Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 29, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Entity File Number | 001-34146 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CLEARWATER PAPER CORPORATION | |
Entity Central Index Key | 0001441236 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-3594554 | |
Entity Address, Address Line One | 601 West Riverside, | |
Entity Address, Address Line Two | Suite 1100 | |
Entity Address, City or Town | Spokane, | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 99201 | |
Current Fiscal Year End Date | --12-31 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | CLW | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 16,678,493 | |
Local Phone Number | 344-5900 | |
City Area Code | 509 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 55.2 | $ 42 |
Receivables, Net | 173.1 | 184.5 |
Inventories | 327.8 | 319.8 |
Other current assets | 20.2 | 17.9 |
Total current assets | 576.2 | 564.1 |
Property, Plant and Equipment, Net | 983.1 | 990.1 |
Other assets, net | 120.4 | 117.6 |
TOTAL ASSETS | 1,679.7 | 1,671.8 |
Current liabilities: | ||
Current portion of long-term debt | 0.9 | 0.8 |
Accounts payable and accrued liabilities | 300.6 | 285.1 |
Total current liabilities | 301.4 | 286 |
Long-term debt | 442.3 | 462.3 |
Liability for pension and other postretirement employee benefits | 55.1 | 55.7 |
Deferred tax liabilities and other long-term obligations | 196.3 | 199.1 |
Total liabilities | 995.2 | 1,003 |
Stockholders' equity: | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common Stock, Value, Issued | 0 | 0 |
Additional paid-in capital | 13.5 | 14.9 |
Retained earnings | 701.7 | 684.5 |
Accumulated other comprehensive loss, net of tax | (30.7) | (30.7) |
Total stockholders' equity | 684.5 | 668.8 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,679.7 | $ 1,671.8 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 16,646,958 | 16,484,550 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Net Sales | $ 496.2 | $ 525.4 |
Costs and expenses: | ||
Cost of sales | 421.6 | 448.5 |
Selling, General and Administrative Expense | 36.2 | 36 |
Other Operating Income (Expense), Net | (7.9) | (1.1) |
Total operating costs and expenses | 465.8 | 485.6 |
Income from operations | 30.4 | 39.8 |
Interest Expense, Net | (6.5) | (7.6) |
Other Nonoperating Income (Expense) | 0.3 | 0.1 |
Total non-operating expense | (6.2) | (7.5) |
Income before income taxes | 24.2 | 32.3 |
Income tax provision | 7 | 8.4 |
Net income | $ 17.2 | $ 23.8 |
Net income per common share: | ||
Basic (in dollars per share) | $ 1.03 | $ 1.42 |
Diluted (in dollars per share) | $ 1.02 | $ 1.40 |
Weighted Average Number of Shares Outstanding, Basic | 16,607 | 16,834 |
Weighted Average Number of Shares Outstanding, Diluted | 16,895 | 17,036 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 17.2 | $ 23.8 |
Defined benefit pension and other postretirement employee benefits: | ||
Amortization of actuarial gain included in net periodic cost, net of tax | 0 | (0.1) |
Other comprehensive income (loss), net of tax | 0 | (0.1) |
Comprehensive income | $ 17.2 | $ 23.8 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 17.2 | $ 23.8 | |
Depreciation and amortization | 23.2 | 24.8 | |
Equity-based compensation expense | 3.3 | 1.9 | |
Deferred taxes | (1.6) | (1.3) | |
Defined benefit pension and other postretirement employee benefits | (0.9) | (0.5) | |
Loss on sale or impairment associated with assets | 0.2 | 1.1 | |
(Increase) decrease in accounts receivable | 7.8 | (6.4) | |
(Increase) decrease in inventories | (8.2) | (22.3) | |
(Increase) decrease in other current assets | (2.3) | 0.4 | |
Increase (decrease) in accounts payable and accrued liabilities | 20.5 | (31.7) | |
Other Operating Activities, Cash Flow Statement | 0.1 | 1 | |
Net cash flows provided by (used in) operating activities | 59.2 | (9.1) | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to property, plant and equipment, net 1 | [1] | (18.5) | (21.5) |
Net cash flows used in investing activities | (18.5) | (21.5) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Borrowings on long-term debt | 0 | 12 | |
Repayments of long-term debt | (23.5) | (12.2) | |
Payment, Tax Withholding, Share-based Payment Arrangement | (3.1) | (4.2) | |
Payments for Repurchase of Common Stock | (0.5) | (1.7) | |
Payments of Debt Issuance Costs | (0.4) | (0.1) | |
Net cash flows used in financing activities | (27.6) | (6.3) | |
