Clearwater Paper (CLW) 10-Q 5 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 04, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Entity File Number	001-34146
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	CLEARWATER PAPER CORPORATION
Entity Central Index Key	0001441236
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3594554
Entity Address, Address Line One	601 West Riverside,
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	Spokane,
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99201
Current Fiscal Year End Date	--12-31
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	CLW
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Document Transition Report	false
Entity Common Stock, Shares Outstanding		16,684,582
Local Phone Number	344-5900
City Area Code	509

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash	$ 57.1	$ 35.9
Accounts Receivable, Allowance for Credit Loss, Current	1.6	1.6
Receivables, Net	134.9	160.6
Inventories	293.1	263.3
Other current assets	15.3	15.2
Total current assets	500.4	474.9
Property, plant and equipment, net	1,173.2	1,191.5
Operating lease right-of-use assets	60.9	63.5
Goodwill and intangible assets	48	48.8
Other assets, net	21.3	21.7
TOTAL ASSETS	1,803.9	1,800.4
Current liabilities:
Current portion of long-term debt	1.7	1.7
Accounts Payable and Accrued Liabilities	233.5	243.1
Total current liabilities	235.3	244.8
Long-term Debt, Excluding Current Maturities	716.3	716.4
Long-term operating lease liabilities	51	54.3
Liability for pension and other postretirement employee benefits	79.6	80.5
Deferred tax liabilities and other long-term obligations	185.6	183.3
TOTAL LIABILITIES	$ 1,267.8	$ 1,279.3
Preferred stock, shares issued (in shares)	0	0
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, 16,678,422 and 16,573,246 shares issued	0	0
Additional paid-in capital	17.6	16.6
Retained earnings	570.9	558.8
Accumulated other comprehensive loss, net of tax	(52.4)	(54.3)
TOTAL STOCKHOLDERS' EQUITY	536.1	521.1
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,803.9	$ 1,800.4
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares issued (in shares)	16,678,422	16,573,246

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	16,678,422	16,573,246

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net Sales	$ 425.9	$ 477.9
Costs and expenses:
Cost of sales	(370.6)	(423)
Selling, general and administrative expenses	(27.8)	(27.5)
Other operating charges, net	0.4	8.6
Total operating costs and expenses	398.8	459.1
Income from operations	27.1	18.8
Interest Expense, Net	(9.3)	(12.8)
Other Nonoperating Income (Expense)	(2.5)	(1.9)
Nonoperating Income (Expense)	(11.8)	(14.7)
Income before income taxes	15.3	4.1
Income tax provision (benefit)	3.2	(6.2)
Net income	$ 12.1	$ 10.3
Net income per common share:
Basic (in dollars per share)	$ 0.73	$ 0.62
Diluted (in dollars per share)	$ 0.71	$ 0.62
Weighted Average Number of Shares Outstanding, Basic	16,647	16,555
Weighted Average Number of Shares Outstanding, Diluted	16,979	16,615

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 12.1	$ 10.3
Defined benefit pension and other postretirement employee benefits:
Amortization of actuarial loss included in net periodic cost, net of tax of $0.7 and $0.6	1.9	1.8
Other comprehensive income (loss), net of tax	1.9	1.8
Comprehensive income	$ 14	$ 12.1

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax	$ 0.7	$ 0.6

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 12.1	$ 10.3
Depreciation and amortization	26.8	28
Stock-based compensation expense	2.4	1.5
Deferred and other income taxes	(0.4)	1.8
Pension and other postretirement employment benefits	1.7	0.8
Gain on divested assets	0	(1.4)
(Increase) decrease in accounts receivable	25.7	(37.3)
(Increase) decrease in inventory	(29.7)	40.9
Increase in other current assets	(0.2)	(9)
Decrease in accounts payable and accrued liabilities	(6.2)	(24)
Other, net	1.7	0.1
Net cash flows provided by operating activities	33.8	11.7
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment	(11.1)	(10.5)
Net cash flows used in investing activities	(11.1)	(10.5)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings of short-term debt	0	88.5
Repayments of short-term debt	0	(48.5)
Repayments of long-term debt	(0.4)	(1.1)
Proceeds from Stock Options Exercised	0.5	0
Payment, Tax Withholding, Share-based Payment Arrangement	(1.6)	(0.7)
Other, net	0	(0.2)
Net cash flows provided by (used in) financing activities	(1.4)	38.1
Increase in cash, cash equivalents and restricted cash	21.2	39.3
Cash, cash equivalents and restricted cash at beginning of period	36.9	22.4
Cash, cash equivalents and restricted cash at end of period	58.2	61.8
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest, net of amounts capitalized	16.1	19.2
Cash (received) paid for income taxes	(8.4)	0
Total cash, cash equivalents and restricted cash	$ 58.2	$ 61.8

