Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 16, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | Q4 | ||
Trading Symbol | CLW | ||
Entity Registrant Name | CLEARWATER PAPER CORP | ||
Entity Central Index Key | 1,441,236 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 16,463,862 | ||
Entity Public Float | $ 1,093,516,942 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||||||||||||
Net sales | $ 425,568 | $ 435,320 | $ 436,671 | $ 437,204 | $ 431,595 | $ 442,222 | $ 444,558 | $ 434,026 | $ 1,734,763 | $ 1,752,401 | $ 1,967,139 | |
Costs and expenses: | ||||||||||||
Cost of sales | (368,524) | (396,605) | (361,851) | (368,647) | (364,778) | (373,892) | (384,347) | (389,832) | (1,495,627) | (1,512,849) | (1,708,840) | |
Selling, general and administrative expenses | (32,934) | (31,190) | (34,655) | (30,795) | (30,308) | (28,284) | (29,469) | (29,088) | (129,574) | (117,149) | (130,102) | |
Gain (loss) on divested assets, net | 0 | 1,755 | 0 | 0 | (195) | 0 | 1,331 | 131 | 1,755 | 1,267 | (40,159) | |
Impairment of assets | 0 | 0 | (8,227) | |||||||||
Total operating costs and expenses | (401,458) | (426,040) | (396,506) | (399,442) | (395,281) | (402,176) | (412,485) | (418,789) | (1,623,446) | (1,628,731) | (1,887,328) | |
Income from operations | 24,110 | 9,280 | 40,165 | 37,762 | 36,314 | 40,046 | 32,073 | 15,237 | 111,317 | 123,670 | 79,811 | |
Interest expense, net | (30,300) | (31,182) | (39,150) | |||||||||
Debt retirement costs | $ (17,058) | (351) | 0 | (24,420) | ||||||||
Earnings before income taxes | 80,666 | 92,488 | 16,241 | |||||||||
Income tax provision | (31,112) | (36,505) | (18,556) | |||||||||
Net earnings (loss) | $ 9,343 | $ 901 | $ 20,864 | $ 18,446 | $ 11,565 | $ 23,064 | $ 15,597 | $ 5,757 | $ 49,554 | $ 55,983 | $ (2,315) | |
Net earnings per common share: | ||||||||||||
Basic (in dollars per share) | $ 0.56 | $ 0.05 | $ 1.22 | $ 1.05 | $ 0.65 | $ 1.22 | $ 0.82 | $ 0.30 | $ 2.91 | $ 2.98 | $ (0.11) | |
Diluted (in dollars per share) | $ 0.56 | $ 0.05 | $ 1.21 | $ 1.05 | $ 0.65 | $ 1.21 | $ 0.81 | $ 0.30 | $ 2.90 | $ 2.97 | $ (0.11) |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | $ 2,116 | $ 0 | $ 0 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 3,795 | 15,315 | (13,644) |
Net earnings | 49,554 | 55,983 | (2,315) |
Defined benefit pension and other postretirement employee benefits: | |||
Net gain (loss) arising during the period, net of tax of $248, $5,814 and $(15,103) | 379 | 8,944 | (23,523) |
Prior service credit (cost) arising during the period, net of tax of $ -, $ -, and $3,278 | 0 | 0 | 5,106 |
Amortization of actuarial loss included in net periodic cost, net of tax of $1,576, $4,972, and $3,836 | 2,321 | 7,647 | 5,975 |
Amortization of prior service credit included in net periodic cost, net of tax of $(669), $(829), and $(772) | 1,021 | 1,276 | 1,202 |
Foreign currency translation amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 874 |
Other comprehensive (loss) income, net of tax | 3,795 | 15,315 | (12,770) |
Comprehensive income | $ 53,349 | $ 71,298 | $ (15,085) |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net (loss) gain arising during the period, tax benefit (provision) | $ (248) | $ (5,814) | $ 15,103 |
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, Tax | 1,366 | 0 | 0 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit), Tax | 0 | 0 | 3,278 |
Amortization of actuarial loss included in net periodic cost, tax expense | (1,576) | (4,972) | (3,836) |
Amortization of prior service credit included in net periodic cost, tax benefit | $ (669) | $ (829) | $ (772) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 23,001 | $ 5,610 |
Restricted cash | 0 | 2,270 |
Short-term investments | 0 | 250 |
Receivables, net | 147,074 | 139,052 |
Taxes receivable | 9,709 | 14,851 |
Inventories | 258,029 | 255,573 |
Other Assets, Current | 8,682 | 9,331 |
Total current assets | 446,495 | 426,937 |
Property, plant and equipment, net | 945,328 | 866,538 |
Goodwill | 244,283 | 209,087 |
Intangible assets, net | 40,485 | 19,990 |
Other assets, net | 7,751 | 4,817 |
TOTAL ASSETS | 1,684,342 | 1,527,369 |
Line of Credit, Current | 135,000 | 0 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 223,699 | 220,368 |
Current liability for pensions and other postretirement employee benefits | 7,821 | 7,559 |
Total current liabilities | 366,520 | 227,927 |
Long-term debt | 569,755 | 568,987 |
Liability for pensions and other postretirement employee benefits | 81,812 | 89,057 |
Other long-term obligations | 41,776 | 46,738 |
Accrued taxes | 2,434 | 1,676 |
Deferred Tax Liabilities, Gross, Noncurrent | 152,172 | 118,118 |
Liabilities | 1,214,469 | 1,052,503 |
Deferred Tax Liabilities, Net, Noncurrent | 149,262 | 115,803 |
Stockholders' equity: | ||
Preferred stock, par value $0.0001 per share, 5,000,000 authorized shares, no shares issued | 0 | 0 |
Common stock, par value $0.0001 per share, 100,000,000 authorized shares-24,223,191 and 24,193,098 shares issued | 2 | 2 |
Additional paid-in capital | 347,080 | 340,095 |
Retained earnings | 569,861 | 520,307 |
Treasury stock, at cost, common shares–7,736,255 and 6,380,309 shares repurchased | (395,317) | (329,990) |
Accumulated other comprehensive loss, net of tax | (51,753) | (55,548) |
Total stockholders’ equity | 469,873 | 474,866 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,684,342 | $ 1,527,369 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001000000 | $ 0.0001000000 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.0001000000 | $ 0.0001000000 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 24,223,191 | 24,193,098 |
Treasury stock, shares (in shares) | 7,736,255 | 6,380,309 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net earnings | $ 49,554 | $ 55,983 | $ (2,315) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 91,090 | 84,732 | 90,145 |
Equity-based compensation expense | 12,385 | 4,557 | 12,790 |
Impairment of assets | 0 | 0 | 8,227 |
Deferred tax provision | 18,327 | 16,081 | 13,813 |
Employee benefit plans | (1,979) | 3,011 | 2,115 |
Deferred issuance costs on debt | 1,242 | 928 | 6,141 |
Loss on divestiture of assets | 0 | 0 | 29,059 |
Disposal of plant and equipment, net | 1,381 | 1,492 | 959 |
Non-cash adjustments to unrecognized taxes | 758 | (1,020) | 328 |
Changes in working capital, net of acquisition | (3,462) | 14,841 | (12,248) |
Change in taxes receivable, net | 5,142 | (13,596) | 9,248 |
Excess tax benefits from equity-based payment arrangements | (312) | (1,433) | (864) |
Funding of qualified pension plans | 0 | (3,179) | (16,955) |
Other, net | (1,375) | (2,722) | (1,343) |
Net cash flows from operating activities | 172,751 | 159,675 | 139,100 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Change in short-term investments, net | 250 | 49,750 | 20,000 |
Additions to plant and equipment | (155,349) | (128,902) | (93,028) |
Payments to Acquire Businesses, Net of Cash Acquired | 67,443 | 0 | 0 |
Net proceeds from divested assets | 0 | 0 | 107,740 |
Proceeds from sale of assets | 36 | 604 | 975 |
Net cash flows from investing activities | (222,506) | (78,548) | 35,687 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from long-term debt | 0 | 0 | 300,000 |
Repayment of long-term debt | 0 | 0 | (375,000) |
Purchase of treasury stock | (65,327) | (99,990) | (100,000) |
Proceeds from Lines of Credit | 1,273,959 | 0 | 0 |
Repayments of Lines of Credit | (1,138,959) | 0 | 0 |
Payments for debt issuance costs | (1,906) | 0 | (3,002) |
Payment of tax withholdings on equity-based payment arrangements | (933) | (4,152) | (1,523) |
Excess tax benefits from equity-based payment arrangements | 312 | 1,433 | 864 |
Other, net | 0 | (139) | 7,530 |
Net cash flows from financing activities | 67,146 | (102,848) | (171,131) |
Increase (decrease) in cash and cash equivalents | 17,391 | (21,721) | 3,656 |
Cash and cash equivalents at beginning of period | 5,610 | 27,331 | 23,675 |
Cash and cash equivalents at end of period | 23,001 | 5,610 | 27,331 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 26,690 | 28,195 | 34,418 |
Cash paid for income taxes | 17,655 | 35,849 | 6,851 |
Cash received from income tax refunds | 11,289 | 2,533 | 11,867 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING ACTIVITIES: | |||
Changes in accrued plant and equipment | 328 | 5,202 | 6,187 |
Property acquired under capital lease | 0 | 0 | 385 |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net earnings | 50,773 | 56,393 | (24,530) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 68,496 | 65,078 | 59,373 |
Equity-based compensation expense | 12,385 | 4,557 | 12,790 |
Impairment of assets | 0 | ||
Deferred tax provision | 18,860 | 9,944 | 50,943 |
Employee benefit plans | (1,979) | 3,011 | 2,115 |
Deferred issuance costs on debt | 1,242 | 928 | 6,141 |
Loss on divestiture of assets | 0 | ||
Disposal of plant and equipment, net | 781 | 1,587 | 471 |
Non-cash adjustments to unrecognized taxes | 740 | ||
Changes in working capital, net of acquisition | (642) | 11,809 | (8,162) |
Change in taxes receivable, net | 1,078 | (9,461) | (3,051) |
Excess tax benefits from equity-based payment arrangements | (312) | (1,433) | (864) |
Funding of qualified pension plans | (3,179) | (16,955) | |
Other, net | (1,592) | (1,591) | (636) |
Net cash flows from operating activities | 149,830 | 136,615 | 78,107 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Change in short-term investments, net | 250 | 49,750 | 20,000 |
Additions to plant and equipment | (145,579) | (121,720) | (73,223) |
Payments to Acquire Businesses, Net of Cash Acquired | 67,443 | ||
Net proceeds from divested assets | 107,740 | ||
Proceeds from sale of assets | 0 | 0 | 38 |
Net cash flows from investing activities | (212,772) | (71,970) | 54,555 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from long-term debt | 300,000 | ||
Repayment of long-term debt | (375,000) | ||
Purchase of treasury stock | (65,327) | (99,990) | (100,000) |
Proceeds from Lines of Credit | 1,273,959 | ||
Repayments of Lines of Credit | (1,138,959) | ||
Payments for debt issuance costs | (1,906) | (3,002) | |
Payment of tax withholdings on equity-based payment arrangements | (933) | (4,152) | (1,523) |
Excess tax benefits from equity-based payment arrangements | 312 | 1,433 | 864 |
Other, net | (139) | 7,530 | |
Net cash flows from financing activities | 76,918 | (86,366) | (123,604) |
Increase (decrease) in cash and cash equivalents | 13,976 | (21,721) | 9,058 |
Cash and cash equivalents at beginning of period | 5,610 | 27,331 | 18,273 |
Cash and cash equivalents at end of period | 19,586 | 5,610 | 27,331 |
Guarantor Subsidiaries | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net earnings | 5,331 | 2,476 | (58,953) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 22,594 | 19,654 | 28,468 |
Equity-based compensation expense | 0 | 0 | 0 |
Impairment of assets | 8,227 | ||
Deferred tax provision | 605 | 3,178 | (21,921) |
Employee benefit plans | 0 | 0 | 0 |
Deferred issuance costs on debt | 0 | 0 | 0 |
Loss on divestiture of assets | 29,059 | ||
Disposal of plant and equipment, net | 600 | (95) | 488 |
Non-cash adjustments to unrecognized taxes | 18 | ||
Changes in working capital, net of acquisition | 774 | 3,032 | (4,711) |
Change in taxes receivable, net | (1,405) | (14,388) | 79 |
Excess tax benefits from equity-based payment arrangements | 0 | 0 | 0 |
Funding of qualified pension plans | 0 | 0 | |
Other, net | (921) | (1,131) | (707) |
Net cash flows from operating activities | 27,596 | 12,734 | (19,798) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Change in short-term investments, net | 0 | 0 | 0 |
Additions to plant and equipment | (9,770) | (7,182) | (19,450) |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ||
Net proceeds from divested assets | 0 | ||
Proceeds from sale of assets | 36 | 604 | 937 |
Net cash flows from investing activities | (9,734) | (6,578) | (18,513) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from long-term debt | 0 | ||
Repayment of long-term debt | 0 | ||
Purchase of treasury stock | 0 | 0 | 0 |
Proceeds from Lines of Credit | 0 | ||
Repayments of Lines of Credit | 0 | ||
Payments for debt issuance costs | 0 | 0 | |
Payment of tax withholdings on equity-based payment arrangements | 0 | 0 | 0 |
Excess tax benefits from equity-based payment arrangements | 0 | 0 | 0 |
Other, net | 0 | 0 | |
Net cash flows from financing activities | (14,447) | (6,156) | 38,311 |
Increase (decrease) in cash and cash equivalents | 3,415 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | $ 3,415 | $ 0 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive (Loss) Income |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 874 | $ 0 | $ 0 | $ 0 | $ 0 | $ 874 |
Shares, Outstanding at Dec. 31, 2013 | 24,008 | (2,924) | ||||
Beginning Balance at Dec. 31, 2013 | 605,094 | $ 2 | 326,546 | 466,639 | $ (130,000) | (58,093) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | (2,315) | (2,315) | ||||
Performance share and restricted stock unit awards (in shares) | 48 | |||||
Performance share and restricted stock unit awards | 7,528 | 7,528 | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (13,644) | (13,644) | ||||
Foreign currency translation amounts reclassified from accumulated other comprehensive loss | 874 | |||||
Purchase of treasury stock (in shares) | (1,574) | |||||
Purchase of treasury stock | (100,000) | $ (100,000) | ||||
Shares, Outstanding at Dec. 31, 2014 | 24,056 | (4,498) | ||||
Ending Balance at Dec. 31, 2014 | 497,537 | $ 2 | 334,074 | 464,324 | $ (230,000) | (70,863) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 55,983 | 55,983 | ||||
Performance share and restricted stock unit awards (in shares) | 137 | |||||
Performance share and restricted stock unit awards | 6,021 | 6,021 | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 15,315 | 15,315 | ||||
Foreign currency translation amounts reclassified from accumulated other comprehensive loss | 0 | |||||
Purchase of treasury stock (in shares) | (1,882) | |||||
Purchase of treasury stock | (99,990) | $ (99,990) | ||||
Shares, Outstanding at Dec. 31, 2015 | 24,193 | (6,380) | ||||
Ending Balance at Dec. 31, 2015 | 474,866 | $ 2 | 340,095 | 520,307 | $ (329,990) | (55,548) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 49,554 | 49,554 | ||||
Performance share and restricted stock unit awards (in shares) | 30 | |||||
Performance share and restricted stock unit awards | 6,985 | 6,985 | 0 | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 3,795 | $ 0 | $ 0 | 3,795 | ||
Foreign currency translation amounts reclassified from accumulated other comprehensive loss | 0 | |||||
Purchase of treasury stock (in shares) | (1,356) | |||||
Purchase of treasury stock | (65,327) | $ 0 | $ (65,327) | |||
Shares, Outstanding at Dec. 31, 2016 | 24,223 | (7,736) | ||||
Ending Balance at Dec. 31, 2016 | $ 469,873 | $ 2 | $ 347,080 | $ 569,861 | $ (395,317) | $ (51,753) |
Consolidated Statements of Sto9
Consolidated Statements of Stockholders' Equity Consolidate Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive (Loss) Income | |||
Pension and OPEB, Tax | $ (8,761) | $ 9,957 | $ 2,521 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Nature Of Operations And Basis Of Presentation Additional Information [Abstract] | |
Nature of Operations and Basis of Presentation | Nature of Operations and Basis of Presentation Clearwater Paper manufactures quality consumer tissue, away-from-home tissue, parent roll tissue, bleached paperboard and pulp at manufacturing facilities across the nation. The company is a premier supplier of private label tissue to major retailers and wholesale distributors, including grocery, drug, mass merchants and discount stores. In addition, the company produces bleached paperboard used by quality-conscious printers and packaging converters, and offers services that include custom sheeting, slitting and cutting. Clearwater Paper's employees build shareholder value by developing strong customer relationships through quality and service. Unless the context otherwise requires or unless otherwise indicated, references in this report to “Clearwater Paper Corporation,” “we,” “our,” “the company” and “us” refer to Clearwater Paper Corporation and its subsidiaries. On February 17, 2014, we announced the permanent and immediate closure of our Long Island, New York, tissue converting and distribution facility. We have incurred $23.2 million of costs associated with the closure, of which $1.9 million was incurred in 2016 primarily related to a facility lease that expires in 2017. On December 30, 2014, we sold our specialty business and mills to a private buyer for $108 million in cash, net of sale related expenses and adjustments. The specialty business and mills' production consisted predominantly of machine-glazed tissue and also included parent rolls and other specialty tissue products such as absorbent materials and dark-hued napkins. The sale included five of our former subsidiaries with facilities located at East Hartford, Connecticut; Menominee, Michigan; Gouverneur, New York; St. Catharines, Ontario; and Wiggins, Mississippi. On November 29, 2016, we announced the permanent closure of our Oklahoma City converting facility. The closure of the Oklahoma City facility is planned for March 31, 2017. As of December 31, 2016, we have incurred $1.7 million of costs associated with this announced closure. Also on November 29, 2016, we announced the permanent shutdown of two tissue machines at our Neenah, Wisconsin, tissue facility, effective in late-December 2016. As of December 31, 2016, we have incurred $1.0 million of costs related to the shutdown of these machines. On December 16, 2016, we acquired Manchester Industries, an independently-owned paperboard sales, sheeting and distribution supplier to the packaging and commercial print industries for total consideration of $71.7 million . Manchester Industries' customers extend our reach and service platform to small and mid-sized folding carton plants, offering a range of converting services that include custom sheeting, slitting, and cutting. Manchester Industries operates five strategically located converting facilities in Virginia, Pennsylvania, Indiana, Texas, and Michigan. Refer to Note 4, "Business Combinations." These consolidated financial statements include the financial condition and results of operations of Clearwater Paper Corporation and its wholly-owned subsidiaries. All intercompany transactions and balances between operations within the company have been eliminated. |
Summary of Significant Accoutin
Summary of Significant Accouting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies SIGNIFICANT ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the U.S., which we refer to in this report as GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Significant areas requiring the use of estimates and measurement of uncertainty include determination of valuation for deferred tax assets, uncertain income tax positions, assessment of impairment of long-lived assets and goodwill, assessment of environmental matters, allocation of purchase price and fair value estimates for business combinations, equity-based compensation and pension and postretirement obligation assumptions. Actual results could differ from those estimates and assumptions. CASH AND CASH EQUIVALENTS We consider all highly liquid instruments with maturities of three months or less to be cash equivalents. As of December 31, 2016 and 2015, we had cash and cash equivalents of $23.0 million and $5.6 million , respectively, on our Consolidated Balance Sheets. SHORT-TERM INVESTMENTS AND RESTRICTED CASH Our short-term investments are invested primarily in demand deposits, which have very short maturity periods, and therefore earn an interest rate commensurate with low-risk instruments. We do not attempt to hedge our exposure to interest rate risk for our short-term investments. Our restricted cash in which the underlying instrument has a term of greater than twelve months from the balance sheet date is classified as non-current and is included in “Other assets, net” on our Consolidated Balance Sheet. In the third quarter of 2016, an indemnity escrow account established in connection with the December 2014 sale of our former specialty business and mills was settled, resulting in the release of $2.3 million from a restricted cash escrow account, and as of December 31, 2016 , we had no restricted cash classified as current on our Consolidated Balance Sheet. As of December 31, 2015 , we had $2.3 million of restricted cash classified as current on our Consolidated Balance Sheet. TRADE ACCOUNTS RECEIVABLE Trade accounts receivable are stated at the amount we expect to collect. Trade accounts receivable do not bear interest. The allowance for doubtful accounts is our best estimate of the losses we expect will result from the inability of our customers to make required payments. We generally determine the allowance based on a combination of actual historical write-off experience and an analysis of specific customer accounts. As of December 31, 2016 and 2015 , we had allowances for doubtful accounts of $1.5 million and $1.4 million , respectively. Bad debt expense, net, charged to selling, general and administrative expenses during 2016 , 2015 and 2014 was $0.7 million , $0.2 million , and $0.1 million , respectively. All other activity impacting the allowance for doubtful accounts was immaterial for all periods. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at cost, including assets acquired under capital lease obligations and any interest costs capitalized, less accumulated depreciation. Depreciation of buildings, equipment and other depreciable assets is determined using the straight-line method. Estimated useful lives generally range from 10 to 40 years for land improvements; 10 to 40 years for buildings and improvements; 5 to 25 years for machinery and equipment; and 2 to 15 years for office and other equipment. Assets we acquire through business combinations have estimated lives that are typically shorter than the assets we construct or buy new. We review the carrying value of our property, plant and equipment for impairment when events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable. An impairment of property, plant and equipment exists when the carrying value is not considered to be recoverable through future undiscounted cash flows from operations and the carrying value of the assets exceeds the estimated fair value. During the first quarter of 2014, we permanently closed our Consumer Products segment's Long Island converting and distribution facility, the Long Island Closure. As a result of this closure, we impaired certain plant and equipment. In addition, as a result of the December 30, 2014, sale of our specialty business and mills, the Specialty Business Sale, certain property, plant and equipment associated with the divested mills were written off and included in our loss on divested assets. See Note 5, "Asset Divestiture" and Note 7, "Property, Plant and Equipment" for further discussion. On November 29, 2016, we announced the permanent closure of our Oklahoma City converting facility. The closure of the Oklahoma City facility is planned for March 31, 2017. As of December 31, 2016, we have incurred $1.7 million of costs associated with this announced closure. These costs include $1.3 million in accelerated depreciation on certain fixed assets. Also on November 29, 2016, we announced the permanent shutdown of two of the five tissue machines at our Neenah, Wisconsin, tissue facility, effective late-December 2016. INTANGIBLE ASSETS We use estimates in determining and assigning the fair value of the useful lives of intangible assets, the amount and timing of related future cash flows and fair values of the related operations. Our intangible assets have definite lives and are amortized over their estimated useful lives. We assess our intangible assets for impairment annually and when events or changes in circumstances indicate that the carrying amount may not be recoverable. We recorded intangible assets as a result of our acquisition of Cellu Tissue Holdings, Inc., or Cellu Tissue, on December 27, 2010. We also recorded intangible assets as a result of our December 2012 acquisition of a wood chipping facility. As a result of the Long Island Closure, we impaired certain intangible assets. In addition, during the fourth quarter of 2014 we determined that a customer relationship intangible asset related to our Pulp and Paperboard segment's wood chipping facility was fully impaired. As a result of the Specialty Business Sale, certain intangible assets associated with the divested mills were written off and included in our loss on divested assets. Finally, we recorded intangible assets as a result of our December 2016 acquisition of Manchester Industries. See Note 4, "Business Combinations," Note 5, "Asset Divestiture" and Note 8, "Goodwill and Intangible Assets" for further discussion. GOODWILL Goodwill from an acquisition represents the excess of the cost of a business acquired over the net of the amounts assigned to assets acquired, including identifiable intangible assets and liabilities assumed. We use estimates in determining and assigning the fair value of goodwill, including the amount and timing of related future cash flows and fair values of the related operations. Goodwill is not amortized but is tested for impairment annually as of November 1, as well as any time when events suggest impairment may have occurred. In the event the carrying value of the reporting unit in which our goodwill is assigned exceeds the estimated fair value of that reporting unit, an impairment loss would be recognized to the extent the carrying amount of the reporting unit exceeds its implied fair value. We recorded $229.5 million of goodwill in connection with our acquisition of Cellu Tissue in December 2010 . All of the recorded goodwill was assigned to our Consumer Products segment and reporting unit. As a result of the Specialty Business Sale, a portion of goodwill was allocated to the divested mills and included in our loss on divested assets. We recorded $35.2 million of goodwill in connection with our acquisition of Manchester Industries. The goodwill from this acquisition is included in our Pulp and Paperboard segment. See Note 4, "Business Combinations," Note 5, "Asset Divestiture" and Note 8, "Goodwill and Intangible Assets" for further discussion. As of December 31, 2016 and 2015, we had $244.3 million and $209.1 million of goodwill included on our Consolidated Balance Sheet. PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS The determination of pension plan expense and the requirements for funding our pension plans are based on a number of actuarial assumptions. Three critical assumptions are the discount rate applied to pension plan obligations, the rate of return on plan assets and mortality rates. For other postretirement employee benefit, or OPEB, plans, which provide certain health care and life insurance benefits to qualified retired employees, critical assumptions in determining OPEB income are the discount rate applied to benefit obligations, the assumed health care cost trend rates used in the calculation of benefit obligations and mortality rates. We also participate in multiemployer defined benefit pension plans. We make contributions to these multiemployer plans, as well as make contributions to a trust fund established to provide retiree medical benefits for a portion of these employees. The discount rate used in the determination of pension benefit obligations and pension expense is determined based on a review of long-term high-grade bonds and management's expectations. To determine the expected long-term rate of return on pension assets, we employ a process that analyzes historical long-term returns for various investment categories, as measured by appropriate indices. These indices are weighted based upon the extent to which plan assets are invested in the particular categories in arriving at our determination of a composite expected return. An increase in the discount rate or the rate of expected return on plan assets, all other assumptions remaining the same, would decrease pension plan expense, and conversely, a decrease in either of these measures would increase plan expense. The actual rates of return on plan assets may vary significantly from the assumptions used because of unanticipated changes in financial markets. The estimated net loss and prior service cost (credit) for the defined benefit pension and OPEB plans is amortized from accumulated other comprehensive loss into net periodic cost (benefit) in accordance with current accounting guidance. Net periodic pension and OPEB expenses are included in “Cost of sales” and “Selling, general and administrative expenses” in the Consolidated Statements of Operations. The expense is allocated to all business segments. In accordance with current accounting guidance governing defined benefit pension and other postretirement plans, at December 31, 2016 and 2015 , long-term assets are recorded for overfunded single-employer plans and liabilities are recorded for underfunded single-employer plans. The funded status of a benefit plan is measured as the difference between plan assets at fair value and the projected benefit obligation. For underfunded single-employer plans, the estimated liability to be payable in the next twelve months is recorded as a current liability, with the remaining portion recorded as a long-term liability. INCOME TAXES Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The determination of our provision for income taxes requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. Significant judgment is required in assessing the timing and amounts of deductible and taxable items and the probability of sustaining uncertain tax positions. The benefits of uncertain tax positions are recorded in our consolidated financial statements only after determining a more-likely-than-not probability that the uncertain tax positions will withstand challenge, if any, from tax authorities. When facts and circumstances change, we reassess these probabilities and record any changes in the consolidated financial statements as appropriate . REVENUE RECOGNITION We recognize net sales when there is persuasive evidence of a sales agreement, the price to the customer is fixed and determinable, collection is reasonably assured, and title and the risk of loss passes to the customer. Shipping terms generally indicate when title and the risk of loss have passed. Revenue is recognized at shipment for sales when shipping terms are free on board, or FOB, shipping point. For sales where shipping terms are FOB destination, revenue is recognized when the goods are received by the customer. Revenue from both domestic and foreign sales of our products can involve shipping terms of either FOB shipping point or FOB destination or other shipping terms, depending upon the sales agreement with the customer. We had one customer in the Consumer Products segment, the Kroger Company, that accounted for approximately $232 million , or 13.4% , of our total company net sales in 2016 and approximately $215 million , or 12.3% , of our total company net sales in 2015. In 2014, we did not have any single customer that accounted for 10% or more of our total net sales. We provide for trade promotions, customer cash discounts, customer returns and other deductions as reductions to net sales in the same period as the related revenues are recognized. Provisions for these items are determined based on historical experience or specific customer arrangements. Revenue is recognized net of any sales taxes collected. Sales taxes, when collected, are recorded as a current liability and remitted to the appropriate governmental entities. ENVIRONMENTAL As part of our corporate policy, we have an ongoing process to monitor, report on and comply with environmental requirements. Based on this ongoing process, accruals for environmental liabilities that are not within the scope of specific authoritative guidance related to accounting for asset retirement obligations or conditional asset retirement obligations are established in accordance with guidance related to accounting for contingencies. We estimate our environmental liabilities based on various assumptions and judgments, the specific nature of which varies in light of the particular facts and circumstances surrounding each environmental liability. These estimates typically reflect assumptions and judgments as to the probable nature, magnitude and timing of required investigation, remediation and monitoring activities and the probable cost of these activities. Currently, we are not aware of any material environmental liabilities and have accrued only for specific costs related to environmental matters that we have determined are probable and for which an amount can be reasonably estimated. Fees for professional services associated with environmental and legal issues are expensed as incurred. STOCKHOLDERS’ EQUITY On December 15, 2015, we announced that our Board of Directors had approved a stock repurchase program authorizing the repurchase of up to $100 million of our common stock. The repurchase program authorizes purchases of our common stock from time to time through open market purchases, negotiated transactions or other means, including accelerated stock repurchases and 10b5-1 trading plans in accordance with applicable securities laws and other restrictions. In 2016, we repurchased 1,355,946 shares of our outstanding common stock at an average price of $48.18 per share under this program. On December 15, 2014, we announced that our Board of Directors had approved a stock repurchase program authorizing the repurchase of up to $100 million of our common stock. We completed this program during the fourth quarter of 2015. In total, we repurchased 1,881,921 shares of our outstanding common stock at an average price of $53.13 per share under this program. On February 5, 2014, we announced that our Board of Directors had approved a stock repurchase program authorizing the repurchase of up to $100 million of our common stock. We completed this program during the third quarter of 2014. In total, we repurchased 1,574,748 shares of our outstanding common stock at an average price of $63.50 per share under this program. DERIVATIVES We had no activity during the years ended December 31, 2016 , 2015 and 2014 that required hedge or derivative accounting treatment. However, to partially mitigate our exposure to market risk for changes in utility commodity pricing, we use firm price contracts to supply a portion of the natural gas requirements for our manufacturing facilities. As of December 31, 2016 , these contracts covered approximately 20% of the expected average monthly requirements for 2017, including approximately 28% of the expected average monthly requirements for the first quarter. For the years ended December 31, 2016 , 2015 and 2014 , approximately 45% , 57% , and 58% , respectively, of our natural gas volumes were supplied through firm price contracts. These contracts qualify for treatment as “normal purchases or normal sales” under authoritative guidance and thus require no mark-to-market adjustment. |