Increase (decrease) in cash, cash equivalents and restricted cash | 13.2 | (37) | |
Cash, cash equivalents and restricted cash at beginning of period | 42 | 54.4 | |
Cash, cash equivalents and restricted cash at end of period | 55.2 | 17.4 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 9.9 | 14.6 | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | |||
Cash and cash equivalents | 55.2 | 16.7 | |
Restricted cash included in other current assets, net | 0 | 0.7 | |
Total cash, cash equivalents and restricted cash | $ 55.2 | $ 17.4 | |
[1] Capital expenditures of $10.3 million and $7.0 million that have not been paid as of March 31, 2024 and 2023 were excluded from the Statements of Cash Flows. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholder's Equity Consolidated Statements of Stockholder's Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2022 | 16,762 | ||||
Beginning balance at Dec. 31, 2022 | $ 572.1 | $ 0 | $ 28.5 | $ 576.8 | $ (33.3) |
Net income | 23.8 | 23.8 | |||
Stock-based compensation expense | 2.2 | 2.2 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 242 | ||||
Issuance of shares under stock plans, net | (4.2) | (4.2) | |||
Pension and other postretirement employee benefit plans, net of tax | (0.1) | (0.1) | |||
Stock Repurchased and Retired During Period, Shares | (51) | ||||
Stock Repurchased and Retired During Period, Value | (1.7) | (1.7) | |||
Ending balance (in shares) at Mar. 31, 2023 | 16,953 | ||||
Ending balance at Mar. 31, 2023 | 592 | $ 0 | 24.7 | 600.6 | (33.4) |
Beginning balance (in shares) at Dec. 31, 2023 | 16,485 | ||||
Beginning balance at Dec. 31, 2023 | 668.8 | $ 0 | 14.9 | 684.5 | (30.7) |
Net income | 17.2 | 17.2 | |||
Stock-based compensation expense | 2.2 | 2.2 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 175 | ||||
Issuance of shares under stock plans, net | (3.1) | (3.1) | |||
Stock Repurchased and Retired During Period, Shares | (13) | ||||
Stock Repurchased and Retired During Period, Value | (0.5) | (0.5) | |||
Ending balance (in shares) at Mar. 31, 2024 | 16,647 | ||||
Ending balance at Mar. 31, 2024 | $ 684.5 | $ 0 | $ 13.5 | $ 701.7 | $ (30.7) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, the consolidated financial position, results of operations, stockholders' equity and cash flows for us and our subsidiaries for the interim periods presented. Results of operations for interim periods are not necessarily indicative of results to be expected for an entire year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. All dollar amounts are shown in millions, except per share. |
Recently Adopted and New Accoun
Recently Adopted and New Accounting Standards New Accounting Pronouncements (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Issued Accounting Standards In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes— Improvements to Income Tax Disclosures (Topic 740) , which requires enhanced disclosures primarily related to the rate reconciliation and disaggregation of income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the disclosure implications of this new standard. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting— Improvements to Reportable Segment Disclosures (Topic 280) . This standard requires enhanced disclosures of segment expenses as well as additional information provided to the Chief Operating Decision Maker. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements, with early adoption permitted. We are currently evaluating the disclosure implications of this new standard. |
Receivables, net (Notes)
Receivables, net (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables, Net, Current [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Receivables Receivables consist of: March 31, 2024 December 31, 2023 Trade accounts receivable $ 164.2 $ 173.8 Allowance for current expected credit losses (1.3) (1.5) Unbilled receivables 5.2 4.1 Taxes receivable 1.2 4.8 Other 3.7 3.1 $ 173.1 $ 184.5 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are stated at the lower of net realizable value or current cost using the average cost method and consist of: March 31, 2024 December 31, 2023 Logs, chips and sawdust $ 16.0 $ 22.1 Pulp 18.4 16.8 Paperboard and tissue products 164.7 156.8 Materials and supplies 128.6 124.1 $ 327.8 $ 319.8 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | Property, plant and equipment Property, plant and equipment consist of: March 31, 2024 December 31, 2023 Land and land improvements $ 107.2 $ 106.0 Buildings and improvements 461.2 461.0 Machinery and equipment 2,366.8 2,359.9 Construction in progress 58.3 53.0 2,993.5 2,979.8 Less accumulated depreciation and amortization (2,010.4) (1,989.7) Property, plant and equipment, net $ 983.1 $ 990.1 |