Consolidated Statements of Stoc

Consolidated Statements of Stockholder's Equity Consolidated Statements of Stockholder's Equity - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2019		16,515
Beginning balance at Dec. 31, 2019	$ 432	$ 0	$ 9.8	$ 481.7	$ (59.5)
Net income	10.3			10.3
Performance share, restricted stock unit, and stock option awards (in shares)		54
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	1.3		1.3
Stock-based compensation expense	(0.7)		(0.7)
Pension and other postretirement employee benefit plans, net of tax	1.8				1.8
Beginning balance (in shares) at Mar. 31, 2020		16,569
Beginning balance at Mar. 31, 2020	444.8	$ 0	10.4	492.1	(57.7)
Pension and OPEB, Tax	0.6
Beginning balance (in shares) at Dec. 31, 2020		16,572
Beginning balance at Dec. 31, 2020	521.1	$ 0	16.6	558.8	(54.3)
Net income	12.1			12.1
Performance share, restricted stock unit, and stock option awards (in shares)		92
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	2		2
Stock-based compensation expense	$ (1.6)		(1.6)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	13
Stock Issued During Period, Value, Stock Options Exercised	$ 0.5
Pension and other postretirement employee benefit plans, net of tax	1.9				1.9
Beginning balance (in shares) at Mar. 31, 2021		16,678
Beginning balance at Mar. 31, 2021	536.1	$ 0	$ 17.6	$ 570.9	$ (52.4)
Pension and OPEB, Tax	$ 0.7

Consolidated Statements of St_2

Consolidated Statements of Stockholder's Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Pension and OPEB, Tax	$ 0.7	$ 0.6

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Nature of Operations and Basis of Presentation	1 BASIS OF PRESENTATIONThe accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, the consolidated financial position, results of operations, stockholders' equity and cash flows for us and our subsidiaries for the interim periods presented. Results of operations for interim periods are not necessarily indicative of results to be expected for an entire year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. All dollar amounts are shown in millions, except per share.

Recently Adopted and New Accoun

Recently Adopted and New Accounting Standards New Accounting Pronouncements (Notes)	3 Months Ended
	Mar. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	RECENTLY ADOPTED AND NEW ACCOUNTING STANDARDS Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes , which removes certain exceptions, such as the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year, and simplifies the accounting for income taxes in areas such as franchise tax (or similar tax) that is partially based on income. The new standard is effective for annual and interim periods beginning after December 15, 2020. This ASU was adopted as of January 1, 2021 and did not have a material impact on our consolidated financial statements. We reviewed all other new accounting pronouncements issued in the period and concluded that they are not applicable or not material to our business.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Carrying amounts reported on the balance sheet for cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value due to the short-term maturity of these instruments. The fair value of our debt is included in the following table: March 31, 2021 December 31, 2020 Term loan maturing 2026, variable interest rate $ 129.0 $ 129.6 2014 Notes, maturing 2025, fixed interest rate $ 316.9 $ 325.1 2020 Notes, maturing 2028, fixed interest rate $ 276.0 $ 285.3

Receivables, net (Notes)

Receivables, net (Notes)	3 Months Ended
	Mar. 31, 2021
Receivables, Net, Current [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	RECEIVABLES Receivables consist of: March 31, 2021 December 31, 2020 Trade accounts receivable $ 121.5 $ 139.0 Allowance for current expected credit losses (1.6) (1.6) Unbilled receivables 8.1 5.1 Taxes receivable 4.8 16.0 Other 2.1 2.1 $ 134.9 $ 160.6