Recently Adopted and New Accoun
Recently Adopted and New Accounting Standards | 12 Months Ended |
Dec. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Adopted and Prospective Accounting Standards | Recently Adopted and Prospective Accounting Standards In January 2017, the FASB issued Accounting Standard Update (ASU) 2017-04, Simplifying the Test for Goodwill Impairment (Topic 350). This ASU eliminates step two of the impairment test, the performance of a hypothetical purchase price allocation to measure goodwill impairment. Instead, impairment will be measured using the difference between the carrying amount and the fair value of the reporting unit.This ASU will be effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted for goodwill impairment tests with measurement dates after January 1, 2017. We plan to adopt this standard as of January 1, 2017. We do not expect the adoption of ASU 2017-04 to have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This ASU will be effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. We have adopted this standard as of January 1, 2017, with prospective application to any business development transaction. This ASU did not impact our December 16, 2016 acquisition of Manchester Industries. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which provides amendments to current guidance to address the classification and presentation of changes in restricted cash in the statement of cash flows. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. Both of these ASU's will be effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. We do not expect the adoption of these ASU's to have a material impact on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other Than Inventory. This ASU eliminates the exception for an intra-entity transfer of an asset other than inventory. Under the new standard, entities should recognize the income tax consequences on an intra-entity transfer of an asset other than inventory when the transfer occurs. This ASU will be effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326), which establishes guidance on the measurement and recognition of credit losses on most financial assets. For trade receivables, loans, and held-to-maturity debt securities, the current probable loss recognition methodology is being replaced by an expected credit loss model. The guidance will become effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The guidance is consistent with our current methodology for calculating the allowance on trade receivables, and therefore, we do not anticipate that the adoption of this ASU will have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718). Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, statutory tax withholding requirements and classification on the statement of cash flows. This ASU requires excess tax benefits or deficiencies for share-based payments to be recorded in the period shares vest or settle as income tax expense or benefit, rather than within Additional paid-in capital. Cash flows related to excess tax benefits will be included in Net cash provided by operating activities and will no longer be separately classified as a financing activity. This ASU also allows us to withhold more of an employee’s shares for tax withholding purposes and provides an accounting policy election to account for forfeitures as they occur. We have elected to continue to estimate forfeitures and are currently evaluating the possibility of changing tax withholdings. This ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. We will adopt ASU 2016-09 in the first quarter of 2017 and, believe the most significant impact of our adoption of ASU 2016-09 to our consolidated financial statements will be to recognize in our provision for income taxes line on our Consolidated Statement of Operations, instead of to consolidated equity, certain tax benefits or tax shortfalls upon a restricted stock award vesting, performance share award settlement, or stock option exercise relative to the deferred tax asset position established. We are unable to quantify the impact at this time to our provision for income taxes nor the corresponding impact on earnings per share, however, in any given period the adoption may have a material impact on our provision for income taxes and earnings per share. This adoption will also result in a classification change for excess tax benefits or deficiencies in the Consolidated Statement of Cash Flows. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We have operating leases covering office space, equipment, warehousing and converting facilities, land, and vehicles expiring at various dates through 2028, which would require a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, to be recognized in the statement of financial position as well as additional leasing disclosures. Lease costs would generally continue to be recognized on a straight-line basis. The future minimum payments required under our operating leases totaled $44.4 million at December 31, 2016. We are continuing our assessment, which may identify other impacts, and we are addressing necessary policy and process changes in preparation for adoption. In July 2015, the FASB issued ASU 2015-11, Inventory: Simplifying the Measurement of Inventory. This ASU applies only to inventory for which costs is determined by methods other than last-in, first-out and the retail inventory method, which includes inventory that is measured using first-in first-out or average cost. Inventory within the scope of this standard is required to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. We adopted this ASU as of December 31, 2016, which did not have an impact on our financial position or results of operations. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of the new standard is for companies to recognize revenue in a manner that depicts the transfer of goods or services to customers in amounts that reflect the consideration, or payment, to which the company expects to be entitled in exchange for those goods or services. The standard will also result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively, such as service revenue and contract modifications, and clarify guidance for multiple-element arrangements. This standard was originally issued as effective for fiscal years and interim periods within those years beginning after December 15, 2016, with early adoption prohibited. However, in July 2015, the FASB approved deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. In its approval, the FASB also permitted the early adoption of the standard, but not before the original effective date of fiscal years beginning after December 15, 2016. The standard may be applied under either a retrospective or cumulative effect adoption method. We plan on adopting the standard on the deferred effective date under the cumulative effect adoption method. Additionally, the new guidance requires enhanced disclosures, including revenue recognition policies to identify performance obligations to customers and significant judgments in measurement and recognition. Based on our current assessment, we do not anticipate the adoption of this standard will have a material impact on our consolidated financial statements. We continue to assess the standard's impact on certain distribution channel arrangements, contracts pertaining to our December 16, 2016, acquisition of Manchester Industries, and policy and procedure updates surrounding variable consideration offered to customers, but do not anticipate these types of arrangements to have a material impact to the amount or timing of revenue recognition. We anticipate enhancing our disclosures upon the adoption of this standard. We are continuing our assessment, which may identify other impacts, and we are addressing necessary policy and process changes in preparation for adoption. We reviewed all other new accounting pronouncements issued in the period and concluded that they are not applicable to our business. |
Asset Divestiture
Asset Divestiture | 12 Months Ended |
Dec. 31, 2016 | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
Asset Divestiture [Text Block] | Asset Divestiture Specialty Business and Mills Divestiture On December 30, 2014, we sold our specialty business and mills, which includes our former Menominee, Michigan; St. Catharines, Ontario; East Hartford, Connecticut; Gouverneur, New York; and Wiggins, Mississippi manufacturing, converting and distribution sites from our Consumer Products reporting segment for net proceeds of approximately $108 million . We assessed the sale of our specialty business and mills under the relevant authoritative accounting guidance related to discontinued operations reporting and concluded that this divestiture of assets did not qualify for discontinued operations reporting as the divestiture did not constitute a disposal of a component of our Consumer Products reporting segment. Furthermore, we concluded during our assessment that the sale of our specialty business and mills did not represent either a strategic shift in the Consumer Products segment, nor did it represent a major impact on our operations and financial results. Rather, consistent with our long-term corporate strategy, the sale of the specialty business and mills was intended to sharpen our Consumer Products segment's focus on its core retail businesses by investing net proceeds from the sale into capital projects within our Consumer Products segment. In total, $40.2 million was recorded as "Loss on divested assets" and included as a component of operating income within our Consolidated Statements of Operations, as well as a component of our Consumer Products segment's operating income as disclosed in Note 20, “Segment Information.” Among other charges, the loss on divested assets included a $20.4 million allocation of goodwill, which was originally recorded in connection with the Cellu Tissue acquisition and was allocated to the sale of the specialty business and mills. Consistent with authoritative guidance, the goodwill was allocated to our divested assets by estimating the fair value of the specialty business compared to the estimated fair value of the Consumer Products reporting unit, which was then used to estimate the percentage of goodwill to allocate to the sale of this business. In addition, "Loss on divested assets" within our Consolidated Statements of Operations included a $4.9 million intangible asset write-off related to certain identifiable customer relationship and trade name and trademark intangibles associated with the divested mills. Both the goodwill and intangible asset charges are discussed further in Note 8, “Goodwill and Intangible Assets." In total, $105.7 million of assets were sold, consisting primarily of $86.7 million of property, plant and equipment and $18.0 million of inventory. As part of the sales transaction, we also agreed to certain brokerage and service arrangements totaling approximately $6.0 million to be recognized over a five-year period. Furthermore, as a result of this sale we recorded restricted cash balances totaling $3.8 million on our December 31, 2014 Consolidated Balance Sheet, which included contingencies related to certain indemnity and working capital guarantees. During the second quarter of 2015, the working capital escrow account established in connection with the sale of the specialty business and mills was settled, resulting in the release of $1.5 million from the restricted cash escrow account and the recognition of a corresponding gain recorded in "Gain (loss) on divested assets" within our Consolidated Statements of Operations. During the third quarter of 2016, a $2.3 million indemnity escrow account established with the sale of the specialty business and mills was settled, resulting in the release of the remaining $2.3 million from the restricted cash account and the recognition of a net $1.8 million in "Gain (loss) on divested assets" within our Consolidated Statements of Operations, which included the release of this escrow account less $0.5 million of other settlement related costs. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories (In thousands) December 31, 2016 December 31, 2015 Pulp, paperboard and tissue products $ 154,460 $ 156,055 Materials and supplies 82,005 80,020 Logs, pulpwood, chips and sawdust 21,564 19,498 $ 258,029 $ 255,573 At December 31, 2016 , our inventories are stated at the lower of net realizable value or current average cost using the average cost method. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment (In thousands) December 31, 2016 December 31, 2015 Machinery and equipment $ 2,000,512 $ 1,879,890 Buildings and improvements 328,251 320,808 Land improvements 47,844 46,843 Office and other equipment 40,051 34,903 Land 7,266 7,266 Construction in progress 103,429 88,964 $ 2,527,353 $ 2,378,674 Less accumulated depreciation and amortization (1,582,025 ) (1,512,136 ) $ 945,328 $ 866,538 The December 31, 2016 and 2015 buildings and improvements and machinery and equipment combined balances include $24.4 million for each year associated with capital leases. Depreciation expense, including amounts associated with capital leases, totaled $86.1 million , $79.8 million and $83.6 million in 2016 , 2015 and 2014 , respectively. For 2016 and 2015 , we capitalized $2.3 million and $0.4 million , respectively, of interest expense associated with the construction of a continuous pulp digester at our Lewiston, Idaho pulp and paperboard mill. We did not capitalize any interest during 2014 . Consistent with authoritative guidance, we assess the carrying amount of long-lived assets with definite lives that are held-for-use and evaluate them for recoverability whenever events or changes in circumstances indicate that we may be unable to recover the carrying amount of the assets. As a result of the Long Island Closure, we considered an outside third party's appraisal in assessing the recoverability of the facility's long-lived plant and equipment based on available market data for comparable assets sold through private party transactions. Based on this assessment, we determined the carrying amounts of certain long-lived plant and equipment related to the Long Island facility exceeded their fair value. As a result, we recorded $3.8 million of non-cash impairment charges to our accompanying Consolidated Statement of Operations in the year ended December 31, 2014. In addition, on December 30, 2014 we completed the sale of our specialty business and mills, which included $86.7 million of net property, plant and equipment. This event did not impact the recoverability of our remaining long-lived assets. For additional discussion regarding the sale of our specialty business and mills, see Note 5, "Asset Divestiture." On November 29, 2016, we announced the permanent closure of our Oklahoma City converting facility, effective March 31, 2017, and the permanent shutdown of two of the five tissue machines at our Neenah, Wisconsin, tissue facility, effective late-December 2016. As a result of the planned Oklahoma City converting facility closure, we recorded accelerated depreciation of $1.3 million on certain Oklahoma City facility assets in the fourth quarter of 2016. There were no other such events or changes in circumstances that impacted our remaining long-lived assets. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The carrying amount of goodwill is reviewed at least annually for impairment as of November 1. The first step of the goodwill impairment test, used to identify potential impairment, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit is greater than zero and its estimated fair value exceeds its carrying amount, goodwill of the reporting unit is not considered impaired. For the purpose of goodwill impairment testing, goodwill associated with the Cellu Tissue acquisition was measured at the Consumer Products reporting unit level, which is the same as the Consumer Products reportable operating segment (see Note 20, "Segment Information"). As of December 31, 2016, we had goodwill of $244.3 million recorded on our Consolidated Balance Sheet, which includes $35.2 million related to our acquisition of Manchester Industries, as discussed in Note 4, "Business Combinations" and is included in our Pulp and Paperboard segment. In addition, we recorded $25.5 million of intangible assets related to the Manchester acquisition. As of November 1, 2016 and 2015 , we performed calculations of both a discounted cash flow and market-based valuation model for our Consumer Products reporting unit. The assumptions used in these models allowed us to evaluate the estimated fair value of our reporting unit. The determination of these assumptions required significant estimates on our part. Due to the inherent uncertainty involved in making such estimates, actual results could differ from those assumptions. However, we evaluated the merits of each significant assumption, both individually and in the aggregate, used to determine the estimated fair value of our reporting unit for reasonableness. Upon completion of this exercise, we concluded that the estimated fair value of the Consumer Products reporting unit exceeded its carrying amount. We determined that no further testing was necessary and did not record any impairment loss on our goodwill for the years ended December 31, 2016 and 2015 . On December 30, 2014, we sold our Consumer Products reporting unit's specialty business and mills. We considered the sale to be highly probable during our 2014 annual goodwill review and as such included its impact in estimating the fair value of the Consumer Products reporting unit, concluding that this event did not require additional impairment testing. However, consistent with authoritative guidance we allocated a portion of our goodwill to the specialty business and mills sold. As a result, we assigned $20.4 million of goodwill to the specialty business sale, which was originally recorded in connection with the Cellu Tissue acquisition and was allocated to the sale of the specialty mills business. In addition, certain of our customer relationships and trade name and trademarks intangible assets were associated with our divested specialty business and mills, and as a result we recorded a $4.9 million write-off of these assets. These charges are included in "Gain (loss) on divested assets" within our accompanying Consolidated Statement of Operations. For additional discussion regarding the sale of our specialty business and mills, see Note 5, "Asset Divestiture." Intangible asset amounts represent the acquisition date fair values of identifiable intangible assets acquired. The fair values of the intangible assets were determined by using the income approach, discounting projected future cash flows based on management’s expectations of the current and future operating environment. The rates used to discount projected future cash flows reflected a weighted average cost of capital based on our industry, capital structure and risk premiums including those reflected in the current market capitalization. Definite-lived intangible assets are amortized over their useful lives, which have historically ranged from 5 to 10 years. Authoritative guidance requires that the carrying amount of a long-lived asset with a definite life that is held-for-use be evaluated for recoverability whenever events or changes in circumstances indicate that the entity may be unable to recover the asset’s carrying amount. As a result of the Long Island closure, we performed an assessment of the recoverability of our intangible assets associated with this facility. It was determined that the carrying amounts of certain trade names and trademarks related to the Long Island facility were exceeding their fair value. As a result, we recorded a $1.3 million non-cash impairment charge in our accompanying Consolidated Statement of Operations for the year ended December 31, 2014. Fully amortized non-compete agreements related to the Long Island facility were also disposed of during the facility closure. During the fourth quarter of 2014, we evaluated the recoverability of our remaining intangible assets under the income approach and noted that a customer relationship intangible asset relating to our Pulp and Paperboard segment's wood chipping facility was fully impaired. As a result, we recorded an additional non-cash impairment charge of $3.1 million in our accompanying Consolidated Statement of Operations. There were no other such events or changes in circumstances that required us to assess whether our definite-lived intangible assets were impaired for the years ended December 31, 2016 and 2015 . We do not have any indefinite-lived intangible assets recorded from acquisitions. Intangible assets at the balance sheet dates are comprised of the following : December 31, 2016 (Dollars in thousands, lives in years) Weighted Average Useful Life Historical Cost Accumulated Amortization Net Balance Customer relationships 9.3 $ 62,401 $ (27,364 ) $ 35,037 Trade names and trademarks 7.4 6,786 (1,972 ) 4,814 Non-compete agreements 5.0 574 (512 ) 62 Other intangibles 6.0 572 — 572 Total intangible assets $ 70,333 $ (29,848 ) $ 40,485 December 31, 2015 (Dollars in thousands, lives in years) Weighted Average Useful Life Historical Cost Accumulated Amortization Net Balance Customer relationships 9.0 $ 41,001 $ (22,778 ) $ 18,223 Trade names and trademarks 10.0 3,286 (1,643 ) 1,643 Non-compete agreements 5.0 574 (450 ) 124 Total intangible assets $ 44,861 $ (24,871 ) $ 19,990 As of December 31, 2016 , estimated future amortization expense related to intangible assets is as follows (in thousands): Years ending December 31, Amount 2017 $ 7,970 2018 7,798 2019 7,798 2020 3,243 2021 2,914 Thereafter 10,762 Total $ 40,485 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Earnings before income taxes is comprised of the following amounts in each tax jurisdiction: (In thousands) 2016 2015 2014 United States $ 80,666 $ 92,488 $ 16,253 Canada — — (12 ) Earnings before income taxes $ 80,666 $ 92,488 $ 16,241 The income tax provision is comprised of the following: (In thousands) 2016 2015 2014 Current Federal $ 7,434 $ 15,579 $ 2,355 State 5,351 4,855 1,872 Foreign — (10 ) 516 Total current 12,785 20,424 4,743 Deferred Federal 15,573 13,006 11,432 State 2,754 3,075 2,381 Total deferred 18,327 16,081 13,813 Income tax provision $ 31,112 $ 36,505 $ 18,556 The income tax provision or benefit differs from the amount computed by applying the statutory federal income tax rate of 35.0% to earnings before income taxes due to the following: (In thousands) 2016 2015 2014 Computed expected tax provision $ 28,233 $ 32,371 $ 5,685 State and local taxes, net of federal income tax impact 3,966 4,175 1,543 Adjustment for state deferred tax rate 606 104 1,546 State investment tax credits (921 ) 1,146 (1,039 ) Federal credits and net operating losses (2,850 ) 4,010 (485 ) Federal manufacturing deduction (1,022 ) (1,873 ) (674 ) Uncertain tax positions 2,191 (1,020 ) 355 Loss on divested assets — — 10,554 State attribute true up — 1,167 (2,874 ) New York state attribute true up — — 1,654 Change in valuation allowances 550 (3,986 ) 2,346 Other, net 359 411 (55 ) Income tax provision $ 31,112 $ 36,505 $ 18,556 Effective tax rate 38.6 % 39.5 % 114.3 % During 2016 and 2015, the valuation allowance for deferred tax assets changed by $0.6 million and $4.0 million , respectively. The change in 2015 was primarily driven by certain state credits and losses. Our provision for income taxes for 2014 was unfavorably impacted primarily by a non-recurring tax provision of 65.0% related to losses on divested assets recorded in our Consolidated Statement of Operations that did not have a corresponding tax benefit. Additionally, the rate was unfavorably impacted by changes in valuation allowances of 14.4% . During the year ended December 31, 2014, we recorded discrete expense for a reduction in our blended state tax rate as well as adjustments to New York state specific deferred items. These changes were due to amendments we made to our New York state return filings as a result of changes in New York state tax laws. In reviewing the changes in the tax laws, we identified that, in prior years, we had not applied the proper apportionment factor when certain New York state net operating loss carryforwards were generated, which resulted in a $2.9 million overstatement. We corrected this in the second quarter of 2014 by including the overstatement as a discrete item within state rate adjustments due to immateriality. The tax effects of significant temporary differences creating deferred tax assets and liabilities at December 31 were: (In thousands) 2016 2015 Deferred tax assets: Employee benefits $ 6,255 $ 8,611 Postretirement employee benefits 27,370 28,125 Incentive compensation 11,356 8,334 Inventories 8,859 7,557 Pensions 8,338 10,460 Federal and state credit carryforwards 8,369 16,154 State net operating losses 1,462 1,578 Other 3,774 6,220 Total deferred tax assets $ 75,783 $ 87,039 Valuation allowance (4,407 ) (11,983 ) Deferred tax assets, net of valuation allowance $ 71,376 $ 75,056 Deferred tax liabilities: Plant and equipment $ (206,502 ) $ (186,203 ) Intangible assets (14,136 ) (4,656 ) Total deferred tax liabilities (220,638 ) (190,859 ) Net deferred tax liabilities $ (149,262 ) $ (115,803 ) Net deferred tax assets (liabilities) consist of: (In thousands) 2016 2015 Non-current deferred tax assets 1 2,910 2,315 Non-current deferred tax liabilities (152,172 ) (118,118 ) Net non-current deferred tax liabilities (149,262 ) (115,803 ) Net deferred tax liabilities $ (149,262 ) $ (115,803 ) 1 Included in "Other assets, net" on our accompanying December 31, 2016 and 2015 Consolidated Balance Sheets. During the year ended December 31, 2016, we recognized a $0.3 million increase to additional paid-in capital from excess tax benefits relating to the payout of stock-based compensation. We have net credits and losses associated with state jurisdictions totaling $5.4 million which expire between 2017 and 2033. During 2016, the valuation allowance for deferred tax assets decreased by $7.6 million , primarily due to expiration of credits upon which we had previously recognized a valuation allowance. During 2015, the valuation allowance for deferred tax assets decreased by $4.0 million . The following presents a roll forward of our unrecognized tax benefits and associated interest and penalties, $2.4 million of which is included in the Accrued taxes line item in non-current liabilities in our Consolidated Balance Sheets. We also reflect $0.6 million in current liabilities. The remaining $2.1 million consists of unrecorded receivables and certain tax attributes that are uncertain. (In thousands) Gross Unrecognized Tax Benefits, Excluding Interest and Penalties Interest and Penalties Total Gross Unrecognized Tax Benefits Balance at January 1, 2015 $ 2,406 $ 290 $ 2,696 Increase in prior year tax positions 2,479 45 2,524 Increase in current year tax positions 226 — 226 Reductions as a result of a lapse of the applicable statute of limitations (884 ) (114 ) (998 ) Balance at December 31, 2015 $ 4,227 $ 221 $ 4,448 Increase in prior year tax positions 619 36 655 Reductions as a result of a lapse of the applicable statute of limitations (234 ) (20 ) (254 ) Increase in current year tax positions 291 — 291 Balance at December 31, 2016 $ 4,903 $ 237 $ 5,140 Unrecognized tax benefits net of related deferred tax assets at December 31, 2016 , if recognized, would favorably impact our effective tax rate by decreasing our tax provision by $5.1 million . For each of the years ended December 31, 2015 and 2014, if recognized, the balance of unrecognized tax benefits would favorably impact our effective tax rate by $4.4 million and $2.7 million , respectively. We reflect accrued interest related to tax obligations, as well as penalties, in our provision for income taxes. For the years ended December 31, 2016 , 2015, and 2014, we accrued interest of approximately $0.1 million each year in our income tax provision. We recorded no penalties in the years ended December 31, 2016, 2015, and 2014. The company has certain state benefits related to filing positions taken which have not been recognized on the balance sheet. Although the uncertain tax position was not reflected in the balance sheet as a recorded liability, it is disclosed in the tabular roll forward for unrecognized tax benefits. We have operations in many states within the U.S. and are subject, at times, to tax audits in these jurisdictions. With a few exceptions, we are no longer subject to U.S. federal, state and local, or foreign income tax examinations by tax authorities for years prior to 2013. We expect that the outcome of any examination will not have a material effect on our consolidated financial statements. Although the timing of resolution of audits is not certain, we evaluate all audit issues in the aggregate, along with the expiration of applicable statutes of limitations, and estimate that it is reasonably possible the total gross unrecognized tax benefits could decrease by approximately $0.4 million within the next 12 months. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities (In thousands) December 31, 2016 December 31, 2015 Trade accounts payable $ 128,106 $ 128,045 Accrued wages, salaries and employee benefits 49,871 43,997 Accrued interest 12,149 11,981 Accrued discounts and allowances 10,291 8,954 Accrued taxes other than income taxes payable 6,946 5,112 Accrued utilities 6,712 7,536 Other 9,624 14,743 $ 223,699 $ 220,368 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt $300 MILLION SENIOR NOTES DUE 2025 On July 29, 2014 we issued $300 million aggregate principal amount of senior notes, which we refer to as the 2014 Notes. The 2014 Notes mature on February 1, 2025 , have an interest rate of 5.375% and were issued at their face value. The issuance of these notes generated net proceeds of approximately $298 million after deducting offering expenses. We redeemed our entire $375 million aggregate principal amount of senior notes issued on October 22, 2010, which we refer to as the 2010 Notes, using the net proceeds from the 2014 Notes along with company funds and a $37 million draw from our senior secured revolving credit facility during the third quarter of 2014. The 2010 Notes had a maturity date of November 1, 2018 , and an interest rate of 7.125% . On August 28, 2014 , we redeemed all of the 2010 Notes at a redemption price equal to 100% of the principal amount of $375 million and a “make whole” premium of $17.6 million plus accrued and unpaid interest of $8.7 million , for an aggregate amount of $401.3 million . The make whole premium and a portion of the unpaid interest, as well as a $4.6 million non-cash charge relating to the unamortized deferred issuance costs associated with the 2010 Notes, were recorded as components of "Debt retirement costs" and included in our Consolidated Statement of Operations. The 2014 Notes are guaranteed by all of our direct and indirect domestic subsidiaries. The 2014 Notes will also be guaranteed by each of our future direct and indirect domestic subsidiaries that do not constitute an immaterial subsidiary under the indenture governing the 2014 Notes. The 2014 Notes are equal in right of payment with all other existing and future unsecured senior indebtedness and are senior in right of payment to any future subordinated indebtedness. The 2014 Notes are effectively subordinated to all of our existing and future secured indebtedness, including borrowings under our secured revolving credit facilities, which are secured by certain of our accounts receivable, inventory and cash. The terms of the 2014 Notes limit our ability and the ability of any restricted subsidiaries to incur certain liens, engage in sale and leaseback transactions and consolidate, merge with, or convey, transfer or lease substantially all of our or their assets to another person. We may, on any one or more occasions, redeem all or a part of the 2014 Notes, upon not less than 30 days nor more than 60 days ' notice, at a redemption price equal to 100% of the principal amount of the 2014 Notes redeemed, plus the applicable premium as of, and accrued and unpaid interest, if any, to the date of redemption. Unless we default in the payment of the redemption price, interest will cease to accrue on the 2014 Notes or portions thereof called for redemption on the applicable redemption date. In addition, we may be required to make an offer to purchase the 2014 Notes upon the sale of certain assets and upon a change of control. $275 MILLION SENIOR NOTES DUE 2023 On February 22, 2013, we exercised the option to redeem our 10.625% senior Notes due in 2016 at a redemption price equal to approximately $166 million . Proceeds to fund the redemption of these Notes were made available through the sale of $275 million aggregate principal amount of senior notes on January 23, 2013 , which we refer to as the 2013 Notes. The 2013 Notes mature on February 1, 2023, have an interest rate of 4.5% and were issued at their face value. The issuance of these notes generated net proceeds of approximately $271 million after deducting offering expenses. The 2013 Notes are guaranteed by all of our direct and indirect domestic subsidiaries. The 2013 Notes will also be guaranteed by each of our future direct and indirect domestic subsidiaries that we do not designate as an unrestricted subsidiary under the indenture governing the 2013 Notes. The 2013 Notes are equal in right of payment with all other existing and future unsecured senior indebtedness and are senior in right of payment to any future subordinated indebtedness. The 2013 Notes are effectively subordinated to all of our existing and future secured indebtedness, including borrowings under our secured revolving credit facilities, which are secured by certain of our accounts receivable, inventory and cash. The terms of the 2013 Notes limit our ability and the ability of any restricted subsidiaries to borrow money; pay dividends; redeem or repurchase capital stock; make investments; sell assets; create restrictions on the payment of dividends or other amounts to us from any restricted subsidiaries; enter into transactions with affiliates; enter into sale and lease back transactions; create liens; and consolidate, merge or sell all or substantially all of our assets. At any time prior to February 1, 2018, we may on any one or more occasions redeem all or a part of the 2013 Notes, upon not less than 30 nor more than 60 days' notice, at a redemption price equal to 100% of the principal amount, plus the applicable premium as of, and accrued and unpaid interest and special interest, if any, to the date of redemption. In addition, we may be required to make an offer to purchase the 2013 Notes upon the sale of certain assets and upon a change of control. REVOLVING CREDIT FACILITIES On October 31, 2016, we terminated and paid in full all outstanding amounts under our $125 million senior secured revolving credit facility and replaced that facility with two new senior secured revolving credit facilities. The new senior secured revolving credit facilities provide in the aggregate, on a combined basis, for the extension of up to $300 million in revolving loans under: (i) a $200 million credit agreement with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (the “Commercial Credit Agreement”); and (ii) a $100 million credit agreement with Northwest Farm Credit Services, PCA, as administrative agent, and the lenders party thereto (the “Farm Credit Agreement”). We refer to both of these credit agreements collectively as the “Credit Agreements.” The revolving credit facilities provided under the Credit Agreements mature on October 31, 2021. Revolving Loans borrowed under the Commercial Credit Agreement bear interest, at our option, at a LIBOR rate or at a base rate, plus an applicable margin, which for LIBOR rate loans may range from 1.25% per annum to 2.00% per annum, based on the Company’s consolidated total leverage ratio. The applicable margin for base rate loans under the Commercial Credit Agreement is 1.00% per annum less than for LIBOR rate loans. Revolving Loans borrowed under the Farm Credit Agreement are calculated in substantially the same manner as under the Commercial Credit Agreement, however, the applicable margin under the Farm Credit Agreement is 0.25% per annum higher than the Commercial Credit Agreement, and the prime rate used in the calculation of base rate loans is based upon the prime rate published by the Wall Street Journal. In addition, under the Farm Credit Agreement, we have the option to elect fixed rate periods of interest which bear interest at an applicable margin equal to the LIBOR rate. We also pay commitment fees on the unused portion of the revolving loan commitments under the Credit Agreements, which range from 0.20% per annum to 0.35% per annum. The Credit Agreements are secured by substantially all of the personal property of the Company and its domestic subsidiaries through separate liens granted under each Credit Agreement for the benefit of each secured party thereunder on an equal and ratable basis. The Company’s obligations under the Credit Agreements are guaranteed by the Company’s domestic subsidiaries. The Credit Agreements contain various loan covenants that restrict the ability of the Company and its subsidiaries to take certain actions, including, incurrence of indebtedness, creation of liens, mergers or consolidations, dispositions of assets, repurchase or redemption of capital stock, making certain investments, entering into certain transactions with affiliates or changing the nature of their business. In addition, the Credit Agreements contain financial covenants which require the Company to maintain a consolidated total leverage ratio in an amount not to exceed 4.00 to 1.00 (subject to certain exceptions with respect to acquisitions in excess of an agreed threshold amount) and a consolidated interest coverage ratio in an amount not less than 2.25 to 1.00 . Each Credit Agreement also contains customary events of default, including failure to make payments under such Credit Agreement, breach of any representation or warranty or covenant under such Credit Agreement, default under or acceleration of other indebtedness for borrowed money in excess of an agreed amount, any change in control of the Company based upon a third party acquiring more than 35% of the equity interests of the Company, bankruptcy events, invalidity of such credit agreement, the incurrence of certain liabilities, termination events or withdrawals from specified benefit plans, and unpaid or uninsured judgments in excess of an agreed amount. As of December 31, 2016, there were $135 million of borrowings outstanding under the Credit Agreements and we were in compliance with the covenants contained in the Credit Agreements. The borrowings outstanding under the Credit Agreements as of December 31, 2016, consisted of short-term base and LIBOR rate loans and are classified as current liabilities in our Consolidated Balance Sheet. |
Other Long-Term Obligations
Other Long-Term Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Other Long Term Obligations [Abstract] | |
Other Long-Term Obligations | Other Long-Term Obligations (In thousands) December 31, 2016 December 31, 2015 Long-term lease obligations, net of current portion $ 23,152 $ 24,054 Deferred compensation 7,219 10,755 Deferred proceeds 9,013 9,386 Other 2,392 2,543 $ 41,776 $ 46,738 |
Reclassification out of Accumul
Reclassification out of Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income [Text Block] | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss at the balance sheet dates is comprised of the following: (In thousands) Pension and Other Post Retirement Employee Benefit Plan Adjustments Balance at December 31, 2014 $ (70,863 ) Other comprehensive income before reclassifications 6,371 Amounts reclassified from accumulated other comprehensive loss 8,944 Other comprehensive income, net of tax 1 15,315 Balance at December 31, 2015 $ (55,548 ) Other comprehensive income before reclassifications 1,300 Amounts reclassified from accumulated other comprehensive loss 2 2,495 Other comprehensive income, net of tax 1 3,795 Balance at December 31, 2016 $ (51,753 ) 1 For the year ended December 31, 2016 , net periodic costs associated with our pension and other postretirement employee benefit, or OPEB, plans included in other comprehensive loss and reclassified from accumulated other comprehensive loss, or AOCL, included $0.6 million of net gain on plan assets, $3.9 million of actuarial loss amortization, and $1.7 million of prior service credit amortization, less total tax of $1.2 million . For the year ended December 31, 2015 , net periodic costs associated with our pension and OPEB plans included in other comprehensive income and reclassified from AOCL included $14.8 million of net gain on plan assets, $12.6 million of actuarial loss amortization, and $2.1 million of prior service credit amortization, less total tax of $10.0 million . These accumulated other comprehensive loss components are included in the computation of net periodic pension and OPEB costs in Note 14, “Savings, Pension and Other Postretirement Employee Benefit Plans.” 2 Included in "Amounts reclassified from accumulated other comprehensive loss" above for the twelve months ended December 31, 2016 is settlement expense of $3.5 million associated with the remeasurement of our salaried pension plan, which is discussed further in Note 14, “Savings, Pension and Other Postretirement Employee Benefit Plans.” The settlement expense is net of tax totaling $1.4 million . |
Savings, Pension and Other Post
Savings, Pension and Other Postretirement Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Savings, Pension and Other Postretirement Employee Benefit Plans | Savings, Pension and Other Postretirement Employee Benefit Plans Certain of our employees are eligible to participate in defined contribution savings and defined benefit postretirement plans. These include 401(k) savings plans, defined benefit pension plans including company-sponsored and multiemployer plans, and other postretirement employee benefit, or OPEB, plans, each of which is discussed below. 401(k) Savings Plans Substantially all of our employees are eligible to participate in 401(k) savings plans, which include a company match component. In both 2016 and 2015 we made 401(k) contributions on behalf of employees of $16.9 million , and in 2014 we made contributions of $17.4 million . Company-Sponsored Defined Benefit Pension Plans A majority of our salaried employees and a portion of our hourly employees are covered by company-sponsored noncontributory defined benefit pension plans. During 2016, we announced a voluntary, limited-time opportunity for former employees who are vested participants in certain of our qualified pension plans to request early payment of their entire pension plan benefit in the form of a single lump sum payment. The amount of total payments under this program totaled approximately $10.6 million for salaried employees and $4.8 million for hourly employees and were made from the applicable plan's trust assets during the third quarter of 2016. Based on the level of payments made, settlement accounting rules applied to our salaried pension plan and resulted in a remeasurement of that plan as of August 31, 2016 and the recognition of $3.5 million in settlement expense. Company-Sponsored OPEB Plans We also provide retiree health care and life insurance plans, which cover certain salaried and hourly employees. Retiree health care benefits for Medicare eligible participants over the age of 65 are provided through Health Reimbursement Accounts, or HRA's. Benefits for retirees under the age of 65 are provided under our company-sponsored health care plans, which require retiree contributions and contain other cost-sharing features. The retiree life insurance plans are primarily noncontributory. Funded Status of Company-Sponsored Plans As required by current standards governing the accounting for defined benefit pension and other postretirement benefit plans, we recognized the funded status of our company-sponsored plans on our Consolidated Balance Sheets at December 31, 2016 and 2015 . The funded status is measured as the difference between plan assets at fair value (with limited exceptions) and the benefit obligation. For a pension plan, the benefit obligation is the projected benefit obligation; for any other postretirement employee benefit plan, such as a retiree health care plan, the benefit obligation is the accumulated postretirement employee benefit obligation. We use a December 31 measurement date for our benefit plans. The changes in benefit obligation, plan assets and funded status for company-sponsored benefit plans as of December 31 are as follows: Pension Benefit Plans Other Postretirement Employee Benefit Plans (In thousands) 2016 2015 2016 2015 Benefit obligation at beginning of year $ 318,444 $ 338,001 $ 71,672 $ 104,715 Service cost 1,562 1,244 249 363 Interest cost 14,072 13,931 3,075 3,881 Plan settlements (10,629 ) — — — Actuarial losses (gains) 6,225 (15,295 ) 816 (30,701 ) Benefits paid (25,286 ) (19,437 ) (6,649 ) (6,586 ) Benefit obligation at end of year 304,388 318,444 69,163 71,672 Fair value of plan assets at beginning of year 294,076 321,055 20 20 Actual return on plan assets 27,056 (11,120 ) — — Employer contribution 421 3,578 — — Plan settlements (10,629 ) — — — Benefits paid (25,286 ) (19,437 ) — — Fair value of plan assets at end of year 285,638 294,076 20 20 Funded status at end of year $ (18,750 ) $ (24,368 ) $ (69,143 ) $ (71,652 ) The December 31, 2016 pension funded status was affected by favorable asset returns, partially offset by a decrease in the discount rate. The December 31, 2016 OPEB benefit obligation decreased slightly primarily driven by changes in the assumed health care cost trend rate and census changes, partially offset by a decrease in the discount rate. The December 31, 2015 OPEB benefit obligation was favorably impacted by changes in the assumed health care cost trend rate, as well as an increase in the discount rate. Amounts recognized in the Consolidated Balance Sheets: Pension Benefit Plans Other Postretirement Employee Benefit Plans (In thousands) 2016 2015 2016 2015 Non-current assets $ 1,740 $ 596 $ — $ — Current liabilities (397 ) (414 ) (7,424 ) (7,145 ) Non-current liabilities (20,093 ) (24,550 ) (61,719 ) (64,507 ) Net amount recognized $ (18,750 ) $ (24,368 ) $ (69,143 ) $ (71,652 ) Pre-tax amounts recognized in Accumulated Other Comprehensive Loss as of December 31 consist of: Pension Benefit Plans Other Postretirement Employee Benefit Plans (In thousands) 2016 2015 2016 2015 Net loss (gain) $ 117,640 $ 134,031 $ (20,906 ) $ (29,290 ) Prior service cost (credit) 8 30 (3,211 ) (4,923 ) Net amount recognized $ 117,648 $ 134,061 $ (24,117 ) $ (34,213 ) Information as of December 31 for certain pension plans included above with accumulated benefit obligations in excess of plan assets were as follows: (In thousands) 2016 2015 Projected benefit obligation $ 170,716 $ 181,744 Accumulated benefit obligation 170,716 181,744 Fair value of plan assets 150,226 156,780 Pre-tax components of net periodic cost and other amounts recognized in Other Comprehensive Income (Loss) for the years ended December 31 were as follows: Net Periodic Cost: Pension Benefit Plans Other Postretirement Employee Benefit Plans (In thousands) 2016 2015 2014 2016 2015 2014 Service cost $ 1,562 $ 1,244 $ 1,390 $ 249 $ 363 $ 454 Interest cost 14,072 13,931 14,825 3,075 3,881 4,565 Expected return on plan assets (19,389 ) (20,117 ) (20,196 ) (1 ) (1 ) — Amortization of prior service cost (credit) 22 73 205 (1,712 ) (2,178 ) (2,179 ) Amortization of actuarial loss (gain) 11,463 12,619 10,097 (7,566 ) — (286 ) Settlement 3,482 — — — — — Net periodic cost $ 11,212 $ 7,750 $ 6,321 $ (5,955 ) $ 2,065 $ 2,554 Other amounts recognized in Other Comprehensive Income (Loss): Pension Benefit Plans Other Postretirement Employee Benefit Plans (In thousands) 2016 2015 2014 2016 2015 2014 Net (gain) loss $ (1,445 ) $ 15,942 $ 31,587 $ 818 $ (30,700 ) $ 7,039 Prior service credit — — — — — (8,384 ) Amortization of prior service (cost) credit (22 ) (73 ) (205 ) 1,712 2,178 2,179 Amortization of actuarial (loss) gain (11,463 ) (12,619 ) (10,097 ) 7,566 — 286 Settlement (3,482 ) — — — — — Total recognized in other comprehensive (income) loss $ (16,412 ) $ 3,250 $ 21,285 $ 10,096 $ (28,522 ) $ 1,120 Total recognized in net periodic cost and other comprehensive (income) loss $ (5,200 ) $ 11,000 $ 27,606 $ 4,141 $ (26,457 ) $ 3,674 The estimated net loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic cost (benefit) over the next fiscal year are $10.1 million and less than $0.1 million , respectively. The estimated net gain and prior service credit for the OPEB plans that will be amortized from accumulated other comprehensive loss into net periodic cost (benefit) over the next fiscal year are $5.9 million and $1.5 million respectively. During 2016 , $3.0 million of net periodic pension and OPEB costs were charged to "Cost of sales," and $2.3 million were charged to "Selling, general and administrative expenses" in the accompanying Consolidated Statements of Operations, as compared to $6.8 million and $3.0 million , respectively, during 2015 . Weighted average assumptions used to determine the benefit obligation as of December 31 were: Pension Benefit Plans Other Postretirement Employee Benefit Plans 2016 2015 2014 2016 2015 2014 Discount rate 4.45 % 4.70 % 4.25 % 4.30 % 4.50 % 4.15 % Weighted average assumptions used to determine the net periodic cost for the years ended December 31 were: Pension Benefit Plans Other Postretirement Employee Benefit Plans 2016 2015 2014 2016 2015 2014 Discount rate 4.70 % 4.25 % 5.20 % 4.50 % 4.15 % 5.05 % Expected return on plan assets 6.75 7.00 7.50 — — — The discount rate used in the determination of pension benefit obligations and pension expense was determined based on a review of long-term high-grade bonds as well as management’s expectations. The discount rate used to calculate OPEB obligations was determined using the same methodology we used for our pension plans. The expected return on plan assets assumption is based upon an analysis of historical long-term returns for various investment categories, as measured by appropriate indices. These indices are weighted based upon the extent to which plan assets are invested in the particular categories in arriving at our determination of a composite expected return. The assumed health care cost trend rate used to calculate 2016 OPEB income was 7.80% in 2016 , grading to 4.30% over approximately 70 years . The health care cost trend rate used to calculate December 31, 2016 OPEB obligations was 7.10% in 2017 , grading to 4.30% over approximately 70 years , for participants whose benefits are not provided through HRAs, and 2.50% annually for participants whose benefits are provided through HRAs. This assumption has a significant effect on the amounts reported. A one percentage point change in the health care cost trend rates would have the following effects: (In thousands) 1% Increase 1% Decrease Effect on total of service and interest cost components $ 220 $ (192 ) Effect on postretirement employee benefit obligation 4,393 (3,838 ) The investments of our defined benefit pension plans are held in a Master Trust. The assets of our OPEB plans are held within an Internal Revenue Code section 401(h) account for the payment of retiree medical benefits within the Master Trust. As of December 31, 2014, the Master Trust no longer has a securities lending agreement. Current accounting rules governing fair value measurement establish a framework for measuring fair value, which provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the plans have the ability to access. Level 2 Inputs to the valuation methodology include: ▪ Quoted prices for similar assets or liabilities in active markets; ▪ Quoted prices for identical or similar assets or liabilities in inactive markets; ▪ Inputs other than quoted prices that are observable for the asset or liability; and ▪ Inputs that are derived principally from or corroborated by observable market data by correlation or other means If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. There have been no changes in the methodologies used during 2016 and 2015 . In 2014, a majority of our investments were transferred into a common and collective trust. Investments in common and collective trust funds, hedge funds and liquidating trusts that maintain investments in mortgage-backed securities are generally valued based on their respective net asset value, or NAV, (or its equivalent), as a practical expedient to estimate fair value due to the absence of a readily determinable fair value. Investments that may be fully redeemed at NAV in the near-term are disclosed in the table below as "Investments measured at net asset value" in accordance with ASU 2015-07, Fair Value Measurement (Topic 820). The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while management believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following tables set forth by level, within the fair value hierarchy, the investments at fair value for our company-sponsored pension benefit plans: December 31, 2016 (In thousands) Level 1 Investments measured at net asset value Total Cash and cash equivalents $ 2,002 $ — $ 2,002 Common and collective trust: Collective investment funds — 283,636 283,636 Total investments at fair value $ 2,002 $ 283,636 $ 285,638 December 31, 2015 (In thousands) Level 1 Investments measured at net asset value Total Cash and cash equivalents $ 2,004 $ — $ 2,004 Common and collective trusts: Collective investment funds — 292,072 292,072 Total investments at fair value $ 2,004 $ 292,072 $ 294,076 Our OPEB plan had $20,000 held in cash and cash equivalents at December 31, 2016 and 2015 which were categorized as level 1. We have formal investment policy guidelines for our company-sponsored plans. These guidelines were set by our Benefits Committee, which is comprised of members of our management and has been assigned its fiduciary authority over management of the plan assets by our Board of Directors. The Committee’s duties include periodically reviewing and modifying those investment policy guidelines as necessary and insuring that the policy is adhered to and the investment objectives are met. The investment policy includes guidelines for specific categories of equity and fixed income securities. Assets are managed by professional investment managers who are expected to achieve a reasonable rate of return over a market cycle. Long-term performance is a fundamental tenet of the policy. The general policy states that plan assets would be invested to seek the greatest return consistent with the fiduciary character of the pension funds and to allow the plans to meet the need for timely pension benefit payments. The specific investment guidelines stipulate that management is to maintain adequate liquidity for meeting expected benefit payments by reviewing, on a timely basis, contribution and benefit payment levels and appropriately revising long-term and short-term asset allocations. Management takes reasonable and prudent steps to preserve the value of pension fund assets, avoid the risk of large losses and also attempt to preserve the funded status of the plans. Major steps taken to provide this protection included: ▪ Assets are diversified among various asset classes, such as domestic equities, international equities, fixed income and cash. The long-term asset allocation ranges are as follows: Domestic equities 14%-22% International equities, including emerging markets 13%-22% Corporate bonds 50%-70% Liquid reserves 0%-5% Periodically, reviews of allocations within these ranges are made to determine what adjustments should be made based on changing economic and market conditions and specific liquidity requirements. ▪ Assets were managed by professional investment managers and could be invested in separately managed accounts or commingled funds. ▪ Assets were not invested in securities rated below BBB- by S&P or Baa3 by Moody’s. The investment guidelines also require that the individual investment managers are expected to achieve a reasonable rate of return over a market cycle. Emphasis is placed on long-term performance versus short-term market aberrations. Factors considered in determining reasonable rates of return include performance achieved by a diverse cross section of other investment managers, performance of commonly used benchmarks (e.g., Russell 3000 Index, MSCI World ex-U.S. Index, Barclays Capital Long Credit Index), actuarial assumptions for return on plan investments and specific performance guidelines given to individual investment managers. As of December 31, 2016 , nine active investment managers managed substantially all of the pension funds, each of whom had responsibility for managing a specific portion of these assets. Plan assets were diversified among the various asset classes within the allocation ranges approved by the Benefits Committee. In 2016 , we did not make any contributions to our qualified pension plans, and we do not anticipate making any cash contributions to those plans in 2017 . We also contributed $0.4 million to our non-qualified pension plan in 2016 . We do not anticipate funding our OPEB plans in 2017 except to pay benefit costs as incurred during the year by plan participants. Estimated future benefit payments are as follows for the years indicated: (In thousands) Pension Benefit Plans Other Postretirement Employee Benefit Plans 2017 $ 19,614 $ 7,444 2018 19,808 7,421 2019 20,103 6,954 2020 20,143 6,562 2021 20,131 5,435 2022-2026 100,433 20,372 Multiemployer Defined Benefit Pension Plans Hourly employees at two of our manufacturing facilities participate in multiemployer defined benefit pension plans: the PACE Industry Union-Management Pension Fund, or PIUMPF, which is managed by United Steelworkers, or USW, Benefits; and the International Association of Machinist & Aerospace Workers National Pension Fund, or IAM NPF. We make contributions to these plans, as well as make contributions to a trust fund established to provide retiree medical benefits for a portion of these employees, which is also managed by USW Benefits. The risks of participating in these multiemployer plans are different from single-employer plans in the following respects: ▪ Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. ▪ If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. In 2013, two large employers withdrew from PIUMPF and in 2015, the largest employer in PIUMPF also withdrew. Further withdrawals by contributing employers could cause a “mass withdrawal” from, or effectively a termination of, PIUMPF or alternatively we could elect to withdraw. ▪ Under applicable federal law, any employer contributing to a multiemployer pension plan that completely ceases participating in the plan while it is underfunded is subject to an assessment of such employer's allocable share of the aggregate unfunded vested benefits of the plan. In certain circumstances, an employer can also be assessed a withdrawal liability for a partial withdrawal from a multiemployer pension plan. Based on information as of December 31, 2015 provided by PIUMPF and reviewed by our actuarial consultant, we estimate the aggregate pre-tax liability that we would have incurred if we had completely withdrawn from PIUMPF in 2016 would have been in excess of $72 million . However, the exact amount of potential exposure could be higher or lower than the estimate, depending on, among other things, the nature and timing of any triggering events and the funded status of PIUMPF at that time. A withdrawal liability is recorded for accounting purposes when withdrawal is probable and the amount of the withdrawal obligation is reasonably estimable. Our participation in these plans for the annual period ended December 31, 2016 , is outlined in the table below. The “EIN" and "Plan Number” columns provide the Employee Identification Number, or EIN, and the three-digit plan number. The most recent Pension Protection Act, or PPA, zone status available in 2016 and 2015 is for a plan’s year-end as of December 31, 2016 and December 31, 2015 , respectively. The zone status is set under the provisions of the Multiemployer Pension Plan Reform Act of 2014 and is based on information we received from the plans and is certified by each plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent but more than 65 percent funded, and plans in the green zone are at least 80 percent funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a Funding Improvement Plan, or FIP, or a Rehabilitation Plan, or RP, is either pending or has been implemented as required by the PPA as a measure to correct its underfunded status. The last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. In 2013, the contribution rates for the IAM NPF plan increased to $4.00 per hour, up from $3.25 per hour in 2012. In 2016, the contribution rates for PIUMPF were increased to $2.79 per hour, up from $2.67 per hour in 2015, as part of the RP to assist the fund's financial status. In 2011, contribution rates for PIUMPF were increased as part of the RP in lieu of the legally required surcharge, paid by the employers, to assist the fund’s financial status. We were listed in PIUMPF’s Form 5500 report as providing more than five percent of the total contributions for the years 2015 and 2014. At the date of issuance of our consolidated financial statements, Form 5500 reports for these plans were not available for the 2016 plan year. Pension Fund EIN Plan Number PPA Zone Status 1 FIP/RP Status Pending/ Implemented Contributions (in thousands) Surcharge Imposed Expiration Date of Collective Bargaining Agreement 2016 2015 2016 2015 2014 IAM NPF 51-6031295 002 Green Green N/A $ 335 $ 329 $ 343 No 5/31/2018 PIUMPF 11-6166763 001 Red Red Implemented 5,679 5,631 5,665 No 8/31/2017 Total Contributions: $ 6,014 $ 5,960 $ 6,008 1 PIUMPF has been certified as in "Critical and Declining Status" for 2016 and 2015, under the provisions of the Multiemployer Pension Plan Reform Act of 2014. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings (loss) per share are based on the weighted average number of shares of common stock outstanding. Diluted earnings per share are based upon the weighted average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents be excluded from the calculation of diluted earnings per share for the periods in which net losses are reported because the effect is anti-dilutive. For the year ended December 31, 2014, our incremental shares related to restricted stock units, performance shares, and stock options excluded 566,041 shares from our earnings per share calculation due to their anti-dilutive effect as a result of our net loss during the period. The following table reconciles the number of common shares used in calculating the basic and diluted net earnings per share: 2016 2015 2014 Basic average common shares outstanding 1 17,000,599 18,762,451 20,129,557 Incremental shares due to: Restricted stock units 21,668 33,128 — Performance shares 76,525 24,717 — Stock options 7,648 — — Diluted average common shares outstanding 17,106,440 18,820,296 20,129,557 Basic net earnings (loss) per common share $ 2.91 $ 2.98 $ (0.11 ) Diluted net earnings (loss) per common share 2.90 2.97 (0.11 ) Anti-dilutive shares excluded from calculation 220,037 331,168 566,041 1 Basic average common shares outstanding include restricted stock awards that are fully vested, but are deferred for future issuance. See Note 16, "Equity-Based Compensation Plans" for further discussion. |
Equity-Based Compensation Plans