Payables and Accruals
Payables and Accruals | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure | Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of: March 31, 2024 December 31, 2023 Trade payables $ 182.1 $ 163.9 Accrued compensation 33.5 39.0 Operating lease liabilities 15.5 15.4 Other 69.4 66.9 $ 300.6 $ 285.1 Included in "Accounts payable and accrued liabilities" are $10.3 million and $13.0 million related to capital expenditures that had not yet been paid as of March 31, 2024 and December 31, 2023. We maintain a program with a financial institution to provide our vendors with an option to receive payment earlier than our standard payment terms. As of March 31, 2024 and December 31, 2023, $12.8 million and $14.7 million of outstanding obligations under this program were included in "Other" in the table above. As of March 31, 2024 and December 31, 2023, unrecognized tax benefits of $26.0 million were included in "Other" in the table above. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Taxes | Income Taxes For interim periods, accounting standards require that income tax expense be determined by applying the estimated annual effective income tax rate to year-to-date results, unless this method does not result in a reliable estimate of year-to-date income tax expense. Each period, the income tax accrual is adjusted to the latest estimate and the difference from the previously accrued year-to-date balance is adjusted to the current quarter. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Debt Long-term debt at the balance sheet dates consisted of: March 31, 2024 December 31, 2023 Interest Rate at March 31, 2024 Principal Unamortized Debt Costs Total Principal Unamortized Debt Costs Total Term loan credit agreement maturing 2028, fixed interest rate 9.1% $ 150.0 $ (2.6) $ 147.4 $ 150.0 $ (2.8) $ 147.2 2020 Notes, maturing 2028, fixed interest rate 4.8% 275.0 (2.2) 272.8 275.0 (2.4) 272.6 ABL Credit Agreement, variable interest rates 6.7% — — — 20.0 — 20.0 Finance leases 23.0 — 23.0 23.3 — 23.3 Total debt 448.0 (4.9) 443.2 468.3 (5.1) 463.1 Less: current portion (0.9) (0.9) (0.8) — (0.8) Net long-term portion $ 447.2 $ (4.9) $ 442.3 $ 467.4 $ (5.1) $ 462.3 In February 2024, we entered into a commitment letter to obtain financing from AgWest Farm Credit, PCA (“AgWest”), CoBank, FCB (“CoBank”) and Coöperatieve Rabobank U.A., New York Branch (“Rabobank”) in connection with the planned acquisition discussed at Note 16. In connection with the commitment, we paid an underwriting fee of $3.3 million, which is included in "Other assets, net" in the Consolidated Balance Sheets. As of March 31, 2024, no amounts were outstanding on these new facilities. The fair value of our debt is included in the following table: March 31, 2024 December 31, 2023 Term loan credit agreement, maturing 2028, fixed interest rate $ 151.2 $ 150.6 ABL Credit Agreement, variable interest rate — 20.0 2020 Notes, maturing 2028, fixed interest rate 254.4 255.1 $ 405.6 $ 425.7 |
Other Operating Charges, net (N
Other Operating Charges, net (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Other Operating Income and Expense | Other Operating Charges The major components of “Other operating charges, net” in the Consolidated Statements of Operations for the quarters ended March 31, 2024 and 2023 are reflected in the table below and described in the paragraphs following the table. These items are considered outside of our core operations. Quarter Ended March 31, 2024 2023 Acquisition and project related costs $ 4.2 $ — Restructuring and integration costs 2.3 — Loss on sale or impairment associated with assets 0.2 1.1 Directors' equity-based compensation expense 1.2 (0.2) Other — 0.2 $ 7.9 $ 1.1 2024 During the first quarter of 2024, we recorded $7.9 million of expense in "Other operating charges, net." The main components of the expense include: • expense of $4.2 million associated with acquisition and project-related activities (primarily legal and professional services) ; • expense of $2.3 million associated with restructuring and integration activities (primarily professional services); • loss of $0.2 million associated with the impairment of equipment and related spare parts no longer being used; and • expense of $1.2 million relating to directors' equity-based compensation which is remeasured each period based upon changes in our stock price. 2023 During the first quarter of 2023, we recorded $1.1 million of expense in "Other operating charges, net." The components of the expense include: • loss of $1.1 million associated with the impairment of equipment and related spare parts no longer being used; and • reversal of expense of $0.2 million relating to directors' equity-based compensation which is remeasured each period based upon changes in our stock price. |