Inventories

Inventories	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories consist of: March 31, 2021 December 31, 2020 Logs, chips and sawdust $ 14.9 $ 17.2 Pulp 20.1 11.5 Paperboard and tissue products 159.7 137.0 Materials and supplies 98.3 97.7 $ 293.1 $ 263.3

Payables and Accruals

Payables and Accruals	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure	Accounts payable and accrued liabilities consists of: March 31, 2021 December 31, 2020 Trade payables $ 151.9 $ 143.4 Accrued compensation 30.3 41.7 Operating lease liabilities 15.6 15.3 Accrued interest 5.4 12.6 Accrued taxes other than income 13.4 10.5 Other accrued liabilities 16.9 19.6 $ 233.5 $ 243.1 Included in accounts payable and accrued liabilities is $8.5 million and $12.1 million related to capital expenditures that had not yet been paid as of March 31, 2021 and December 31, 2020.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Taxes	INCOME TAXES For interim periods, accounting standards require that income tax expense be determined by applying the estimated annual effective income tax rate to year-to-date results, unless this method does not result in a reliable estimate of year-to-date income tax expense. Each period, the income tax accrual is adjusted to the latest estimate and the difference from the previously accrued year-to-date balance is adjusted to the current quarter. For the three months ended March 31, 2021, our income tax expense reflects an income tax provision of $3.2 million as compared to an income tax benefit of $6.2 million in the comparable period of 2020. Our effective tax rate for the first three months of 2021 is comparable to the statutory tax rate. Our effective tax rate for the first three months of 2020 varies from the statutory U.S. federal income tax rate of 21% primarily due to a $7.3 million benefit from the provisions of the Coronavirus Aid, Relief, and Economic Security Act.

Other Operating Charges, net (N

Other Operating Charges, net (Notes)	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Other Income and Other Expense Disclosure [Text Block]	OTHER OPERATING CHARGES The major components of “Other operating charges, net” in the Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 are reflected in the table below and described in the paragraphs following the table: Three Months Ended March 31, 2021 2020 Reorganization expenses $ — $ 2.8 Union settlement — 6.6 Gain on divested assets — (1.4) Directors' equity-based compensation expense 0.4 0.2 Other — 0.4 $ 0.4 $ 8.6 2021 During the first quarter of 2021, we recorded $0.4 million of expenses in "Other operating charges, net." The components of the expense include: • expense of $0.4 million relating to directors' equity based compensation 2020 During the first quarter of 2020, we recorded $8.6 million net expenses in "Other operating charges, net." The components of the expense included: • expenses of $2.8 million related to reorganization expenses; • expenses of $6.6 million associated with union settlement retroactive wage payments ($2.6 million associated with Consumer Products and $4.0 million associated with Pulp and Paperboard segments); • gain of $1.4 million associated with the Ladysmith Consumer Products facility sale escrow release, and • expense of $0.2 million relating to directors' equity based compensation.

Non-operating Income (Expense)

Non-operating Income (Expense) (Notes)	3 Months Ended
	Mar. 31, 2021
Nonoperating Income (Expense) [Abstract]
Other Nonoperating Income and Expense [Text Block]	NON-OPERATING INCOME (EXPENSE) The components of “Non-operating expense” in the Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 are reflected in the table below: Three Months Ended March 31, 2021 2020 Interest expense $ (9.2) $ (12.2) Amortization of debt issuance costs (0.5) (0.6) Interest income 0.3 — Interest expense, net (9.3) (12.8) Non-operating pension and other postretirement employee benefits expense (2.5) (1.9) Total non-operating expense $ (11.8) $ (14.7)