Equity-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation Plans | Equity-Based Compensation Plans The Clearwater Paper Corporation Amended and Restated 2008 Stock Incentive Plan, or Stock Plan, which has been approved by our stockholders, provides for equity-based awards in the form of restricted shares, restricted stock units, or RSUs, performance shares, stock options, or stock appreciation rights to selected employees, outside directors, and consultants of the company. The Stock Plan became effective on December 16, 2008 , and was amended and restated effective as of January 1, 2015. Under the Stock Plan, as amended and restated, we are authorized to issue up to approximately 4.1 million shares, which includes approximately 0.7 million additional shares authorized in connection with our acquisition of Cellu Tissue that are available for issuance as equity-based awards only to any employees, outside directors, or consultants who were not employed on December 26, 2010 by Clearwater Paper Corporation or any of its subsidiaries. At December 31, 2016 , approximately 1.6 million shares were available for future issuance under the Stock Plan. We recognize equity-based compensation expense for all equity-based payment awards made to employees and directors, including RSUs, performance shares and stock options, based on estimated fair values and net of estimates of future forfeitures. The expense is classified in "Selling, general and administrative expense" in our Consolidated Statements of Operations and is recognized on a straight-line basis over the requisite service periods of each award. Based on the terms of the Stock Plan, retirement-eligible employees become fully vested in outstanding awards on the later of that date they reach retirement eligibility or at the end of the first calendar year of each respective grant. We account for this feature when determining the service period over which to recognize expense for each grant of RSUs, performance shares, and stock options. Employee equity-based compensation expense was recognized as follows: (In thousands) 2016 2015 2014 Restricted stock units $ 1,381 $ 2,116 $ 1,966 Performance shares 3,311 4,408 4,964 Stock options 2,913 2,106 1,254 Total employee equity-based compensation $ 7,605 $ 8,630 $ 8,184 Related tax benefit $ 2,767 $ 3,193 $ 2,955 RESTRICTED STOCK UNITS RSUs granted under our Stock Plan are generally subject to a vesting period of one to three years, with generally the same service period. RSU awards will accrue dividend equivalents based on dividends paid, if any, during the RSU vesting period. The dividend equivalents will be converted into additional RSUs that will vest in the same manner as the underlying RSUs to which they relate. RSUs granted under our Stock Plan do not represent common stock, and therefore the holders do not have voting rights unless and until shares are issued upon settlement. A summary of the status of outstanding unvested RSU awards as of December 31, 2016 , 2015 , and 2014 , and changes during those years, is presented below: 2016 2015 2014 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested shares outstanding at January 1 46,029 $ 60.17 93,254 $ 47.95 102,658 $ 39.85 Granted 44,627 39.10 23,148 62.02 31,567 66.33 Vested (29,338 ) 55.16 (65,217 ) 43.86 (32,117 ) 38.94 Forfeited (6,858 ) 47.80 (5,156 ) 58.58 (8,854 ) 52.28 Unvested shares outstanding at December 31 54,460 47.16 46,029 60.17 93,254 47.95 Aggregate intrinsic value (in thousands) $ 3,570 $ 2,096 $ 6,393 During 2016 , 45,143 RSU shares were distributed. Of these shares, 19,196 were RSU shares that were settled and distributed in the fourth quarter of 2016 . Another 1,697 shares were RSU shares that were settled in prior years but distribution had been deferred to preserve tax deductibility for the Company in the respective years because distribution of these shares would have resulted in certain executive compensation being above the Internal Revenue Code section 162(m) threshold for those years. After adjusting for minimum tax withholdings, a net 30,093 shares were issued during 2016 . The minimum tax withholdings payment made in 2016 in connection with issued shares was $0.9 million . During 2015 , 61,592 RSU shares were settled and distributed in the fourth quarter. After adjusting for minimum tax withholdings and deferred shares, a net 39,120 shares were issued during 2015 . The minimum tax withholdings payment made in 2015 in connection with issued shares was $1.1 million . As of December 31, 2016 a total of 35,438 shares remain deferred under Internal Revenue Code section 162(m). The fair value of each RSU share award granted during 2016 was estimated on the date of grant using the grant date market price of our common stock. The total fair value of share awards that vested during 2016 was $1.6 million . As of December 31, 2016 , there was $1.4 million of total unrecognized compensation cost related to outstanding RSU awards. The cost is expected to be recognized over a weighted average period of 1.6 years. PERFORMANCE SHARES Performance share awards granted under our Stock Plan have a three -year performance period, with generally the same service period, and shares are issued after the end of the period if the employee provides the requisite service and the performance measure is met. For 2016 and prior years, the performance measure used was a comparison of the percentile ranking of our total stockholder return compared to the total stockholder return performance of a selected peer group or index. The performance measure is considered to represent a “market condition” under authoritative accounting guidance, and thus, the market condition is considered when determining the estimate of the fair value of the performance share awards. The number of shares actually issued, as a percentage of the amount subject to the performance share award, could range from 0% - 200% . Performance share awards granted under our Stock Plan do not represent common stock, and therefore the holders do not have voting rights unless and until shares are issued upon settlement. During the performance period, dividend equivalents accrue based on dividends paid, if any, and are converted into additional performance shares, which vest or are forfeited in the same manner as the underlying performance shares to which they relate. Generally, if an employee terminates prior to completing the requisite service period, all or a portion of their awards are forfeited and the previously recognized compensation cost is reversed. If an employee provides the requisite service through the end of the performance period, but the performance measure is not met, following authoritative guidance for awards with a market condition, previously recognized compensation cost is not reversed. The fair value of performance share awards is estimated using a Monte Carlo simulation model. For performance shares granted in 2016 , the following assumptions were used in our Monte Carlo model: Closing price of stock on date of grant $ 38.75 Risk free rate 0.83 % Measurement period 3 years Volatility 31 % In addition to the above assumptions, the dividend yields for all companies were assumed to be zero since dividends are included in the definition of total shareholder return. A summary of the status of outstanding performance share awards as of December 31, 2016 , 2015 , and 2014 , and changes during those years, is presented below: 2016 2015 2014 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding share awards at January 1 92,563 $ 84.18 300,864 $ 59.77 259,841 $ 50.87 Granted 93,397 39.70 47,513 62.05 54,379 105.08 Settled — — (245,525 ) 50.43 — — Forfeited (10,277 ) 54.55 (10,289 ) 73.61 (13,356 ) 71.03 Outstanding share awards at December 31 175,683 62.26 92,563 84.18 300,864 59.77 Aggregate intrinsic value (in thousands) $ 11,516 $ 4,214 $ 20,624 On December 31, 2016 , the performance period for performance shares granted in 2014 ended. Those performance shares will be settled and distributed, subject to approval of the Board of Directors' Compensation Committee, at a range of 0% - 200% of shares granted, in the first quarter of 2017. On December 31, 2015 , the three-year performance period for 107,750 performance shares granted in 2013 ended. The requisite market condition performance measure was not met, and as such no shares were paid or issued under those awards. As of December 31, 2016 , there was $3.1 million of unrecognized compensation cost related to outstanding performance share awards. The cost is expected to be recognized over a weighted average period of 1.5 years. STOCK OPTIONS Beginning in 2014, stock options were granted to certain employees under our Stock Plan. The stock options are generally subject to a vesting period of one to three years , with generally the same service period. Upon vesting, the holder is entitled to purchase a specified number of shares of Clearwater Paper common stock at a price per share equal to the closing market price of Clearwater Paper common stock on the date of grant. The options are exercisable for 10 years from the date of grant. Stock options granted under our Stock Plan do not represent common stock, and therefore the holders do not have voting rights unless and until shares have been issued to the employee. The fair value of stock option awards was determined using a Black-Scholes option-pricing model. The Black-Scholes model utilizes a range of assumptions related to dividend yield, volatility, risk-free interest rate and employee exercise behavior. Expected volatility is based on Clearwater Paper's historical stock prices. The risk-free interest rate is based on constant maturity treasury rates with maturities matching the options' expected life on the grant date. The expected life, estimated in accordance with Securities and Exchange Commission Staff Accounting Bulletin 110, is the approximate mid-point between the expected vesting time and the remaining contractual life. The weighted-average fair value of stock options granted in 2016 on the grant date was estimated at $14.42 per option based on the following assumptions: Volatility 35 % Risk-free interest rate 1.39 % Expected life-years 6.4 A summary of the status of outstanding stock option awards as of December 31, 2016 , and changes during the year, is presented below: 2016 2015 2014 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding options at January 1 277,693 $ 64.47 150,580 $ 66.84 — $ — Granted 280,191 38.86 142,542 61.93 163,137 66.85 Forfeited (30,830 ) 47.79 (15,429 ) 64.12 (12,557 ) 66.97 Outstanding options at December 31 527,054 51.83 277,693 64.47 150,580 66.84 Aggregate intrinsic value (in thousands) $ 7,232 — $ 258 During 2016 , 137,860 stock option awards vested with a weighted average exercise price of $66.85 . These options are outstanding at December 31, 2016 and become exercisable on January 1, 2017. The weighted average remaining contractual term of outstanding stock options is 8.2 years for all options and 7 years for the exercisable options. As of December 31, 2016 , there was $3.3 million of unrecognized compensation cost related to nonvested stock options. The cost is expected to be recognized over a weighted average period of 1.5 years. DIRECTOR AWARDS In connection with joining our Board of Directors, in January 2009 our outside directors at that time were granted an award of phantom common stock units, which were credited to an account established on behalf of each director and vested ratably over a three -year period with the final vesting in January 2012. Subsequent equity awards have been granted annually in May, or on a pro-rata basis as applicable, to our outside directors in the form of phantom common stock units as part of their annual compensation, which are credited to their accounts. These awards vest ratably over a one -year period. These accounts will be credited with additional phantom common stock units equal in value to dividends paid, if any, on the same amount of common stock. Upon separation from service as a director, the vested portion of the phantom common stock units held by the director in a stock unit account are converted to cash based upon the then market price of the common stock and paid to the director. Due to its cash-settlement feature, we account for these awards as liabilities rather than equity and recognize the equity-based compensation expense or income at the end of each reporting period based on the portion of the award that is vested and the increase or decrease in the value of our common stock. We recorded director equity-based compensation expense totaling $4.8 million for the year ended December 31, 2016 , compensation benefit totaling $4.1 million for the year ended December 31, 2015 , and compensation expense totaling $4.6 million for the year ended December 31, 2014 . At December 31, 2016 , the liability amounts associated with director equity-based compensation included in "Other long-term obligations" and "Accounts payable and accrued liabilities" on our Consolidated Balance Sheet were $7.9 million and $3.2 million , respectively. At December 31, 2015 , the liability amounts associated with director equity-based compensation were all included in "Other long-term obligations" on our Consolidated Balance Sheet and totaled $9.4 million . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The estimated fair values of our financial instruments as of our balance sheet dates are presented below: December 31, 2016 December 31, 2015 (In thousands) Carrying Amount Fair Value Carrying Amount Fair Value Cash, short-term investments, and restricted cash (Level 1) $ 23,001 $ 23,001 $ 8,130 $ 8,130 Borrowings under revolving credit facilities (Level 1) 135,000 135,000 — — Long-term debt (Level 2) 575,000 567,875 575,000 558,250 Accounting guidance establishes a framework for measuring the fair value of financial instruments, providing a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities, or “Level 1” measurements, followed by quoted prices of similar assets or observable market data, or “Level 2” measurements, and the lowest priority to unobservable inputs, or “Level 3” measurements. The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used should seek to maximize the use of observable inputs and minimize the use of unobservable inputs. Cash, short-term investments, restricted cash and long-term debt are the only items measured at fair value on a recurring basis. The carrying amount of our short-term investments approximates fair value due to their very short maturity periods, and such investments are at or near market yields. We do not have any financial assets measured at fair value on a nonrecurring basis. Nonfinancial assets measured at fair value on a nonrecurring basis include items such as long-lived assets held and used that are measured at fair value resulting from impairment, if deemed necessary. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Additional information [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies LEASE COMMITMENTS Our operating leases cover manufacturing, office, warehouse and distribution space, equipment and vehicles, which expire at various dates through 2028 . In addition, we have operating leases for the five Manchester Industries paperboard sheeting facilities. We have capital leases related to our North Carolina converting and manufacturing facilities as well as various office equipment. As leases expire, it can be expected that, in the normal course of business, certain leases will be renewed or replaced. As of December 31, 2016 , under current operating and capital lease contracts, we had future minimum lease payments as follows: (In thousands) Capital Operating 2017 $ 2,601 $ 14,400 2018 2,649 11,318 2019 2,697 6,719 2020 2,661 4,365 2021 2,710 3,260 Thereafter 26,822 4,354 Total future minimum lease payments $ 40,140 $ 44,416 Less interest portion (17,327 ) Present value of future minimum lease payments $ 22,813 Rent expense for operating leases was $14.3 million , $14.8 million and $18.6 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We are organized in two reportable operating segments: Consumer Products and Pulp and Paperboard. The following is a tabular presentation of business segment information for each of the past three years. Corporate information is included to reconcile segment data to the financial statements. (In thousands) 2016 2015 2014 Segment net sales: Consumer Products $ 988,380 $ 959,894 $ 1,183,385 Pulp and Paperboard 746,383 792,507 783,754 Total segment net sales $ 1,734,763 $ 1,752,401 $ 1,967,139 Operating income: Consumer Products $ 66,161 $ 54,437 $ 34,131 Gain (loss) on divested assets 1 1,755 1,267 (40,159 ) Pulp and Paperboard 112,732 120,861 144,171 180,648 176,565 138,143 Corporate 2 (69,331 ) (52,895 ) (58,332 ) Income from operations $ 111,317 $ 123,670 $ 79,811 Depreciation and amortization: Consumer Products 3 $ 59,375 $ 54,595 $ 61,504 Pulp and Paperboard 26,741 27,204 25,452 Corporate 4,974 2,933 3,189 Total depreciation and amortization $ 91,090 $ 84,732 $ 90,145 Assets: Consumer Products $ 1,031,563 $ 1,046,170 $ 1,037,912 Pulp and Paperboard 586,687 423,694 413,143 1,618,250 1,469,864 1,451,055 Corporate 66,092 57,505 128,094 Total assets $ 1,684,342 $ 1,527,369 $ 1,579,149 Capital expenditures: Consumer Products $ 47,079 $ 55,594 $ 43,562 Pulp and Paperboard 104,113 67,929 45,146 151,192 123,523 88,708 Corporate 4,485 10,581 10,892 Total capital expenditures $ 155,677 $ 134,104 $ 99,600 1 These costs relate to the sale of our Consumer Products segment’s specialty business and mills. For additional discussion, see Note 5, “Asset Divestiture”. 2 Corporate expenses for 2016 include $2.7 million of expenses associated with the acquisition of Manchester Industries. Operating results subsequent to the acquisition of Manchester Industries are included in the Pulp and Paperboard segment. Corporate expenses for 2016 also include a $3.5 million settlement accounting charge associated with a pension lump sum buyout for term-vested participants. 3 Consumer Products depreciation and amortization expense for 2016 includes $1.3 million of accelerated depreciation associated with the announced March 31, 2017 Oklahoma City facility closure. Our manufacturing facilities and all other assets are located within the continental United States. We sell and ship our products to customers in many foreign countries. Geographic information regarding our net sales is summarized as follows: (In thousands) 2016 2015 2014 United States $ 1,663,231 $ 1,653,208 $ 1,840,726 Japan 44,970 59,463 63,831 Korea 5,260 10,016 11,105 Canada 6,831 6,896 25,411 Australia 4,790 5,578 7,219 Other foreign countries 9,681 17,240 18,847 Total net sales $ 1,734,763 $ 1,752,401 $ 1,967,139 |
Financial Results by Quarter
Financial Results by Quarter | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Financial Results by Quarter | Financial Results by Quarter (Unaudited) Three Months Ended (In thousands— except per-share amounts) March 31, June 30, September 30, December 31, 2016 2015 2016 2015 2016 2015 2016 2015 Net sales $ 437,204 $ 434,026 $ 436,671 $ 444,558 $ 435,320 $ 442,222 $ 425,568 $ 431,595 Costs and expenses: Cost of sales (368,647 ) (389,832 ) (361,851 ) (384,347 ) (396,605 ) (373,892 ) (368,524 ) (364,778 ) Selling, general and administrative expenses (30,795 ) (29,088 ) (34,655 ) (29,469 ) (31,190 ) (28,284 ) (32,934 ) (30,308 ) Gain (loss) on divested assets — 131 — 1,331 1,755 — — (195 ) Total operating costs and expenses (399,442 ) (418,789 ) (396,506 ) (412,485 ) (426,040 ) (402,176 ) (401,458 ) (395,281 ) Income from operations 37,762 15,237 40,165 32,073 9,280 40,046 24,110 36,314 Net earnings $ 18,446 $ 5,757 $ 20,864 $ 15,597 $ 901 $ 23,064 $ 9,343 $ 11,565 Net earnings per common share Basic $ 1.05 $ 0.30 $ 1.22 $ 0.82 $ 0.05 $ 1.22 $ 0.56 $ 0.65 Diluted 1.05 0.30 1.21 0.81 0.05 1.21 0.56 0.65 |
Supplemental Guarantor Financia
Supplemental Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Supplemental Guarantor Financial Information | Supplemental Guarantor Financial Information All of our directly and indirectly owned, domestic subsidiaries guarantee the 2013 Notes on a joint and several basis. There are no significant restrictions on the ability of the guarantor subsidiaries to make distributions to Clearwater Paper, the issuer of the 2013 Notes. The following tables present the results of operations, financial position and cash flows of Clearwater Paper and its subsidiaries, the guarantor and non-guarantor entities, and the eliminations necessary to arrive at the information for Clearwater Paper on a consolidated basis. We acquired Manchester Industries on December 16, 2016 and their results of operations, financial position and cash flows are included below as a guarantor entity. Clearwater Paper Corporation Consolidating Statement of Operations and Comprehensive Income (Loss) Twelve Months Ended December 31, 2016 Guarantor (In thousands) Issuer Subsidiaries Eliminations Total Net sales $ 1,685,327 $ 287,952 $ (238,516 ) $ 1,734,763 Cost and expenses: Cost of sales (1,468,691 ) (263,577 ) 236,641 (1,495,627 ) Selling, general and administrative expenses (113,766 ) (15,808 ) — (129,574 ) Gain on divested assets, net — 1,755 — 1,755 Total operating costs and expenses (1,582,457 ) (277,630 ) 236,641 (1,623,446 ) Income from operations 102,870 10,322 (1,875 ) 111,317 Interest expense, net (30,111 ) (189 ) — (30,300 ) Debt retirement costs (351 ) — — (351 ) Earnings before income taxes 72,408 10,133 (1,875 ) 80,666 Income tax provision (26,966 ) (4,802 ) 656 (31,112 ) Equity in earnings of subsidiary 5,331 — (5,331 ) — Net earnings $ 50,773 $ 5,331 $ (6,550 ) $ 49,554 Other comprehensive income, net of tax 3,795 — — 3,795 Comprehensive income $ 54,568 $ 5,331 $ (6,550 ) $ 53,349 Clearwater Paper Corporation Consolidating Statement of Operations and Comprehensive Income (Loss) Twelve Months Ended December 31, 2015 Guarantor (In thousands) Issuer Subsidiaries Eliminations Total Net sales $ 1,683,890 $ 291,270 $ (222,759 ) $ 1,752,401 Cost and expenses: Cost of sales (1,458,121 ) (277,487 ) 222,759 (1,512,849 ) Selling, general and administrative expenses (108,414 ) (8,735 ) — (117,149 ) Gain on divested assets — 1,267 — 1,267 Total operating costs and expenses (1,566,535 ) (284,955 ) 222,759 (1,628,731 ) Income from operations 117,355 6,315 — 123,670 Interest expense, net (31,067 ) (115 ) — (31,182 ) Earnings before income taxes 86,288 6,200 — 92,488 Income tax provision (32,371 ) (3,724 ) (410 ) (36,505 ) Equity in loss of subsidiary 2,476 — (2,476 ) — Net earnings $ 56,393 $ 2,476 $ (2,886 ) $ 55,983 Other comprehensive income, net of tax 15,315 — — 15,315 Comprehensive income $ 71,708 $ 2,476 $ (2,886 ) $ 71,298 Clearwater Paper Corporation Consolidating Statement of Operations and Comprehensive Income (Loss) Twelve Months Ended December 31, 2014 Guarantor Non-Guarantor (In thousands) Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ 1,573,912 $ 531,520 $ 43,929 $ (182,222 ) $ 1,967,139 Cost and expenses: Cost of sales (1,321,143 ) (526,192 ) (43,727 ) 182,222 (1,708,840 ) Selling, general and administrative expenses (107,141 ) (22,747 ) (214 ) — (130,102 ) Loss on divested assets — (40,159 ) — — (40,159 ) Impairment of assets — (8,227 ) — — (8,227 ) Total operating costs and expenses (1,428,284 ) (597,325 ) (43,941 ) 182,222 (1,887,328 ) Income (loss) from operations 145,628 (65,805 ) (12 ) — 79,811 Interest expense, net (39,091 ) (59 ) — — (39,150 ) Debt retirement costs (24,420 ) — — — (24,420 ) Earnings (loss) before income taxes 82,117 (65,864 ) (12 ) — 16,241 Income tax (provision) benefit (47,694 ) 7,439 (516 ) 22,215 (18,556 ) Equity in loss of subsidiary (58,953 ) (528 ) — 59,481 — Net loss $ (24,530 ) $ (58,953 ) $ (528 ) $ 81,696 $ (2,315 ) Other comprehensive loss, net of tax (12,770 ) — — — (12,770 ) Comprehensive loss $ (37,300 ) $ (58,953 ) $ (528 ) $ 81,696 $ (15,085 ) Clearwater Paper Corporation Consolidating Balance Sheet At December 31, 2016 (In thousands) Issuer Guarantor Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 19,586 $ 3,415 $ — $ 23,001 Receivables, net 130,098 27,252 (10,276 ) 147,074 Taxes receivable 15,143 35 (5,469 ) 9,709 Inventories 208,472 51,432 (1,875 ) 258,029 Other current assets 8,161 521 — 8,682 Total current assets 381,460 82,655 (17,620 ) 446,495 Property, plant and equipment, net 802,064 143,264 — 945,328 Goodwill 244,283 — — 244,283 Intangible assets, net 3,135 37,350 — 40,485 Intercompany receivable (payable) 30,034 (31,909 ) 1,875 — Investment in subsidiary 145,089 — (145,089 ) — Other assets, net 8,433 2,853 (3,535 ) 7,751 TOTAL ASSETS $ 1,614,498 $ 234,213 $ (164,369 ) $ 1,684,342 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Borrowings under revolving credit facilities $ 135,000 $ — $ — $ 135,000 Accounts payable and accrued liabilities $ 202,187 $ 37,257 $ (15,745 ) $ 223,699 Current liability for pensions and other postretirement employee benefits 7,821 — — 7,821 Total current liabilities 345,008 37,257 (15,745 ) 366,520 Long-term debt 569,755 — — 569,755 Liability for pensions and other postretirement employee benefits 81,812 — — 81,812 Other long-term obligations 41,424 352 — 41,776 Accrued taxes 1,614 820 — 2,434 Deferred tax liabilities 105,012 50,695 (3,535 ) 152,172 TOTAL LIABILITES 1,144,625 89,124 (19,280 ) 1,214,469 Stockholders' equity excluding accumulated other comprehensive loss 521,626 145,089 (145,089 ) 521,626 Accumulated other comprehensive loss, net of tax (51,753 ) — — (51,753 ) TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,614,498 $ 234,213 $ (164,369 ) $ 1,684,342 Clearwater Paper Corporation Consolidating Balance Sheet At December 31, 2015 (In thousands) Issuer Guarantor Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 5,610 $ — $ — $ 5,610 Restricted cash 2,270 — — 2,270 Short-term investments 250 — — 250 Receivables, net 123,131 15,921 — 139,052 Taxes receivable 16,221 (1,370 ) — 14,851 Inventories 219,130 36,443 — 255,573 Other current assets 8,838 493 — 9,331 Total current assets 375,450 51,487 — 426,937 Property, plant and equipment, net 719,436 147,102 — 866,538 Goodwill 209,087 — — 209,087 Intangible assets, net 4,180 15,810 — 19,990 Intercompany receivable (payable) 14,013 (15,151 ) 1,138 — Investment in subsidiary 139,758 — (139,758 ) — Other assets, net 4,738 79 — 4,817 TOTAL ASSETS $ 1,466,662 $ 199,327 $ (138,620 ) $ 1,527,369 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 196,891 $ 23,477 $ — $ 220,368 Current liability for pensions and other postretirement employee benefits 7,559 — — 7,559 Total current liabilities 204,450 23,477 — 227,927 Long-term debt 568,987 — — 568,987 Liability for pensions and other postretirement employee benefits 89,057 — — 89,057 Other long-term obligations 46,182 556 — 46,738 Accrued taxes 874 802 — 1,676 Deferred tax liabilities 82,246 34,734 1,138 118,118 TOTAL LIABILITIES 991,796 59,569 1,138 1,052,503 Accumulated other comprehensive loss, net of tax (55,548 ) — — (55,548 ) Stockholders’ equity excluding accumulated other comprehensive loss 530,414 139,758 (139,758 ) 530,414 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,466,662 $ 199,327 $ (138,620 ) $ 1,527,369 Clearwater Paper Corporation Consolidating Statement of Cash Flows Twelve Months Ended December 31, 2016 (In thousands) Issuer Guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $ 50,773 $ 5,331 $ (6,550 ) $ 49,554 Adjustments to reconcile net earnings to net cash flows from operating activities: Depreciation and amortization 68,496 22,594 — 91,090 Equity-based compensation expense 12,385 — — 12,385 Deferred tax provision 18,860 605 (1,138 ) 18,327 Employee benefit plans (1,979 ) — — (1,979 ) Deferred issuance costs on debt 1,242 — — 1,242 Disposal of plant and equipment, net 781 600 — 1,381 Non-cash adjustments to unrecognized taxes 740 18 — 758 Changes in working capital, net of acquisition (642 ) 774 (3,594 ) (3,462 ) Change in taxes receivable, net 1,078 (1,405 ) 5,469 5,142 Excess tax benefits from equity-based payment arrangements (312 ) — — (312 ) Other, net (1,592 ) (921 ) 1,138 (1,375 ) Net cash flows from operating activities 149,830 27,596 (4,675 ) 172,751 CASH FLOWS FROM INVESTING ACTIVITIES Change in short-term investments, net 250 — — 250 Additions to plant and equipment (145,579 ) (9,770 ) — (155,349 ) Acquisition of Manchester Industries, net of cash acquired (67,443 ) — — (67,443 ) Proceeds from the sale of assets — 36 — 36 Net cash flows from investing activities (212,772 ) (9,734 ) — (222,506 ) CASH FLOWS FROM FINANCING ACTIVITIES Purchase of treasury stock (65,327 ) — — (65,327 ) Borrowings on revolving credit facilities 1,273,959 — — 1,273,959 Repayments of revolving credit facilities' borrowings (1,138,959 ) — — (1,138,959 ) Payments for debt issuance costs (1,906 ) — — (1,906 ) Investment from (to) parent 9,772 (14,447 ) 4,675 — Payment of tax withholdings on equity- based payment arrangements (933 ) — — (933 ) Excess tax benefits from equity-based payment arrangements 312 — — 312 Net cash flows from financing activities 76,918 (14,447 ) 4,675 67,146 Increase in cash and cash equivalents 13,976 3,415 — 17,391 Cash and cash equivalents at beginning of period 5,610 — — 5,610 Cash and cash equivalents at end of period $ 19,586 $ 3,415 $ — $ 23,001 Clearwater Paper Corporation Consolidating Statement of Cash Flows Twelve Months Ended December 31, 2015 (In thousands) Issuer Guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $ 56,393 $ 2,476 $ (2,886 ) $ 55,983 Adjustments to reconcile net earnings to net cash flows from operating activities: Depreciation and amortization 65,078 19,654 — 84,732 Equity-based compensation expense 4,557 — — 4,557 Deferred tax provision 9,944 3,178 2,959 16,081 Employee benefit plans 3,011 — — 3,011 Deferred issuance costs on debt 928 — — 928 Disposal of plant and equipment, net 1,587 (95 ) — 1,492 Non-cash adjustments to unrecognized taxes (1,028 ) 8 — (1,020 ) Changes in working capital, net 11,809 3,032 — 14,841 Change in taxes receivable, net (9,461 ) (14,388 ) 10,253 (13,596 ) Excess tax benefits from equity-based payment arrangements (1,433 ) — — (1,433 ) Funding of qualified pension plans (3,179 ) — — (3,179 ) Other, net (1,591 ) (1,131 ) — (2,722 ) Net cash flows from operating activities 136,615 12,734 10,326 159,675 CASH FLOWS FROM INVESTING ACTIVITIES Change in short-term investments, net 49,750 — — 49,750 Additions to plant and equipment (121,720 ) (7,182 ) — (128,902 ) Proceeds from the sale of assets — 604 — 604 Net cash flows from investing activities (71,970 ) (6,578 ) — (78,548 ) CASH FLOWS FROM FINANCING ACTIVITIES Purchase of treasury stock (99,990 ) — — (99,990 ) Investment from (to) parent 16,482 (6,156 ) (10,326 ) — Payment of tax withholdings on equity-based payment arrangements (4,152 ) — — (4,152 ) Excess tax benefits from equity-based payment arrangements 1,433 — — 1,433 Other, net (139 ) — — (139 ) Net cash flows from financing activities (86,366 ) (6,156 ) (10,326 ) (102,848 ) Decrease in cash and cash equivalents (21,721 ) — — (21,721 ) Cash and cash equivalents at beginning of period 27,331 — — 27,331 Cash and cash equivalents at end of period $ 5,610 $ — $ — $ 5,610 Clearwater Paper Corporation Consolidating Statement of Cash Flows Twelve Months Ended December 31, 2014 (In thousands) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (24,530 ) $ (58,953 ) $ (528 ) $ 81,696 $ (2,315 ) Adjustments to reconcile net loss to net cash flows from operating activities: Depreciation and amortization 59,373 28,468 2,304 — 90,145 Equity-based compensation expense 12,790 — — — 12,790 impairment of assets — 8,227 — — 8,227 Deferred tax provision (benefit) 50,943 (21,921 ) (2,538 ) (12,671 ) 13,813 Employee benefit plans 2,115 — — — 2,115 Deferred issuance costs on debt 6,141 — — — 6,141 Loss on divestiture of assets — 29,059 — — 29,059 Disposal of plant and equipment, net 471 488 — — 959 Non-cash adjustments to unrecognized taxes 472 173 (317 ) — 328 Changes in working capital, net (8,162 ) (4,711 ) 625 — (12,248 ) Change in taxes receivable, net (3,051 ) 79 121 12,099 9,248 Excess tax benefits from equity-based payment arrangements (864 ) — — — (864 ) Funding of qualified pension plans (16,955 ) — — — (16,955 ) Other, net (636 ) (707 ) — — (1,343 ) Net cash flows from operating activities 78,107 (19,798 ) (333 ) 81,124 139,100 CASH FLOWS FROM INVESTING ACTIVITIES Change in short-term investments, net 20,000 — — — 20,000 Additions to plant and equipment (73,223 ) (19,450 ) (355 ) — (93,028 ) Net Proceeds from divested assets 107,740 — — — 107,740 Proceeds from the sale of assets 38 937 — — 975 Net cash flows from investing activities 54,555 (18,513 ) (355 ) — 35,687 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term debt 300,000 — — — 300,000 Repayment of long-term debt (375,000 ) — — — (375,000 ) Purchase of treasury stock (100,000 ) — — — (100,000 ) Investment from (to) parent 47,527 38,311 (4,714 ) (81,124 ) — Payments for debt issuance costs (3,002 ) — — — (3,002 ) Payment of tax withholdings on equity-based payment arrangements (1,523 ) — — — (1,523 ) Excess tax benefits from equity-based payment arrangements 864 — — — 864 Other, net 7,530 — — — 7,530 Net cash flows from financing activities (123,604 ) 38,311 (4,714 ) (81,124 ) (171,131 ) Increase (decrease) in cash and cash equivalents 9,058 — (5,402 ) — 3,656 Cash and cash equivalents at beginning of period 18,273 — 5,402 — 23,675 Cash and cash equivalents at end of period $ 27,331 $ — $ — $ — $ 27,331 |
Business Interruption and Insur
Business Interruption and Insurance Recovery (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Business Interruption and Insurance Recovery [Abstract] | |
Business Insurance Recoveries [Text Block] | NOTE 19 Business Interruption and Insurance Recovery On July 6, 2016, our Lewiston, Idaho facility experienced an electrical incident that caused a complete plant-wide power outage. Power was restored in approximately 18 hours. However, damage to certain equipment limited pulping operations throughout the remainder of July. In addition to repair costs, we incurred other various costs, including incremental pulp replacement costs, incremental natural gas costs, lost electrical generation and increased labor, chemical and wood costs. We maintain property and business interruption insurance and filed a claim with our insurance provider to recover the cost of repairs to the equipment and estimated lost profits due to the disruption of the operations during the repair period. All associated costs and insurance recoveries were recorded in "Cost of sales" in our Consolidated Statement of Operations and included in the "Net earnings" line in our Consolidated Statement of Cash Flows. The insurance claim for this event totaled $8.5 million . The claim was settled in its entirety in September 2016, and, net of the policy deductible and certain exclusions totaling $3.5 million , we received $5.0 million from our property insurance provider as final payment of the claim. On November 14, 2016, we experienced a fire at our Las Vegas, Nevada facility. There was minimal disruption to the converting operations at that facility, however certain paper machine equipment was damaged and we incurred approximately 17 days of paper machine downtime while repairs were being made. We were unable to produce through-air-dried parent rolls during this period at the Las Vegas facility. We were able to replace a portion of this lost production capacity by shipping parent rolls from our Shelby, North Carolina facility, in addition to making open market purchases. We maintain property and business interruption insurance and filed a claim with our insurance provider to recover the cost of repairs to the equipment and estimated lost profits due to the disruption of the operations during the repair period. All associated costs and insurance recoveries through December 31, 2016 were recorded in "Cost of sales" in our Consolidated Statement of Operations and included in the "Net earnings" line in our Consolidated Statement of Cash Flows. The insurance claim for this event net of policy deductible is expected to be approximately $3.0 million , of which $1.5 million was recorded as a receivable in 2016. We expect resolution with regard to the balance of this claim in the first quarter of 2017. |
Business Combinations (Notes)
