Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 12, 2023 | Jun. 30, 2022 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CLEARWATER PAPER CORPORATION | ||
Entity Central Index Key | 0001441236 | ||
Entity File Number | 001-34146 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 16,761,869 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-3594554 | ||
Entity Address, Postal Zip Code | 99201 | ||
Entity Address, Address Line Two | Suite 1100 | ||
Entity Address, Address Line One | 601 West Riverside, | ||
Entity Address, State or Province | WA | ||
Entity Address, City or Town | Spokane, | ||
City Area Code | 509 | ||
Local Phone Number | 344-5900 | ||
Title of 12(b) Security | Common Stock ($0.0001 par value per share) | ||
Trading Symbol | CLW | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes | ||
Entity Public Float | $ 558.3 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Document and Entity Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Firm ID | 185 |
Auditor Location | Seattle, Washington |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 53.7 | $ 25.2 |
Receivables, net of allowance for current expected credit losses of $1.4 at December 31, 2022 and 2021 | 188.8 | 167.4 |
Inventories, net | 324 | 277.7 |
Other current assets | 19.9 | 16.9 |
Total current assets | 586.3 | 487.2 |
Property, plant and equipment, net | 1,017.1 | 1,081.8 |
Other assets, net | 100.1 | 121.1 |
Total assets | 1,703.5 | 1,690.1 |
Current liabilities: | ||
Current portion of long-term debt | 0.9 | 1.6 |
Accounts payable and accrued liabilities | 311.1 | 252.5 |
Total current liabilities | 312 | 254.1 |
Long-term debt | 564.9 | 637.6 |
Liability for pension and other postretirement employee benefits | 58.2 | 73.6 |
Deferred tax liabilities and other long-term obligations | 196.4 | 213.1 |
Total liabilities | 1,131.5 | 1,178.3 |
Stockholders' equity: | ||
Preferred stock, par value $0.0001 per share, 5,000,000 shares authorized, no shares issued | 0 | 0 |
Common stock, par value $0.0001 per share, 100,000,000 shares authorized, 16,761,869 and 16,692,102 shares issued | 0 | 0 |
Additional paid-in capital | 28.5 | 23.6 |
Retained earnings | 576.8 | 530.7 |
Accumulated other comprehensive loss, net of tax | (33.3) | (42.6) |
Stockholders' Equity Attributable to Parent, Total | 572.1 | 511.7 |
Total liabilities and stockholders' equity | $ 1,703.5 | $ 1,690.1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ (1.4) | $ (1.4) |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | |
Preferred Stock, Shares Authorized | 5,000,000 | |
Preferred Stock, Shares Issued | 0 | |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | |
Common stock, authorized (in shares) | 100,000,000 | |
Common stock, shares issued (in shares) | 16,761,869 | 16,692,102 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Net sales | $ 2,080.1 | $ 1,772.6 | $ 1,868.6 |
Costs and expenses: | |||
Cost of sales | (1,823.4) | (1,590) | (1,574.4) |
Selling, general and administrative expenses | (133) | (112.9) | (122) |
Other operating charges, net | 9.7 | 57.7 | 14 |
Total operating costs and expenses | 1,966.2 | 1,760.6 | 1,710.4 |
Income from operations | 113.9 | 12 | 158.1 |
Interest expense, net | (34.6) | (36.4) | (46.5) |
Debt retirement costs | (0.5) | (1) | (5.9) |
Other non-operating expense | (5.7) | (10.4) | (7.6) |
Income (loss) before income taxes | 73.1 | (35.7) | 98.2 |
Income tax provision (benefit) | (27) | 7.7 | (21.1) |
Net income (loss) | $ 46 | $ (28.1) | $ 77.1 |
Earnings per share, basic | $ 2.71 | $ (1.67) | $ 4.65 |
Earnings per share, diluted | $ 2.68 | $ (1.67) | $ 4.61 |
Weighted average number of shares outstanding, basic | 16,985 | 16,767 | 16,569 |
Weighted average number of shares outstanding, diluted | 17,181 | 16,767 | 16,724 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net earnings | $ 46 | $ (28.1) | $ 77.1 |
Defined benefit pension and other postretirement employee benefits: | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 4.7 | 4 | (2.1) |
Amortization of actuarial loss included in net periodic cost, net of tax of $1.6, $2.7 and $2.5 | 4.7 | 7.8 | 7.3 |
Other comprehensive (loss) income, net of tax | 9.3 | 11.7 | 5.2 |
Comprehensive income | $ 55.3 | $ (16.3) | $ 82.3 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net (loss) gain arising during the period, tax benefit (provision) | $ (1.5) | $ (1.4) | $ 0.7 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (1.6) | (2.7) | (2.5) |
Net earnings | $ 46 | $ (28.1) | $ 77.1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net earnings | $ 46 | $ (28.1) | $ 77.1 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 103.3 | 105 | 111 |
Equity-based compensation expense | 12.7 | 9.1 | 10.5 |
Deferred Income Taxes and Tax Credits | (7.9) | (9.7) | 33.5 |
Defined benefit pension and other postretirement employee benefits | 3 | 7.2 | 3.8 |
Amortization of deferred debt costs and debt retirement | 2 | 2.8 | 8 |
(Gain) loss on sale or impairment associated with assets | 6.1 | 35.7 | (1.4) |
(Increase) decrease in accounts receivable | (16.9) | (5.3) | 6.1 |
(Increase) decrease in inventory | (46.3) | (20.2) | 18.1 |
Increase in other current assets | (2.4) | (1.7) | (11.2) |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 49.2 | 1.9 | (12) |
Other, net | 1.5 | (0.2) | 3.4 |
Net cash flows provided by operating activities | 150.2 | 96.4 | 247 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Payments to Acquire Property, Plant, and Equipment | (33.5) | (38.4) | (39.6) |
Net proceeds from divested assets | 0 | 13.3 | 0 |
Net cash flows used in investing activities | (33.5) | (25.1) | (39.6) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Borrowings of short-term debt | 0 | 0 | 108.5 |
Repayments of short-term debt | 0 | 0 | (122) |
Borrowings of long-term debt | 0 | 0 | 275 |
Repayment of long-term debt | (80.9) | (81) | (449.4) |
Payment, Tax Withholding, Share-based Payment Arrangement | (2.5) | (1.7) | (0.7) |
Payments for Repurchase of Common Stock | (5) | 0 | 0 |
Payments for debt issuance costs | (0.9) | 0 | (4.4) |
Other, net | 0.8 | 0.7 | 0 |
Net cash flows used in financing activities | (88.6) | (82) | (192.9) |
Increase (decrease) in cash, cash equivalents and restricted cash | 28.2 | (10.7) | 14.4 |
Cash, cash equivalents and restricted cash at beginning of period | 54.4 | 26.2 | 36.9 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 33 | 36 | 45 |
Cash (received) paid for income taxes | 43 | (7.7) | (7.9) |
Capital Expenditures Incurred but Not yet Paid | $ 15.7 | $ 11 | $ 12.1 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stockholders' Equity Attributable to Parent, Total | $ 432 | $ 9.8 | $ 481.7 | $ (59.5) | |
Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 16,515 | ||||
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2019 | 432 | 9.8 | 481.7 | (59.5) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net earnings | 77.1 | 77.1 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 7.6 | ||||
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | 7.6 | ||||
Performance share and restricted stock unit awards (in shares) | 57 | ||||
Performance share and restricted stock unit awards | (0.7) | (0.7) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 5.2 | (5.2) | |||
Shares, Outstanding, Ending Balance at Dec. 31, 2020 | 16,572 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stockholders' Equity Attributable to Parent, Total | 521.1 | 16.6 | 558.8 | (54.3) | |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2020 | 521.1 | 16.6 | 558.8 | (54.3) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net earnings | (28.1) | (28.1) | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 8 | ||||
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | 8 | ||||
Performance share and restricted stock unit awards (in shares) | 119 | ||||
Performance share and restricted stock unit awards | (1.1) | (1.1) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 11.7 | (11.7) | |||
Shares, Outstanding, Ending Balance at Dec. 31, 2021 | 16,692 | ||||
Common Stock, Value, Issued, Ending Balance at Dec. 31, 2021 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stockholders' Equity Attributable to Parent, Total | 511.7 | 23.6 | 530.7 | (42.6) | |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2021 | 511.7 | 23.6 | 530.7 | (42.6) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net earnings | 46 | 46 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 11.7 | ||||
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | 11.7 | ||||
Performance share and restricted stock unit awards (in shares) | 220 | ||||
Performance share and restricted stock unit awards | (1.8) | (1.8) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 9.3 | (9.3) | |||
Stock Repurchased and Retired During Period, Value | $ (5) | (5) | |||
Number of shares repurchased (in shares) | (150) | ||||
Shares, Outstanding, Ending Balance at Dec. 31, 2022 | 16,762 | ||||
Common Stock, Value, Issued, Ending Balance at Dec. 31, 2022 | $ 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stockholders' Equity Attributable to Parent, Total | $ 572.1 | $ 28.5 | $ 576.8 | $ (33.3) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension and OPEB, Tax | $ 3.1 | $ 4.2 | $ 1.8 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Summary of Significant Accounting Policies NATURE OF OPERATIONS AND BASIS OF PRESENTATION We are a premier supplier of bleached paperboard and consumer and parent roll tissue. We supply bleached paperboard to quality-conscious printers and packaging converters, and offer services that include custom sheeting, slitting and cutting. We supply private label tissue to major retailers, including grocery, club, mass merchants and discount stores. 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. All dollar amounts are shown in millions, except per share. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. Actual results could differ from those estimates. PRINCIPLES OF CONSOLIDATION 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. Certain amounts have been reclassified from prior year presentation for consistency. CASH, CASH EQUIVALENTS AND RESTRICTED CASH We consider all highly liquid instruments with maturities of three months or less to be cash equivalents. Cash that is held by a third party and has restrictions on its availability to us is classified as restricted cash. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets to the sum of those same amounts shown in our Consolidated Statements of Cash Flows. December 31, 2022 2021 2020 Cash and cash equivalents $ 53.7 $ 25.2 $ 35.9 Restricted cash included in Other current assets 0.7 — — Restricted cash included in Other assets, net — 1.1 1.1 Total cash, cash equivalents and restricted cash $ 54.4 $ 26.2 $ 36.9 ACCOUNTS RECEIVABLE Receivables consist of: December 31, 2022 2021 Trade accounts receivable $ 167.6 $ 154.1 Allowance for current expected credit losses (1.4) (1.4) Unbilled receivables 9.1 7.2 Taxes receivable 10.6 6.1 Other 2.9 1.4 $ 188.8 $ 167.4 INVENTORIES Our inventories are stated at the lower of net realizable value or current cost using the average cost method. December 31, 2022 2021 Logs, chips and sawdust $ 23.6 $ 13.7 Pulp 16.8 15.9 Paperboard and tissue products 171.9 148.0 Materials and supplies 111.7 100.1 $ 324.0 $ 277.7 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at cost, including assets acquired under finance 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 and 2 to 25 years for machinery and equipment (includes office and other equipment). December 31, 2022 2021 Land and land improvements $ 106.1 $ 109.1 Buildings and improvements 456.8 452.5 Machinery and equipment 2,346.5 2,377.5 Construction in progress 23.9 22.4 2,933.4 2,961.5 Less accumulated depreciation and amortization (1,916.3) (1,879.7) Property, plant and equipment, net $ 1,017.1 $ 1,081.8 At December 31, 2022 and 2021, included within property, plant and equipment, net were finance leases of $31.8 million and $27.7 million and associated accumulated depreciation amounts of $16.4 million and $15.2 million. Depreciation expense totaled $101.1 million, $102.0 million and $107.8 million for the years ended December 31, 2022, 2021 and 2020. PLANNED MAINTENANCE We recognize the cost of repair and maintenance activities in the period in which the activity is performed or goods are consumed under the direct expense method. We perform planned maintenance activities at our facilities periodically and associated expenses are included in cost of sales. LEASES Operating lease right-of-use (ROU) assets and liabilities are recognized at the commencement date of a lease based on the present value of lease payments over the lease term. Our leases may include options to extend or terminate the lease. These options to extend are included in the lease term when it is reasonably certain that we will exercise that option. Some leases have variable payments: however, because they are not based on an index or rate, they are not included in the ROU assets and liabilities. Variable payments for real estate leases primarily relate to common area maintenance, insurance, taxes and utilities. Variable payments for equipment, vehicles, and leases within supply agreements primarily relate to usage, repairs and maintenance. As the implicit rate is not readily determinable for most of our leases, we apply a portfolio approach using an estimated incremental borrowing rate to determine the initial present value of lease payments over the lease terms on a collateralized basis over a similar term, which is based on market and company specific information. We use our unsecured borrowing rate and risk-adjust that rate to approximate a collateralized rate. Leases having a lease term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the term of the lease. In addition, we have applied the practical expedient to account for the lease and non-lease components as a single lease component for all of our leases. See Note 4, "Leases" for further information. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, 2022 2021 Trade payables $ 213.0 $ 156.2 Accrued compensation 41.9 29.3 Operating lease liabilities 12.0 16.1 Other 44.2 50.8 $ 311.1 $ 252.5 Included in accounts payable and other accrued liabilities is $15.7 million and $11.0 million related to capital expenditures that had not yet been paid as of December 31, 2022 and as of December 31, 2021. RETIREMENT PLANS AND POSTRETIREMENT BENEFITS We are required to use actuarial methods and assumptions in the valuation of defined benefit obligations and other postretirement obligations and the determination of expense. Differences between actual and expected results or changes in the values of the obligations and plan assets are not recognized in earnings as they occur but, rather, systematically and gradually over subsequent periods. See Note 10, "Retirement Plans and Postretirement Benefits" for further information. 