Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CLW | |
Entity Registrant Name | CLEARWATER PAPER CORP | |
Entity Central Index Key | 1441236 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 19,056,095 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Net sales | $434,026 | $484,920 |
Costs and expenses: | ||
Cost of sales | -389,832 | -426,629 |
Selling, general and administrative expenses | -28,957 | -33,514 |
Asset Impairment Charges | 0 | -4,259 |
Total operating costs and expenses | -418,789 | -464,402 |
Income from operations | 15,237 | 20,518 |
Interest expense, net | -7,782 | -10,734 |
Earnings (loss) before income taxes | 7,455 | 9,784 |
Income tax provision | -1,698 | -3,558 |
Net earnings (loss) | $5,757 | $6,226 |
Net earnings per common share: | ||
Basic (in dollars per share) | $0.30 | $0.30 |
Diluted (in dollars per share) | $0.30 | $0.29 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Net earnings | $5,757 | $6,226 | ||
Defined benefit pension and other postretirement employee benefits: | ||||
Amortization of actuarial loss included in net periodic cost, net of tax expense of $1,206 and $965 | 1,877 | 1,529 | ||
Amortization of prior service credit included in net periodic cost, net of tax benefit of $(207) and $(29) | 320 | 45 | ||
Other comprehensive income (loss), net of tax | 1,557 | [1] | 1,484 | [1] |
Comprehensive income | $7,314 | $7,710 | ||
[1] | For the three months ended March 31, 2015 and 2014, net periodic costs associated with our pension and other postretirement employee benefit, or OPEB, plans included in other comprehensive income and reclassified from accumulated other comprehensive loss included $3.1 million and $2.5 million, respectively, of actuarial loss amortization, as well as $0.5 million and $0.1 million, respectively, of prior service credit amortization, all net of tax totaling $1.0 million and $0.9 million, respectively. These accumulated other comprehensive loss components are included in the computation of net periodic pension and OPEB costs in Note 10, “Pension and Other Postretirement Employee Benefit Plans.†|
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Amortization of actuarial loss included in net periodic cost, tax expense | $1,206 | $965 |
Amortization of prior service credit included in net periodic cost, tax benefit | ($207) | ($29) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash | $29,796 | $27,331 |
Restricted cash | 1,500 | 1,500 |
Short-term investments | 11,000 | 50,000 |
Receivables, net | 133,949 | 133,914 |
Taxes receivable | 0 | 1,255 |
Inventories | 270,670 | 286,626 |
Deferred tax assets | 21,682 | 21,760 |
Prepaid expenses | 10,736 | 4,191 |
Total current assets | 479,333 | 526,577 |
Property, plant and equipment, net | 812,770 | 810,987 |
Goodwill | 209,087 | 209,087 |
Intangible assets, net | 23,715 | 24,956 |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 6,333 | 4,738 |
Other assets, net | 9,883 | 9,583 |
TOTAL ASSETS | 1,541,121 | 1,585,928 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 206,465 | 215,826 |
Current liability for pensions and other postretirement employee benefits | 7,915 | 7,915 |
Total current liabilities | 214,380 | 223,741 |
Long-term debt | 575,000 | 575,000 |
Liability for pensions and other postretirement employee benefits | 116,719 | 118,464 |
Other long-term obligations | 55,452 | 56,856 |
Accrued taxes | 1,706 | 2,696 |
Deferred tax liabilities | 111,226 | 111,634 |
Stockholders' equity: | ||
Preferred stock, par value $0.0001 per share, 5,000,000 authorized shares, no shares issued | 0 | 0 |
Common stock, par value $0.0001 per share, 100,000,000 authorized shares, 24,153,987 and 24,056,057 shares issued | 2 | 2 |
Additional paid-in capital | 333,009 | 334,074 |
Retained earnings | 470,081 | 464,324 |
Treasury stock, at cost, common shares-5,097,883 and 4,498,388 shares repurchased | -267,148 | -230,000 |
Accumulated other comprehensive loss, net of tax | -69,306 | -70,863 |
Total stockholders' equity | 466,638 | 497,537 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,541,121 | $1,585,928 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 24,153,978 | 24,056,057 |
Treasury stock, shares (in shares) | 5,097,883 | 4,498,388 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings | $5,757 | $6,226 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 21,008 | 22,231 |
Equity-based compensation expense | 1,169 | 4,479 |
Asset Impairment Charges | 0 | 4,259 |
Deferred tax expense | -1,330 | 1,173 |
Employee benefit plans | 809 | 888 |
Amortization of Financing Costs and Discounts | 178 | 475 |
Gain (Loss) on Disposition of Assets | -30 | 429 |
Other Noncash Income Tax Expense | -990 | 0 |
Changes in working capital, net | 3,457 | -5,656 |
Change in taxes receivable, net | 1,255 | 5,523 |
Excess tax benefits from equity share-based payment arrangements | 343 | 0 |
Funding of qualified pension plans | -1,561 | -4,314 |
Other Operating Activities, Cash Flow Statement | -1,327 | -443 |
Net cash provided by operating activities | 28,052 | 35,270 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Change in short-term investments, net | 39,000 | 11,000 |
Additions to plant and equipment | -25,240 | -16,239 |
Proceeds from Sale of Productive Assets | 506 | 460 |
Net cash used for investing activities | 14,266 | -4,779 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Purchase of treasury stock | -37,148 | -29,332 |
Payment of tax withholdings on equity-based payment arrangements | -3,048 | -792 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 343 | 0 |
Net cash (used for) provided by financing activities | -39,853 | -30,124 |
Increase in cash | 2,465 | 367 |
Cash at beginning of period | 27,331 | 23,675 |
Cash at end of period | 29,796 | 24,042 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 14,340 | 6,188 |
Cash paid for income taxes | 2,518 | 1,009 |
Cash received from income tax refunds | 479 | 4,133 |
Capital Expenditures Incurred but Not yet Paid | ($4,434) | ($1,489) |
Nature_of_Operations_and_Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | Nature of Operations and Basis of Presentation |
GENERAL | |
Clearwater Paper manufactures quality consumer tissue, away-from-home tissue, parent roll tissue, bleached paperboard and pulp at manufacturing facilities across the nation. The company is a premier supplier of private label tissue to major retailers and wholesale distributors, including grocery, drug, mass merchants and discount stores. In addition, the company produces bleached paperboard used by quality-conscious printers and packaging converters. | |
On December 30, 2014, we sold our specialty business and mills to a private buyer for $108 million in cash, net of sale related expenses and adjustments. The specialty business and mills' production consisted predominantly of machine-glazed tissue and also included parent rolls and other specialty tissue products such as absorbent materials and dark-hued napkins. The sale included five of our former subsidiaries with facilities located at East Hartford, Connecticut; Menominee, Michigan; Gouverneur, New York; St. Catharines, Ontario; and Wiggins, Mississippi. | |
On February 17, 2014, we announced the permanent and immediate closure of our Long Island, New York, tissue converting and distribution facility. As of March 31, 2015, we have incurred $19.4 million of costs associated with the closure, of which $0.6 million was incurred during the first quarter of 2015. | |
FINANCIAL STATEMENT PREPARATION AND PRESENTATION | |
The accompanying Consolidated Balance Sheets at March 31, 2015 and December 31, 2014, the related Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2015 and 2014, and the Consolidated Statements of Cash Flows for the three months ended March 31, 2015 and 2014, have been prepared in conformity with accounting principles generally accepted in the United States of America, or GAAP. We believe that all adjustments necessary for a fair statement of the results of the interim periods presented have been included. The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year. | |
This Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission, or SEC, on February 26, 2015. | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SIGNIFICANT ESTIMATES | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Significant areas requiring the use of estimates and measurement of uncertainty include determination of net realizable value for deferred tax assets, uncertain tax positions, assessment of impairment of long-lived assets, goodwill and intangibles, assessment of environmental matters, equity-based compensation and pension and postretirement obligation assumptions. Actual results could differ from those estimates and assumptions. | |
SHORT-TERM INVESTMENTS AND RESTRICTED CASH | |
Our short-term investments are invested primarily in demand deposits, which have very short maturity periods, and therefore earn an interest rate commensurate with low-risk instruments. We do not attempt to hedge our exposure to interest rate risk for our short-term investments. Our restricted cash in which the underlying instrument has a term of greater than twelve months from the balance sheet date is classified as non-current and is included in “Other assets, net” on our Consolidated Balance Sheet. As of both March 31, 2015 and December 31, 2014, we had $1.5 million of restricted cash classified as current and $2.3 million of restricted cash classified as non-current and included in "Other assets, net" on our Consolidated Balance Sheets. | |
TRADE ACCOUNTS RECEIVABLE | |
Trade accounts receivable are stated at the amount we expect to collect. Trade accounts receivable do not bear interest. The allowance for doubtful accounts is our best estimate of the losses we expect will result from the inability of our customers to make required payments. We generally determine the allowance based on a combination of actual historical write-off experience and an analysis of specific customer accounts. As of March 31, 2015 and December 31, 2014, we had allowances for doubtful accounts of $1.4 million. | |
PROPERTY, PLANT AND EQUIPMENT | |
Property, plant and equipment are stated at cost, including any interest costs capitalized, less accumulated depreciation. Depreciation of buildings, equipment and other depreciable assets is determined using the straight-line method. Assets we acquire through business combinations have estimated lives that are typically shorter than the assets we construct or buy new. Accumulated depreciation totaled $1,469.8 million and $1,450.1 million at March 31, 2015 and December 31, 2014, respectively. | |
Consistent with authoritative guidance, we assess the carrying amount of long-lived assets with definite lives that are held-for-use and evaluate them for recoverability whenever events or changes in circumstances indicate that we may be unable to recover the carrying amount of the assets. During the first quarter of 2014, we permanently closed our Long Island tissue converting and distribution facility. As a result of this closure, we considered an outside third party's appraisal in assessing the recoverability of the facility's long-lived plant and equipment based on available market data for comparable assets sold through private party transactions. Based on this assessment, we determined the carrying amounts of certain long-lived plant and equipment related to the Long Island facility exceeded their fair value. As a result, we recorded a $3.0 million non-cash impairment charge to our accompanying Consolidated Statement of Operations for the three months ended March 31, 2014. There were no other such events or changes in circumstances that impacted our remaining long-lived assets. | |
STOCKHOLDERS’ EQUITY | |
On December 15, 2014, we announced that our Board of Directors had approved a new stock repurchase program authorizing the repurchase of up to $100 million of our common stock. The repurchase program authorizes purchases of our common stock from time to time through open market purchases, negotiated transactions or other means, including accelerated stock repurchases and 10b5-1 trading plans in accordance with applicable securities laws and other restrictions. We have no obligation to repurchase stock under this program and may suspend or terminate the program at any time. During the first quarter of 2015, we repurchased 599,495 shares of our outstanding common stock at an average price of $61.97 per share. As of March 31, 2015, we had up to $62.9 million of authorization remaining pursuant to this stock repurchase program. | |