Business Combinations (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Business Combinations On December 16, 2016, we acquired Manchester Industries for total consideration of $71.7 million . The purchase price included a $67.5 million cash payment, after adjusting for a working capital closing adjustment of $0.7 million , as well as $4.2 million in net liabilities effectively settled. The acquisition was financed with existing cash and proceeds from our revolving credit facilities. The acquisition resulted in the recognition of $35.2 million of goodwill, which is not deductible for tax purposes. Manchester's operations are included in our Pulp and Paperboard segment. Goodwill recorded in the acquisition of Manchester Industries is based on the preliminary purchase price allocation. We are continuing to collect information to determine the fair values included in the purchase price which could affect goodwill. We allocated the purchase price to the net assets of Manchester Industries acquired in the acquisition based on our estimates of the fair value of assets and liabilities as follows: (in thousands) Amount Current assets $ 22,046 Property, plant and equipment 6,967 Goodwill 35,196 Intangibles 25,472 Assets acquired 89,681 Current liabilities 5,403 Deferred tax liabilities 12,613 Liabilities assumed 18,016 Net assets acquired $ 71,665 We estimated the fair value of the assets and liabilities of Manchester Industries utilizing information available at the time of acquisition. We considered outside third-party appraisals of the tangible and intangible assets to determine the applicable fair market values. All costs associated with advisory, legal and other due diligence-related services performed in connection with acquisition-related activity are expensed as incurred. These costs were $2.7 million for 2016 and were recorded as selling, general and administrative expenses on our Consolidated Statement of Operations. No supplemental pro-forma information is presented for the acquisition due to the immaterial pro-forma effect of the acquisition on our results of operations for all years presented. |
Summary of Significant Accout32
Summary of Significant Accouting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ESTIMATES | SIGNIFICANT ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the U.S., which we refer to in this report as GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Significant areas requiring the use of estimates and measurement of uncertainty include determination of valuation for deferred tax assets, uncertain income tax positions, assessment of impairment of long-lived assets and goodwill, assessment of environmental matters, allocation of purchase price and fair value estimates for business combinations, equity-based compensation and pension and postretirement obligation assumptions. Actual results could differ from those estimates and assumptions. |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH AND CASH EQUIVALENTS We consider all highly liquid instruments with maturities of three months or less to be cash equivalents. As of December 31, 2016 and 2015, we had cash and cash equivalents of $23.0 million and $5.6 million , respectively, on our Consolidated Balance Sheets. |
SHORT-TERM INVESTMENTS AND RESTRICTED CASH | SHORT-TERM INVESTMENTS AND RESTRICTED CASH Our short-term investments are invested primarily in demand deposits, which have very short maturity periods, and therefore earn an interest rate commensurate with low-risk instruments. We do not attempt to hedge our exposure to interest rate risk for our short-term investments. Our restricted cash in which the underlying instrument has a term of greater than twelve months from the balance sheet date is classified as non-current and is included in “Other assets, net” on our Consolidated Balance Sheet. In the third quarter of 2016, an indemnity escrow account established in connection with the December 2014 sale of our former specialty business and mills was settled, resulting in the release of $2.3 million from a restricted cash escrow account, and as of December 31, 2016 , we had no restricted cash classified as current on our Consolidated Balance Sheet. As of December 31, 2015 , we had $2.3 million of restricted cash classified as current on our Consolidated Balance Sheet. |
TRADE ACCOUNTS RECEIVABLE | TRADE ACCOUNTS RECEIVABLE Trade accounts receivable are stated at the amount we expect to collect. Trade accounts receivable do not bear interest. The allowance for doubtful accounts is our best estimate of the losses we expect will result from the inability of our customers to make required payments. We generally determine the allowance based on a combination of actual historical write-off experience and an analysis of specific customer accounts. As of December 31, 2016 and 2015 , we had allowances for doubtful accounts of $1.5 million and $1.4 million , respectively. Bad debt expense, net, charged to selling, general and administrative expenses during 2016 , 2015 and 2014 was $0.7 million , $0.2 million , and $0.1 million , respectively. All other activity impacting the allowance for doubtful accounts was immaterial for all periods. |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at cost, including assets acquired under capital lease obligations and any interest costs capitalized, less accumulated depreciation. Depreciation of buildings, equipment and other depreciable assets is determined using the straight-line method. Estimated useful lives generally range from 10 to 40 years for land improvements; 10 to 40 years for buildings and improvements; 5 to 25 years for machinery and equipment; and 2 to 15 years for office and other equipment. Assets we acquire through business combinations have estimated lives that are typically shorter than the assets we construct or buy new. We review the carrying value of our property, plant and equipment for impairment when events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable. An impairment of property, plant and equipment exists when the carrying value is not considered to be recoverable through future undiscounted cash flows from operations and the carrying value of the assets exceeds the estimated fair value. During the first quarter of 2014, we permanently closed our Consumer Products segment's Long Island converting and distribution facility, the Long Island Closure. As a result of this closure, we impaired certain plant and equipment. In addition, as a result of the December 30, 2014, sale of our specialty business and mills, the Specialty Business Sale, certain property, plant and equipment associated with the divested mills were written off and included in our loss on divested assets. See Note 5, "Asset Divestiture" and Note 7, "Property, Plant and Equipment" for further discussion. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | INTANGIBLE ASSETS We use estimates in determining and assigning the fair value of the useful lives of intangible assets, the amount and timing of related future cash flows and fair values of the related operations. Our intangible assets have definite lives and are amortized over their estimated useful lives. We assess our intangible assets for impairment annually and when events or changes in circumstances indicate that the carrying amount may not be recoverable. We recorded intangible assets as a result of our acquisition of Cellu Tissue Holdings, Inc., or Cellu Tissue, on December 27, 2010. We also recorded intangible assets as a result of our December 2012 acquisition of a wood chipping facility. As a result of the Long Island Closure, we impaired certain intangible assets. In addition, during the fourth quarter of 2014 we determined that a customer relationship intangible asset related to our Pulp and Paperboard segment's wood chipping facility was fully impaired. As a result of the Specialty Business Sale, certain intangible assets associated with the divested mills were written off and included in our loss on divested assets. Finally, we recorded intangible assets as a result of our December 2016 acquisition of Manchester Industries. See Note 4, "Business Combinations," Note 5, "Asset Divestiture" and Note 8, "Goodwill and Intangible Assets" for further discussion. |
GOODWILL AND INTANGIBLES | GOODWILL Goodwill from an acquisition represents the excess of the cost of a business acquired over the net of the amounts assigned to assets acquired, including identifiable intangible assets and liabilities assumed. We use estimates in determining and assigning the fair value of goodwill, including the amount and timing of related future cash flows and fair values of the related operations. Goodwill is not amortized but is tested for impairment annually as of November 1, as well as any time when events suggest impairment may have occurred. In the event the carrying value of the reporting unit in which our goodwill is assigned exceeds the estimated fair value of that reporting unit, an impairment loss would be recognized to the extent the carrying amount of the reporting unit exceeds its implied fair value. We recorded $229.5 million of goodwill in connection with our acquisition of Cellu Tissue in December 2010 . All of the recorded goodwill was assigned to our Consumer Products segment and reporting unit. As a result of the Specialty Business Sale, a portion of goodwill was allocated to the divested mills and included in our loss on divested assets. We recorded $35.2 million of goodwill in connection with our acquisition of Manchester Industries. The goodwill from this acquisition is included in our Pulp and Paperboard segment. See Note 4, "Business Combinations," Note 5, "Asset Divestiture" and Note 8, "Goodwill and Intangible Assets" for further discussion. As of December 31, 2016 and 2015, we had $244.3 million and $209.1 million of goodwill included on our Consolidated Balance Sheet. |
PENSION AND OTHER POSTRETIREMENT PLANS, POLICY [Policy Text Block] | PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS The determination of pension plan expense and the requirements for funding our pension plans are based on a number of actuarial assumptions. Three critical assumptions are the discount rate applied to pension plan obligations, the rate of return on plan assets and mortality rates. For other postretirement employee benefit, or OPEB, plans, which provide certain health care and life insurance benefits to qualified retired employees, critical assumptions in determining OPEB income are the discount rate applied to benefit obligations, the assumed health care cost trend rates used in the calculation of benefit obligations and mortality rates. We also participate in multiemployer defined benefit pension plans. We make contributions to these multiemployer plans, as well as make contributions to a trust fund established to provide retiree medical benefits for a portion of these employees. The discount rate used in the determination of pension benefit obligations and pension expense is determined based on a review of long-term high-grade bonds and management's expectations. To determine the expected long-term rate of return on pension assets, we employ a process that analyzes historical long-term returns for various investment categories, as measured by appropriate indices. These indices are weighted based upon the extent to which plan assets are invested in the particular categories in arriving at our determination of a composite expected return. An increase in the discount rate or the rate of expected return on plan assets, all other assumptions remaining the same, would decrease pension plan expense, and conversely, a decrease in either of these measures would increase plan expense. The actual rates of return on plan assets may vary significantly from the assumptions used because of unanticipated changes in financial markets. The estimated net loss and prior service cost (credit) for the defined benefit pension and OPEB plans is amortized from accumulated other comprehensive loss into net periodic cost (benefit) in accordance with current accounting guidance. Net periodic pension and OPEB expenses are included in “Cost of sales” and “Selling, general and administrative expenses” in the Consolidated Statements of Operations. The expense is allocated to all business segments. In accordance with current accounting guidance governing defined benefit pension and other postretirement plans, at December 31, 2016 and 2015 , long-term assets are recorded for overfunded single-employer plans and liabilities are recorded for underfunded single-employer plans. The funded status of a benefit plan is measured as the difference between plan assets at fair value and the projected benefit obligation. For underfunded single-employer plans, the estimated liability to be payable in the next twelve months is recorded as a current liability, with the remaining portion recorded as a long-term liability. |
INCOME TAXES | INCOME TAXES Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The determination of our provision for income taxes requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. Significant judgment is required in assessing the timing and amounts of deductible and taxable items and the probability of sustaining uncertain tax positions. The benefits of uncertain tax positions are recorded in our consolidated financial statements only after determining a more-likely-than-not probability that the uncertain tax positions will withstand challenge, if any, from tax authorities. When facts and circumstances change, we reassess these probabilities and record any changes in the consolidated financial statements as appropriate . |
REVENUE RECOGNITION | REVENUE RECOGNITION We recognize net sales when there is persuasive evidence of a sales agreement, the price to the customer is fixed and determinable, collection is reasonably assured, and title and the risk of loss passes to the customer. Shipping terms generally indicate when title and the risk of loss have passed. Revenue is recognized at shipment for sales when shipping terms are free on board, or FOB, shipping point. For sales where shipping terms are FOB destination, revenue is recognized when the goods are received by the customer. Revenue from both domestic and foreign sales of our products can involve shipping terms of either FOB shipping point or FOB destination or other shipping terms, depending upon the sales agreement with the customer. We had one customer in the Consumer Products segment, the Kroger Company, that accounted for approximately $232 million , or 13.4% , of our total company net sales in 2016 and approximately $215 million , or 12.3% , of our total company net sales in 2015. In 2014, we did not have any single customer that accounted for 10% or more of our total net sales. We provide for trade promotions, customer cash discounts, customer returns and other deductions as reductions to net sales in the same period as the related revenues are recognized. Provisions for these items are determined based on historical experience or specific customer arrangements. Revenue is recognized net of any sales taxes collected. Sales taxes, when collected, are recorded as a current liability and remitted to the appropriate governmental entities. |
ENVIRONMENTAL | ENVIRONMENTAL As part of our corporate policy, we have an ongoing process to monitor, report on and comply with environmental requirements. Based on this ongoing process, accruals for environmental liabilities that are not within the scope of specific authoritative guidance related to accounting for asset retirement obligations or conditional asset retirement obligations are established in accordance with guidance related to accounting for contingencies. We estimate our environmental liabilities based on various assumptions and judgments, the specific nature of which varies in light of the particular facts and circumstances surrounding each environmental liability. These estimates typically reflect assumptions and judgments as to the probable nature, magnitude and timing of required investigation, remediation and monitoring activities and the probable cost of these activities. Currently, we are not aware of any material environmental liabilities and have accrued only for specific costs related to environmental matters that we have determined are probable and for which an amount can be reasonably estimated. Fees for professional services associated with environmental and legal issues are expensed as incurred. |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY On December 15, 2015, we announced that our Board of Directors had approved a stock repurchase program authorizing the repurchase of up to $100 million of our common stock. The repurchase program authorizes purchases of our common stock from time to time through open market purchases, negotiated transactions or other means, including accelerated stock repurchases and 10b5-1 trading plans in accordance with applicable securities laws and other restrictions. In 2016, we repurchased 1,355,946 shares of our outstanding common stock at an average price of $48.18 per share under this program. On December 15, 2014, we announced that our Board of Directors had approved a stock repurchase program authorizing the repurchase of up to $100 million of our common stock. We completed this program during the fourth quarter of 2015. In total, we repurchased 1,881,921 shares of our outstanding common stock at an average price of $53.13 per share under this program. On February 5, 2014, we announced that our Board of Directors had approved a stock repurchase program authorizing the repurchase of up to $100 million of our common stock. We completed this program during the third quarter of 2014. In total, we repurchased 1,574,748 shares of our outstanding common stock at an average price of $63.50 per share under this program. |
DERIVATIVES | DERIVATIVES We had no activity during the years ended December 31, 2016 , 2015 and 2014 that required hedge or derivative accounting treatment. However, to partially mitigate our exposure to market risk for changes in utility commodity pricing, we use firm price contracts to supply a portion of the natural gas requirements for our manufacturing facilities. As of December 31, 2016 , these contracts covered approximately 20% of the expected average monthly requirements for 2017, including approximately 28% of the expected average monthly requirements for the first quarter. For the years ended December 31, 2016 , 2015 and 2014 , approximately 45% , 57% , and 58% , respectively, of our natural gas volumes were supplied through firm price contracts. These contracts qualify for treatment as “normal purchases or normal sales” under authoritative guidance and thus require no mark-to-market adjustment. |
Inventories Inventories (Polici
Inventories Inventories (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory, Policy [Policy Text Block] | At December 31, 2016 , our inventories are stated at the lower of net realizable value or current average cost using the average cost method. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | (In thousands) December 31, 2016 December 31, 2015 Pulp, paperboard and tissue products $ 154,460 $ 156,055 Materials and supplies 82,005 80,020 Logs, pulpwood, chips and sawdust 21,564 19,498 $ 258,029 $ 255,573 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | (In thousands) December 31, 2016 December 31, 2015 Machinery and equipment $ 2,000,512 $ 1,879,890 Buildings and improvements 328,251 320,808 Land improvements 47,844 46,843 Office and other equipment 40,051 34,903 Land 7,266 7,266 Construction in progress 103,429 88,964 $ 2,527,353 $ 2,378,674 Less accumulated depreciation and amortization (1,582,025 ) (1,512,136 ) $ 945,328 $ 866,538 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible assets at the balance sheet dates are comprised of the following : December 31, 2016 (Dollars in thousands, lives in years) Weighted Average Useful Life Historical Cost Accumulated Amortization Net Balance Customer relationships 9.3 $ 62,401 $ (27,364 ) $ 35,037 Trade names and trademarks 7.4 6,786 (1,972 ) 4,814 Non-compete agreements 5.0 574 (512 ) 62 Other intangibles 6.0 572 — 572 Total intangible assets $ 70,333 $ (29,848 ) $ 40,485 December 31, 2015 (Dollars in thousands, lives in years) Weighted Average Useful Life Historical Cost Accumulated Amortization Net Balance Customer relationships 9.0 $ 41,001 $ (22,778 ) $ 18,223 Trade names and trademarks 10.0 3,286 (1,643 ) 1,643 Non-compete agreements 5.0 574 (450 ) 124 Total intangible assets $ 44,861 $ (24,871 ) $ 19,990 |
Estimated Future Amortization Expense Related to Intangible Assets | As of December 31, 2016 , estimated future amortization expense related to intangible assets is as follows (in thousands): Years ending December 31, Amount 2017 $ 7,970 2018 7,798 2019 7,798 2020 3,243 2021 2,914 Thereafter 10,762 Total $ 40,485 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Earnings (Loss) Before Income Taxes Composition in Each Tax Jurisdiction | Earnings before income taxes is comprised of the following amounts in each tax jurisdiction: (In thousands) 2016 2015 2014 United States $ 80,666 $ 92,488 $ 16,253 Canada — — (12 ) Earnings before income taxes $ 80,666 $ 92,488 $ 16,241 |
Provision (Benefit) for Income Taxes | The income tax provision is comprised of the following: (In thousands) 2016 2015 2014 Current Federal $ 7,434 $ 15,579 $ 2,355 State 5,351 4,855 1,872 Foreign — (10 ) 516 Total current 12,785 20,424 4,743 Deferred Federal 15,573 13,006 11,432 State 2,754 3,075 2,381 Total deferred 18,327 16,081 13,813 Income tax provision $ 31,112 $ 36,505 $ 18,556 |
Income Tax Reconciliation | The income tax provision or benefit differs from the amount computed by applying the statutory federal income tax rate of 35.0% to earnings before income taxes due to the following: (In thousands) 2016 2015 2014 Computed expected tax provision $ 28,233 $ 32,371 $ 5,685 State and local taxes, net of federal income tax impact 3,966 4,175 1,543 Adjustment for state deferred tax rate 606 104 1,546 State investment tax credits (921 ) 1,146 (1,039 ) Federal credits and net operating losses (2,850 ) 4,010 (485 ) Federal manufacturing deduction (1,022 ) (1,873 ) (674 ) Uncertain tax positions 2,191 (1,020 ) 355 Loss on divested assets — — 10,554 State attribute true up — 1,167 (2,874 ) New York state attribute true up — — 1,654 Change in valuation allowances 550 (3,986 ) 2,346 Other, net 359 411 (55 ) Income tax provision $ 31,112 $ 36,505 $ 18,556 Effective tax rate 38.6 % 39.5 % 114.3 % |
Tax Effects of Significant Temporary Differences Creating Deferred Tax Assets and Liabilities | The tax effects of significant temporary differences creating deferred tax assets and liabilities at December 31 were: (In thousands) 2016 2015 Deferred tax assets: Employee benefits $ 6,255 $ 8,611 Postretirement employee benefits 27,370 28,125 Incentive compensation 11,356 8,334 Inventories 8,859 7,557 Pensions 8,338 10,460 Federal and state credit carryforwards 8,369 16,154 State net operating losses 1,462 1,578 Other 3,774 6,220 Total deferred tax assets $ 75,783 $ 87,039 Valuation allowance (4,407 ) (11,983 ) Deferred tax assets, net of valuation allowance $ 71,376 $ 75,056 Deferred tax liabilities: Plant and equipment $ (206,502 ) $ (186,203 ) Intangible assets (14,136 ) (4,656 ) Total deferred tax liabilities (220,638 ) (190,859 ) Net deferred tax liabilities $ (149,262 ) $ (115,803 ) Net deferred tax assets (liabilities) consist of: (In thousands) 2016 2015 Non-current deferred tax assets 1 2,910 2,315 Non-current deferred tax liabilities (152,172 ) (118,118 ) Net non-current deferred tax liabilities (149,262 ) (115,803 ) Net deferred tax liabilities $ (149,262 ) $ (115,803 ) 1 Included in "Other assets, net" on our accompanying December 31, 2016 and 2015 Consolidated Balance Sheets. |
Roll Forward of Unrecognized Tax Benefits and Associated Interest and Penalties Included in the Accrued Taxes line item in non-current liabilities | (In thousands) Gross Unrecognized Tax Benefits, Excluding Interest and Penalties Interest and Penalties Total Gross Unrecognized Tax Benefits Balance at January 1, 2015 $ 2,406 $ 290 $ 2,696 Increase in prior year tax positions 2,479 45 2,524 Increase in current year tax positions 226 — 226 Reductions as a result of a lapse of the applicable statute of limitations (884 ) (114 ) (998 ) Balance at December 31, 2015 $ 4,227 $ 221 $ 4,448 Increase in prior year tax positions 619 36 655 Reductions as a result of a lapse of the applicable statute of limitations (234 ) (20 ) (254 ) Increase in current year tax positions 291 — 291 Balance at December 31, 2016 $ 4,903 $ 237 $ 5,140 |
Accounts Payable and Accrued 38
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities (In thousands) December 31, 2016 December 31, 2015 Trade accounts payable $ 128,106 $ 128,045 Accrued wages, salaries and employee benefits 49,871 43,997 Accrued interest 12,149 11,981 Accrued discounts and allowances 10,291 8,954 Accrued taxes other than income taxes payable 6,946 5,112 Accrued utilities 6,712 7,536 Other 9,624 14,743 $ 223,699 $ 220,368 |
Other Long-Term Obligations (Ta
Other Long-Term Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Other Long Term Obligations [Abstract] | |
Other Long-Term Obligations | (In thousands) December 31, 2016 December 31, 2015 Long-term lease obligations, net of current portion $ 23,152 $ 24,054 Deferred compensation 7,219 10,755 Deferred proceeds 9,013 9,386 Other 2,392 2,543 $ 41,776 $ 46,738 |
Reclassification out of Accum40
Reclassification out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Accumulated other comprehensive loss at the balance sheet dates is comprised of the following: (In thousands) Pension and Other Post Retirement Employee Benefit Plan Adjustments Balance at December 31, 2014 $ (70,863 ) Other comprehensive income before reclassifications 6,371 Amounts reclassified from accumulated other comprehensive loss 8,944 Other comprehensive income, net of tax 1 15,315 Balance at December 31, 2015 $ (55,548 ) Other comprehensive income before reclassifications 1,300 Amounts reclassified from accumulated other comprehensive loss 2 2,495 Other comprehensive income, net of tax 1 3,795 Balance at December 31, 2016 $ (51,753 ) 1 For the year ended December 31, 2016 , net periodic costs associated with our pension and other postretirement employee benefit, or OPEB, plans included in other comprehensive loss and reclassified from accumulated other comprehensive loss, or AOCL, included $0.6 million of net gain on plan assets, $3.9 million of actuarial loss amortization, and $1.7 million of prior service credit amortization, less total tax of $1.2 million . For the year ended December 31, 2015 , net periodic costs associated with our pension and OPEB plans included in other comprehensive income and reclassified from AOCL included $14.8 million of net gain on plan assets, $12.6 million of actuarial loss amortization, and $2.1 million of prior service credit amortization, less total tax of $10.0 million . These accumulated other comprehensive loss components are included in the computation of net periodic pension and OPEB costs in Note 14, “Savings, Pension and Other Postretirement Employee Benefit Plans.” 2 Included in "Amounts reclassified from accumulated other comprehensive loss" above for the twelve months ended December 31, 2016 is settlement expense of $3.5 million associated with the remeasurement of our salaried pension plan, which is discussed further in Note 14, “Savings, Pension and Other Postretirement Employee Benefit Plans.” The settlement expense is net of tax totaling $1.4 million . |
Savings, Pension and Other Po41
Savings, Pension and Other Postretirement Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Changes in Benefit Obligation, Plan Assets and Funded Status for Company-Sponsored Benefit Plans | The changes in benefit obligation, plan assets and funded status for company-sponsored benefit plans as of December 31 are as follows: Pension Benefit Plans Other Postretirement Employee Benefit Plans (In thousands) 2016 2015 2016 2015 Benefit obligation at beginning of year $ 318,444 $ 338,001 $ 71,672 $ 104,715 Service cost 1,562 1,244 249 363 Interest cost 14,072 13,931 3,075 3,881 Plan settlements (10,629 ) — — — Actuarial losses (gains) 6,225 (15,295 ) 816 (30,701 ) Benefits paid (25,286 ) (19,437 ) (6,649 ) (6,586 ) Benefit obligation at end of year 304,388 318,444 69,163 71,672 Fair value of plan assets at beginning of year 294,076 321,055 20 20 Actual return on plan assets 27,056 (11,120 ) — — Employer contribution 421 3,578 — — Plan settlements (10,629 ) — — — Benefits paid (25,286 ) (19,437 ) — — Fair value of plan assets at end of year 285,638 294,076 20 20 Funded status at end of year $ (18,750 ) $ (24,368 ) $ (69,143 ) $ (71,652 ) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the Consolidated Balance Sheets: Pension Benefit Plans Other Postretirement Employee Benefit Plans (In thousands) 2016 2015 2016 2015 Non-current assets $ 1,740 $ 596 $ — $ — Current liabilities (397 ) (414 ) (7,424 ) (7,145 ) Non-current liabilities (20,093 ) (24,550 ) (61,719 ) (64,507 ) Net amount recognized $ (18,750 ) $ (24,368 ) $ (69,143 ) $ (71,652 ) |
Amounts Recognized (Pre-tax) in Accumulated Other Comprehensive Loss | mounts recognized in Accumulated Other Comprehensive Loss as of December 31 consist of: Pension Benefit Plans Other Postretirement Employee Benefit Plans (In thousands) 2016 2015 2016 2015 Net loss (gain) $ 117,640 $ 134,031 $ (20,906 ) $ (29,290 ) Prior service cost (credit) 8 30 (3,211 ) (4,923 ) Net amount recognized $ 117,648 $ 134,061 $ (24,117 ) $ (34,213 ) |
Certain Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | Information as of December 31 for certain pension plans included above with accumulated benefit obligations in excess of plan assets were as follows: (In thousands) 2016 2015 Projected benefit obligation $ 170,716 $ 181,744 Accumulated benefit obligation 170,716 181,744 Fair value of plan assets 150,226 156,780 |
Pre-tax Components of Net Periodic Cost | Pre-tax components of net periodic cost and other amounts recognized in Other Comprehensive Income (Loss) for the years ended December 31 were as follows: Net Periodic Cost: Pension Benefit Plans Other Postretirement Employee Benefit Plans (In thousands) 2016 2015 2014 2016 2015 2014 Service cost $ 1,562 $ 1,244 $ 1,390 $ 249 $ 363 $ 454 Interest cost 14,072 13,931 14,825 3,075 3,881 4,565 Expected return on plan assets (19,389 ) (20,117 ) (20,196 ) (1 ) (1 ) — Amortization of prior service cost (credit) 22 73 205 (1,712 ) (2,178 ) (2,179 ) Amortization of actuarial loss (gain) 11,463 12,619 10,097 (7,566 ) — (286 ) Settlement 3,482 — — — — — Net periodic cost $ 11,212 $ 7,750 $ 6,321 $ (5,955 ) $ 2,065 $ 2,554 |
Other Amounts Recognized in Other Comprehensive Income (Loss) | Other amounts recognized in Other Comprehensive Income (Loss): Pension Benefit Plans Other Postretirement Employee Benefit Plans (In thousands) 2016 2015 2014 2016 2015 2014 Net (gain) loss $ (1,445 ) $ 15,942 $ 31,587 $ 818 $ (30,700 ) $ 7,039 Prior service credit — — — — — (8,384 ) Amortization of prior service (cost) credit (22 ) (73 ) (205 ) 1,712 2,178 2,179 Amortization of actuarial (loss) gain (11,463 ) (12,619 ) (10,097 ) 7,566 — 286 Settlement (3,482 ) — — — — — Total recognized in other comprehensive (income) loss $ (16,412 ) $ 3,250 $ 21,285 $ 10,096 $ (28,522 ) $ 1,120 Total recognized in net periodic cost and other comprehensive (income) loss $ (5,200 ) $ 11,000 $ 27,606 $ 4,141 $ (26,457 ) $ 3,674 |
Weighted Average Assumptions Used to Determine Benefit Obligation | Weighted average assumptions used to determine the benefit obligation as of December 31 were: Pension Benefit Plans Other Postretirement Employee Benefit Plans 2016 2015 2014 2016 2015 2014 Discount rate 4.45 % 4.70 % 4.25 % 4.30 % 4.50 % 4.15 % Weighted average assumptions used to determine the net periodic cost for the years ended December 31 were: Pension Benefit Plans Other Postretirement Employee Benefit Plans 2016 2015 2014 2016 2015 2014 Discount rate 4.70 % 4.25 % 5.20 % 4.50 % 4.15 % 5.05 % Expected return on plan assets 6.75 7.00 7.50 — — — |
One Percentage Point Change in Health Care Cost Trend Rates | A one percentage point change in the health care cost trend rates would have the following effects: (In thousands) 1% Increase 1% Decrease Effect on total of service and interest cost components $ 220 $ (192 ) Effect on postretirement employee benefit obligation 4,393 (3,838 ) |
Investments at Fair Value for Company Sponsored Pension Benefit Plans within Fair Value Hierarchy | The following tables set forth by level, within the fair value hierarchy, the investments at fair value for our company-sponsored pension benefit plans: December 31, 2016 (In thousands) Level 1 Investments measured at net asset value Total Cash and cash equivalents $ 2,002 $ — $ 2,002 Common and collective trust: Collective investment funds — 283,636 283,636 Total investments at fair value $ 2,002 $ 283,636 $ 285,638 December 31, 2015 (In thousands) Level 1 Investments measured at net asset value Total Cash and cash equivalents $ 2,004 $ — $ 2,004 Common and collective trusts: Collective investment funds — 292,072 292,072 Total investments at fair value $ 2,004 $ 292,072 $ 294,076 |
Long Term Asset Allocation Ranges | Assets are diversified among various asset classes, such as domestic equities, international equities, fixed income and cash. The long-term asset allocation ranges are as follows: Domestic equities 14%-22% International equities, including emerging markets 13%-22% Corporate bonds 50%-70% Liquid reserves 0%-5% |
Schedule of Expected Benefit Payments | Estimated future benefit payments are as follows for the years indicated: (In thousands) Pension Benefit Plans Other Postretirement Employee Benefit Plans 2017 $ 19,614 $ 7,444 2018 19,808 7,421 2019 20,103 6,954 2020 20,143 6,562 2021 20,131 5,435 2022-2026 100,433 20,372 |
