2024 Q1 Form 10-K Financial Statement

#000095017024016434 Filed on February 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.796B $1.774B $7.674B
YoY Change -4.52% -2.69% -24.65%
Cost Of Revenue $1.441B $1.432B $5.992B
YoY Change -4.7% -0.14% -8.71%
Gross Profit $355.0M $342.0M $1.682B
YoY Change -3.79% -12.08% -53.54%
Gross Profit Margin 19.77% 19.28% 21.92%
Selling, General & Admin $142.0M $136.0M $518.0M
YoY Change 15.45% 7.09% 5.5%
% of Gross Profit 40.0% 39.77% 30.8%
Research & Development $1.000M $2.000M $7.000M
YoY Change -50.0% 0.0% 16.67%
% of Gross Profit 0.28% 0.58% 0.42%
Depreciation & Amortization $125.0M $126.0M $500.0M
YoY Change -0.79% 5.0% 4.17%
% of Gross Profit 35.21% 36.84% 29.73%
Operating Expenses $151.0M $148.0M $580.0M
YoY Change 20.8% -5.73% 7.41%
Operating Profit $204.0M $194.0M $1.102B
YoY Change -13.56% -16.38% -64.22%
Interest Expense -$51.00M -$50.00M -$204.0M
YoY Change -177.27% 0.0% -16.73%
% of Operating Profit -25.0% -25.77% -18.51%
Other Income/Expense, Net -$11.00M -$12.00M -$45.00M
YoY Change 83.33% -94.44% -82.28%
Pretax Income $134.0M $216.0M $937.0M
YoY Change -22.54% -735.29% -59.35%
Income Tax $20.00M -$3.000M $98.00M
% Of Pretax Income 14.93% -1.39% 10.46%
Net Earnings $114.0M $219.0M $839.0M
YoY Change -24.5% 1890.91% -55.37%
Net Earnings / Revenue 6.35% 12.34% 10.93%
Basic Earnings Per Share $0.16 $1.15
Diluted Earnings Per Share $0.16 $0.30 $1.15
COMMON SHARES
Basic Shares Outstanding 729.5M 730.0M 731.7M
Diluted Shares Outstanding 730.6M 732.2M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $871.0M $1.164B $1.164B
YoY Change 9.28% -26.38% -26.38%
Cash & Equivalents $871.0M $1.164B $1.164B
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $192.0M $219.0M $219.0M
YoY Change -4.95% 1.39% 1.39%
Inventory $630.0M $566.0M $566.0M
Prepaid Expenses $192.0M $219.0M
Receivables $405.0M $354.0M $354.0M
Other Receivables $13.00M $10.00M $10.00M
Total Short-Term Assets $2.111B $2.313B $2.313B
YoY Change 2.83% -15.77% -15.77%
LONG-TERM ASSETS
Property, Plant & Equipment $14.21B $14.27B $14.27B
YoY Change 558.55% 0.39% 0.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $440.0M $403.0M $403.0M
YoY Change 20.55% 5.22% 5.22%
Total Long-Term Assets $14.65B $14.67B $14.67B
YoY Change 0.81% 0.52% 0.52%
TOTAL ASSETS
Total Short-Term Assets $2.111B $2.313B $2.313B
Total Long-Term Assets $14.65B $14.67B $14.67B
Total Assets $16.76B $16.98B $16.98B
YoY Change 1.06% -2.06% -2.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $310.0M $287.0M $287.0M
YoY Change 16.54% 16.19% 16.19%
Accrued Expenses $306.0M $501.0M $501.0M
YoY Change -24.07% -1.96% -1.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $210.0M $0.00 $0.00
YoY Change -78.59% -100.0% -100.0%
Total Short-Term Liabilities $944.0M $788.0M $788.0M
YoY Change -42.79% -54.71% -54.71%
LONG-TERM LIABILITIES
Long-Term Debt $4.861B $5.069B $5.069B
YoY Change 19.38% 24.51% 24.51%
Other Long-Term Liabilities $813.0M $809.0M $809.0M
YoY Change 142.69% 18.27% 18.27%
Total Long-Term Liabilities $5.674B $5.878B $5.878B
YoY Change 28.75% 23.62% 23.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $944.0M $788.0M $788.0M
Total Long-Term Liabilities $5.674B $5.878B $5.878B
Total Liabilities $6.702B $6.747B $6.747B
YoY Change 3.04% 2.37% 2.37%
SHAREHOLDERS EQUITY
Retained Earnings $1.870B $2.009B
YoY Change 7.59% -15.91%
Common Stock $7.566B $7.608B
YoY Change -1.25% -1.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.05B $10.24B $10.24B
YoY Change
Total Liabilities & Shareholders Equity $16.76B $16.98B $16.98B
YoY Change 1.06% -2.06% -2.06%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $114.0M $219.0M $839.0M
YoY Change -24.5% 1890.91% -55.37%
Depreciation, Depletion And Amortization $125.0M $126.0M $500.0M
YoY Change -0.79% 5.0% 4.17%
Cash From Operating Activities $124.0M $288.0M $1.433B
YoY Change -1.59% -32.87% -53.68%
INVESTING ACTIVITIES
Capital Expenditures $79.00M $196.0M $447.0M
YoY Change 11.27% -187.89% -195.51%
Acquisitions
YoY Change
Other Investing Activities $2.000M $670.0M -$61.00M
YoY Change -200.0% -11266.67% -79.04%
Cash From Investing Activities -$77.00M $474.0M -$508.0M
YoY Change 11.59% -306.99% -33.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$131.0M
YoY Change -75.14%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -308.0M -771.0M -1.342B
YoY Change -63.38% 178.34% -46.13%
NET CHANGE