On February 5, 2014, we announced that our Board of Directors had approved a stock repurchase program authorizing the repurchase of up to $100 million of our common stock. We completed that program during the third quarter of 2014. In total, we repurchased 1,574,748 shares of our outstanding common stock at an average price of $63.50 per share under that program. | |
DERIVATIVES | |
We had no activity during the three months ended March 31, 2015 and 2014 that required hedge or derivative accounting treatment. However, to help mitigate our exposure to market risk for changes in utility commodity pricing, we use firm price contracts to supply a portion of the natural gas requirements for our manufacturing facilities. As of March 31, 2015, these contracts covered approximately 53% of our expected average monthly natural gas requirements for the remainder of 2015. Historically, these contracts have qualified for treatment as “normal purchases or normal sales” under authoritative guidance and thus required no mark-to-market adjustment. | |
EMPLOYEES | |
Unions represent hourly employees at six of our manufacturing sites. There are no collective bargaining agreements due to expire in 2015. The hourly union labor contracts that had expired as set forth on page 6 of our Annual Report on Form 10-K for the year ended December 31, 2014 were ratified during the first quarter of 2015. |
Recently_Adopted_and_New_Accou
Recently Adopted and New Accounting Standards | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Adopted and New Accounting Standards | Recently Adopted and New Accounting Standards |
In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standard Update, or ASU, 2014-09, Revenue from Contracts with Customers. The core principle of the new standard is for companies to recognize revenue in a manner that depicts the transfer of goods or services to customers in amounts that reflect the consideration, or payment, to which the company expects to be entitled in exchange for those goods or services. The standard will also result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively, such as service revenue and contract modifications, and clarify guidance for multiple-element arrangements. This standard is effective for fiscal years and interim periods within those years beginning after December 15, 2016, with early adoption prohibited. On April 1, 2015, the FASB proposed deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The standard may be applied under either a retrospective or cumulative effect adoption method. We are currently evaluating the impact this guidance will have on our consolidated financial statements. | |
In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred asset. It is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The adoption of this guidance is not expected to have a significant effect on our consolidated financial statements. | |
We reviewed all other new accounting pronouncements issued in the period and concluded that they are not applicable to our business. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
Inventories at the balance sheet dates consist of: | ||||||||
(In thousands) | 31-Mar-15 | 31-Dec-14 | ||||||
Pulp, paperboard and tissue products | $ | 177,495 | $ | 188,760 | ||||
Materials and supplies | 75,686 | 74,916 | ||||||
Logs, pulpwood, chips and sawdust | 17,489 | 22,950 | ||||||
$ | 270,670 | $ | 286,626 | |||||
Intangible_Assets
Intangible Assets | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||||||||||
Intangible Assets | Intangible Assets | |||||||||||||
Intangible assets at the balance sheet dates are comprised of the following: | ||||||||||||||
March 31, 2015 | ||||||||||||||
(Dollars in thousands, lives in years) | Useful | Historical | Accumulated | Net | ||||||||||
Life | Cost | Amortization | Balance | |||||||||||
Customer relationships | 9 | $ | 41,001 | $ | (19,362 | ) | $ | 21,639 | ||||||
Trade names and trademarks | 10 | 3,286 | (1,396 | ) | 1,890 | |||||||||
Non-compete agreements | 5 | 1,189 | (1,003 | ) | 186 | |||||||||
$ | 45,476 | $ | (21,761 | ) | $ | 23,715 | ||||||||
December 31, 2014 | ||||||||||||||
(Dollars in thousands, lives in years) | Useful | Historical | Accumulated | Net | ||||||||||
Life | Cost | Amortization | Balance | |||||||||||
Customer relationships | 9 | $ | 41,001 | $ | (18,223 | ) | $ | 22,778 | ||||||
Trade names and trademarks | 10 | 3,286 | (1,314 | ) | 1,972 | |||||||||
Non-compete agreements | 5 | 1,189 | (983 | ) | 206 | |||||||||
$ | 45,476 | $ | (20,520 | ) | $ | 24,956 | ||||||||
As a result of the closure of our Long Island tissue converting and distribution facility, we performed an assessment of the recoverability of our intangible assets by utilizing the income approach, which discounts projected future cash flows based on management’s expectations of the current and future operating environment. It was determined that the carrying amounts of certain trade names and trademarks related to the Long Island facility were exceeding their fair value. As a result, in the first quarter of 2014 we recorded a $1.3 million non-cash impairment charge in our accompanying Consolidated Statement of Operations. There were no other such events or changes in circumstances that impacted our remaining definite-lived intangible assets. |
Taxes
Taxes | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Income Tax Disclosure [Abstract] | ||||||
Taxes | Income Taxes | |||||
Consistent with authoritative guidance, our estimated annual effective tax rate is used to allocate our expected annual income tax provision to interim periods. The rate is the ratio of our estimated annual income tax provision to estimated pre-tax ordinary income and excludes "discrete items," which are significant, unusual or infrequent items reported separately, net of their related tax effect. The estimated annual effective tax rate is applied to the current interim period’s ordinary income to determine the income tax provision allocated to the interim period. The income tax effects of discrete items are then determined separately and recognized in the interim period in which the income or expense items arise. | ||||||
For the three months ended March 31, 2015 and 2014, the effective tax rates attributable to continuing operations were as follows: | ||||||
Three Months Ended March 31, | ||||||
2015 | 2014 | |||||
Statutory federal income tax rate | 35 | % | 35 | % | ||
State taxes, net of credits | 2.3 | 2 | ||||
Change in valuation allowances | 1 | 4.2 | ||||
Federal manufacturing deduction | (3.3 | ) | (2.0 | ) | ||
Change in uncertain tax positions | (13.4 | ) | — | |||
Interest accrued on uncertain tax positions | 0.1 | 0.2 | ||||
Federal credits and audit adjustments | (0.4 | ) | (4.4 | ) | ||
State rate adjustments | — | (0.2 | ) | |||
Return to provision adjustments | 1.4 | 0.9 | ||||
Other | 0.1 | 0.7 | ||||
Effective tax rate | 22.8 | % | 36.4 | % | ||
Our estimated annual effective tax rate for the first quarter of 2015 is approximately 35%, compared with approximately 36% during the comparable interim period in 2014. The reduced rate is a result of an additional benefit from the federal manufacturing deduction and state income tax rates. | ||||||
During the quarter ended March 31, 2015, the company reduced the reserve for uncertain tax positions due to statute expirations related to certain federal tax credits of $1.0 million. Overall, the reserve for uncertain tax positions decreased from approximately $2.7 million to $1.7 million. |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ||||||||
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | |||||||
Accounts payable and accrued liabilities at the balance sheet dates consist of: | ||||||||
(In thousands) | March 31, 2015 | December 31, 2014 | ||||||
Trade accounts payable | $ | 129,971 | $ | 122,856 | ||||
Accrued wages, salaries and employee benefits | 36,855 | 41,880 | ||||||
Accrued discounts and allowances | 8,249 | 10,026 | ||||||
Accrued taxes other than income taxes payable | 8,105 | 5,622 | ||||||
Accrued utilities | 6,511 | 6,959 | ||||||
Accrued interest | 4,810 | 12,173 | ||||||
Other | 11,964 | 16,310 | ||||||
$ | 206,465 | $ | 215,826 | |||||
Debt
Debt | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt |
SENIOR NOTES | |
On July 29, 2014, we issued $300 million aggregate principal amount of senior notes, which we refer to as the 2014 Notes. The 2014 Notes mature on February 1, 2025, have an interest rate of 5.375% and were issued at their face value. | |
The 2014 Notes are guaranteed by all of our direct and indirect subsidiaries. The 2014 Notes will also be guaranteed by each of our future direct and indirect subsidiaries that do not constitute an immaterial subsidiary under the indenture governing the 2014 Notes. The 2014 Notes are equal in right of payment with all other existing and future unsecured senior indebtedness and are senior in right of payment to any future subordinated indebtedness. The 2014 Notes are effectively subordinated to all of our existing and future secured indebtedness, including borrowings under our secured revolving credit facility, which is secured by certain of our accounts receivable, inventory and cash. The terms of the 2014 Notes limit our ability and the ability of any restricted subsidiaries to incur certain liens, engage in sale and leaseback transactions and consolidate, merge with, or convey, transfer or lease substantially all of our or their assets to another person. | |
On January 23, 2013, we issued $275 million aggregate principal amount of senior notes, which we refer to as the 2013 Notes. The 2013 Notes mature on February 1, 2023, have an interest rate of 4.5% and were issued at their face value. | |
The 2013 Notes are guaranteed by all of our direct and indirect subsidiaries, and will also be guaranteed by each of our future direct and indirect subsidiaries that we do not designate as an unrestricted subsidiary under the indenture governing these notes. The 2013 Notes are equal in right of payment with all other existing and future unsecured senior indebtedness and are senior in right of payment to any future subordinated indebtedness. In addition, they are effectively subordinated to all of our existing and future secured indebtedness, including borrowings under our secured revolving credit facility, which is secured by certain of our accounts receivable, inventory and cash. The terms of the notes limit our ability and the ability of any restricted subsidiaries to borrow money; pay dividends; redeem or repurchase capital stock; make investments; sell assets; create restrictions on the payment of dividends or other amounts to us from any restricted subsidiaries; enter into transactions with affiliates; enter into sale and lease back transactions; create liens; and consolidate, merge or sell all or substantially all of our or their assets. | |
REVOLVING CREDIT FACILITY | |
On November 26, 2008, we entered into a $125 million senior secured revolving credit facility with certain financial institutions. The amount available to us under the revolving credit facility is based on the lesser of 85% of our eligible accounts receivable plus approximately 65% of our eligible inventory, or $125 million. The revolving credit facility has been subsequently amended and expires on September 30, 2016. | |
As of March 31, 2015, there were no borrowings outstanding under the credit facility, but $7.2 million of the credit facility was being used to support outstanding standby letters of credit. Loans under the credit facility bear interest (i) for LIBOR loans, LIBOR plus between 1.75% and 2.25% and (ii) for base rate loans, a per annum rate equal to the greater of (a) the prime rate for such day; (b) the federal funds effective rate for such day, plus 0.50%; or (c) LIBOR for a 30-day interest period as determined on such day, plus between 1.25% and 1.75%. The percentage margin on all loans is based on our fixed charge coverage ratio for the most recent four quarters. As of March 31, 2015, we would have been permitted to draw an additional $117.8 million under the credit facility at LIBOR plus 1.75%, or base rate plus 1.25%. | |
