ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Understanding Our Financial Information
This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Form 10-K. The following discussion includes statements that are forward-looking statements and are based on the beliefs of our management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the section entitled "Cautionary Statement Concerning Forward-Looking Statements" and in "Item 1A. Risk Factors." References to "fiscal year" or "fiscal" refer to our fiscal year ending on December 31 in each calendar year.
The following sections discuss our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024.
Overview
Company Background
Boise Cascade is a large, integrated building materials distributor and wood products manufacturer with widespread operations throughout the United States (U.S.) and one manufacturing facility in Canada. We completed an initial public
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offering of our common stock on February 11, 2013. We have two reportable segments: (i) Building Materials Distribution (BMD), which is a wholesale distributor of building materials; and (ii) Wood Products, which primarily manufactures engineered wood products (EWP) and plywood. For more information, see Note 3, Revenues, and Note 15, Segment Information, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" and "Item 1. Business" of this Form 10-K. Our products are used in the construction of new residential housing, including single-family, multi-family, and manufactured homes, the repair-and-remodeling of existing housing, the construction of light industrial and commercial buildings, and other industrial applications. We have a broad base of customers, which includes a diverse mix of dealers, home improvement centers, leading wholesalers, specialty distributors, and industrial converters. During 2025, approximately 71% of our Wood Products segment sales, or approximately 75% and 51% of our Wood Products segment's EWP and plywood sales volumes, respectively, were to our BMD segment.
Executive Summary
We recorded income from operations of $183.3 million during the year ended December 31, 2025, compared with $490.0 million during the same period in the prior year. In our BMD segment, income decreased $81.2 million to $222.2 million for the year ended December 31, 2025, from $303.4 million for the year ended December 31, 2024. The decline in segment income was driven by a gross margin decrease of $48.8 million, resulting primarily from lower gross margins on commodity and EWP products, offset partially by improved gross margins on general line products. In addition, selling and distribution expenses and depreciation and amortization expense increased $21.8 million and $9.2 million, respectively. In our Wood Products segment, income decreased by $225.6 million to $5.8 million for the year ended December 31, 2025, from $231.5 million for the year ended December 31, 2024. The decrease in segment income was due primarily to lower EWP and plywood sales prices and sales volumes, as well as higher per-unit conversion costs, which were impacted, in part, by planned downtime to complete significant mill modernization capital projects at our Oakdale plywood mill. These decreases in segment income were offset partially by a $3.9 million gain on the sale of a non-operating property. These changes are discussed further in "Our Operating Results" below.
We ended 2025 with $477.2 million of cash and cash equivalents and $450.0 million of debt. At December 31, 2025, we had $395.1 million of unused committed bank line availability. We used $236.0 million of cash during the year ended December 31, 2025, as cash provided by operations was offset by capital spending, treasury stock purchases, dividends paid on our common stock, and funding of an acquisition. A further description of our cash sources and uses for the comparative periods are discussed in "Liquidity and Capital Resources" below.
Demand for the products we purchase and distribute, as well as the products we manufacture, is closely tied to new residential construction, residential repair-and-remodeling activity, and light commercial construction. Residential construction, particularly new single-family construction, remains a key demand driver for the products we distribute and manufacture. In 2025, single-family starts fell short of 2024 levels by approximately 7% and are expected to be flat or modestly down in 2026. Home builders moderated their starts in 2025 to avoid further buildup of finished home inventory as affordability remains a persistent challenge for prospective homebuyers. Throughout 2025 builders bridged the supply-demand gap with increased incentives and high single-digit declines in new home prices. Multi-family experienced growth in 2025 but starts are expected to level off in 2026 due to prohibitive capital costs for developers combined with low rent growth and a decrease in permit activity. Industry experts expect flat home improvement spending in 2026 as high costs of borrowing and historically low home turnover continue to constrain demand. Near term demand will continue to be influenced by factors such as mortgage rates, home affordability, home equity levels, home sizes, new and existing home inventory levels, unemployment rates, and consumer confidence. Long-term demand drivers for residential construction, including generational tailwinds and an undersupply of housing units, remain , while elevated levels of homeowner equity and an aging U.S. housing stock support robust repair-and-remodel spending and reinforce the industry’s solid fundamentals.
Our distribution business, which purchases and resells a diverse range of products, experiences opportunities for increased sales and margins during periods of rising prices, while periods of declining prices may present challenges. Future product pricing, particularly for commodity products we distribute and manufacture, is expected to remain dynamic, influenced by economic conditions, industry operating rates, supply disruptions, duties, tariffs, transportation constraints, inventory levels, and seasonal demand patterns. We will continue to monitor end market demand signals and align production rates and inventory stocking positions accordingly.
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Factors That Affect Our Operating Results and Trends
Our results of operations and financial performance are influenced by a variety of factors, including: (i) the commodity nature of a portion of the products we distribute and manufacture; (ii) general economic and industry conditions affecting demand; and (iii) cost and availability of raw materials, including wood fiber and glues and resins. These factors have historically produced cyclicality in our results of operations, and we expect this cyclicality to continue in future periods.
Commodity Nature of a Portion of Our Products
A portion of the building products we distribute and manufacture, including OSB, plywood, and lumber, are commodities that are widely available from multiple sources, with prices and volumes determined frequently in an auction market based on participants' perceptions of short-term supply and demand factors. At times, the price for any one or more of the products we distribute or produce may fall below our purchase or cash production costs, requiring us to either incur short-term losses on product sales or curtail production at one or more of our manufacturing facilities. Therefore, our profitability with respect to these commodity products depends, in significant part, on effective procurement and facilities maintenance programs, and on managing our cost structure, particularly raw materials and labor, which represent the largest components of our operating costs. Composite structural panel and lumber prices have been volatile historically.
The following table provides changes in the average composite panel, including certain panel subcategories, and average composite lumber prices as reflected by Random Lengths, an industry publication, for the period noted below.