Cash From Operating Activities 124.0M 288.0M 1.433B
Cash From Investing Activities -77.00M 474.0M -508.0M
Cash From Financing Activities -308.0M -771.0M -1.342B
Net Change In Cash -261.0M -9.000M -417.0M
YoY Change -66.71% -88.31% 167.31%
FREE CASH FLOW
Cash From Operating Activities $124.0M $288.0M $1.433B
Capital Expenditures $79.00M $196.0M $447.0M
Free Cash Flow $45.00M $92.00M $986.0M
YoY Change -18.18% -85.89% -72.32%

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CY2021 us-gaap Increase Decrease In Inventories
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CY2021 us-gaap Pension And Other Postretirement Benefit Contributions
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CY2022 us-gaap Increase Decrease In Other Operating Capital Net
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CY2021 us-gaap Increase Decrease In Other Operating Capital Net
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 wy Payments For Capital Expenditures Of Property Plant And Equipment
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CY2021 wy Payments For Capital Expenditures Of Property Plant And Equipment
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CY2021 us-gaap Payments To Acquire Timberlands
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CY2023 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2022 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2021 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2023 us-gaap Payments To Acquire Held To Maturity Securities
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CY2021 us-gaap Payments To Acquire Held To Maturity Securities
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CY2023 us-gaap Proceeds From Sale Of Held To Maturity Securities
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CY2021 us-gaap Proceeds From Sale Of Held To Maturity Securities
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CY2021 us-gaap Payments Of Dividends Common Stock
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2021 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2023 us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#39754e;white-space:pre-wrap;font-weight:bold;font-size:8pt;font-family:Arial;min-width:fit-content;">Estimates</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;">We prepare our financial statements according to U.S. generally accepted accounting principles (U.S. GAAP). This requires us to make estimates and assumptions during our reporting periods and at the date of our financial statements. The estimates and assumptions affect our:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:5pt;font-family:Arial;min-width:fit-content;"> </span></p> <table style="border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;"> <tr style="visibility:collapse;"> <td style="width:3.6%;"></td> <td style="width:96.4%;"></td> </tr> <tr style="height:8pt;word-break:break-word;white-space:pre-wrap;"> <td style="vertical-align:top;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#39754e;white-space:pre-wrap;font-family:'Symbol',serif;min-width:fit-content;"></span></p></td> <td style="vertical-align:top;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">reported amounts of assets, liabilities and equity;</span></p></td> </tr> <tr style="height:8pt;word-break:break-word;white-space:pre-wrap;"> <td style="vertical-align:top;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#39754e;white-space:pre-wrap;font-family:'Symbol',serif;min-width:fit-content;"></span></p></td> <td style="vertical-align:top;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">disclosure of contingent assets and liabilities and</span></p></td> </tr> <tr style="height:8pt;word-break:break-word;white-space:pre-wrap;"> <td style="vertical-align:top;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#39754e;white-space:pre-wrap;font-family:'Symbol',serif;min-width:fit-content;"></span></p></td> <td style="vertical-align:top;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">reported amounts of revenues and expenses.</span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:5pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;">While we believe the assumptions used in preparing these estimates are appropriate and reasonable, actual results can and do differ from those estimates and assumptions.</span></p>
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Net Income Loss
