Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2024 | Nov. 04, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2024 | |
Entity File Number | 001-34146 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
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 $0.0001 per share | |
Trading Symbol | CLW | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 16,567,722 | |
Local Phone Number | 344-5900 | |
City Area Code | 509 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 35.5 | $ 42 |
Receivables, Net | 172.7 | 96.1 |
Inventories | 264.6 | 161.2 |
Other current assets | 12.9 | 17.4 |
Disposal Group, Including Discontinued Operation, Assets, Current | 246.1 | 247.5 |
Total current assets | 731.9 | 564.1 |
Property, Plant and Equipment, Gross | 2,294.2 | 1,608.6 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,282.2) | (1,247.9) |
Property, Plant and Equipment, Net | 1,012 | 360.7 |
Goodwill and intangible assets | 52.2 | 41.5 |
Other assets, net | 59.1 | 47.6 |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 633.6 | 657.9 |
TOTAL ASSETS | 2,488.7 | 1,671.8 |
Current liabilities: | ||
Current portion of long-term debt | 7.4 | 0 |
Accounts payable and accrued liabilities | 301.7 | 195.5 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 103 | 90.5 |
Total current liabilities | 412.1 | 286 |
Long-term debt | 1,143.3 | 439.9 |
Liability for pension and other postretirement employee benefits | 52.4 | 54.5 |
Deferred tax liabilities and other long-term obligations | 85.8 | 84.6 |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 130.5 | 138.1 |
Total liabilities | 1,824.1 | 1,003 |
Stockholders' equity: | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common Stock, Value, Issued | 0 | 0 |
Additional paid-in capital | 13.7 | 14.9 |
Retained earnings | 681.7 | 684.5 |
Accumulated other comprehensive loss, net of tax | (30.8) | (30.7) |
Total stockholders' equity | 664.6 | 668.8 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,488.7 | $ 1,671.8 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 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) | 16,590,722 | 16,484,550 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Income Statement [Abstract] | ||||
Net Sales | $ 393.3 | $ 278.9 | $ 996.5 | $ 867.4 |
Costs and expenses: | ||||
Cost of sales | 363.2 | 228.3 | 935.1 | 702.6 |
Selling, General and Administrative Expense | 31.6 | 28.3 | 90 | 88 |
Other Operating Income (Expense), Net | 0.3 | (1.7) | (20.3) | (1.1) |
Total operating costs and expenses | 394.5 | 258.2 | 1,045.4 | 791.7 |
Income (loss) from continuing operations | (1.2) | 20.7 | (48.9) | 75.7 |
Interest Expense, Net | (13.1) | (2.2) | (24) | (7.9) |
Other Nonoperating Income (Expense) | 0.3 | 0.1 | 1 | 0.3 |
Total non-operating expense | (12.8) | (2.1) | (22.9) | (7.6) |
Income (loss) from continuing operations before income taxes | (14) | 18.6 | (71.8) | 68.1 |
Income tax provision (benefit) | (3.3) | 3.7 | (17.4) | 16.7 |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (10.7) | 14.9 | (54.4) | 51.4 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 16.6 | 21.7 | 51.6 | 38.8 |
Net Income (loss) | $ 5.8 | $ 36.6 | $ (2.8) | $ 90.1 |
Net income (loss) per common share: | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.64) | $ 0.89 | $ (3.27) | $ 3.06 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 1 | 1.30 | 3.10 | 2.31 |
Basic (in dollars per share) | 0.35 | 2.19 | (0.17) | 5.37 |
Income (Loss) from Continuing Operations, Per Diluted Share | (0.64) | 0.88 | (3.27) | 3.01 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 1 | 1.29 | 3.10 | 2.27 |
Diluted (in dollars per share) | $ 0.35 | $ 2.17 | $ (0.17) | $ 5.29 |
Weighted Average Number of Shares Outstanding, Basic | 16,620 | 16,682 | 16,629 | 16,800 |
Weighted Average Number of Shares Outstanding, Diluted | 16,620 | 16,895 | 16,629 | 17,051 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 5.8 | $ 36.6 | $ (2.8) | $ 90.1 |
Defined benefit pension and other postretirement employee benefits: | ||||
Amortization of actuarial gain included in net periodic cost, net of immaterial tax | 0 | (0.1) | (0.1) | (0.2) |
Other comprehensive income (loss), net of tax | 0 | (0.1) | (0.1) | (0.2) |
Comprehensive income (loss) | $ 5.8 | $ 36.6 | $ (2.9) | $ 89.9 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2024 | Mar. 31, 2024 | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | Dec. 31, 2023 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income (loss) | $ 5.8 | $ 17.2 | $ 36.6 | $ 23.8 | $ (2.8) | $ 90.1 | ||
Depreciation and amortization | 78.3 | 73.8 | ||||||
Equity-based compensation expense | (0.9) | 3.5 | 7.2 | 7 | ||||
Deferred taxes | (10) | (7.3) | ||||||
Defined benefit pension and other postretirement employee benefits | (3.2) | (1.5) | ||||||
Amortization of Debt Issuance Costs | 0.6 | 0.1 | 2 | 0.9 | ||||
Loss on sale or impairment associated with assets | 1.6 | 1.4 | ||||||
(Increase) decrease in accounts receivable | (62.3) | 7.9 | ||||||
Increase in inventories | (5.6) | (10.1) | ||||||
Decrease in other current assets | 3.4 | 8.6 | ||||||
Increase (decrease) in accounts payable and accrued liabilities | 89.8 | (46.9) | ||||||
Other Operating Activities, Cash Flow Statement | (1.9) | 1 | ||||||
Net cash flows provided by operating activities | 96.5 | 125 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Additions to property, plant and equipment, net 1 | [1] | (83.6) | (48.5) | |||||
Payments to Acquire Businesses, Net of Cash Acquired | (708.2) | 0 | ||||||
Net cash flows used in investing activities | (791.8) | (48.5) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Borrowings on long-term debt | 753.5 | 12 | $ 150 | |||||
Repayments of long-term debt | (50.9) | (12.7) | ||||||
Payments for Repurchase of Common Stock | (6) | (15.1) | ||||||
Payments of Debt Issuance Costs | (4.9) | (0.2) | ||||||
Proceeds from (Payments for) Other Financing Activities | (2.7) | (4.7) | ||||||
Net cash flows provided by (used in) financing activities | 688.9 | (20.7) | ||||||
Increase (decrease) in cash and cash equivalents | (6.5) | 55.8 | ||||||
Cash and cash equivalents at beginning of period | $ 42 | $ 54.4 | 42 | 54.4 | 54.4 | |||
Cash and cash equivalents at end of period | $ 35.5 | $ 110.2 | 35.5 | 110.2 | $ 42 | |||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||
Cash paid for interest, net of amounts capitalized | 42.7 | 29.9 | ||||||
Income Taxes Paid, Net | $ 14.8 | $ 28 | ||||||
[1] Capital expenditures of $25.5 million and $16.5 million that have not been paid as of September 30, 2024 and 2023 were excluded from the Statements of Cash Flows. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholder's Equity Consolidated Statements of Stockholder's Equity - USD ($) 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, 2022 | 16,762 | ||||
Beginning balance at Dec. 31, 2022 | 572.1 | $ 0 | 28.5 | 576.8 | (33.3) |
Net income | 90.1 | ||||
Ending balance (in shares) at Sep. 30, 2023 | 16,563 | ||||
Ending balance at Sep. 30, 2023 | 648.5 | $ 0 | 15.1 | 666.9 | (33.5) |
Beginning balance (in shares) at Mar. 31, 2023 | 16,953 | ||||
Beginning balance at Mar. 31, 2023 | 592 | $ 0 | 24.7 | 600.6 | (33.4) |
Net income | 29.7 | 29.7 | |||
Stock-based compensation expense | 1.7 | 1.7 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 18 | ||||
Issuance of shares under stock plans, net | (0.4) | (0.4) | |||
Pension and other postretirement employee benefit plans, net of tax | $ (0.1) | (0.1) | |||
Stock Repurchased and Retired During Period, Shares | (263) | ||||
Stock Repurchased and Retired During Period, Value | $ (8.4) | (8.4) | |||
Ending balance (in shares) at Jun. 30, 2023 | 16,708 | ||||
Ending balance at Jun. 30, 2023 | 614.5 | $ 0 | 17.7 | 630.3 | (33.4) |
Net income | 36.6 | 36.6 | |||
Stock-based compensation expense | 2.5 | 2.5 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 6 | ||||
Issuance of shares under stock plans, net | (0.1) | (0.1) | |||
Pension and other postretirement employee benefit plans, net of tax | $ (0.1) | (0.1) | |||
Stock Repurchased and Retired During Period, Shares | (150) | ||||
Stock Repurchased and Retired During Period, Value | $ (5) | (5) | |||
Ending balance (in shares) at Sep. 30, 2023 | 16,563 | ||||
Ending balance at Sep. 30, 2023 | 648.5 | $ 0 | 15.1 | 666.9 | (33.5) |
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) |
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 | (2.8) | ||||
Ending balance (in shares) at Sep. 30, 2024 | 16,591 | ||||
Ending balance at Sep. 30, 2024 | 664.6 | $ 0 | 13.7 | 681.7 | (30.8) |
Beginning balance (in shares) at Mar. 31, 2024 | 16,647 | ||||