Year Ended December 31
2025 versus 2024
Increase (decrease) in composite panel prices
Increase (decrease) in Western Fir plywood prices
Increase (decrease) in Southern Pine plywood prices
Increase (decrease) in OSB prices
Increase (decrease) in composite lumber prices
Our BMD segment purchases and resells a broad mix of commodity products with periods of increasing prices providing the opportunity for higher sales and increased margins, while declining price environments may result in declines in sales and profitability. However, we mitigate risk by utilizing rich data sets to effectively manage our inventory, which enables us to better navigate these market fluctuations and optimize our financial outcomes. In our Wood Products segment, we manufacture plywood, but not OSB, and therefore our reported prices may not trend with the overall composite panel price index. For further discussion of the impact of commodity prices, see "Our Operating Results" in this Management's Discussion and Analysis of Financial Condition and Results of Operations.
General Economic and Industry Conditions Affecting Demand
The level of housing starts is especially important to our results of operations. New residential construction activity has historically been volatile with demand for new residential construction influenced by seasonal weather factors, mortgage availability and rates, housing affordability constraints, home equity levels, unemployment levels, wage growth, household formation rates, domestic population growth, immigration rates, residential vacancy and foreclosure rates, demand for second homes, consumer confidence, and other general economic factors. Furthermore, changing demographics could impact product consumption and demand, including urbanization compounding issues around affordability, increasing importance of multi-family housing, declining size of single-family entry-level housing, increasing proportion of homes using slab-on-grade construction, reduced birthing statistics, and changing baby boomer needs freeing up housing capacity. In addition, EWP demand will be highly influenced by single-family housing starts.
Industry supply for the products we distribute and produce is influenced primarily by price-induced changes in the operating rates of existing facilities, but is also influenced over time by the introduction of new product technologies, capacity additions and closures, the restart of idled capacity, and log availability. The balance of supply and demand in the U.S. is also heavily influenced by imported products, principally from Canada and South America. The level of imported products is influenced by fluctuations in foreign currency exchange rates, duties, and tariffs.
We believe that our product line diversification provides us some protection from declines in new residential construction. Our products are used not only in new residential construction but also in residential repair-and-remodeling
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projects and light commercial construction. We believe the overall age of the U.S. housing stock, resales of existing homes, and increased focus on making homes more energy efficient will continue to support long-term growth in repair-and-remodeling expenditures and increased demand through home improvement centers and our other customers that service professional contractors.
Cost and Availability of Raw Materials
Our principal raw material is wood fiber, which accounted for approximately 37% of the aggregate amount of materials, labor, and other operating expenses (excluding depreciation), for our Wood Products segment in 2025. Logs comprised approximately 80% of our wood fiber costs during 2025, and we satisfy our log requirements through a combination of purchases under supply agreements, open-market purchases, and purchases pursuant to contracts awarded under public auctions.
The following table provides the change in our average per-unit log costs for the period noted below:
Year Ended December 31
2025 versus 2024
Increase (decrease) in per-unit log costs
Our log requirements and our access to supply, as well as the cost of obtaining logs, are subject to change based on, among other things, the availability of logs in each of our operating areas, our operating schedules, competition from other manufacturers, the effect of governmental laws and regulations, impacts of weather or fire on log availability, and the status of environmental appeals. Per-unit log costs in the western U.S. are higher than per-unit log costs in the southern U.S. due to higher harvest and delivery costs, as well as various supply-side constraints, including seasonal weather-related restrictions, slower growth cycles, and a higher proportion of federal and state timberland ownership. Our aggregate cost of obtaining logs is also affected by fuel costs and the distance of the log source from our facilities, as we are often required to arrange for harvesting and delivery of the logs we purchase from the source to our facilities.
We also purchase OSB, which is used as the vertical web to assemble I-joists. OSB accounted for approximately 5% of the aggregate amount of materials, labor, and other operating expenses (excluding depreciation) for our Wood Products segment in 2025. OSB is a commodity, and prices have historically been volatile in response to economic uncertainties, industry operating rates, supply-related disruptions, duties, tariffs, transportation constraints or disruptions, net import and export activity, inventory levels in various distribution channels, and seasonal demand patterns.
Wood fiber also includes, to a lesser extent than OSB, veneer purchased from third parties for engineered wood products production and lumber purchased from third parties for I-joist production at our Canadian EWP facility and for production at our laminated beam plant in Idaho. Veneer and lumber input costs are subject to similar commodity-based volatility characteristics noted above for OSB. We are substantially self-sufficient for veneer needs in our Southeast operations whereas third party purchases are used to satisfy a portion of our veneer requirements at our Western Oregon operations.
We also use various resins and glues in our manufacturing processes, which accounted for approximately 6% of the aggregate amount of materials, labor, and other operating expenses (excluding depreciation) for our Wood Products segment in 2025. The costs of resins and glues are influenced by changes in the prices of raw material input costs, primarily fossil fuel products.
We purchase many of our raw materials through long-term contracts that contain price adjustment mechanisms that take into account changes in market prices. Therefore, although our long-term contracts provide us with supplies of raw materials and energy that are more stable than open-market purchases, in many cases, they may not alleviate fluctuations in market prices.
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Our Operating Results
The following tables set forth our operating results in dollars and as a percentage of sales for the years ended December 31, 2025 and 2024:
Year Ended December 31
(millions)
Sales
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)
Depreciation and amortization
Selling and distribution expenses
General and administrative expenses
Other (income) expense, net
Income from operations
(percentage of sales)
Sales
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)
Depreciation and amortization
Selling and distribution expenses
General and administrative expenses
Other (income) expense, net
Income from operations
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Sales Volumes and Prices
Set forth below are historical U.S. housing starts data, sales mix and gross margin information for our BMD segment, and segment sales volumes and average net selling prices for the principal products sold by our Wood Products segment for the years ended December 31, 2025 and 2024.
Year Ended December 31
(thousands)
U.S. Housing Starts (a)
Single-family
Multi-family
(millions)
Segment Sales
Building Materials Distribution
Wood Products
Intersegment eliminations
(percentage of BMD sales)
Building Materials Distribution
Product Line Sales
Commodity
General line
Engineered wood products
Gross margin percentage (b)
(millions)
Wood Products
Sales Volumes
Laminated veneer lumber (LVL) (cubic feet)
I-joists (equivalent lineal feet)
Plywood (sq. ft.) (3/8" basis)
Lumber (board feet)
(dollars per unit)
Wood Products
Average Net Selling Prices
LVL (cubic foot)
I-joists (1,000 equivalent lineal feet)
Plywood (1,000 sq. ft.) (3/8" basis)
Lumber (1,000 board feet)
(a) Actual U.S. housing starts as reported by the U.S. Census Bureau.
