XML 35 R20.htm IDEA: XBRL DOCUMENT v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We operate our business using two reportable segments: Wood Products and BMD. There are no differences in our basis of measurement of segment profit or loss from those disclosed in Note 15, Segment Information, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" in our 2024 Form 10-K.    

    Wood Products and BMD segment sales to external customers, including related parties, by product line, are as follows:
Three Months Ended
March 31
20252024
(millions)
Wood Products (a)
LVL (b)$16.7 $12.6 
I-joists (b)11.2 6.7 
Other engineered wood products (b)6.8 8.1 
Plywood and veneer59.8 74.6 
Lumber12.7 15.2 
Byproducts15.7 17.1 
Other6.4 6.2 
129.4 140.4 
Building Materials Distribution  
Commodity516.9 553.0 
General line599.7 616.9 
Engineered wood products290.5 335.1 
1,407.1 1,505.0 
$1,536.5 $1,645.4 
 ___________________________________  

(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 three months ended March 31, 2025 and 2024, approximately 73% and 77%, respectively, of Wood Products' EWP sales volumes were to our BMD segment.
An analysis of our operations by segment is as follows:
 Three Months Ended
March 31
 20252024
 (thousands)
Wood Products
Sales$415,845 $468,928 
Less:
Materials, labor, and other operating expenses (excluding depreciation) (a)362,246 357,721 
Other segment items (b)13,404 15,585 
Depreciation and amortization22,486 24,384 
398,136 397,690 
Segment income from operations$17,709 $71,238 
Building Materials Distribution
Sales$1,407,116 $1,505,021 
Less:
Materials, labor, and other operating expenses (excluding depreciation) (a)1,200,940 1,278,421 
Selling and distribution expenses133,099 133,614 
Other segment items (b)10,298 9,416 
Depreciation and amortization14,362 11,107 
1,358,699 1,432,558 
Segment income from operations$48,417 $72,463 
Reconciliation of sales
Wood Products$415,845 $468,928 
Building Materials Distribution1,407,116 1,505,021 
Intersegment eliminations (c)(286,467)(328,529)
Total net sales$1,536,494 $1,645,420 
Reconciliation of income
Wood Products $17,709 $71,238 
Building Materials Distribution48,417 72,463 
Unallocated corporate costs (d)(11,607)(10,719)
Income from operations$54,519 $132,982 
Interest expense(5,312)(6,070)
Interest income5,510 10,597 
Other unallocated items (e)(523)(556)
Income before income taxes$54,194 $136,953 
___________________________________ 
 
(a)    "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. Substantially all costs included in "Materials, labor, and other operating expenses (excluding depreciation)" for our BMD segment are for inventory purchased for resale.

(b)    Other segment items for our Wood Products segment includes selling and distribution expenses, general and administrative expenses, and other income (expense). Other segment items for our BMD segment includes general and administrative expenses and other income (expense).

(c)    Primarily represents intersegment sales from our Wood Products segment 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, and legal functions.

(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.

 March 31,
2025		December 31,
2024
 (thousands)
Assets
Wood Products$1,192,120 $1,145,555 
Building Materials Distribution1,757,403 1,524,214 
Corporate532,121 699,614 
Total assets$3,481,644 $3,369,383 

 Three Months Ended
March 31
 20252024
 (thousands)
Capital expenditures
Wood Products$30,689 $19,643 
Building Materials Distribution22,431 14,672 
Corporate85 15 
Total capital expenditures$53,205 $34,330