Pension and Other Postretiremen

Pension and Other Postretirement Employee Benefit Plans	3 Months Ended
	Mar. 31, 2021
Postemployment Benefits [Abstract]
Pension and Other Postretirement Employee Benefit Plans	PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS The following table details the components of net periodic cost of our company-sponsored pension and other postretirement employee benefit plans for the periods presented: Three Months Ended March 31, Pension Benefit Plans 2021 2020 Service cost $ 0.5 $ 0.6 Interest cost 2.1 2.6 Expected return on plan assets (2.6) (3.7) Amortization of actuarial loss 2.6 2.4 Net periodic cost $ 2.5 $ 1.9 Three Months Ended March 31, Other Postretirement Employee Benefit Plans 2021 2020 Service cost $ — $ — Interest cost 0.5 0.6 Net periodic cost $ 0.5 $ 0.6

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss (Notes)	3 Months Ended
	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss, net of tax, is comprised of the following: Pension Plan Adjustments Other Post Retirement Employee Benefit Plan Adjustments Total Balance at December 31, 2019 $ (67.8) $ 8.3 $ (59.5) Amounts reclassified from accumulated other comprehensive loss 1.8 — 1.8 Balance at March 31, 2020 $ (66.0) $ 8.3 $ (57.7) Balance at December 31, 2020 $ (54.5) $ 0.2 $ (54.3) Amounts reclassified from accumulated other comprehensive loss 1.9 — 1.9 Balance at March 31, 2021 $ (52.6) $ 0.2 $ (52.4)

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	STOCKHOLDERS' EQUITY Common Stock Plans We have stock-based compensation plans under which restricted stock awards and stock options are outstanding or granted subject to time or performance vesting requirements. At March 31, 2021, approximately 1.1 million shares were available for future issuance under our current plan. Three Months Ended March 31, 2021 2020 Total stock-based compensation expense $ 2.4 $ 1.5 Income tax benefit related to stock-based compensation $ 0.6 $ 0.4 Impact on cash flow due to taxes paid related to net share settlement of equity awards $ 1.1 $ 0.7 At March 31, 2021, $17.4 million of compensation cost related to unvested restricted stock units and performance awards had not yet been recognized. During the first three months ended March 31, 2021, we granted 156,879 restricted stock units (time vesting) at an average grant date fair value of $35.15 per share and 66,659 restricted stock units (performance vesting) at an average grant date fair value of $39.84 per share.

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings per Common Share	EARNINGS PER SHARE Basic income per share is based on the weighted-average number of shares of common stock outstanding. Diluted income per share is 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. Three Months Ended March 31, (In thousands) 2021 2020 Basic weighted-average common shares outstanding 1 16,647 16,555 Incremental shares due to: Stock-based awards 238 60 Performance shares 94 — Diluted weighted-average common shares outstanding 16,979 16,615 1 For the three months ended March 31, 2020, basic weighted-average common shares outstanding included restricted stock unit awards that are fully vested, but were deferred for future issuance.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION We operate in two segments: Consumer Products and Pulp and Paperboard. Our business units have been aggregated into these two segments based upon the similarity of economic characteristics, customers and distribution methods. Our results of operations are summarized below for each of these segments separately. Segment information was prepared in accordance with the same accounting principles as those described in Note 1 of the Notes to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020. Certain amounts have been reclassified from the prior year presentation to reflect the realignment of Clearwater Paper’s baled pulp sales to record inter-segment sales at market price and the realignment of outside pulp sales to the producing segment. Three Months Ended March 31, 2021 2020 Segment net sales: Consumer Products $ 208.4 $ 262.5 Pulp and Paperboard 219.7 223.1 Eliminations (2.2) (7.8) Total segment net sales $ 425.9 $ 477.9 Operating income: Consumer Products $ 17.9 $ 14.6 Pulp and Paperboard 25.0 26.2 Corporate and eliminations (15.5) (13.4) Other operating charges, net (0.4) (8.6) Income from operations $ 27.1 $ 18.8 Three Months Ended March 31, 2021 2020 Major products: Retail tissue $ 195.1 $ 248.0 Paperboard 212.4 210.7 Non-retail tissue 13.2 13.9 Pulp 3.5 10.9 Other 3.9 2.1 Eliminations (2.2) (7.8) Total net sales $ 425.9 $ 477.9

Receivables, net (Tables)

