Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 27, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Entity File Number | 001-34146 | |
Document Fiscal Year Focus | 2022 | |
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 $0.0001 per share | |
Trading Symbol | CLW | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 16,887,380 | |
Local Phone Number | 344-5900 | |
City Area Code | 509 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 36.4 | $ 25.2 |
Receivables, Net | 172.3 | 167.4 |
Inventories | 281.8 | 277.7 |
Other current assets | 17 | 16.9 |
Total current assets | 507.5 | 487.2 |
Property, Plant and Equipment, Gross | 2,963.2 | 2,961.5 |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, Accumulated Depreciation and Amortization | (1,903.3) | (1,879.7) |
Property, plant and equipment, net | 1,059.9 | 1,081.8 |
Other assets, net | 115.7 | 121.1 |
TOTAL ASSETS | 1,683.1 | 1,690.1 |
Current liabilities: | ||
Current portion of long-term debt | 1.6 | 1.6 |
Accounts Payable and Accrued Liabilities | 254.5 | 252.5 |
Total current liabilities | 256.1 | 254.1 |
Long-term Debt, Excluding Current Maturities | 617.7 | 637.6 |
Liability for pension and other postretirement employee benefits | 72.8 | 73.6 |
Deferred tax liabilities and other long-term obligations | 206.5 | 213.1 |
Total liabilities | 1,153.2 | 1,178.3 |
Stockholders' equity: | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common Stock, Value, Issued | 0 | 0 |
Additional paid-in capital | 24.1 | 23.6 |
Retained earnings | 547.3 | 530.7 |
Accumulated other comprehensive loss, net of tax | (41.4) | (42.6) |
Total stockholders' equity | 530 | 511.7 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,683.1 | $ 1,690.1 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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) | 16,810,716 | 16,692,102 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net Sales | $ 488.2 | $ 425.9 |
Costs and expenses: | ||
Cost of sales | (422) | (370.6) |
Selling, general and administrative expenses | (32.8) | (27.8) |
Other Cost and Expense, Operating | 0.5 | 0.4 |
Total operating costs and expenses | 455.3 | 398.8 |
Income from operations | 32.9 | 27.1 |
Interest Expense, Net | (8.6) | (9.3) |
Debt retirement costs | (0.2) | 0 |
Other Nonoperating Income (Expense) | (1.4) | (2.5) |
Total non-operating expense | (10.3) | (11.8) |
Income before income taxes | 22.6 | 15.3 |
Income tax provision | 6 | 3.2 |
Net income | $ 16.6 | $ 12.1 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.99 | $ 0.73 |
Diluted (in dollars per share) | $ 0.97 | $ 0.71 |
Weighted Average Number of Shares Outstanding, Basic | 16,728 | 16,647 |
Weighted Average Number of Shares Outstanding, Diluted | 17,073 | 16,979 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 16.6 | $ 12.1 |
Defined benefit pension and other postretirement employee benefits: | ||
Amortization of actuarial loss included in net periodic cost, net of tax of $0.4 and $0.7 | 1.1 | 1.9 |
Other comprehensive income (loss), net of tax | 1.1 | 1.9 |
Comprehensive income | $ 17.7 | $ 14 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | $ 0.4 | $ 0.7 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 16.6 | $ 12.1 |
Depreciation and amortization | 25.4 | 26.8 |
Equity-based compensation expense | 0.7 | 2.4 |
Deferred taxes | (2.2) | (0.4) |
Defined benefit pension and other postretirement employee benefits | 0.7 | 1.7 |
(Increase) decrease in accounts receivable | (10.6) | 25.7 |
Increase in inventory | (4.2) | (29.7) |
Increase in other current assets | 0 | (0.2) |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 13.9 | (6.2) |
Other, net | 0.7 | 1.7 |
Net cash flows provided by operating activities | 41.1 | 33.8 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property, plant and equipment, net | (7.9) | (11.1) |
Net cash flows used in investing activities | (7.9) | (11.1) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayments of long-term debt | (20.4) | (0.4) |
Payment, Tax Withholding, Share-based Payment Arrangement | (1.5) | (1.6) |
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised | 0 | 0.5 |
Net cash flows used in financing activities | (21.9) | (1.4) |
Increase in cash, cash equivalents and restricted cash | 11.2 | 21.2 |