Beginning balance at Mar. 31, 2024 | 684.5 | $ 0 | 13.5 | 701.7 | (30.7) |
Net income | (25.8) | (25.8) | |||
Stock-based compensation expense | 2.8 | 2.8 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 59 | ||||
Issuance of shares under stock plans, net | 0.2 | 0.2 | |||
Stock Repurchased and Retired During Period, Shares | (64) | ||||
Stock Repurchased and Retired During Period, Value | (3) | (3) | |||
Ending balance (in shares) at Jun. 30, 2024 | 16,642 | ||||
Ending balance at Jun. 30, 2024 | 658.6 | $ 0 | 13.5 | 675.8 | (30.7) |
Net income | 5.8 | 5.8 | |||
Stock-based compensation expense | 2.7 | 2.7 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 13 | ||||
Issuance of shares under stock plans, net | 0.1 | 0.1 | |||
Stock Repurchased and Retired During Period, Shares | (64) | ||||
Stock Repurchased and Retired During Period, Value | (2.5) | (2.5) | |||
Ending balance (in shares) at Sep. 30, 2024 | 16,591 | ||||
Ending balance at Sep. 30, 2024 | $ 664.6 | $ 0 | $ 13.7 | $ 681.7 | $ (30.8) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2024 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | Description of Business and Basis of Presentation Description of Business Clearwater Paper Corporation (the “Company,” “our” or “we”) is a premier manufacturer and supplier of bleached paperboard focused on servicing independent converters in North America. We also offer services that include customer sheeting, slitting, and cutting. Prior to the completion of the sale of our consumer products division, we manufactured and sold consumer and parent roll tissues to major retailers, including grocery, club and discount stores. On May 1, 2024, we completed the acquisition of a paperboard manufacturing facility and associated business in Augusta Georgia. See Note 3 Business Acquisition for more information about the acquisition. On July 21, 2024, we signed a binding agreement with Sofidel America to sell our consumer products division. This anticipated sale represents a strategic shift in our operations and financial results resulting in discontinued operations accounting treatment associated with this division. For all periods presented, the operating results associated with the consumer products division have been reclassified to discontinued operations and have been shown as net income from discontinued operations, net of taxes. The assets and liabilities associated with these businesses have been reflected as current and long-term assets and liabilities of discontinued operations in the Consolidated Balance Sheets. Additionally, certain reclassifications have been made to our continuing business to reflect certain intercompany transactions between the consumer products division and our remaining entity such as treatment of intercompany sales and cost inputs. For the three and nine months ended September 30, 2023, the impact of this reclassification was an increase to net sales of $18.3 million and $58.8 million and an increase to cost of sales of $18.4 million and $58.9 million. See Note 4, Discontinued Operation for more information on the divestiture. 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 unaudited 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. Reportable Segment Effective July 21, 2024, we have determined that we have one reportable segment. This reportable segment aligns with the Company's business strategy, and the manner in which the Chief Executive Officer, the Company's chief operating decision maker, assesses performance and makes decisions regarding the allocation of resources for the Company. We manage our operations as a single segment for the purposes of assessing performance and making operating decisions. Discontinued Operations We present discontinued operations when there is a plan to dispose of a component of an entity or a group of components of an entity if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. In the period in which the component meets held-for-sale or discontinued operations criteria, the major assets and liabilities are reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinuing operations, less applicable income taxes, are reported as components of net income (loss) separate from the net income (loss) from continuing operations. Additionally, we have elected to allocate interest expense to discontinued operations related to debt that was not directly attributed to the division being disposed of. Interest expense was allocated based on a ratio of net assets of discontinued operations to the consolidated net assets plus consolidated debt. |
Recently Adopted and New Accoun
Recently Adopted and New Accounting Standards New Accounting Pronouncements (Notes) | 3 Months Ended |
Sep. 30, 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. Adoption of this ASU will result in additional disclosure, but it will not impact our consolidated financial position, results of operations or cash flows. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting— Improvements to Reportable Segment Disclosures (Topic 280) . The guidance enhances disclosures of significant segment expenses by requiring the disclosure of significant segment expenses regularly provided to the chief operating decision maker, extends certain annual disclosures to interim periods, and permits more than one measure of segment profit or loss to be reported under certain conditions. All disclosure requirements are also required for companies with a single reportable segment. The guidance is effective in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of this ASU will result in additional disclosure, but it will not impact our consolidated financial position, results of operations or cash flows. |
Business Combinations and Asset
Business Combinations and Asset Acquisitions | 9 Months Ended |
Sep. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Business Combination Disclosure | Business Acquisition On May 1, 2024, we completed the acquisition of a paperboard manufacturing facility and associated business, located in Augusta, Georgia (Augusta) from Graphic Packaging International, LLC (Augusta Acquisition). The acquisition is being accounted for under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 805, Business Combinations as a business combination as opposed to an asset acquisition. We used borrowings under our credit facilities to fund the acquisition. This acquisition strengthened our position as a premier, independent supplier of paperboard products to converters through improved scale and cost structure. The purchase price of the Augusta Acquisition was allocated to assets acquired and liabilities assumed based on the estimated fair values as of the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, which is expected to be deductible for tax purposes. The allocation of the purchase price shown below remains preliminary and is subject to further adjustment, pending additional refinement and final completion of valuations, including but not limited to valuations of property, plant and equipment. Goodwill is primarily attributed to synergies from future expected economic benefits, including enhanced revenue growth as well as cost savings from reduction of duplicative overhead, streamlined operations and enhanced operational efficiency. The purchase price allocation as of September 30, 2024 is as follows: Original Purchase Price Allocation Measurement Period Adjustments Updated Purchase Price Allocation Purchase price $ 708.2 $ — $ 708.2 Inventories, net 102.8 — 102.8 Other current assets 0.4 — 0.4 Property, plant and equipment 609.3 1.4 610.7 Other assets, net 11.8 — 11.8 Total assets acquired 724.3 1.4 725.7 Current portion of long-term debt (0.6) — (0.6) Accounts payable and accrued liabilities (7.7) — (7.7) Long-term debt (8.9) — (8.9) Other long-term obligations (12.6) — (12.6) Total liabilities assumed (29.7) — (29.7) Net assets acquired 694.5 1.4 695.9 Goodwill 13.7 $ (1.4) 12.3 Total estimated fair value of net assets acquired $ 708.2 $ — $ 708.2 As reflected in the previous table, we updated the purchase price allocation for the Augusta acquisition based on third-party valuation reports we received during the third quarter of 2024 to update the fair value of property, plant and equipment acquired with a corresponding change to goodwill. The Consolidated Statements of Operations includes $213.1 million of Net Sales and $5.5 million of Net Loss for the nine months ended September 30, 2024 associated with this acquisition. The following unaudited pro forma consolidated financial information for the nine months ended September 30, 2024 combines our results and the unaudited results of the Augusta operations for the corresponding periods. The unaudited pro forma consolidated financial information assumes that the Augusta Acquisition, which closed on May 1, 2024, was completed on January 1, 2023. The pro forma consolidated financial information has been calculated after applying our accounting policies and includes adjustments to reduce previous recorded amortization expense, fair value adjustments for acquired inventory, property, plant and equipment and operating leases. The impact to depreciation expense was de minimis due to the valuation step up being offset by increased useful lives. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of our operating results that would have been achieved had the Augusta Acquisition actually taken place on January 1, 2023. In addition, these results are not intended to be a projection of future results and do not reflect events that may occur after the Augusta Acquisition, including but not limited to revenue enhancements, cost savings or operating synergies that we may achieve as a result of the Augusta Acquisition. Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net sales $ 393.3 $403.0 $ 1,185.3 $ 1,324.7 Net income (loss) 5.8 31.9 (16.1) 97.7 |