(b) We define gross margin as "Sales" less "Materials, labor, and other operating expenses (excluding depreciation)." Substantially all costs included in "Materials, labor, and other operating expenses (excluding depreciation)" for our BMD segment are for inventory purchased for resale. Gross margin percentage is gross margin as a percentage of segment sales.
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2025 Compared With 2024
Sales
For the year ended December 31, 2025, total sales decreased $319.7 million, or 5%, to $6,404.6 million from $6,724.3 million during the year ended December 31, 2024. As described below, the decrease in sales was driven by the changes in sales prices and volumes for the products we distribute and manufacture with single-family residential construction activity being the key demand driver for our sales. During 2025, total U.S. housing starts and single-family housing starts decreased 1% and 7%, respectively, compared with 2024. For the year ended December 31, 2025, average composite panel prices were 17% lower, while average composite lumber prices were 6% higher, compared with 2024, as reflected by Random Lengths composite panel and lumber pricing.
Building Materials Distribution. During the year ended December 31, 2025, sales decreased $225.2 million, or 4%, to $5,941.3 million from $6,166.5 million in 2024. Compared with the prior year, the overall decrease in sales was driven by decreases of 2% for both sales prices and sales volumes. By product line, commodity sales decreased 6%, or $127.6 million, general line product sales increased 3%, or $71.7 million, and sales of EWP (substantially all of which is sourced through our Wood Products segment) decreased 13%, or $169.3 million.
Wood Products. During the year ended December 31, 2025, sales, including sales to our BMD segment, decreased $218.9 million, or 12%, to $1,613.4 million from $1,832.3 million in 2024. The decrease in sales was driven by lower sales prices for LVL and I-joists (collectively referred to as EWP) of 11% and 10%, respectively, resulting in decreased sales of $56.1 million and $41.7 million, respectively. Additionally, sales volumes for I-joists and LVL decreased 8% and 2%, respectively, resulting in decreased sales of $37.4 million and $12.6 million, respectively. EWP sales volumes were influenced by multiple factors, including the level of housing starts, competition from other wood-based products, and concrete floor applications that limit wood floor opportunity for I-joists. Plywood sales prices and sales volumes decreased 6% and 4%, respectively, resulting in decreased sales of $31.1 million and $20.3 million, respectively. Plywood sales volumes were impacted by planned downtime to complete significant mill modernization capital projects at our Oakdale plywood mill.
Costs and Expenses
Materials, labor, and other operating expenses (excluding depreciation) decreased $42.9 million, or 1%, to $5,350.7 million for the year ended December 31, 2025, compared with $5,393.6 million during the prior year. In BMD, the decrease in materials, labor, and other operating expenses was driven by lower purchased materials costs as a result of a decline in sales compared with 2024. However, materials, labor, and other operating expenses as a percentage of sales (MLO rate) in our BMD segment increased 20 basis points, primarily due to lower margin percentages on our commodity sales compared with 2024. In our Wood Products segment, materials, labor, and other operating expenses increased due to higher other manufacturing costs compared with 2024. These increases were offset partially by decreased sales volumes of EWP and plywood, as well as lower costs of OSB compared with 2024. The MLO rate in our Wood Products segment increased by 1,140 basis points, due primarily to lower sales prices and sales volumes for both EWP and plywood, which resulted in decreased leveraging of manufacturing costs. The MLO rate was also impacted by planned downtime to complete significant mill modernization capital projects at our Oakdale plywood mill.
Depreciation and amortization expense increased $14.1 million, or 10%, to $158.2 million for the year ended December 31, 2025, compared with $144.1 million during the prior year. The increase was due primarily to purchases of property and equipment, including the recent investments at our Oakdale veneer and plywood mill. The increase was offset partially by $2.2 million of accelerated depreciation recorded in first quarter 2024 for the indefinite curtailment of lumber production at our Chapman, Alabama facility.
Selling and distribution expenses increased $21.3 million, or 4%, to $616.3 million for the year ended December 31, 2025, compared with $594.9 million for the prior year. The increase was primarily a result of higher professional fees and services and information technology related costs of $8.1 million, as well as higher shipping and handling and occupancy costs of $7.0 million. In addition, employee-related costs increased $14.2 million, offset partially by lower incentive compensation expense of $12.6 million.
General and administrative expenses decreased $2.6 million, or 3%, to $99.7 million for the year ended December 31, 2025, compared with $102.3 million for the prior year. The decrease was primarily the result of lower incentive compensation expense of $7.5 million, offset partially by an increase in professional fees of $4.0 million.
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Other (income) expense, net was $3.6 million of income for the year ended December 31, 2025, primarily related to gains on the sale of non-operating properties in our BMD and Wood Products segments of $3.8 million and $3.9 million, respectively, as well as a $1.9 million settlement gain associated with a fire at our BMD Phoenix location in second quarter 2021. These gains were offset partially by approximately $6 million related to an accrual for legal proceedings in our BMD segment.
Income From Operations
Income from operations decreased $306.7 million to $183.3 million for the year ended December 31, 2025, compared with $490.0 million for the year ended December 31, 2024.
Building Materials Distribution. For the year ended December 31, 2025, segment income decreased $81.2 million to $222.2 million from $303.4 million for the year ended December 31, 2024. The decline in segment income was driven by a gross margin decrease of $48.8 million, resulting primarily from lower gross margins on commodity and EWP products, offset partially by improved gross margins on general line products. In addition, selling and distribution expenses and depreciation and amortization expense increased $21.8 million and $9.2 million, respectively.