Cash, cash equivalents and restricted cash at beginning of period | 26.2 | 36.9 |
Cash, cash equivalents and restricted cash at end of period | 37.5 | 58.2 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 15.6 | 16.1 |
Cash paid (received) for income taxes | 0 | (8.4) |
Cash and cash equivalents | 36.4 | 57.1 |
Restricted cash included in other assets, net | 1.1 | 1.1 |
Total cash, cash equivalents and restricted cash | $ 37.5 | $ 58.2 |
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, 2020 | 16,572 | ||||
Beginning balance at Dec. 31, 2020 | $ 521.1 | $ 0 | $ 16.6 | $ 558.8 | $ (54.3) |
Net income | 12.1 | 12.1 | |||
Stock-based compensation expense | 2 | 2 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 105 | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | (1.1) | (1.1) | |||
Pension and other postretirement employee benefit plans, net of tax | 1.9 | 1.9 | |||
Ending balance (in shares) at Mar. 31, 2021 | 16,678 | ||||
Ending balance at Mar. 31, 2021 | 536.1 | $ 0 | 17.6 | 570.9 | (52.4) |
Beginning balance (in shares) at Dec. 31, 2021 | 16,692 | ||||
Beginning balance at Dec. 31, 2021 | 511.7 | $ 0 | 23.6 | 530.7 | (42.6) |
Net income | 16.6 | ||||
Stock-based compensation expense | 2 | 2 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 119 | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | (1.5) | (1.5) | |||
Pension and other postretirement employee benefit plans, net of tax | 1.1 | 1.1 | |||
Ending balance (in shares) at Mar. 31, 2022 | 16,811 | ||||
Ending balance at Mar. 31, 2022 | $ 530 | $ 0 | $ 24.1 | $ 547.3 | $ (41.4) |
Consolidated Statements of St_2
Consolidated Statements of Stockholder's Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | $ 0.4 | $ 0.7 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | 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, 2021. 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, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Adopted Accounting Standards In November 2021, the FASB issued ASU 2021-10, Disclosures by Business Entities About Government Assistance (Topic 832), |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
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. From December 31, 2021 through March 31, 2022, we have made voluntary prepayments of principal of the Term Loan Credit Agreement of $20.0 million. The fair value of our debt is included in the following table: March 31, 2022 December 31, 2021 Term loan maturing 2026, variable interest rate $ 29.8 $ 49.8 2014 Notes, maturing 2025, fixed interest rate 303.4 324.6 2020 Notes, maturing 2028, fixed interest rate 255.4 278.9 $ 588.6 $ 653.3 |
Receivables, net (Notes)
Receivables, net (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables, Net, Current [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Receivables Receivables consist of: March 31, 2022 December 31, 2021 Trade accounts receivable $ 163.6 $ 154.1 Allowance for current expected credit losses (1.3) (1.4) Unbilled receivables 8.5 7.2 Taxes receivable 0.4 6.1 Other 1.1 1.4 $ 172.3 $ 167.4 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Our inventories are stated at the lower of net realizable value or current cost using the average cost method and consists of: March 31, 2022 December 31, 2021 Logs, chips and sawdust $ 13.6 $ 13.7 Pulp 14.9 15.9 Paperboard and tissue products 152.3 148.0 Materials and supplies 101.0 100.1 $ 281.8 $ 277.7 |
Payables and Accruals
Payables and Accruals | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure | Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consists of: March 31, 2022 December 31, 2021 Trade payables $ 173.0 $ 168.3 Accrued compensation 31.1 29.3 Operating lease liabilities 16.0 16.1 Accrued interest 4.7 12.0 Accrued taxes other than income 13.9 10.9 Other accrued liabilities 15.8 15.8 $ 254.5 $ 252.5 Included in accounts payable and accrued liabilities are $4.7 million and $11.0 million related to capital expenditures that had not yet been paid as of March 31, 2022 and December 31, 2021. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Taxes | Income TaxesFor 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 quarter ended March 31, 2022, our income tax provision was $6.0 million as compared to $3.2 million in 2021. Our effective tax rate for the quarter ended March 31, 2022 was 26.6%, which varied from the U.S. federal statutory tax rate of 21% primarily due to the effects of state taxes and nondeductible compensation. Our effective tax rate for the quarter ended March 31, 2021 approximated the statutory U.S. federal income tax rate of 21% |