Non-operating Income (Expense)
Non-operating Income (Expense) (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Nonoperating Income (Expense) [Abstract] | |
Other Nonoperating Income and Expense [Text Block] | Non-Operating Expense The components of “Non-operating expense” in the Consolidated Statements of Operations for the quarters ended March 31, 2024 and 2023 are reflected in the table below: Quarter Ended March 31, 2024 2023 Interest expense $ (6.7) $ (7.6) Amortization of deferred debt costs (0.4) (0.3) Interest income 0.6 0.3 Interest expense, net (6.5) (7.6) Non-operating pension and other postretirement employee benefits 0.3 0.1 Total non-operating expense $ (6.2) $ (7.5) |
Retirement Plans and Postretire
Retirement Plans and Postretirement Benefits | 3 Months Ended |
Mar. 31, 2024 | |
Postemployment Benefits [Abstract] | |
Pension and Other Postretirement Employee Benefit Plans | Retirement Plans and Postretirement Benefits The following table details the components of net periodic cost of our company-sponsored pension and other postretirement employee benefit plans for the periods presented: Quarter Ended March 31, Pension Benefit Plans 2024 2023 Service cost $ 0.6 $ 0.9 Interest cost 3.0 3.1 Expected return on plan assets (3.9) (3.8) Net periodic cost $ (0.3) $ 0.2 Quarter Ended March 31, Other Postretirement Employee Benefit Plans 2024 2023 Service cost $ 0.1 $ — Interest cost 0.7 0.7 Amortization of actuarial gain (0.1) (0.1) Net periodic cost $ 0.6 $ 0.6 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, net of tax, is comprised of the following: Pension Plan Adjustments Other Post Retirement Employee Benefit Plan Adjustments Total Balance at December 31, 2022 $ (46.5) $ 13.3 $ (33.3) Amounts reclassified from accumulated other comprehensive loss — (0.1) (0.1) Balance at March 31, 2023 $ (46.5) $ 13.2 $ (33.4) Balance at December 31, 2023 $ (42.0) $ 11.3 $ (30.7) Amounts reclassified from accumulated other comprehensive loss — (0.1) — Balance at March 31, 2024 $ (41.9) $ 11.2 $ (30.7) |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Compensation | Stockholders' Equity Common Stock Plans We have stock-based compensation plans under which restricted stock awards and stock options are outstanding or granted subject to time or performance vesting requirements. As of March 31, 2024, approximately 0.6 million shares were available for future issuance under our current plan. Quarter Ended March 31, 2024 2023 Total stock-based compensation expense $ 3.3 $ 1.9 Income tax benefit related to stock-based compensation $ 0.3 $ 0.5 Impact on cash flow due to taxes paid related to net share settlement of equity awards $ 3.1 $ 4.2 As of March 31, 2024, there was $21.3 million of total unrecognized compensation costs related to outstanding restricted stock unit awards. During the quarter ended March 31, 2024, we granted 207,628 restricted stock units (time vesting) at an average grant date fair value of $37.97 per share and 160,057 restricted stock units (performance vesting) at an average grant date fair value of $40.18 per share. |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Share Basic income per share is based on the weighted-average number of shares of common stock outstanding. Diluted income per share is based upon the weighted-average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires the effect of potentially dilutive common stock equivalents be excluded from the calculation of diluted earnings per share for the periods in which net losses are reported because the effect is anti-dilutive. Quarter Ended March 31, (In thousands) 2024 2023 Basic weighted-average common shares outstanding 16,607 16,834 Incremental shares due to: Stock-based awards 181 202 Performance shares 107 — Diluted weighted-average common shares outstanding 16,895 17,036 Shares excluded from the computation of diluted earnings per share were 0.4 million for each of the quarters ended March 31, 2024, and 2023 as they were either antidilutive (not in-the-money) or the required performance conditions have not been met. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We operate in two segments: Pulp and Paperboard and Consumer Products. Our business units have been aggregated into these two segments based upon the similarity of economic characteristics, customers and distribution methods. Our results of operations are summarized below for each of these segments separately. Segment information was prepared in accordance with the same accounting principles as those described in Note 1 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. Quarter Ended March 31, 2024 2023 Segment net sales: Pulp and Paperboard $ 244.5 $ 278.8 Consumer Products 253.1 248.3 Eliminations (1.4) (1.7) Net sales $ 496.2 $ 525.4 Operating income (loss): Pulp and Paperboard $ 25.3 $ 57.1 Consumer Products 31.5 4.2 Corporate and eliminations (18.5) (20.4) Other operating charges, net (7.9) (1.1) Income from operations $ 30.4 $ 39.8 Net sales, classified by major products, were as follows: Quarter Ended March 31, 2024 2023 Major products: Paperboard $ 240.4 $ 272.9 Retail tissue 250.8 246.0 Pulp 2.3 3.2 Other 4.1 5.0 Eliminations (1.4) (1.7) Total net sales $ 496.2 $ 525.4 |
Business Combinations and Asset
Business Combinations and Asset Acquisitions | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Business Combination Disclosure | Pending Acquisition On February 20, 2024, we entered into an Asset Purchase Agreement to acquire a paperboard mill and associated facilities, located in Augusta, Georgia from Graphic Packaging International, LLC for $700 million in cash, subject to certain adjustments for working capital. We expect to finance this transaction with cash on hand as well as through borrowings under our existing credit agreements as well as new financing. The closing of the Augusta Acquisition is subject to certain customary mutual closing conditions. This closing is expected to occur during the second quarter of 2024. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 17.2 | $ 23.8 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the quarter ended March 31, 2024, none of our officers or directors adopted or terminated a Rule 10b5-1 arrangement or non-Rule 10b5-1 trading arrangement, as each is defined in Item 408(a) of regulation S-K. |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Receivables, net (Tables)
Receivables, net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables, Net, Current [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2024 December 31, 2023 Trade accounts receivable $ 164.2 $ 173.8 Allowance for current expected credit losses (1.3) (1.5) Unbilled receivables 5.2 4.1 Taxes receivable 1.2 4.8 Other 3.7 3.1 $ 173.1 $ 184.5 |
Inventories - (Tables)
Inventories - (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories are stated at the lower of net realizable value or current cost using the average cost method and consist of: March 31, 2024 December 31, 2023 Logs, chips and sawdust $ 16.0 $ 22.1 Pulp 18.4 16.8 Paperboard and tissue products 164.7 156.8 Materials and supplies 128.6 124.1 $ 327.8 $ 319.8 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consist of: March 31, 2024 December 31, 2023 Land and land improvements $ 107.2 $ 106.0 Buildings and improvements 461.2 461.0 Machinery and equipment 2,366.8 2,359.9 Construction in progress 58.3 53.0 2,993.5 2,979.8 Less accumulated depreciation and amortization (2,010.4) (1,989.7) Property, plant and equipment, net $ 983.1 $ 990.1 |
Payables and Accruals (Tables)
Payables and Accruals (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of: March 31, 2024 December 31, 2023 Trade payables $ 182.1 $ 163.9 Accrued compensation 33.5 39.0 Operating lease liabilities 15.5 15.4 Other 69.4 66.9 $ 300.6 $ 285.1 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | Long-term debt at the balance sheet dates consisted of: March 31, 2024 December 31, 2023 Interest Rate at March 31, 2024 Principal Unamortized Debt Costs Total Principal Unamortized Debt Costs Total Term loan credit agreement maturing 2028, fixed interest rate 9.1% $ 150.0 $ (2.6) $ 147.4 $ 150.0 $ (2.8) $ 147.2 2020 Notes, maturing 2028, fixed interest rate 4.8% 275.0 (2.2) 272.8 275.0 (2.4) 272.6 ABL