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. See Note 6, "Income Taxes" for further information. REVENUE RECOGNITION We enter into contracts that can include various combinations of tissue and paperboard products, which are generally distinct and accounted for as separate performance obligations. Generally, revenue is recognized at a point in time upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Transfer of control typically occurs when the title and risk of loss passes to the customer. Shipping terms generally indicate when title and the risk of loss have passed, usually this is upon receipt at our customer's destination. We have elected to treat shipping and handling costs as a fulfillment cost. We typically expense incremental direct costs of obtaining a contract (sales commissions) when incurred because the amortization period is generally 12 months or less. We maintain consignment inventory at a limited number of customer locations. For consigned inventory, we recognize revenue upon transfer of control, which is often in advance of invoicing the customer. These amounts are classified as unbilled receivables in the above detail of accounts receivable. We provide for trade promotions, customer cash discounts and other deductions, which are considered variable consideration and recorded as a reduction of net sales. Returns and credits are estimated at contract inception and updated at the end of each reporting period as additional information becomes available. Revenue, net of returns and credits, is only recognized to the extent that it is probable that a significant reversal of any incremental revenue will not occur. Judgment associated with forecasted volumes is required to determine the most probable amount of variable consideration to apply as a reduction to net sales. As of December 31, 2022 and 2021, we had $6.3 million and $9.2 million accrued as customer rebates. Revenue is recognized net of any taxes collected from customers. See Note 15, "Segment Information" for further information, including the disaggregation of revenue by segment, primary geographical market, and major product type. OTHER OPERATING CHARGES, NET We classify significant amounts unrelated to ongoing core operating activities as “Other operating charges, net” in the Consolidated Statements of Operations. Such items include, but are not limited to, amounts related to facility closures and related gain (loss) on sale and impairment, restructuring charges (including severance charges), charges to establish and maintain litigation or environmental reserves, gains or losses from settlements with governmental or other organizations and cash settled equity-based compensation to our directors. Due to the nature of these items, amounts in the statement of operations can fluctuate from year to year. The determination of which items are considered significant and unrelated to core operations is based upon management’s judgment. See Note 8, "Other Operating Charges, net" for a discussion of specific amounts in 2022, 2021 and 2020. ACCOUNTS RECEIVABLE ARRANGEMENT During 2019, we entered into an uncommitted supply-chain financing program with a global financial institution under which a specific customer's trade accounts receivable may be acquired, without recourse, by the institution at a discounted rate. Available capacity under this program is dependent on the level of our trade accounts receivable with this customer and the financial institution’s willingness to purchase such receivables. We have no servicing responsibilities under this agreement. This agreement allows us to obtain payment more quickly than under the contractual terms of sale to this customer. Receivables sold are de-recognized from our Consolidated Balance Sheets. For the years ended December 31, 2022 and 2021, we sold $216.1 million and $202.2 million, of receivables. The proceeds from these sales of receivables are included within operating activities in our Consolidated Statements of Cash Flows. For the years ended December 31, 2022, 2021, and 2020 factoring expense on the sale of receivables was $1.8 million, $0.9 million, and $1.2 million. ENVIRONMENTAL AND ASSET RETIREMENT OBLIGATIONS We estimate our environmental and asset retirement obligations based on various assumptions and judgments, the specific nature of which varies in light of the particular facts and circumstances surrounding each 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. We 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. For asset retirement obligations, the liability is accreted to its settlement value and, where appropriate, the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, we recognize a gain or loss for any difference between the settlement amount and the liability recorded. Our asset retirement obligation is included in "Deferred taxes and other long-term obligations" in the Consolidated Balance Sheets. Our asset retirement obligation reflects the estimated present value of our obligations for capping, closure and post closure cost with respect to landfills, asbestos remediation and other ongoing environmental monitoring. The following table represents the activity associated with our asset retirement obligations. For The Years Ended December 31, 2022 2021 Beginning balance $ 2.0 $ 3.8 Accretion expense — 0.1 Adjusted to other operating charges, net — (1.8) Payments made (0.1) (0.1) Ending balance $ 1.9 $ 2.0 |
Recently Adopted and New Accoun
Recently Adopted and New Accounting Standards | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements, Policy | Recently Adopted and New Accounting Standards RECENTLY ADOPTED In November 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-10, Disclosures by Business Entities About Government Assistance (Topic 832), which requires disclosures about certain types of government assistance including the nature of the assistance, related accounting policies, and the effect on an entity's financial statements. The new standard is effective for annual periods beginning after December 15, 2021 with prospective or retrospective adoption permitted. This ASU was adopted prospectively as of January 1, 2022 and did not have a material impact on our consolidated financial statements. NEW ACCOUNTING STANDARDS In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50) . This standard requires disclosure of the key terms of outstanding supplier finance programs and a roll forward of the related obligations. The new standard does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. This ASU is effective for annual periods beginning after December 15, 2022, except for the roll forward requirement, which is effective for annual periods beginning after December 15, 2023. Upon adoption, we will be required to include additional disclosures to the extent we have material supplier finance program obligations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value measurements and disclosures requirements establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels. Level 1 inputs, the highest priority, are quoted prices in active markets for identical assets or liabilities. Level 2 inputs reflect other than quoted prices included in level 1 that are either observable directly or through corroboration with observable market data. Level 3 inputs are unobservable inputs due to little or no market activity for the asset or liability, such as internally-developed valuation models. Carrying amounts reported on the consolidated balance sheets for cash and cash equivalents, restricted cash, receivables and accounts payable approximate fair value due to the short-term maturity of these instruments. See discussion on fair market values for long-term debt included within Note 7, "Debt". We review the carrying values of goodwill and long-lived assets to be held and used for impairment wherever events or changes in circumstances indicate possible impairment. An impairment loss is recognized when a long-lived asset's carrying value is not recoverable and exceeds estimated fair value. See Note 5, "Goodwill and Intangible Assets" for discussion of fair market values for goodwill. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases We have operating leases for manufacturing, office, warehouse, equipment and vehicles. Our leases have remaining lease terms from less than one COMPONENTS OF LEASE EXPENSE For The Years Ended December 31, 2022 2021 2020 Operating lease costs $ 17.4 $ 16.6 $ 15.9 Finance lease costs: Amortization of ROU assets 1.3 1.8 1.8 Interest on lease liabilities 2.1 1.7 1.8 Total finance lease costs 3.3 3.5 3.5 Variable lease costs 1.8 1.7 1.6 Total lease costs $ 22.5 $ 21.8 $ 21.0 SUPPLEMENTAL BALANCE SHEET INFORMATION December 31, Classification 2022 2021 Lease ROU assets Operating lease assets Other assets, net $ 43.3 $ 53.6 Finance lease assets, net Property, plant and equipment, net $ 15.4 $ 12.5 Lease Liabilities Current operating lease liabilities Accounts payable and accrued liabilities $ 12.0 $ 16.1 Current finance lease liabilities Current portion of long-term debt $ 0.9 $ 1.6 Non-current operating lease liabilities Deferred tax liabilities and other long-term obligations $ 35.9 $ 42.7 Non-current finance lease liabilities Long-term debt $ 23.3 $ 17.5 Total operating lease liabilities $ 47.9 $ 58.8 Total finance lease liabilities 24.2 19.1 LEASE TERM AND DISCOUNT RATE December 31, 2022 2021 Weighted average remaining lease term (years) Operating leases 4.9 5.3 Finance leases 13.3 9.0 Weighted average discount rate Operating leases 4.8 % 4.8 % Finance leases 8.5 % 8.4 % SUPPLEMENTAL CASH FLOW INFORMATION For The Years Ended December 31, 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 19.7 $ 18.8 $ 17.9 Operating cash flows from finance leases 2.1 1.6 1.8 Financing cash flows from finance leases 1.1 1.7 1.6 Non-cash amounts for lease liabilities arising from obtaining ROU assets: Operating leases $ 6.4 $ 5.0 $ 4.4 Finance leases 4.2 — 0.3 MATURITY OF LEASE LIABILITIES As of December 31, 2022, our future maturities of lease liabilities were as follows: Operating Finance 2023 $ 14.0 $ 2.9 2024 10.5 2.8 2025 9.1 2.8 2026 7.8 2.9 2027 6.1 2.9 Thereafter 6.6 26.9 Total lease payments 54.0 41.2 Less imputed interest (6.0) (17.0) Present value of lease liabilities $ 47.9 $ 24.2 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Changes in the carrying amounts of goodwill and intangible assets allocated to each segment were as follows: Pulp and Paperboard Total Goodwill Intangibles Balance as of December 31, 2020 $ 35.1 $ 13.7 $ 48.8 Amortization — (2.9) (2.9) Balance as of December 31, 2021 35.1 10.8 45.9 Amortization — (2.2) (2.2) Balance as of December 31, 2022 $ 35.1 $ 8.6 $ 43.6 For all periods presented in the table above, the Consumer Products segment had no goodwill or intangible assets with a net book value. As of December 31, 2022, intangible assets consisted of $8.6 million customer relationships. As of December 31, 2021, intangible assets consisted of $10.7 million of customer relationships, and $0.1 million of other intangibles. Outstanding definite-lived intangible assets are amortized over their useful lives of 10 years. We annually evaluate goodwill for possible impairment as of November 1 with additional interim evaluation performed when management believes that it is more likely than not that events or circumstances have occurred that would result in the impairment of a reporting unit’s goodwill. We evaluate our intangible assets for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The gross book value and accumulated amortization of definite lived intangible assets at December 31, 2022 was $34.9 million and $26.3 million. The gross book value and accumulated amortization of definite lived intangible assets at December 31, 2021 was $34.9 million and $24.1 million. As of December 31, 2022, estimated future amortization expense related to intangible assets is as follows: Amount 2023 $ 2.1 2024 2.1 2025 2.1 2026 2.1 2027 — Total $ 8.6 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes INCOME TAX PROVISION (BENEFIT) The components of income tax provision (benefit) is comprised of the following: For The Years Ended December 31, 2022 2021 2020 Current Federal $ 31.2 $ 1.3 $ (17.4) State 3.8 0.7 1.8 Total current 34.9 2.0 (15.6) Deferred Federal (7.6) (8.8) 32.5 State (0.3) (0.9) 4.2 Total deferred (7.9) (9.7) 36.7 Income tax provision (benefit) $ 27.0 $ (7.7) $ 21.1 The income tax provision (benefit) differs from the amount computed by applying the statutory federal income tax rate to income (loss) before income taxes due to the following: For The Years Ended December 31, 2022 2021 2020 Tax at the statutory rate 21.0 % 21.0 % 21.0 % State and local taxes, net of federal income tax impact 3.3 % (0.5) % 5.7 % Adjustment for state deferred tax rate 1 (7.8) % 1.2 % (0.3) % CARES Act net operating loss carryback — % — % (7.1) % Federal credits 2 10.1 % (0.2) % (1.3) % Uncertain tax positions (0.8) % 0.5 % 2.2 % Worthless stock deduction (93.6) % — % — % Uncertain tax position - worthless stock deduction 93.6 % — % — % Non-deductible expenses 2.2 % (0.6) % 2.3 % Change in valuation allowances 1 8.1 % 0.1 % 0.1 % Other, net 0.8 % 0.2 % (1.1) % Income tax provision (benefit) 37.0 % 21.6 % 21.5 % 1 In 2022, Idaho revised their state income tax rate. Given our expected utilization, we recorded an offset to our valuation allowances for the amount of this reduction. 2 In 2022, we adjusted our tax positions under audit related to the disallowance of a previously taken federal tax credits based upon interpretation of the law. DEFERRED TAXES The tax effects of significant temporary differences creating deferred tax assets and liabilities at December 31 were: 2022 2021 Deferred tax assets: Employee benefits $ 3.2 $ 3.4 Postretirement employee benefits 12.9 18.5 Incentive compensation 3.5 6.6 Inventories 2.2 0.2 Pensions 0.9 — Federal and state credit carryforwards 10.1 13.5 Federal and state net operating losses 3.3 4.1 Operating leases 12.0 15.2 Other 1.5 — Total deferred tax assets 49.6 61.5 Valuation allowance (10.8) (5.4) Deferred tax assets, net of valuation allowance 38.8 56.1 Deferred tax liabilities: Property, plant and equipment, net (168.3) (185.5) Operating leases (10.8) (13.8) Pensions — (1.5) Intangible assets, net (1.8) (2.3) Other — (0.6) Total deferred tax liabilities (180.9) (203.7) Net deferred tax liabilities $ (142.1) $ (147.6) Net deferred tax assets (liabilities) consist of: December 31, 2022 2021 Non-current deferred tax assets 1 $ 0.6 $ 2.2 Non-current deferred tax liabilities (142.7) (149.9) Net deferred tax liabilities $ (142.1) $ (147.6) 1 Included in "Other assets, net" on our accompanying December 31, 2022 and 2021 Consolidated Balance Sheets. We have tax benefits associated with state jurisdictions totaling $2.7 million which expire between 2023 and 2042. UNCERTAIN TAX POSITIONS The following table provides a roll forward of our unrecognized tax benefits and associated interest and penalties. For The Years Ended December 31, 2022 2021 2020 Beginning balance $ 5.9 $ 6.4 $ 4.1 Increases: Tax position taken in current year 68.6 0.2 0.4 Tax position taken in prior years (0.1) (0.7) 1.9 Decreases: Settlements during the year (3.1) — — Lapse of statues in current year (0.9) — — Ending balance $ 70.4 $ 5.9 $ 6.4 Unrecognized tax benefits net of related deferred tax assets at December 31, 2022, if recognized, would have favorably impacted our effective tax rate by decreasing our tax provision by $70.0 million while the remaining $0.4 million is not expected to have a rate impact if recognized. We reflect accrued interest related to tax obligations, as well as penalties, in our provision for income taxes. For years ended December 31, 2022, 2021, and 2020, we accrued interest of less than $0.4 million each year in our income tax provision and no penalties in our income tax provision. During 2022, we ceased operations in our wholly owned subsidiary, Cellu Tissue Holdings, Inc. and recorded a $68.4 million reserve for an estimated uncertain tax position relating to a worthless stock deduction for our investment. We have requested a ruling from the IRS in connection with the worthless stock deduction and expect a determination in 2023. It is reasonably possible that a decrease of $68.4 million in unrecognized tax benefits may occur within the next twelve months related to a favorable ruling. We have operations in many states within the U.S. and are subject, at times, to tax audits in these jurisdictions. During 2022, we effectively settled federal tax years 2015 through 2019, however such years remain subject to exam until the U.S. federal exam is formally closed. With a few exceptions, we are no longer subject to state and local tax examination for years prior to 2018. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt at the balance sheet dates consisted of: December 31, 2022 December 31, 2021 Interest Rate at Principal Unamortized Debt Costs Total Principal Unamortized Debt Costs Total Term loan maturing 2026, variable interest rate $ — $ — $ — $ 50.0 $ (0.6) $ 49.4 2014 Notes, maturing 2025, fixed interest rate 5.4% 270.0 (0.5) 269.5 300.0 (0.9) 299.1 2020 Notes, maturing 2028, fixed interest rate 4.8% 275.0 (2.9) 272.1 275.0 (3.4) 271.6 ABL Credit Agreement, variable interest rates 7.8% — — — — — — Finance leases 24.2 — 24.2 19.1 — 19.1 Total debt 569.2 (3.4) 565.8 644.1 (4.8) 639.2 Less: current portion (0.9) — (0.9) (1.6) — (1.6) Net long-term portion $ 568.3 $ (3.4) $ 564.9 $ 642.5 $ (4.8) $ 637.6 Deferred debt costs are amortized over the life of the related debt using a straight-line basis which approximates the effective interest method. Deferred debt costs associated with our current line of credit is recorded within "Other current assets" and "Other assets, net" on our Consolidated Balance Sheets. The fair value of our debt as of December 31 is included in the following table: 2022 2021 Term loan maturing 2026, variable interest rate $ — $ 49.8 2014 Notes, maturing 2025, fixed interest rate 263.1 324.6 2020 Notes, maturing 2028, fixed interest rate 241.2 278.9 $ 504.3 $ 653.3 During the year ended December 31, 2022, we fully repaid the outstanding balance of the Term loan agreement. ABL CREDIT AGREEMENT During 2022, we entered into the third amendment of our ABL Credit Agreement with several lenders and JPMorgan Chase Bank, N.A. (JPMorgan) as administrative agent. The amended agreement matures on November 7, 2027 and includes a $275.0 million revolving loan commitment, subject to borrowing base limitations based on a percentage of applicable eligible receivables and eligible inventory. Based upon our Consolidated Balance Sheets as of December 31, 2022, our eligible receivables and inventory supported up to $264.3 million availability under the line of which no borrowings were outstanding and $3.5 million was utilized to issue letters of credit. We may, at our option, prepay any borrowings under the ABL Credit Agreement, in whole or in part, at any time and from time to time without premium or penalty (except in certain circumstances). Borrowings under the ABL Credit Agreement are also subject to mandatory prepayment in certain circumstances, including in the event that borrowings exceed applicable borrowing base limits. We may also increase commitments under the ABL Credit Agreement in an aggregate principal amount of up to $100 million, subject to obtaining commitments from any participating lenders and certain other conditions. Under the ABL Credit Agreement, loans may bear interest based on SOFR (secured overnight financing rate) or an annual base rate, as applicable, plus, in each case, an applicable margin that is based on availability, as calculated under the ABL Credit Agreement that may vary from 1.25% per annum to 1.75% per annum in the case of SOFR loans and 0.25% per annum to 0.75% per annum in the case of annual base rate loans. In addition, a commitment fee based on unused availability is also payable which may vary from 0.25% per annum to 0.375% per annum. The ABL Credit Agreement contains certain customary representations, warranties, and affirmative and negative covenants of us and our subsidiaries that restrict us and our subsidiaries' ability to take certain actions, including, incurrence of indebtedness, creation of liens, mergers or consolidations, dispositions of assets, repurchase or redemption of capital stock and certain types of indebtedness, making certain investments, entering into certain transactions with affiliates or changing the nature of our business. The agreement also contains a financial covenant, which requires us to maintain a consolidated fixed charge coverage ratio of not less than 1.10x to 1.00x, provided that the financial covenant under the ABL Credit Agreement is only applicable during an event of default or if availability, as calculated under the ABL Credit Agreement, is at any time less than or equal to the greater of (i) 10% of the Line Cap and (ii) $19 million. As of December 31, 2022, our fixed charge coverage ratio was approximately 2.68x. Our ability to utilize our ABL Credit Agreement could be limited in the future by our bond indentures which have limitations on liens. 