Other Operating Charges, net (N
Other Operating Charges, net (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Operating Income and Expense | Other Operating Charges The major components of “Other operating charges, net” in the Consolidated Statements of Operations for the quarter ended March 31, 2022 and 2021 are reflected in the table below and described in the paragraphs following the table. These items are considered outside of our core operations. Quarter Ended March 31, 2022 2021 Reorganization and other expenses $ 1.5 $ — Mill closure costs 0.4 — Directors' equity-based compensation expense (1.4) 0.4 $ 0.5 $ 0.4 2022 During the first quarter of 2022, we recorded $0.5 million of expenses in "Other operating charges, net." The components of the expense include: • expense of $1.5 million related to reorganization and other expenses including consulting fees associated with our efforts to achieve long-term performance improvements, • expense of $0.4 million associated with mill closure costs, and • reversal of expense of $1.4 million relating to directors' equity based compensation which is remeasured each period based upon changes in our stock price. 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 which is remeasured each period based upon changes in our stock price. |
Non-operating Income (Expense)
Non-operating Income (Expense) (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Nonoperating Income (Expense) [Abstract] | |
Other Nonoperating Income and Expense [Text Block] | Non-Operating Expense The components of “Non-operating expense” in the Consolidated Statements of Operations for the quarter ended March 31, 2022 and 2021 are reflected in the table below: Quarter Ended March 31, 2022 2021 Interest expense $ (8.2) $ (9.2) Amortization of debt issuance costs (0.4) (0.5) Interest income — 0.3 Interest expense, net (8.6) (9.3) Debt retirement costs (0.2) — Non-operating pension and other postretirement employee benefits expense (1.4) (2.5) Total non-operating expense $ (10.3) $ (11.8) |
Retirement Plans and Postretire
Retirement Plans and Postretirement Benefits | 3 Months Ended |
Mar. 31, 2022 | |
Postemployment Benefits [Abstract] | |
Pension and Other Postretirement Employee Benefit Plans | Retirement Plans and Postretirement Benefits 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: Quarter Ended March 31, Pension Benefit Plans 2022 2021 Service cost $ 0.5 $ 0.5 Interest cost 2.2 2.1 Expected return on plan assets (2.8) (2.6) Amortization of actuarial loss 1.5 2.6 Net periodic cost $ 1.5 $ 2.5 Quarter Ended March 31, Other Postretirement Employee Benefit Plans 2022 2021 Service cost $ 0.1 $ — Interest cost 0.5 0.5 Net periodic cost $ 0.6 $ 0.5 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
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, 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) Balance at December 31, 2021 $ (42.8) $ 0.3 $ (42.6) Amounts reclassified from accumulated other comprehensive loss 1.1 — 1.1 Balance at March 31, 2022 $ (41.7) $ 0.3 $ (41.4) |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022, approximately 0.8 million shares were available for future issuance under our current plan. Quarter Ended March 31, 2022 2021 Total stock-based compensation expense (selling, general and administrative and other operating charges, net) $ 0.7 $ 2.4 Income tax benefit related to stock-based compensation $ 0.2 $ 0.6 Impact on cash flow due to taxes paid related to net share settlement of equity awards $ 1.5 $ 1.6 At March 31, 2022, there was $17.5 million of total unrecognized compensation cost related to outstanding restricted stock unit awards. During the quarter ended March 31, 2022, we granted 208,922 restricted stock units (time vesting) at an average grant date fair value of $29.21 per share and 103,067 restricted stock units (performance vesting) at an average grant date fair value of $30.55 per share. |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