Wood Products. For the year ended December 31, 2025, segment income decreased $225.6 million to $5.8 million from $231.5 million for the year ended December 31, 2024. The decrease in segment income was due primarily to lower EWP and plywood sales prices and sales volumes, as well as higher per-unit conversion costs, which were impacted, in part, by planned downtime to complete significant mill modernization capital projects at our Oakdale plywood mill. These decreases in segment income were offset partially by a $3.9 million gain on the sale of a non-operating property.
Corporate. Unallocated corporate expenses decreased $0.1 million to $44.7 million for the year ended December 31, 2025, from $44.8 million for the year ended December 31, 2024. The decrease was due primarily to lower incentive compensation expense and a $1.9 million settlement gain, offset partially by an increase in professional fees and employee-related expenses.
Other
Interest Income. Interest income decreased $20.4 million to $18.8 million for the year ended December 31, 2025, from $39.1 million for the year ended December 31, 2024. The decrease was due primarily to lower average balances of cash equivalents, as well as lower interest rates.
Change in fair value of interest rate swaps. For information related to our interest rate swap, which expired in June 2025, see the discussion under "Disclosures of Financial Market Risks" included in this "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-K.
Income Tax Provision
For the years ended December 31, 2025 and 2024, we recorded $47.1 million and $125.4 million, respectively, of income tax expense and had an effective tax rate of 26.2% and 25.0%, respectively. Our rate is affected by recurring items, such as state income taxes, and discrete items that may occur in any given year but are not consistent from year to year.
During the year ended December 31, 2025, the primary reasons for the difference between the federal statutory income tax rate of 21% and the effectiv e tax rate was the effect of state taxes and nondeductible executive compensation. During the year ended December 31, 2024, the primary reason for the difference between the federal statutory income tax rate of 21% and the effective tax rate was the effect of state taxes.
For more information related to our income taxes, see Note 4, Income Taxes, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" of this Form 10-K.
Industry Mergers and Acquisitions
On July 1, 2025, James Hardie Industries plc (James Hardie) completed the acquisition of The AZEK Company Inc. (AZEK). James Hardie is a significant supplier to our BMD segment. In addition, AZEK produces products that compete with another significant supplier to us, Trex. We have good relationships with both James Hardie and Trex and do not expect the transaction to negatively impact our distribution arrangements with either company or our future results of operations.
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Liquidity and Capital Resources
We ended 2025 with $477.2 million of cash and cash equivalents and $450.0 million of debt. At December 31, 2025, we had $872.3 million of available liquidity (cash and cash equivalents and undrawn committed bank line availability). Our cash and cash equivalents decreased by $236.0 million during the year ended December 31, 2025, as cash provided by operations was offset by capital spending, treasury stock purchases, dividends paid on our common stock, and funding of an acquisition, as further discussed below.
At December 31, 2025, our cash was invested in high-quality, short-term investments, which we record in "Cash and cash equivalents." The majority of our cash and cash equivalents is comprised of money market funds that are broadly diversified and invested in high-quality, short-duration securities, including U.S. government agency securities and similar instruments. We have significant amounts of cash and cash equivalents that are in excess of federally insured limits. Though we have not experienced any losses on our cash and cash equivalents to date, and we do not anticipate incurring any losses, we cannot be assured that we will not experience losses on our short-term investments.
We believe that our cash flows from operations, combined with our current cash levels and available borrowing capacity, will be adequate to fund debt service requirements and provide cash, as required, to support our ongoing operations, capital expenditures, lease obligations, working capital, income tax payments, and to pay cash dividends to holders of our common stock over the next 12 months. We expect to fund our seasonal and intra-month working capital requirements in 2026 from cash on hand and, if necessary, borrowings under our revolving credit facility. Consistent with our historical patterns, we expect working capital increases to use cash in the first quarter of 2026.
Sources and Uses of Cash
We generate cash primarily from sales of our products, as well as short-term and long-term borrowings. Our primary uses of cash are for expenses related to the distribution and manufacture of building products, including inventory purchased for resale, wood fiber, labor, energy, and glues and resins. In addition to paying for ongoing operating costs, we use cash to invest in our business, service our debt and lease obligations, and return cash to our stockholders through dividends or common stock repurchases. Below is a discussion of our sources and uses of cash for operating activities, investing activities, and financing activities.
Year Ended December 31
(thousands)
Net cash provided by operations
Net cash used for investment
Net cash used for financing
Operating Activities
2025 Compared With 2024
In 2025, our operating activities generated $254.1 million of cash, compared with $438.3 million in 2024. The $184.2 million decrease in cash provided by operations in 2025 relates primarily to the following:
• A $81.2 million decrease in income in our BMD segment and a $225.6 million decrease in income in our Wood Products segment. See "Our Operating Results" above for a discussion on our results for 2025.
• A $94.0 million decrease in cash paid for income taxes, net of refunds. During 2025, cash paid for income taxes, net of refunds received was $36.6 million, compared to $130.6 million in 2024. The decrease in cash paid for income taxes is primarily due to a decrease in income from operations.
• A $61.0 million increase in working capital during 2025, compared with a $94.8 million increase in working capital during 2024. Working capital is subject to cyclical operating needs, seasonal buying patterns for inventory purchased for resale and logs, participation in early-buy programs with certain vendors, the timing of the collection of receivables, and the timing of payment of payables and expenses. The increase in working capital in 2025 was primarily attributable to a decrease in accounts payable and accrued liabilities, offset partially by decreased receivables and inventories. The decrease in accounts payable and accrued liabilities was primarily due to less purchasing activity
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as a result of decreased demand, as well as lower accrued incentive compensation. The decrease in receivables primarily reflects decreased sales of approximately 4%, comparing sales for the month of December 2025 with sales for the month of December 2024. The decrease in inventories was due primarily to weaker market conditions, offset partially by an increase in inventory related to additional locations in our BMD segment, as well as an increase in log inventory in our Wood Products segment. The increase in working capital in 2024 was primarily attributable to an increase in inventories and a decrease in accounts payable and accrued liabilities, offset partially by decreased receivables. The increase in inventories was due primarily to weaker market conditions and participation in certain BMD vendors' early-buy programs in 2024, as well as recently added inventory for our door and millwork facilities in our BMD segment. The decrease in accounts payable and accrued liabilities was primarily due to less purchasing activity as a result of decreased demand, as well as lower accrued incentive compensation. The decrease in receivables primarily reflects decreased sales of approximately 5%, comparing sales for the month of December 2024 with sales for the month of December 2023.