Receivables, net (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables, Net, Current [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	March 31, 2021 December 31, 2020 Trade accounts receivable $ 121.5 $ 139.0 Allowance for current expected credit losses (1.6) (1.6) Unbilled receivables 8.1 5.1 Taxes receivable 4.8 16.0 Other 2.1 2.1 $ 134.9 $ 160.6

Inventories - (Tables)

Inventories - (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories consist of: March 31, 2021 December 31, 2020 Logs, chips and sawdust $ 14.9 $ 17.2 Pulp 20.1 11.5 Paperboard and tissue products 159.7 137.0 Materials and supplies 98.3 97.7 $ 293.1 $ 263.3

Other Operating Charges, net (T

Other Operating Charges, net (Tables)	3 Months Ended
	Mar. 31, 2021
Other Income and Expenses [Abstract]
Schedule of Other Operating Cost and Expense, by Component [Table Text Block]	Three Months Ended March 31, 2021 2020 Reorganization expenses $ — $ 2.8 Union settlement — 6.6 Gain on divested assets — (1.4) Directors' equity-based compensation expense 0.4 0.2 Other — 0.4 $ 0.4 $ 8.6

Non-operating Income (Expense_2

Non-operating Income (Expense) (Tables)	3 Months Ended
	Mar. 31, 2021
Nonoperating Income (Expense) [Abstract]
Schedule of Other Nonoperating Income (Expense) [Table Text Block]	Three Months Ended March 31, 2021 2020 Interest expense $ (9.2) $ (12.2) Amortization of debt issuance costs (0.5) (0.6) Interest income 0.3 — Interest expense, net (9.3) (12.8) Non-operating pension and other postretirement employee benefits expense (2.5) (1.9) Total non-operating expense $ (11.8) $ (14.7)

Pension and Other Postretirem_2

Pension and Other Postretirement Employee Benefit Plans - (Tables)	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Components of Net Periodic Cost of Pension and Other Postretirement Employee Benefit Plans	The following table details the components of net periodic cost of our company-sponsored pension and other postretirement employee benefit plans for the periods presented: Three Months Ended March 31, Pension Benefit Plans 2021 2020 Service cost $ 0.5 $ 0.6 Interest cost 2.1 2.6 Expected return on plan assets (2.6) (3.7) Amortization of actuarial loss 2.6 2.4 Net periodic cost $ 2.5 $ 1.9 Three Months Ended March 31, Other Postretirement Employee Benefit Plans 2021 2020 Service cost $ — $ — Interest cost 0.5 0.6 Net periodic cost $ 0.5 $ 0.6
Defined Contribution Plan Disclosures	We record the service component of net periodic cost (benefit) as part of "Cost of sales" and "Selling, general, and administrative expenses," while the non-service components of net periodic cost (benefit) are recorded to "Other non-operating expense" on our Consolidated Statements of Operations. For the three months ended March 31, 2021, we recorded $0.4 million to "Cost of sales" and less than $0.1 million to "Selling, general, and administrative expenses." For the three months ended March 31, 2020, we recorded $0.4 million to "Cost of sales" and $0.2 million to "Selling, general, and administrative expenses."

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Accumulated other comprehensive loss, net of tax, is comprised of the following: Pension Plan Adjustments Other Post Retirement Employee Benefit Plan Adjustments Total Balance at December 31, 2019 $ (67.8) $ 8.3 $ (59.5) Amounts reclassified from accumulated other comprehensive loss 1.8 — 1.8 Balance at March 31, 2020 $ (66.0) $ 8.3 $ (57.7) Balance at December 31, 2020 $ (54.5) $ 0.2 $ (54.3) Amounts reclassified from accumulated other comprehensive loss 1.9 — 1.9 Balance at March 31, 2021 $ (52.6) $ 0.2 $ (52.4)

Stockholders' Equity - (Tables)

Stockholders' Equity - (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Employee Equity-Based Compensation Expense	Three Months Ended March 31, 2021 2020 Total stock-based compensation expense $ 2.4 $ 1.5 Income tax benefit related to stock-based compensation $ 0.6 $ 0.4 Impact on cash flow due to taxes paid related to net share settlement of equity awards $ 1.1 $ 0.7

Earnings per Common Share - (Ta

Earnings per Common Share - (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings per Share	Three Months Ended March 31, (In thousands) 2021 2020 Basic weighted-average common shares outstanding 1 16,647 16,555 Incremental shares due to: Stock-based awards 238 60 Performance shares 94 — Diluted weighted-average common shares outstanding 16,979 16,615 1 For the three months ended March 31, 2020, basic weighted-average common shares outstanding included restricted stock unit awards that are fully vested, but were deferred for future issuance.