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. This method requires 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. Quarter Ended March 31, (In thousands) 2022 2021 Basic weighted-average common shares outstanding 16,728 16,647 Incremental shares due to: Stock-based awards 229 238 Performance shares 116 94 Diluted weighted-average common shares outstanding 17,073 16,979 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We operate in two segments: Pulp and Paperboard and Consumer Products. 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, 2021. Quarter Ended March 31, 2022 2021 Segment net sales: Pulp and Paperboard $ 266.2 $ 219.7 Consumer Products 223.0 208.4 Eliminations (1.1) (2.2) Net sales $ 488.2 $ 425.9 Operating income (loss): Pulp and Paperboard $ 50.3 $ 25.0 Consumer Products 0.9 17.9 Corporate and eliminations (17.8) (15.5) Other operating charges, net (0.5) (0.4) Income from operations $ 32.9 $ 27.1 Net sales, classified by major products were as follows: Quarter Ended March 31, 2022 2021 Major products: Paperboard $ 254.3 $ 212.4 Retail tissue 216.6 195.1 Away-from-home tissue 1 — 6.5 Pulp 8.3 3.5 Other 10.1 10.6 Eliminations (1.1) (2.2) Total net sales $ 488.2 $ 425.9 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option, Disclosures | The fair value of our debt is included in the following table: March 31, 2022 December 31, 2021 Term loan maturing 2026, variable interest rate $ 29.8 $ 49.8 2014 Notes, maturing 2025, fixed interest rate 303.4 324.6 2020 Notes, maturing 2028, fixed interest rate 255.4 278.9 $ 588.6 $ 653.3 |
Receivables, net (Tables)
Receivables, net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables, Net, Current [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2022 December 31, 2021 Trade accounts receivable $ 163.6 $ 154.1 Allowance for current expected credit losses (1.3) (1.4) Unbilled receivables 8.5 7.2 Taxes receivable 0.4 6.1 Other 1.1 1.4 $ 172.3 $ 167.4 |
Inventories - (Tables)
Inventories - (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Our inventories are stated at the lower of net realizable value or current cost using the average cost method and consists of: March 31, 2022 December 31, 2021 Logs, chips and sawdust $ 13.6 $ 13.7 Pulp 14.9 15.9 Paperboard and tissue products 152.3 148.0 Materials and supplies 101.0 100.1 $ 281.8 $ 277.7 |
Payables and Accruals (Tables)
Payables and Accruals (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consists of: March 31, 2022 December 31, 2021 Trade payables $ 173.0 $ 168.3 Accrued compensation 31.1 29.3 Operating lease liabilities 16.0 16.1 Accrued interest 4.7 12.0 Accrued taxes other than income 13.9 10.9 Other accrued liabilities 15.8 15.8 $ 254.5 $ 252.5 |
Other Operating Charges, net (T
Other Operating Charges, net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Quarter Ended March 31, 2022 2021 Reorganization and other expenses $ 1.5 $ — Mill closure costs 0.4 — Directors' equity-based compensation expense (1.4) 0.4 $ 0.5 $ 0.4 |
Non-operating Income (Expense_2
Non-operating Income (Expense) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Nonoperating Income (Expense) [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Quarter Ended March 31, 2022 2021 Interest expense $ (8.2) $ (9.2) Amortization of debt issuance costs (0.4) (0.5) Interest income — 0.3 Interest expense, net (8.6) (9.3) Debt retirement costs (0.2) — Non-operating pension and other postretirement employee benefits expense (1.4) (2.5) Total non-operating expense $ (10.3) $ (11.8) |
Retirement Plans and Postreti_2
Retirement Plans and Postretirement Benefits - (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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: Quarter Ended March 31, Pension Benefit Plans 2022 2021 Service cost $ 0.5 $ 0.5 Interest cost 2.2 2.1 Expected return on plan assets (2.8) (2.6) Amortization of actuarial loss 1.5 2.6 Net periodic cost $ 1.5 $ 2.5 Quarter Ended March 31, Other Postretirement Employee Benefit Plans 2022 2021 Service cost $ 0.1 $ — Interest cost 0.5 0.5 Net periodic cost $ 0.6 $ 0.5 |
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 quarter ended March 31, 2022 and 2021, we recorded $0.5 million and $0.4 million to "Cost of sales" and less than $0.1 million and $0.1 million to "Selling, general, and administrative expenses." |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 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) Balance at December 31, 2021 $ (42.8) $ 0.3 $ (42.6) Amounts reclassified from accumulated other comprehensive loss 1.1 — 1.1 Balance at March 31, 2022 $ (41.7) $ 0.3 $ (41.4) |