Investment Activities
Net cash used for investing activities was $263.3 million and $237.8 million during 2025 and 2024, respectively.
During the year ended December 31, 2025, we used approximately $241.4 million of cash for purchases of property and equipment, which included business improvement and quality/efficiency projects, replacement and expansion projects, and ongoing environmental compliance. Quality and efficiency projects include quality improvements, modernization, energy, and cost-saving projects. In our BMD segment, our 2025 capital spending includes spending on our greenfield distribution center in Hondo, Texas, which was completed in August 2025. In addition, it includes the purchase of previously leased distribution centers in Chicago, Illinois and Minneapolis, Minnesota. In our Wood Products segment, our 2025 capital spending includes additional spending on the multi-year investments at our Thorsby EWP mill and Oakdale veneer and plywood mill. Purchases of property and equipment also included approximately $3 million for environmental compliance in 2025.
During the year ended December 31, 2025, we used $33.4 million of cash for the acquisition of Holden Humphrey. For further discussion on this acquisition, see Note 6, Acquisitions, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" of this Form 10-K. In addition, we received $11.6 million from the sale of assets during the year ended December 31, 2025.
Excluding potential acquisitions, we expect capital expenditures in 2026 to total approximately $150 million to $170 million. We expect our capital spending in 2026 will be for business improvement and efficiency projects, replacement projects, and ongoing environmental compliance. We expect to spend approximately $4 million for environmental compliance in 2026, which is included in our capital spending range. This level of capital expenditures could increase or decrease as a result of several factors, including efforts to further accelerate organic growth, exercise of lease purchase options, our financial results, future economic conditions, availability of engineering and construction resources, and timing and availability of equipment purchases.
During the year ended December 31, 2024, we used approximately $229.6 million of cash for purchases of property and equipment, which included business improvement and quality/efficiency projects, replacement and expansion projects, and ongoing environmental compliance. Purchases of property and equipment also included approximately $5 million for environmental compliance in 2024. In addition, we used $10.2 million of cash for acquisitions of businesses and facilities, which consisted of $3.4 million for post-transaction closing adjustments related to the BROSCO acquisition, as well as $6.8 million for acquired assets of door and millwork operations in Boise, Idaho and Lakeland, Florida.
Financing Activities
During 2025, our financing activities used $226.9 million of cash, including $181.4 million for the repurchase of 2,101,392 shares of our common stock, $34.6 million in common stock dividend payments, and $5.9 million of tax withholding payments on stock-based awards. On April 14, 2025, we entered into a credit agreement for a $450.0 million revolving credit facility which matures on April 12, 2030. At closing, $50.0 million under the facility was borrowed. Proceeds from the facility were used to repay the $50.0 million term loan under the asset-based revolving credit facility. In connection with entering into the new credit agreement, both the term loan and asset-based revolving credit facility were terminated. At December 31, 2025, we had $50.0 million of borrowings outstanding under the revolving credit facility.
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During 2024, our financing activities used $436.8 million of cash, including $228.8 million in common stock dividend payments, $194.9 million for the repurchase of 1,513,095 shares of our common stock, and $11.1 million of tax withholding payments on stock-based awards. At December 31, 2024, we had no borrowings outstanding under the asset-based revolving credit facility.
For more information related to our debt transactions and debt structure, our dividend policy, and our stock repurchase program, see the discussion in Note 8, Debt and Note 12, Stockholders' Equity, respectively, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" of this Form 10-K.
Other Material Cash Requirements
Long-term Debt and Interest
As of December 31, 2025, we had long-term debt totaling an aggregate principal of $450.0 million, with no principal payments required within 12 months. Future interest payments associated with the long-term debt total approximately $108 million, with approximately $22 million payable within 12 months. Long-term debt and interest amounts assume our debt is held to maturity. For more information, see Note 8, Debt, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" of this Form 10-K.
Leases
We enter into various operating and finance leases for our distribution centers, as well as other property and equipment. As of December 31, 2025, our minimum lease payments for operating leases were $73.7 million, with $13.5 million of lease payments required within 12 months. As of December 31, 2025, our minimum lease payments for finance leases were $26.5 million, with $2.4 million of lease payments required within 12 months. These amounts exclude the undiscounted future lease payments for an additional lease signed but not yet commenced as of December 31, 2025 of approximately $26 million. Some lease agreements provide us with the option to renew the lease or purchase the leased property. The lease term includes any renewal option periods we are reasonably certain of exercising. Our operating and finance lease obligations could change based on whether we actually exercise these renewal options and/or if we entered into additional lease agreements. See Note 2, Summary of Significant Accounting Policies, and Note 9, Leases, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" of this Form 10-K.
Purchase Obligations for Raw Materials
As of December 31, 2025, we have contracts to purchase approximately $101 million of logs, approximately $52 million of which will be purchased pursuant to fixed-price contracts and approximately $49 million of which will be purchased pursuant to variable-price contracts. The $49 million is estimated using current contractual index pricing, but actual prices depend on future market prices. We are required to purchase approximately $42 million of logs within 12 months. Under certain log agreements, we have the right to cancel or reduce our commitments in the event of a mill curtailment or shutdown. Future purchase prices under most of the variable-price agreements will be set quarterly or semiannually based on regional market prices. Our log requirements and our access to supply, as well as the cost of obtaining logs, are subject to change based on, among other things, the effect of governmental laws and regulations, our manufacturing operations not operating in the normal course of business, log availability, and the status of environmental appeals. Except for deposits required pursuant to log supply contracts, these obligations are not recorded in our consolidated financial statements until contract payment terms take effect.
Guarantees
Note 8, Debt, and Note 16, Commitments, Legal Proceedings and Contingencies, and Guarantees, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" of this Form 10-K describe the nature of our guarantees, including the approximate terms of the guarantees, how the guarantees arose, the events or circumstances that would require us to perform under the guarantees, and the maximum potential undiscounted amounts of future payments we could be required to make.