A minimum fixed charge coverage ratio is the only financial covenant requirement under our credit facility and is triggered when there are any commitments or obligations outstanding and availability falls below 12.5% or an event of default exists, at which time the minimum fixed charge coverage ratio must be at least 1.0-to-1.0. As of March 31, 2015, the fixed charge coverage ratio for the most recent four quarters was 1.1-to-1.0. | |
Our obligations under the revolving credit facility are secured by certain of our accounts receivable, inventory and cash. The terms of the credit facility contain various provisions that limit our discretion in the operations of our business by restricting our ability to, among other things, pay dividends; redeem or repurchase capital stock; create, incur or guarantee certain debt; incur liens on certain properties; make capital expenditures; enter into certain affiliate transactions; enter into certain hedging arrangements; and consolidate with or merge with another entity. The revolving credit facility contains usual and customary affirmative and negative covenants and usual and customary events of default. |
Other_LongTerm_Obligations
Other Long-Term Obligations | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ||||||||
Other Long-Term Obligations | Other Long-Term Obligations | |||||||
Other long-term obligations at the balance sheet dates consist of: | ||||||||
(In thousands) | March 31, 2015 | December 31, 2014 | ||||||
Long-term lease obligations, net of current portion | $ | 24,595 | $ | 24,805 | ||||
Deferred compensation | 14,370 | 14,609 | ||||||
Deferred proceeds | 11,605 | 12,360 | ||||||
Other | 4,882 | 5,082 | ||||||
$ | 55,452 | $ | 56,856 | |||||
Reclassification_out_of_Accumu
Reclassification out of Accumulated Other Comprehensive Income (Notes) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Equity [Abstract] | ||||||||||||
Accumulated Other Comprehensive Income [Text Block] | Accumulated Other Comprehensive Loss | |||||||||||
Accumulated other comprehensive loss, net of tax, is comprised of the following: | ||||||||||||
(In thousands) | Foreign Currency Translation Adjustments1 | Pension and Other Post Retirement Employee Benefit Plans Adjustments | Total | |||||||||
Balance at December 31, 2014 | $ | — | $ | (70,863 | ) | $ | (70,863 | ) | ||||
Other comprehensive income, net of tax2 | — | 1,557 | 1,557 | |||||||||
Balance at March 31, 2015 | $ | — | $ | (69,306 | ) | $ | (69,306 | ) | ||||
(In thousands) | Foreign Currency Translation Adjustments1 | Pension and Other Post Retirement Employee Benefit Plans Adjustments | Total | |||||||||
Balance at December 31, 2013 | $ | (874 | ) | $ | (57,219 | ) | $ | (58,093 | ) | |||
Other comprehensive income, net of tax2 | — | 1,484 | 1,484 | |||||||||
Balance at March 31, 2014 | $ | (874 | ) | $ | (55,735 | ) | $ | (56,609 | ) | |||
1 | This balance consists of unrealized foreign currency translation adjustments related to the operations of our Canadian subsidiary before its functional currency was changed from Canadian dollars to U.S. dollars in 2012. As a result of the divestiture of the specialty business and mills, this balance was written off in the fourth quarter of 2014. | |||||||||||
2 | For the three months ended March 31, 2015 and 2014, net periodic costs associated with our pension and other postretirement employee benefit, or OPEB, plans included in other comprehensive income and reclassified from accumulated other comprehensive loss included $3.1 million and $2.5 million, respectively, of actuarial loss amortization, as well as $0.5 million and $0.1 million, respectively, of prior service credit amortization, all net of tax totaling $1.0 million and $0.9 million, respectively. These accumulated other comprehensive loss components are included in the computation of net periodic pension and OPEB costs in Note 10, “Pension and Other Postretirement Employee Benefit Plans.” |
Pension_and_Other_Postretireme
Pension and Other Postretirement Employee Benefit Plans | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Pension and Other Postretirement Employee Benefit Plans | Pension and Other Postretirement Employee Benefit Plans | |||||||||||||||
The following table details the components of net periodic cost of our company-sponsored pension and OPEB plans for the periods presented: | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
(In thousands) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Pension Benefit Plans | Other Postretirement | |||||||||||||||
Employee Benefit Plans | ||||||||||||||||
Service cost | $ | 316 | $ | 355 | $ | 148 | $ | 117 | ||||||||
Interest cost | 3,490 | 3,688 | 1,048 | 1,302 | ||||||||||||
Expected return on plan assets | (4,984 | ) | (5,015 | ) | — | — | ||||||||||
Amortization of prior service cost (credit) | 18 | 52 | (545 | ) | (126 | ) | ||||||||||
Amortization of actuarial loss | 3,083 | 2,494 | — | — | ||||||||||||
Net periodic cost | $ | 1,923 | $ | 1,574 | $ | 651 | $ | 1,293 | ||||||||
During the three months ended March 31, 2015, we contributed $1.6 million to these pension plans. In April 2015, we contributed an additional $1.6 million, and we expect to make additional contributions totaling approximately $8 million in the remainder of 2015. | ||||||||||||||||
During the three months ended March 31, 2015, we made contributions of $0.1 million to our company-sponsored non-qualified pension plan, and we estimate contributions will total $0.4 million in 2015. We do not anticipate funding our OPEB plans in 2015 except to pay benefit costs as incurred during the year by plan participants. | ||||||||||||||||
During the three months ended March 31, 2015, $1.8 million of net periodic pension and OPEB costs were charged to cost of sales, and $0.8 million were charged to selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. During the three months ended March 31, 2014, $2.3 million of net periodic pension and OPEB costs were charged to "Cost of sales," and $0.6 million were charged to "Selling, general and administrative expenses" in the accompanying Consolidated Statements of Operations. |
Earnings_per_Common_Share
Earnings per Common Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings per Common Share | Earnings per Common Share | |||||||
Basic earnings per share are based on the weighted average number of shares of common stock outstanding. Diluted earnings per share are based upon the weighted average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. | ||||||||
The following table reconciles the number of common shares used in calculating the basic and diluted net earnings per share: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Basic average common shares outstanding1 | 19,334,729 | 20,984,217 | ||||||
Incremental shares due to: | ||||||||
Restricted stock units | 55,734 | 67,358 | ||||||
Performance shares | 74,306 | 167,329 | ||||||
Diluted average common shares outstanding | 19,464,769 | 21,218,904 | ||||||
Basic net earnings per common share | $ | 0.3 | $ | 0.3 | ||||
Diluted net earnings per common share | 0.3 | 0.29 | ||||||
Anti-dilutive shares excluded from calculation | 399,452 | 242,244 | ||||||
1 | Basic average common shares outstanding include restricted stock awards that are fully vested, but are deferred for future issuance. |
EquityBased_Compensation
Equity-Based Compensation | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Equity-Based Compensation | Equity-Based Compensation | |||||||
We recognize equity-based compensation expense for all equity-based payment awards made to employees and directors, including restricted stock units, or RSUs, performance shares and stock options, based on estimated fair values. | ||||||||
EMPLOYEE AWARDS | ||||||||
Employee equity-based compensation expense was recognized as follows: | ||||||||
Three Months Ended March 31, | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Restricted stock units | $ | 411 | $ | 445 | ||||
Performance shares | 879 | 1,081 | ||||||
Stock options | 349 | 136 | ||||||
Total employee equity-based compensation | $ | 1,639 | $ | 1,662 | ||||
As provided for in the Clearwater Paper Corporation 2008 Stock Incentive Plan, the performance measure used to determine the number of performance shares ultimately issued is a comparison of the percentile ranking of our total stockholder return compared to the total stockholder return of a selected peer group. The number of shares actually issued, as a percentage of the amount subject to the performance share award, could range from 0%-200%. On December 31, 2014, the service and performance period for 137,775 outstanding performance shares granted in 2012 ended. Those performance shares were settled and distributed in the first quarter of 2015. The number of shares actually settled, as a percentage of the outstanding amount, was 106.9%. After adjusting for the related minimum tax withholdings, a net 97,921 shares were issued in the first quarter of 2015. The related minimum tax withholdings payment made in the first quarter of 2015 in connection with issued shares was $3.0 million. No restricted stock units vested or were settled during the first quarter of 2015. | ||||||||
The following table summarizes the number of share-based awards granted under the Clearwater Paper Corporation 2008 Stock Incentive Plan during the three months ended March 31, 2015 and the grant-date fair value of the awards: | ||||||||
Three Months Ended | ||||||||
31-Mar-15 | ||||||||
Number of | Average Fair Value of | |||||||
Shares Subject to Award | Award Per Share | |||||||
Restricted stock units | 21,790 | $ | 61.75 | |||||
Performance shares | 45,627 | 62.05 | ||||||
Stock options | 136,884 | 20.82 | ||||||
DIRECTOR AWARDS | ||||||||
Annually, each outside member of our Board of Directors receives deferred equity-based awards that are measured in units of our common stock and ultimately settled in cash at the time of payment. Accordingly, the compensation expense associated with these awards is subject to fluctuations each quarter based on mark-to-market adjustments at each reporting period in line with changes in the market price of our common stock. As a result of the mark-to-market adjustment, we recorded a benefit from director equity-based compensation of $0.5 million and compensation expense of $2.8 million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||
As of March 31, 2015, the liability amounts associated with director equity-based compensation included in "Other long-term obligations" on the accompanying Consolidated Balance Sheet were $13.0 million. At December 31, 2014, liability amounts associated with director equity-based compensation included in "Other long-term obligations" and "Accounts payable and accrued liabilities" totaled $13.5 million and $1.4 million, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
The estimated fair values of our financial instruments at the dates presented below are as follows: | ||||||||||||||||
March 31, | December 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
(In thousands) | Amount | Value | Amount | Value | ||||||||||||
Cash, restricted cash and short-term investments (Level 1) | $ | 44,566 | $ | 44,566 | $ | 81,101 | $ | 81,101 | ||||||||
Long-term debt (Level 1) | 575,000 | 556,625 | 575,000 | 558,000 | ||||||||||||
Accounting guidance establishes a framework for measuring the fair value of financial instruments, providing a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities, or “Level 1” measurements, followed by quoted prices of similar assets or observable market data, or “Level 2” measurements, and the lowest priority to unobservable inputs, or “Level 3” measurements. | ||||||||||||||||
The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used should seek to maximize the use of observable inputs and minimize the use of unobservable inputs. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Information | Segment Information | |||||||
The table below presents information about our reportable segments: | ||||||||
Three Months Ended March 31, | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Segment net sales: | ||||||||
Consumer Products | $ | 235,176 | $ | 286,508 | ||||
Pulp and Paperboard | 198,850 | 198,412 | ||||||
Total segment net sales | $ | 434,026 | $ | 484,920 | ||||
Operating income (loss): | ||||||||
Consumer Products | $ | 12,395 | $ | (523 | ) | |||
Pulp and Paperboard | 16,194 | 36,776 | ||||||
28,589 | 36,253 | |||||||
Corporate | (13,352 | ) | (15,735 | ) | ||||
Income from operations | $ | 15,237 | $ | 20,518 | ||||
Depreciation and amortization: | ||||||||