Credit Agreement, variable interest rates 6.7% — — — 20.0 — 20.0 Finance leases 23.0 — 23.0 23.3 — 23.3 Total debt 448.0 (4.9) 443.2 468.3 (5.1) 463.1 Less: current portion (0.9) (0.9) (0.8) — (0.8) Net long-term portion $ 447.2 $ (4.9) $ 442.3 $ 467.4 $ (5.1) $ 462.3 In February 2024, we entered into a commitment letter to obtain financing from AgWest Farm Credit, PCA (“AgWest”), CoBank, FCB (“CoBank”) and Coöperatieve Rabobank U.A., New York Branch (“Rabobank”) in connection with the planned acquisition discussed at Note 16. In connection with the commitment, we paid an underwriting fee of $3.3 million, which is included in "Other assets, net" in the Consolidated Balance Sheets. As of March 31, 2024, no amounts were outstanding on these new facilities. |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The fair value of our debt is included in the following table: March 31, 2024 December 31, 2023 Term loan credit agreement, maturing 2028, fixed interest rate $ 151.2 $ 150.6 ABL Credit Agreement, variable interest rate — 20.0 2020 Notes, maturing 2028, fixed interest rate 254.4 255.1 $ 405.6 $ 425.7 |
Other Operating Charges, net (T
Other Operating Charges, net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Quarter Ended March 31, 2024 2023 Acquisition and project related costs $ 4.2 $ — Restructuring and integration costs 2.3 — Loss on sale or impairment associated with assets 0.2 1.1 Directors' equity-based compensation expense 1.2 (0.2) Other — 0.2 $ 7.9 $ 1.1 |
Non-operating Income (Expense_2
Non-operating Income (Expense) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Nonoperating Income (Expense) [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Quarter Ended March 31, 2024 2023 Interest expense $ (6.7) $ (7.6) Amortization of deferred debt costs (0.4) (0.3) Interest income 0.6 0.3 Interest expense, net (6.5) (7.6) Non-operating pension and other postretirement employee benefits 0.3 0.1 Total non-operating expense $ (6.2) $ (7.5) |
Retirement Plans and Postreti_2
Retirement Plans and Postretirement Benefits - (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Cost of Pension and Other Postretirement Employee Benefit Plans | The following table details the components of net periodic cost of our company-sponsored pension and other postretirement employee benefit plans for the periods presented: Quarter Ended March 31, Pension Benefit Plans 2024 2023 Service cost $ 0.6 $ 0.9 Interest cost 3.0 3.1 Expected return on plan assets (3.9) (3.8) Net periodic cost $ (0.3) $ 0.2 Quarter Ended March 31, Other Postretirement Employee Benefit Plans 2024 2023 Service cost $ 0.1 $ — Interest cost 0.7 0.7 Amortization of actuarial gain (0.1) (0.1) Net periodic cost $ 0.6 $ 0.6 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Accumulated other comprehensive loss, net of tax, is comprised of the following: Pension Plan Adjustments Other Post Retirement Employee Benefit Plan Adjustments Total Balance at December 31, 2022 $ (46.5) $ 13.3 $ (33.3) Amounts reclassified from accumulated other comprehensive loss — (0.1) (0.1) Balance at March 31, 2023 $ (46.5) $ 13.2 $ (33.4) Balance at December 31, 2023 $ (42.0) $ 11.3 $ (30.7) Amounts reclassified from accumulated other comprehensive loss — (0.1) — Balance at March 31, 2024 $ (41.9) $ 11.2 $ (30.7) |
Stockholders' Equity - (Tables)
Stockholders' Equity - (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Equity-Based Compensation Expense | Quarter Ended March 31, 2024 2023 Total stock-based compensation expense $ 3.3 $ 1.9 Income tax benefit related to stock-based compensation $ 0.3 $ 0.5 Impact on cash flow due to taxes paid related to net share settlement of equity awards $ 3.1 $ 4.2 |
Earnings per Common Share - (Ta
Earnings per Common Share - (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings per Share | Quarter Ended March 31, (In thousands) 2024 2023 Basic weighted-average common shares outstanding 16,607 16,834 Incremental shares due to: Stock-based awards 181 202 Performance shares 107 — Diluted weighted-average common shares outstanding 16,895 17,036 |
Segment Information - (Tables)
Segment Information - (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Reportable Segments Information | Quarter Ended March 31, 2024 2023 Segment net sales: Pulp and Paperboard $ 244.5 $ 278.8 Consumer Products 253.1 248.3 Eliminations (1.4) (1.7) Net sales $ 496.2 $ 525.4 Operating income (loss): Pulp and Paperboard $ 25.3 $ 57.1 Consumer Products 31.5 4.2 Corporate and eliminations (18.5) (20.4) Other operating charges, net (7.9) (1.1) Income from operations $ 30.4 $ 39.8 |