Seasonal Influences
We are exposed to fluctuations in quarterly sales volumes and expenses due to seasonal factors impacting the level of construction activity. These seasonal factors are common in the building products industry. Seasonal changes in levels of
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building activity affect our building products businesses, which are dependent on housing starts, repair-and-remodeling activities, and light commercial construction activities. Demand typically rises in the spring and summer months as favorable weather and increased building and remodeling projects boost sales volumes. In contrast, the winter months during the first and fourth quarters generally bring lower sales due to reduced construction activity and higher operating costs, particularly for energy. We also adjust our working capital ahead of the peak building season to ensure product availability. These seasonal trends impact our sales, expenses and operational planning throughout the year.
Disclosures of Financial Market Risks
In the normal course of business, we are exposed to financial risks such as changes in commodity prices, interest rates, and foreign currency exchange rates. In 2025 and 2024, we did not use derivative instruments to manage these risks, except for interest rate swaps as discussed below.
Commodity Price Risk
A portion of the products we purchase and resell or manufacture and some of our key production inputs are commodities whose price is determined by the market's supply and demand for such products. Price fluctuations in our selling prices and key costs have a significant effect on our financial performance. The markets for most of these commodities are cyclical and are primarily affected by economic uncertainties, industry operating rates, supply-related disruptions, duties, tariffs, transportation constraints or disruptions, net import and export activity, inventory levels in various distribution channels, and seasonal demand patterns. For further discussion of commodity price risk, refer to "Item 1A. Risk Factors" of this Form 10-K and "Factors That Affect Our Operating Results and Trends" in this Management's Discussion and Analysis of Financial Condition and Results of Operations.
Interest Rate Risk
We are exposed to interest rate risk arising from fluctuations in variable-rate Secured Overnight Financing Rate (SOFR) when we have loan amounts outstanding on our revolving credit facility. At December 31, 2025, we had $50.0 million of variable-rate debt outstanding on our revolving credit facility based on Daily Simple SOFR. In addition, we were exposed to interest rate risk arising from fluctuations in variable-rate SOFR on our term loan prior to its repayment in April 2025. To limit the variability of interest payments on our debt, we entered into receive-variable, pay-fixed interest rate swaps to mitigate the variable-rate cash flow exposure with fixed-rate cash flows.
Our interest rate swap expired in June 2025. Under the interest rate swap, we received one-month SOFR plus a spread adjustment of 0.10% variable interest rate payments and made fixed interest rate payments, thereby fixing the interest rate on $50.0 million of variable rate debt exposure from our term loan. Payments on this interest rate swap, with a notional principal amount of $50.0 million, were due on a monthly basis at an annual fixed rate of 0.41%. The interest rate swap agreement was not designated as a cash flow hedge, and as a result, all changes in the fair value were recognized in "Change in fair value of interest rate swaps" in our Consolidated Statements of Operations rather than through other comprehensive income. At December 31, 2024, the fair value of the interest rate swap agreement was immaterial. The swap was valued based on observable inputs for similar assets and liabilities and other observable inputs for interest rates and yield curves (Level 2 inputs).
In accordance with our risk management strategy, we actively monitor our interest rate exposure and use derivative instruments from time to time to manage the related risk. We do not speculate using derivative instruments.
Foreign Currency Risk
We have sales in countries outside the U.S. As a result, we are exposed to movements in foreign currency exchange rates, primarily in Canada, but we do not believe our exposure to currency fluctuations is significant.
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Financial Instruments
The table below provides information as of December 31, 2025, about our financial instruments that are sensitive to changes in interest rates. The table presents principal cash flows and related weighted average interest rates by expected maturity dates. For obligations with variable interest rate sensitivity, the table sets forth payout amounts based on December 31, 2025 rates and does not attempt to project future rates.
December 31, 2025
There-
after
Total
Fair
Value (b)
(millions, other than percentages)
Long-term debt
Fixed-rate debt payments (a)
Senior Notes
Average interest rates
Variable-rate debt payments (a)
Revolving Credit Facility
Average interest rates
(a) These obligations are further explained in Note 8, Debt, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" of this Form 10-K. The table assumes our long-term debt is held to maturity.
(b) We estimated the fair value using quoted market prices of our debt in inactive markets.
Environmental
We are subject to a wide range of general and industry-specific environmental laws and regulations. In particular, we are affected by laws and regulations covering air emissions, wastewater discharges, solid and hazardous waste management, and site remediation. Compliance with these laws and regulations is a significant factor in the operation of our businesses. We believe that we have created a corporate culture of strong compliance by taking a conservative approach to environmental issues in order to ensure that we are operating within the bounds of regulatory requirements. However, we cannot guarantee that we will be in compliance with environmental requirements at all times, and we cannot guarantee that we will not incur fines and penalties in the future. In 2025, we paid an insignificant amount in environmental fines and penalties.
We incur capital and operating expenditures to comply with federal, state, and local environmental laws and regulations. Failure to comply with these laws and regulations could result in civil or criminal fines or penalties or in enforcement actions. Our failure to comply could also result in governmental or judicial orders that stop or interrupt our operations or require us to take corrective measures, install additional pollution control equipment, or take other remedial actions. During 2025 and 2024, we spent approximately $3 million and $5 million, respectively, on capital expenditures to comply with environmental requirements. We expect to spend approximately $4 million in 2026 for this purpose.
As an owner and operator of real estate, we may be liable under environmental laws for the cleanup of past and present spills and releases of hazardous or toxic substances on or from our properties and operations. We may also be contractually obligated to indemnify third parties under environmental laws for the cleanup of past spills and releases of hazardous or toxic substances for properties which we no longer own and operate. We could be found liable under these laws whether or not we knew of, or were responsible for, the presence of such substances. In some cases, this liability may exceed the property's value.
In connection with prior transactions, certain third parties are generally obligated to indemnify us for hazardous substance releases and other environmental violations that occurred prior to such transactions. However, these third parties may not have sufficient funds to fully satisfy their indemnification obligations when required, and in some cases, we may not be contractually entitled to indemnification by them.