Multiemployer Defined Benefit Plans | Pension Fund EIN Plan Number PPA Zone Status 1 FIP/RP Status Pending/ Implemented Contributions (in thousands) Surcharge Imposed Expiration Date of Collective Bargaining Agreement 2016 2015 2016 2015 2014 IAM NPF 51-6031295 002 Green Green N/A $ 335 $ 329 $ 343 No 5/31/2018 PIUMPF 11-6166763 001 Red Red Implemented 5,679 5,631 5,665 No 8/31/2017 Total Contributions: $ 6,014 $ 5,960 $ 6,008 1 PIUMPF has been certified as in "Critical and Declining Status" for 2016 and 2015, under the provisions of the Multiemployer Pension Plan Reform Act of 2014. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings per Share | The following table reconciles the number of common shares used in calculating the basic and diluted net earnings per share: 2016 2015 2014 Basic average common shares outstanding 1 17,000,599 18,762,451 20,129,557 Incremental shares due to: Restricted stock units 21,668 33,128 — Performance shares 76,525 24,717 — Stock options 7,648 — — Diluted average common shares outstanding 17,106,440 18,820,296 20,129,557 Basic net earnings (loss) per common share $ 2.91 $ 2.98 $ (0.11 ) Diluted net earnings (loss) per common share 2.90 2.97 (0.11 ) Anti-dilutive shares excluded from calculation 220,037 331,168 566,041 |
Equity-Based Compensation Pla43
Equity-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Equity-Based Compensation Expense | Employee equity-based compensation expense was recognized as follows: (In thousands) 2016 2015 2014 Restricted stock units $ 1,381 $ 2,116 $ 1,966 Performance shares 3,311 4,408 4,964 Stock options 2,913 2,106 1,254 Total employee equity-based compensation $ 7,605 $ 8,630 $ 8,184 Related tax benefit $ 2,767 $ 3,193 $ 2,955 |
Summary of Status of Outstanding RSU Awards | A summary of the status of outstanding unvested RSU awards as of December 31, 2016 , 2015 , and 2014 , and changes during those years, is presented below: 2016 2015 2014 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested shares outstanding at January 1 46,029 $ 60.17 93,254 $ 47.95 102,658 $ 39.85 Granted 44,627 39.10 23,148 62.02 31,567 66.33 Vested (29,338 ) 55.16 (65,217 ) 43.86 (32,117 ) 38.94 Forfeited (6,858 ) 47.80 (5,156 ) 58.58 (8,854 ) 52.28 Unvested shares outstanding at December 31 54,460 47.16 46,029 60.17 93,254 47.95 Aggregate intrinsic value (in thousands) $ 3,570 $ 2,096 $ 6,393 |
Schedule of Share-based Compensation, Activity [Table Text Block] | A summary of the status of outstanding stock option awards as of December 31, 2016 , and changes during the year, is presented below: 2016 2015 2014 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding options at January 1 277,693 $ 64.47 150,580 $ 66.84 — $ — Granted 280,191 38.86 142,542 61.93 163,137 66.85 Forfeited (30,830 ) 47.79 (15,429 ) 64.12 (12,557 ) 66.97 Outstanding options at December 31 527,054 51.83 277,693 64.47 150,580 66.84 Aggregate intrinsic value (in thousands) $ 7,232 — $ 258 |
Assumption Used in Black-Scholes Option-Pricing Model to Estimate Fair Value of Stock Options | The weighted-average fair value of stock options granted in 2016 on the grant date was estimated at $14.42 per option based on the following assumptions: Volatility 35 % Risk-free interest rate 1.39 % Expected life-years 6.4 The fair value of performance share awards is estimated using a Monte Carlo simulation model. For performance shares granted in 2016 , the following assumptions were used in our Monte Carlo model: Closing price of stock on date of grant $ 38.75 Risk free rate 0.83 % Measurement period 3 years Volatility 31 % |
Summary of Status of Outstanding Performance Share Awards | A summary of the status of outstanding performance share awards as of December 31, 2016 , 2015 , and 2014 , and changes during those years, is presented below: 2016 2015 2014 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding share awards at January 1 92,563 $ 84.18 300,864 $ 59.77 259,841 $ 50.87 Granted 93,397 39.70 47,513 62.05 54,379 105.08 Settled — — (245,525 ) 50.43 — — Forfeited (10,277 ) 54.55 (10,289 ) 73.61 (13,356 ) 71.03 Outstanding share awards at December 31 175,683 62.26 92,563 84.18 300,864 59.77 Aggregate intrinsic value (in thousands) $ 11,516 $ 4,214 $ 20,624 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values of Financial Instruments | The estimated fair values of our financial instruments as of our balance sheet dates are presented below: December 31, 2016 December 31, 2015 (In thousands) Carrying Amount Fair Value Carrying Amount Fair Value Cash, short-term investments, and restricted cash (Level 1) $ 23,001 $ 23,001 $ 8,130 $ 8,130 Borrowings under revolving credit facilities (Level 1) 135,000 135,000 — — Long-term debt (Level 2) 575,000 567,875 575,000 558,250 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Additional information [Abstract] | |
Future Minimum Commitments For Capital And Operating Leases | As of December 31, 2016 , under current operating and capital lease contracts, we had future minimum lease payments as follows: (In thousands) Capital Operating 2017 $ 2,601 $ 14,400 2018 2,649 11,318 2019 2,697 6,719 2020 2,661 4,365 2021 2,710 3,260 Thereafter 26,822 4,354 Total future minimum lease payments $ 40,140 $ 44,416 Less interest portion (17,327 ) Present value of future minimum lease payments $ 22,813 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Reportable Segments Information | The following is a tabular presentation of business segment information for each of the past three years. Corporate information is included to reconcile segment data to the financial statements. (In thousands) 2016 2015 2014 Segment net sales: Consumer Products $ 988,380 $ 959,894 $ 1,183,385 Pulp and Paperboard 746,383 792,507 783,754 Total segment net sales $ 1,734,763 $ 1,752,401 $ 1,967,139 Operating income: Consumer Products $ 66,161 $ 54,437 $ 34,131 Gain (loss) on divested assets 1 1,755 1,267 (40,159 ) Pulp and Paperboard 112,732 120,861 144,171 180,648 176,565 138,143 Corporate 2 (69,331 ) (52,895 ) (58,332 ) Income from operations $ 111,317 $ 123,670 $ 79,811 Depreciation and amortization: Consumer Products 3 $ 59,375 $ 54,595 $ 61,504 Pulp and Paperboard 26,741 27,204 25,452 Corporate 4,974 2,933 3,189 Total depreciation and amortization $ 91,090 $ 84,732 $ 90,145 Assets: Consumer Products $ 1,031,563 $ 1,046,170 $ 1,037,912 Pulp and Paperboard 586,687 423,694 413,143 1,618,250 1,469,864 1,451,055 Corporate 66,092 57,505 128,094 Total assets $ 1,684,342 $ 1,527,369 $ 1,579,149 Capital expenditures: Consumer Products $ 47,079 $ 55,594 $ 43,562 Pulp and Paperboard 104,113 67,929 45,146 151,192 123,523 88,708 Corporate 4,485 10,581 10,892 Total capital expenditures $ 155,677 $ 134,104 $ 99,600 1 These costs relate to the sale of our Consumer Products segment’s specialty business and mills. For additional discussion, see Note 5, “Asset Divestiture”. 2 Corporate expenses for 2016 include $2.7 million of expenses associated with the acquisition of Manchester Industries. Operating results subsequent to the acquisition of Manchester Industries are included in the Pulp and Paperboard segment. Corporate expenses for 2016 also include a $3.5 million settlement accounting charge associated with a pension lump sum buyout for term-vested participants. 3 Consumer Products depreciation and amortization expense for 2016 includes $1.3 million of accelerated depreciation associated with the announced March 31, 2017 Oklahoma City facility closure. |
Summary of Geographic Information Regarding Net Sales | Geographic information regarding our net sales is summarized as follows: (In thousands) 2016 2015 2014 United States $ 1,663,231 $ 1,653,208 $ 1,840,726 Japan 44,970 59,463 63,831 Korea 5,260 10,016 11,105 Canada 6,831 6,896 25,411 Australia 4,790 5,578 7,219 Other foreign countries 9,681 17,240 18,847 Total net sales $ 1,734,763 $ 1,752,401 $ 1,967,139 |
Financial Results by Quarter Fi
Financial Results by Quarter Financial Results by Quarter (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Financial Results by Quarter | Financial Results by Quarter (Unaudited) Three Months Ended (In thousands— except per-share amounts) March 31, June 30, September 30, December 31, 2016 2015 2016 2015 2016 2015 2016 2015 Net sales $ 437,204 $ 434,026 $ 436,671 $ 444,558 $ 435,320 $ 442,222 $ 425,568 $ 431,595 Costs and expenses: Cost of sales (368,647 ) (389,832 ) (361,851 ) (384,347 ) (396,605 ) (373,892 ) (368,524 ) (364,778 ) Selling, general and administrative expenses (30,795 ) (29,088 ) (34,655 ) (29,469 ) (31,190 ) (28,284 ) (32,934 ) (30,308 ) Gain (loss) on divested assets — 131 — 1,331 1,755 — — (195 ) Total operating costs and expenses (399,442 ) (418,789 ) (396,506 ) (412,485 ) (426,040 ) (402,176 ) (401,458 ) (395,281 ) Income from operations 37,762 15,237 40,165 32,073 9,280 40,046 24,110 36,314 Net earnings $ 18,446 $ 5,757 $ 20,864 $ 15,597 $ 901 $ 23,064 $ 9,343 $ 11,565 Net earnings per common share Basic $ 1.05 $ 0.30 $ 1.22 $ 0.82 $ 0.05 $ 1.22 $ 0.56 $ 0.65 Diluted 1.05 0.30 1.21 0.81 0.05 1.21 0.56 0.65 |
Supplemental Guarantor Financ48
Supplemental Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | Clearwater Paper Corporation Consolidating Statement of Operations and Comprehensive Income (Loss) Twelve Months Ended December 31, 2016 Guarantor (In thousands) Issuer Subsidiaries Eliminations Total Net sales $ 1,685,327 $ 287,952 $ (238,516 ) $ 1,734,763 Cost and expenses: Cost of sales (1,468,691 ) (263,577 ) 236,641 (1,495,627 ) Selling, general and administrative expenses (113,766 ) (15,808 ) — (129,574 ) Gain on divested assets, net — 1,755 — 1,755 Total operating costs and expenses (1,582,457 ) (277,630 ) 236,641 (1,623,446 ) Income from operations 102,870 10,322 (1,875 ) 111,317 Interest expense, net (30,111 ) (189 ) — (30,300 ) Debt retirement costs (351 ) — — (351 ) Earnings before income taxes 72,408 10,133 (1,875 ) 80,666 Income tax provision (26,966 ) (4,802 ) 656 (31,112 ) Equity in earnings of subsidiary 5,331 — (5,331 ) — Net earnings $ 50,773 $ 5,331 $ (6,550 ) $ 49,554 Other comprehensive income, net of tax 3,795 — — 3,795 Comprehensive income $ 54,568 $ 5,331 $ (6,550 ) $ 53,349 Clearwater Paper Corporation Consolidating Statement of Operations and Comprehensive Income (Loss) Twelve Months Ended December 31, 2015 Guarantor (In thousands) Issuer Subsidiaries Eliminations Total Net sales $ 1,683,890 $ 291,270 $ (222,759 ) $ 1,752,401 Cost and expenses: Cost of sales (1,458,121 ) (277,487 ) 222,759 (1,512,849 ) Selling, general and administrative expenses (108,414 ) (8,735 ) — (117,149 ) Gain on divested assets — 1,267 — 1,267 Total operating costs and expenses (1,566,535 ) (284,955 ) 222,759 (1,628,731 ) Income from operations 117,355 6,315 — 123,670 Interest expense, net (31,067 ) (115 ) — (31,182 ) Earnings before income taxes 86,288 6,200 — 92,488 Income tax provision (32,371 ) (3,724 ) (410 ) (36,505 ) Equity in loss of subsidiary 2,476 — (2,476 ) — Net earnings $ 56,393 $ 2,476 $ (2,886 ) $ 55,983 Other comprehensive income, net of tax 15,315 — — 15,315 Comprehensive income $ 71,708 $ 2,476 $ (2,886 ) $ 71,298 Clearwater Paper Corporation Consolidating Statement of Operations and Comprehensive Income (Loss) Twelve Months Ended December 31, 2014 Guarantor Non-Guarantor (In thousands) Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ 1,573,912 $ 531,520 $ 43,929 $ (182,222 ) $ 1,967,139 Cost and expenses: Cost of sales (1,321,143 ) (526,192 ) (43,727 ) 182,222 (1,708,840 ) Selling, general and administrative expenses (107,141 ) (22,747 ) (214 ) — (130,102 ) Loss on divested assets — (40,159 ) — — (40,159 ) Impairment of assets — (8,227 ) — — (8,227 ) Total operating costs and expenses (1,428,284 ) (597,325 ) (43,941 ) 182,222 (1,887,328 ) Income (loss) from operations 145,628 (65,805 ) (12 ) — 79,811 Interest expense, net (39,091 ) (59 ) — — (39,150 ) Debt retirement costs (24,420 ) — — — (24,420 ) Earnings (loss) before income taxes 82,117 (65,864 ) (12 ) — 16,241 Income tax (provision) benefit (47,694 ) 7,439 (516 ) 22,215 (18,556 ) Equity in loss of subsidiary (58,953 ) (528 ) — 59,481 — Net loss $ (24,530 ) $ (58,953 ) $ (528 ) $ 81,696 $ (2,315 ) Other comprehensive loss, net of tax (12,770 ) — — — (12,770 ) Comprehensive loss $ (37,300 ) $ (58,953 ) $ (528 ) $ 81,696 $ (15,085 ) |
Condensed Consolidating Balance Sheet | Clearwater Paper Corporation Consolidating Balance Sheet At December 31, 2016 (In thousands) Issuer Guarantor Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 19,586 $ 3,415 $ — $ 23,001 Receivables, net 130,098 27,252 (10,276 ) 147,074 Taxes receivable 15,143 35 (5,469 ) 9,709 Inventories 208,472 51,432 (1,875 ) 258,029 Other current assets 8,161 521 — 8,682 Total current assets 381,460 82,655 (17,620 ) 446,495 Property, plant and equipment, net 802,064 143,264 — 945,328 Goodwill 244,283 — — 244,283 Intangible assets, net 3,135 37,350 — 40,485 Intercompany receivable (payable) 30,034 (31,909 ) 1,875 — Investment in subsidiary 145,089 — (145,089 ) — Other assets, net 8,433 2,853 (3,535 ) 7,751 TOTAL ASSETS $ 1,614,498 $ 234,213 $ (164,369 ) $ 1,684,342 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Borrowings under revolving credit facilities $ 135,000 $ — $ — $ 135,000 Accounts payable and accrued liabilities $ 202,187 $ 37,257 $ (15,745 ) $ 223,699 Current liability for pensions and other postretirement employee benefits 7,821 — — 7,821 Total current liabilities 345,008 37,257 (15,745 ) 366,520 Long-term debt 569,755 — — 569,755 Liability for pensions and other postretirement employee benefits 81,812 — — 81,812 Other long-term obligations 41,424 352 — 41,776 Accrued taxes 1,614 820 — 2,434 Deferred tax liabilities 105,012 50,695 (3,535 ) 152,172 TOTAL LIABILITES 1,144,625 89,124 (19,280 ) 1,214,469 Stockholders' equity excluding accumulated other comprehensive loss 521,626 145,089 (145,089 ) 521,626 Accumulated other comprehensive loss, net of tax (51,753 ) — — (51,753 ) TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,614,498 $ 234,213 $ (164,369 ) $ 1,684,342 Clearwater Paper Corporation Consolidating Balance Sheet At December 31, 2015 (In thousands) Issuer Guarantor Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 5,610 $ — $ — $ 5,610 Restricted cash 2,270 — — 2,270 Short-term investments 250 — — 250 Receivables, net 123,131 15,921 — 139,052 Taxes receivable 16,221 (1,370 ) — 14,851 Inventories 219,130 36,443 — 255,573 Other current assets 8,838 493 — 9,331 Total current assets 375,450 51,487 — 426,937 Property, plant and equipment, net 719,436 147,102 — 866,538 Goodwill 209,087 — — 209,087 Intangible assets, net 4,180 15,810 — 19,990 Intercompany receivable (payable) 14,013 (15,151 ) 1,138 — Investment in subsidiary 139,758 — (139,758 ) — Other assets, net 4,738 79 — 4,817 TOTAL ASSETS $ 1,466,662 $ 199,327 $ (138,620 ) $ 1,527,369 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 196,891 $ 23,477 $ — $ 220,368 Current liability for pensions and other postretirement employee benefits 7,559 — — 7,559 Total current liabilities 204,450 23,477 — 227,927 Long-term debt 568,987 — — 568,987 Liability for pensions and other postretirement employee benefits 89,057 — — 89,057 Other long-term obligations 46,182 556 — 46,738 Accrued taxes 874 802 — 1,676 Deferred tax liabilities 82,246 34,734 1,138 118,118 TOTAL LIABILITIES 991,796 59,569 1,138 1,052,503 Accumulated other comprehensive loss, net of tax (55,548 ) — — (55,548 ) Stockholders’ equity excluding accumulated other comprehensive loss 530,414 139,758 (139,758 ) 530,414 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,466,662 $ 199,327 $ (138,620 ) $ 1,527,369 |
Condensed Consolidating Statement of Cash Flows | Clearwater Paper Corporation Consolidating Statement of Cash Flows Twelve Months Ended December 31, 2016 (In thousands) Issuer Guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $ 50,773 $ 5,331 $ (6,550 ) $ 49,554 Adjustments to reconcile net earnings to net cash flows from operating activities: Depreciation and amortization 68,496 22,594 — 91,090 Equity-based compensation expense 12,385 — — 12,385 Deferred tax provision 18,860 605 (1,138 ) 18,327 Employee benefit plans (1,979 ) — — (1,979 ) Deferred issuance costs on debt 1,242 — — 1,242 Disposal of plant and equipment, net 781 600 — 1,381 Non-cash adjustments to unrecognized taxes 740 18 — 758 Changes in working capital, net of acquisition (642 ) 774 (3,594 ) (3,462 ) Change in taxes receivable, net 1,078 (1,405 ) 5,469 5,142 Excess tax benefits from equity-based payment arrangements (312 ) — — (312 ) Other, net (1,592 ) (921 ) 1,138 (1,375 ) Net cash flows from operating activities 149,830 27,596 (4,675 ) 172,751 CASH FLOWS FROM INVESTING ACTIVITIES Change in short-term investments, net 250 — — 250 Additions to plant and equipment (145,579 ) (9,770 ) — (155,349 ) Acquisition of Manchester Industries, net of cash acquired (67,443 ) — — (67,443 ) Proceeds from the sale of assets — 36 — 36 Net cash flows from investing activities (212,772 ) (9,734 ) — (222,506 ) CASH FLOWS FROM FINANCING ACTIVITIES Purchase of treasury stock (65,327 ) — — (65,327 ) Borrowings on revolving credit facilities 1,273,959 — — 1,273,959 Repayments of revolving credit facilities' borrowings (1,138,959 ) — — (1,138,959 ) Payments for debt issuance costs (1,906 ) — — (1,906 ) Investment from (to) parent 9,772 (14,447 ) 4,675 — Payment of tax withholdings on equity- based payment arrangements (933 ) — — (933 ) Excess tax benefits from equity-based payment arrangements 312 — — 312 Net cash flows from financing activities 76,918 (14,447 ) 4,675 67,146 Increase in cash and cash equivalents 13,976 3,415 — 17,391 Cash and cash equivalents at beginning of period 5,610 — — 5,610 Cash and cash equivalents at end of period $ 19,586 $ 3,415 $ — $ 23,001 Clearwater Paper Corporation Consolidating Statement of Cash Flows Twelve Months Ended December 31, 2015 (In thousands) Issuer Guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $ 56,393 $ 2,476 $ (2,886 ) $ 55,983 Adjustments to reconcile net earnings to net cash flows from operating activities: Depreciation and amortization 65,078 19,654 — 84,732 Equity-based compensation expense 4,557 — — 4,557 Deferred tax provision 9,944 3,178 2,959 16,081 Employee benefit plans 3,011 — — 3,011 Deferred issuance costs on debt 928 — — 928 Disposal of plant and equipment, net 1,587 (95 ) — 1,492 Non-cash adjustments to unrecognized taxes (1,028 ) 8 — (1,020 ) Changes in working capital, net 11,809 3,032 — 14,841 Change in taxes receivable, net (9,461 ) (14,388 ) 10,253 (13,596 ) Excess tax benefits from equity-based payment arrangements (1,433 ) — — (1,433 ) Funding of qualified pension plans (3,179 ) — — (3,179 ) Other, net (1,591 ) (1,131 ) — (2,722 ) Net cash flows from operating activities 136,615 12,734 10,326 159,675 CASH FLOWS FROM INVESTING ACTIVITIES Change in short-term investments, net 49,750 — — 49,750 Additions to plant and equipment (121,720 ) (7,182 ) — (128,902 ) Proceeds from the sale of assets — 604 — 604 Net cash flows from investing activities (71,970 ) (6,578 ) — (78,548 ) CASH FLOWS FROM FINANCING ACTIVITIES Purchase of treasury stock (99,990 ) — — (99,990 ) Investment from (to) parent 16,482 (6,156 ) (10,326 ) — Payment of tax withholdings on equity-based payment arrangements (4,152 ) — — (4,152 ) Excess tax benefits from equity-based payment arrangements 1,433 — — 1,433 Other, net (139 ) — — (139 ) Net cash flows from financing activities (86,366 ) (6,156 ) (10,326 ) (102,848 ) Decrease in cash and cash equivalents (21,721 ) — — (21,721 ) Cash and cash equivalents at beginning of period 27,331 — — 27,331 Cash and cash equivalents at end of period $ 5,610 $ — $ — $ 5,610 Clearwater Paper Corporation Consolidating Statement of Cash Flows Twelve Months Ended December 31, 2014 (In thousands) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (24,530 ) $ (58,953 ) $ (528 ) $ 81,696 $ (2,315 ) Adjustments to reconcile net loss to net cash flows from operating activities: Depreciation and amortization 59,373 28,468 2,304 — 90,145 Equity-based compensation expense 12,790 — — — 12,790 impairment of assets — 8,227 — — 8,227 Deferred tax provision (benefit) 50,943 (21,921 ) (2,538 ) (12,671 ) 13,813 Employee benefit plans 2,115 — — — 2,115 Deferred issuance costs on debt 6,141 — — — 6,141 Loss on divestiture of assets — 29,059 — — 29,059 Disposal of plant and equipment, net 471 488 — — 959 Non-cash adjustments to unrecognized taxes 472 173 (317 ) — 328 Changes in working capital, net (8,162 ) (4,711 ) 625 — (12,248 ) Change in taxes receivable, net (3,051 ) 79 121 12,099 9,248 Excess tax benefits from equity-based payment arrangements (864 ) — — — (864 ) Funding of qualified pension plans (16,955 ) — — — (16,955 ) Other, net (636 ) (707 ) — — (1,343 ) Net cash flows from operating activities 78,107 (19,798 ) (333 ) 81,124 139,100 CASH FLOWS FROM INVESTING ACTIVITIES Change in short-term investments, net 20,000 — — — 20,000 Additions to plant and equipment (73,223 ) (19,450 ) (355 ) — (93,028 ) Net Proceeds from divested assets 107,740 — — — 107,740 Proceeds from the sale of assets 38 937 — — 975 Net cash flows from investing activities 54,555 (18,513 ) (355 ) — 35,687 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term debt 300,000 — — — 300,000 Repayment of long-term debt (375,000 ) — — — (375,000 ) Purchase of treasury stock (100,000 ) — — — (100,000 ) Investment from (to) parent 47,527 38,311 (4,714 ) (81,124 ) — Payments for debt issuance costs (3,002 ) — — — (3,002 ) Payment of tax withholdings on equity-based payment arrangements (1,523 ) — — — (1,523 ) Excess tax benefits from equity-based payment arrangements 864 — — — 864 Other, net 7,530 — — — 7,530 Net cash flows from financing activities (123,604 ) 38,311 (4,714 ) (81,124 ) (171,131 ) Increase (decrease) in cash and cash equivalents 9,058 — (5,402 ) — 3,656 Cash and cash equivalents at beginning of period 18,273 — 5,402 — 23,675 Cash and cash equivalents at end of period $ 27,331 $ — $ — $ — $ 27,331 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | We allocated the purchase price to the net assets of Manchester Industries acquired in the acquisition based on our estimates of the fair value of assets and liabilities as follows: (in thousands) Amount Current assets $ 22,046 Property, plant and equipment 6,967 Goodwill 35,196 Intangibles 25,472 Assets acquired 89,681 Current liabilities 5,403 Deferred tax liabilities 12,613 Liabilities assumed 18,016 Net assets acquired $ 71,665 |
Nature of Operations and Basi50
Nature of Operations and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 34 Months Ended | |||||||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | Dec. 15, 2015 | Dec. 15, 2014 | Feb. 05, 2014 | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||
Provision for doubtful accounts | $ 700 | $ 200 | $ 100 | |||||||
Restricted cash | $ 0 | 0 | 2,270 | $ 0 | $ 2,270 | $ 2,270 | ||||
Cash | 23,000 | 23,000 | 5,600 | 23,000 | 5,600 | |||||
Net proceeds from divested assets | 0 | 0 | $ 107,740 | |||||||
Severance Costs | 1,000 | |||||||||
Business Combination, Consideration Transferred | 71,700 | |||||||||
Thomaston, Georgia Facility [Member] | ||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||
Other Nonrecurring Expense, Planned Permaent Facility Closure | 1,300 | $ 5,900 | $ 7,200 | |||||||
Long Island, New York Facility [Member] | ||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||
Other Nonrecurring Expense, Planned Permaent Facility Closure | $ 1,900 | $ 23,200 | ||||||||
Oklahoma City, Oklahoma Facility [Member] [Domain] | ||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||
Other Nonrecurring Expense, Planned Permaent Facility Closure | $ 1,700 | |||||||||
Common Stock | ||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 100,000 | $ 100,000 | $ 100,000 |
Summary of Significant Accout51
Summary of Significant Accouting Policies Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 16, 2016 | Dec. 15, 2015 | Dec. 15, 2014 | Feb. 05, 2014 | Dec. 27, 2010 | |
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Cash | $ 23,000 | $ 5,600 | $ 23,000 | $ 5,600 | ||||||||||||
Restricted cash | 0 | $ 2,270 | 2,270 | 0 | 2,270 | |||||||||||
Allowance for doubtful accounts | 1,500 | 1,400 | 1,500 | 1,400 | ||||||||||||
Provision for doubtful accounts | 700 | 200 | $ 100 | |||||||||||||
Goodwill | 244,283 | 209,087 | 244,283 | 209,087 | ||||||||||||
Net sales | $ 425,568 | $ 435,320 | $ 436,671 | $ 437,204 | $ 431,595 | $ 442,222 | $ 444,558 | $ 434,026 | $ 1,734,763 | $ 1,752,401 | $ 1,967,139 | |||||
Percentage of expected natural gas requirement covered under contract for next fiscal year | 20.00% | 20.00% | ||||||||||||||
Percentage Of Expected Natural Gas Requirement Covered Under Contract For Next Fiscal Quarter | 28.00% | 28.00% | ||||||||||||||
Percentage of natural gas requirement covered under contract | 45.00% | 57.00% | 58.00% | |||||||||||||
Restructuring and Related Cost, Accelerated Depreciation | $ 1,300 | |||||||||||||||
Common Stock | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Common stock authorized (in shares) | $ 100,000 | $ 100,000 | $ 100,000 | |||||||||||||
Number of shares repurchased (in shares) | 1,355,946 | 1,881,921 | 1,574,748 | |||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 48.18 | $ 53.13 | $ 63.50 | |||||||||||||
Sales Revenue, Net [Member] | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Percentage of total revenue from single customer | 10.00% | |||||||||||||||
Consumer Products | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Net sales | $ 988,380 | $ 959,894 | $ 1,183,385 | |||||||||||||
Kroger Company | Consumer Products | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Net sales | $ 232,000 | $ 215,000 | ||||||||||||||
Kroger Company | Consumer Products | Sales Revenue, Net [Member] | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Percentage of total revenue from single customer | 13.40% | 12.30% | ||||||||||||||
Cellu Tissue Holdings Inc | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Goodwill | $ 229,500 | |||||||||||||||
Manchester Industries [Domain] | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Goodwill | $ 35,200 | |||||||||||||||
Land Improvements | Minimum | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Estimated useful life | 10 years | |||||||||||||||
Land Improvements | Maximum | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Estimated useful life | 40 years | |||||||||||||||
Building and Building Improvements | Minimum | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Estimated useful life | 10 years | |||||||||||||||
Building and Building Improvements | Maximum | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Estimated useful life | 40 years | |||||||||||||||
Machinery and Equipment | Minimum | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Estimated useful life | 5 years | |||||||||||||||
Machinery and Equipment | Maximum | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Estimated useful life | 25 years | |||||||||||||||
Office And Other Equipment | Minimum | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Estimated useful life | 2 years | |||||||||||||||
Office And Other Equipment | Maximum | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Estimated useful life | 15 years | |||||||||||||||
Other Assets | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Restricted Cash and Cash Equivalents, Noncurrent | 2,300 | $ 2,300 | ||||||||||||||
Oklahoma City, Oklahoma Facility [Member] [Domain] | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Other Nonrecurring Expense, Planned Permaent Facility Closure | $ 1,700 |
Recently Adopted and New Acco52
Recently Adopted and New Accounting Standards Recently Adopted and New Accounting Standards (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Short-term Debt [Line Items] | |
Operating Leases, Future Minimum Payments Due | $ 44,416 |
Asset Divestiture (Details)
Asset Divestiture (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||||||||||||
Other Nonrecurring Gain | $ 1,500 | |||||||||||||
Escrow Deposits Related to Property Sales | $ 2,300 | |||||||||||||
Increase (Decrease) in Restricted Cash | $ 2,300 | |||||||||||||
Other settlement related costs | 500 | |||||||||||||
Net proceeds from divested assets | 0 | $ 0 | $ 107,740 | |||||||||||
Gain (loss) on divested assets, net | 0 | $ (1,755) | $ 0 | $ 0 | $ 195 | $ 0 | $ (1,331) | $ (131) | (1,755) | (1,267) | 40,159 | |||
Goodwill, Written off Related to Asset Divestiture | $ 20,400 | |||||||||||||
Finite-Lived Intangible Assets, Written off Related to Assets Divested | 4,900 | |||||||||||||
Disposal Group, Including Discontinued Operation, Assets | $ 105,700 | |||||||||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 86,700 | |||||||||||||
Disposal Group, Including Discontinued Operation, Inventory | $ 18,000 | |||||||||||||
Disposal Group, Additional Consideration | $ 6,000 | |||||||||||||
Restricted Cash and Cash Equivalents | $ 3,800 | 3,800 | ||||||||||||
Consumer Products | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Gain (loss) on divested assets, net | [1] | $ (1,755) | $ (1,267) | $ 40,159 | ||||||||||
[1] | 1 These costs relate to the sale of our Consumer Products segment’s specialty business and mills. For additional discussion, see Note 5, “Asset Divestiture”. |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Pulp, paperboard and tissue products | $ 154,460 | $ 156,055 |
Materials and supplies | 82,005 | 80,020 |
Logs, pulpwood, chips and sawdust | 21,564 | 19,498 |
Inventories | $ 258,029 | $ 255,573 |
Property, Plant and Equipment55
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Machinery and equipment | $ 2,000,512 | $ 1,879,890 |
Buildings and improvements | 328,251 | 320,808 |
Land improvements | 47,844 | 46,843 |
Office and other equipment | 40,051 | 34,903 |
Land | 7,266 | 7,266 |
Construction in progress | 103,429 | 88,964 |
Property, plant and equipment, gross, total | 2,527,353 | 2,378,674 |
Less accumulated depreciation and amortization | (1,582,025) | (1,512,136) |
Property, plant and equipment, net | $ 945,328 | $ 866,538 |
Property, Plant and Equipment A
Property, Plant and Equipment Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 30, 2014 | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation | $ 86.1 | $ 79.8 | $ 83.6 | ||
Interest expense, capitalized | 2.3 | 0.4 | |||
Impairment of Long-Lived Assets Held-for-use | $ 3.8 | ||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 86.7 | ||||
Restructuring and Related Cost, Accelerated Depreciation | $ 1.3 | ||||
Machinery and Equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Capital leased assets, gross | $ 24.4 | $ 24.4 | $ 0 |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill | $ 244,283 | $ 209,087 | |||
Goodwill, Written off Related to Asset Divestiture | $ 20,400 | ||||
Finite-Lived Intangible Assets, Written off Related to Assets Divested | $ 4,900 | ||||
Impairment of Intangible Assets, Finite-lived | $ 3,100 | $ 1,300 | |||
Non-compete agreements | |||||
Useful Life | 5 years | 5 years | |||
Minimum | Non-compete agreements | |||||
Useful Life | 5 years |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Goodwill, Acquired During Period | $ 35,196,000 | |
Finite-lived Intangible Assets Acquired | 25,500,000 | |
Historical Cost | 70,333,000 | $ 44,861,000 |
Accumulated Amortization | (29,848,000) | (24,871,000) |
Net Balance | $ 40,485,000 | $ 19,990,000 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 9 years 4 months | 9 years |
Historical Cost | $ 62,401,000 | $ 41,001,000 |
Accumulated Amortization | (27,364,000) | (22,778,000) |
Net Balance | $ 35,037,000 | $ 18,223,000 |
Trade names and trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 7 years 5 months | 10 years |
Historical Cost | $ 6,786,000 | $ 3,286,000 |
Accumulated Amortization | (1,972,000) | (1,643,000) |
Net Balance | $ 4,814,000 | $ 1,643,000 |
Non-compete agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 5 years | 5 years |
Historical Cost | $ 574,000 | $ 574,000 |
Accumulated Amortization | (512,000) | (450,000) |
Net Balance | $ 62,000 | $ 124,000 |
Other Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 6 years | |
Historical Cost | $ 572,000 | |
Accumulated Amortization | 0 | |
Net Balance | $ 572,000 | |
Minimum | Non-compete agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 5 years |
Goodwill and Intangible Asset59
Goodwill and Intangible Assets Estimated Future Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,017 | $ 7,970 | |
2,018 | 7,798 | |
2,019 | 7,798 | |
2,020 | 3,243 | |
2,021 | 2,914 | |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 10,762 | |
Net Balance | $ 40,485 | $ 19,990 |
Earnings (Loss) Before Income T
Earnings (Loss) Before Income Taxes Composition in Each Tax Jurisdiction (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings (Loss) Before Income Taxes Composition in Each Tax Jurisdiction [Abstract] | |||
United States | $ 80,666 | $ 92,488 | $ 16,253 |
Canada | 0 | 0 | (12) |
Earnings before income taxes | $ 80,666 | $ 92,488 | $ 16,241 |
Provision (Benefit) for Income
Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current | |||
Federal | $ 7,434 | $ 15,579 | $ 2,355 |
State | 5,351 | 4,855 | 1,872 |
Foreign | 0 | (10) | 516 |
Current Income Tax Expense (Benefit) | 12,785 | 20,424 | 4,743 |
Deferred | |||
Federal | 15,573 | 13,006 | 11,432 |
State | 2,754 | 3,075 | 2,381 |
Deferred tax expense | 18,327 | 16,081 | 13,813 |
Income tax provision | $ 31,112 | $ 36,505 | $ 18,556 |
Income Tax Reconciliation (Deta
Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Computed expected tax provision | $ 28,233 | $ 32,371 | $ 5,685 |
State and local taxes, net of federal income tax impact | 3,966 | 4,175 | 1,543 |
Adjustment for state deferred tax rate | 606 | 104 | 1,546 |
State investment tax credits | (921) | 1,146 | (1,039) |
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | 2,850 | (4,010) | 485 |
Federal manufacturing deduction | (1,022) | (1,873) | (674) |
Uncertain tax positions | 2,191 | (1,020) | 355 |
Effective Income Tax Rate Reconciliation, Loss on Divested Assets, Not Discontinued Operations, Amount | 0 | 0 | $ 10,554 |
Loss on divested assets | 65.00% | ||
State attribute true up | 0 | 1,167 | $ (2,874) |
Effective Income Tax Rate Reconciliation, Adjustment for New York State Attribute True Up, Amount | 0 | 0 | 1,654 |
Change in valuation allowances | 550 | (3,986) | 2,346 |