Discontinued Operations and Dis
Discontinued Operations and Disposal Groups | 3 Months Ended |
Sep. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure | Discontinued Operations On July 21, 2024, we entered into agreements with Sofidel America Corp. (Sofidel), pursuant to which we agreed to sell our consumer products division through the divestiture of certain wholly owned subsidiaries and certain assets of the Company. The purchase price was $1.06 billion in cash, subject to adjustments for debt and transaction expenses. Accordingly, financial results included in this document report the consumer products division as discontinued for all periods presented. Below is a reconciliation of line items constituting pre-tax income from discontinued operations to the after-tax income from discontinued operations as reported on our Consolidated Statement of Operations: Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net sales $ 262.4 $ 259.3 $ 768.3 $ 761.3 Cost of sales 212.2 203.3 611.1 627.4 Selling, general and administrative expenses 7.0 8.1 22.7 23.4 Depreciation and amortization 6.7 14.2 35.0 43.5 Other operating charges, net 6.3 0.1 10.8 1.3 Income from discontinued operations 30.1 33.6 88.7 65.8 Other non-operating expense (8.0) (4.6) (19.7) (14.1) Total non-operating expense (8.0) (4.6) (19.7) (14.1) Income from discontinued operations before income taxes 22.1 29.0 68.9 51.7 Income tax provision 5.6 7.2 17.4 12.9 Income from discontinued operations, net of tax $ 16.6 $ 21.7 $ 51.6 $ 38.8 The major components of “Other operating charges, net” included in discontinued operations for the quarter and nine months ended September 30, 2024 and 2023 are reflected in the table below. These items are considered outside of our core discontinued operations. Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Divestiture related costs $ 6.2 $ — $ 10.5 $ — Loss on sale or impairment associated with assets 0.1 0.1 0.3 1.3 $ 6.3 $ 0.1 $ 10.8 $ 1.3 The carrying amounts of major components of assets and liabilities included as part of discontinued operations are as follows: September 30, 2024 December 31, 2023 Assets of discontinued operations: Receivables, net of allowance for current expected credit losses $ 82.0 $ 88.4 Inventories, net 162.1 158.6 Other current assets 2.0 0.5 Property, plant and equipment, net 608.1 629.4 Other assets, net 25.5 28.5 Total assets of discontinued operations 879.7 905.4 Liabilities of discontinued operations: Current portion of long-term debt 0.9 0.8 Accounts payable and accrued liabilities 102.1 89.7 Long-term debt 21.7 22.4 Liability for pension and other postretirement employee benefits 1.2 1.2 Deferred tax liabilities and other long-term obligations 107.5 114.5 Total liabilities of discontinued operations 233.5 228.6 Net assets of discontinued operations $ 646.2 $ 676.8 Operating and investing cash flows of the discontinued operation are presented in the following table: Nine Months Ended September 30, 2024 2023 Net cash provided by operating activities of discontinued operations $ 133.8 $ 75.1 Net cash used in investing activities of discontinued operations (9.8) (12.1) |
Receivables, net (Notes)
Receivables, net (Notes) | 9 Months Ended |
Sep. 30, 2024 | |
Receivables, Net, Current [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Revenue and Receivables The table below represents our disaggregation of revenue based upon continuing operations. The information provided has been recast from prior reported information to include certain transfers of pulp and other inputs into Net Sales. These amounts were previously reported as an offset to manufacturing costs in the pulp and paperboard division. Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net Sales: Paperboard $ 374.5 $ 253.8 $ 946.5 $ 789.7 Pulp 12.4 21.2 36.2 64.5 Other 6.3 4.0 13.8 13.3 $ 393.3 $ 278.9 $ 996.5 $ 867.4 Receivables consist of: September 30, 2024 December 31, 2023 Trade accounts receivable $ 150.3 $ 85.2 Allowance for current expected credit losses (1.5) (1.2) Unbilled receivables 5.0 4.1 Taxes receivable 12.4 4.8 Other 6.6 3.1 $ 172.7 $ 96.1 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 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: September 30, 2024 December 31, 2023 Logs, chips and sawdust $ 30.5 $ 22.1 Pulp 7.5 4.7 Paperboard products 122.0 77.4 Materials and supplies 104.7 57.0 $ 264.6 $ 161.2 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 9 Months Ended |
Sep. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | Property, Plant and Equipment Property, plant and equipment consist of: September 30, 2024 December 31, 2023 Land and land improvements $ 65.8 $ 45.1 Buildings and improvements 232.2 179.4 Machinery and equipment 1,922.0 1,341.1 Construction in progress 74.2 43.0 2,294.2 1,608.6 Less accumulated depreciation and amortization (1,282.2) (1,247.9) Property, plant and equipment, net $ 1,012.0 $ 360.7 |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other | 9 Months Ended |
Sep. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | Goodwill and Intangibles Changes in the carrying amounts of goodwill and intangible assets are as follows: Goodwill Intangibles Total Balance as of December 31, 2023 $ 35.1 $ 6.4 $ 41.5 Recognized goodwill 12.3 — 12.3 Amortization — (1.6) (1.6) Balance as of September 30, 2024 $ 47.3 $ 4.8 $ 52.2 Intangible assets consisted of $4.8 million customer relationships. Outstanding definite-lived intangible assets are amortized over their useful lives of 10 years. The gross book value and accumulated amortization of definite lived intangible assets at September 30, 2024 was $34.9 million and $30.0 million. The gross book value and accumulated amortization of definite lived intangible assets at December 31, 2023 was $34.9 million and $28.4 million. |
Payables and Accruals
Payables and Accruals | 9 Months Ended |
Sep. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure | Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of: September 30, 2024 December 31, 2023 Trade payables $ 172.1 $ 89.1 Accrued compensation 43.2 32.8 Operating lease liabilities 10.7 8.5 Other 75.6 65.0 $ 301.7 $ 195.5 Included in "Accounts payable and accrued liabilities" are $25.5 million and $13.0 million related to capital expenditures that had not yet been paid as of September 30, 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 September 30, 2024 and December 31, 2023, $15.2 million and $14.7 million of outstanding obligations under this program were included in "Other" in the table above. As of September 30, 2024 and December 31, 2023, unrecognized tax benefits, including associated interest, of $29.1 million and $27.4 million were included in "Other" in the table above. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 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. Nine Months Ended September 30, 2024 2023 Income (loss) from continuing operations before income taxes $ (71.8) $ 68.1 Income tax provision (benefit) - continuing operations (17.4) 16.7 Effective rate 24.3 % 24.5 % Income from discontinued operations before income taxes $ 68.9 $ 51.7 Income tax provision - discontinued operations 17.4 12.9 Effective rate 25.2 % 25.0 % For the nine months ended September 30, 2024, we recognized an income tax benefit of $17.4 million on loss from continuing operations before taxes of $71.8 million compared to a provision of $16.7 million on income from continuing operations of $68.1 million in the same period in 2023. Our effective tax rate for the nine months ended September 30, |