Consumer Products | $ | 12,977 | $ | 15,490 | ||||
Pulp and Paperboard | 7,311 | 6,270 | ||||||
Corporate | 720 | 471 | ||||||
Total depreciation and amortization | $ | 21,008 | $ | 22,231 | ||||
Supplemental_Guarantor_Financi
Supplemental Guarantor Financial Information | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Supplemental Guarantor Financial Information | Supplemental Guarantor Financial Information | |||||||||||||||||||
All of our directly and indirectly owned, subsidiaries guarantee the 2014 Notes and the 2013 Notes on a joint and several basis. There are no significant restrictions on the ability of the guarantor subsidiaries to make distributions to Clearwater Paper, the issuer of the 2014 Notes and 2013 Notes. The following tables present the results of operations, financial position and cash flows of Clearwater Paper and its subsidiaries, the guarantor and non-guarantor entities, and the eliminations necessary to arrive at the information for Clearwater Paper on a consolidated basis. | ||||||||||||||||||||
Clearwater Paper Corporation | ||||||||||||||||||||
Consolidating Statement of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
(In thousands) | Issuer | Subsidiaries | Subsidiary | Eliminations | Total | |||||||||||||||
Net sales | $ | 395,387 | $ | 73,328 | $ | — | $ | (34,689 | ) | $ | 434,026 | |||||||||
Cost and expenses: | ||||||||||||||||||||
Cost of sales | (351,046 | ) | (73,475 | ) | — | 34,689 | (389,832 | ) | ||||||||||||
Selling, general and administrative expenses | (24,788 | ) | (4,169 | ) | — | — | (28,957 | ) | ||||||||||||
Total operating costs and expenses | (375,834 | ) | (77,644 | ) | — | 34,689 | (418,789 | ) | ||||||||||||
Income (loss) from operations | 19,553 | (4,316 | ) | — | — | 15,237 | ||||||||||||||
Interest expense, net | (7,767 | ) | (15 | ) | — | — | (7,782 | ) | ||||||||||||
Earnings (loss) before income taxes | 11,786 | (4,331 | ) | — | — | 7,455 | ||||||||||||||
Income tax provision | (3,228 | ) | (342 | ) | — | 1,872 | (1,698 | ) | ||||||||||||
Equity in loss of subsidiary | (4,673 | ) | — | — | 4,673 | — | ||||||||||||||
Net earnings (loss) | $ | 3,885 | $ | (4,673 | ) | $ | — | $ | 6,545 | $ | 5,757 | |||||||||
Other comprehensive income, net of tax | 1,557 | — | — | — | 1,557 | |||||||||||||||
Comprehensive income (loss) | $ | 5,442 | $ | (4,673 | ) | $ | — | $ | 6,545 | $ | 7,314 | |||||||||
Clearwater Paper Corporation | ||||||||||||||||||||
Consolidating Statement of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
(In thousands) | Issuer | Subsidiaries | Subsidiary | Eliminations | Total | |||||||||||||||
Net sales | $ | 384,621 | $ | 138,673 | $ | 12,884 | $ | (51,258 | ) | $ | 484,920 | |||||||||
Cost and expenses: | ||||||||||||||||||||
Cost of sales | (318,392 | ) | (146,089 | ) | (13,406 | ) | 51,258 | (426,629 | ) | |||||||||||
Selling, general and administrative expenses | (27,659 | ) | (5,517 | ) | (338 | ) | — | (33,514 | ) | |||||||||||
Impairment of assets | — | (4,259 | ) | — | — | (4,259 | ) | |||||||||||||
Total operating costs and expenses | (346,051 | ) | (155,865 | ) | (13,744 | ) | 51,258 | (464,402 | ) | |||||||||||
Income (loss) from operations | 38,570 | (17,192 | ) | (860 | ) | — | 20,518 | |||||||||||||
Interest expense, net | (10,723 | ) | (11 | ) | — | — | (10,734 | ) | ||||||||||||
Earnings (loss) before income taxes | 27,847 | (17,203 | ) | (860 | ) | — | 9,784 | |||||||||||||
Income tax (provision) benefit | (13,477 | ) | 9,372 | 206 | 341 | (3,558 | ) | |||||||||||||
Equity in loss of subsidiary | (8,485 | ) | (654 | ) | — | 9,139 | — | |||||||||||||
Net earnings (loss) | $ | 5,885 | $ | (8,485 | ) | $ | (654 | ) | $ | 9,480 | $ | 6,226 | ||||||||
Other comprehensive income, net of tax | 1,484 | — | — | — | 1,484 | |||||||||||||||
Comprehensive income (loss) | $ | 7,369 | $ | (8,485 | ) | $ | (654 | ) | $ | 9,480 | $ | 7,710 | ||||||||
Clearwater Paper Corporation | ||||||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||||||
At March 31, 2015 | ||||||||||||||||||||
(In thousands) | Issuer | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||
Subsidiaries | Subsidiary | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash | $ | 29,796 | $ | — | $ | — | $ | — | $ | 29,796 | ||||||||||
Restricted cash | 1,500 | — | — | — | 1,500 | |||||||||||||||
Short-term investments | 11,000 | — | — | — | 11,000 | |||||||||||||||
Receivables, net | 117,785 | 16,246 | — | (82 | ) | 133,949 | ||||||||||||||
Inventories | 232,295 | 38,375 | — | — | 270,670 | |||||||||||||||
Deferred tax assets | 18,343 | 3,375 | — | (36 | ) | 21,682 | ||||||||||||||
Prepaid expenses | 10,220 | 516 | — | — | 10,736 | |||||||||||||||
Total current assets | 420,939 | 58,512 | — | (118 | ) | 479,333 | ||||||||||||||
Property, plant and equipment, net | 662,108 | 150,662 | — | — | 812,770 | |||||||||||||||
Goodwill | 209,087 | — | — | — | 209,087 | |||||||||||||||
Intangible assets, net | 4,963 | 18,752 | — | — | 23,715 | |||||||||||||||
Intercompany receivable (payable) | 42,271 | (42,307 | ) | — | 36 | — | ||||||||||||||
Investment in subsidiary | 127,562 | — | — | (127,562 | ) | — | ||||||||||||||
Pension assets | 6,333 | — | — | — | 6,333 | |||||||||||||||
Other assets, net | 8,805 | 1,078 | — | — | 9,883 | |||||||||||||||
TOTAL ASSETS | $ | 1,482,068 | $ | 186,697 | $ | — | $ | (127,644 | ) | $ | 1,541,121 | |||||||||
LIABILITIES AND STOCKHOLDERS’ | ||||||||||||||||||||
EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable and accrued | $ | 184,844 | $ | 21,703 | $ | — | $ | (82 | ) | $ | 206,465 | |||||||||
liabilities | ||||||||||||||||||||
Current liability for pensions and | 7,915 | — | — | — | 7,915 | |||||||||||||||
other postretirement employee | ||||||||||||||||||||
benefits | ||||||||||||||||||||
Total current liabilities | 192,759 | 21,703 | — | (82 | ) | 214,380 | ||||||||||||||
Long-term debt | 575,000 | — | — | — | 575,000 | |||||||||||||||
Liability for pensions and other | 116,719 | — | — | — | 116,719 | |||||||||||||||
postretirement employee benefits | ||||||||||||||||||||
Other long-term obligations | 54,690 | 762 | — | — | 55,452 | |||||||||||||||
Accrued taxes | 919 | 787 | — | — | 1,706 | |||||||||||||||
Deferred tax liabilities | 75,343 | 35,883 | — | — | 111,226 | |||||||||||||||
Accumulated other comprehensive loss, | (69,306 | ) | — | — | — | (69,306 | ) | |||||||||||||
net of tax | ||||||||||||||||||||
Stockholders’ equity excluding | 535,944 | 127,562 | — | (127,562 | ) | 535,944 | ||||||||||||||
accumulated other comprehensive loss | ||||||||||||||||||||
TOTAL LIABILITIES AND | $ | 1,482,068 | $ | 186,697 | $ | — | $ | (127,644 | ) | $ | 1,541,121 | |||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Clearwater Paper Corporation | ||||||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||
(In thousands) | Issuer | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||
Subsidiaries | Subsidiary | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash | $ | 27,331 | $ | — | $ | — | $ | — | $ | 27,331 | ||||||||||
Restricted cash | 1,500 | — | — | — | 1,500 | |||||||||||||||
Short-term investments | 50,000 | — | — | — | 50,000 | |||||||||||||||
Receivables, net | 117,970 | 16,557 | — | (613 | ) | 133,914 | ||||||||||||||
Taxes receivable | 6,760 | (15,758 | ) | — | 10,253 | 1,255 | ||||||||||||||
Inventories | 246,210 | 40,416 | — | — | 286,626 | |||||||||||||||
Deferred tax assets | 14,733 | 5,206 | — | 1,821 | 21,760 | |||||||||||||||
Prepaid expenses | 3,734 | 457 | — | — | 4,191 | |||||||||||||||
Total current assets | 468,238 | 46,878 | — | 11,461 | 526,577 | |||||||||||||||
Property, plant and equipment, net | 657,369 | 153,618 | — | — | 810,987 | |||||||||||||||
Goodwill | 209,087 | — | — | — | 209,087 | |||||||||||||||
Intangible assets, net | 5,224 | 19,732 | — | — | 24,956 | |||||||||||||||
Intercompany receivable (payable) | 33,703 | (21,629 | ) | — | (12,074 | ) | — | |||||||||||||
Investment in subsidiary | 137,282 | — | — | (137,282 | ) | — | ||||||||||||||
Pension assets | 4,738 | — | — | — | 4,738 | |||||||||||||||
Other assets, net | 8,496 | 1,087 | — | — | 9,583 | |||||||||||||||
TOTAL ASSETS | $ | 1,524,137 | $ | 199,686 | $ | — | $ | (137,895 | ) | $ | 1,585,928 | |||||||||
LIABILITIES AND STOCKHOLDERS’ | ||||||||||||||||||||
EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable and accrued | $ | 193,326 | $ | 23,113 | $ | — | $ | (613 | ) | $ | 215,826 | |||||||||
liabilities | ||||||||||||||||||||
Current liability for pensions and | 7,915 | — | — | — | 7,915 | |||||||||||||||
other postretirement employee | ||||||||||||||||||||
benefits | ||||||||||||||||||||
Total current liabilities | 201,241 | 23,113 | — | (613 | ) | 223,741 | ||||||||||||||
Long-term debt | 575,000 | — | — | — | 575,000 | |||||||||||||||
Liability for pensions and other | 118,464 | — | — | — | 118,464 | |||||||||||||||
postretirement employee benefits | ||||||||||||||||||||
Other long-term obligations | 56,029 | 827 | — | — | 56,856 | |||||||||||||||
Accrued taxes | 1,902 | 794 | — | — | 2,696 | |||||||||||||||
Deferred tax liabilities | 73,964 | 37,670 | — | — | 111,634 | |||||||||||||||
Accumulated other comprehensive loss, | (70,863 | ) | — | — | — | (70,863 | ) | |||||||||||||
net of tax | ||||||||||||||||||||
Stockholders’ equity excluding | 568,400 | 137,282 | — | (137,282 | ) | 568,400 | ||||||||||||||
accumulated other comprehensive loss | ||||||||||||||||||||
TOTAL LIABILITIES AND | $ | 1,524,137 | $ | 199,686 | $ | — | $ | (137,895 | ) | $ | 1,585,928 | |||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Clearwater Paper Corporation | ||||||||||||||||||||
Consolidating Statement of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(In thousands) | Issuer | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||
Subsidiaries | Subsidiary | |||||||||||||||||||
CASH FLOWS FROM OPERATING | ||||||||||||||||||||
ACTIVITIES | ||||||||||||||||||||
Net earnings (loss) | $ | 3,885 | $ | (4,673 | ) | $ | — | $ | 6,545 | $ | 5,757 | |||||||||
Adjustments to reconcile net earnings (loss) to | ||||||||||||||||||||
net cash flows from operating activities: | ||||||||||||||||||||
Depreciation and amortization | 16,114 | 4,894 | — | — | 21,008 | |||||||||||||||
Equity-based compensation expense | 1,169 | — | — | — | 1,169 | |||||||||||||||
Deferred tax (benefit) provision | (3,231 | ) | 44 | — | 1,857 | (1,330 | ) | |||||||||||||
Employee benefit plans | 809 | — | — | — | 809 | |||||||||||||||
Deferred issuance costs and discounts on | 178 | — | — | — | 178 | |||||||||||||||
long-term debt | ||||||||||||||||||||
Disposal of plant and equipment, net | — | (30 | ) | — | — | (30 | ) | |||||||||||||
Non-cash adjustments to unrecognized taxes | (983 | ) | (7 | ) | — | — | (990 | ) | ||||||||||||
Changes in working capital, net | 1,537 | 1,920 | — | — | 3,457 | |||||||||||||||
Changes in taxes receivable, net | 6,760 | (15,758 | ) | — | 10,253 | 1,255 | ||||||||||||||
Excess tax benefits from equity-based | (343 | ) | — | — | — | (343 | ) | |||||||||||||
payment arrangements | ||||||||||||||||||||
Funding of qualified pension plans | (1,561 | ) | — | — | — | (1,561 | ) | |||||||||||||
Other, net | (1,261 | ) | (66 | ) | — | — | (1,327 | ) | ||||||||||||
Net cash flows from operating activities | 23,073 | (13,676 | ) | — | 18,655 | 28,052 | ||||||||||||||
CASH FLOWS FROM INVESTING | ||||||||||||||||||||
ACTIVITIES | ||||||||||||||||||||
Changes in short-term investments, net | 39,000 | — | — | — | 39,000 | |||||||||||||||
Additions to plant and equipment | (23,262 | ) | (1,978 | ) | — | — | (25,240 | ) | ||||||||||||
Proceeds from the sale of assets | — | 506 | — | — | 506 | |||||||||||||||
Net cash flows from investing activities | 15,738 | (1,472 | ) | — | — | 14,266 | ||||||||||||||
CASH FLOWS FROM FINANCING | ||||||||||||||||||||
ACTIVITIES | ||||||||||||||||||||
Purchase of treasury stock | (37,148 | ) | — | — | — | (37,148 | ) | |||||||||||||
Investment from parent | 3,507 | 15,148 | — | (18,655 | ) | — | ||||||||||||||
Payment of tax withholdings on equity- | (3,048 | ) | — | — | — | (3,048 | ) | |||||||||||||
based payment arrangements | ||||||||||||||||||||
Excess tax benefits from equity-based | 343 | — | — | — | 343 | |||||||||||||||
payment arrangements | ||||||||||||||||||||
Net cash flows from financing activities | (36,346 | ) | 15,148 | — | (18,655 | ) | (39,853 | ) | ||||||||||||
Increase in cash | 2,465 | — | — | — | 2,465 | |||||||||||||||
Cash at beginning of period | 27,331 | — | — | — | 27,331 | |||||||||||||||