Other | 359 | 411 | (55) |
Income tax provision | $ 31,112 | $ 36,505 | $ 18,556 |
Effective tax rate | 38.60% | 39.50% | 114.30% |
Tax Effects of Significant Temp
Tax Effects of Significant Temporary Differences Creating Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill, Written off Related to Asset Divestiture | $ 20,400 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 600 | $ 4,000 | |
Deferred tax assets: | |||
Employee benefits | 6,255 | 8,611 | |
Postretirement employee benefits | 27,370 | 28,125 | |
Incentive compensation | 11,356 | 8,334 | |
Inventories | 8,859 | 7,557 | |
Pensions | 8,338 | 10,460 | |
Federal and state credit carryforwards | 8,369 | 16,154 | |
Net operating losses | 1,462 | 1,578 | |
Other | 3,774 | 6,220 | |
Total deferred tax assets | 75,783 | 87,039 | |
Valuation allowance | (4,407) | (11,983) | |
Deferred tax assets, net of valuation allowance | 71,376 | 75,056 | |
Deferred tax liabilities: | |||
Plant and equipment | (206,502) | (186,203) | |
Intangible assets | (14,136) | (4,656) | |
Deferred Tax Liabilities, Gross | 220,638 | 190,859 | |
Total deferred tax liabilities | (149,262) | $ (115,803) | |
Valuation allowances, State Tax Credits [Member] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 5,400 |
Net Deferred Tax Assets (Liabil
Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure Net Deferred Tax Assets Liabilities [Abstract] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 600 | $ 4,000 | |
Non-current deferred tax assets | [1] | 2,910 | 2,315 |
Non-current deferred tax liabilities | 152,172 | 118,118 | |
Non-current deferred tax liabilities | (149,262) | (115,803) | |
Deferred Tax Liabilities, Net | $ (149,262) | $ (115,803) | |
[1] | Included in "Other assets, net" on our accompanying December 31, 2016 and 2015 Consolidated Balance Sheets. |
Tax Credits and Losses Subject
Tax Credits and Losses Subject to Expiration by Major Jurisdictions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Tax Credit Carryforward [Line Items] | ||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 655 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ 2,524 | |
Tax Credit Carryforward, Amount | 8,369 | 16,154 |
Gross Unrecognized Tax Benefits, Excluding Interest and Penalties | ||
Tax Credit Carryforward [Line Items] | ||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 619 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 2,479 | |
Interest and Penalties | ||
Tax Credit Carryforward [Line Items] | ||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 36 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ 45 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Tax Credit Carryforward [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 14.40% | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 0 | |||
Statutory federal income tax rate | 35.00% | |||
Goodwill, Written off Related to Asset Divestiture | $ 20,400 | |||
Deferred Tax Assets, State Taxes | 2,900 | $ 2,900 | ||
Change for uncertain tax positions | $ (2,100) | |||
Deferred tax assets, gross | 75,783 | $ 87,039 | ||
Deferred Tax Assets, Valuation Allowance | 4,407 | 11,983 | ||
Proceeds and Excess Tax Benefit from Share-based Compensation | 300 | |||
Change in valuation allowance | 600 | 4,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2,434 | |||
Accrued Income Taxes, Current | 600 | |||
Unrecognized Tax Benefits | 2,434 | 1,676 | ||
Unrecognized tax benefits , if recognized, would favorably impact effective tax rate | 2,700 | 5,100 | 4,400 | 2,700 |
Accrued interest related to tax obligations | $ 100 | 100 | 100 | $ 100 |
Federal and state credit carryforwards | 8,369 | $ 16,154 | ||
Expiration of credits [Domain] | ||||
Tax Credit Carryforward [Line Items] | ||||
Change in valuation allowance | 7,600 | |||
Valuation allowances, State Tax Credits [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Change in valuation allowance | $ 5,400 |
Roll Forward of Unrecognized Ta
Roll Forward of Unrecognized Tax Benefits and Associated Interest and Penalties Included in Balance Sheet (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 254 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ (2,524) | |
Balance | 4,448 | 2,696 |
Increase in current year tax positions | 291 | 226 |
Balance | 5,140 | 4,448 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 998 | |
Gross Unrecognized Tax Benefits, Excluding Interest and Penalties | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 234 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (2,479) | |
Balance | 4,227 | 2,406 |
Increase in current year tax positions | 291 | 226 |
Balance | 4,903 | 4,227 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 884 | |
Interest and Penalties | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 20 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (45) | |
Balance | 221 | 290 |
Increase in current year tax positions | 0 | 0 |
Balance | $ 237 | 221 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 114 |
Accounts Payable and Accrued 68
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Trade accounts payable | $ 128,106 | $ 128,045 |
Accrued wages, salaries and employee benefits | 49,871 | 43,997 |
Accrued interest | 12,149 | 11,981 |
Accrued discounts and allowances | 10,291 | 8,954 |
Accrued utilities | 6,712 | 7,536 |
Accrued taxes other than income taxes payable | 6,946 | 5,112 |
Other | 9,624 | 14,743 |
Accounts payable and accrued liabilities | $ 223,699 | $ 220,368 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Oct. 31, 2016 | Aug. 28, 2014 | Jul. 29, 2014 | Jul. 29, 2014 | Jan. 23, 2013 | Feb. 22, 2013 | Mar. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 21, 2013 | Oct. 22, 2010 | Jun. 11, 2009 |
Debt Instrument [Line Items] | |||||||||||||
Proceeds from long-term debt | $ 0 | $ 0 | $ 300,000,000 | ||||||||||
Proceeds from Lines of Credit | $ 37,000,000 | 1,273,959,000 | 0 | 0 | |||||||||
Debt retirement costs | $ (17,058,000) | (351,000) | 0 | (24,420,000) | |||||||||
Accrued interest | 12,149,000 | 11,981,000 | |||||||||||
Credit facility, maximum borrowing capacity | 300,000,000 | ||||||||||||
Repayments of Lines of Credit | $ 125,000,000 | $ 1,138,959,000 | 0 | $ 0 | |||||||||
Outside equity interest percentage maximum | 0.00% | ||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 135,000,000 | $ 0 | |||||||||||
Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | 0.0125 | ||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.00% | ||||||||||||
Total leverage ratio | $ 1 | ||||||||||||
Interest coverage ratio | $ 1 | ||||||||||||
Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | 0.02 | ||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.00% | ||||||||||||
Total leverage ratio | $ 4 | ||||||||||||
Interest coverage ratio | $ 2.25 | ||||||||||||
Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Proceeds from long-term debt | $ 271,000,000 | ||||||||||||
Debt instrument principal amount redeemed | $ 166,000,000 | ||||||||||||
Redemption Price | 100.00% | ||||||||||||
Debt retirement costs | $ 12,600,000 | ||||||||||||
Accrued interest | $ 3,000,000 | ||||||||||||
Senior Notes Before February First, 2018 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption Price | 100.00% | ||||||||||||
Senior Notes Before February First, 2018 | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument Redemption Notice Term | 30 days | ||||||||||||
Senior Notes Before February First, 2018 | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument Redemption Notice Term | 60 days | ||||||||||||
Interest rate increase [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | 0.0025 | ||||||||||||
Contractual Interest Rate Reduction [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | 0.01 | ||||||||||||
Senior Notes Due Twenty Twenty-five [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, principal amount | $ 300,000,000 | $ 300,000,000 | |||||||||||
Debt instrument, maturity date | Feb. 1, 2025 | ||||||||||||
Debt instrument, interest rate | 5.375% | 5.375% | |||||||||||
Proceeds from long-term debt | $ 298,000,000 | ||||||||||||
Redemption Price | 100.00% | 100.00% | |||||||||||
Senior Notes Due Twenty Twenty-five [Member] | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument Redemption Notice Term | 30 days | ||||||||||||
Senior Notes Due Twenty Twenty-five [Member] | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument Redemption Notice Term | 60 days | ||||||||||||
Senior Notes Due 2018 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, interest rate | 7.125% | ||||||||||||
Debt instrument principal amount redeemed | $ 375,000,000 | ||||||||||||
Redemption Price | 100.00% | ||||||||||||
Debt retirement costs | $ 17,600,000 | ||||||||||||
Accrued interest | 8,700,000 | ||||||||||||
Payments for the redemption of long-term debt | 401,300,000 | ||||||||||||
Write off of Deferred Debt Issuance Cost | $ 4,600,000 | ||||||||||||
Senior Notes Due 2016 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, interest rate | 10.625% | ||||||||||||
Senior Notes Due Twenty Twenty-Three [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, principal amount | $ 275,000,000 | ||||||||||||
Debt instrument, interest rate | 4.50% | ||||||||||||
Wells Fargo [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility, maximum borrowing capacity | $ 200,000,000 | ||||||||||||
Northwest Farm Credit [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility, maximum borrowing capacity | $ 100,000,000 |
Other Long-Term Obligations (De
Other Long-Term Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Other Long Term Obligations [Abstract] | ||
Long-term lease obligations, net of current portion | $ 23,152 | $ 24,054 |
Deferred compensation | 7,219 | 10,755 |
Deferred proceeds | 9,013 | 9,386 |
Other | 2,392 | 2,543 |
Other long-term obligations | $ 41,776 | $ 46,738 |
Reclassification out of Accum71
Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Accumulated other comprehensive loss, net of tax | $ (51,753) | $ (55,548) | ||||
Net current period other comprehensive income ending balance | 3,795 | 15,315 | $ (12,770) | |||
Amortization of actuarial loss | (600) | (14,800) | ||||
Amortization of actuarial loss included in net periodic cost, before tax | 3,900 | 12,600 | ||||
Amortization of prior service credit included in net periodic cost, before tax | 0 | |||||
Amortization of prior service (cost) credit | 1,700 | 2,100 | ||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 1,200 | 10,000 | ||||
Defined Benefit Plan, Settlements, Benefit Obligation | 3,500 | |||||
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, Tax | 1,366 | 0 | 0 | |||
Defined Benefit Pension Plan Adjustments | ||||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Accumulated other comprehensive loss, net of tax | (51,753) | (55,548) | (70,863) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1,300 | 6,371 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,495 | [1] | 8,944 | |||
Net current period other comprehensive income ending balance | [2] | 3,795 | 15,315 | |||
Pension Plan [Member] | ||||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amortization of actuarial loss | 11,463 | 12,619 | 10,097 | |||
Amortization of prior service (cost) credit | (22) | (73) | (205) | |||
Defined Benefit Plan, Settlements, Benefit Obligation | $ 3,500 | $ 3,482 | $ 0 | $ 0 | ||
[1] | Included in "Amounts reclassified from accumulated other comprehensive loss" above for the twelve months ended December 31, 2016 is settlement expense of $3.5 million associated with the remeasurement of our salaried pension plan, which is discussed further in Note 14, “Savings, Pension and Other Postretirement Employee Benefit Plans.” The settlement expense is net of tax totaling $1.4 million. | |||||
[2] | 1For the year ended December 31, 2016, net periodic costs associated with our pension and other postretirement employee benefit, or OPEB, plans included in other comprehensive loss and reclassified from accumulated other comprehensive loss, or AOCL, included $0.6 million of net gain on plan assets, $3.9 million of actuarial loss amortization, and $1.7 million of prior service credit amortization, less total tax of $1.2 million. For the year ended December 31, 2015, net periodic costs associated with our pension and OPEB plans included in other comprehensive income and reclassified from AOCL included $14.8 million of net gain on plan assets, $12.6 million of actuarial loss amortization, and $2.1 million of prior service credit amortization, less total tax of $10.0 million. These accumulated other comprehensive loss components are included in the computation of net periodic pension and OPEB costs in Note 14, “Savings, Pension and Other Postretirement Employee Benefit Plans.” |
Changes in Benefit Obligation,
Changes in Benefit Obligation, Plan Assets and Funded Status for Company-Sponsored Benefit Plans (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||||
Defined Benefit Plan, Settlements, Benefit Obligation | $ 3,500 | |||
Pension Benefit Plans | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | $ 318,444 | 318,444 | $ 338,001 | |
Service cost | 1,562 | 1,244 | $ 1,390 | |
Interest cost | 14,072 | 13,931 | 14,825 | |
Actuarial losses (gains) | 6,225 | (15,295) | ||
Benefits paid | (25,286) | (19,437) | ||
Benefit obligation at end of year | 304,388 | 318,444 | 338,001 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 294,076 | 294,076 | 321,055 | |
Actual return on plan assets | 27,056 | (11,120) | ||
Employer contribution | 421 | 3,578 | ||
Fair value of plan assets at end of year | 285,638 | 294,076 | 321,055 | |
Defined Benefit Plan, Settlements, Plan Assets | (10,629) | 0 | ||
Funded status at end of year | (18,750) | (24,368) | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||||
Noncurrent assets | 1,740 | 596 | ||
Current liabilities | (397) | (414) | ||
Noncurrent liabilities | (20,093) | (24,550) | ||
Net amount recognized | (18,750) | (24,368) | ||
Defined Benefit Plan, Settlements, Benefit Obligation | 3,500 | 3,482 | 0 | 0 |
Other Postretirement Employee Benefit Plans | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | 71,672 | 71,672 | 104,715 | |
Service cost | 249 | 363 | 454 | |
Interest cost | 3,075 | 3,881 | 4,565 | |
Actuarial losses (gains) | 816 | (30,701) | ||
Benefits paid | (6,649) | (6,586) | ||
Benefit obligation at end of year | 69,163 | 71,672 | 104,715 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | $ 20 | 20 | 20 | |
Actual return on plan assets | 0 | 0 | ||
Employer contribution | 0 | 0 | ||
Fair value of plan assets at end of year | 20 | 20 | 20 | |
Defined Benefit Plan, Settlements, Plan Assets | 0 | 0 | ||
Funded status at end of year | (69,143) | (71,652) | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||||
Noncurrent assets | 0 | 0 | ||
Current liabilities | (7,424) | (7,145) | ||
Noncurrent liabilities | (61,719) | (64,507) | ||
Net amount recognized | (69,143) | (71,652) | ||
Defined Benefit Plan, Settlements, Benefit Obligation | $ 0 | $ 0 | $ 0 |
Amounts Recognized (Pre-tax) in
Amounts Recognized (Pre-tax) in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Future Amortization of Gain (Loss) | $ (10,100) | |
Net loss | 117,640 | $ 134,031 |
Prior service cost (credit) | 8 | 30 |
Net amount recognized | 117,648 | 134,061 |
Other Postretirement Employee Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Future Amortization of Gain (Loss) | (5,900) | |
Net loss | (20,906) | (29,290) |
Prior service cost (credit) | (3,211) | (4,923) |
Net amount recognized | $ (24,117) | $ (34,213) |
Certain Pension Plans with Accu
Certain Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 170,716 | $ 181,744 |
Accumulated benefit obligation | 170,716 | 181,744 |
Fair value of plan assets | $ 150,226 | $ 156,780 |
Pre-tax Components of Net Perio
Pre-tax Components of Net Periodic Cost (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Settlements, Benefit Obligation | $ 3,500 | |||
Pension Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1,562 | $ 1,244 | $ 1,390 | |
Interest cost | 14,072 | 13,931 | 14,825 | |
Expected return on plan assets | (19,389) | (20,117) | (20,196) | |
Amortization of prior service cost (credit) | 22 | 73 | 205 | |
Amortization of actuarial loss | 11,463 | 12,619 | 10,097 | |
Defined Benefit Plan, Settlements, Benefit Obligation | $ 3,500 | 3,482 | 0 | 0 |
Net periodic cost | 11,212 | 7,750 | 6,321 | |
Other Postretirement Employee Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 249 | 363 | 454 | |
Interest cost | 3,075 | 3,881 | 4,565 | |
Expected return on plan assets | (1) | (1) | 0 | |
Amortization of prior service cost (credit) | (1,712) | (2,178) | (2,179) | |
Amortization of actuarial loss | (7,566) | 0 | (286) | |
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 0 | 0 | |
Net periodic cost | $ (5,955) | $ 2,065 | $ 2,554 |
Other Amounts Recognized in Oth
Other Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Settlements, Benefit Obligation | $ (3,500) | |||
Amortization of prior service (cost) credit | 1,700 | $ 2,100 | ||
Amortization of actuarial (loss) gain | 600 | 14,800 | ||
Pension Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Settlements, Benefit Obligation | $ (3,500) | (3,482) | 0 | $ 0 |
Net (gain) loss | (1,445) | 15,942 | 31,587 | |
Prior service (credit) cost | 0 | 0 | 0 | |
Amortization of prior service (cost) credit | (22) | (73) | (205) | |
Amortization of actuarial (loss) gain | (11,463) | (12,619) | (10,097) | |
Total recognized in other comprehensive (income) loss | (16,412) | 3,250 | 21,285 | |
Defined Benefit Plan Total Recognized In Net Periodic Benefit Costs And Other Comprehensive Income Before Tax | (5,200) | 11,000 | 27,606 | |
Other Postretirement Employee Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 0 | 0 | |
Net (gain) loss | 818 | (30,700) | 7,039 | |
Prior service (credit) cost | 0 | 0 | (8,384) | |
Amortization of prior service (cost) credit | 1,712 | 2,178 | 2,179 | |
Amortization of actuarial (loss) gain | 7,566 | 0 | 286 | |
Total recognized in other comprehensive (income) loss | 10,096 | (28,522) | 1,120 | |
Defined Benefit Plan Total Recognized In Net Periodic Benefit Costs And Other Comprehensive Income Before Tax | $ 4,141 | $ (26,457) | $ 3,674 |
Weighted Average Assumptions Us
Weighted Average Assumptions Used to Determine Benefit Obligation (Details) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.45% | 4.70% | 4.25% |
Other Postretirement Employee Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.30% | 4.50% | 4.15% |
Weighted Average Assumptions 78
Weighted Average Assumptions Used to Determine Net Periodic Cost (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Future Amortization of Gain (Loss) | $ 10.1 | ||
Discount rate | 4.70% | 4.25% | 5.20% |
Expected return on plan assets | 6.75% | 7.00% | 7.50% |
Other Postretirement Employee Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Future Amortization of Gain (Loss) | $ 5.9 | ||
Discount rate | 4.50% | 4.15% | 5.05% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
One Percentage Point Change in
One Percentage Point Change in Health Care Cost Trend Rates (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |
Effect of 1% increase on total service and interest cost components | $ 220 |
Effect of 1% decrease on total service and interest cost components | (192) |
Effect of 1% increase on postretirement employee benefit obligation | 4,393 |
Effect of 1% decrease on postretirement employee benefit obligation | $ (3,838) |
Investments at Fair Value for C
Investments at Fair Value for Company Sponsored Pension Benefit Plans Within Fair Value Hierarchy (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 2,002,000 | $ 2,004,000 |
defined benefit plan net asset value | 0 | 0 |
Common and collective trusts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 283,636,000 | 292,072,000 |
defined benefit plan net asset value | 283,636,000 | 292,072,000 |
Investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 285,638,000 | 294,076,000 |
defined benefit plan net asset value | 283,636,000 | 292,072,000 |
Fair Value, Inputs, Level 1 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,002,000 | 2,004,000 |
Fair Value, Inputs, Level 1 | Common and collective trusts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Inputs, Level 1 | Investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 2,002,000 | $ 2,004,000 |
Long Term Asset Allocation Rang
Long Term Asset Allocation Ranges (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Domestic equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, long-term assets, minimum | 14.00% |
Defined benefit plan, long-term assets, maximum | 22.00% |
International equities, including emerging markets | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, long-term assets, minimum | 13.00% |
Defined benefit plan, long-term assets, maximum | 22.00% |
Corporate bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, long-term assets, minimum | 50.00% |
Defined benefit plan, long-term assets, maximum | 70.00% |
Liquid reserves | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, long-term assets, minimum | 0.00% |
Defined benefit plan, long-term assets, maximum | 5.00% |
Estimated Future Benefit Paymen
Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Pension Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2,015 | $ 19,614 |
2,016 | 19,808 |
2,017 | 20,103 |
2,018 | 20,143 |
2,019 | 20,131 |
2020-2023 | 100,433 |
Other Postretirement Employee Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2,015 | 7,444 |
2,016 | 7,421 |
2,017 | 6,954 |
2,018 | 6,562 |
2,019 | 5,435 |
2020-2023 | $ 20,372 |
Savings, Pension and Other Po83
Savings, Pension and Other Postretirement Employee Benefit Plans Multiemployer Defined Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Entity Tax Identification Number | 516,031,295 | |||
Contributions (in thousands) | $ 6,014 | $ 5,960 | $ 6,008 | |
IAM | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer Plan Number | 2 | |||
Multiemployer Plans, Certified Zone Status | Green | Green | ||
Contributions (in thousands) | $ 335 | $ 329 | 343 | |
Multiemployer Plans, Surcharge | No | |||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | May 31, 2018 | |||
USW | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Entity Tax Identification Number | 116,166,763 | |||
Multiemployer Plan Number | 1 | |||
Multiemployer Plans, Certified Zone Status | Red | [1] | Red | |
Contributions (in thousands) | $ 5,679 | $ 5,631 | $ 5,665 | |
Multiemployer Plans, Surcharge | No | |||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Aug. 31, 2017 | |||
Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.80% | |||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 7.10% | |||
Maximum [Member] | Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.30% | |||
[1] | PIUMPF has been certified as in "Critical and Declining Status" for 2016 and 2015, under the provisions of the Multiemployer Pension Plan Reform Act of 2014. |
Savings, Pension and Other Po84
Savings, Pension and Other Postretirement Employee Benefit Plans Additional Information (Details) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)$ / h | Dec. 31, 2015USD ($)$ / h | Dec. 31, 2014USD ($) | Dec. 31, 2012$ / h | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Multiemployer Plans, Withdrawal Obligation | $ 72,000,000 | ||||
Salaried Pension Plan Single Lump Sum Payments | $ 10,600,000 | ||||
Hourly Pension Plan Single Lump Sum Payments | 4,800,000 | ||||
Defined Benefit Plan, Settlements, Benefit Obligation | $ 3,500,000 | ||||
IAM | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Contribution rates | $ / h | 4 | 3.25 | |||
USW | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Contribution rates | $ / h | 2.79 | 2.67 | |||
Maximum | Plan A [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Funded Percentage Of Pension Protection Plan | 65.00% | ||||
Maximum | Plan B [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Funded Percentage Of Pension Protection Plan | 80.00% | ||||
Minimum | Plan B [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Funded Percentage Of Pension Protection Plan | 65.00% | ||||
Minimum | Plan C [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Funded Percentage Of Pension Protection Plan | 80.00% | ||||
Pension Benefit Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net loss expected to be recognized as component of net periodic benefit over the next fiscal year | $ (10,100,000) | ||||
Prior service cost, expected to be recognized as a component of net periodic benefit cost over the next fiscal year | (100,000) | ||||
Fair value of plan assets | 285,638,000 | $ 294,076,000 | $ 321,055,000 | ||
Employer contribution | 421,000 | 3,578,000 | |||
Defined Benefit Plan, Settlements, Benefit Obligation | $ 3,500,000 | 3,482,000 | 0 | 0 | |
Other Postretirement Employee Benefit Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net loss expected to be recognized as component of net periodic benefit over the next fiscal year | (5,900,000) | ||||
Prior service cost, expected to be recognized as a component of net periodic benefit cost over the next fiscal year | $ 1,500,000 | ||||
Assumed health care cost trend rates used to determine the company's benefit obligations and expense | 7.80% | ||||
Assumed health care cost trend rates, graded rate | 7.10% | ||||
Expected year when trend rate to be reached | 70 years | ||||
Fair value of plan assets | $ 20,000 | 20,000 | 20,000 | ||
Employer contribution | 0 | 0 | |||
Defined Benefit Plan, Settlements, Benefit Obligation | $ 0 | 0 | 0 | ||
Other Postretirement Employee Benefit Plans | Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Assumed health care cost trend rates, graded rate | 4.30% | ||||
defined benefit plan, ultimate health care cost trend rates, with added benefits | 2.50% | ||||
Supplemental Employee Retirement Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer contribution | $ 400,000 | ||||
Fair Value, Inputs, Level 1 | Other Postretirement Employee Benefit Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 20,000 | 20,000 | |||
Pension Benefit Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer contributions | 16,900,000 | 16,900,000 | $ 17,400,000 | ||
Cost of Sales [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 3,000,000 | 6,800,000 | |||
Selling, General and Administrative Expenses [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | $ 2,300,000 | $ 3,000,000 |
Share Reconciliation of Number
Share Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings Per Share (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Basic average common shares outstanding | [1] | 17,000,599 | 18,762,451 | 20,129,557 | ||||||||
Incremental shares due to: | ||||||||||||
Restricted stock units | 21,668 | 33,128 | 0 | |||||||||
Performance shares | 76,525 | 24,717 | 0 | |||||||||
Incremental Common Shares Attributable to Stock Options | 7,648 | 0 | 0 | |||||||||
Diluted average common shares outstanding | 17,106,440 | 18,820,296 | 20,129,557 | |||||||||
Basic net earnings per common share | $ 0.56 | $ 0.05 | $ 1.22 | $ 1.05 | $ 0.65 | $ 1.22 | $ 0.82 | $ 0.30 | $ 2.91 | $ 2.98 | $ (0.11) | |
Diluted net earnings per common share | $ 0.56 | $ 0.05 | $ 1.21 | $ 1.05 | $ 0.65 | $ 1.21 | $ 0.81 | $ 0.30 | $ 2.90 | $ 2.97 | $ (0.11) | |
Anti-dilutive shares excluded from calculation | 220,037 | 331,168 | 566,041 | |||||||||
[1] | Basic average common shares outstanding include restricted stock awards that are fully vested, but are deferred for future issuance. See Note 16, "Equity-Based Compensation Plans" for further discussion. |
Equity-Based Compensation Pla86
Equity-Based Compensation Plans Employee Plans Equity Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee equity-based compensation | $ 7,605 | $ 8,630 | $ 8,184 |
Related tax benefit | 2,767 | 3,193 | 2,955 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee equity-based compensation | 1,381 | 2,116 | 1,966 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee equity-based compensation | 3,311 | 4,408 | 4,964 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee equity-based compensation | $ 2,913 | $ 2,106 | $ 1,254 |
Equity-Based Compensation Pla87
Equity-Based Compensation Plans Summary of Status of Outstanding RSU Awards (Details) - Restricted stock units - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of share | |||
Beginning Balance | 46,029 | 93,254 | 102,658 |
Granted | 44,627 | 23,148 | 31,567 |
Vested | (29,338) | (65,217) | (32,117) |
Forfeited | (6,858) | (5,156) | (8,854) |
Ending Balance | 54,460 | 46,029 | 93,254 |
Weighted Average Grant Date Fair Value | |||
Beginning Balance | $ 60.17 | $ 47.95 | $ 39.85 |
Granted | 39.10 | 62.02 | 66.33 |
Vested | 55.16 | 43.86 | 38.94 |
Forfeited | 47.80 | 58.58 | 52.28 |
Ending Balance | $ 47.16 | $ 60.17 | $ 47.95 |
Aggregate intrinsic value | |||
Aggregate intrinsic value | $ 3,570 | $ 2,096 | $ 6,393 |
Equity-Based Compensation Pla88
Equity-Based Compensation Plans Assumption Used in Monte Carlo Model to Estimate Fair Value of Performance Shares Awards (Details) | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 66.85 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.42 |
Risk free rate | 1.39% |
Measurement period | 6 years 5 months |
Volatility | 35.00% |
Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing price of stock on date of grant | $ 38.75 |
Risk free rate | 0.83% |
Measurement period | 3 years |
Volatility | 31.00% |
Equity-Based Compensation Pla89
Equity-Based Compensation Plans Summary of Status of Outstanding Performance Share Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 years 2 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 137,860 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning Balance | 277,693 | 150,580 | 0 |
Granted | 280,191 | 142,542 | 163,137 |
Forfeited | (30,830) | (15,429) | (12,557) |
Ending Balance | 527,054 | 277,693 | 150,580 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Beginning Balance | $ 64.47 | $ 66.84 | $ 0 |
Granted | 38.86 | 61.93 | 66.85 |
Forfeited | 47.79 | 64.12 | 66.97 |
Ending Balance | $ 51.83 | $ 64.47 | $ 66.84 |
Aggregate intrinsic value | |||
Aggregate intrinsic value | $ 7,232 | $ 0 | $ 258 |
Performance shares | |||
Number of share | |||
Ending Balance | 175,683 | 92,563 | 300,864 |
Granted | 93,397 | 47,513 | 54,379 |
Settled | 0 | (245,525) | 0 |
Forfeited | (10,277) | (10,289) | (13,356) |
Beginning Balance | 92,563 | 300,864 | 259,841 |
Weighted Average Grant Date Fair Value | |||
Beginning Balance | $ 84.18 | $ 59.77 | $ 50.87 |
Granted | 39.70 | 62.05 | 105.08 |
Settled | 0 | 50.43 | 0 |
Forfeited | 54.55 | 73.61 | 71.03 |
Ending Balance | $ 62.26 | $ 84.18 | $ 59.77 |
Aggregate intrinsic value | |||
Aggregate intrinsic value | $ 11,516 | $ 4,214 | $ 20,624 |
Maximum [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Maximum [Member] | Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Arrangement By Share Based Payment Award Outstanding Award As Percentage Of Shares Issued | 200.00% | ||
Minimum [Member] | Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Arrangement By Share Based Payment Award Outstanding Award As Percentage Of Shares Issued | 0.00% |
Equity-Based Compensation Pla90
Equity-Based Compensation Plans - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 37 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 7 years | |||||
Stock Plan, effective date | Dec. 16, 2008 | |||||
Stock Plan, shares authorized | 4,100,000 | 4,100,000 | ||||
Shares Available For Grant | 1,600,000 | 1,600,000 | ||||
Distributed of Previously Deferred Shares | 1,697 | |||||
Cash paid for minimum tax withholdings | $ 933 | $ 4,152 | $ 1,523 | |||
Share based compensation expense | (7,605) | $ (8,630) | (8,184) | |||
Equity Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation costs | $ 3,300 | $ 3,300 | ||||
Unrecognized compensation costs, expected weighted-average period to be recognized (in years) | 1 year 6 months | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation awards vesting period | 3 years | |||||
Unrecognized compensation costs | $ 3,100 | $ 3,100 | ||||
Unrecognized compensation costs, expected weighted-average period to be recognized (in years) | 1 year 6 months | |||||
Vested Shares Settled Without Payment | 107,750 | |||||
Share based compensation expense | $ (3,311) | $ (4,408) | (4,964) | |||
Performance Shares [Member] | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of amount subject to performance share award of number of shares actually issued | 0.00% | 0.00% | ||||
Performance Shares [Member] | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of amount subject to performance share award of number of shares actually issued | 200.00% | 200.00% | ||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation expense | $ (2,913) | $ (2,106) | (1,254) | |||
Employee Stock Option [Member] | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation awards vesting period | 1 year | |||||
Employee Stock Option [Member] | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation awards vesting period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total fair value of share awards vested | $ 1,600 | |||||
Unrecognized compensation costs | $ 1,400 | $ 1,400 | ||||
Unrecognized compensation costs, expected weighted-average period to be recognized (in years) | 1 year 7 months 6 days | |||||
Settlement and distribution of shares issued (in shares) | 19,196 | 61,592 | 45,143 | |||
Shares issued (in shares) | 30,093 | 39,120 | ||||
Cash paid for minimum tax withholdings | $ 900 | $ 1,100 | ||||
Balance of Shares Vested and Deferred | 35,438 | 35,438 | ||||
Share based compensation expense | $ (1,381) | (2,116) | (1,966) | |||
Restricted Stock Units (RSUs) | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation awards vesting period | 1 year | |||||
Restricted Stock Units (RSUs) | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation awards vesting period | 3 years | |||||