2014 NOTES In 2014, we issued $300 million aggregate principal amount of senior notes (2014 Notes), due February 1, 2025, with an interest rate of 5.375%. As of December 31, 2022, $270 million of the 2014 Notes remain outstanding. The 2014 Notes are guaranteed by all of our direct and indirect domestic subsidiaries, as well as any 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 ABL Credit Agreement. 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, to the date of redemption. In addition, we may be required to make an offer to purchase the 2014 Notes upon the sale of certain assets or upon a change of control. 2020 NOTES In 2020, we issued $275 million aggregate principal amount of senior notes (2020 Notes) due August 15, 2028 with an interest rate of 4.75%. The 2020 Notes are unsecured and effectively subordinated to all of the Company’s existing and future secured debt, including borrowings under its existing credit facilities. The 2020 Notes are guaranteed on an unsecured basis by each of the Company’s existing direct and indirect domestic subsidiaries, and will be guaranteed by each of the Company’s future direct and indirect domestic subsidiaries, subject to certain exceptions. If the Company is unable to make payments on the 2020 Notes when they are due, each Guarantor is obligated to make such payments. The Indenture contains covenants that, among other things, limit our ability and the ability of any of our subsidiaries to (i) enter into sale leaseback transactions, (ii) incur liens and (iii) consolidate, merge or sell all or substantially all of our assets. In addition, the Indenture requires, among other things, we provide certain reports to holders of the 2020 Notes. These covenants are subject to a number of exceptions, limitations and qualifications as set forth in the Indenture. We may redeem all or a portion of the 2020 Notes at specified redemption prices plus accrued and unpaid interest. In addition, we may be required to make an offer to purchase the 2020 Notes upon the sale of certain assets and upon a change in control. SCHEDULED PAYMENTS As of December 31, 2022, our next scheduled maturity payments are $270 million of 2014 Notes due in February of 2025 and $275 million of 2020 Notes due in August of 2028. |
Other Operating Charges, net
Other Operating Charges, net | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Operating Charges, net | Other Operating Charges, net The major components of “Other operating charges, net” in the Consolidated Statements of Operations for the years ended December 31 are reflected in the table below: Years Ended December 31, 2022 2021 2020 Costs associated with mill closure $ 0.4 $ 50.0 $ (1.4) Reorganization and other expenses 1.6 8.4 3.4 Union settlement — — 6.6 Miscellaneous environmental accruals — (1.8) 2.5 Impairment of equipment 6.1 — — Directors' equity-based compensation expense 0.9 1.1 2.9 Other 0.7 — — $ 9.7 $ 57.7 $ 14.0 2022 During 2022, we recorded a $9.7 million net loss in "Other operating charges, net". The components of the net loss include: • expense of $0.4 million associated with mill closure costs, • loss of $6.1 million associated with the impairment of fixed assets, • expenses of $1.6 million related to reorganization and other expenses including consulting fees associated with our efforts to achieve long-term performance improvements, and • expense of $0.9 million relating to directors' equity based compensation which is remeasured each period based upon changes in our stock price. 2021 During 2021, we recorded a $57.7 million net loss in "Other operating charges, net". The components of the net loss include: • expense of $50.0 million associated with mill closure, and subsequent sale of land, building and related equipment, including $37.2 million associated with the impairment of fixed assets and certain inventory and $12.8 million associated with severance and other related closure costs, • expenses of $8.4 million related to reorganization and other expenses including consulting fees associated with our efforts to achieve long-term performance improvements, • gain of $1.8 million associated with the release of asset retirement obligations attributable to divested assets, and • expense of $1.1 million relating to directors' equity based compensation which is remeasured each period based upon changes in our stock price. 2020 During 2020, we recorded a $14.0 million net loss in "Other operating charges, net". The components of the net loss include: • expenses of $3.4 million related to reorganization expenses (primarily related to corporate 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 Paperboard segments), • expenses of $2.5 million associated with certain environmental liabilities primarily related to asbestos remediation, • expense of $2.9 million relating to directors' equity based compensation which is remeasured each period based upon changes in our stock price, and • gain of $1.4 million attributable to the final settlement and escrow release associated with the 2018 divestiture of our Ladysmith Consumer Products facility. |
Non Operating Income and Expens
Non Operating Income and Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Nonoperating Income and Expense | The major components of “Non-operating expense” in the Consolidated Statements of Operations for the years ended December 31 are reflected in the table below: Years Ended December 31, 2022 2021 2020 Interest expense $ (34.2) $ (35.2) $ (44.4) Amortization of debt issuance costs (1.5) (1.8) (2.1) Interest income 1.0 0.6 — Interest expense, net (34.6) (36.4) (46.5) Debt retirement costs (0.5) (1.0) (5.9) Non-operating pension and other postretirement employee benefits expense (5.7) (10.4) (7.6) Total non-operating expense $ (40.9) $ (47.7) $ (59.9) |
Savings, Pension and Other Post
Savings, Pension and Other Postretirement Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Savings, Pension and Other Postretirement Employee Benefit Plans | Postretirement Benefits 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 (OPEB) plans. 401(k) Savings Plans Substantially all of our employees are eligible to participate in 401(k) savings plans, which include a company match component. As of December 31, 2022 our contributions may be up to 7.7% for U.S. salaried and non-union hourly employees, consisting of a match of up to 4.2% of allowable contributions and an automatic employer contribution of 3.5%. Contributions associated with our union employees are based upon negotiated agreements. In 2022, 2021 and 2020, we recorded expense of $15.7 million, $16.4 million, and $17.3 million related to employer contributions to the 401(k) plans. Company-Sponsored Defined Benefit Pension and OPEB Plans A portion of our salaried and hourly employees are covered by company-sponsored noncontributory defined benefit pension plans. We 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. We also maintain a Salaried Supplemental Benefit Plan, an unfunded, non-qualified defined benefit plan intended to provide supplemental retirement benefits to certain executives. Benefits in the Salaried Supplemental Benefit Plan are generally provided to restore benefits or company contributions that are reduced under the company sponsored qualified plans due to the limits of Section 401(a)(17) or 415 of the Code. The plan is composed of a defined benefit portion and a defined contribution portion. The defined benefit portion of the plan was frozen on December 31, 2011 (the date on which all benefit accruals under the Salaried Retirement Plan were frozen) and as of December 31, 2022, we had two active employees under this portion. We paid benefits of $0.5 million associated with the defined benefit portion of the plan in 2022. The defined contribution portion of this liability totaled $1.6 million and $1.4 million at December 31, 2022 and 2021. The current and long term portions of the liability is included in “Accounts payable and accrued liabilities” and “Deferred tax liabilities and other long-term obligations” on our Consolidated Balance Sheets. The defined benefit portion is included in the pension benefit plans tables below. Pension and Other Postretirement Employee Benefit Plans The following table shows the changes in the benefit obligation, plan assets and funded status for 2022 and 2021 for both the pension benefit plans and the other postretirement employee benefit plans. Pension Benefit Plans Other Postretirement 2022 2021 2022 2021 Change in projected benefit obligation: Benefit obligation at beginning of year $ 310.1 $ 334.9 $ 71.9 $ 74.2 Service cost 2.2 1.8 0.3 0.4 Interest cost 8.9 8.4 2.1 2.0 Actuarial (gains) losses (65.5) (14.0) (17.3) 0.2 Benefits paid (21.0) (21.1) (4.8) (4.9) Benefit obligation at end of year 234.7 310.1 52.2 71.9 Changes in plan assets: Fair value of plan assets at beginning of year 317.5 335.9 — — Actual return on plan assets (65.3) 2.2 — — Employer contribution 0.5 0.4 4.8 4.9 Benefits paid (21.0) (21.1) (4.8) (4.9) Fair value of plan assets at end of year 231.7 317.5 — — Funded status at end of year $ (3.0) $ 7.4 $ (52.1) $ (71.9) Amounts recognized in Consolidated Balance Sheets: Non-current assets $ 8.4 $ 14.8 $ — $ — Current liabilities (0.4) (0.4) (4.9) (5.3) Non-current liabilities (11.0) (7.0) (47.2) (66.6) Net amount recognized $ (3.0) $ 7.4 $ (52.1) $ (71.9) Amounts recognized in accumulated other comprehensive loss (pre-tax): Net actuarial loss (gain) $ 62.5 $ 57.6 $ (11.5) $ 5.8 The benefit obligation for our pension benefits is the projected benefit obligation based upon credited service as of the measurement date. The December 31, 2022 pension funded status was favorably affected by an increase in the discount rate, partially offset by lower than expected asset returns. The December 31, 2022 OPEB benefit obligation decreased as of December 31, 2022 due to an increase in the discount rate, decrease in claim costs assumptions, and the continued payment of benefits, partially offset by demographic changes. Information as of December 31 for certain pension plans included above with accumulated benefit obligations in excess of plan assets were as follows: 2022 2021 Projected benefit obligation $ 132.6 $ 173.9 Accumulated benefit obligation 132.6 173.9 Fair value of plan assets 121.2 166.4 Net Periodic Cost Service cost is the actuarial present value of benefits attributed by the plans’ benefit formula to services rendered by employees during the year. Interest cost represents the increase in the projected benefit obligation, which is a discounted amount, due to the passage of time. The expected return on plan assets reflects the computed amount of current-year earnings from the investment of plan assets using an estimated long-term rate of return. Pension Benefit Plans Other Postretirement 2022 2021 2020 2022 2021 2020 Service cost $ 2.2 $ 1.8 $ 2.2 $ 0.3 $ 0.4 $ 0.1 Interest cost 8.9 8.4 10.4 2.1 2.0 2.3 Expected return on plan assets (11.3) (10.6) (15.0) — — — Amortization of actuarial loss 6.2 10.2 9.8 — 0.3 — Net periodic cost $ 5.9 $ 9.9 $ 7.5 $ 2.4 $ 2.7 $ 2.4 The components of net periodic pension expense other than the Service cost component are included in "Other non-operating expense" in the Consolidated Statements of Operations. During 2022, 2021, and 2020, $2.2 million, $2.0 million and $1.9 million of net periodic pension and OPEB costs were charged to "Cost of sales" and $0.4 million, $0.2 million and $0.5 million were charged to "Selling, general and administrative expenses," in the accompanying Consolidated Statements of Operations. Assumptions: Pension Benefit Plans Other Postretirement 2022 2021 2020 2022 2021 2020 Actuarial assumption used to determine benefit obligation: Discount rate 5.6 % 3.0 % 2.6 % 5.6 % 2.9 % 2.6 % Actuarial assumption used to determine net periodic pension cost: Discount rate 3.0 % 2.6 % 3.4 % 2.9 % 2.6 % 3.6 % Expected return on plan assets 4.0 % 3.8 % 5.5 % — — — The discount rate used in the determination of pension benefit and OPEB obligations and pension expense was determined based on a review of long-term high-grade bonds. 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 and forward looking expectations of returns. 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 2022 OPEB cost was 5.7% in 2022, grading to 3.7% over approximately 60 years, for participants whose benefits are not provided through HRAs, and 4.5% in 2022 through 2029, then grading to 3.7% after 2029 for participants whose benefits are provided through HRAs. The health care cost trend rate used to calculate December 31, 2022 OPEB obligations was 6.5% in 2023, grading to 3.7% over approximately 50 years, for participants whose benefits are not provided through HRAs, and 6.5% in 2023, grading to 4.5% over 8 years, for participants whose benefits are provided through HRAs. Plan Assets There have been no changes in the methodologies used during 2022 and 2021. Investments in common and collective trust funds are generally valued based on their respective net asset value (or its equivalent), as a practical expedient to estimate fair value due to the absence of a readily determinable fair value. 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, 2022 Level 1 Investments measured at net asset value Total Cash and cash equivalents $ 1.6 $ — $ 1.6 Common and collective trust: Collective investment funds — 230.1 230.1 Total investments at fair value $ 1.6 $ 230.1 $ 231.7 December 31, 2021 Level 1 Investments measured at net asset value Total Cash and cash equivalents $ 5.8 $ — $ 5.8 Common and collective trusts: Collective investment funds — 311.7 311.7 Total investments at fair value $ 5.8 $ 311.7 $ 317.5 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 ensuring 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 5% - 10% International equities, including emerging markets 5% - 10% Corporate/Government bonds 80% - 90% Liquid reserves —% - 5% Periodically, we review the allocations within these ranges to determine what adjustments should be made based on changing economic and market conditions and specific liquidity requirements. • Assets are managed by professional investment managers and could be invested in separately managed accounts or commingled funds. ▪ Assets are 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, 2022, eight investment options held substantially all of the pension funds. Plan assets were diversified among the various asset classes within the allocation ranges approved by the Benefits Committee. In 2022, we did not make any contributions to our qualified pension plans, and we currently do not anticipate making any cash contributions to those plans in 2023. We do not anticipate funding our OPEB plans in 2023 except to pay benefit costs as incurred during the year by plan participants. Estimated future benefit payments are as follows for the years indicated: Pension Other 2023 $ 20.3 $ 4.9 2024 20.1 4.7 2025 19.7 4.5 2026 19.4 4.4 2027 19.2 4.2 2028-2032 90.2 19.3 Multiemployer Defined Benefit Pension Plans Hourly employees at one of our manufacturing facilities participate in multiemployer defined benefit pension plans: the PACE Industry Union-Management Pension Fund (PIUMPF) which is managed by United Steelworkers (USW), Benefits; and the International Association of Machinist & Aerospace Workers National Pension Fund (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. The number of employers participating in PIUMPF fell from 135 during 2012 to 44 during 2021. We believe that we are now the employer making the largest proportion of total contributions. • 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, except when that plan is in "critical" or "critical and declining" status. In certain circumstances, an employer can also be assessed a statutory withdrawal liability for a partial withdrawal from a multiemployer pension plan. Based on information available to us as of December 31, 2022, as well as information provided by PIUMPF and IAM NPF 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 and IAM NPF in 2022 would have been in excess of $76 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 and IAM NPF 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, 2022, 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 2022 and 2021 is for a plan’s year-end as of December 31, 2022 and 2021. 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 2022, the contribution rate for the IAM NPF plan was $4.00 per hour. In accordance with that plan's Rehabilitation Plan, we began contributing an additional contribution in June 2019. This additional contribution started at 2.5% and will increase 2.5% each year while the Rehabilitation Plan is in effect. Starting June of 2022 our additional contribution increased to 10.5% of our contractual contribution rate. This additional contribution is scheduled to continue and compound each year while the rehabilitation plan remains in effect. In 2022, the contribution rate for PIUMPF was $2.79 per hour. Contribution rates for IAM NPF and 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 2021 and 2020. At the date of issuance of our consolidated financial statements, Form 5500 reports for these plans were not available for the 2022 plan year. Pension EIN Plan PPA Zone Status FIP/RP Status Pending/ Contributions Surcharge Expiration Date of Collective Bargaining Agreement 2022 2021 2022 2021 2020 IAM NPF 51-6031295 002 Red Red Implemented $ 0.3 $ 0.3 $ 0.3 No 5/31/2023 PIUMPF 11-6166763 001 Red Red Implemented 5.5 5.4 5.5 No 8/31/2025 Total Contributions: $ 5.7 $ 5.7 $ 5.7 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive loss at the balance sheet dates is comprised of the following: Pension Plan Adjustments Other Postretirement Employee Benefit Plan Adjustments Total Balance at December 31, 2020 $ (54.5) $ 0.2 $ (54.3) Other comprehensive income (loss) before reclassifications 4.1 (0.1) 4.0 Amounts reclassified from accumulated other comprehensive loss 7.6 0.2 7.8 Other comprehensive income (loss), net of tax 11.7 0.1 11.7 Balance at December 31, 2021 (42.8) 0.3 (42.6) Other comprehensive income (loss) before reclassifications (8.3) 13.0 4.7 Amounts reclassified from accumulated other comprehensive loss 4.7 — 4.7 Other comprehensive income (loss), net of tax (3.7) 13.0 9.3 Balance at December 31, 2022 $ (46.5) $ 13.3 $ (33.3) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