Cash at end of period | $ | 29,796 | $ | — | $ | — | $ | — | $ | 29,796 | ||||||||||
Clearwater Paper Corporation | ||||||||||||||||||||
Consolidating Statement of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(In thousands) | Issuer | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | |||||||||||||||
Subsidiary | ||||||||||||||||||||
CASH FLOWS FROM OPERATING | ||||||||||||||||||||
ACTIVITIES | ||||||||||||||||||||
Net earnings (loss) | $ | 5,885 | $ | (8,485 | ) | $ | (654 | ) | $ | 9,480 | $ | 6,226 | ||||||||
Adjustments to reconcile net earnings (loss) to net | ||||||||||||||||||||
cash flows from operating activities: | ||||||||||||||||||||
Depreciation and amortization | 14,121 | 7,529 | 581 | — | 22,231 | |||||||||||||||
Equity-based compensation expense | 4,479 | — | — | — | 4,479 | |||||||||||||||
Impairment of assets | — | 4,259 | — | — | 4,259 | |||||||||||||||
Deferred tax provision (benefit) | 23,679 | (11,492 | ) | 22 | (11,036 | ) | 1,173 | |||||||||||||
Employee benefit plans | 888 | — | — | — | 888 | |||||||||||||||
Deferred issuance costs and discounts on | 475 | — | — | — | 475 | |||||||||||||||
long-term debt | ||||||||||||||||||||
Disposal of plant and equipment, net | 139 | 290 | — | — | 429 | |||||||||||||||
Changes in working capital, net | (1,059 | ) | (3,062 | ) | (1,535 | ) | — | (5,656 | ) | |||||||||||
Changes in taxes receivable, net | (1,965 | ) | (14,629 | ) | (79 | ) | 22,196 | 5,523 | ||||||||||||
Funding of qualified pension plans | (4,314 | ) | — | — | — | (4,314 | ) | |||||||||||||
Other, net | (351 | ) | (93 | ) | 1 | — | (443 | ) | ||||||||||||
Net cash flows from operating activities | 41,977 | (25,683 | ) | (1,664 | ) | 20,640 | 35,270 | |||||||||||||
CASH FLOWS FROM INVESTING | ||||||||||||||||||||
ACTIVITIES | ||||||||||||||||||||
Changes in short-term investments, net | 11,000 | — | — | — | 11,000 | |||||||||||||||
Additions to plant and equipment | (12,017 | ) | (4,168 | ) | (54 | ) | — | (16,239 | ) | |||||||||||
Proceeds from sale of assets | 4 | 456 | — | — | 460 | |||||||||||||||
Net cash flows from investing activities | (1,013 | ) | (3,712 | ) | (54 | ) | — | (4,779 | ) | |||||||||||
CASH FLOWS FROM FINANCING | ||||||||||||||||||||
ACTIVITIES | ||||||||||||||||||||
Purchase of treasury stock | (29,332 | ) | — | — | — | (29,332 | ) | |||||||||||||
Investment (to) from parent | (7,846 | ) | 29,395 | (909 | ) | (20,640 | ) | — | ||||||||||||
Payment of tax withholdings on equity- | (792 | ) | — | — | — | (792 | ) | |||||||||||||
based payment arrangements | ||||||||||||||||||||
Net cash flows from financing activities | (37,970 | ) | 29,395 | (909 | ) | (20,640 | ) | (30,124 | ) | |||||||||||
Increase (decrease) in cash | 2,994 | — | (2,627 | ) | — | 367 | ||||||||||||||
Cash at beginning of period | 18,273 | — | 5,402 | — | 23,675 | |||||||||||||||
Cash at end of period | $ | 21,267 | $ | — | $ | 2,775 | $ | — | $ | 24,042 | ||||||||||
Nature_of_Operations_and_Basis1
Nature of Operations and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ESTIMATES | SIGNIFICANT ESTIMATES |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Significant areas requiring the use of estimates and measurement of uncertainty include determination of net realizable value for deferred tax assets, uncertain tax positions, assessment of impairment of long-lived assets, goodwill and intangibles, assessment of environmental matters, equity-based compensation and pension and postretirement obligation assumptions. Actual results could differ from those estimates and assumptions. | |
RESTRICTED CASH AND SHORT-TERM INVESTMENTS | SHORT-TERM INVESTMENTS AND RESTRICTED CASH |
Our short-term investments are invested primarily in demand deposits, which have very short maturity periods, and therefore earn an interest rate commensurate with low-risk instruments. We do not attempt to hedge our exposure to interest rate risk for our short-term investments. Our restricted cash in which the underlying instrument has a term of greater than twelve months from the balance sheet date is classified as non-current and is included in “Other assets, net” on our Consolidated Balance Sheet. As of both March 31, 2015 and December 31, 2014, we had $1.5 million of restricted cash classified as current and $2.3 million of restricted cash classified as non-current and included in "Other assets, net" on our Consolidated Balance Sheets. | |
TRADE ACCOUNTS RECEIVABLE | TRADE ACCOUNTS RECEIVABLE |
Trade accounts receivable are stated at the amount we expect to collect. Trade accounts receivable do not bear interest. The allowance for doubtful accounts is our best estimate of the losses we expect will result from the inability of our customers to make required payments. We generally determine the allowance based on a combination of actual historical write-off experience and an analysis of specific customer accounts. As of March 31, 2015 and December 31, 2014, we had allowances for doubtful accounts of $1.4 million. | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT |
Property, plant and equipment are stated at cost, including any interest costs capitalized, less accumulated depreciation. Depreciation of buildings, equipment and other depreciable assets is determined using the straight-line method. Assets we acquire through business combinations have estimated lives that are typically shorter than the assets we construct or buy new. Accumulated depreciation totaled $1,469.8 million and $1,450.1 million at March 31, 2015 and December 31, 2014, respectively. | |
Consistent with authoritative guidance, we assess the carrying amount of long-lived assets with definite lives that are held-for-use and evaluate them for recoverability whenever events or changes in circumstances indicate that we may be unable to recover the carrying amount of the assets. During the first quarter of 2014, we permanently closed our Long Island tissue converting and distribution facility. As a result of this closure, we considered an outside third party's appraisal in assessing the recoverability of the facility's long-lived plant and equipment based on available market data for comparable assets sold through private party transactions. Based on this assessment, we determined the carrying amounts of certain long-lived plant and equipment related to the Long Island facility exceeded their fair value. As a result, we recorded a $3.0 million non-cash impairment charge to our accompanying Consolidated Statement of Operations for the three months ended March 31, 2014. There were no other such events or changes in circumstances that impacted our remaining long-lived assets. | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY |
On December 15, 2014, we announced that our Board of Directors had approved a new stock repurchase program authorizing the repurchase of up to $100 million of our common stock. The repurchase program authorizes purchases of our common stock from time to time through open market purchases, negotiated transactions or other means, including accelerated stock repurchases and 10b5-1 trading plans in accordance with applicable securities laws and other restrictions. We have no obligation to repurchase stock under this program and may suspend or terminate the program at any time. During the first quarter of 2015, we repurchased 599,495 shares of our outstanding common stock at an average price of $61.97 per share. As of March 31, 2015, we had up to $62.9 million of authorization remaining pursuant to this stock repurchase program. | |
On February 5, 2014, we announced that our Board of Directors had approved a stock repurchase program authorizing the repurchase of up to $100 million of our common stock. We completed that program during the third quarter of 2014. In total, we repurchased 1,574,748 shares of our outstanding common stock at an average price of $63.50 per share under that program. | |
DERIVATIVES | DERIVATIVES |
We had no activity during the three months ended March 31, 2015 and 2014 that required hedge or derivative accounting treatment. However, to help mitigate our exposure to market risk for changes in utility commodity pricing, we use firm price contracts to supply a portion of the natural gas requirements for our manufacturing facilities. As of March 31, 2015, these contracts covered approximately 53% of our expected average monthly natural gas requirements for the remainder of 2015. Historically, these contracts have qualified for treatment as “normal purchases or normal sales” under authoritative guidance and thus required no mark-to-market adjustment. |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories at the balance sheet dates consist of: | |||||||
(In thousands) | 31-Mar-15 | 31-Dec-14 | ||||||
Pulp, paperboard and tissue products | $ | 177,495 | $ | 188,760 | ||||
Materials and supplies | 75,686 | 74,916 | ||||||
Logs, pulpwood, chips and sawdust | 17,489 | 22,950 | ||||||
$ | 270,670 | $ | 286,626 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||||||||||
Intangible Assets | Intangible assets at the balance sheet dates are comprised of the following: | |||||||||||||
March 31, 2015 | ||||||||||||||
(Dollars in thousands, lives in years) | Useful | Historical | Accumulated | Net | ||||||||||
Life | Cost | Amortization | Balance | |||||||||||
Customer relationships | 9 | $ | 41,001 | $ | (19,362 | ) | $ | 21,639 | ||||||
Trade names and trademarks | 10 | 3,286 | (1,396 | ) | 1,890 | |||||||||
Non-compete agreements | 5 | 1,189 | (1,003 | ) | 186 | |||||||||
$ | 45,476 | $ | (21,761 | ) | $ | 23,715 | ||||||||
December 31, 2014 | ||||||||||||||
(Dollars in thousands, lives in years) | Useful | Historical | Accumulated | Net | ||||||||||
Life | Cost | Amortization | Balance | |||||||||||
Customer relationships | 9 | $ | 41,001 | $ | (18,223 | ) | $ | 22,778 | ||||||
Trade names and trademarks | 10 | 3,286 | (1,314 | ) | 1,972 | |||||||||
Non-compete agreements | 5 | 1,189 | (983 | ) | 206 | |||||||||
$ | 45,476 | $ | (20,520 | ) | $ | 24,956 | ||||||||
Taxes_Tables
Taxes (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Income Tax Disclosure [Abstract] | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the three months ended March 31, 2015 and 2014, the effective tax rates attributable to continuing operations were as follows: | |||||
Three Months Ended March 31, | ||||||
2015 | 2014 | |||||
Statutory federal income tax rate | 35 | % | 35 | % | ||
State taxes, net of credits | 2.3 | 2 | ||||
Change in valuation allowances | 1 | 4.2 | ||||
Federal manufacturing deduction | (3.3 | ) | (2.0 | ) | ||
Change in uncertain tax positions | (13.4 | ) | — | |||
Interest accrued on uncertain tax positions | 0.1 | 0.2 | ||||
Federal credits and audit adjustments | (0.4 | ) | (4.4 | ) | ||
State rate adjustments | — | (0.2 | ) | |||
Return to provision adjustments | 1.4 | 0.9 | ||||
Other | 0.1 | 0.7 | ||||
Effective tax rate | 22.8 | % | 36.4 | % |
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ||||||||
Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities at the balance sheet dates consist of: | |||||||
(In thousands) | March 31, 2015 | December 31, 2014 | ||||||
Trade accounts payable | $ | 129,971 | $ | 122,856 | ||||
Accrued wages, salaries and employee benefits | 36,855 | 41,880 | ||||||
Accrued discounts and allowances | 8,249 | 10,026 | ||||||
Accrued taxes other than income taxes payable | 8,105 | 5,622 | ||||||
Accrued utilities | 6,511 | 6,959 | ||||||
Accrued interest | 4,810 | 12,173 | ||||||
Other | 11,964 | 16,310 | ||||||
$ | 206,465 | $ | 215,826 | |||||
Other_LongTerm_Obligations_Tab
Other Long-Term Obligations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ||||||||
Other Long-Term Obligations | Other long-term obligations at the balance sheet dates consist of: | |||||||
(In thousands) | March 31, 2015 | December 31, 2014 | ||||||
Long-term lease obligations, net of current portion | $ | 24,595 | $ | 24,805 | ||||
Deferred compensation | 14,370 | 14,609 | ||||||
Deferred proceeds | 11,605 | 12,360 | ||||||
Other | 4,882 | 5,082 | ||||||
$ | 55,452 | $ | 56,856 | |||||
Reclassification_out_of_Accumu1
Reclassification out of Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Equity [Abstract] | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Accumulated other comprehensive loss, net of tax, is comprised of the following: | |||||||||||
(In thousands) | Foreign Currency Translation Adjustments1 | Pension and Other Post Retirement Employee Benefit Plans Adjustments | Total | |||||||||