Debt
Debt | 9 Months Ended |
Sep. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Debt Long-term debt at the balance sheet dates consisted of: September 30, 2024 December 31, 2023 Interest Rate at September 30, 2024 Principal Unamortized Debt Costs Total Principal Unamortized Debt Costs Total Term Revolving Facility under Term loan Credit Agreement maturing 2029, fixed interest rate 9.1% $ 150.0 $ (2.3) $ 147.7 $ 150.0 $ (2.8) $ 147.2 Term Revolving Facility under Term Loan Credit Agreement maturing 2029, variable interest rate 9.0% 120.0 — 120.0 — — — Farm Credit Term Loan Facility under Term Loan Credit Agreement maturing 2031, variable interest rate 9.0% 395.0 (2.6) 392.4 — — — Commercial Bank Term Loan Facility under Term Loan Credit Agreement, maturing 2029, variable interest rate 8.4% 88.9 (0.6) 88.3 — — — 2020 Notes, maturing 2028, fixed interest rate 4.8% 275.0 (2.0) 273.0 275.0 (2.4) 272.6 Revolving loan facility under ABL Credit Agreement, maturing 2027, variable interest rate 6.5% 120.0 — 120.0 20.0 — 20.0 Finance leases 9.2 — 9.2 — — — Total debt 1,158.1 (7.4) 1,150.7 445.0 (5.1) 439.9 Less: current portion (7.9) 0.5 (7.4) — — — Net long-term portion $ 1,150.2 $ (6.9) $ 1,143.3 $ 445.0 $ (5.1) $ 439.9 TERM CREDIT AGREEMENTS On May 1, 2024, the Company entered into an amendment and restatement of our Credit Agreement, dated October 27, 2023, with AgWest Farm Credit, PCA, as administrative agent, and several lenders (as so amended and restated, the “Term Credit Agreement”). After giving effect to the amendment and restatement, the credit facilities provided under the Term Credit Agreement consist of (i) a term revolver loan commitment in the amount of $270 million (the “Term Revolver Facility”), $150 million of which was borrowed on October 27, 2023 and $120 million of which was borrowed on May 1, 2024, (ii) a term loan commitment in the amount of $400 million (the “Farm Credit Term Loan Facility”), which was fully borrowed on May 1, 2024 and (iii) a term loan commitment in the amount of $90 million (the “Commercial Bank Term Loan Facility” and together with the Farm Credit Term Loan Facility, collectively, the “Term Loan Facilities”), which was fully borrowed on May 1, 2024. We may increase commitments under the Term Revolver Facility in an aggregate principal amount of up to $60 million, subject to obtaining commitments from participating lenders. The Term Credit Agreement matures on the earlier of (i) in the case of the Term Revolver Facility and the Commercial Bank Term Loan Facility, May 1, 2029, (ii) in the case of the Farm Credit Term Loan Facility, May 1, 2031 and (iii) and subject to springing maturity 91 days prior to the maturity of the 2020 Notes, if the outstanding principal amount of the 2020 Notes plus $50 million is less than our available borrowing liquidity and unrestricted cash. We may prepay and reborrow the borrowings under the Term Revolver Facility, in whole or in part, at any time and from time to time without premium or penalty (other than prepayments of the initial advance on the Term Revolver Facility of $150 million to the extent made prior to November 1, 2024 and in certain other circumstances). In addition, we must make mandatory prepayments of principal under the Term Revolver Facility upon the occurrence of certain asset sales. We are required to repay a percentage of the aggregate outstanding principal amount of the borrowings under the Term Loan Facilities in quarterly installments on the last day of each March, June, September and December, commencing on the first day of the third full fiscal quarter after May 1, 2024. We may prepay any borrowings under the Term Loan Facilities, in whole or in part, at any time and from time to time without premium or penalty. In addition, we must make mandatory prepayments of principal under the Term Loan Facilities upon the occurrence of certain specified events, including certain asset sales (as disclosed in Note 4 Discontinued Operations), debt issuances not permitted under the Term Credit Agreement, and of 50% of our quarterly excess cash flows, less any voluntary prepayments of the Term Loan Facilities. ABL CREDIT AGREEMENT On May 1, 2024, the Company entered into an amendment (the “ABL Amendment”) of its Credit Agreement, dated July 26, 2019, with JPMorgan Chase Bank, N.A., as administrative agent and several lenders (as so amended, the “ABL Credit Agreement”). After giving effect to the ABL Amendment, the maximum commitment of the lenders (subject to borrowing base limitations) under the ABL Credit Agreement was increased from $275 million to $375 million, $120 million of which was borrowed as of September 30, 2024 and $3.7 million of which was utilized for outstanding but undrawn letters of credit. As of September 30, 2024, we were in compliance with the currently applicable covenants associated with the Term Credit Agreement and the ABL Credit Agreement. The fair value of our debt is included in the following table: September 30, 2024 December 31, 2023 Farm Credit Term Loan Facility under Term Credit agreement, maturing 2031, variable interest rate $ 400.0 $ — 2020 Notes, maturing 2028, fixed interest rate 258.2 255.1 Term Revolver Facility under Term Credit Agreement, maturing 2029, fixed interest rate 150.1 150.6 Term Revolver Facility under Term Credit Agreement, maturing 2029, variable interest rate 120.1 — Commercial Bank Term Loan Facility under Term Credit Agreement, maturing 2029, variable interest rate 90.0 — Revolving loan facility under ABL Credit Agreement, maturing 2027, variable interest rate 120.0 20.0 $ 1,138.3 $ 425.7 |
Other Operating Charges, net (N
Other Operating Charges, net (Notes) | 9 Months Ended |
Sep. 30, 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 quarter and nine months ended September 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Acquisition related costs $ 0.5 $ — $ 13.9 $ — Integration costs 2.3 — 5.7 — Loss on sale or impairment associated with assets 0.4 — 1.1 0.1 Directors' equity-based compensation expense (3.5) 1.0 (0.4) 0.6 Other — 0.7 — 0.4 $ (0.3) $ 1.7 $ 20.3 $ 1.1 2024 During the third quarter of 2024, we recorded $0.3 million of income in "Other operating charges, net." The main components of the income include: • expense of $0.5 million associated with acquisition activities (primarily legal and professional services); • expense of $2.3 million associated with integration activities (primarily professional services); • loss of $0.4 million associated with the impairment of property, plant and equipment; and • income of $3.5 million relating to directors' equity-based compensation which is remeasured each period based upon changes in our stock price. During the second quarter of 2024, we recorded $15.3 million of expense in "Other operating charges, net." The main components of the expense include: • expense of $10.1 million associated with acquisition activities (primarily legal and professional services); • expense of $2.5 million associated with integration activities (primarily professional services); • loss of $0.7 million associated with the impairment of property, plant and equipment; and • expense of $2.0 million relating to directors' equity-based compensation which is remeasured each period based upon changes in our stock price. During the first quarter of 2024, we recorded $5.3 million of expense in "Other operating charges, net." The main components of the expense include: • expense of $3.3 million associated with acquisition activities (primarily legal and professional services); • expense of $0.8 million associated with integration activities (primarily professional services); 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 third quarter of 2023, we recorded $1.7 million of expense in "Other operating charges, net." The main components of the expense include: • expense of $1.0 million relating to directors' equity-based compensation which is remeasured each period based upon changes in our stock price; During the second quarter of 2023, we recorded $0.1 million of income in "Other operating charges, net." The components of the income include: • 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. During the first quarter of 2023, we recorded $0.4 million of income in "Other operating charges, net." The components of the expense include: • 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) | 9 Months Ended |