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. The following table reconciles the number of common shares used in calculating the basic and diluted net earnings per share: December 31, (In thousands - except per share data) 2022 2021 2020 Basic average common shares outstanding 1 16,985 16,767 16,569 Incremental shares due to: Stock-based awards 196 — 141 Performance Shares — — 14 Diluted average common shares outstanding 17,181 16,767 16,724 Basic net income (loss) per common share $ 2.71 $ (1.67) $ 4.65 Diluted net income (loss) per common share $ 2.68 $ (1.67) $ 4.61 1 Basic average common shares outstanding include restricted stock awards that are fully vested, but are deferred for future issuance. See Note 13, "Stockholders' Equity" for further discussion. Anti-dilutive shares excluded from the calculation were 0.3 million, 0.7 million and 0.5 million for the years ended December 31, 2022, 2021 and 2020. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stockholders' Equity | Stockholders' Equity PREFERRED STOCK We are authorized to issue up to 5,000,000 shares of preferred stock at $0.0001 par value. At December 31, 2022, no shares of preferred stock have been issued. COMMON STOCK PLANS We have stock-based compensation plans under which stock options and restricted units are granted. At December 31, 2022, approximately 0.9 million shares were available for future issuance under our stock incentive plan. For The Years Ended December 31, 2022 2021 2020 Total stock-based compensation expense $ 12.7 $ 9.1 $ 10.5 Income tax benefit related to stock-based compensation 3.3 2.3 2.7 Impact on cash flow due to taxes paid related to net share settlement of equity awards 2.5 1.7 0.7 Intrinsic value of options exercised, equity-based liabilities paid, and the fair value of restricted stock units vested 9.5 3.7 2.9 We recognize the compensation costs on a straight-line basis over the requisite service period of the award, which is generally the vesting term of one Restricted Stock Units (Time and Performance Vesting) We grant restricted awards to certain employees. The awards can either be time vested or vested based upon the attainment of certain performance metrics over a certain time period. Performance conditions generally are tied to attainment of certain financial targets such as return on invested capital, free cash flow or other similar measures. Awards granted under our stock incentive plan generally have a performance or vesting period of three years from the date of grant. These awards are eligible to receive dividend equivalent shares. The market value of these grants approximates the fair value. For awards based upon the achievement of performance goals, the award could range from 0% to 200%. A summary of the status of outstanding restricted stock units as of December 31, 2022, and changes during the year, is presented below: Time Vested Performance-based Shares Weighted Shares Weighted Average Grant Date Fair Value Restricted stock units outstanding at December 31, 2021 458,647 $ 27.12 243,688 $ 28.51 Granted 220,518 29.52 93,177 30.55 Vested (228,162) 25.26 (59,755) 27.02 Forfeited / Canceled 1 (21,538) 30.88 — — Restricted stock units outstanding at December 31, 2022 429,465 $ 29.16 277,110 $ 29.64 1 Forfeited / Canceled performance-based restricted stock units include both shares forfeited due to employees failure to meet requisite service period and also due to failure to meet required performance measures. The weighted average grant date fair value for restricted stock units granted during the years ended December 31, 2022 and 2021 was $29.52 and $35.70. As of December 31, 2022, there was $13.5 million of total unrecognized compensation cost related to outstanding restricted stock unit awards. Restricted stock unit cost is expected to be recognized over a weighted average period of 1.8 years for time vested awards and 1.7 years for performance-based awards. Stock Options Prior to January 1, 2019, we granted options to certain employees. The options were granted at market price at the date of grant and the fair value of the options was estimated using the Black-Scholes option-pricing model (dividend yield ignored). As of December 31, 2022 all outstanding options are fully vested with a contractual term of ten years after the date of grant. A summary of the status of outstanding stock option awards as of December 31, 2022, and changes during the year, is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding options at December 31, 2021 322,546 $ 49.64 4.3 $ — Exercised (19,809) 38.29 Expired (8,613) 45.32 Outstanding and exercisable options at December 31, 2022 294,124 $ 50.53 3.3 $ — Director Awards Our Board of Directors are eligible to receive awards of phantom common stock units. Annually our outside directors receive phantom stock units as part of their compensation which vest ratably over a one-year period and accrue dividend equivalent shares for any dividends paid to shareholders of our common stock. The vested portion of a director’s phantom share balance is converted to cash using a twenty-day average price of common stock and paid to the director upon their separation from service as a director. Due to its cash-settlement feature, we account for these awards as liabilities 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 for the years ended December 31, 2022, 2021 and 2020 of $0.9 million, $1.1 million and $2.9 million included in “Other operating charges, net” in the Consolidated Statements of Operations. At December 31, 2022, the liability amounts associated with director equity-based compensation included in "Deferred tax liabilities and other long-term obligations" and "Accounts payable and accrued liabilities" on our Consolidated Balance Sheets was $5.2 million and $0.1 million. At December 31, 2021, the liability amounts associated with director equity-based compensation included in "Deferred tax liabilities and other long-term obligations" and "Accounts payable and accrued liabilities" on our Consolidated Balance Sheets was $4.3 million and $2.3 million. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies SELF INSURANCE We are primarily self-insured for workers’ compensation and employee health care liability costs. Self-insurance liabilities for workers’ compensation are determined based upon a valuation performed by an actuarial firm. The estimate of future workers’ compensation liabilities incorporates loss development and an estimate associated with incurred but not yet reported claims. These claims are discounted. Self-insurance liabilities for employee health costs are determined actuarially based upon claims filed and estimated claims incurred but not yet reported. These claims are not discounted. PURCHASE OBLIGATIONS To help 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 and electricity requirements of our manufacturing facilities, which were reported through "Cost of sales" on our Consolidated Statements of Operations. As of December 31, 2022, these contracts cover approximately 37% of our expected average monthly natural gas and electricity needs at the respective manufacturing facilities through 2023. These contracts qualify for treatment as "normal purchases or normal sales" under authoritative guidance and required no mark-to-market adjustment. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our businesses are organized into two reportable operating segments: Pulp and Paperboard and Consumer Products. The reporting segments follow the same accounting policies used for our Consolidated Financial Statements. We evaluate the performance of our business segments based upon net sales and operating income (loss). 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. Pulp and Paperboard Our Pulp and Paperboard segment manufactures and markets solid bleached sulfate paperboard for the high-end segment of the packaging industry as well as offers custom sheeting, slitting and cutting of paperboard. Consumer Products Our Consumer Products segment manufactures and sells a complete line of at-home tissue products, or retail products, and minor amounts of parent rolls. The table below presents information about our reportable segments: 2022 2021 2020 Segment net sales: Pulp and Paperboard $ 1,136.3 $ 946.0 $ 877.1 Consumer Products 950.2 835.0 1,018.5 Eliminations (6.4) (8.4) (27.0) Total segment net sales $ 2,080.1 $ 1,772.6 $ 1,868.6 Operating income (loss): Pulp and Paperboard $ 183.5 $ 125.7 $ 124.5 Consumer Products 11.3 4.0 110.6 Corporate and eliminations (71.1) (60.1) (63.0) Other operating charges, net (9.7) (57.7) (14.0) Income from operations $ 113.9 $ 12.0 $ 158.1 Depreciation and amortization: Pulp and Paperboard $ 37.0 $ 35.7 $ 36.7 Consumer Products 62.9 64.9 68.5 Corporate 3.4 4.4 5.8 Total depreciation and amortization $ 103.3 $ 105.0 $ 111.0 Assets: Pulp and Paperboard $ 641.8 $ 621.1 $ 614.9 Consumer Products 951.1 986.2 1,079.9 Corporate 110.6 82.8 105.6 Total assets $ 1,703.5 $ 1,690.1 $ 1,800.4 Capital expenditures: Pulp and Paperboard $ 24.4 $ 20.7 $ 20.4 Consumer Products 8.2 17.3 17.4 32.6 38.0 37.8 Corporate 0.9 0.4 1.9 Total capital expenditures $ 33.5 $ 38.4 $ 39.6 For the year ended December 31, 2022, there were no customers with more than 10% of our total consolidated sales and for the year ended December 31, 2021, one customer was 11% of our total consolidated sales. For the year ended December 31, 2020, one customer was 14% of our total consolidated sales. Our manufacturing facilities and all other assets are located within the continental United States. We sell and ship our products to customers in several foreign countries. Net sales, classified by the major geographic areas in which our customers are located and by major products, were as follows: 2022 2021 2020 Primary geographical markets: United States $ 1,982.8 $ 1,670.2 $ 1,766.2 Other Countries 97.3 102.4 102.4 Total Net Sales $ 2,080.1 $ 1,772.6 $ 1,868.6 Major products: Paperboard $ 1,104.8 $ 894.9 $ 828.0 Retail tissue 932.3 797.9 975.7 Away-from-home tissue 1 — 16.3 32.0 Pulp 19.5 34.8 41.4 Other 29.9 37.0 18.4 Eliminations (6.4) (8.4) (27.0) Total net sales $ 2,080.1 $ 1,772.6 $ 1,868.6 1 In the third quarter of 2021, we exited our away-from-home business with the shutdown of our Neenah, Wisconsin site. |
Summary of Significant Accoutin
Summary of Significant Accouting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy | USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. Actual results could differ from those estimates. |
Consolidation, Policy | PRINCIPLES OF CONSOLIDATION 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. Certain amounts have been reclassified from prior year presentation for consistency. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy | CASH, CASH EQUIVALENTS AND RESTRICTED CASH We consider all highly liquid instruments with maturities of three months or less to be cash equivalents. Cash that is held by a third party and has restrictions on its availability to us is classified as restricted cash. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets to the sum of those same amounts shown in our Consolidated Statements of Cash Flows. |
Accounts Receivable [Policy Text Block] | ACCOUNTS RECEIVABLE Receivables consist of: December 31, 2022 2021 Trade accounts receivable $ 167.6 $ 154.1 Allowance for current expected credit losses (1.4) (1.4) Unbilled receivables 9.1 7.2 Taxes receivable 10.6 6.1 Other 2.9 1.4 $ 188.8 $ 167.4 |
Inventory, Policy [Policy Text Block] | INVENTORIES Our inventories are stated at the lower of net realizable value or current cost using the average cost method. December 31, 2022 2021 Logs, chips and sawdust $ 23.6 $ 13.7 Pulp 16.8 15.9 Paperboard and tissue products 171.9 148.0 Materials and supplies 111.7 100.1 $ 324.0 $ 277.7 |
Property, Plant and Equipment, Policy | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at cost, including assets acquired under finance 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 and 2 to 25 years for machinery and equipment (includes office and other equipment). December 31, 2022 2021 Land and land improvements $ 106.1 $ 109.1 Buildings and improvements 456.8 452.5 Machinery and equipment 2,346.5 2,377.5 Construction in progress 23.9 22.4 2,933.4 2,961.5 Less accumulated depreciation and amortization (1,916.3) (1,879.7) Property, plant and equipment, net $ 1,017.1 $ 1,081.8 At December 31, 2022 and 2021, included within property, plant and equipment, net were finance leases of $31.8 million and $27.7 million and associated accumulated depreciation amounts of $16.4 million and $15.2 million. Depreciation expense totaled $101.1 million, $102.0 million and $107.8 million for the years ended December 31, 2022, 2021 and 2020. PLANNED MAINTENANCE We recognize the cost of repair and maintenance activities in the period in which the activity is performed or goods are consumed under the direct expense method. We perform planned maintenance activities at our facilities periodically and associated expenses are included in cost of sales. |
Lessee, Leases [Policy Text Block] | LEASES Operating lease right-of-use (ROU) assets and liabilities are recognized at the commencement date of a lease based on the present value of lease payments over the lease term. Our leases may include options to extend or terminate the lease. These options to extend are included in the lease term when it is reasonably certain that we will exercise that option. Some leases have variable payments: however, because they are not based on an index or rate, they are not included in the ROU assets and liabilities. Variable payments for real estate leases primarily relate to common area maintenance, insurance, taxes and utilities. Variable payments for equipment, vehicles, and leases within supply agreements primarily relate to usage, repairs and maintenance. As the implicit rate is not readily determinable for most of our leases, we apply a portfolio approach using an estimated incremental borrowing rate to determine the initial present value of lease payments over the lease terms on a collateralized basis over a similar term, which is based on market and company specific information. We use our unsecured borrowing rate and risk-adjust that rate to approximate a collateralized rate. Leases having a lease term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the term of the lease. In addition, we have applied the practical expedient to account for the lease and non-lease components as a single lease component for all of our leases. See Note 4, "Leases" for further information. |
Pension and Other Postretirement Plans, Policy | RETIREMENT PLANS AND POSTRETIREMENT BENEFITS We are required to use actuarial methods and assumptions in the valuation of defined benefit obligations and other postretirement obligations and the determination of expense. Differences between actual and expected results or changes in the values of the obligations and plan assets are not recognized in earnings as they occur but, rather, systematically and gradually over subsequent periods. See Note 10, "Retirement Plans and Postretirement Benefits" for further information. |