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Climate Change
We source logs from responsibly managed working forests. Our log procurement practices are internally and third-party audited to meet the requirements of forest certification standards. When logs arrive at our facilities, they are processed into products that store carbon such as plywood, lumber and EWP. Bark and manufacturing residuals are used as biomass fuel, which allows us to generate the majority of the energy needed to manufacture our products. All manufacturing energy not derived from biomass is sourced from natural gas or electricity. None of our manufacturing facilities use coal or fuel oil as primary energy sources to manufacture products.
The use of our products is an energy efficient building choice, and results in lower greenhouse gas (GHG) emissions during manufacturing, when used in place of more fossil fuel-intensive materials. We are assessing opportunities related to increased interest or demand for wood-based building materials due to their role in climate mitigation.
In recent years, various legislative and regulatory proposals to restrict GHG emissions, such as carbon dioxide, have been under consideration in state legislative bodies and the Environmental Protection Agency (EPA). These proposals have included regulations to reduce GHG emissions from new and existing electric utilities, which may result in increased electricity costs to our businesses. This impact may be partially mitigated, as the majority of the energy used to manufacture our products is generated from biomass fuel, which reduces our reliance on fossil fuels. There are currently no specific regulations that require our wood products plants to reduce GHG emissions, and the current EPA administration has not announced plans to develop such federal regulations.
States are taking various positions on climate change regulation. Oregon and Washington have enacted regulations intended to reduce GHG emissions. These regulations have not directly affected our manufacturing facilities; however, they are expected to impact our operations by increasing future costs related to natural gas, transportation fuel, and/or electricity. Our manufacturing operations derive a significant amount of their energy from biomass fuel, a carbon neutral emission, which may not be directly regulated. However, changes in biomass fuel regulations may increase our costs for fuel and electricity. We are not aware of any plans to regulate GHG emissions by other states in which we have manufacturing operations. There are ongoing efforts by some states and various organizations to encourage and/or require companies to calculate, report, and reduce their carbon footprint. Furthermore, our customers may impose carbon footprint standards on their vendors, which may require us to incur additional costs associated with the evaluation and reduction of GHGs. Given the high degree of uncertainty about the ultimate parameters of any GHG regulatory initiatives, it is premature to make any prediction concerning such impacts.
Other Regulatory Initiatives
From time to time, legislative bodies and environmental regulatory agencies may promulgate new or revised regulatory programs imposing significant incremental operating costs or capital costs on us.
In February 2024, the EPA finalized a rule to lower the primary annual National Ambient Air Quality Standard (NAAQS) for fine particulate matter (PM-2.5). This lower PM-2.5 standard resulted in more areas within the U.S. that exceed the NAAQS. Areas not in compliance with the new standard will be classified as non-attainment areas. It is possible that some of our manufacturing facilities are located in areas that will be reclassified as non-attainment areas. Non-attainment areas must develop regulations designed to bring the areas into attainment. Our manufacturing facilities located in non-attainment areas will be subject to more stringent emission limits and permitting requirements, which could require additional costs to implement improvements to ensure compliance. Further, because the standard is now at or near the typical ambient concentration at many locations where we operate, it could be more difficult to permit mill expansions, which may restrict our future growth. We are unable to predict the specific impact to our facilities until area designations are completed and implementation details are finalized in 2026.
Some of our wood products facilities are subject to the Plywood and Composite Wood Products (PCWP) MACT standards for hazardous air pollutants, and they have complied with these standards since 2007 or 2008. The EPA published its Risk and Technology Review (RTR) for PCWP MACT standards, which concluded additional controls were not required for PCWP sources. However, the RTR Rule did not address certain remanded sources, including plywood presses, lumber kilns, and various other emission sources at wood products manufacturing mills. Furthermore, soon after publication of the RTR Rule, an environmental organization filed a petition for reconsideration which the EPA has granted. While there was a court-ordered deadline of November 2023 to complete the revised rule, the EPA negotiated an extension that allows them until June 2026 to finalize the revised rule. It is expected that manufacturing facilities subject to PCWP MACT standards will have three years after publication of the revised rule for compliance. At this time, we are unable to predict the impact of the revised final rules to our business.
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The Oregon Department of Environmental Quality (ODEQ) Cleaner Air Oregon (CAO) rules regulate toxic air emissions from manufacturing facilities located in Oregon. The rules are risk-based, and the ODEQ released their prioritization list establishing which facilities within the state likely pose the greatest risk to their communities based on emissions inventories that facilities submitted to the ODEQ. The ODEQ established four risk groups. None of our mills were identified in the first tier risk group. Our Medford plywood mill was identified in the second tier risk group and was selected into the program in October 2024. Our other Oregon mills were identified in the third and fourth tier risk groups and will likely not be selected for several more years. When selected into the program, the facilities will incur expenses to evaluate the risk to the public and may be required to incur additional operating or capital expenditures to mitigate any significant risk. As we are still working through the CAO process for our Medford plywood mill, we are unable to estimate the specific impact to our business at this time.
The EPA's Regional Haze Rule sets standards for visual air clarity in "Federal Class I" areas such as national parks and wilderness areas. In 2020, the ODEQ required our Medford and Elgin plywood mills to submit a cost/benefit analysis of emission controls that would reduce pollution at the mills associated with regional haze. In January 2021, both facilities received a preliminary determination from the ODEQ that additional controls would “likely” be required for the facilities’ boilers. Our Medford plywood mill negotiated permit emission reductions sufficient to reduce their potential regional haze impact to below the ODEQ threshold, and therefore, will not be required to install additional controls or take other actions. The emission reductions are not expected to impact the facility's ability to meet production goals. Our Elgin plywood mill was required to conduct a study to determine what levels of emission reduction could be achieved by installation of improved boiler controls. We began installation of boiler combustion improvements in May 2023, monitored emissions, and proposed new emission limits in December 2025. Once the new emission limits are approved by ODEQ, we will be required to be fully compliant with those new emission limits by March 31, 2026.
