eliminations			Consolidated
	(thousands)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade	$	5,396		$	133,724	$	516	$	—		$	139,636
Related parties	402			2,082		—		—			2,484
Accrued liabilities	—			—		—		—
Compensation and benefits	17,262			42,784		481		—			60,527
Interest payable	3,294			—		—		—			3,294
Other	1,421			30,341		1,314		—			33,076
	27,775			208,931		2,311		—			239,017

Debt
Long-term debt	301,613			—		—		—			301,613

Other
Compensation and benefits	96,536			—		—		—			96,536
Other long-term liabilities	10,317			4,222		—		—			14,539
	106,853			4,222		—		—			111,075

Commitments and contingent liabilities

Stockholders' equity
Preferred stock	—			—		—		—			—
Common stock	432			—		—		—			432
Treasury stock	(100,000		)	—		—		—			(100,000		)
Additional paid-in capital	496,593			—		—		—			496,593
Accumulated other comprehensive loss	(55,249		)	—		—		—			(55,249		)
Retained earnings	110,705			—		—		—			110,705
Subsidiary equity	—			727,977		11,443		(739,420		)	—
Total stockholders' equity	452,481			727,977		11,443		(739,420		)	452,481
Total liabilities and stockholders' equity	$	888,722		$	941,130	$	13,754	$	(739,420	)	$	1,104,186

Boise Cascade Company and Subsidiaries Consolidating Statements of Cash Flows For the Year Ended December 31, 2014

	Boise Cascade Company (Parent)			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
	(thousands)
Cash provided by (used for) operations
Net income	$	80,009		$	164,639		$	573		$	(165,212	)	$	80,009
Items in net income not using (providing) cash
Equity in net income of affiliates	(165,212		)	—			—			165,212			—
Depreciation and amortization, including deferred financing costs and other	1,792			50,070			1,190			—			53,052
Stock-based compensation	5,916			—			—			—			5,916
Pension expense	838			—			—			—			838
Deferred income taxes	10,705			—			—			—			10,705
Other	(33		)	(1,556		)	—			—			(1,589		)
Decrease (increase) in working capital							—			—
Receivables	(336		)	(20,436		)	495			—			(20,277		)
Inventories	(101		)	(10,247		)	(754		)	—			(11,102		)
Prepaid expenses and other	(184		)	311			16			—			143
Accounts payable and accrued liabilities	2,949			12,396			73			—			15,418
Pension contributions	(12,071		)	—			—			—			(12,071		)
Income taxes payable	(7,766		)	—			—			—			(7,766		)
Other	(4,065		)	(7,368		)	—			—			(11,433		)
Net cash provided by (used for) operations	(87,559		)	187,809			1,593			—			101,843
Cash provided by (used for) investment
Expenditures for property and equipment	(577		)	(60,453		)	(187		)	—			(61,217		)
Proceeds from sales of assets	—			4,814			—			—			4,814
Other	(17		)	38			(22		)	—			(1		)
Net cash used for investment	(594		)	(55,601		)	(209		)	—			(56,404		)
Cash provided by (used for) financing
Issuances of long-term debt, including revolving credit facility	57,600			—			—			—			57,600
Payments of long-term debt, including revolving credit facility	(57,600		)	—			—			—			(57,600		)
Financing costs	(11		)	—			—			—			(11		)
Other	(128		)	—			—			—			(128		)
Due to (from) affiliates	133,606			(132,210		)	(1,396		)	—			—
Net cash provided by (used for) financing	133,467			(132,210		)	(1,396		)	—			(139		)
Net increase (decrease) in cash and cash equivalents	45,314			(2		)	(12		)	—			45,300
Balance at beginning of the period	118,198			25			26			—			118,249
Balance at end of the period	$	163,512		$	23		$	14		$	—		$	163,549

Boise Cascade Company and Subsidiaries Consolidating Statements of Cash Flows For the Year Ended December 31, 2013