Segment Information - (Tables)

Segment Information - (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting Information [Line Items]
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2021 2020 Major products: Retail tissue $ 195.1 $ 248.0 Paperboard 212.4 210.7 Non-retail tissue 13.2 13.9 Pulp 3.5 10.9 Other 3.9 2.1 Eliminations (2.2) (7.8) Total net sales $ 425.9 $ 477.9
Reportable Segments Information	Three Months Ended March 31, 2021 2020 Segment net sales: Consumer Products $ 208.4 $ 262.5 Pulp and Paperboard 219.7 223.1 Eliminations (2.2) (7.8) Total segment net sales $ 425.9 $ 477.9 Operating income: Consumer Products $ 17.9 $ 14.6 Pulp and Paperboard 25.0 26.2 Corporate and eliminations (15.5) (13.4) Other operating charges, net (0.4) (8.6) Income from operations $ 27.1 $ 18.8

Fair Value Measurements (Detail

Fair Value Measurements (Detail) - Estimate of Fair Value Measurement - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Term Loan [Member]
Long-term Debt, Fair Value	$ 129	$ 129.6
Senior Note Due 2025 [Member]
Long-term Debt, Fair Value	316.9	325.1
Senior Note Due 2028 [Member]
Long-term Debt, Fair Value	$ 276	$ 285.3

Receivables, net (Details)

Receivables, net (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Receivables, Net, Current [Abstract]
Accounts Receivable, before Allowance for Credit Loss, Current	$ 121.5	$ 139
Accounts Receivable, Allowance for Credit Loss, Current	(1.6)	(1.6)
Unbilled Receivables, Current	8.1	5.1
Income Taxes Receivable, Current	4.8	16
Other Receivables, Net, Current	2.1	2.1
Receivables, Net	$ 134.9	$ 160.6

Inventories - Inventories (Deta

Inventories - Inventories (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Inventory [Line Items]
Logs, pulpwood, chips and sawdust	$ 14.9		$ 17.2
Inventory Pulp	20.1		11.5
Pulp, paperboard and tissue products	159.7		137
Materials and supplies	98.3		97.7
Inventories	293.1		$ 263.3
Pension Plan [Member]
Inventory [Line Items]
Defined Benefit Plan, Amortization of Gain (Loss)	$ 2.6	$ 2.4

Payables and Accruals (Details)

Payables and Accruals (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Trade payables	$ 151.9	$ 143.4
Accrued compensation	30.3	41.7
Operating Lease, Liability, Current	15.6	15.3
Interest Payable, Current	5.4	12.6
Accrual for Taxes Other than Income Taxes, Current	13.4	10.5
Other Accrued Liabilities, Current	16.9	19.6
Accounts Payable and Accrued Liabilities	233.5	243.1
Capital Expenditures Incurred but Not yet Paid	$ 8.5	$ 12.1

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Expense (Benefit)	$ 3.2	$ (6.2)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
CARES Act Tax Benefit		$ 7.3

Other Operating Charges, net (D

Other Operating Charges, net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Gain on divested assets	$ 0	$ (1.4)
Net income	12.1	10.3
Other operating charges, net	0.4	8.6
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax	(1.9)	(1.8)
Other Comprehensive Income (Loss), Net of Tax	1.9	1.8
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	14	12.1
Director [Member]
Share based compensation expense	0.4	0.2
Reorganization Expenses [Member]
Other Cost and Expense, Operating	0	2.8
Union settlement [Member]
Other Cost and Expense, Operating	0	6.6
Other Expense [Member]
Other Cost and Expense, Operating	$ 0	0.4
Consumer Products | Union Settlement
Other Cost and Expense, Operating		2.6
Pulp And Paperboard [Member] | Union Settlement
Other Cost and Expense, Operating		$ 4