Cellu Tissue Holdings Inc | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Plan, shares authorized | 700,000 | 700,000 | ||||
Director | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation awards vesting period | 1 year | 3 years | ||||
Share Based Compensation Arrangement By Share Based Payment Award Compensation Cost Reversal | (4,100) | |||||
Share based compensation expense | $ (4,800) | $ 4,600 | ||||
Deferred compensation share-based arrangements, liability, classified, noncurrent | $ (7,900) | $ (9,400) | (7,900) | $ (9,400) | ||
Deferred Compensation Share-based Arrangements, Liability, Current | $ (3,200) | $ (3,200) |
Fair Value Measurements Estimat
Fair Value Measurements Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, restricted cash, and short-term investments (Level 1) | $ 23,001 | $ 8,130 |
Line of Credit Facility, Fair Value of Amount Outstanding | 135,000 | 0 |
Long-term debt (Level 1) | 567,875 | 558,250 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, restricted cash, and short-term investments (Level 1) | 23,001 | 8,130 |
Line of Credit Facility, Fair Value of Amount Outstanding | 135,000 | 0 |
Long-term debt (Level 1) | $ 575,000 | $ 575,000 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases Disclosure [Line Items] | |||
Rent expense | $ 14.3 | $ 14.8 | $ 18.6 |
Commitments and Contingencies93
Commitments and Contingencies Commitments and Contingencies Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,015 | $ 2,601 |
2,016 | 2,649 |
2,017 | 2,697 |
2,018 | 2,661 |
2,019 | 2,710 |
Thereafter | 26,822 |
Total future minimum lease payments | 40,140 |
Less interest portion | (17,327) |
Present value of future minimum lease payments | 22,813 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,015 | 14,400 |
2,016 | 11,318 |
2,017 | 6,719 |
2,018 | 4,365 |
2,019 | 3,260 |
Thereafter | 4,354 |
Total future minimum lease payments | $ 44,416 |
Segment Information Reportable
Segment Information Reportable Segments Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 425,568 | $ 435,320 | $ 436,671 | $ 437,204 | $ 431,595 | $ 442,222 | $ 444,558 | $ 434,026 | $ 1,734,763 | $ 1,752,401 | $ 1,967,139 | |
Business Acquisition, Transaction Costs | 2,700 | 2,700 | ||||||||||
Defined Benefit Plan, Settlements, Benefit Obligation | 3,500 | |||||||||||
Income from operations | 24,110 | 9,280 | 40,165 | 37,762 | 36,314 | 40,046 | 32,073 | 15,237 | 111,317 | 123,670 | 79,811 | |
Gain (loss) on divested assets, net | 0 | $ 1,755 | $ 0 | $ 0 | (195) | $ 0 | $ 1,331 | $ 131 | 1,755 | 1,267 | (40,159) | |
Depreciation and amortization | 91,090 | 84,732 | 90,145 | |||||||||
Assets | 1,684,342 | 1,527,369 | 1,684,342 | 1,527,369 | 1,579,149 | |||||||
Capital expenditures | 155,677 | 134,104 | 99,600 | |||||||||
Restructuring and Related Cost, Accelerated Depreciation | 1,300 | |||||||||||
Consumer Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 988,380 | 959,894 | 1,183,385 | |||||||||
Income from operations | 66,161 | 54,437 | 34,131 | |||||||||
Gain (loss) on divested assets, net | [1] | 1,755 | 1,267 | (40,159) | ||||||||
Depreciation and amortization | [2] | 59,375 | 54,595 | 61,504 | ||||||||
Assets | 1,031,563 | 1,046,170 | 1,031,563 | 1,046,170 | 1,037,912 | |||||||
Capital expenditures | 47,079 | 55,594 | 43,562 | |||||||||
Pulp and Paperboard | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 746,383 | 792,507 | 783,754 | |||||||||
Income from operations | 112,732 | 120,861 | 144,171 | |||||||||
Depreciation and amortization | 26,741 | 27,204 | 25,452 | |||||||||
Assets | 586,687 | 423,694 | 586,687 | 423,694 | 413,143 | |||||||
Capital expenditures | 104,113 | 67,929 | 45,146 | |||||||||
Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Income from operations | 180,648 | 176,565 | 138,143 | |||||||||
Assets | 1,618,250 | 1,469,864 | 1,618,250 | 1,469,864 | 1,451,055 | |||||||
Capital expenditures | 151,192 | 123,523 | 88,708 | |||||||||
Corporate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Income from operations | [3] | (69,331) | (52,895) | (58,332) | ||||||||
Depreciation and amortization | 4,974 | 2,933 | 3,189 | |||||||||
Assets | $ 66,092 | $ 57,505 | 66,092 | 57,505 | 128,094 | |||||||
Capital expenditures | 4,485 | 10,581 | $ 10,892 | |||||||||
Externally sold pulp [Member] | Consumer Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1,300 | |||||||||||
Externally sold pulp [Member] | Pulp and Paperboard | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 1,400 | $ 2,100 | ||||||||||
[1] | 1 These costs relate to the sale of our Consumer Products segment’s specialty business and mills. For additional discussion, see Note 5, “Asset Divestiture”. | |||||||||||
[2] | 3 Consumer Products depreciation and amortization expense for 2016 includes $1.3 million of accelerated depreciation associated with the announced March 31, 2017 Oklahoma City facility closure. | |||||||||||
[3] | orporate expenses for 2016 include $2.7 million of expenses associated with the acquisition of Manchester Industries. Operating results subsequent to the acquisition of Manchester Industries are included in the Pulp and Paperboard segment. Corporate expenses for 2016 also include a $3.5 million settlement accounting charge associated with a pension lump sum buyout for term-vested participants. |
Segment Information Segment Inf
Segment Information Segment Information Summary of Geographic Information Regarding Net Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 425,568 | $ 435,320 | $ 436,671 | $ 437,204 | $ 431,595 | $ 442,222 | $ 444,558 | $ 434,026 | $ 1,734,763 | $ 1,752,401 | $ 1,967,139 |
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,663,231 | 1,653,208 | 1,840,726 | ||||||||
Japan | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 44,970 | 59,463 | 63,831 | ||||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 6,831 | 6,896 | 25,411 | ||||||||
Korea | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 5,260 | 10,016 | 11,105 | ||||||||
Australia | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 4,790 | 5,578 | 7,219 | ||||||||
Other foreign countries | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 9,681 | $ 17,240 | $ 18,847 |
Financial Results by Quarter 96
Financial Results by Quarter Financial Results by Quarter (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 425,568 | $ 435,320 | $ 436,671 | $ 437,204 | $ 431,595 | $ 442,222 | $ 444,558 | $ 434,026 | $ 1,734,763 | $ 1,752,401 | $ 1,967,139 |
Costs and expenses: | |||||||||||
Cost of sales | (368,524) | (396,605) | (361,851) | (368,647) | (364,778) | (373,892) | (384,347) | (389,832) | (1,495,627) | (1,512,849) | (1,708,840) |
Gain (loss) on divested assets, net | 0 | 1,755 | 0 | 0 | (195) | 0 | 1,331 | 131 | 1,755 | 1,267 | (40,159) |
Selling, general and administrative expenses | (32,934) | (31,190) | (34,655) | (30,795) | (30,308) | (28,284) | (29,469) | (29,088) | (129,574) | (117,149) | (130,102) |
Impairment of assets | 0 | 0 | (8,227) | ||||||||
Total operating costs and expenses | (401,458) | (426,040) | (396,506) | (399,442) | (395,281) | (402,176) | (412,485) | (418,789) | (1,623,446) | (1,628,731) | (1,887,328) |
Income from operations | 24,110 | 9,280 | 40,165 | 37,762 | 36,314 | 40,046 | 32,073 | 15,237 | 111,317 | 123,670 | 79,811 |
Net earnings | $ 9,343 | $ 901 | $ 20,864 | $ 18,446 | $ 11,565 | $ 23,064 | $ 15,597 | $ 5,757 | $ 49,554 | $ 55,983 | $ (2,315) |
Net earnings per common share: | |||||||||||
Basic (in dollars per share) | $ 0.56 | $ 0.05 | $ 1.22 | $ 1.05 | $ 0.65 | $ 1.22 | $ 0.82 | $ 0.30 | $ 2.91 | $ 2.98 | $ (0.11) |
Diluted (in dollars per share) | $ 0.56 | $ 0.05 | $ 1.21 | $ 1.05 | $ 0.65 | $ 1.21 | $ 0.81 | $ 0.30 | $ 2.90 | $ 2.97 | $ (0.11) |
Supplemental Guarantor Financ97
Supplemental Guarantor Financial Information Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net sales | $ 425,568 | $ 435,320 | $ 436,671 | $ 437,204 | $ 431,595 | $ 442,222 | $ 444,558 | $ 434,026 | $ 1,734,763 | $ 1,752,401 | $ 1,967,139 | |
Cost and expenses: | ||||||||||||
Cost of sales | (368,524) | (396,605) | (361,851) | (368,647) | (364,778) | (373,892) | (384,347) | (389,832) | (1,495,627) | (1,512,849) | (1,708,840) | |
Selling, general and administrative expenses | (32,934) | (31,190) | (34,655) | (30,795) | (30,308) | (28,284) | (29,469) | (29,088) | (129,574) | (117,149) | (130,102) | |
Gain (loss) on divested assets, net | 0 | 1,755 | 0 | 0 | (195) | 0 | 1,331 | 131 | 1,755 | 1,267 | (40,159) | |
Impairment of assets | 0 | 0 | (8,227) | |||||||||
Total operating costs and expenses | (401,458) | (426,040) | (396,506) | (399,442) | (395,281) | (402,176) | (412,485) | (418,789) | (1,623,446) | (1,628,731) | (1,887,328) | |
Income from operations | 24,110 | 9,280 | 40,165 | 37,762 | 36,314 | 40,046 | 32,073 | 15,237 | 111,317 | 123,670 | 79,811 | |
Interest expense, net | (30,300) | (31,182) | (39,150) | |||||||||
Debt retirement costs | $ (17,058) | (351) | 0 | (24,420) | ||||||||
Equity in income (loss) of subsidiary | 0 | 0 | 0 | |||||||||
Earnings before income taxes | 80,666 | 92,488 | 16,241 | |||||||||
Income tax (provision) benefit | (31,112) | (36,505) | (18,556) | |||||||||
Net earnings (loss) | $ 9,343 | $ 901 | $ 20,864 | $ 18,446 | $ 11,565 | $ 23,064 | $ 15,597 | $ 5,757 | 49,554 | 55,983 | (2,315) | |
Other comprehensive income, net of tax | 3,795 | 15,315 | (12,770) | |||||||||
Comprehensive income | 53,349 | 71,298 | (15,085) | |||||||||
Issuer | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net sales | 1,685,327 | 1,683,890 | 1,573,912 | |||||||||
Cost and expenses: | ||||||||||||
Cost of sales | (1,468,691) | (1,458,121) | (1,321,143) | |||||||||
Selling, general and administrative expenses | (113,766) | (108,414) | (107,141) | |||||||||
Gain (loss) on divested assets, net | 0 | 0 | 0 | |||||||||
Impairment of assets | 0 | |||||||||||
Total operating costs and expenses | (1,582,457) | (1,566,535) | (1,428,284) | |||||||||
Income from operations | 102,870 | 117,355 | 145,628 | |||||||||
Interest expense, net | (30,111) | (31,067) | (39,091) | |||||||||
Debt retirement costs | (351) | (24,420) | ||||||||||
Equity in income (loss) of subsidiary | 5,331 | 2,476 | (58,953) | |||||||||
Earnings before income taxes | 72,408 | 86,288 | 82,117 | |||||||||
Income tax (provision) benefit | (26,966) | (32,371) | (47,694) | |||||||||
Net earnings (loss) | 50,773 | 56,393 | (24,530) | |||||||||
Other comprehensive income, net of tax | 3,795 | 15,315 | (12,770) | |||||||||
Comprehensive income | 54,568 | 71,708 | (37,300) | |||||||||
Guarantor Subsidiaries | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net sales | 287,952 | 291,270 | 531,520 | |||||||||
Cost and expenses: | ||||||||||||
Cost of sales | (263,577) | (277,487) | (526,192) | |||||||||
Selling, general and administrative expenses | (15,808) | (8,735) | (22,747) | |||||||||
Gain (loss) on divested assets, net | 1,755 | 1,267 | (40,159) | |||||||||
Impairment of assets | (8,227) | |||||||||||
Total operating costs and expenses | (277,630) | (284,955) | (597,325) | |||||||||
Income from operations | 10,322 | 6,315 | (65,805) | |||||||||
Interest expense, net | (189) | (115) | (59) | |||||||||
Debt retirement costs | 0 | 0 | ||||||||||
Equity in income (loss) of subsidiary | 0 | 0 | (528) | |||||||||
Earnings before income taxes | 10,133 | 6,200 | (65,864) | |||||||||
Income tax (provision) benefit | (4,802) | (3,724) | 7,439 | |||||||||
Net earnings (loss) | 5,331 | 2,476 | (58,953) | |||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | |||||||||
Comprehensive income | 5,331 | 2,476 | (58,953) | |||||||||
Non-Guarantor Subsidiaries | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net sales | 43,929 | |||||||||||
Cost and expenses: | ||||||||||||
Cost of sales | (43,727) | |||||||||||
Selling, general and administrative expenses | (214) | |||||||||||
Gain (loss) on divested assets, net | 0 | |||||||||||
Impairment of assets | 0 | |||||||||||
Total operating costs and expenses | (43,941) | |||||||||||
Income from operations | (12) | |||||||||||
Interest expense, net | 0 | |||||||||||
Debt retirement costs | 0 | |||||||||||
Equity in income (loss) of subsidiary | 0 | |||||||||||
Earnings before income taxes | (12) | |||||||||||
Income tax (provision) benefit | (516) | |||||||||||
Net earnings (loss) | (528) | |||||||||||
Other comprehensive income, net of tax | 0 | |||||||||||
Comprehensive income | (528) | |||||||||||
Eliminations | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net sales | (238,516) | (222,759) | (182,222) | |||||||||
Cost and expenses: | ||||||||||||
Cost of sales | 236,641 | 222,759 | 182,222 | |||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | |||||||||
Gain (loss) on divested assets, net | 0 | 0 | 0 | |||||||||
Impairment of assets | 0 | |||||||||||
Total operating costs and expenses | 236,641 | 222,759 | 182,222 | |||||||||
Income from operations | (1,875) | 0 | 0 | |||||||||
Interest expense, net | 0 | 0 | 0 | |||||||||
Debt retirement costs | 0 | 0 | ||||||||||
Equity in income (loss) of subsidiary | (5,331) | (2,476) | 59,481 | |||||||||
Earnings before income taxes | (1,875) | 0 | 0 | |||||||||
Income tax (provision) benefit | 656 | (410) | 22,215 | |||||||||
Net earnings (loss) | (6,550) | (2,886) | 81,696 | |||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | |||||||||
Comprehensive income | $ (6,550) | $ (2,886) | $ 81,696 |
Supplemental Guarantor Financ98
Supplemental Guarantor Financial Information Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets: | |||||
Cash and cash equivalents | $ 23,001 | $ 5,610 | $ 27,331 | $ 23,675 | |
Restricted cash | 0 | $ 2,270 | 2,270 | ||
Short-term investments | 0 | 250 | |||
Receivables, net | 147,074 | 139,052 | |||
Taxes receivable | 9,709 | 14,851 | |||
Inventories | 258,029 | 255,573 | |||
Other Assets, Current | 8,682 | 9,331 | |||
Total current assets | 446,495 | 426,937 | |||
Property, plant and equipment, net | 945,328 | 866,538 | |||
Goodwill | 244,283 | 209,087 | |||
Intangible assets, net | 40,485 | 19,990 | |||
Investment in subsidiary | 0 | 0 | |||
Other assets, net | 7,751 | 4,817 | |||
TOTAL ASSETS | 1,684,342 | 1,527,369 | 1,579,149 | ||
Current liabilities: | |||||
Accounts payable and accrued liabilities | 223,699 | 220,368 | |||
Line of Credit, Current | 135,000 | 0 | |||
Current liability for pensions and other postretirement employee benefits | 7,821 | 7,559 | |||
Total current liabilities | 366,520 | 227,927 | |||
Long-term debt | 569,755 | 568,987 | |||
Liability for pensions and other postretirement employee benefits | 81,812 | 89,057 | |||
Other long-term obligations | 41,776 | 46,738 | |||
Accrued taxes | 2,434 | 1,676 | |||
Deferred Tax Liabilities, Net, Noncurrent | 149,262 | 115,803 | |||
Deferred Tax Liabilities, Gross, Noncurrent | 152,172 | 118,118 | |||
Liabilities | 1,214,469 | 1,052,503 | |||
Accumulated other comprehensive loss, net of tax | (51,753) | (55,548) | |||
Stockholders' equity excluding accumulated other comprehensive loss | 521,626 | 530,414 | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,684,342 | 1,527,369 | |||
Issuer | |||||
Current assets: | |||||
Cash and cash equivalents | 19,586 | 5,610 | 27,331 | 18,273 | |
Restricted cash | 2,270 | ||||
Short-term investments | 250 | ||||
Receivables, net | 130,098 | 123,131 | |||
Taxes receivable | 15,143 | 16,221 | |||
Inventories | 208,472 | 219,130 | |||
Other Assets, Current | 8,161 | 8,838 | |||
Total current assets | 381,460 | 375,450 | |||
Property, plant and equipment, net | 802,064 | 719,436 | |||
Goodwill | 244,283 | 209,087 | |||
Intangible assets, net | 3,135 | 4,180 | |||
Intercompany receivable (payable) | 30,034 | 14,013 | |||
Investment in subsidiary | 145,089 | 139,758 | |||
Other assets, net | 8,433 | 4,738 | |||
TOTAL ASSETS | 1,614,498 | 1,466,662 | |||
Current liabilities: | |||||
Accounts payable and accrued liabilities | 202,187 | 196,891 | |||
Line of Credit, Current | 135,000 | ||||
Current liability for pensions and other postretirement employee benefits | 7,821 | 7,559 | |||
Total current liabilities | 345,008 | 204,450 | |||
Long-term debt | 569,755 | 568,987 | |||
Liability for pensions and other postretirement employee benefits | 81,812 | 89,057 | |||
Other long-term obligations | 41,424 | 46,182 | |||
Accrued taxes | 1,614 | 874 | |||
Deferred Tax Liabilities, Gross, Noncurrent | 105,012 | 82,246 | |||
Liabilities | 1,144,625 | 991,796 | |||
Accumulated other comprehensive loss, net of tax | (51,753) | (55,548) | |||
Stockholders' equity excluding accumulated other comprehensive loss | 521,626 | 530,414 | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,614,498 | 1,466,662 | |||
Guarantor Subsidiaries | |||||
Current assets: | |||||
Cash and cash equivalents | 3,415 | 0 | 0 | 0 | |
Restricted cash | 0 | ||||
Short-term investments | 0 | ||||
Receivables, net | 27,252 | 15,921 | |||
Taxes receivable | 35 | (1,370) | |||
Inventories | 51,432 | 36,443 | |||
Other Assets, Current | 521 | 493 | |||
Total current assets | 82,655 | 51,487 | |||
Property, plant and equipment, net | 143,264 | 147,102 | |||
Goodwill | 0 | 0 | |||
Intangible assets, net | 37,350 | 15,810 | |||
Intercompany receivable (payable) | (31,909) | (15,151) | |||
Investment in subsidiary | 0 | 0 | |||
Other assets, net | 2,853 | 79 | |||
TOTAL ASSETS | 234,213 | 199,327 | |||
Current liabilities: | |||||
Accounts payable and accrued liabilities | 37,257 | 23,477 | |||
Line of Credit, Current | 0 | ||||
Current liability for pensions and other postretirement employee benefits | 0 | 0 | |||
Total current liabilities | 37,257 | 23,477 | |||
Long-term debt | 0 | 0 | |||
Liability for pensions and other postretirement employee benefits | 0 | 0 | |||
Other long-term obligations | 352 | 556 | |||
Accrued taxes | 820 | 802 | |||
Deferred Tax Liabilities, Gross, Noncurrent | 50,695 | 34,734 | |||
Liabilities | 89,124 | 59,569 | |||
Accumulated other comprehensive loss, net of tax | 0 | 0 | |||
Stockholders' equity excluding accumulated other comprehensive loss | 145,089 | 139,758 | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 234,213 | 199,327 | |||
Non-Guarantor Subsidiaries | |||||
Current assets: | |||||
Cash and cash equivalents | 0 | 5,402 | |||
Eliminations | |||||
Current assets: | |||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |
Restricted cash | 0 | ||||
Short-term investments | 0 | ||||
Receivables, net | (10,276) | 0 | |||
Taxes receivable | (5,469) | 0 | |||
Inventories | (1,875) | 0 | |||
Other Assets, Current | 0 | 0 | |||
Total current assets | (17,620) | 0 | |||
Property, plant and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Intercompany receivable (payable) | 1,875 | 1,138 | |||
Investment in subsidiary | (145,089) | (139,758) | |||
Other assets, net | (3,535) | 0 | |||
TOTAL ASSETS | (164,369) | (138,620) | |||
Current liabilities: | |||||
Accounts payable and accrued liabilities | (15,745) | 0 | |||
Line of Credit, Current | 0 | ||||
Current liability for pensions and other postretirement employee benefits | 0 | 0 | |||
Total current liabilities | (15,745) | 0 | |||
Long-term debt | 0 | 0 | |||
Liability for pensions and other postretirement employee benefits | 0 | 0 | |||
Other long-term obligations | 0 | 0 | |||
Accrued taxes | 0 | 0 | |||
Deferred Tax Liabilities, Gross, Noncurrent | (3,535) | 1,138 | |||
Liabilities | (19,280) | 1,138 | |||
Accumulated other comprehensive loss, net of tax | 0 | 0 | |||
Stockholders' equity excluding accumulated other comprehensive loss | (145,089) | (139,758) | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ (164,369) | $ (138,620) |
Supplemental Guarantor Financ99
Supplemental Guarantor Financial Information Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Aug. 28, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||
Net earnings (loss) | $ 9,343 | $ 901 | $ 20,864 | $ 18,446 | $ 11,565 | $ 23,064 | $ 15,597 | $ 5,757 | $ 49,554 | $ 55,983 | $ (2,315) | ||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | |||||||||||||
Depreciation and amortization | 91,090 | 84,732 | 90,145 | ||||||||||
Equity-based compensation expense | 12,385 | 4,557 | 12,790 | ||||||||||
Impairment of assets | 0 | 0 | 8,227 | ||||||||||
Deferred tax expense (benefit) | 18,327 | 16,081 | 13,813 | ||||||||||
Employee benefit plans | (1,979) | 3,011 | 2,115 | ||||||||||
Deferred issuance costs on debt | 1,242 | 928 | 6,141 | ||||||||||
Loss on divestiture of assets | 0 | 0 | 29,059 | ||||||||||
Disposal of plant and equipment, net | 1,381 | 1,492 | 959 | ||||||||||
Non-cash adjustments to unrecognized taxes | (1,020) | (328) | |||||||||||
Non-cash adjustments to unrecognized taxes | 758 | (1,020) | 328 | ||||||||||
Changes in working capital, net of acquisition | (3,462) | 14,841 | (12,248) | ||||||||||
Change in taxes receivable, net | 5,142 | (13,596) | 9,248 | ||||||||||
Excess tax benefits from equity-based payment arrangements | (312) | (1,433) | (864) | ||||||||||
Funding of qualified pension plans | 0 | (3,179) | (16,955) | ||||||||||
Other, net | (1,375) | (2,722) | (1,343) | ||||||||||
Net cash flows from operating activities | 172,751 | 159,675 | 139,100 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||
Change in short-term investments, net | 250 | 49,750 | 20,000 | ||||||||||
Additions to plant and equipment | (155,349) | (128,902) | (93,028) | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 67,443 | 0 | 0 | ||||||||||
Net proceeds from divested assets | 0 | 0 | 107,740 | ||||||||||
Proceeds from sale of assets | 36 | 604 | 975 | ||||||||||
Net cash flows from investing activities | (222,506) | (78,548) | 35,687 | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||
Proceeds from long-term debt | 0 | 0 | 300,000 | ||||||||||
Repayment of long-term debt | 0 | 0 | (375,000) | ||||||||||
Purchase of treasury stock | (65,327) | (99,990) | (100,000) | ||||||||||
Proceeds from Lines of Credit | $ 37,000 | 1,273,959 | 0 | 0 | |||||||||
Repayments of Lines of Credit | $ (125,000) | (1,138,959) | 0 | 0 | |||||||||
Investment (to) from Parent | 0 | 0 | 0 | ||||||||||
Payments for debt issuance costs | (1,906) | 0 | (3,002) | ||||||||||
Excess tax benefits from equity-based payment arrangements | 312 | 1,433 | 864 | ||||||||||
Payment of tax withholdings on equity-based payment arrangements | (933) | (4,152) | (1,523) | ||||||||||
Other, net | 0 | (139) | 7,530 | ||||||||||
Net cash flows from financing activities | 67,146 | (102,848) | (171,131) | ||||||||||
Increase (decrease) in cash and cash equivalents | 17,391 | (21,721) | 3,656 | ||||||||||
Cash and cash equivalents at beginning of period | 5,610 | 27,331 | 5,610 | 27,331 | 23,675 | ||||||||
Cash and cash equivalents at end of period | 23,001 | 5,610 | 23,001 | 5,610 | 27,331 | ||||||||
Issuer | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||
Net earnings (loss) | 50,773 | 56,393 | (24,530) | ||||||||||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | |||||||||||||
Depreciation and amortization | 68,496 | 65,078 | 59,373 | ||||||||||
Equity-based compensation expense | 12,385 | 4,557 | 12,790 | ||||||||||
Impairment of assets | 0 | ||||||||||||
Deferred tax expense (benefit) | 18,860 | 9,944 | 50,943 | ||||||||||
Employee benefit plans | (1,979) | 3,011 | 2,115 | ||||||||||
Deferred issuance costs on debt | 1,242 | 928 | 6,141 | ||||||||||
Loss on divestiture of assets | 0 | ||||||||||||
Disposal of plant and equipment, net | 781 | 1,587 | 471 | ||||||||||
Non-cash adjustments to unrecognized taxes | (1,028) | (472) | |||||||||||
Non-cash adjustments to unrecognized taxes | 740 | ||||||||||||
Changes in working capital, net of acquisition | (642) | 11,809 | (8,162) | ||||||||||
Change in taxes receivable, net | 1,078 | (9,461) | (3,051) | ||||||||||
Excess tax benefits from equity-based payment arrangements | (312) | (1,433) | (864) | ||||||||||
Funding of qualified pension plans | (3,179) | (16,955) | |||||||||||
Other, net | (1,592) | (1,591) | (636) | ||||||||||
Net cash flows from operating activities | 149,830 | 136,615 | 78,107 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||
Change in short-term investments, net | 250 | 49,750 | 20,000 | ||||||||||
Additions to plant and equipment | (145,579) | (121,720) | (73,223) | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 67,443 | ||||||||||||
Net proceeds from divested assets | 107,740 | ||||||||||||
Proceeds from sale of assets | 0 | 0 | 38 | ||||||||||
Net cash flows from investing activities | (212,772) | (71,970) | 54,555 | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||
Proceeds from long-term debt | 300,000 | ||||||||||||
Repayment of long-term debt | (375,000) | ||||||||||||
Purchase of treasury stock | (65,327) | (99,990) | (100,000) | ||||||||||
Proceeds from Lines of Credit | 1,273,959 | ||||||||||||
Repayments of Lines of Credit | (1,138,959) | ||||||||||||
Investment (to) from Parent | 9,772 | 16,482 | 47,527 | ||||||||||
Payments for debt issuance costs | (1,906) | (3,002) | |||||||||||
Excess tax benefits from equity-based payment arrangements | 312 | 1,433 | 864 | ||||||||||
Payment of tax withholdings on equity-based payment arrangements | (933) | (4,152) | (1,523) | ||||||||||
Other, net | (139) | 7,530 | |||||||||||
Net cash flows from financing activities | 76,918 | (86,366) | (123,604) | ||||||||||
Increase (decrease) in cash and cash equivalents | 13,976 | (21,721) | 9,058 | ||||||||||
Cash and cash equivalents at beginning of period | 5,610 | 27,331 | 5,610 | 27,331 | 18,273 | ||||||||
Cash and cash equivalents at end of period | 19,586 | 5,610 | 19,586 | 5,610 | 27,331 | ||||||||
Guarantor Subsidiaries | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||
Net earnings (loss) | 5,331 | 2,476 | (58,953) | ||||||||||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | |||||||||||||
Depreciation and amortization | 22,594 | 19,654 | 28,468 | ||||||||||
Equity-based compensation expense | 0 | 0 | 0 | ||||||||||
Impairment of assets | 8,227 | ||||||||||||
Deferred tax expense (benefit) | 605 | 3,178 | (21,921) | ||||||||||
Employee benefit plans | 0 | 0 | 0 | ||||||||||
Deferred issuance costs on debt | 0 | 0 | 0 | ||||||||||
Loss on divestiture of assets | 29,059 | ||||||||||||
Disposal of plant and equipment, net | 600 | (95) | 488 | ||||||||||
Non-cash adjustments to unrecognized taxes | 8 | (173) | |||||||||||
Non-cash adjustments to unrecognized taxes | 18 | ||||||||||||
Changes in working capital, net of acquisition | 774 | 3,032 | (4,711) | ||||||||||
Change in taxes receivable, net | (1,405) | (14,388) | 79 | ||||||||||
Excess tax benefits from equity-based payment arrangements | 0 | 0 | 0 | ||||||||||
Funding of qualified pension plans | 0 | 0 | |||||||||||
Other, net | (921) | (1,131) | (707) | ||||||||||
Net cash flows from operating activities | 27,596 | 12,734 | (19,798) | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||
Change in short-term investments, net | 0 | 0 | 0 | ||||||||||
Additions to plant and equipment | (9,770) | (7,182) | (19,450) | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ||||||||||||
Net proceeds from divested assets | 0 | ||||||||||||
Proceeds from sale of assets | 36 | 604 | 937 | ||||||||||
Net cash flows from investing activities | (9,734) | (6,578) | (18,513) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||
Proceeds from long-term debt | 0 | ||||||||||||
Repayment of long-term debt | 0 | ||||||||||||
Purchase of treasury stock | 0 | 0 | 0 | ||||||||||
Proceeds from Lines of Credit | 0 | ||||||||||||
Repayments of Lines of Credit | 0 | ||||||||||||
Investment (to) from Parent | (14,447) | (6,156) | 38,311 | ||||||||||
Payments for debt issuance costs | 0 | 0 | |||||||||||
Excess tax benefits from equity-based payment arrangements | 0 | 0 | 0 | ||||||||||
Payment of tax withholdings on equity-based payment arrangements | 0 | 0 | 0 | ||||||||||
Other, net | 0 | 0 | |||||||||||
Net cash flows from financing activities | (14,447) | (6,156) | 38,311 | ||||||||||
Increase (decrease) in cash and cash equivalents | 3,415 | 0 | 0 | ||||||||||
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | 0 | 0 | ||||||||
Cash and cash equivalents at end of period | 3,415 | 0 | 3,415 | 0 | 0 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||
Net earnings (loss) | (528) | ||||||||||||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | |||||||||||||
Depreciation and amortization | 2,304 | ||||||||||||
Equity-based compensation expense | 0 | ||||||||||||
Impairment of assets | 0 | ||||||||||||
Deferred tax expense (benefit) | (2,538) | ||||||||||||
Employee benefit plans | 0 | ||||||||||||
Deferred issuance costs on debt | 0 | ||||||||||||
Loss on divestiture of assets | 0 | ||||||||||||
Disposal of plant and equipment, net | 0 | ||||||||||||
Non-cash adjustments to unrecognized taxes | 317 | ||||||||||||
Changes in working capital, net of acquisition | 625 | ||||||||||||
Change in taxes receivable, net | 121 | ||||||||||||
Excess tax benefits from equity-based payment arrangements | 0 | ||||||||||||
Funding of qualified pension plans | 0 | ||||||||||||
Other, net | 0 | ||||||||||||
Net cash flows from operating activities | (333) | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||
Change in short-term investments, net | 0 | ||||||||||||
Additions to plant and equipment | (355) | ||||||||||||
Net proceeds from divested assets | 0 | ||||||||||||
Proceeds from sale of assets | 0 | ||||||||||||
Net cash flows from investing activities | (355) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||
Proceeds from long-term debt | 0 | ||||||||||||
Repayment of long-term debt | 0 | ||||||||||||
Purchase of treasury stock | 0 | ||||||||||||
Investment (to) from Parent | (4,714) | ||||||||||||
Payments for debt issuance costs | 0 | ||||||||||||
Excess tax benefits from equity-based payment arrangements | 0 | ||||||||||||
Payment of tax withholdings on equity-based payment arrangements | 0 | ||||||||||||
Other, net | 0 | ||||||||||||
Net cash flows from financing activities | (4,714) | ||||||||||||
Increase (decrease) in cash and cash equivalents | (5,402) | ||||||||||||
Cash and cash equivalents at beginning of period | 0 | 0 | 5,402 | ||||||||||
Cash and cash equivalents at end of period | 0 | ||||||||||||
Eliminations | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||
Net earnings (loss) | (6,550) | (2,886) | 81,696 | ||||||||||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | |||||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||||
Equity-based compensation expense | 0 | 0 | 0 | ||||||||||
Impairment of assets | 0 | ||||||||||||
Deferred tax expense (benefit) | (1,138) | 2,959 | (12,671) | ||||||||||
Employee benefit plans | 0 | 0 | 0 | ||||||||||
Deferred issuance costs on debt | 0 | 0 | 0 | ||||||||||
Loss on divestiture of assets | 0 | ||||||||||||
Disposal of plant and equipment, net | 0 | 0 | 0 | ||||||||||
Non-cash adjustments to unrecognized taxes | 0 | 0 | |||||||||||
Non-cash adjustments to unrecognized taxes | 0 | ||||||||||||
Changes in working capital, net of acquisition | (3,594) | 0 | 0 | ||||||||||
Change in taxes receivable, net | 5,469 | 10,253 | 12,099 | ||||||||||
Excess tax benefits from equity-based payment arrangements | 0 | 0 | 0 | ||||||||||
Funding of qualified pension plans | 0 | 0 | |||||||||||
Other, net | 1,138 | 0 | 0 | ||||||||||
Net cash flows from operating activities | (4,675) | 10,326 | 81,124 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||
Change in short-term investments, net | 0 | 0 | 0 | ||||||||||
Additions to plant and equipment | 0 | 0 | 0 | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ||||||||||||
Net proceeds from divested assets | 0 | ||||||||||||
Proceeds from sale of assets | 0 | 0 | 0 | ||||||||||
Net cash flows from investing activities | 0 | 0 | 0 | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||
Proceeds from long-term debt | 0 | ||||||||||||
Repayment of long-term debt | 0 | ||||||||||||
Purchase of treasury stock | 0 | 0 | 0 | ||||||||||
Proceeds from Lines of Credit | 0 | ||||||||||||
Repayments of Lines of Credit | 0 | ||||||||||||
Investment (to) from Parent | 4,675 | (10,326) | (81,124) | ||||||||||
Payments for debt issuance costs | 0 | 0 | |||||||||||
Excess tax benefits from equity-based payment arrangements | 0 | 0 | 0 | ||||||||||
Payment of tax withholdings on equity-based payment arrangements | 0 | 0 | 0 | ||||||||||
Other, net | 0 | 0 | |||||||||||
Net cash flows from financing activities | 4,675 | (10,326) | (81,124) | ||||||||||
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | ||||||||||
Cash and cash equivalents at beginning of period | $ 0 | $ 0 | 0 | 0 | 0 | ||||||||
Cash and cash equivalents at end of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Business Interruption and In100
Business Interruption and Insurance Recovery (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Sep. 30, 2016 | |
Business Interruption and Insurance Recovery [Abstract] | ||
Operating Insurance and Claims Costs, Production | $ 3 | $ 8.5 |
Deductible and claims costs | 3.5 | |
Property insurance claim payment | 5 | |
Insurance claim receivable | $ 1.5 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 16, 2016 | |
Business Combination, Separately Recognized Transactions [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 22,046,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,967,000 | ||
Goodwill, Acquired During Period | $ 35,196,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 25,472,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 89,681,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 5,403,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 12,613,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 18,016,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 71,665,000 | ||
Business Combination, Contingent Consideration, Liability | 4,200,000 | ||
Business Combination, Consideration Transferred | $ 71,700,000 | ||
Cash purchase price | $ 67,500,000 | ||
Business Combination, Consideration Transferred, Other | 700,000 | ||
Business Acquisition, Transaction Costs | $ 2,700,000 | $ 2,700,000 |