	Boise Cascade Company (Parent)			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
	(thousands)
Cash provided by (used for) operations
Net income (loss)	$	116,936		$	122,083		$	(4,392	)	$	(117,691	)	$	116,936
Items in net income (loss) not using (providing) cash
Equity in net income of affiliates	(117,691		)	—			—			117,691			—
Depreciation and amortization, including deferred financing costs and other	1,912			36,682			1,216			—			39,810
Stock-based compensation	2,869			—			—			—			2,869
Pension expense	10,989			—			—			—			10,989
Deferred income taxes	(59,600		)	—			—			—			(59,600		)
Other	(161		)	(651		)	23			—			(789		)
Decrease (increase) in working capital, net of acquisitions
Receivables	183			(11,269		)	72			—			(11,014		)
Inventories	101			(52,138		)	1,079			—			(50,958		)
Prepaid expenses and other	(108		)	(385		)	(22		)	—			(515		)
Accounts payable and accrued liabilities	2,280			(990		)	(139		)	—			1,151
Pension contributions	(10,739		)	—			—			—			(10,739		)
Income taxes payable	(2,008		)	(12		)	4			—			(2,016		)
Other	(1,821		)	(876		)	—			—			(2,697		)
Net cash provided by (used for) operations	(56,858		)	92,444			(2,159		)	—			33,427
Cash provided by (used for) investment
Expenditures for property and equipment	(498		)	(44,750		)	(503		)	—			(45,751		)
Acquisition of businesses and facilities	—			(103,029		)	—			—			(103,029		)
Proceeds from sales of assets	831			919			417			—			2,167
Other	—			(67		)	—			—			(67		)
Net cash provided by (used for) investment	333			(146,927		)	(86		)	—			(146,680		)
Cash provided by (used for) financing
Net proceeds from issuance of common stock	262,488			—			—			—			262,488
Treasury stock purchased	(100,000		)	—			—			—			(100,000		)
Issuances of long-term debt, including revolving credit facility	130,000			—			—			—			130,000
Payments of long-term debt, including revolving credit facility	(105,010		)	—			—			—			(105,010		)
Financing costs	(2,061		)	—			—			—			(2,061		)
Other	—			—			192			—			192
Due to (from) affiliates	(56,374		)	54,473			1,901			—			—
Net cash provided by financing	129,043			54,473			2,093			—			185,609
Net increase (decrease) in cash and cash equivalents	72,518			(10		)	(152		)	—			72,356
Balance at beginning of the period	45,680			35			178			—			45,893
Balance at end of the period	$	118,198		$	25		$	26		$	—		$	118,249

Boise Cascade Company and Subsidiaries Consolidating Statements of Cash Flows For the Year Ended December 31, 2012

	Boise Cascade Company (Parent)			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated
	(thousands)
Cash provided by (used for) operations
Net income (loss)	$	41,496		$	84,290		$	(4,411	)	$	(79,879	)	$	41,496
Items in net income (loss) not using (providing) cash
Equity in net income of affiliates	(79,879		)	—			—			79,879			—
Depreciation and amortization, including deferred financing costs and other	3,924			31,691			1,596			—			37,211
Pension expense	12,653			—			—			—			12,653
Other	(61		)	(115		)	(295		)	—			(471		)
Decrease (increase) in working capital, net of acquisitions
Receivables	772			(17,558		)	(396		)	(56		)	(17,238		)
Inventories	—			(41,699		)	(129		)	—			(41,828		)
Prepaid expenses and other	(71		)	(596		)	15			—			(652		)
Accounts payable and accrued liabilities	1,259			49,115			83			56			50,513
Pension contributions	(8,486		)	—			—			—			(8,486		)
Income taxes payable	133			—			—			—			133
Other	3,933			342			2			—			4,277
Net cash provided by (used for) operations	(24,327		)	105,470			(3,535		)	—			77,608
Cash provided by (used for) investment
Expenditures for property and equipment	(28		)	(26,886		)	(472		)	—			(27,386		)
Acquisitions of businesses and facilities	—			(2,355		)	—			—			(2,355		)
Proceeds from sales of assets	—			246			—			—			246
Other	(4		)	1			64			—			61
Net cash used for investment	(32		)	(28,994		)	(408		)	—			(29,434		)
Cash provided by (used for) financing
Issuances of long-term debt	300,000			—			—			—			300,000
Payments of long-term debt	(244,560		)	—			—			—			(244,560		)
Distributions to Boise Cascade Holdings, L.L.C.	(228,268		)	—			—			—			(228,268		)
Financing costs	(5,822		)	—			—			—			(5,822		)
Due to (from) affiliates	72,449			(76,461		)	4,012			—			—
Net cash provided by (used for) financing	(106,201		)	(76,461		)	4,012			—			(178,650		)
Net increase (decrease) in cash and cash equivalents	(130,560		)	15			69			—			(130,476		)
Balance at beginning of the period	176,240			20			109			—			176,369
Balance at end of the period	$	45,680		$	35		$	178		$	—		$	45,893