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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | Segment Information We operate our business using two reportable segments: Wood Products and BMD. 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. We measure and evaluate our reportable segments based on net sales and segment operating income (loss). Accordingly, our chief operating decision maker reviews the performance of the company and allocates resources based primarily on net sales and segment operating income (loss) for our business segments. Unallocated corporate costs are presented as reconciling items to arrive at operating income. Unallocated corporate costs include corporate support staff services, related assets and liabilities, and nonqualified pension plan activity. Support services include, but are not limited to, information technology, human resources, finance, accounting, and legal functions. Specified expenses are allocated to the segments. For many of these allocated expenses, the related assets and liabilities remain in corporate. The segments follow the accounting principles described in Note 2, Summary of Significant Accounting Policies. For each of the years ended December 31, 2023, 2022, and 2021, one customer accounted for 12% of total sales when combining sales from Wood Products and BMD to those customers. Sales to foreign unaffiliated customers were approximately $99 million, $142 million, and $128 million, respectively, for the years ended December 31, 2023, 2022, and 2021. At December 31, 2023, 2022, and 2021, and for the years then ended, long-lived assets located in foreign countries and net sales originating in foreign countries were not material. Wood Products and BMD segment sales to external customers, including related parties, by product line are as follows:
|  | Year Ended December 31
|  | 2023 |  | 2022 |  | 2021
|  | (millions)
Wood Products (a) |  |  |  |  |  |
LVL (b) |  | $ | 46.7 |  |  | $ | 21.2 |  |  | $ | 4.3 |
I-joists (b) |  | 29.6 |  |  | (2.3) |  |  | (6.8) |
Other engineered wood products (b) |  | 33.4 |  |  | 43.9 |  |  | 43.0 |
Plywood and veneer |  | 353.2 |  |  | 493.2 |  |  | 539.3 |
Lumber |  | 86.0 |  |  | 78.9 |  |  | 81.8 |
Byproducts |  | 85.9 |  |  | 84.3 |  |  | 71.2 |
Other |  | 25.0 |  |  | 24.4 |  |  | 19.3 |
|  | 659.7 |  |  | 743.7 |  |  | 752.0 |
Building Materials Distribution |  |  |  |  |  |
Commodity |  | 2,335.7 |  |  | 3,432.3 |  |  | 3,704.7 |
General line |  | 2,443.2 |  |  | 2,542.7 |  |  | 2,164.8 |
Engineered wood products |  | 1,399.6 |  |  | 1,668.6 |  |  | 1,304.6 |
|  | 6,178.5 |  |  | 7,643.6 |  |  | 7,174.1 |
|  | $ | 6,838.2 |  |  | $ | 8,387.3 |  |  | $ | 7,926.1 |
___________________________________ (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, 2023, 2022, and 2021, approximately 78%, 77%, 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
| 2023 |  | 2022 |  | 2021
| (thousands)
Net sales by segment |  |  |  |  |
Wood Products | $ | 1,932,602 |  |  | $ | 2,115,896 |  |  | $ | 1,970,804 |
Building Materials Distribution | 6,178,690 |  |  | 7,643,615 |  |  | 7,174,278 |
Intersegment eliminations (a) | (1,273,047) |  |  | (1,372,204) |  |  | (1,218,971) |
Total net sales | $ | 6,838,245 |  |  | $ | 8,387,307 |  |  | $ | 7,926,111 |
Segment operating income |  |  |  |  |
Wood Products | $ | 337,132 |  |  | $ | 575,167 |  |  | $ | 531,235 |
Building Materials Distribution | 335,808 |  |  | 627,091 |  |  | 481,085 |
Total segment operating income | 672,940 |  |  | 1,202,258 |  |  | 1,012,320 |
Unallocated corporate costs | (48,554) |  |  | (44,409) |  |  | (40,517) |
Income from operations | $ | 624,386 |  |  | $ | 1,157,849 |  |  | $ | 971,803 |
Depreciation and amortization |  |  |  |  |
Wood Products | $ | 98,710 |  |  | $ | 73,308 |  |  | $ | 55,249 |
Building Materials Distribution | 32,353 |  |  | 27,005 |  |  | 24,007 |
Corporate | 1,404 |  |  | 1,280 |  |  | 1,497 |
Total depreciation and amortization | $ | 132,467 |  |  | $ | 101,593 |  |  | $ | 80,753 |
Capital expenditures |  |  |  |  |
Wood Products (b) | $ | 59,360 |  |  | $ | 51,934 |  |  | $ | 48,280 |
Building Materials Distribution (b)(c) | 155,724 |  |  | 60,463 |  |  | 57,557 |
Corporate | 354 |  |  | 1,720 |  |  | 681 |
Total capital expenditures | $ | 215,438 |  |  | $ | 114,117 |  |  | $ | 106,518 |
__________________ (a)Primarily represents intersegment sales from our Wood Products segment to our BMD segment. During 2023, 2022, and 2021, approximately 66%, 65%, and 62%, respectively, of Wood Products' overall sales were to our BMD segment. (b)Capital spending in 2023 for BMD excludes $162.8 million of consideration paid, net of cash acquired, for the acquisition of BROSCO. Capital spending in 2022 for Wood Products excludes $515.2 million for the acquisition of two plywood facilities. For more information, see Note 6, Acquisitions. (c)Capital spending in 2023 for BMD includes approximately $74 million to purchase a facility in Kansas City, Missouri, to house a new door and millwork location, as well as the purchase of facilities in West Palm Beach, Florida, and Modesto, California to expand or relocate existing distribution centers. Capital spending in 2022 for BMD includes approximately $13 million to purchase a previously leased BMD property in Milton, Florida. Capital spending in 2021 for BMD includes approximately $15 million to purchase a BMD property in Walton, Kentucky, to expand our service capabilities in Cincinnati and the surrounding markets.
| December 31
| 2023 |  | 2022
| (thousands)
Assets |  |  |
Wood Products | $ | 1,083,517 |  |  | $ | 1,120,188 |
Building Materials Distribution | 1,440,123 |  |  | 1,075,628 |
Corporate | 935,006 |  |  | 1,044,698 |
Total assets | $ | 3,458,646 |  |  | $ | 3,240,514 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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