Disaggregation of Revenue [Table Text Block] | Net sales, classified by major products, were as follows: Quarter Ended March 31, 2024 2023 Major products: Paperboard $ 240.4 $ 272.9 Retail tissue 250.8 246.0 Pulp 2.3 3.2 Other 4.1 5.0 Eliminations (1.4) (1.7) Total net sales $ 496.2 $ 525.4 |
Receivables, net (Details)
Receivables, net (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Receivables, Net, Current [Abstract] | ||
Trade accounts receivable | $ 164.2 | $ 173.8 |
Accounts Receivable, Allowance for Credit Loss, Current | (1.3) | (1.5) |
Unbilled Receivables, Current | 5.2 | 4.1 |
Income Taxes Receivable, Current | 1.2 | 4.8 |
Other Receivables, Net, Current | 3.7 | 3.1 |
Receivables, Net | $ 173.1 | $ 184.5 |
Inventories - Inventories (Deta
Inventories - Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Inventories | $ 327.8 | $ 319.8 |
Inventory [Line Items] | ||
Inventory, Finished Goods, Net of Reserves | 164.7 | 156.8 |
Inventory, Supplies, Net of Reserves | 128.6 | 124.1 |
Inventories | 327.8 | 319.8 |
Inventories | ||
Inventory [Line Items] | ||
Inventory, Raw Materials, Net of Reserves | 16 | 22.1 |
Inventory Pulp | ||
Inventory [Line Items] | ||
Inventory, Raw Materials, Net of Reserves | $ 18.4 | $ 16.8 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,993.5 | $ 2,979.8 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (2,010.4) | (1,989.7) |
Property, Plant and Equipment, Net | 983.1 | 990.1 |
Land and Land Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 107.2 | 106 |
Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 461.2 | 461 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,366.8 | 2,359.9 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 58.3 | $ 53 |
Payables and Accruals (Details)
Payables and Accruals (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |||
Trade payables | $ 182.1 | $ 163.9 | |
Accrued compensation | 33.5 | 39 | |
Operating Lease, Liability, Current | 15.5 | 15.4 | |
Other Accrued Liabilities, Current | 69.4 | 66.9 | |
Accounts payable and accrued liabilities | 300.6 | 285.1 | |
Capital Expenditures Incurred but Not yet Paid | 10.3 | $ 7 | 13 |
Supplier Finance Program, Obligation | 12.8 | 14.7 | |
Unrecognized Tax Benefits | $ 26 | $ 26 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Expense (Benefit) | $ 7 | $ 8.4 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Debt (Details)
Debt (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 448,000,000 | $ 468,300,000 |
Unamortized Debt Issuance Expense | (4,900,000) | (5,100,000) |
Long-term Debt and Lease Obligation, Current | (900,000) | (800,000) |
Long-term Debt and Lease Obligation | 447,200,000 | 467,400,000 |
Finance Lease, Liability | 23,000,000 | 23,300,000 |
Long-term Debt, Fair Value | 405,600,000 | 425,700,000 |
Line of Credit Facility [Line Items] | ||
Long-term Debt and Lease Obligation, Including Current Maturities | 443,200,000 | 463,100,000 |
Long-term debt | 442,300,000 | 462,300,000 |
Payments of Financing Costs | 3,300,000 | |
Term Loan | Ag West Farm Credit | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 150,000,000 | 150,000,000 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.10% | |
Unamortized Debt Issuance Expense | $ (2,600,000) | (2,800,000) |
Long-term Debt, Fair Value | 151,200,000 | 150,600,000 |
Senior Note Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 275,000,000 | 275,000,000 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.80% | |
Long-term Debt | $ 272,800,000 | 272,600,000 |
Unamortized Debt Issuance Expense | (2,200,000) | (2,400,000) |
Long-term Debt, Fair Value | 254,400,000 | 255,100,000 |
Medium-Term Note | Ag West Farm Credit | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 147,400,000 | 147,200,000 |
J P Morgan | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | 0 | 20,000,000 |
Long-term Line of Credit | 0 | 20,000,000 |
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | $ 0 | $ 20,000,000 |
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate | 6.70% |
Other Operating Charges, net (D
Other Operating Charges, net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Operating Income (Expense), Net | $ 7.9 | $ 1.1 |
Operating Expense | ||
Business Combination, Acquisition Related Costs | 4.2 | 0 |
Reorganization Items | 2.3 | 0 |