Balance at December 31, 2014 | $ | — | $ | (70,863 | ) | $ | (70,863 | ) | ||||
Other comprehensive income, net of tax2 | — | 1,557 | 1,557 | |||||||||
Balance at March 31, 2015 | $ | — | $ | (69,306 | ) | $ | (69,306 | ) | ||||
(In thousands) | Foreign Currency Translation Adjustments1 | Pension and Other Post Retirement Employee Benefit Plans Adjustments | Total | |||||||||
Balance at December 31, 2013 | $ | (874 | ) | $ | (57,219 | ) | $ | (58,093 | ) | |||
Other comprehensive income, net of tax2 | — | 1,484 | 1,484 | |||||||||
Balance at March 31, 2014 | $ | (874 | ) | $ | (55,735 | ) | $ | (56,609 | ) | |||
1 | This balance consists of unrealized foreign currency translation adjustments related to the operations of our Canadian subsidiary before its functional currency was changed from Canadian dollars to U.S. dollars in 2012. As a result of the divestiture of the specialty business and mills, this balance was written off in the fourth quarter of 2014. | |||||||||||
2 | For the three months ended March 31, 2015 and 2014, net periodic costs associated with our pension and other postretirement employee benefit, or OPEB, plans included in other comprehensive income and reclassified from accumulated other comprehensive loss included $3.1 million and $2.5 million, respectively, of actuarial loss amortization, as well as $0.5 million and $0.1 million, respectively, of prior service credit amortization, all net of tax totaling $1.0 million and $0.9 million, respectively. These accumulated other comprehensive loss components are included in the computation of net periodic pension and OPEB costs in Note 10, “Pension and Other Postretirement Employee Benefit Plans.” |
Pension_and_Other_Postretireme1
Pension and Other Postretirement Employee Benefit Plans (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Compensation and Retirement Disclosure [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 OPEB plans for the periods presented: | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
(In thousands) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Pension Benefit Plans | Other Postretirement | |||||||||||||||
Employee Benefit Plans | ||||||||||||||||
Service cost | $ | 316 | $ | 355 | $ | 148 | $ | 117 | ||||||||
Interest cost | 3,490 | 3,688 | 1,048 | 1,302 | ||||||||||||
Expected return on plan assets | (4,984 | ) | (5,015 | ) | — | — | ||||||||||
Amortization of prior service cost (credit) | 18 | 52 | (545 | ) | (126 | ) | ||||||||||
Amortization of actuarial loss | 3,083 | 2,494 | — | — | ||||||||||||
Net periodic cost | $ | 1,923 | $ | 1,574 | $ | 651 | $ | 1,293 | ||||||||
Earnings_per_Common_Share_Tabl
Earnings per Common Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings per Share | The following table reconciles the number of common shares used in calculating the basic and diluted net earnings per share: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Basic average common shares outstanding1 | 19,334,729 | 20,984,217 | ||||||
Incremental shares due to: | ||||||||
Restricted stock units | 55,734 | 67,358 | ||||||
Performance shares | 74,306 | 167,329 | ||||||
Diluted average common shares outstanding | 19,464,769 | 21,218,904 | ||||||
Basic net earnings per common share | $ | 0.3 | $ | 0.3 | ||||
Diluted net earnings per common share | 0.3 | 0.29 | ||||||
Anti-dilutive shares excluded from calculation | 399,452 | 242,244 | ||||||
1 | Basic average common shares outstanding include restricted stock awards that are fully vested, but are deferred for future issuance. |
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Employee Equity-Based Compensation Expense | Employee equity-based compensation expense was recognized as follows: | |||||||
Three Months Ended March 31, | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Restricted stock units | $ | 411 | $ | 445 | ||||
Performance shares | 879 | 1,081 | ||||||
Stock options | 349 | 136 | ||||||
Total employee equity-based compensation | $ | 1,639 | $ | 1,662 | ||||
Summary of Number of Share-Based Awards Granted | The following table summarizes the number of share-based awards granted under the Clearwater Paper Corporation 2008 Stock Incentive Plan during the three months ended March 31, 2015 and the grant-date fair value of the awards: | |||||||
Three Months Ended | ||||||||
31-Mar-15 | ||||||||
Number of | Average Fair Value of | |||||||
Shares Subject to Award | Award Per Share | |||||||
Restricted stock units | 21,790 | $ | 61.75 | |||||
Performance shares | 45,627 | 62.05 | ||||||
Stock options | 136,884 | 20.82 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Estimated Fair Values of Financial Instruments | The estimated fair values of our financial instruments at the dates presented below are as follows: | |||||||||||||||
March 31, | December 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
(In thousands) | Amount | Value | Amount | Value | ||||||||||||
Cash, restricted cash and short-term investments (Level 1) | $ | 44,566 | $ | 44,566 | $ | 81,101 | $ | 81,101 | ||||||||
Long-term debt (Level 1) | 575,000 | 556,625 | 575,000 | 558,000 | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Reportable Segments Information | The table below presents information about our reportable segments: | |||||||
Three Months Ended March 31, | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Segment net sales: | ||||||||
Consumer Products | $ | 235,176 | $ | 286,508 | ||||
Pulp and Paperboard | 198,850 | 198,412 | ||||||
Total segment net sales | $ | 434,026 | $ | 484,920 | ||||
Operating income (loss): | ||||||||
Consumer Products | $ | 12,395 | $ | (523 | ) | |||
Pulp and Paperboard | 16,194 | 36,776 | ||||||
28,589 | 36,253 | |||||||
Corporate | (13,352 | ) | (15,735 | ) | ||||
Income from operations | $ | 15,237 | $ | 20,518 | ||||
Depreciation and amortization: | ||||||||
Consumer Products | $ | 12,977 | $ | 15,490 | ||||
Pulp and Paperboard | 7,311 | 6,270 | ||||||
Corporate | 720 | 471 | ||||||
Total depreciation and amortization | $ | 21,008 | $ | 22,231 | ||||
Supplemental_Guarantor_Financi1
Supplemental Guarantor Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | Clearwater Paper Corporation | |||||||||||||||||||
Consolidating Statement of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
(In thousands) | Issuer | Subsidiaries | Subsidiary | Eliminations | Total | |||||||||||||||
Net sales | $ | 395,387 | $ | 73,328 | $ | — | $ | (34,689 | ) | $ | 434,026 | |||||||||
Cost and expenses: | ||||||||||||||||||||
Cost of sales | (351,046 | ) | (73,475 | ) | — | 34,689 | (389,832 | ) | ||||||||||||
Selling, general and administrative expenses | (24,788 | ) | (4,169 | ) | — | — | (28,957 | ) | ||||||||||||
Total operating costs and expenses | (375,834 | ) | (77,644 | ) | — | 34,689 | (418,789 | ) | ||||||||||||
Income (loss) from operations | 19,553 | (4,316 | ) | — | — | 15,237 | ||||||||||||||
Interest expense, net | (7,767 | ) | (15 | ) | — | — | (7,782 | ) | ||||||||||||
Earnings (loss) before income taxes | 11,786 | (4,331 | ) | — | — | 7,455 | ||||||||||||||
Income tax provision | (3,228 | ) | (342 | ) | — | 1,872 | (1,698 | ) | ||||||||||||
Equity in loss of subsidiary | (4,673 | ) | — | — | 4,673 | — | ||||||||||||||
Net earnings (loss) | $ | 3,885 | $ | (4,673 | ) | $ | — | $ | 6,545 | $ | 5,757 | |||||||||
Other comprehensive income, net of tax | 1,557 | — | — | — | 1,557 | |||||||||||||||
Comprehensive income (loss) | $ | 5,442 | $ | (4,673 | ) | $ | — | $ | 6,545 | $ | 7,314 | |||||||||
Clearwater Paper Corporation | ||||||||||||||||||||
Consolidating Statement of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
(In thousands) | Issuer | Subsidiaries | Subsidiary | Eliminations | Total | |||||||||||||||
Net sales | $ | 384,621 | $ | 138,673 | $ | 12,884 | $ | (51,258 | ) | $ | 484,920 | |||||||||
Cost and expenses: | ||||||||||||||||||||
Cost of sales | (318,392 | ) | (146,089 | ) | (13,406 | ) | 51,258 | (426,629 | ) | |||||||||||
Selling, general and administrative expenses | (27,659 | ) | (5,517 | ) | (338 | ) | — | (33,514 | ) | |||||||||||
Impairment of assets | — | (4,259 | ) | — | — | (4,259 | ) | |||||||||||||
Total operating costs and expenses | (346,051 | ) | (155,865 | ) | (13,744 | ) | 51,258 | (464,402 | ) | |||||||||||
Income (loss) from operations | 38,570 | (17,192 | ) | (860 | ) | — | 20,518 | |||||||||||||
Interest expense, net | (10,723 | ) | (11 | ) | — | — | (10,734 | ) | ||||||||||||
Earnings (loss) before income taxes | 27,847 | (17,203 | ) | (860 | ) | — | 9,784 | |||||||||||||
Income tax (provision) benefit | (13,477 | ) | 9,372 | 206 | 341 | (3,558 | ) | |||||||||||||
Equity in loss of subsidiary | (8,485 | ) | (654 | ) | — | 9,139 | — | |||||||||||||
Net earnings (loss) | $ | 5,885 | $ | (8,485 | ) | $ | (654 | ) | $ | 9,480 | $ | 6,226 | ||||||||
Other comprehensive income, net of tax | 1,484 | — | — | — | 1,484 | |||||||||||||||
Comprehensive income (loss) | $ | 7,369 | $ | (8,485 | ) | $ | (654 | ) | $ | 9,480 | $ | 7,710 | ||||||||
Condensed Consolidating Balance Sheet | Clearwater Paper Corporation | |||||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||||||
At March 31, 2015 | ||||||||||||||||||||
(In thousands) | Issuer | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||
Subsidiaries | Subsidiary | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash | $ | 29,796 | $ | — | $ | — | $ | — | $ | 29,796 | ||||||||||
Restricted cash | 1,500 | — | — | — | 1,500 | |||||||||||||||
Short-term investments | 11,000 | — | — | — | 11,000 | |||||||||||||||
Receivables, net | 117,785 | 16,246 | — | (82 | ) | 133,949 | ||||||||||||||
Inventories | 232,295 | 38,375 | — | — | 270,670 | |||||||||||||||
Deferred tax assets | 18,343 | 3,375 | — | (36 | ) | 21,682 | ||||||||||||||
Prepaid expenses | 10,220 | 516 | — | — | 10,736 | |||||||||||||||
Total current assets | 420,939 | 58,512 | — | (118 | ) | 479,333 | ||||||||||||||
Property, plant and equipment, net | 662,108 | 150,662 | — | — | 812,770 | |||||||||||||||
Goodwill | 209,087 | — | — | — | 209,087 | |||||||||||||||
Intangible assets, net | 4,963 | 18,752 | — | — | 23,715 | |||||||||||||||
Intercompany receivable (payable) | 42,271 | (42,307 | ) | — | 36 | — | ||||||||||||||
Investment in subsidiary | 127,562 | — | — | (127,562 | ) | — | ||||||||||||||
Pension assets | 6,333 | — | — | — | 6,333 | |||||||||||||||
Other assets, net | 8,805 | 1,078 | — | — | 9,883 | |||||||||||||||
TOTAL ASSETS | $ | 1,482,068 | $ | 186,697 | $ | — | $ | (127,644 | ) | $ | 1,541,121 | |||||||||
LIABILITIES AND STOCKHOLDERS’ | ||||||||||||||||||||
EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable and accrued | $ | 184,844 | $ | 21,703 | $ | — | $ | (82 | ) | $ | 206,465 | |||||||||
liabilities | ||||||||||||||||||||
Current liability for pensions and | 7,915 | — | — | — | 7,915 | |||||||||||||||
other postretirement employee | ||||||||||||||||||||
benefits | ||||||||||||||||||||
Total current liabilities | 192,759 | 21,703 | — | (82 | ) | 214,380 | ||||||||||||||
Long-term debt | 575,000 | — | — | — | 575,000 | |||||||||||||||
Liability for pensions and other | 116,719 | — | — | — | 116,719 | |||||||||||||||
postretirement employee benefits | ||||||||||||||||||||
Other long-term obligations | 54,690 | 762 | — | — | 55,452 | |||||||||||||||
Accrued taxes | 919 | 787 | — | — | 1,706 | |||||||||||||||
Deferred tax liabilities | 75,343 | 35,883 | — | — | 111,226 | |||||||||||||||
Accumulated other comprehensive loss, | (69,306 | ) | — | — | — | (69,306 | ) | |||||||||||||
net of tax | ||||||||||||||||||||
Stockholders’ equity excluding | 535,944 | 127,562 | — | (127,562 | ) | 535,944 | ||||||||||||||
accumulated other comprehensive loss | ||||||||||||||||||||
TOTAL LIABILITIES AND | $ | 1,482,068 | $ | 186,697 | $ | — | $ | (127,644 | ) | $ | 1,541,121 | |||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Clearwater Paper Corporation | ||||||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||
(In thousands) | Issuer | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||
Subsidiaries | Subsidiary | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash | $ | 27,331 | $ | — | $ | — | $ | — | $ | 27,331 | ||||||||||
Restricted cash | 1,500 | — | — | — | 1,500 | |||||||||||||||
Short-term investments | 50,000 | — | — | — | 50,000 | |||||||||||||||
Receivables, net | 117,970 | 16,557 | — | (613 | ) | 133,914 | ||||||||||||||
Taxes receivable | 6,760 | (15,758 | ) | — | 10,253 | 1,255 | ||||||||||||||