Critical Accounting Estimates
The preparation of financial statements in accordance with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Actual results could differ from these estimates. We believe that the accounting estimates discussed below represent the accounting estimates requiring the exercise of judgment where a different set of judgments could result in the greatest changes to reported results. We reviewed the development, selection, and disclosure of our critical accounting estimates with the Audit Committee of our board of directors. Our current critical accounting estimates are as follows:
EWP Rebates and Allowances
We provide EWP rebates at various stages of the supply chain (including distributors, dealers, and homebuilders) as a means to increase sales. EWP rebates are based on the volume of purchases (measured in dollars or units), among other factors such as customer loyalty, conversion, and commitment incentives, as well as temporary protection from price increases. EWP rebate estimates are based on the most likely amount to be paid and are recorded as a decrease in "Sales" as revenue is recognized. The estimate of EWP rebates is inherently difficult due to the time lag of information and it is challenging to estimate sales subject to rebate as the products transition beyond our wholesale customers and through the supply chain to homebuilders. In addition, some EWP rebate accruals are estimated based on achievement of tiered sales levels, which require management to forecast sales throughout the supply chain, using incentive terms that vary at each level. Information that we consider when estimating sales activity at dealers and homebuilders includes historical sales information, sales projections, publicly available information of housing starts by homebuilder, residential development audits, and economic forecasts of new residential construction, among other economic data. We update these forecasts on a regular basis. We adjust our estimate of revenue at the earlier of the time when the probability of EWP rebates paid changes or the time when the amounts of rebates become fixed. Because of the complexity of some of these rebates, the ultimate resolution may result in payments that are materially different from our current estimate of EWP rebates payable. At December 31, 2025 and 2024, we had $52.2 million and $63.0 million, respectively, of EWP rebates payable recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets.
Long-Lived Asset Impairment
We review the carrying value of long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable (triggering event). No triggering event was identified during the year ended December 31, 2025. An impairment of a long-lived asset exists when the carrying value is not recoverable through future undiscounted cash flows from operations and when the carrying value of an asset or asset group exceeds its fair value.
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To the extent the carrying value of the asset or asset group exceeds future undiscounted cash flows, we would be required to estimate the fair value of the asset or asset group, and long-lived asset impairment would become a critical accounting estimate. To measure future cash flows, we are required to make assumptions about future sales volumes, future product pricing, and future expenses to be incurred. Estimates of future cash flows may change based on overall economic conditions, the cost and availability of wood fiber, environmental requirements, capital spending, and other strategic management decisions. We estimate the fair value of an asset or asset group based on quoted market prices for similar assets (the amount for which the asset(s) could be bought or sold in a current transaction with a third party) when available (Level 2 measurement) or the expected proceeds from the sale of the assets (Level 3 measurement). When quoted market prices are not available, we use a discounted cash flow model to estimate fair value (Level 3 measurement).
Future events or circumstances such as sustained negative economic impacts, declines in single-family housing starts, environmental regulations or restrictions, sustained periods of weak commodity prices, loss of key customers, capacity additions by competitors, changes in the competitive position of our products, or changes in raw materials or manufacturing costs that lead us to believe the long-lived asset will no longer provide a sufficient return on investment, could prompt decisions to invest capital differently than expected, sell facilities, or curtail operations. Any of these factors, among others, could result in non-cash impairment or accelerated depreciation charges in the future with respect to long-lived assets, which could have a material impact on our results of operations in the period in which an impairment is recognized. Due to the numerous variables associated with our judgments and assumptions relating to the valuation of assets and the effects of changes on these valuations, the timing, precision, and reliability of our estimates are subject to uncertainty. As additional information becomes known, we may change our estimates.
Non-GAAP Financial Measures
In evaluating our business, we utilize non-GAAP financial measures that fall within the meaning of SEC Regulation G and Regulation S-K Item 10(e), which we believe provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP financial measures do not have standardized definitions and are not defined by GAAP. In this annual report on Form 10-K, we disclose income before interest (interest expense and interest income), income taxes, and depreciation and amortization as EBITDA, which is a non-GAAP financial measure. We also disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. We also disclose Segment EBITDA, which is segment income before depreciation and amortization.
We believe EBITDA, Adjusted EBITDA and Segment EBITDA are meaningful measures because they present a transparent view of our recurring operating performance and allow management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. We also believe EBITDA, Adjusted EBITDA and Segment EBITDA are useful to investors because they provide a means to evaluate the operating performance of our segments and our Company on an ongoing basis using criteria that are used by our management and because they are frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates. EBITDA, Adjusted EBITDA and Segment EBITDA, however, are not measures of our liquidity or financial performance under GAAP and should not be considered as alternatives to net income, income from operations, or any other performance measure derived in accordance with GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. The use of EBITDA, Adjusted EBITDA and Segment EBITDA instead of net income or segment income have limitations as analytical tools, including the inability to determine profitability; the exclusion of interest expense, interest income, and associated significant cash requirements; and the exclusion of depreciation and amortization, which represent operating costs. Management compensates for these by relying on our GAAP results. Our measures of EBITDA, Adjusted EBITDA and Segment EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential in the methods of calculation.
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The following table reconciles net income to EBITDA and Adjusted EBITDA for the years ended December 31, 2025, 2024 and 2023:
Year Ended
December 31
(thousands)
Net income
Interest expense
Interest income
Income tax provision
Depreciation and amortization
EBITDA
Change in fair value of interest rate swaps
Adjusted EBITDA
The following table reconciles segment income and unallocated corporate costs to Segment EBITDA, EBITDA and Adjusted EBITDA for the years ended December 31, 2025, 2024, and 2023:
Year Ended
December 31
(thousands)
Building Materials Distribution
Segment income
Depreciation and amortization
Segment EBITDA
Wood Products
Segment income
Depreciation and amortization
Segment EBITDA
Corporate
Unallocated corporate costs
Foreign currency exchange gain (loss)
Pension expense (excluding service costs)
Change in fair value of interest rate swaps
Depreciation and amortization
EBITDA
Change in fair value of interest rate swaps
Corporate Adjusted EBITDA
Total Company Adjusted EBITDA
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New and Recently Adopted Accounting Standards
For information related to new and recently adopted accounting standards, see "New and Recently Adopted Accounting Standards" in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" in this Form 10-K.