Sep. 30, 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 quarter and nine months ended September 30, 2024 and 2023 are reflected in the table below: Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest expense $ (13.0) $ (3.0) $ (24.6) $ (9.1) Amortization of debt issuance costs and accretion of debt discount (0.6) (0.1) (1.2) (0.4) Interest income 0.4 0.9 1.8 1.5 Interest expense, net (13.1) (2.2) (24.0) (7.9) Non-operating pension and other postretirement employee benefits 0.3 0.1 1.0 0.3 Total non-operating expense $ (12.8) $ (2.1) $ (22.9) $ (7.6) |
Retirement Plans and Postretire
Retirement Plans and Postretirement Benefits | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, Pension Benefit Plans 2024 2023 2024 2023 Service cost $ 0.6 $ 0.9 $ 1.9 $ 2.6 Interest cost 3.0 3.1 8.9 9.3 Expected return on plan assets (3.9) (3.8) (11.8) (11.4) Net periodic cost $ (0.3) $ 0.2 $ (0.9) $ 0.6 Quarter Ended September 30, Nine Months Ended September 30, Other Postretirement Employee Benefit Plans 2024 2023 2024 2023 Service cost $ 0.1 $ — $ 0.2 $ 0.1 Interest cost 0.7 0.7 2.0 2.1 Amortization of actuarial gain (0.1) (0.1) (0.2) (0.4) Net periodic cost $ 0.6 $ 0.6 $ 2.0 $ 1.8 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 9 Months Ended |
Sep. 30, 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 — (0.3) (0.2) Balance at September 30, 2023 $ (46.5) $ 13.0 $ (33.5) Balance at December 31, 2023 $ (42.0) $ 11.3 $ (30.7) Amounts reclassified from accumulated other comprehensive loss 0.1 (0.2) (0.1) Balance at September 30, 2024 $ (41.9) $ 11.1 $ (30.8) |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 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. At September 30, 2024, approximately 0.6 million shares were available for future issuance under our current plan. Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Total stock-based compensation expense $ (0.9) $ 3.5 $ 7.2 $ 7.0 Income tax benefit related to stock-based compensation $ (0.5) $ 0.9 $ 0.8 $ 1.7 Impact on cash flow from proceeds on options exercised $ 0.2 $ — $ 1.3 $ — Impact on cash flow due to taxes paid related to net share settlement of equity awards $ 0.1 $ 0.1 $ 4.1 $ 4.7 At September 30, 2024, there was $15.8 million of total unrecognized compensation costs related to outstanding restricted stock unit awards, of which $2.5 million was related to the consumer products division. During the nine months ended September 30, 2024, we granted 221,319 restricted stock units (time vesting) at an average grant date fair value of $38.18 per share and 163,310 restricted stock units (performance vesting) at an average grant date fair value of $40.17 per share. |
Earnings per Common Share
Earnings per Common Share | 9 Months Ended |
Sep. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings (Loss) per Share Basic income (loss) per share is based on the weighted-average number of shares of common stock outstanding. Diluted income (loss) 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 September 30, Nine Months Ended September 30, (In thousands) 2024 2023 2024 2023 Basic weighted-average common shares outstanding 16,620 16,682 16,629 16,800 Incremental shares due to: Stock-based awards — 120 — 139 Performance shares — 94 — 112 Diluted weighted-average common shares outstanding 16,620 16,895 16,629 17,051 Shares excluded from the computation of diluted earnings (loss) per share were 0.3 million and 0.4 million for the quarter and nine months ended September 30, 2024 and 0.3 million and 0.4 million for the quarter and nine months ended September 30, 2023 as they were either antidilutive (not in-the-money) or the required performance conditions were not met. |
Unusual or Infrequently Occurri
Unusual or Infrequently Occurring Items | 9 Months Ended |
Sep. 30, 2024 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Unusual or Infrequent Items, or Both, Disclosure | Insurance RecoveryDuring the first quarter of 2024, we experienced a natural gas disruption due to an extreme weather event that resulted in damage at our Lewiston, Idaho facility. During the quarter ended June 30, 2024, we received $10.5 million in insurance proceeds, of which $4.7 million was related to business interruption insurance and $5.8 million was related to reimbursable costs. Proceeds of $9.3 million, associated with continuing operations, were recorded within "Cost of sales" in the Consolidated Statements of Operations and $0.3 million related to property, plant and equipment. Proceeds associated with discontinued operations were $0.9 million. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Business Divestiture On November 1, 2024, we completed the sale of the consumer products division (CPD) to Sofidel. As a result of the sale, we received $1.06 billion, subject to post-closing adjustments. As part of the transaction, we entered into a Transition Services Agreement, pursuant to which we will provide certain services of a transitional nature to Sofidel, a Lease Agreement, pursuant to which we will lease the portion of the land and facilities on which CPD operates at the Lewiston, Idaho facility to Sofidel, and a Services and Use Agreement, pursuant to which we will provide certain services to Sofidel in connection with the ongoing operations at Sofidel's manufacturing facilities located in Lewiston, Idaho. The lease term shall be five years with certain renewal rights for a maximum of ten years. In connection with the closure of the sale, we used the net proceeds to pay off all outstanding debt excluding 2020 Notes. On October 31, 2024, Clearwater Paper's Board of Directors approved a new $100 million share repurchase authorization, allowing the Company to opportunistically repurchase shares in addition to offsetting the dilution from employee share grants. This authorization replaces the Company’s previous authorization. The timing and amount of any repurchases of common stock will be solely at the discretion of the Company and is subject to general business and market conditions, as well as other factors. The authorization permits the Company to make repurchases of its common stock from time to time in open market or privately negotiated transactions, including accelerated share repurchase transactions and the use of Rule 10b5-1 trading plans. The authorization has no expiration date. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Pay vs Performance Disclosure | ||||||||
Net income (loss) | $ 5.8 | $ (25.8) | $ 17.2 | $ 36.6 | $ 29.7 | $ 23.8 | $ (2.8) | $ 90.1 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2024 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the quarter ended September 30, 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 |
Business Combinations and Ass_2
Business Combinations and Asset Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Original Purchase Price Allocation Measurement Period Adjustments Updated Purchase Price Allocation Purchase price $ 708.2 $ — $ 708.2 Inventories, net 102.8 — 102.8 Other current assets 0.4 — 0.4 Property, plant and equipment 609.3 1.4 610.7 Other assets, net 11.8 — 11.8 Total assets acquired 724.3 1.4 725.7 Current portion of long-term debt (0.6) — (0.6) Accounts payable and accrued liabilities (7.7) — (7.7) Long-term debt (8.9) — (8.9) Other long-term obligations (12.6) — (12.6) Total liabilities assumed (29.7) — (29.7) Net assets acquired 694.5 1.4 695.9 Goodwill 13.7 $ (1.4) 12.3 Total estimated fair value of net assets acquired $ 708.2 $ — $ 708.2 |
Business Acquisition, Pro Forma Information | Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net sales $ 393.3 $403.0 $ 1,185.3 $ 1,324.7 Net income (loss) 5.8 31.9 (16.1) 97.7 |
Discontinued Operations and D_2
Discontinued Operations and Disposal Groups (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Nine Months Ended September 30, 2024 2023 Net cash provided by operating activities of discontinued operations $ 133.8 $ 75.1 Net cash used in investing activities of discontinued operations (9.8) (12.1) |
Condensed Income Statement | Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net sales $ 262.4 $ 259.3 $ 768.3 $ 761.3 Cost of sales 212.2 203.3 611.1 627.4 Selling, general and administrative expenses 7.0 8.1 22.7 23.4 Depreciation and amortization 6.7 14.2 35.0 43.5 Other operating charges, net 6.3 0.1 10.8 1.3 Income from discontinued operations 30.1 33.6 88.7 65.8 Other non-operating expense (8.0) (4.6) (19.7) (14.1) Total non-operating expense (8.0) (4.6) (19.7) (14.1) Income from discontinued operations before income taxes 22.1 29.0 68.9 51.7 Income tax provision 5.6 7.2 17.4 12.9 Income from discontinued operations, net of tax $ 16.6 $ 21.7 $ 51.6 $ 38.8 The major components of “Other operating charges, net” included in discontinued operations for the quarter and nine months ended September 30, 2024 and 2023 are reflected in the table below. These items are considered outside of our core discontinued operations. Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Divestiture related costs $ 6.2 $ — $ 10.5 $ — Loss on sale or impairment associated with assets 0.1 0.1 0.3 1.3 $ 6.3 $ 0.1 $ 10.8 $ 1.3 |