Inventories | 246,210 | 40,416 | — | — | 286,626 | |||||||||||||||
Deferred tax assets | 14,733 | 5,206 | — | 1,821 | 21,760 | |||||||||||||||
Prepaid expenses | 3,734 | 457 | — | — | 4,191 | |||||||||||||||
Total current assets | 468,238 | 46,878 | — | 11,461 | 526,577 | |||||||||||||||
Property, plant and equipment, net | 657,369 | 153,618 | — | — | 810,987 | |||||||||||||||
Goodwill | 209,087 | — | — | — | 209,087 | |||||||||||||||
Intangible assets, net | 5,224 | 19,732 | — | — | 24,956 | |||||||||||||||
Intercompany receivable (payable) | 33,703 | (21,629 | ) | — | (12,074 | ) | — | |||||||||||||
Investment in subsidiary | 137,282 | — | — | (137,282 | ) | — | ||||||||||||||
Pension assets | 4,738 | — | — | — | 4,738 | |||||||||||||||
Other assets, net | 8,496 | 1,087 | — | — | 9,583 | |||||||||||||||
TOTAL ASSETS | $ | 1,524,137 | $ | 199,686 | $ | — | $ | (137,895 | ) | $ | 1,585,928 | |||||||||
LIABILITIES AND STOCKHOLDERS’ | ||||||||||||||||||||
EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable and accrued | $ | 193,326 | $ | 23,113 | $ | — | $ | (613 | ) | $ | 215,826 | |||||||||
liabilities | ||||||||||||||||||||
Current liability for pensions and | 7,915 | — | — | — | 7,915 | |||||||||||||||
other postretirement employee | ||||||||||||||||||||
benefits | ||||||||||||||||||||
Total current liabilities | 201,241 | 23,113 | — | (613 | ) | 223,741 | ||||||||||||||
Long-term debt | 575,000 | — | — | — | 575,000 | |||||||||||||||
Liability for pensions and other | 118,464 | — | — | — | 118,464 | |||||||||||||||
postretirement employee benefits | ||||||||||||||||||||
Other long-term obligations | 56,029 | 827 | — | — | 56,856 | |||||||||||||||
Accrued taxes | 1,902 | 794 | — | — | 2,696 | |||||||||||||||
Deferred tax liabilities | 73,964 | 37,670 | — | — | 111,634 | |||||||||||||||
Accumulated other comprehensive loss, | (70,863 | ) | — | — | — | (70,863 | ) | |||||||||||||
net of tax | ||||||||||||||||||||
Stockholders’ equity excluding | 568,400 | 137,282 | — | (137,282 | ) | 568,400 | ||||||||||||||
accumulated other comprehensive loss | ||||||||||||||||||||
TOTAL LIABILITIES AND | $ | 1,524,137 | $ | 199,686 | $ | — | $ | (137,895 | ) | $ | 1,585,928 | |||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Clearwater Paper Corporation | |||||||||||||||||||
Consolidating Statement of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(In thousands) | Issuer | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||
Subsidiaries | Subsidiary | |||||||||||||||||||
CASH FLOWS FROM OPERATING | ||||||||||||||||||||
ACTIVITIES | ||||||||||||||||||||
Net earnings (loss) | $ | 3,885 | $ | (4,673 | ) | $ | — | $ | 6,545 | $ | 5,757 | |||||||||
Adjustments to reconcile net earnings (loss) to | ||||||||||||||||||||
net cash flows from operating activities: | ||||||||||||||||||||
Depreciation and amortization | 16,114 | 4,894 | — | — | 21,008 | |||||||||||||||
Equity-based compensation expense | 1,169 | — | — | — | 1,169 | |||||||||||||||
Deferred tax (benefit) provision | (3,231 | ) | 44 | — | 1,857 | (1,330 | ) | |||||||||||||
Employee benefit plans | 809 | — | — | — | 809 | |||||||||||||||
Deferred issuance costs and discounts on | 178 | — | — | — | 178 | |||||||||||||||
long-term debt | ||||||||||||||||||||
Disposal of plant and equipment, net | — | (30 | ) | — | — | (30 | ) | |||||||||||||
Non-cash adjustments to unrecognized taxes | (983 | ) | (7 | ) | — | — | (990 | ) | ||||||||||||
Changes in working capital, net | 1,537 | 1,920 | — | — | 3,457 | |||||||||||||||
Changes in taxes receivable, net | 6,760 | (15,758 | ) | — | 10,253 | 1,255 | ||||||||||||||
Excess tax benefits from equity-based | (343 | ) | — | — | — | (343 | ) | |||||||||||||
payment arrangements | ||||||||||||||||||||
Funding of qualified pension plans | (1,561 | ) | — | — | — | (1,561 | ) | |||||||||||||
Other, net | (1,261 | ) | (66 | ) | — | — | (1,327 | ) | ||||||||||||
Net cash flows from operating activities | 23,073 | (13,676 | ) | — | 18,655 | 28,052 | ||||||||||||||
CASH FLOWS FROM INVESTING | ||||||||||||||||||||
ACTIVITIES | ||||||||||||||||||||
Changes in short-term investments, net | 39,000 | — | — | — | 39,000 | |||||||||||||||
Additions to plant and equipment | (23,262 | ) | (1,978 | ) | — | — | (25,240 | ) | ||||||||||||
Proceeds from the sale of assets | — | 506 | — | — | 506 | |||||||||||||||
Net cash flows from investing activities | 15,738 | (1,472 | ) | — | — | 14,266 | ||||||||||||||
CASH FLOWS FROM FINANCING | ||||||||||||||||||||
ACTIVITIES | ||||||||||||||||||||
Purchase of treasury stock | (37,148 | ) | — | — | — | (37,148 | ) | |||||||||||||
Investment from parent | 3,507 | 15,148 | — | (18,655 | ) | — | ||||||||||||||
Payment of tax withholdings on equity- | (3,048 | ) | — | — | — | (3,048 | ) | |||||||||||||
based payment arrangements | ||||||||||||||||||||
Excess tax benefits from equity-based | 343 | — | — | — | 343 | |||||||||||||||
payment arrangements | ||||||||||||||||||||
Net cash flows from financing activities | (36,346 | ) | 15,148 | — | (18,655 | ) | (39,853 | ) | ||||||||||||
Increase in cash | 2,465 | — | — | — | 2,465 | |||||||||||||||
Cash at beginning of period | 27,331 | — | — | — | 27,331 | |||||||||||||||
Cash at end of period | $ | 29,796 | $ | — | $ | — | $ | — | $ | 29,796 | ||||||||||
Clearwater Paper Corporation | ||||||||||||||||||||
Consolidating Statement of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(In thousands) | Issuer | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | |||||||||||||||
Subsidiary | ||||||||||||||||||||
CASH FLOWS FROM OPERATING | ||||||||||||||||||||
ACTIVITIES | ||||||||||||||||||||
Net earnings (loss) | $ | 5,885 | $ | (8,485 | ) | $ | (654 | ) | $ | 9,480 | $ | 6,226 | ||||||||
Adjustments to reconcile net earnings (loss) to net | ||||||||||||||||||||
cash flows from operating activities: | ||||||||||||||||||||
Depreciation and amortization | 14,121 | 7,529 | 581 | — | 22,231 | |||||||||||||||
Equity-based compensation expense | 4,479 | — | — | — | 4,479 | |||||||||||||||
Impairment of assets | — | 4,259 | — | — | 4,259 | |||||||||||||||
Deferred tax provision (benefit) | 23,679 | (11,492 | ) | 22 | (11,036 | ) | 1,173 | |||||||||||||
Employee benefit plans | 888 | — | — | — | 888 | |||||||||||||||
Deferred issuance costs and discounts on | 475 | — | — | — | 475 | |||||||||||||||
long-term debt | ||||||||||||||||||||
Disposal of plant and equipment, net | 139 | 290 | — | — | 429 | |||||||||||||||
Changes in working capital, net | (1,059 | ) | (3,062 | ) | (1,535 | ) | — | (5,656 | ) | |||||||||||
Changes in taxes receivable, net | (1,965 | ) | (14,629 | ) | (79 | ) | 22,196 | 5,523 | ||||||||||||
Funding of qualified pension plans | (4,314 | ) | — | — | — | (4,314 | ) | |||||||||||||
Other, net | (351 | ) | (93 | ) | 1 | — | (443 | ) | ||||||||||||
Net cash flows from operating activities | 41,977 | (25,683 | ) | (1,664 | ) | 20,640 | 35,270 | |||||||||||||
CASH FLOWS FROM INVESTING | ||||||||||||||||||||
ACTIVITIES | ||||||||||||||||||||
Changes in short-term investments, net | 11,000 | — | — | — | 11,000 | |||||||||||||||
Additions to plant and equipment | (12,017 | ) | (4,168 | ) | (54 | ) | — | (16,239 | ) | |||||||||||
Proceeds from sale of assets | 4 | 456 | — | — | 460 | |||||||||||||||
Net cash flows from investing activities | (1,013 | ) | (3,712 | ) | (54 | ) | — | (4,779 | ) | |||||||||||
CASH FLOWS FROM FINANCING | ||||||||||||||||||||
ACTIVITIES | ||||||||||||||||||||
Purchase of treasury stock | (29,332 | ) | — | — | — | (29,332 | ) | |||||||||||||
Investment (to) from parent | (7,846 | ) | 29,395 | (909 | ) | (20,640 | ) | — | ||||||||||||
Payment of tax withholdings on equity- | (792 | ) | — | — | — | (792 | ) | |||||||||||||
based payment arrangements | ||||||||||||||||||||
Net cash flows from financing activities | (37,970 | ) | 29,395 | (909 | ) | (20,640 | ) | (30,124 | ) | |||||||||||
Increase (decrease) in cash | 2,994 | — | (2,627 | ) | — | 367 | ||||||||||||||
Cash at beginning of period | 18,273 | — | 5,402 | — | 23,675 | |||||||||||||||
Cash at end of period | $ | 21,267 | $ | — | $ | 2,775 | $ | — | $ | 24,042 | ||||||||||
Nature_of_Operations_and_Basis2
Nature of Operations and Basis of Presentation - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 8 Months Ended | 13 Months Ended | ||||
Dec. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 15, 2014 | Feb. 05, 2014 | |
Nature of Operations | ||||||||
Proceeds from Divestiture of Businesses | $107,740,000 | |||||||
Restricted Cash and Cash Equivalents, Current | 1,500,000 | 1,500,000 | 1,500,000 | |||||
Allowance for doubtful accounts | 1,400,000 | 1,400,000 | 1,400,000 | |||||
Accumulated depreciation | 1,469,800,000 | 1,469,800,000 | 1,450,100,000 | |||||
Impairment of Long-Lived Assets Held-for-use | 3,000,000 | |||||||
Percentage Of Expected Natural Gas Requirement Covered Under Contract | 52.50% | 52.50% | ||||||
Common Stock | ||||||||
Nature of Operations | ||||||||
Common stock repurchase authorized | 100,000,000 | 100,000,000 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 62,900,000 | 62,900,000 | ||||||
Common Stock | Open Market Share Repurchase | ||||||||
Nature of Operations | ||||||||
Number of shares repurchased (in shares) | 599,495 | 1,574,748 | ||||||
Treasury Stock Acquired, Average Cost Per Share | $61.97 | $63.50 | ||||||
Other Assets [Member] | ||||||||
Nature of Operations | ||||||||
Restricted Cash and Cash Equivalents, Noncurrent | 2,300,000 | 2,300,000 | 2,300,000 | |||||
Long Island, New York Facility | ||||||||
Nature of Operations | ||||||||
Other Nonrecurring Expense, Planned Permaent Facility Closure | $600,000 | $19,400,000 |
Inventories_Detail
Inventories (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Pulp, paperboard and tissue products | $177,495 | $188,760 |
Materials and supplies | 75,686 | 74,916 |
Logs, pulpwood, chips and sawdust | 17,489 | 22,950 |
Inventories | $270,670 | $286,626 |
Intangible_Assets_Detail
Intangible Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Historical Cost | $45,476,000 | $45,476,000 | |
Accumulated Amortization | -21,761,000 | -20,520,000 | |
Net Balance | 23,715,000 | 24,956,000 | |
Impairment of Intangible Assets, Finite-lived | 1,300,000 | ||
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful Life | 9 years 0 months | 9 years 0 months | |
Historical Cost | 41,001,000 | 41,001,000 | |
Accumulated Amortization | -19,362,000 | -18,223,000 | |
Net Balance | 21,639,000 | 22,778,000 | |
Tradenames and trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful Life | 10 years 0 months | 10 years 0 months | |
Historical Cost | 3,286,000 | 3,286,000 | |
Accumulated Amortization | -1,396,000 | -1,314,000 | |
Net Balance | 1,890,000 | 1,972,000 | |
Non-compete agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful Life | 5 years 0 months | 5 years 0 months | |
Historical Cost | 1,189,000 | 1,189,000 | |
Accumulated Amortization | -1,003,000 | -983,000 | |
Net Balance | $186,000 | $206,000 |
Taxes_Additional_Information_D
Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | |
State taxes, net of credits | 2.30% | 2.00% | |
Change in valuation allowances | 1.00% | 4.20% | |
Federal manufacturing deduction | -3.30% | -2.00% | |
Increase in uncertain tax position | -13.40% | 0.00% | |
Interest accrued on uncertain tax positions | 0.10% | 0.20% | |
Other Federal Credits | -0.40% | -4.40% | |
State rate adjustments | 0.00% | -0.20% | |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent | 1.40% | 0.90% | |
Other | 0.10% | 0.70% | |
Effective tax rate | 22.80% | 36.40% | |
Estimated Annual Effective Tax Rate | 35.00% | 36.00% | |
Change in Uncertain Tax Position | $1 | ||
Liability for Uncertain Tax Positions, Noncurrent | $1.70 | $2.70 |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities [Abstract] | ||
Trade accounts payable | $129,971 | $122,856 |
Accrued wages, salaries and employee benefits | 36,855 | 41,880 |
Accrued discounts and allowances | 8,249 | 10,026 |
Accrued taxes other than income taxes payable | 8,105 | 5,622 |
Accrued utilities | 6,511 | 6,959 |
Accrued interest | 4,810 | 12,173 |
Other | 11,964 | 16,310 |
Accounts payable and accrued liabilities | $206,465 | $215,826 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||
Jul. 29, 2014 | Jan. 23, 2013 | Nov. 26, 2008 | Mar. 31, 2015 | Jan. 21, 2013 | |
Senior Notes Due 2025 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $300,000,000 | ||||