Asset Impairment Charges | 0.2 | 1.1 |
Other Expenses | 0 | 0.2 |
Director [Member] | ||
Share based compensation expense | $ 1.2 | $ (0.2) |
Non-operating Income (Expense_3
Non-operating Income (Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Nonoperating Income (Expense) [Abstract] | ||
Interest Expense | $ (6.7) | $ (7.6) |
Amortization of Debt Issuance Costs | (0.4) | (0.3) |
Interest Income, Other | 0.6 | 0.3 |
Interest Expense, Net | (6.5) | (7.6) |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 0.3 | 0.1 |
Total non-operating expense | $ (6.2) | $ (7.5) |
Retirement Plans and Postreti_3
Retirement Plans and Postretirement Benefits - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | $ 0.6 | $ 0.9 |
Interest cost | 3 | 3.1 |
Expected return on plan assets | (3.9) | (3.8) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (0.3) | 0.2 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | 0.1 | 0 |
Interest cost | 0.7 | 0.7 |
Defined Benefit Plan, Amortization of Gain (Loss) | (0.1) | 0.1 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 0.6 | 0.6 |
Cost of Sales [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 0.6 | 0.8 |
Selling, General and Administrative Expenses [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | $ 0.1 | $ 0.1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (30.7) | $ (33.4) | $ (30.7) | $ (33.3) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | (0.1) | ||
Pension Plan [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (41.9) | (46.5) | (42) | (46.5) |
Pension Plan [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Other Postretirement Benefits Plan [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 11.2 | 13.2 | $ 11.3 | $ 13.3 |
Other Postretirement Benefits Plan [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (0.1) | $ (0.1) |
Stockholders' Equity - (Detail)
Stockholders' Equity - (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 600,000 | |
Equity-based compensation expense | $ 3.3 | $ 1.9 |
Payment, Tax Withholding, Share-based Payment Arrangement | 3.1 | 4.2 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 21.3 | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0.3 | $ 0.5 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share-based awards granted | 207,628 | |
Grant-date fair value of awards per share | $ 37.97 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 181,000 | 202,000 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share-based awards granted | 160,057 | |
Grant-date fair value of awards per share | $ 40.18 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 107,000 | 0 |
Earnings per Common Share - Rec
Earnings per Common Share - Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings Per Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Number of Shares Outstanding, Basic | 16,607 | 16,834 |
Weighted Average Number of Shares Outstanding, Diluted | 16,895 | 17,036 |
Anti-dilutive shares excluded from calculation | 400 | 400 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 181 | 202 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 107 | 0 |
Segment Information (Detail)
Segment Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Net Sales | $ 496.2 | $ 525.4 |
Income from operations | 30.4 | 39.8 |
Other operating charges, net | (7.9) | (1.1) |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net Sales | (1.4) | (1.7) |
Corporate, Non-Segment | ||
Segment Reporting Information [Line Items] | ||
Income from operations | (18.5) | (20.4) |
Paperboard [Domain] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 240.4 | 272.9 |
Retail tissue [Domain] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 250.8 | 246 |
Pulp [Domain] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 2.3 | 3.2 |
Other [Domain] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 4.1 | 5 |
Pulp And Paperboard [Member] | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 244.5 | 278.8 |
Income from operations | 25.3 | 57.1 |
Consumer Products | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 253.1 | 248.3 |
Income from operations | $ 31.5 | $ 4.2 |
Business Combinations and Ass_2
Business Combinations and Asset Acquisitions (Details) - Pending Augusta, Georgia Mill Acquisition [Member] $ in Millions | Feb. 20, 2024 USD ($) |
Business Acquisition [Line Items] | |
Business Acquisition, Date of Acquisition Agreement | Feb. 20, 2024 |
Business Combination, Price of Acquisition, Expected | $ 700 |