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CY2022 us-gaap Net Income Loss
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CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#39754e;white-space:pre-wrap;font-weight:bold;font-size:8pt;font-family:Arial;min-width:fit-content;">Reclassifications</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;">We have reclassified certain balances and results from prior years to be consistent with our 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;"> reporting. This makes balances comparable from year to year. Our reclassifications had no effect on consolidated net earnings or equity.</span></p>
CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#388a22;white-space:pre-wrap;font-weight:bold;font-size:8pt;font-family:Arial;min-width:fit-content;">Concentration of Risk</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;">We disclose customers that represent a concentration of risk. As of December 31, 2023, and December 31, 2022, </span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;">no customer accounted for </span><span style="font-size:8pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;"> percent or more of our net sales.</span></p>
CY2023Q4 wy Defined Contribution Plan Percentage Of Employees
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0.40
CY2023 wy Defined Benefit Plans Retired Union Employees Eligible Service Period
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CY2021 us-gaap Depreciation Depletion And Amortization
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CY2023 us-gaap Property Plant And Equipment Additions
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CY2022 us-gaap Property Plant And Equipment Additions
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CY2023Q4 us-gaap Assets
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CY2022Q4 us-gaap Assets
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CY2021 us-gaap Revenues
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CY2023 us-gaap Earnings Per Share Basic
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CY2023 us-gaap Earnings Per Share Diluted
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CY2022 us-gaap Earnings Per Share Basic
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CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.53
CY2021 us-gaap Earnings Per Share Basic
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CY2021 us-gaap Earnings Per Share Diluted
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<p id="fn_product_remediation_recoveries" style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#39754e;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;min-width:fit-content;">NOTE 17: PRODUCT REMEDIATION RECOVERIES</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;">In July 2017, we announced we were implementing a solution to address concerns regarding our TJI® Joists coated with our former Flak Jacket® Protection product. This issue was isolated to Flak Jacket product manufactured after December 1, 2016 and did not affect any of our other products.</span></p><p style="font-size:10pt;margin-top:5pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;">There we</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;">re </span><span style="font-size:8pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;"> insur</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;">ance recoveries recorded during the years ended December 31, 2023 and 2022. During the year ended December 31, 2021,</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;">we recorded insurance recoveries of $</span><span style="font-size:8pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">37</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;"> million related to our remediation efforts. The recoveries are attributable to our Wood Products segment and are recorded within “Product remediation recoveries” in our </span><a href="#consolidated_statement_of_operations"><span style="color:#0000ff;white-space:pre-wrap;text-decoration:underline;font-size:8pt;font-family:Arial;font-style:italic;min-width:fit-content;">Consolidated Statement of Operations</span></a><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;">.</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;"> </span></p>
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