Condensed Balance Sheet | September 30, 2024 December 31, 2023 Assets of discontinued operations: Receivables, net of allowance for current expected credit losses $ 82.0 $ 88.4 Inventories, net 162.1 158.6 Other current assets 2.0 0.5 Property, plant and equipment, net 608.1 629.4 Other assets, net 25.5 28.5 Total assets of discontinued operations 879.7 905.4 Liabilities of discontinued operations: Current portion of long-term debt 0.9 0.8 Accounts payable and accrued liabilities 102.1 89.7 Long-term debt 21.7 22.4 Liability for pension and other postretirement employee benefits 1.2 1.2 Deferred tax liabilities and other long-term obligations 107.5 114.5 Total liabilities of discontinued operations 233.5 228.6 Net assets of discontinued operations $ 646.2 $ 676.8 |
Receivables, net (Tables)
Receivables, net (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Receivables, Net, Current [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net Sales: Paperboard $ 374.5 $ 253.8 $ 946.5 $ 789.7 Pulp 12.4 21.2 36.2 64.5 Other 6.3 4.0 13.8 13.3 $ 393.3 $ 278.9 $ 996.5 $ 867.4 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2024 December 31, 2023 Trade accounts receivable $ 150.3 $ 85.2 Allowance for current expected credit losses (1.5) (1.2) Unbilled receivables 5.0 4.1 Taxes receivable 12.4 4.8 Other 6.6 3.1 $ 172.7 $ 96.1 |
Inventories - (Tables)
Inventories - (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | September 30, 2024 December 31, 2023 Logs, chips and sawdust $ 30.5 $ 22.1 Pulp 7.5 4.7 Paperboard products 122.0 77.4 Materials and supplies 104.7 57.0 $ 264.6 $ 161.2 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | September 30, 2024 December 31, 2023 Land and land improvements $ 65.8 $ 45.1 Buildings and improvements 232.2 179.4 Machinery and equipment 1,922.0 1,341.1 Construction in progress 74.2 43.0 2,294.2 1,608.6 Less accumulated depreciation and amortization (1,282.2) (1,247.9) Property, plant and equipment, net $ 1,012.0 $ 360.7 |
Intangible Assets, Goodwill a_2
Intangible Assets, Goodwill and Other (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill Intangibles Total Balance as of December 31, 2023 $ 35.1 $ 6.4 $ 41.5 Recognized goodwill 12.3 — 12.3 Amortization — (1.6) (1.6) Balance as of September 30, 2024 $ 47.3 $ 4.8 $ 52.2 |
Payables and Accruals (Tables)
Payables and Accruals (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of: September 30, 2024 December 31, 2023 Trade payables $ 172.1 $ 89.1 Accrued compensation 43.2 32.8 Operating lease liabilities 10.7 8.5 Other 75.6 65.0 $ 301.7 $ 195.5 |
Income Taxes - (Tables)
Income Taxes - (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Nine Months Ended September 30, 2024 2023 Income (loss) from continuing operations before income taxes $ (71.8) $ 68.1 Income tax provision (benefit) - continuing operations (17.4) 16.7 Effective rate 24.3 % 24.5 % Income from discontinued operations before income taxes $ 68.9 $ 51.7 Income tax provision - discontinued operations 17.4 12.9 Effective rate 25.2 % 25.0 % |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | September 30, 2024 December 31, 2023 Interest Rate at September 30, 2024 Principal Unamortized Debt Costs Total Principal Unamortized Debt Costs Total Term Revolving Facility under Term loan Credit Agreement maturing 2029, fixed interest rate 9.1% $ 150.0 $ (2.3) $ 147.7 $ 150.0 $ (2.8) $ 147.2 Term Revolving Facility under Term Loan Credit Agreement maturing 2029, variable interest rate 9.0% 120.0 — 120.0 — — — Farm Credit Term Loan Facility under Term Loan Credit Agreement maturing 2031, variable interest rate 9.0% 395.0 (2.6) 392.4 — — — Commercial Bank Term Loan Facility under Term Loan Credit Agreement, maturing 2029, variable interest rate 8.4% 88.9 (0.6) 88.3 — — — 2020 Notes, maturing 2028, fixed interest rate 4.8% 275.0 (2.0) 273.0 275.0 (2.4) 272.6 Revolving loan facility under ABL Credit Agreement, maturing 2027, variable interest rate 6.5% 120.0 — 120.0 20.0 — 20.0 Finance leases 9.2 — 9.2 — — — Total debt 1,158.1 (7.4) 1,150.7 445.0 (5.1) 439.9 Less: current portion (7.9) 0.5 (7.4) — — — Net long-term portion $ 1,150.2 $ (6.9) $ 1,143.3 $ 445.0 $ (5.1) $ 439.9 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | September 30, 2024 December 31, 2023 Farm Credit Term Loan Facility under Term Credit agreement, maturing 2031, variable interest rate $ 400.0 $ — 2020 Notes, maturing 2028, fixed interest rate 258.2 255.1 Term Revolver Facility under Term Credit Agreement, maturing 2029, fixed interest rate 150.1 150.6 Term Revolver Facility under Term Credit Agreement, maturing 2029, variable interest rate 120.1 — Commercial Bank Term Loan Facility under Term Credit Agreement, maturing 2029, variable interest rate 90.0 — Revolving loan facility under ABL Credit Agreement, maturing 2027, variable interest rate 120.0 20.0 $ 1,138.3 $ 425.7 |
Other Operating Charges, net (T
Other Operating Charges, net (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Acquisition related costs $ 0.5 $ — $ 13.9 $ — Integration costs 2.3 — 5.7 — Loss on sale or impairment associated with assets 0.4 — 1.1 0.1 Directors' equity-based compensation expense (3.5) 1.0 (0.4) 0.6 Other — 0.7 — 0.4 $ (0.3) $ 1.7 $ 20.3 $ 1.1 |
Non-operating Income (Expense_2
Non-operating Income (Expense) (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Nonoperating Income (Expense) [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest expense $ (13.0) $ (3.0) $ (24.6) $ (9.1) Amortization of debt issuance costs and accretion of debt discount (0.6) (0.1) (1.2) (0.4) Interest income 0.4 0.9 1.8 1.5 Interest expense, net (13.1) (2.2) (24.0) (7.9) Non-operating pension and other postretirement employee benefits 0.3 0.1 1.0 0.3 Total non-operating expense $ (12.8) $ (2.1) $ (22.9) $ (7.6) |
Retirement Plans and Postreti_2
Retirement Plans and Postretirement Benefits - (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Cost of Pension and Other Postretirement Employee Benefit Plans | Quarter Ended September 30, Nine Months Ended September 30, Pension Benefit Plans 2024 2023 2024 2023 Service cost $ 0.6 $ 0.9 $ 1.9 $ 2.6 Interest cost 3.0 3.1 8.9 9.3 Expected return on plan assets (3.9) (3.8) (11.8) (11.4) Net periodic cost $ (0.3) $ 0.2 $ (0.9) $ 0.6 Quarter Ended September 30, Nine Months Ended September 30, Other Postretirement Employee Benefit Plans 2024 2023 2024 2023 Service cost $ 0.1 $ — $ 0.2 $ 0.1 Interest cost 0.7 0.7 2.0 2.1 Amortization of actuarial gain (0.1) (0.1) (0.2) (0.4) Net periodic cost $ 0.6 $ 0.6 $ 2.0 $ 1.8 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | 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 — (0.3) (0.2) Balance at September 30, 2023 $ (46.5) $ 13.0 $ (33.5) Balance at December 31, 2023 $ (42.0) $ 11.3 $ (30.7) Amounts reclassified from accumulated other comprehensive loss 0.1 (0.2) (0.1) Balance at September 30, 2024 $ (41.9) $ 11.1 $ (30.8) |
Stockholders' Equity - (Tables)
Stockholders' Equity - (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Equity-Based Compensation Expense | Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Total stock-based compensation expense $ (0.9) $ 3.5 $ 7.2 $ 7.0 Income tax benefit related to stock-based compensation $ (0.5) $ 0.9 $ 0.8 $ 1.7 Impact on cash flow from proceeds on options exercised $ 0.2 $ — $ 1.3 $ — Impact on cash flow due to taxes paid related to net share settlement of equity awards $ 0.1 $ 0.1 $ 4.1 $ 4.7 |
Earnings per Common Share - (Ta
Earnings per Common Share - (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Earnings Per Share [Abstract] | |
Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings per Share | Quarter Ended September 30, Nine Months Ended September 30, (In thousands) 2024 2023 2024 2023 Basic weighted-average common shares outstanding 16,620 16,682 16,629 16,800 Incremental shares due to: Stock-based awards — 120 — 139 Performance shares — 94 — 112 Diluted weighted-average common shares outstanding 16,620 16,895 16,629 17,051 |
Business Combinations and Ass_3
Business Combinations and Asset Acquisitions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
May 01, 2024 | Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Business Acquisition [Line Items] | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | $ 1.4 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | 1.4 | ||||
Goodwill, Measurement Period Adjustment | (1.4) | ||||
Business Acquisition, Pro Forma Revenue | 393.3 | $ 403 | $ 1,185.3 | $ 1,324.7 | |
