BOISE CASCADE Co
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
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9. Leases
- Leases
Lease Costs
The components of lease expense were as follows:
| Year Ended December 31 | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (thousands) | |||
| Operating lease cost | $13,227 | $14,212 | $13,817 |
| Finance lease cost | |||
| Amortization of right-of-use assets | 2,470 | 2,482 | 2,403 |
| Interest on lease liabilities | 2,229 | 2,327 | 2,363 |
| Variable lease cost | 5,429 | 4,406 | 3,733 |
| Short-term lease cost | 6,149 | 5,662 | 5,159 |
| Sublease income | (330) | (439) | (288) |
| Total lease cost | $29,174 | $28,650 | $27,187 |
Other Information
Supplemental cash flow information related to leases was as follows:
| Year Ended December 31 | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (thousands) | |||
| Cash paid for amounts included in the measurement of lease liabilities | |||
| Operating cash flows from operating leases | $13,472 | $14,203 | $13,630 |
| Operating cash flows from finance leases | 2,226 | 2,338 | 2,355 |
| Financing cash flows from finance leases | 1,831 | 1,685 | 1,525 |
| Right-of-use assets obtained in exchange for lease obligations | |||
| Operating leases | 18,147 | 5,096 | 10,160 |
| Finance leases | — | — | 2,108 |
Other information related to leases was as follows:
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| Weighted-average remaining lease term (years) | ||
| Operating leases | 8 | 7 |
| Finance leases | 13 | 14 |
| Weighted-average discount rate | ||
| Operating leases | 6.2% | 6.0% |
| Finance leases | 7.6% | 7.6% |
As of December 31, 2023, our minimum lease payment requirements for noncancelable operating and finance leases are as follows:
| Operating Leases · Finance Leases | ||
|---|---|---|
| (thousands) | ||
| 2024 | $13,078 | $4,053 |
| 2025 | 13,034 | 3,735 |
| 2026 | 9,920 | 3,581 |
| 2027 | 9,200 | 3,649 |
| 2028 | 7,426 | 3,397 |
| Thereafter | 33,833 | 29,689 |
| Total future minimum lease payments | 86,491 | 48,104 |
| Less: interest | (20,311) | (18,077) |
| Total lease obligations | 66,180 | 30,027 |
| Less: current obligations | (9,755) | (1,943) |
| Long-term lease obligations | $56,425 | $28,084 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.