Revenue | REVENUE RECOGNITION We enter into contracts that can include various combinations of tissue and paperboard products, which are generally distinct and accounted for as separate performance obligations. Generally, revenue is recognized at a point in time upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Transfer of control typically occurs when the title and risk of loss passes to the customer. Shipping terms generally indicate when title and the risk of loss have passed, usually this is upon receipt at our customer's destination. We have elected to treat shipping and handling costs as a fulfillment cost. We typically expense incremental direct costs of obtaining a contract (sales commissions) when incurred because the amortization period is generally 12 months or less. We maintain consignment inventory at a limited number of customer locations. For consigned inventory, we recognize revenue upon transfer of control, which is often in advance of invoicing the customer. These amounts are classified as unbilled receivables in the above detail of accounts receivable. We provide for trade promotions, customer cash discounts and other deductions, which are considered variable consideration and recorded as a reduction of net sales. Returns and credits are estimated at contract inception and updated at the end of each reporting period as additional information becomes available. Revenue, net of returns and |
Income Tax, Policy | 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. See Note 6, "Income Taxes" for further information. |
Other Operating Charges and Credits, Policy [Policy Text Block] | OTHER OPERATING CHARGES, NET We classify significant amounts unrelated to ongoing core operating activities as “Other operating charges, net” in the Consolidated Statements of Operations. Such items include, but are not limited to, amounts related to facility closures and related gain (loss) on sale and impairment, restructuring charges (including severance charges), charges to establish and maintain litigation or environmental reserves, gains or losses from settlements with governmental or other organizations and cash settled equity-based compensation to our directors. Due to the nature of these items, amounts in the statement of operations can fluctuate from year to year. The determination of which items are considered significant and unrelated to core operations is based upon management’s judgment. See Note 8, "Other Operating Charges, net" for a discussion of specific amounts in 2022, 2021 and 2020. |
Financing Receivable [Policy Text Block] | ACCOUNTS RECEIVABLE ARRANGEMENT During 2019, we entered into an uncommitted supply-chain financing program with a global financial institution under which a specific customer's trade accounts receivable may be acquired, without recourse, by the institution at a discounted rate. Available capacity under this program is dependent on the level of our trade accounts receivable with this customer and the financial institution’s willingness to purchase such receivables. We have no servicing responsibilities under this agreement. This agreement allows us to obtain payment more quickly than under the contractual terms of sale to this customer. |
Asset Retirement Obligation and Environmental Cost | ENVIRONMENTAL AND ASSET RETIREMENT OBLIGATIONS We estimate our environmental and asset retirement obligations based on various assumptions and judgments, the specific nature of which varies in light of the particular facts and circumstances surrounding each 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. We 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. For asset retirement obligations, the liability is accreted to its settlement value and, where appropriate, the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, we recognize a gain or loss for any difference between the settlement amount and the liability recorded. Our asset retirement obligation is included in "Deferred taxes and other long-term obligations" in the Consolidated Balance Sheets. Our asset retirement obligation reflects the estimated present value of our obligations for capping, closure and post closure cost with respect to landfills, asbestos remediation and other ongoing environmental monitoring. The following table represents the activity associated with our asset retirement obligations. For The Years Ended December 31, 2022 2021 Beginning balance $ 2.0 $ 3.8 Accretion expense — 0.1 Adjusted to other operating charges, net — (1.8) Payments made (0.1) (0.1) Ending balance $ 1.9 $ 2.0 |
Accounts Payable and Accrued Liabilities | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, 2022 2021 Trade payables $ 213.0 $ 156.2 Accrued compensation 41.9 29.3 Operating lease liabilities 12.0 16.1 Other 44.2 50.8 $ 311.1 $ 252.5 Included in accounts payable and other accrued liabilities is $15.7 million and $11.0 million related to capital expenditures that had not yet been paid as of December 31, 2022 and as of December 31, 2021. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | CASH, CASH EQUIVALENTS AND RESTRICTED CASH We consider all highly liquid instruments with maturities of three months or less to be cash equivalents. Cash that is held by a third party and has restrictions on its availability to us is classified as restricted cash. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets to the sum of those same amounts shown in our Consolidated Statements of Cash Flows. December 31, 2022 2021 2020 Cash and cash equivalents $ 53.7 $ 25.2 $ 35.9 Restricted cash included in Other current assets 0.7 — — Restricted cash included in Other assets, net — 1.1 1.1 Total cash, cash equivalents and restricted cash $ 54.4 $ 26.2 $ 36.9 |
Schedule of Accounts, Notes, Loans and Financing Receivable | ACCOUNTS RECEIVABLE Receivables consist of: December 31, 2022 2021 Trade accounts receivable $ 167.6 $ 154.1 Allowance for current expected credit losses (1.4) (1.4) Unbilled receivables 9.1 7.2 Taxes receivable 10.6 6.1 Other 2.9 1.4 $ 188.8 $ 167.4 |
Schedule of Inventory, Current | INVENTORIES Our inventories are stated at the lower of net realizable value or current cost using the average cost method. December 31, 2022 2021 Logs, chips and sawdust $ 23.6 $ 13.7 Pulp 16.8 15.9 Paperboard and tissue products 171.9 148.0 Materials and supplies 111.7 100.1 $ 324.0 $ 277.7 |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at cost, including assets acquired under finance 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 and 2 to 25 years for machinery and equipment (includes office and other equipment). December 31, 2022 2021 Land and land improvements $ 106.1 $ 109.1 Buildings and improvements 456.8 452.5 Machinery and equipment 2,346.5 2,377.5 Construction in progress 23.9 22.4 2,933.4 2,961.5 Less accumulated depreciation and amortization (1,916.3) (1,879.7) Property, plant and equipment, net $ 1,017.1 $ 1,081.8 |
Accounts Payable and Accrued Liabilities | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, 2022 2021 Trade payables $ 213.0 $ 156.2 Accrued compensation 41.9 29.3 Operating lease liabilities 12.0 16.1 Other 44.2 50.8 $ 311.1 $ 252.5 |
Schedule of Asset Retirement Obligations | The following table represents the activity associated with our asset retirement obligations. For The Years Ended December 31, 2022 2021 Beginning balance $ 2.0 $ 3.8 Accretion expense — 0.1 Adjusted to other operating charges, net — (1.8) Payments made (0.1) (0.1) Ending balance $ 1.9 $ 2.0 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | LEASE EXPENSE For The Years Ended December 31, 2022 2021 2020 Operating lease costs $ 17.4 $ 16.6 $ 15.9 Finance lease costs: Amortization of ROU assets 1.3 1.8 1.8 Interest on lease liabilities 2.1 1.7 1.8 Total finance lease costs 3.3 3.5 3.5 Variable lease costs 1.8 1.7 1.6 Total lease costs $ 22.5 $ 21.8 $ 21.0 |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | SUPPLEMENTAL BALANCE SHEET INFORMATION December 31, Classification 2022 2021 Lease ROU assets Operating lease assets Other assets, net $ 43.3 $ 53.6 Finance lease assets, net Property, plant and equipment, net $ 15.4 $ 12.5 Lease Liabilities Current operating lease liabilities Accounts payable and accrued liabilities $ 12.0 $ 16.1 Current finance lease liabilities Current portion of long-term debt $ 0.9 $ 1.6 Non-current operating lease liabilities Deferred tax liabilities and other long-term obligations $ 35.9 $ 42.7 Non-current finance lease liabilities Long-term debt $ 23.3 $ 17.5 Total operating lease liabilities $ 47.9 $ 58.8 Total finance lease liabilities 24.2 19.1 |
Lease term and discount rate [Table Text Block] | LEASE TERM AND DISCOUNT RATE December 31, 2022 2021 Weighted average remaining lease term (years) Operating leases 4.9 5.3 Finance leases 13.3 9.0 Weighted average discount rate Operating leases 4.8 % 4.8 % Finance leases 8.5 % 8.4 % |
Lease, Supplemental cash flow information [Table Text Block] | SUPPLEMENTAL CASH FLOW INFORMATION For The Years Ended December 31, 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 19.7 $ 18.8 $ 17.9 Operating cash flows from finance leases 2.1 1.6 1.8 Financing cash flows from finance leases 1.1 1.7 1.6 Non-cash amounts for lease liabilities arising from obtaining ROU assets: Operating leases $ 6.4 $ 5.0 $ 4.4 Finance leases 4.2 — 0.3 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | December 31, 2022, our future maturities of lease liabilities were as follows: Operating Finance 2023 $ 14.0 $ 2.9 2024 10.5 2.8 2025 9.1 2.8 2026 7.8 2.9 2027 6.1 2.9 Thereafter 6.6 26.9 Total lease payments 54.0 41.2 Less imputed interest (6.0) (17.0) Present value of lease liabilities $ 47.9 $ 24.2 |
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block] | December 31, 2022, our future maturities of lease liabilities were as follows: Operating Finance 2023 $ 14.0 $ 2.9 2024 10.5 2.8 2025 9.1 2.8 2026 7.8 2.9 2027 6.1 2.9 Thereafter 6.6 26.9 Total lease payments 54.0 41.2 Less imputed interest (6.0) (17.0) Present value of lease liabilities $ 47.9 $ 24.2 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Changes in the carrying amounts of goodwill and intangible assets allocated to each segment were as follows: Pulp and Paperboard Total Goodwill Intangibles Balance as of December 31, 2020 $ 35.1 $ 13.7 $ 48.8 Amortization — (2.9) (2.9) Balance as of December 31, 2021 35.1 10.8 45.9 Amortization — (2.2) (2.2) Balance as of December 31, 2022 $ 35.1 $ 8.6 $ 43.6 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | As of December 31, 2022, estimated future amortization expense related to intangible assets is as follows: Amount 2023 $ 2.1 2024 2.1 2025 2.1 2026 2.1 2027 — Total $ 8.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Provision (Benefit) for Income Taxes | The components of income tax provision (benefit) is comprised of the following: For The Years Ended December 31, 2022 2021 2020 Current Federal $ 31.2 $ 1.3 $ (17.4) State 3.8 0.7 1.8 Total current 34.9 2.0 (15.6) Deferred Federal (7.6) (8.8) 32.5 State (0.3) (0.9) 4.2 Total deferred (7.9) (9.7) 36.7 Income tax provision (benefit) $ 27.0 $ (7.7) $ 21.1 |
Income Tax Reconciliation | The income tax provision (benefit) differs from the amount computed by applying the statutory federal income tax rate to income (loss) before income taxes due to the following: For The Years Ended December 31, 2022 2021 2020 Tax at the statutory rate 21.0 % 21.0 % 21.0 % State and local taxes, net of federal income tax impact 3.3 % (0.5) % 5.7 % Adjustment for state deferred tax rate 1 (7.8) % 1.2 % (0.3) % CARES Act net operating loss carryback — % — % (7.1) % Federal credits 2 10.1 % (0.2) % (1.3) % Uncertain tax positions (0.8) % 0.5 % 2.2 % Worthless stock deduction (93.6) % — % — % Uncertain tax position - worthless stock deduction 93.6 % — % — % Non-deductible expenses 2.2 % (0.6) % 2.3 % Change in valuation allowances 1 8.1 % 0.1 % 0.1 % Other, net 0.8 % 0.2 % (1.1) % Income tax provision (benefit) 37.0 % 21.6 % 21.5 % 1 In 2022, Idaho revised their state income tax rate. Given our expected utilization, we recorded an offset to our valuation allowances for the amount of this reduction. 2 In 2022, we adjusted our tax positions under audit related to the disallowance of a previously taken federal tax credits |
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: 2022 2021 Deferred tax assets: Employee benefits $ 3.2 $ 3.4 Postretirement employee benefits 12.9 18.5 Incentive compensation 3.5 6.6 Inventories 2.2 0.2 Pensions 0.9 — Federal and state credit carryforwards 10.1 13.5 Federal and state net operating losses 3.3 4.1 Operating leases 12.0 15.2 Other 1.5 — Total deferred tax assets 49.6 61.5 Valuation allowance (10.8) (5.4) Deferred tax assets, net of valuation allowance 38.8 56.1 Deferred tax liabilities: Property, plant and equipment, net (168.3) (185.5) Operating leases (10.8) (13.8) Pensions — (1.5) Intangible assets, net (1.8) (2.3) Other — (0.6) Total deferred tax liabilities (180.9) (203.7) Net deferred tax liabilities $ (142.1) $ (147.6) Net deferred tax assets (liabilities) consist of: December 31, 2022 2021 Non-current deferred tax assets 1 $ 0.6 $ 2.2 Non-current deferred tax liabilities (142.7) (149.9) Net deferred tax liabilities $ (142.1) $ (147.6) 1 Included in "Other assets, net" on our accompanying December 31, 2022 and 2021 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 | For The Years Ended December 31, 2022 2021 2020 Beginning balance $ 5.9 $ 6.4 $ 4.1 Increases: Tax position taken in current year 68.6 0.2 0.4 Tax position taken in prior years (0.1) (0.7) 1.9 Decreases: Settlements during the year (3.1) — — Lapse of statues in current year (0.9) — — Ending balance $ 70.4 $ 5.9 $ 6.4 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt at the balance sheet dates consisted of: December 31, 2022 December 31, 2021 Interest Rate at Principal Unamortized Debt Costs Total Principal Unamortized Debt Costs Total Term loan maturing 2026, variable interest rate $ — $ — $ — $ 50.0 $ (0.6) $ 49.4 2014 Notes, maturing 2025, fixed interest rate 5.4% 270.0 (0.5) 269.5 300.0 (0.9) 299.1 2020 Notes, maturing 2028, fixed interest rate 4.8% 275.0 (2.9) 272.1 275.0 (3.4) 271.6 ABL Credit Agreement, variable interest rates 7.8% — — — — — — Finance leases 24.2 — 24.2 19.1 — 19.1 Total debt 569.2 (3.4) 565.8 644.1 (4.8) 639.2 Less: current portion (0.9) — (0.9) (1.6) — (1.6) Net long-term portion $ 568.3 $ (3.4) $ 564.9 $ 642.5 $ (4.8) $ 637.6 |
Other Operating Charges, net (T
Other Operating Charges, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | The major components of “Other operating charges, net” in the Consolidated Statements of Operations for the years ended December 31 are reflected in the table below: Years Ended December 31, 2022 2021 2020 Costs associated with mill closure $ 0.4 $ 50.0 $ (1.4) Reorganization and other expenses 1.6 8.4 3.4 Union settlement — — 6.6 Miscellaneous environmental accruals — (1.8) 2.5 Impairment of equipment 6.1 — — Directors' equity-based compensation expense 0.9 1.1 2.9 Other 0.7 — — $ 9.7 $ 57.7 $ 14.0 |
Non Operating Income and Expe_2
Non Operating Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Non-Operating Expense The major components of “Non-operating expense” in the Consolidated Statements of Operations for the years ended December 31 are reflected in the table below: Years Ended December 31, 2022 2021 2020 Interest expense $ (34.2) $ (35.2) $ (44.4) Amortization of debt issuance costs (1.5) (1.8) (2.1) Interest income 1.0 0.6 — Interest expense, net (34.6) (36.4) (46.5) Debt retirement costs (0.5) (1.0) (5.9) Non-operating pension and other postretirement employee benefits expense (5.7) (10.4) (7.6) Total non-operating expense $ (40.9) $ (47.7) $ (59.9) |
Savings, Pension and Other Po_2
Savings, Pension and Other Postretirement Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Changes in Benefit Obligation, Plan Assets and Funded Status for Company-Sponsored Benefit Plans | Pension Benefit Plans Other Postretirement 2022 2021 2022 2021 Change in projected benefit obligation: Benefit obligation at beginning of year $ 310.1 $ 334.9 $ 71.9 $ 74.2 Service cost 2.2 1.8 0.3 0.4 Interest cost 8.9 8.4 2.1 2.0 Actuarial (gains) losses (65.5) (14.0) (17.3) 0.2 Benefits paid (21.0) (21.1) (4.8) (4.9) Benefit obligation at end of year 234.7 310.1 52.2 71.9 Changes in plan assets: Fair value of plan assets at beginning of year 317.5 335.9 — — Actual return on plan assets (65.3) 2.2 — — Employer contribution 0.5 0.4 4.8 4.9 Benefits paid (21.0) (21.1) (4.8) (4.9) Fair value of plan assets at end of year 231.7 317.5 — — Funded status at end of year $ (3.0) $ 7.4 $ (52.1) $ (71.9) Amounts recognized in Consolidated Balance Sheets: Non-current assets $ 8.4 $ 14.8 $ — $ — Current liabilities (0.4) (0.4) (4.9) (5.3) Non-current liabilities (11.0) (7.0) (47.2) (66.6) Net amount recognized $ (3.0) $ 7.4 $ (52.1) $ (71.9) Amounts recognized in accumulated other comprehensive loss (pre-tax): Net actuarial loss (gain) $ 62.5 $ 57.6 $ (11.5) $ 5.8 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | Information as of December 31 for certain pension plans included above with accumulated benefit obligations in excess of plan assets were as follows: 2022 2021 Projected benefit obligation $ 132.6 $ 173.9 Accumulated benefit obligation 132.6 173.9 Fair value of plan assets 121.2 166.4 |