Business Acquisition, Pro Forma Net Income (Loss) | 5.8 | $ 31.9 | (16.1) | $ 97.7 | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 213.1 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (5.5) | ||||
Pending Augusta, Georgia Mill Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | $ 708.2 | 708.2 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 102.8 | 102.8 | 102.8 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 0.4 | 0.4 | 0.4 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 609.3 | 610.7 | 610.7 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 11.8 | 11.8 | 11.8 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 724.3 | 725.7 | 725.7 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-Term Debt | (0.6) | (0.6) | (0.6) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (7.7) | (7.7) | (7.7) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt | (8.9) | (8.9) | (8.9) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (12.6) | (12.6) | (12.6) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (29.7) | (29.7) | (29.7) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 694.5 | 695.9 | 695.9 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 13.7 | 12.3 | 12.3 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 708.2 | $ 708.2 | $ 708.2 |
Discontinued Operations and D_3
Discontinued Operations and Disposal Groups (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | $ 133.8 | $ 75.1 | |||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | (9.8) | (12.1) | |||
Disposal Group, Including Discontinued Operation, Revenue | $ 262.4 | $ 259.3 | 768.3 | 761.3 | |
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 212.2 | 203.3 | 611.1 | 627.4 | |
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 7 | 8.1 | 22.7 | 23.4 | |
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | 6.7 | 14.2 | 35 | 43.5 | |
Disposal Group, Including Discontinued Operation, Other Expense | 6.3 | 0.1 | 10.8 | 1.3 | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 22.1 | 29 | 68.9 | 51.7 | |
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 5.6 | 7.2 | 17.4 | 12.9 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 16.6 | 21.7 | 51.6 | 38.8 | |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 30.1 | 33.6 | 88.7 | 65.8 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Other Expense | 6.3 | 0.1 | 10.8 | 1.3 | |
Other Cost and Expense, Operating | 6.3 | 0.1 | 10.8 | 1.3 | |
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 82 | 82 | $ 88.4 | ||
Disposal Group, Including Discontinued Operation, Inventory | 162.1 | 162.1 | 158.6 | ||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 2 | 2 | 0.5 | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 608.1 | 608.1 | 629.4 | ||
Disposal Group, Including Discontinued Operation, Other Assets | 25.5 | 25.5 | 28.5 | ||
Disposal Group, Including Discontinued Operation, Assets | 879.7 | 879.7 | 905.4 | ||
DisposalGroupIncludingDiscontinuedOperationShorttermDebt | 0.9 | 0.9 | 0.8 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 103 | 103 | 90.5 | ||
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Liabilities | 102.1 | 102.1 | 89.7 | ||
DisposalGroupIncludingDiscontinuedOperationLongtermDebt | 21.7 | 21.7 | 22.4 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 130.5 | 130.5 | 138.1 | ||
Disposal Group, Including Discontinued Operation, Postretirement Plan Benefit Obligation | 1.2 | 1.2 | 1.2 | ||
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities | 107.5 | 107.5 | 114.5 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 233.5 | 233.5 | $ 228.6 | ||
Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Asset Impairment Charges | 0.1 | 0.1 | 0.3 | 1.3 | |
Other Nonoperating Income (Expense) | |||||
Discontinued Operations and Disposal Groups [Abstract] | |||||
Disposal Group, Including Discontinued Operation, Other Expense | 8 | 4.6 | 19.7 | 14.1 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Other Expense | 8 | 4.6 | 19.7 | 14.1 | |
Other Expense [Member] | |||||
Discontinued Operations and Disposal Groups [Abstract] | |||||
Disposal Group, Including Discontinued Operation, Other Expense | 6.2 | 0 | 10.5 | 0 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Other Expense | $ 6.2 | $ 0 | $ 10.5 | $ 0 |
Receivables, net (Details)
Receivables, net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | Dec. 31, 2023 | |
Receivables, Net, Current [Abstract] | |||||
Trade accounts receivable | $ 150.3 | $ 150.3 | $ 85.2 | ||
Accounts Receivable, Allowance for Credit Loss, Current | (1.5) | (1.5) | (1.2) | ||
Unbilled Receivables, Current | 5 | 5 | 4.1 | ||
Income Taxes Receivable, Current | 12.4 | 12.4 | 4.8 | ||
Other Receivables, Net, Current | 6.6 | 6.6 | 3.1 | ||
Receivables, Net | 172.7 | 172.7 | $ 96.1 | ||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | 393.3 | $ 278.9 | 996.5 | $ 867.4 | |
Paperboard [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | 374.5 | 253.8 | 946.5 | 789.7 | |
Pulp | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | 12.4 | 21.2 | 36.2 | 64.5 | |
Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | $ 6.3 | $ 4 | $ 13.8 | $ 13.3 |
Inventories - Inventories (Deta
Inventories - Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Inventories | $ 264.6 | $ 161.2 |
Inventory [Line Items] | ||
Inventory, Finished Goods, Net of Reserves | 122 | 77.4 |
Inventory, Supplies, Net of Reserves | 104.7 | 57 |
Inventories | 264.6 | 161.2 |
Inventories | ||
Inventory [Line Items] | ||
Inventory, Raw Materials, Net of Reserves | 30.5 | 22.1 |
Inventory Pulp | ||
Inventory [Line Items] | ||
Inventory, Raw Materials, Net of Reserves | $ 7.5 | $ 4.7 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Millions | Sep. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,294.2 | $ 1,608.6 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,282.2) | (1,247.9) |
Property, Plant and Equipment, Net | 1,012 | 360.7 |
Land and Land Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 65.8 | 45.1 |
Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 232.2 | 179.4 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,922 | 1,341.1 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 74.2 | $ 43 |
Intangible Assets, Goodwill a_3
Intangible Assets, Goodwill and Other (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2024 | Dec. 31, 2023 | |
Goodwill [Line Items] | ||
Amortization of Intangible Assets | $ (1.6) | |
Finite-Lived Intangible Assets, Accumulated Amortization | 30 | $ 28.4 |
Intangible Assets, Gross (Excluding Goodwill) | $ 34.9 | 34.9 |
Maximum | ||
Goodwill [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Pulp And Paperboard [Member] | ||
Goodwill [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 47.3 | 35.1 |
Goodwill, Acquired During Period | 12.3 | |
Amortization of Intangible Assets | (1.6) | |
Intangible Assets, Net (Excluding Goodwill) | 4.8 | $ 6.4 |
Customer Relationships | ||
Goodwill [Line Items] | ||
Intangible Assets, Net (Excluding Goodwill) | $ 4.8 |
Payables and Accruals (Details)
Payables and Accruals (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2024 | Sep. 30, 2023 | Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |||
Trade payables | $ 172.1 | $ 89.1 | |
Accrued compensation | 43.2 | 32.8 | |
Operating Lease, Liability, Current | 10.7 | 8.5 | |
Other Accrued Liabilities, Current | 75.6 | 65 | |
Accounts payable and accrued liabilities | 301.7 | 195.5 | |
Capital Expenditures Incurred but Not yet Paid | 25.5 | $ 16.5 | 13 |
Supplier Finance Program, Obligation | 15.2 | 14.7 | |
Unrecognized Tax Benefits | $ 29.1 | $ 27.4 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 24.30% | 24.50% | ||
Effective Income Tax Rate Reconciliation, Disposition of Business, Percent | 25.20% | 25% | ||
Income Tax Expense (Benefit) | $ (3.3) | $ 3.7 | $ (17.4) | $ 16.7 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |
Debt (Details)
Debt (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2024 | Sep. 30, 2024 | Sep. 30, 2023 | Dec. 31, 2023 | May 01, 2024 | Oct. 27, 2023 | |
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 1,158,100,000 | $ 1,158,100,000 | $ 445,000,000 | |||
Unamortized Debt Issuance Expense | (7,400,000) | (7,400,000) | (5,100,000) | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | 500,000 | 500,000 | ||||
Long-term Debt and Lease Obligation, Current | (7,900,000) | (7,900,000) | 0 | |||
Long-term Debt and Lease Obligation | 1,150,200,000 | 1,150,200,000 | 445,000,000 | |||
Finance Lease, Liability | 9,200,000 | 9,200,000 | 0 | |||
Debt, Long-Term and Short-Term, Combined Amount | 1,150,700,000 | 1,150,700,000 | 439,900,000 | |||