Stockholders' Equity - (Tables)
Stockholders' Equity - (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Employee Equity-Based Compensation Expense | Quarter Ended March 31, 2022 2021 Total stock-based compensation expense (selling, general and administrative and other operating charges, net) $ 0.7 $ 2.4 Income tax benefit related to stock-based compensation $ 0.2 $ 0.6 Impact on cash flow due to taxes paid related to net share settlement of equity awards $ 1.5 $ 1.6 |
Earnings per Common Share - (Ta
Earnings per Common Share - (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings per Share | Quarter Ended March 31, (In thousands) 2022 2021 Basic weighted-average common shares outstanding 16,728 16,647 Incremental shares due to: Stock-based awards 229 238 Performance shares 116 94 Diluted weighted-average common shares outstanding 17,073 16,979 |
Segment Information - (Tables)
Segment Information - (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Reportable Segments Information | Quarter Ended March 31, 2022 2021 Segment net sales: Pulp and Paperboard $ 266.2 $ 219.7 Consumer Products 223.0 208.4 Eliminations (1.1) (2.2) Net sales $ 488.2 $ 425.9 Operating income (loss): Pulp and Paperboard $ 50.3 $ 25.0 Consumer Products 0.9 17.9 Corporate and eliminations (17.8) (15.5) Other operating charges, net (0.5) (0.4) Income from operations $ 32.9 $ 27.1 |
Disaggregation of Revenue [Table Text Block] | Quarter Ended March 31, 2022 2021 Major products: Paperboard $ 254.3 $ 212.4 Retail tissue 216.6 195.1 Away-from-home tissue 1 — 6.5 Pulp 8.3 3.5 Other 10.1 10.6 Eliminations (1.1) (2.2) Total net sales $ 488.2 $ 425.9 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Term Loan [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Long-term Debt, Fair Value | $ 29.8 | $ 49.8 |
Senior Note Due 2025 [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Long-term Debt, Fair Value | 303.4 | 324.6 |
Senior Note Due 2028 [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Long-term Debt, Fair Value | $ 255.4 | $ 278.9 |
Receivables, net (Details)
Receivables, net (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Receivables, Net, Current [Abstract] | ||
Trade accounts receivable | $ 163.6 | $ 154.1 |
Accounts Receivable, Allowance for Credit Loss, Current | (1.3) | (1.4) |
Unbilled Receivables, Current | 8.5 | 7.2 |
Income Taxes Receivable, Current | 0.4 | 6.1 |
Other Receivables, Net, Current | 1.1 | 1.4 |
Receivables, Net | $ 172.3 | $ 167.4 |
Inventories - Inventories (Deta
Inventories - Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Paperboard and tissue products | $ 152.3 | $ 148 |
Materials and supplies | 101 | 100.1 |
Inventories | 281.8 | 277.7 |
Inventory [Line Items] | ||
Paperboard and tissue products | 152.3 | 148 |
Materials and supplies | 101 | 100.1 |
Inventories | 281.8 | 277.7 |
Raw Materials | ||
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials, Gross | 13.6 | 13.7 |
Inventory [Line Items] | ||
Inventory, Raw Materials, Gross | 13.6 | 13.7 |
Inventory Pulp | ||
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials, Gross | 14.9 | 15.9 |
Inventory [Line Items] | ||
Inventory, Raw Materials, Gross | $ 14.9 | $ 15.9 |
Payables and Accruals (Details)
Payables and Accruals (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Payables and Accruals [Abstract] | ||
Trade payables | $ 173 | $ 168.3 |
Accrued compensation | 31.1 | 29.3 |
Operating Lease, Liability, Current | 16 | 16.1 |
Interest Payable, Current | 4.7 | 12 |
Accrual for Taxes Other than Income Taxes, Current | 13.9 | 10.9 |
Other Accrued Liabilities, Current | 15.8 | 15.8 |
Accounts Payable and Accrued Liabilities | 254.5 | 252.5 |
Capital Expenditures Incurred but Not yet Paid | $ 4.7 | $ 11 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Expense (Benefit) | $ 6 | $ 3.2 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Percent | 26.60% |
Other Operating Charges, net (D
Other Operating Charges, net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reorganization Items | $ 1.5 | $ 0 |