Pre-tax Components of Net Periodic Cost | Net Periodic Cost Service cost is the actuarial present value of benefits attributed by the plans’ benefit formula to services rendered by employees during the year. Interest cost represents the increase in the projected benefit obligation, which is a discounted amount, due to the passage of time. The expected return on plan assets reflects the computed amount of current-year earnings from the investment of plan assets using an estimated long-term rate of return. Pension Benefit Plans Other Postretirement 2022 2021 2020 2022 2021 2020 Service cost $ 2.2 $ 1.8 $ 2.2 $ 0.3 $ 0.4 $ 0.1 Interest cost 8.9 8.4 10.4 2.1 2.0 2.3 Expected return on plan assets (11.3) (10.6) (15.0) — — — Amortization of actuarial loss 6.2 10.2 9.8 — 0.3 — Net periodic cost $ 5.9 $ 9.9 $ 7.5 $ 2.4 $ 2.7 $ 2.4 |
Weighted Average Assumptions Used to Determine Benefit Obligation | Assumptions: Pension Benefit Plans Other Postretirement 2022 2021 2020 2022 2021 2020 Actuarial assumption used to determine benefit obligation: Discount rate 5.6 % 3.0 % 2.6 % 5.6 % 2.9 % 2.6 % Actuarial assumption used to determine net periodic pension cost: Discount rate 3.0 % 2.6 % 3.4 % 2.9 % 2.6 % 3.6 % Expected return on plan assets 4.0 % 3.8 % 5.5 % — — — |
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, 2022 Level 1 Investments measured at net asset value Total Cash and cash equivalents $ 1.6 $ — $ 1.6 Common and collective trust: Collective investment funds — 230.1 230.1 Total investments at fair value $ 1.6 $ 230.1 $ 231.7 December 31, 2021 Level 1 Investments measured at net asset value Total Cash and cash equivalents $ 5.8 $ — $ 5.8 Common and collective trusts: Collective investment funds — 311.7 311.7 Total investments at fair value $ 5.8 $ 311.7 $ 317.5 |
Schedule of Expected Benefit Payments | Estimated future benefit payments are as follows for the years indicated: Pension Other 2023 $ 20.3 $ 4.9 2024 20.1 4.7 2025 19.7 4.5 2026 19.4 4.4 2027 19.2 4.2 2028-2032 90.2 19.3 |
Multiemployer Defined Benefit Plans | Pension EIN Plan PPA Zone Status FIP/RP Status Pending/ Contributions Surcharge Expiration Date of Collective Bargaining Agreement 2022 2021 2022 2021 2020 IAM NPF 51-6031295 002 Red Red Implemented $ 0.3 $ 0.3 $ 0.3 No 5/31/2023 PIUMPF 11-6166763 001 Red Red Implemented 5.5 5.4 5.5 No 8/31/2025 Total Contributions: $ 5.7 $ 5.7 $ 5.7 |
Defined Benefit Plan, Plan Assets, Allocation | 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 5% - 10% International equities, including emerging markets 5% - 10% Corporate/Government bonds 80% - 90% Liquid reserves —% - 5% |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: Pension Plan Adjustments Other Postretirement Employee Benefit Plan Adjustments Total Balance at December 31, 2020 $ (54.5) $ 0.2 $ (54.3) Other comprehensive income (loss) before reclassifications 4.1 (0.1) 4.0 Amounts reclassified from accumulated other comprehensive loss 7.6 0.2 7.8 Other comprehensive income (loss), net of tax 11.7 0.1 11.7 Balance at December 31, 2021 (42.8) 0.3 (42.6) Other comprehensive income (loss) before reclassifications (8.3) 13.0 4.7 Amounts reclassified from accumulated other comprehensive loss 4.7 — 4.7 Other comprehensive income (loss), net of tax (3.7) 13.0 9.3 Balance at December 31, 2022 $ (46.5) $ 13.3 $ (33.3) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: December 31, (In thousands - except per share data) 2022 2021 2020 Basic average common shares outstanding 1 16,985 16,767 16,569 Incremental shares due to: Stock-based awards 196 — 141 Performance Shares — — 14 Diluted average common shares outstanding 17,181 16,767 16,724 Basic net income (loss) per common share $ 2.71 $ (1.67) $ 4.65 Diluted net income (loss) per common share $ 2.68 $ (1.67) $ 4.61 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Equity-Based Compensation Expense | For The Years Ended December 31, 2022 2021 2020 Total stock-based compensation expense $ 12.7 $ 9.1 $ 10.5 Income tax benefit related to stock-based compensation 3.3 2.3 2.7 Impact on cash flow due to taxes paid related to net share settlement of equity awards 2.5 1.7 0.7 Intrinsic value of options exercised, equity-based liabilities paid, and the fair value of restricted stock units vested 9.5 3.7 2.9 |
Summary of Status of Outstanding RSU Awards | A summary of the status of outstanding restricted stock units as of December 31, 2022, and changes during the year, is presented below: Time Vested Performance-based Shares Weighted Shares Weighted Average Grant Date Fair Value Restricted stock units outstanding at December 31, 2021 458,647 $ 27.12 243,688 $ 28.51 Granted 220,518 29.52 93,177 30.55 Vested (228,162) 25.26 (59,755) 27.02 Forfeited / Canceled 1 (21,538) 30.88 — — Restricted stock units outstanding at December 31, 2022 429,465 $ 29.16 277,110 $ 29.64 |
Summary of Status of Outstanding Stock Option Awards and Changes During the Year | A summary of the status of outstanding stock option awards as of December 31, 2022, and changes during the year, is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding options at December 31, 2021 322,546 $ 49.64 4.3 $ — Exercised (19,809) 38.29 Expired (8,613) 45.32 Outstanding and exercisable options at December 31, 2022 294,124 $ 50.53 3.3 $ — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Pulp and Paperboard Our Pulp and Paperboard segment manufactures and markets solid bleached sulfate paperboard for the high-end segment of the packaging industry as well as offers custom sheeting, slitting and cutting of paperboard. Consumer Products Our Consumer Products segment manufactures and sells a complete line of at-home tissue products, or retail products, and minor amounts of parent rolls. The table below presents information about our reportable segments: 2022 2021 2020 Segment net sales: Pulp and Paperboard $ 1,136.3 $ 946.0 $ 877.1 Consumer Products 950.2 835.0 1,018.5 Eliminations (6.4) (8.4) (27.0) Total segment net sales $ 2,080.1 $ 1,772.6 $ 1,868.6 Operating income (loss): Pulp and Paperboard $ 183.5 $ 125.7 $ 124.5 Consumer Products 11.3 4.0 110.6 Corporate and eliminations (71.1) (60.1) (63.0) Other operating charges, net (9.7) (57.7) (14.0) Income from operations $ 113.9 $ 12.0 $ 158.1 Depreciation and amortization: Pulp and Paperboard $ 37.0 $ 35.7 $ 36.7 Consumer Products 62.9 64.9 68.5 Corporate 3.4 4.4 5.8 Total depreciation and amortization $ 103.3 $ 105.0 $ 111.0 Assets: Pulp and Paperboard $ 641.8 $ 621.1 $ 614.9 Consumer Products 951.1 986.2 1,079.9 Corporate 110.6 82.8 105.6 Total assets $ 1,703.5 $ 1,690.1 $ 1,800.4 Capital expenditures: Pulp and Paperboard $ 24.4 $ 20.7 $ 20.4 Consumer Products 8.2 17.3 17.4 32.6 38.0 37.8 Corporate 0.9 0.4 1.9 Total capital expenditures $ 33.5 $ 38.4 $ 39.6 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Our manufacturing facilities and all other assets are located within the continental United States. We sell and ship our products to customers in several foreign countries. Net sales, classified by the major geographic areas in which our customers are located and by major products, were as follows: 2022 2021 2020 Primary geographical markets: United States $ 1,982.8 $ 1,670.2 $ 1,766.2 Other Countries 97.3 102.4 102.4 Total Net Sales $ 2,080.1 $ 1,772.6 $ 1,868.6 Major products: Paperboard $ 1,104.8 $ 894.9 $ 828.0 Retail tissue 932.3 797.9 975.7 Away-from-home tissue 1 — 16.3 32.0 Pulp 19.5 34.8 41.4 Other 29.9 37.0 18.4 Eliminations (6.4) (8.4) (27.0) Total net sales $ 2,080.1 $ 1,772.6 $ 1,868.6 1 In the third quarter of 2021, we exited our away-from-home business with the shutdown of our Neenah, Wisconsin site. |
Revenue from External Customers by Products and Services [Table Text Block] | Our manufacturing facilities and all other assets are located within the continental United States. We sell and ship our products to customers in several foreign countries. Net sales, classified by the major geographic areas in which our customers are located and by major products, were as follows: 2022 2021 2020 Primary geographical markets: United States $ 1,982.8 $ 1,670.2 $ 1,766.2 Other Countries 97.3 102.4 102.4 Total Net Sales $ 2,080.1 $ 1,772.6 $ 1,868.6 Major products: Paperboard $ 1,104.8 $ 894.9 $ 828.0 Retail tissue 932.3 797.9 975.7 Away-from-home tissue 1 — 16.3 32.0 Pulp 19.5 34.8 41.4 Other 29.9 37.0 18.4 Eliminations (6.4) (8.4) (27.0) Total net sales $ 2,080.1 $ 1,772.6 $ 1,868.6 1 In the third quarter of 2021, we exited our away-from-home business with the shutdown of our Neenah, Wisconsin site. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 53.7 | $ 25.2 | $ 35.9 | |
Restricted Cash, Current | 0.7 | 0 | 0 | |
Restricted Cash, Noncurrent | 0 | 1.1 | 1.1 | |
Cash, cash equivalents and restricted cash at beginning of period | $ 54.4 | $ 26.2 | $ 36.9 | $ 22.4 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Accounts Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Accounts Receivable, before Allowance for Credit Loss | $ 167.6 | $ 154.1 |
Accounts Receivable, Allowance for Credit Loss, Current | (1.4) | (1.4) |
Unbilled Receivables, Current | 9.1 | 7.2 |
Income Taxes Receivable, Current | 10.6 | 6.1 |
Other Receivables, Net, Current | 2.9 | 1.4 |
Receivables, net of allowance for current expected credit losses of $1.4 at December 31, 2022 and 2021 | $ 188.8 | $ 167.4 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Inventory, Finished Goods, Gross | $ 171.9 | $ 148 |
Other Inventory, Supplies, Gross | 111.7 | 100.1 |
Inventories, net | 324 | 277.7 |
Raw Materials | ||
Accounting Policies [Abstract] | ||
Inventory, Raw Materials, Gross | 23.6 | 13.7 |
Inventory [Line Items] | ||
Inventory, Raw Materials, Gross | 23.6 | 13.7 |
Inventory Pulp [Member] | ||
Accounting Policies [Abstract] | ||
Inventory, Raw Materials, Gross | 16.8 | 15.9 |
Inventory [Line Items] | ||
Inventory, Raw Materials, Gross | $ 16.8 | $ 15.9 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (PP&E) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 2,933.4 | $ 2,961.5 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,916.3) | (1,879.7) | |
Property, plant and equipment, net | 1,017.1 | 1,081.8 | |
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 31.8 | 27.7 | |
Depreciation and amortization | 103.3 | 105 | $ 111 |
Property, Plant and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization | 101.1 | 102 | $ 107.8 |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 456.8 | 452.5 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 2,346.5 | 2,377.5 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 23.9 | 22.4 | |
Land and Land Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 106.1 | $ 109.1 | |
Minimum | Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum | Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum | Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Maximum | Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Maximum | Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Maximum | Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 25 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Accounts Receivables Arrangement - Factoring) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Accounts Receivable, Sale | $ 216.1 | $ 202.2 | |
Gain (Loss) on Sale of Accounts Receivable | $ 1.8 | $ 0.9 | $ 1.2 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Environmental and ARO) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Asset Retirement Obligation | $ 1.9 | $ 2 | $ 3.8 |
Accretion Expense, Including Asset Retirement Obligations | 0 | 0.1 | |
Increase (Decrease) in Asset Retirement Obligations | 0 | (1.8) | $ 2.5 |
Asset Retirement Obligation, Cash Paid to Settle | $ (0.1) | $ (0.1) |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Accounts Receivable, before Allowance for Credit Loss | $ 167.6 | $ 154.1 | |
Accounts Receivable, Allowance for Credit Loss, Current | (1.4) | (1.4) | |
Unbilled Receivables, Current | 9.1 | 7.2 | |
Income Taxes Receivable, Current | 10.6 | 6.1 | |
Other Receivables, Net, Current | 2.9 | 1.4 | |
Receivables, net of allowance for current expected credit losses of $1.4 at December 31, 2022 and 2021 | 188.8 | 167.4 | |
Inventory, Finished Goods, Gross | 171.9 | 148 | |
Other Inventory, Supplies, Gross | 111.7 | 100.1 | |
Depreciation and amortization | 103.3 | 105 | $ 111 |
Asset Retirement Obligation | 1.9 | 2 | 3.8 |
Accretion Expense, Including Asset Retirement Obligations | 0 | 0.1 | |
Increase (Decrease) in Asset Retirement Obligations | 0 | (1.8) | $ 2.5 |
Asset Retirement Obligation, Cash Paid to Settle | $ (0.1) | $ (0.1) |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Revenue Recog) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Accrued Marketing Costs, Current | $ 6.3 | $ 9.2 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Capital Expenditures Incurred but Not yet Paid | $ 15.7 | $ 11 | $ 12.1 |
Accounts payable and accrued liabilities | 311.1 | 252.5 | |
Operating Lease, Liability, Current | 12 | 16.1 | |
Accounts Payable, Trade, Current | 213 | 156.2 | |
Employee-related Liabilities, Current | 41.9 | 29.3 | |
Operating Lease, Liability, Current | 12 | 16.1 | |
Other | $ 44.2 | $ 50.8 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Cost | $ 17.4 | $ 16.6 | $ 15.9 |
Finance Lease, Right-of-Use Asset, Amortization | 1.3 | 1.8 | 1.8 |
Finance Lease, Interest Expense | 2.1 | 1.7 | 1.8 |
Variable Lease, Cost | 1.8 | 1.7 | 1.6 |
Lease, Cost | 22.5 | 21.8 | 21 |
Operating Lease, Payments | 19.7 | 18.8 | 17.9 |
Finance Lease, Interest Payment on Liability | 2.1 | 1.6 | 1.8 |
Finance Lease, Principal Payments | 1.1 | 1.7 | 1.6 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 6.4 | 5 | 4.4 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 4.2 | 0 | 0.3 |
Operating Lease, Right-of-Use Asset | $ 43.3 | $ 53.6 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net | Property, plant and equipment, net | |
Finance Lease, Right-of-Use Asset | $ 15.4 | $ 12.5 | |
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 31.8 | 27.7 | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ (16.4) | $ (15.2) | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts payable and accrued liabilities | Accounts payable and accrued liabilities | |
Operating Lease, Liability, Current | $ 12 | $ 16.1 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of long-term debt | Current portion of long-term debt | |
Finance Lease, Liability, Current | $ 0.9 | $ 1.6 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Deferred tax liabilities and other long-term obligations | Deferred tax liabilities and other long-term obligations | |
Operating Lease, Liability, Noncurrent | $ 35.9 | $ 42.7 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt | Long-term debt | |
Finance Lease, Liability, Noncurrent | $ 23.3 | $ 17.5 | |
Operating Lease, Liability | 47.9 | 58.8 | |
Finance Lease, Liability | $ 24.2 | $ 19.1 | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 10 months 24 days | 5 years 3 months 18 days | |
Finance Lease, Weighted Average Remaining Lease Term | 13 years 3 months 18 days | 9 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.80% | 4.80% | |
Finance Lease, Weighted Average Discount Rate, Percent | 8.50% | 8.40% | |
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 14 | ||
Finance Lease, Liability, Payments, Due Next Twelve Months | 2.9 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 10.5 | ||
Finance Lease, Liability, Payments, Due Year Two | 2.8 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 9.1 | ||
Finance Lease, Liability, Payments, Due Year Three | 2.8 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 7.8 | ||
Finance Lease, Liability, Payments, Due Year Four | 2.9 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 6.1 | ||
Finance Lease, Liability, Payments, Due Year Five | 2.9 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 6.6 | ||
Finance Lease, Liability, Payments, Due after Year Five | 26.9 | ||
Lessee, Operating Lease, Liability, Payments, Due | 54 | ||
Finance Lease, Liability, Payment, Due | 41.2 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (6) | ||
Finance Lease, Liability, Undiscounted Excess Amount | (17) | ||
Lease, Cost | $ 22.5 | $ 21.8 | 21 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, net | Other assets, net | |
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Remaining Lease Term | 13 years | ||
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Remaining Lease Term | 1 year | ||
Finance lease costs [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lease, Cost | $ 3.3 | $ 3.5 | 3.5 |
Lease, Cost | $ 3.3 | $ 3.5 | $ 3.5 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Estimated Future Amortization Expense Related to Intangible Assets (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | $ 2.1 |
2024 | 2.1 |
2025 | 2.1 |
2026 | 2.1 |
2027 | 0 |
Net Balance | $ 8.6 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Details (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||
Intangible Assets, Net (Including Goodwill) | $ 43.6 | $ 45.9 | $ 48.8 |
Amortization of Intangible Assets | (2.2) | (2.9) | |
Finite-Lived Intangible Assets, Accumulated Amortization | 26.3 | 24.1 | |
Intangible Assets, Gross (Excluding Goodwill) | $ 34.9 | 34.9 | |
Maximum [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Pulp And Paperboard [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 35.1 | 35.1 | 35.1 |
Intangible Assets, Net (Excluding Goodwill) | 8.6 | 10.8 | $ 13.7 |
Amortization of Intangible Assets | (2.2) | (2.9) | |
Customer Relationships [Member] | |||