Long-term Debt, Fair Value | 1,138,300,000 | 1,138,300,000 | 425,700,000 | |||
Borrowings on long-term debt | 753,500,000 | $ 12,000,000 | 150,000,000 | |||
Line of credit facility, maximum borrowing capacity | 275,000,000 | $ 375,000,000 | $ 270,000,000 | |||
Line of Credit Facility [Line Items] | ||||||
Long-term Debt and Lease Obligation, Including Current Maturities | 7,400,000 | 7,400,000 | ||||
Long-term debt | 1,143,300,000 | 1,143,300,000 | 439,900,000 | |||
Debt Issuance Costs, Current, Net | 6,900,000 | 6,900,000 | 5,100,000 | |||
Potential additional lines of credit | 60,000,000 | |||||
Outstanding stand by letters of credit | $ 3,700,000 | |||||
Proceeds from Lines of Credit | 120,000,000 | |||||
Term Loan | Ag West Farm Credit | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 150,000,000 | $ 150,000,000 | 150,000,000 | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.10% | 9.10% | ||||
Long-term Debt | $ 147,700,000 | $ 147,700,000 | 147,200,000 | |||
Unamortized Debt Issuance Expense | (2,300,000) | (2,300,000) | (2,800,000) | |||
Long-term Debt, Fair Value | 150,100,000 | 150,100,000 | 150,600,000 | |||
Term Loan | Rabobank | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 88,900,000 | 88,900,000 | 0 | |||
Long-term Debt | 88,300,000 | 88,300,000 | 0 | |||
Unamortized Debt Issuance Expense | $ (600,000) | $ (600,000) | 0 | |||
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate | 8.40% | 8.40% | ||||
Long-term Debt, Fair Value | $ 90,000,000 | $ 90,000,000 | 0 | |||
Term Loan | Ag West Farm Credit $400M | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 395,000,000 | 395,000,000 | 0 | |||
Long-term Debt | 392,400,000 | 392,400,000 | 0 | |||
Unamortized Debt Issuance Expense | $ (2,600,000) | $ (2,600,000) | 0 | |||
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate | 9% | 9% | ||||
Long-term Debt, Fair Value | $ 400,000,000 | $ 400,000,000 | 0 | |||
Term Loan | AgWest Farm Credit $120M | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 120,000,000 | $ 120,000,000 | 0 | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9% | 9% | ||||
Long-term Debt | $ 120,000,000 | $ 120,000,000 | 0 | |||
Unamortized Debt Issuance Expense | 0 | 0 | 0 | |||
Long-term Debt, Fair Value | 120,100,000 | 120,100,000 | 0 | |||
Borrowings on long-term debt | 120,000,000 | |||||
Senior Note Due 2028 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 275,000,000 | $ 275,000,000 | 275,000,000 | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.80% | 4.80% | ||||
Long-term Debt | $ 273,000,000 | $ 273,000,000 | 272,600,000 | |||
Unamortized Debt Issuance Expense | (2,000,000) | (2,000,000) | (2,400,000) | |||
Long-term Debt, Fair Value | $ 258,200,000 | $ 258,200,000 | 255,100,000 | |||
J P Morgan | ||||||
Debt Instrument [Line Items] | ||||||
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate | 6.50% | 6.50% | ||||
Long-term Debt, Fair Value | $ 120,000,000 | $ 120,000,000 | 20,000,000 | |||
Line of Credit Facility [Line Items] | ||||||
Long-term Line of Credit | 120,000,000 | 120,000,000 | $ 20,000,000 | |||
Unfunded Loan Commitment | Rabobank | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 90,000,000 | 90,000,000 | ||||
Unfunded Loan Commitment | Ag West Farm Credit $400M | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 400,000,000 | $ 400,000,000 |
Other Operating Charges, net (D
Other Operating Charges, net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Other Operating Income (Expense), Net | $ (0.3) | $ 15.3 | $ 5.3 | $ 1.7 | $ (0.1) | $ (0.4) | $ 20.3 | $ 1.1 |
Amortization of Debt Issuance Costs | (0.6) | (0.1) | (2) | (0.9) | ||||
Pulp And Paperboard [Member] | ||||||||
Amortization of Debt Issuance Costs | (1.2) | (0.4) | ||||||
Operating Expense | ||||||||
Asset Impairment Charges | 0.4 | 0.7 | 0 | 1.1 | 0.1 | |||
Other General Expense | 0.7 | |||||||
Other Operating Income | 0 | 0 | 0.4 | |||||
Business Combination, Integration Related Costs | 2.3 | 2.5 | 0.8 | 0 | 5.7 | 0 | ||
Business Combination, Acquisition Related Costs | 0.5 | 10.1 | 3.3 | 0 | 13.9 | 0 | ||
Director [Member] | ||||||||
Share based compensation expense | $ (3.5) | $ 2 | $ 1.2 | $ 1 | $ (0.2) | $ (0.2) | $ (0.4) | $ 0.6 |
Non-operating Income (Expense_3
Non-operating Income (Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Nonoperating Income (Expense) [Abstract] | ||||
Interest Expense | $ (13) | $ (3) | $ (24.6) | $ (9.1) |
Amortization of Debt Issuance Costs | (0.6) | (0.1) | (2) | (0.9) |
Interest Income, Other | 0.4 | 0.9 | 1.8 | 1.5 |
Interest Expense, Net | (13.1) | (2.2) | (24) | (7.9) |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 0.3 | 0.1 | 1 | 0.3 |
Total non-operating expense | $ (12.8) | $ (2.1) | $ (22.9) | $ (7.6) |
Retirement Plans and Postreti_3
Retirement Plans and Postretirement Benefits - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 0.6 | $ 0.9 | $ 1.9 | $ 2.6 |
Interest cost | 3 | 3.1 | 8.9 | 9.3 |
Expected return on plan assets | (3.9) | (3.8) | (11.8) | (11.4) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (0.3) | 0.2 | (0.9) | 0.6 |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 0.1 | 0 | 0.2 | 0.1 |
Interest cost | 0.7 | 0.7 | 2 | 2.1 |
Defined Benefit Plan, Amortization of Gain (Loss) | (0.1) | 0.1 | (0.2) | (0.4) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 0.6 | 0.6 | 2 | 1.8 |
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 | 1.7 | 2.3 |
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 | $ 0.4 | $ 0.4 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2024 | Sep. 30, 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 | $ (30.8) | $ (33.5) | $ (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 | (0.1) | (0.2) | ||
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 | 0.1 | 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 | 11.1 | 13 | $ 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 | $ (0.2) | $ (0.3) |
Stockholders' Equity - (Detail)
Stockholders' Equity - (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 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 | 600,000 | ||
Equity-based compensation expense | $ (0.9) | $ 3.5 | $ 7.2 | $ 7 |
Payment, Tax Withholding, Share-based Payment Arrangement | 0.1 | 0.1 | 4.1 | 4.7 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 15.8 | 15.8 | ||
Share-based Payment Arrangement, Expense, Tax Benefit | (0.5) | 0.9 | 0.8 | 1.7 |
Proceeds from Stock Options Exercised | 0.2 | 0 | 1.3 | 0 |
Cost of Sales [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | $ 0.6 | $ 0.8 | $ 1.7 | $ 2.3 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share-based awards granted | 221,319 | |||
Grant-date fair value of awards per share | $ 38.18 | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 120,000 | 0 | 139,000 |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share-based awards granted | 163,310 | |||
Grant-date fair value of awards per share | $ 40.17 | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 94,000 | 0 | 112,000 |
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 | 9 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Number of Shares Outstanding, Basic | 16,620 | 16,682 | 16,629 | 16,800 |
Weighted Average Number of Shares Outstanding, Diluted | 16,620 | 16,895 | 16,629 | 17,051 |
Anti-dilutive shares excluded from calculation | 300 | 300 | 300 | 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 | 0 | 120 | 0 | 139 |
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 | 0 | 94 | 0 | 112 |
Unusual or Infrequently Occur_2
Unusual or Infrequently Occurring Items (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2024 USD ($) | |
Unusual or Infrequent Item, or Both [Line Items] | |
Unusual or Infrequent Item, or Both, Insurance Proceeds | $ 10.5 |
Operating Segments | Consumer Products | |
Unusual or Infrequent Item, or Both [Line Items] | |
Unusual or Infrequent Item, or Both, Insurance Proceeds | 0.9 |
Operating Segments | Pulp And Paperboard [Member] | |
Unusual or Infrequent Item, or Both [Line Items] | |
Unusual or Infrequent Item, or Both, Insurance Proceeds | 9.3 |
Insurance Settlement | |
Unusual or Infrequent Item, or Both [Line Items] | |
Insurance Recoveries | 4.7 |
Insurance Claims | |
Unusual or Infrequent Item, or Both [Line Items] | |
Insurance Recoveries | 5.8 |
Property, Plant and Equipment | |
Unusual or Infrequent Item, or Both [Line Items] | |
Unusual or Infrequent Item, or Both, Insurance Proceeds | $ 0.3 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Nov. 01, 2024 USD ($) |
Subsequent Event | |
Subsequent Event [Line Items] | |
Disposal Group, Including Discontinued Operation, Consideration | $ 1,060 |