Other Cost and Expense, Operating | 0.5 | 0.4 |
Operating Expense | Mill Closure Costs | ||
Other Expenses | 0.4 | 0 |
Director [Member] | ||
Share based compensation expense | $ (1.4) | $ 0.4 |
Non-operating Income (Expense_3
Non-operating Income (Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Nonoperating Income (Expense) [Abstract] | ||
Interest Expense | $ (8.2) | $ (9.2) |
Amortization of Debt Issuance Costs | (0.4) | (0.5) |
Interest Income, Other | 0 | 0.3 |
Interest Expense, Net | (8.6) | (9.3) |
Write off of Deferred Debt Issuance Cost | (0.2) | 0 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (1.4) | (2.5) |
Nonoperating Income (Expense) | $ (10.3) | $ (11.8) |
Retirement Plans and Postreti_3
Retirement Plans and Postretirement Benefits - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | $ 0.5 | $ 0.5 |
Interest cost | 2.2 | 2.1 |
Expected return on plan assets | (2.8) | (2.6) |
Defined Benefit Plan, Amortization of Gain (Loss) | 1.5 | 2.6 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 1.5 | 2.5 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | 0.1 | 0 |
Interest cost | 0.5 | 0.5 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 0.6 | 0.5 |
Cost of Sales [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 0.5 | 0.4 |
Selling, General and Administrative Expenses [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | $ 0.1 | $ 0.1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (41.4) | $ (52.4) | $ (42.6) | $ (54.3) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1.1 | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1.9 | |||
Pension Plan [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (41.7) | (52.6) | (42.8) | (54.5) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1.1 | |||
Pension Plan [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1.9 | |||
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 | 0.3 | 0.2 | $ 0.3 | $ 0.2 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $ 0 | |||
Other Postretirement Benefits Plan [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 |
Stockholders' Equity - (Detail)
Stockholders' Equity - (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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 | 800,000 | |
Equity-based compensation expense | $ 0.7 | $ 2.4 |
Share-based Payment Arrangement, Expense, Tax Benefit | 0.2 | 0.6 |
Payment, Tax Withholding, Share-based Payment Arrangement | 1.5 | $ 1.6 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 17.5 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share-based awards granted | 208,922 | |
Grant-date fair value of awards per share | $ 29.21 | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share-based awards granted | 103,067 | |
Grant-date fair value of awards per share | $ 30.55 |
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, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Number of Shares Outstanding, Basic | 16,728 | 16,647 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 229 | 238 |
Weighted Average Number of Shares Outstanding, Diluted | 17,073 | 16,979 |
Anti-dilutive shares excluded from calculation | 400 | 200 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 116 | 94 |
Segment Information (Detail)
Segment Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net Sales | $ 488.2 | $ 425.9 |
Income from operations | 32.9 | 27.1 |
Other operating charges, net | (0.5) | (0.4) |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net Sales | (1.1) | (2.2) |
Corporate, Non-Segment | ||
Segment Reporting Information [Line Items] | ||
Income from operations | (17.8) | (15.5) |
Paperboard [Domain] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 254.3 | 212.4 |
Retail tissue [Domain] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 216.6 | 195.1 |
Non-retail tissue [Domain] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 0 | 6.5 |
Pulp [Domain] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 8.3 | 3.5 |
Other [Domain] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 10.1 | 10.6 |
Pulp And Paperboard [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 266.2 | 219.7 |
Income from operations | 50.3 | 25 |
Consumer Products | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 223 | 208.4 |
Income from operations | $ 0.9 | $ 17.9 |