Non-operating Income (Expense_3

Non-operating Income (Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Nonoperating Income (Expense) [Abstract]
Interest Expense	$ (9.2)	$ (12.2)
Amortization of Debt Issuance Costs	(0.5)	(0.6)
Interest Income, Other	0.3	0
Interest Expense, Net	(9.3)	(12.8)
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	(2.5)	(1.9)
Nonoperating Income (Expense)	$ (11.8)	$ (14.7)

Pension and Other Postretirem_3

Pension and Other Postretirement Employee Benefit Plans - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	$ 0.5	$ 0.6
Interest cost	2.1	2.6
Expected return on plan assets	(2.6)	(3.7)
Defined Benefit Plan, Amortization of Gain (Loss)	2.6	2.4
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	2.5	1.9
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	0	0
Interest cost	0.5	0.6
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	0.5	0.6
Cost of Sales [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	0.4
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax		0.4
Selling, General and Administrative Expenses [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	$ 0.1
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax		$ 0.2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (52.4)		$ (54.3)
Other Comprehensive Income (Loss), Net of Tax	1.9	$ 1.8
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(52.4)	(57.7)	(54.3)	$ (59.5)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1.9	1.8
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Pension Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(52.6)	(66)	(54.5)	(67.8)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1.9	1.8
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Other Postretirement Benefits Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	0.2	8.3	$ 0.2	$ 8.3
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 0	$ 0

Stockholders' Equity - (Detail)

Stockholders' Equity - (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	1,100,000
Stock-based compensation expense	$ 2.4	$ 1.5
Share-based Payment Arrangement, Expense, Tax Benefit	0.6	0.4
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised	1.1	0.7
Payment, Tax Withholding, Share-based Payment Arrangement	1.6	$ 0.7
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 17.4
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based awards granted	156,879
Grant-date fair value of awards per share	$ 35.15
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	238,000	60,000
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based awards granted	66,659
Grant-date fair value of awards per share	$ 39.84
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	94,000	0

Earnings per Common Share - Rec

Earnings per Common Share - Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings Per Share (Detail) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic	16,647	16,555
Weighted Average Number of Shares Outstanding, Diluted	16,979	16,615
Basic net earnings per common share (in dollars per share)	$ 0.73	$ 0.62
Diluted net earnings per common share (in dollars per share)	$ 0.71	$ 0.62
Anti-dilutive shares excluded from calculation	200	900
Performance Shares [Member]
Earnings Per Share [Abstract]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	94	0
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	94	0

Segment Information (Detail)

Segment Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Net Sales	$ 425.9	$ 477.9
Income from operations	27.1	18.8
Other operating charges, net	(0.4)	(8.6)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(2.2)	(7.8)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Income from operations	(15.5)	(13.4)
Consumer Products
Segment Reporting Information [Line Items]
Net Sales	208.4	262.5
Income from operations	17.9	14.6
Pulp And Paperboard [Member]
Segment Reporting Information [Line Items]
Net Sales	219.7	223.1
Income from operations	25	26.2
Retail tissue [Domain]
Segment Reporting Information [Line Items]
Net Sales	195.1	248
Paperboard [Domain]
Segment Reporting Information [Line Items]
Net Sales	212.4	210.7
Non-retail tissue [Domain]
Segment Reporting Information [Line Items]
Net Sales	13.2	13.9
Pulp [Domain]
Segment Reporting Information [Line Items]
Net Sales	3.5	10.9
Other [Domain]
Segment Reporting Information [Line Items]
Net Sales	$ 3.9	$ 2.1

Uncategorized Items - clw-20210

Label	Element	Value
Restricted Cash, Noncurrent	us-gaap_RestrictedCashNoncurrent	$ 1,000,000
Restricted Cash, Noncurrent	us-gaap_RestrictedCashNoncurrent	$ 1,100,000