Goodwill [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | $ 8.6 | 10.7 | |
Other Intangible Assets [Member] | |||
Goodwill [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | $ 0.1 |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current | |||
Federal | $ 31.2 | $ 1.3 | $ (17.4) |
State | 3.8 | 0.7 | 1.8 |
Current Income Tax Expense (Benefit) | 34.9 | 2 | (15.6) |
Deferred | |||
Federal | (7.6) | (8.8) | 32.5 |
State | (0.3) | (0.9) | 4.2 |
Deferred tax expense | (7.9) | (9.7) | 36.7 |
Income tax provision | 27 | (7.7) | 21.1 |
Income Tax Examination [Line Items] | |||
Federal | 31.2 | 1.3 | (17.4) |
State | 3.8 | 0.7 | 1.8 |
Current Income Tax Expense (Benefit) | 34.9 | 2 | (15.6) |
Federal | (7.6) | (8.8) | 32.5 |
State | (0.3) | (0.9) | 4.2 |
Deferred taxes | (7.9) | (9.7) | 36.7 |
Income tax (provision) benefit | 27 | $ (7.7) | $ 21.1 |
Valuation allowances, State Tax Credits [Member] | |||
Income Tax Examination [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 2.7 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 3.30% | (0.50%) | 5.70% |
Effective Income Tax Rate Reconciliation, Tax Contingency, State and Local, Percent | (7.80%) | 1.20% | (0.30%) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0% | 0% | (7.10%) |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | 10.10% | (0.20%) | (1.30%) |
Effective Income Tax Rate Reconciliation, Worthless Stock Deduction | (93.60%) | 0% | 0% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 2.20% | (0.60%) | 2.30% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 8.10% | 0.10% | 0.10% |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 0.80% | 0.20% | (1.10%) |
Effective Income Tax Rate Reconciliation, Percent | 37% | 21.60% | 21.50% |
Income tax (provision) benefit | $ 27 | $ (7.7) | $ 21.1 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Effective Income Tax Rate Reconciliation, Worthless Stock Deduction | (93.60%) | 0% | 0% |
Uncertain tax provision | |||
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Worthless Stock Deduction | 93.60% | 0% | 0% |
Effective Income Tax Rate Reconciliation, Worthless Stock Deduction | 93.60% | 0% | 0% |
Uncertain tax provision | |||
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Worthless Stock Deduction | (0.80%) | 0.50% | 2.20% |
Effective Income Tax Rate Reconciliation, Worthless Stock Deduction | (0.80%) | 0.50% | 2.20% |
Income Taxes - Tax Effects of S
Income Taxes - Tax Effects of Significant Temporary Differences Creating Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Tax Assets, Gross [Abstract] | |||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | $ 3.2 | $ 3.4 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | 12.9 | 18.5 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 3.5 | 6.6 | |
Deferred Tax Assets, Inventory | 2.2 | 0.2 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 0.9 | 0 | |
Deferred Tax Assets, Tax Credit Carryforwards | 10.1 | 13.5 | |
Deferred Tax Assets, Operating Loss Carryforwards | 3.3 | 4.1 | |
Deferred tax assets, gross | 49.6 | 61.5 | |
Deferred Tax Assets, Valuation Allowance | 10.8 | 5.4 | |
Deferred Tax Assets, Net of Valuation Allowance | 38.8 | 56.1 | |
Deferred Tax Liabilities, Tax Deferred Expense, Compensation and Benefits Pension and Other Postretirement Benefits | 0 | (1.5) | |
Tax position taken in current year | 68.6 | 0.2 | $ 0.4 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0.1 | 0.7 | $ 1.9 |
Deferred tax liabilities: | |||
Plant and equipment | (168.3) | (185.5) | |
Deferred Tax Liabilities, Leasing Arrangements | (10.8) | (13.8) | |
Intangible assets | (1.8) | (2.3) | |
Deferred Tax Liabilities, Other | 0 | (0.6) | |
Deferred Tax Liabilities, Gross | 180.9 | 203.7 | |
Deferred Tax Liabilities, Net | 142.1 | 147.6 | |
Lease Agreements [Member] | |||
Deferred Tax Assets, Gross [Abstract] | |||
Deferred Tax Assets, Other | 12 | 15.2 | |
Other Expense [Member] | |||
Deferred Tax Assets, Gross [Abstract] | |||
Deferred Tax Assets, Other | $ 1.5 | $ 0 |
- Net Deferred Tax Assets (Liab
- Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Net Deferred Tax Assets Liabilities [Abstract] | |||
Deferred Income Tax Assets, Net | [1] | $ 0.6 | $ 2.2 |
Deferred tax liabilities and other long-term obligations | 142.7 | 149.9 | |
Deferred Tax Liabilities, Net | (142.1) | (147.6) | |
Deferred Tax Liabilities, Other | 0 | (0.6) | |
Deferred Tax Liabilities, Tax Deferred Expense, Compensation and Benefits Pension and Other Postretirement Benefits | $ 0 | $ (1.5) | |
[1]Included in "Other assets, net" on our accompanying December 31, 2022 and 2021 Consolidated Balance Sheets. |
Income Taxes - Tax Credits and
Income Taxes - Tax Credits and Losses Subject to Expiration by Major Jurisdictions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tax Credit Carryforward [Line Items] | |||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 0.1 | $ 0.7 | $ 1.9 |
Tax position taken in current year | 68.6 | 0.2 | 0.4 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 3.1 | 0 | 0 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 0.9 | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | $ 10.8 | $ 5.4 | |
Unrecognized tax benefits , if recognized, would favorably impact effective tax rate | 70 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 0.4 | ||
Deferred Tax Assets, Tax Credit Carryforwards | 10.1 | 13.5 | |
Deferred Income Tax Assets, Net | [1] | 0.6 | 2.2 |
Deferred tax liabilities and other long-term obligations | 142.7 | 149.9 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 68.4 | ||
Deferred Tax Liabilities, Other | 0 | 0.6 | |
Deferred Tax Liabilities, Tax Deferred Expense, Compensation and Benefits Pension and Other Postretirement Benefits | 0 | $ (1.5) | |
Valuation allowances, State Tax Credits [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 2.7 | ||
[1]Included in "Other assets, net" on our accompanying December 31, 2022 and 2021 Consolidated Balance Sheets. |
Income Taxes - Roll Forward of
Income Taxes - Roll Forward of Unrecognized Tax Benefits and Associated Interest and Penalties Included in Balance Sheet (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Balance | $ 5.9 | $ 6.4 | $ 4.1 |
Tax position taken in current year | 68.6 | 0.2 | 0.4 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0.1 | 0.7 | 1.9 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 3.1 | 0 | 0 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0.9 | 0 | 0 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 68.4 | ||
Balance | 70.4 | $ 5.9 | $ 6.4 |
Liability for Uncertainty in Income Taxes, Current | $ 0.4 |
Debt - Additional Information (
Debt - Additional Information (Details) | 12 Months Ended | ||||
Jul. 29, 2014 USD ($) | Dec. 31, 2022 USD ($) Rate | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Aug. 18, 2020 USD ($) | |
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 569,200,000 | $ 644,100,000 | |||
Unamortized Debt Issuance Expense | $ 3,400,000 | 4,800,000 | |||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | Rate | 7.80% | ||||
Finance Lease, Liability | $ 24,200,000 | 19,100,000 | |||
Long-term debt | 564,900,000 | 637,600,000 | |||
Long-Term Debt and Lease Obligation, Including Current Maturities | 565,800,000 | 639,200,000 | |||
Borrowings of long-term debt | 0 | 0 | $ 275,000,000 | ||
Debt retirement costs | (500,000) | (1,000,000) | (5,900,000) | ||
Write off of Deferred Debt Issuance Cost | 500,000 | 1,000,000 | $ 5,900,000 | ||
Long-term Debt, Fair Value | 504,300,000 | 653,300,000 | |||
Long-term Debt and Lease Obligation, Current | 900,000 | 1,600,000 | |||
Long-term debt | $ 568,300,000 | 642,500,000 | |||
Debt covenant, actual fixed charge ratio | 0.0268 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 264,300,000 | ||||
Long-term Line of Credit | 0 | 0 | |||
J.P. Morgan [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | 275,000,000 | ||||
Potential additional lines of credit | $ 100,000,000 | ||||
Ratio of Indebtedness to Net Capital | 1.10 | ||||
J.P. Morgan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | Rate | 1.25% | ||||
J.P. Morgan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | Rate | 1.75% | ||||
J.P. Morgan [Member] | Base Rate [Member] | Minimum | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | Rate | 0.25% | ||||
J.P. Morgan [Member] | Base Rate [Member] | Maximum | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | Rate | 0.75% | ||||
Revolving Credit Facility [Member] | J.P. Morgan [Member] | |||||
Debt Instrument [Line Items] | |||||
Outstanding stand by letters of credit | $ 3,500,000 | ||||
Loan Lending Commitment Arrangement Fees [Member] | J.P. Morgan [Member] | Minimum | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | Rate | 0.25% | ||||
Loan Lending Commitment Arrangement Fees [Member] | J.P. Morgan [Member] | Maximum | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | Rate | 0.375% | ||||
Term Loan [Member] | J.P. Morgan [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 0 | 50,000,000 | |||
Unamortized Debt Issuance Expense | 0 | 600,000 | |||
Long-term Debt | 0 | 49,400,000 | |||
Long-term Debt, Fair Value | 0 | 49,800,000 | |||
Senior Note Due 2025 [Member] | Estimate of Fair Value Measurement [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Fair Value | 263,100,000 | 324,600,000 | |||
Senior Note Due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | 270,000,000 | 300,000,000 | |||
Unamortized Debt Issuance Expense | 500,000 | 900,000 | |||
Long-term Debt | $ 269,500,000 | 299,100,000 | |||
Debt instrument, principal amount | $ 300,000,000 | ||||
Debt instrument, interest rate | 5.375% | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | Rate | 5.40% | ||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||
Senior Note Due 2025 [Member] | Minimum | |||||
Debt Instrument [Line Items] | |||||
Long-Term Debt, Description | 30 days | ||||
Senior Note Due 2025 [Member] | Maximum | |||||
Debt Instrument [Line Items] | |||||
Long-Term Debt, Description | 60 days | ||||
Senior Note Due 2028 | Estimate of Fair Value Measurement [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Fair Value | $ 241,200,000 | 278,900,000 | |||
Senior Note Due 2028 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | 275,000,000 | 275,000,000 | |||
Unamortized Debt Issuance Expense | 2,900,000 | 3,400,000 | |||
Long-term Debt | $ 272,100,000 | $ 271,600,000 | |||
Debt instrument, principal amount | $ 275,000,000 | ||||
Debt instrument, interest rate | 4.75% | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | Rate | 4.80% |
Other Operating Charges, net (D
Other Operating Charges, net (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Expenses | $ 700,000 | $ 0 | $ 0 |
Other Cost and Expense, Operating | 9,700,000 | 57,700,000 | 14,000,000 |
Asset Impairment Charges | 6,100,000 | 0 | 0 |
Increase (Decrease) in Asset Retirement Obligations | 0 | (1,800,000) | 2,500,000 |
(Gain) loss on sale or impairment associated with divested assets | 400,000 | 50,000,000 | 1,400,000 |
Other Restructuring Costs | 1,600,000 | 8,400,000 | 3,400,000 |
Severance Costs | 12,800,000 | ||
Restructuring Costs and Asset Impairment Charges | 37,200,000 | ||
Collective-Bargaining Arrangement, Other [Member] | |||
Payments to Employees | 0 | 0 | 6,600,000 |
Consumer Products | Collective-Bargaining Arrangement, Other [Member] | |||
Payments to Employees | 2,600,000 | ||
Pulp And Paperboard [Member] | Collective-Bargaining Arrangement, Other [Member] | |||
Payments to Employees | 4,000,000 | ||
Director [Member] | |||
Share-based Payment Arrangement, Expense | $ 900,000 | $ 1,100,000 | $ 2,900,000 |
Non Operating Income and Expe_3
Non Operating Income and Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |||
Interest Expense | $ (34.2) | $ (35.2) | $ (44.4) |
Amortization of Debt Issuance Costs | (1.5) | (1.8) | (2.1) |
Interest Income, Other | 1 | 0.6 | 0 |
Interest expense, net | (34.6) | (36.4) | (46.5) |
Write off of Deferred Debt Issuance Cost | $ (0.5) | $ (1) | $ (5.9) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Expense | Other Nonoperating Expense | Other Nonoperating Expense |
Nonoperating Income (Expense) | $ (40.9) | $ (47.7) | $ (59.9) |
Savings, Pension and Other Po_3
Savings, Pension and Other Postretirement Employee Benefit Plans - Changes in Benefit Obligation, Plan Assets and Funded Status for Company-Sponsored Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Liability for pension and other postretirement employee benefits | $ (58.2) | $ (73.6) | |
Pension Benefit Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 310.1 | 334.9 | |
Service cost | 2.2 | 1.8 | $ 2.2 |
Interest cost | 8.9 | 8.4 | 10.4 |
Actuarial losses (gains) | (65.5) | (14) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (21) | (21.1) | |
Benefit obligation at end of year | 234.7 | 310.1 | 334.9 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 317.5 | 335.9 | |
Actual return on plan assets | (65.3) | 2.2 | |
Employer contribution | 0.5 | 0.4 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 21 | 21.1 | |
Fair value of plan assets at end of year | 231.7 | 317.5 | 335.9 |
Funded status at end of year | (3) | 7.4 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 3 | (7.4) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Assets for Plan Benefits, Defined Benefit Plan | 8.4 | 14.8 | |
Current liability for pension and other postretirement employee benefits | (0.4) | (0.4) | |
Liability for pension and other postretirement employee benefits | (11) | (7) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (3) | 7.4 | |
Net actuarial loss (gain) | 62.5 | 57.6 | |
Other Postretirement Employee Benefit Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 71.9 | 74.2 | |
Service cost | 0.3 | 0.4 | 0.1 |
Interest cost | 2.1 | 2 | 2.3 |
Actuarial losses (gains) | (17.3) | 0.2 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (4.8) | (4.9) | |
Benefit obligation at end of year | 52.2 | 71.9 | 74.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contribution | 4.8 | 4.9 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 4.8 | 4.9 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status at end of year | (52.1) | (71.9) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 52.1 | 71.9 | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 | |
Current liability for pension and other postretirement employee benefits | (4.9) | (5.3) | |
Liability for pension and other postretirement employee benefits | (47.2) | (66.6) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (52.1) | (71.9) | |
Net actuarial loss (gain) | $ (11.5) | $ 5.8 |
- Certain Pension Plans with Ac
- Certain Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 132.6 | $ 173.9 |
Accumulated benefit obligation | 132.6 | 173.9 |
Fair value of plan assets | $ 121.2 | $ 166.4 |
Savings, Pension and Other Po_4
Savings, Pension and Other Postretirement Employee Benefit Plans - Pre-tax Components of Net Periodic Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 2.2 | $ 1.8 | $ 2.2 |
Interest cost | 8.9 | 8.4 | 10.4 |
Expected return on plan assets | (11.3) | (10.6) | (15) |
Amortization of actuarial loss | 6.2 | 10.2 | 9.8 |
Net periodic cost | 5.9 | 9.9 | 7.5 |
Other Postretirement Employee Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.3 | 0.4 | 0.1 |
Interest cost | 2.1 | 2 | 2.3 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of actuarial loss | 0 | 0.3 | 0 |
Net periodic cost | $ 2.4 | $ 2.7 | $ 2.4 |
Savings, Pension and Other Po_5
Savings, Pension and Other Postretirement Employee Benefit Plans - Weighted Average Assumptions Used to Determine Benefit Obligation (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.60% | 3% | 2.60% |
Discount rate | 3% | 2.60% | 3.40% |
Expected return on plan assets | 4% | 3.80% | 5.50% |
Other Postretirement Employee Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.60% | 2.90% | 2.60% |
Discount rate | 2.90% | 2.60% | 3.60% |
Expected return on plan assets | 0% | 0% | 0% |
Savings, Pension and Other Po_6
Savings, Pension and Other Postretirement Employee Benefit Plans - Weighted Average Assumptions Used to Determine Net Periodic Cost (Benefit) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3% | 2.60% | 3.40% |
Expected return on plan assets | 4% | 3.80% | 5.50% |
Other Postretirement Employee Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.90% | 2.60% | 3.60% |
Expected return on plan assets | 0% | 0% | 0% |
Savings, Pension and Other Po_7
Savings, Pension and Other Postretirement Employee Benefit Plans - Investments at Fair Value for Company Sponsored Pension Benefit Plans Within Fair Value Hierarchy (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 1.6 | $ 5.8 |
Investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 231.7 | 317.5 |
Defined Benefit Plan, Common Collective Trust | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 230.1 | 311.7 |
Fair Value, Inputs, Level 1 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1.6 | 5.8 |
Fair Value, Inputs, Level 1 | Investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1.6 | 5.8 |
Fair Value, Inputs, Level 1 | Defined Benefit Plan, Common Collective Trust | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value Measured at Net Asset Value Per Share | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value Measured at Net Asset Value Per Share | Investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 230.1 | 311.7 |
Fair Value Measured at Net Asset Value Per Share | Defined Benefit Plan, Common Collective Trust | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 230.1 | $ 311.7 |
Savings, Pension and Other Po_8
Savings, Pension and Other Postretirement Employee Benefit Plans - Long Term Asset Allocation Ranges (Details) | Dec. 31, 2022 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Number of Investment Options Holding Substantially All Pension Funds | 8 |
Minimum [Member] | Domestic equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5% |
Minimum [Member] | International equities, including emerging markets | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5% |
Minimum [Member] | Corporate bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 80% |
Minimum [Member] | Liquid reserves | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% |
Maximum | Domestic equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10% |
Maximum | International equities, including emerging markets | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10% |
Maximum | Corporate bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 90% |
Maximum | Liquid reserves | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5% |
Savings, Pension and Other Po_9
Savings, Pension and Other Postretirement Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Pension Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 20.3 |
2024 | 20.1 |
2025 | 19.7 |
2026 | 19.4 |
2027 | 19.2 |
2028-2032 | 90.2 |
Other Postretirement Employee Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 4.9 |
2024 | 4.7 |
2025 | 4.5 |
2026 | 4.4 |
2027 | 4.2 |
2028-2032 | $ 19.3 |
Savings, Pension and Other P_10
Savings, Pension and Other Postretirement Employee Benefit Plans - Multiemployer Defined Benefit Plans (Details) | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2022 USD ($) $ / Hour | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost | $ 5,700,000 | $ 5,700,000 | $ 5,700,000 | |
Multiemployer Plan, Contribution Rate Increase (Decrease) | 2.50% | |||
Defined Benefit Plan, Number of Investment Options Holding Substantially All Pension Funds | 8 | |||
IAM | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] | No | |||
Multiemployer Plan, Pension, Significant, Plan Number | 002 | |||
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost | $ 300,000 | $ 300,000 | 300,000 | |
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | May 31, 2023 | |||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | Red | Red | ||
USW | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] | No | |||
Multiemployer Plan, Pension, Significant, Plan Number | 001 | |||
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost | $ 5,500,000 | $ 5,400,000 | $ 5,500,000 | |
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | Aug. 31, 2025 | |||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | Red | Red | ||
International Association Of Machinist Contribution Rate | ||||
Retirement Benefits [Abstract] | ||||
Contribution rates | $ / Hour | 4 | |||
United Steel Workers Contribution Rate | ||||
Retirement Benefits [Abstract] | ||||
Contribution rates | $ / Hour | 2.79 | |||
International Association Of Machinist Contribution Rate Additional Contribution | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer Plan, Contribution Rate Increase (Decrease) | 2.50% | 10.50% |
- Additional Information (Detai
- Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) facility | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Number of Investment Options Holding Substantially All Pension Funds | 8 | ||
Employer contributions | $ 15,700,000 | $ 16,400,000 | $ 17,300,000 |
Number of our manufacturing facilities participating in multiemployer defined benefit pension plans | facility | 1 | ||
Multiemployer Plans, Withdrawal Obligation | $ 76,000,000 | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 7.70% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.035 | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.20% | ||
Other Deferred Compensation Arrangements, Liability, Current and Noncurrent | $ 4,300,000 | 4,400,000 | |
Maximum | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10% | ||
Maximum | International Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10% | ||
Maximum | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 90% | ||
Maximum | Liquid reserves | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5% | ||
Minimum | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5% | ||
Minimum | International Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5% | ||
Minimum | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 80% | ||
Minimum | Liquid reserves | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | ||
Pension Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 231,700,000 | 317,500,000 | 335,900,000 |
Employer contribution | $ 500,000 | 400,000 | |
Other Postretirement Employee Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 5.70% | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 6.50% | ||
Assumed health care cost trend rates used to determine the company's benefit obligations and expense | 5.70% | ||
Assumed health care cost trend rates, graded rate | 6.50% | ||
Fair value of plan assets | $ 0 | 0 | 0 |
Employer contribution | $ 4,800,000 | 4,900,000 | |
Other Postretirement Employee Benefit Plans | OPEB Costs [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
defined benefit plan, ultimate health care cost trend rates, with added benefits | 4.50% | ||
Expected year when trend rate to be reached | 60 years | ||
Other Postretirement Employee Benefit Plans | OPEB Obligation | |||
Defined Benefit Plan Disclosure [Line Items] | |||
defined benefit plan, ultimate health care cost trend rates, with added benefits | 6.50% | ||
Expected year when trend rate to be reached | 50 years | ||
Other Postretirement Employee Benefit Plans | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed health care cost trend rate, graded | 3.70% | ||
Other Postretirement Employee Benefit Plans | Maximum | OPEB Costs [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
defined benefit plan, ultimate health care cost trend rates, with added benefits | 3.70% | ||
Other Postretirement Employee Benefit Plans | Maximum | OPEB Obligation | |||
Defined Benefit Plan Disclosure [Line Items] | |||
defined benefit plan, ultimate health care cost trend rates, with added benefits | 4.50% | ||
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution | $ 500,000 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 1,600,000 | 1,400,000 | |
Cost of Sales [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 2,200,000 | 2,000,000 | |
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 | $ 400,000 | $ 200,000 | 500,000 |
Non-operating expense [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | $ 1,900,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||
Accumulated other comprehensive loss, net of tax | $ (33.3) | $ (42.6) | |
Net current period other comprehensive income ending balance | 9.3 | 11.7 | $ 5.2 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (1.6) | (2.7) | (2.5) |
Defined Benefit Pension Plan Adjustments | |||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||
Accumulated other comprehensive loss, net of tax | (33.3) | (42.6) | (54.3) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 4.7 | 4 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4.7 | 7.8 | |
Net current period other comprehensive income ending balance | 11.7 | ||
Pension Benefit Plans | Defined Benefit Pension Plan Adjustments | |||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||
Accumulated other comprehensive loss, net of tax | (46.5) | (42.8) | (54.5) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (8.3) | 4.1 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4.7 | 7.6 | |
Net current period other comprehensive income ending balance | (3.7) | 11.7 | |
Other Postretirement Benefits Plan [Member] | |||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||
Accumulated other comprehensive loss, net of tax | 13.3 | 0.3 | $ 0.2 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 13 | (0.1) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0.2 | |
Net current period other comprehensive income ending balance | $ 13 | $ 0.1 |
Earnings Per Share - Share Reco
Earnings Per Share - Share Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings Per Share (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted average number of shares outstanding, basic | 16,985,000 | 16,767,000 | 16,569,000 |
Weighted average number of shares outstanding, diluted | 17,181,000 | 16,767,000 | 16,724,000 |
Earnings per share, basic | $ 2.71 | $ (1.67) | $ 4.65 |
Earnings per share, diluted | $ 2.68 | $ (1.67) | $ 4.61 |
Anti-dilutive shares excluded from calculation | 300,000 | 700,000 | 500,000 |
Restricted Stock Units (RSUs) [Member] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 196,000 | 0 | 141,000 |
Performance Shares [Member] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 | 14,000 |
Stockholders' Equity - Employee
Stockholders' Equity - Employee Plans Equity Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | $ 12.7 | $ 9.1 | $ 10.5 |
Share-based Payment Arrangement, Expense, Tax Benefit | 3.3 | 2.3 | 2.7 |
Payment, Tax Withholding, Share-based Payment Arrangement | 2.5 | 1.7 | 0.7 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 9.5 | $ 3.7 | $ 2.9 |
Share based compensation awards vesting period | 3 years |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Status of Outstanding RSU Awards (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted Average Grant Date Fair Value | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 13.5 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 38.29 | |
Restricted stock units | ||
Number of share | ||
Beginning Balance | 458,647 | |
Granted | 220,518 | |
Vested | (228,162) | |
Forfeited | (21,538) | |
Ending Balance | 429,465 | 458,647 |
Weighted Average Grant Date Fair Value | ||
Beginning Balance | $ 27.12 | |
Granted | 29.52 | $ 35.70 |
Vested | 25.26 | |
Forfeited | 30.88 | |
Ending Balance | $ 29.16 | $ 27.12 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | |
Performance Shares [Member] | ||
Number of share | ||
Beginning Balance | 243,688 | |
Granted | 93,177 | |
Vested | (59,755) | |
Forfeited | 0 | |
Ending Balance | 277,110 | 243,688 |
Weighted Average Grant Date Fair Value | ||
Beginning Balance | $ 28.51 | |
Granted | 30.55 | |
Vested | 27.02 | |
Forfeited | 0 | |
Ending Balance | $ 29.64 | $ 28.51 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Status of Outstanding Performance Share Awards (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||
Beginning Balance | 322,546 | |
Ending Balance | 322,546 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 13.5 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 49.64 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 50.53 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 3 months 18 days | 4 years 3 months 18 days |
Performance shares | ||
Number of share | ||
Beginning Balance | 243,688 | |
Granted | 93,177 | |
Settled | (59,755) | |
Forfeited | 0 | |
Ending Balance | 277,110 | 243,688 |
Weighted Average Grant Date Fair Value | ||
Beginning Balance | $ 28.51 | |
Granted | 30.55 | |
Settled | 27.02 | |
Forfeited | 0 | |
Ending Balance | $ 29.64 | $ 28.51 |
Maximum | Performance shares | ||
Number of share | ||
Ending Balance | 2 | |
Minimum [Member] | Performance shares | ||
Number of share | ||
Ending Balance | 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Preferred Stock, Shares Authorized | 5,000,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | ||
Preferred Stock, Shares Issued | 0 | ||
Shares Available For Grant | 900,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 322,546 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 49.64 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 3 months 18 days | 4 years 3 months 18 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 19,809 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (8,613) | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 45.32 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 50.53 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 294,124 | ||
Share based compensation awards vesting period | 3 years | ||
Unrecognized compensation costs | $ 13.5 | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period of award | 1 year | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period of award | 3 years | ||
Equity Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | ten years | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs, expected weighted-average period to be recognized (in years) | 1 year 8 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 59,755 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs, expected weighted-average period to be recognized (in years) | 1 year 9 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 228,162 | ||
Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation expense | $ 0.9 | 1.1 | $ 2.9 |
Deferred compensation share-based arrangements, liability, classified, noncurrent | (5.2) | (4.3) | |
Deferred Compensation Share-based Arrangements, Liability, Current | $ 0.1 | $ 2.3 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies Additional Information (Details) | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | |
Firm price contracts, percentage of expected average monthly natural gas and electricity needs covered | 37% |
Segment Information - Reportabl
Segment Information - Reportable Segments Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 2,080.1 | $ 1,772.6 | $ 1,868.6 |
Income from operations | 113.9 | 12 | 158.1 |
Other operating charges, net | (9.7) | (57.7) | (14) |
Depreciation and amortization | 103.3 | 105 | 111 |
Total assets | 1,703.5 | 1,690.1 | 1,800.4 |
Capital expenditures | $ 33.5 | $ 38.4 | $ 39.6 |
Segment Reporting, Disclosure of Major Customers | no | 11 | 14 |
Reportable Segments Information | Pulp and Paperboard Our Pulp and Paperboard segment manufactures and markets solid bleached sulfate paperboard for the high-end segment of the packaging industry as well as offers custom sheeting, slitting and cutting of paperboard. Consumer Products Our Consumer Products segment manufactures and sells a complete line of at-home tissue products, or retail products, and minor amounts of parent rolls. The table below presents information about our reportable segments: 2022 2021 2020 Segment net sales: Pulp and Paperboard $ 1,136.3 $ 946.0 $ 877.1 Consumer Products 950.2 835.0 1,018.5 Eliminations (6.4) (8.4) (27.0) Total segment net sales $ 2,080.1 $ 1,772.6 $ 1,868.6 Operating income (loss): Pulp and Paperboard $ 183.5 $ 125.7 $ 124.5 Consumer Products 11.3 4.0 110.6 Corporate and eliminations (71.1) (60.1) (63.0) Other operating charges, net (9.7) (57.7) (14.0) Income from operations $ 113.9 $ 12.0 $ 158.1 Depreciation and amortization: Pulp and Paperboard $ 37.0 $ 35.7 $ 36.7 Consumer Products 62.9 64.9 68.5 Corporate 3.4 4.4 5.8 Total depreciation and amortization $ 103.3 $ 105.0 $ 111.0 Assets: Pulp and Paperboard $ 641.8 $ 621.1 $ 614.9 Consumer Products 951.1 986.2 1,079.9 Corporate 110.6 82.8 105.6 Total assets $ 1,703.5 $ 1,690.1 $ 1,800.4 Capital expenditures: Pulp and Paperboard $ 24.4 $ 20.7 $ 20.4 Consumer Products 8.2 17.3 17.4 32.6 38.0 37.8 Corporate 0.9 0.4 1.9 Total capital expenditures $ 33.5 $ 38.4 $ 39.6 | ||
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 32.6 | $ 38 | $ 37.8 |
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Net sales | (6.4) | (8.4) | (27) |
Corporate, Non-Segment | |||
Segment Reporting Information [Line Items] | |||
Income from operations | (71.1) | (60.1) | (63) |
Pulp And Paperboard [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,136.3 | 946 | 877.1 |
Income from operations | 183.5 | 125.7 | 124.5 |
Depreciation and amortization | 37 | 35.7 | 36.7 |
Total assets | 641.8 | 621.1 | 614.9 |
Capital expenditures | 24.4 | 20.7 | 20.4 |
Consumer Products | |||
Segment Reporting Information [Line Items] | |||
Net sales | 950.2 | 835 | 1,018.5 |
Income from operations | 11.3 | 4 | 110.6 |
Depreciation and amortization | 62.9 | 64.9 | 68.5 |
Total assets | 951.1 | 986.2 | 1,079.9 |
Capital expenditures | 8.2 | 17.3 | 17.4 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 3.4 | 4.4 | 5.8 |
Total assets | 110.6 | 82.8 | 105.6 |
Capital expenditures | 0.9 | 0.4 | 1.9 |
United States | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,982.8 | 1,670.2 | 1,766.2 |
Non-US [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 97.3 | 102.4 | 102.4 |
Paperboard [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,104.8 | 894.9 | 828 |
Retail tissue member [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 932.3 | 797.9 | 975.7 |
Non-retail tissue [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 16.3 | 32 |
Pulp And Paperboard [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 19.5 | 34.8 | 41.4 |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 29.9 | $ 37 | $ 18.4 |
Uncategorized Items - clw-20221
Label | Element | Value |
Accounts Payable and Accrued Liabilities | us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | $ 311,100,000 |
Accounts Payable and Accrued Liabilities | us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | $ 252,500,000 |