Debt Instrument, Maturity Date | 1-Feb-25 | ||||
Debt instrument, interest rate | 5.38% | ||||
Senior Notes Due 2023 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 275,000,000 | ||||
Debt Instrument, Maturity Date | 1-Feb-23 | ||||
Debt instrument, interest rate | 4.50% | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | 125,000,000 | 125,000,000 | |||
Amount available as percentage of eligible accounts receivable | 85.00% | ||||
Amount available as percentage of eligible inventories | 65.00% | ||||
Line of Credit Facility, Expiration Date | 30-Sep-16 | ||||
Outstanding stand by letters of credit | 7,200,000 | ||||
Credit facility available to draw | 117,800,000 | ||||
Percentage of availability triggers covenant requirement under credit facility | 12.50% | ||||
Debt covenant, actual fixed charge ratio | 1.1 | ||||
Revolving Credit Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt covenant, actual fixed charge ratio | 1 | ||||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 1.75% | ||||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 2.25% | ||||
Revolving Credit Facility | Base Rate | Minimum | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 1.25% | ||||
Revolving Credit Facility | Base Rate | Maximum | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 1.75% | ||||
Revolving Credit Facility | Federal Fund Rate | Maximum | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 0.50% |
Other_LongTerm_Obligations_Det
Other Long-Term Obligations (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Liabilities, Noncurrent [Abstract] | ||
Long-term lease obligations, net of current portion | $24,595 | $24,805 |
Deferred proceeds | 11,605 | 12,360 |
Deferred compensation | 14,370 | 14,609 |
Other | 4,882 | 5,082 |
Other long-term obligations | $55,452 | $56,856 |
Reclassification_out_of_Accumu2
Reclassification out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Period opening balance | ($70,863,000) | ($58,093,000) | ||
Net current period other comprehensive income ending balance | 1,557,000 | [1] | 1,484,000 | [1] |
Period closing balance | -69,306,000 | -56,609,000 | ||
Amortization of actuarial loss included in net periodic cost, before tax | -3,100,000 | -2,500,000 | ||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 500,000 | 100,000 | ||
Other comprehensive income (loss), tax | 1,000,000 | 900,000 | ||
Foreign Currency Translation Adjustments | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Period opening balance | 0 | [2] | -874,000 | [2] |
Net current period other comprehensive income ending balance | 0 | [1],[2] | 0 | [1],[2] |
Period closing balance | 0 | [2] | -874,000 | [2] |
Defined Benefit Pension Plan Adjustments | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Period opening balance | -70,863,000 | -57,219,000 | ||
Net current period other comprehensive income ending balance | 1,557,000 | [1] | 1,484,000 | [1] |
Period closing balance | ($69,306,000) | ($55,735,000) | ||
[1] | For the three months ended MarchB 31, 2015 and 2014, net periodic costs associated with our pension and other postretirement employee benefit, or OPEB, plans included in other comprehensive income and reclassified from accumulated other comprehensive loss included $3.1 million and $2.5 million, respectively, of actuarial loss amortization, as well as $0.5 million and $0.1 million, respectively, of prior service credit amortization, all net of tax totaling $1.0 million and $0.9 million, respectively. These accumulated other comprehensive loss components are included in the computation of net periodic pension and OPEB costs in Note 10, bPension and Other Postretirement Employee Benefit Plans.b | |||
[2] | This balance consists of unrealized foreign currency translation adjustments related to the operations of our Canadian subsidiary before its functional currency was changed from Canadian dollars to U.S. dollars in 2012. As a result of the divestiture of the specialty business and mills, this balance was written off in the fourth quarter of 2014. |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Employee Benefit Plans - Additional Information (Detail 1) (USD $) | 3 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 30, 2015 |
Company-Sponsored Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution | $1.60 | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 8 | ||
Non Qualified Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution | 0.1 | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 0.4 | ||
Cost of Sales | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 1.8 | 2.3 | |
Selling, General and Administrative Expenses | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 0.8 | 0.6 | |
Subsequent Event | Company-Sponsored Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution | $1.60 |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Employee Benefit Plans Components of Net Periodic Cost of Pension and Other Postretirement Employee Benefit Plans (Detail 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $316 | $355 |
Interest cost | 3,490 | 3,688 |
Expected return on plan assets | -4,984 | -5,015 |
Amortization of prior service cost (credit) | 18 | 52 |
Amortization of actuarial loss | 3,083 | 2,494 |
Net periodic cost | 1,923 | 1,574 |
Other Postretirement Employee Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 148 | 117 |
Interest cost | 1,048 | 1,302 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (credit) | -545 | -126 |
Amortization of actuarial loss | 0 | 0 |
Net periodic cost | $651 | $1,293 |
Earnings_per_Common_Share_Reco
Earnings per Common Share Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings Per Share (Detail) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Earnings Per Share [Abstract] | ||||
Basic average common shares outstanding | 19,334,729 | [1] | 20,984,217 | [1] |
Incremental shares due to: | ||||
Restricted stock units | 55,734 | 67,358 | ||
Performance shares | 74,306 | 167,329 | ||
Diluted average common shares outstanding | 19,464,769 | 21,218,904 | ||
Basic net earnings per common share (in dollars per share) | $0.30 | $0.30 | ||
Diluted net earnings per common share (in dollars per share) | $0.30 | $0.29 | ||
Anti-dilutive shares excluded from calculation | 399,452 | 242,244 | ||
[1] | Basic average common shares outstanding include restricted stock awards that are fully vested, but are deferred for future issuance. |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash paid for minimum tax withholdings | $3,048,000 | $792,000 | |
Options, Grants in Period, Gross | 136,884 | ||
Options, Grants in Period, Weighted Average Grant Date Fair Value | $20.82 | ||
Share based compensation expense | -1,639,000 | -1,662,000 | |
Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity Instruments Other than Options, Vested in Previous Period and Distributed in Current Period | 137,775 | ||
Shares issued (in shares) | 3,000,000 | ||
Share based compensation expense | -879,000 | -1,081,000 | |
Share Based Compensation Arrangement By Share Based Payment Award Shares Settled As Percentage Of Outstanding Amount | 106.90% | ||
Shares, Issued | 97,921 | ||
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation expense | -411,000 | -445,000 | |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation expense | -349,000 | -136,000 | |
Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Arrangement By Share Based Payment Award Compensation Cost Reversal | -500,000 | ||
Share based compensation expense | -2,800,000 | ||
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent | 13,000,000 | 13,500,000 | |
Deferred Compensation Cash-based Arrangements, Liability, Classified, Noncurrent | $1,400,000 | ||
Minimum | Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Arrangement By Share Based Payment Award Outstanding Award As Percentage Of Shares Issued | 0.00% | ||
Maximum | Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Arrangement By Share Based Payment Award Outstanding Award As Percentage Of Shares Issued | 200.00% |
EquityBased_Compensation_Emplo
Equity-Based Compensation Employee Equity Based Compensation Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation expense | $1,639 | $1,662 |
Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation expense | 411 | 445 |
Performance shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation expense | 879 | 1,081 |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation expense | $349 | $136 |
EquityBased_Compensation_Summa
Equity-Based Compensation Summary of Number of Share-Based Awards Granted (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options, Grants in Period, Gross | 136,884 |
Options, Grants in Period, Weighted Average Grant Date Fair Value | $20.82 |
Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of share-based awards granted | 45,627 |
Grant-date fair value of awards per share | $62.05 |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of share-based awards granted | 21,790 |
Grant-date fair value of awards per share | $61.75 |
Fair_Value_Measurements_Estima
Fair Value Measurements Estimated Fair Values of Financial Instruments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, restricted cash, and short-term investments (Level 1) | $44,566 | $81,101 |
Long-term debt (Level 1) | 556,625 | 558,000 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, restricted cash, and short-term investments (Level 1) | 44,566 | 81,101 |
Long-term debt (Level 1) | $575,000 | $575,000 |
Segment_Information_Reportable
Segment Information Reportable Segments Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Net sales | $434,026 | $484,920 |
Income from operations | 15,237 | 20,518 |
Depreciation and amortization | 21,008 | 22,231 |
Consumer Products | ||
Segment Reporting Information [Line Items] | ||
Net sales | 235,176 | 286,508 |
Income from operations | 12,395 | -523 |
Depreciation and amortization | 12,977 | 15,490 |
Pulp and Paperboard | ||
Segment Reporting Information [Line Items] | ||
Net sales | 198,850 | 198,412 |
Income from operations | 16,194 | 36,776 |
Depreciation and amortization | 7,311 | 6,270 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Income from operations | 28,589 | 36,253 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Income from operations | -13,352 | -15,735 |
Depreciation and amortization | $720 | $471 |
Supplemental_Guarantor_Financi2
Supplemental Guarantor Financial Information Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | $434,026 | $484,920 | ||
Cost and expenses: | ||||
Cost of sales | -389,832 | -426,629 | ||
Selling, general and administrative expenses | -28,957 | -33,514 | ||
Asset Impairment Charges | 0 | -4,259 | ||
Total operating costs and expenses | -418,789 | -464,402 | ||
Income (loss) from operations | 15,237 | 20,518 | ||
Interest expense, net | -7,782 | -10,734 | ||
Earnings (loss) before income taxes | 7,455 | 9,784 | ||
Income tax (provision) benefit | -1,698 | -3,558 | ||
Net earnings (loss) | 5,757 | 6,226 | ||
Other comprehensive income, net of tax | 1,557 | [1] | 1,484 | [1] |
Comprehensive income | 7,314 | 7,710 | ||
Issuer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 395,387 | 384,621 | ||
Cost and expenses: | ||||
Cost of sales | -351,046 | -318,392 | ||
Selling, general and administrative expenses | -24,788 | -27,659 | ||
Asset Impairment Charges | 0 | |||
Total operating costs and expenses | -375,834 | -346,051 | ||
Income (loss) from operations | 19,553 | 38,570 | ||
Interest expense, net | -7,767 | -10,723 | ||
Earnings (loss) before income taxes | 11,786 | 27,847 | ||
Income tax (provision) benefit | -3,228 | -13,477 | ||
Equity in income (loss) of subsidiary | -4,673 | -8,485 | ||
Net earnings (loss) | 3,885 | 5,885 | ||
Other comprehensive income, net of tax | 1,557 | 1,484 | ||
Comprehensive income | 5,442 | 7,369 | ||
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 73,328 | 138,673 | ||
Cost and expenses: | ||||
Cost of sales | -73,475 | -146,089 | ||
Selling, general and administrative expenses | -4,169 | -5,517 | ||
Asset Impairment Charges | -4,259 | |||
Total operating costs and expenses | -77,644 | -155,865 | ||
Income (loss) from operations | -4,316 | -17,192 | ||
Interest expense, net | -15 | -11 | ||
Earnings (loss) before income taxes | -4,331 | -17,203 | ||
Income tax (provision) benefit | -342 | 9,372 | ||
Equity in income (loss) of subsidiary | 0 | -654 | ||
Net earnings (loss) | -4,673 | -8,485 | ||
Comprehensive income | -4,673 | -8,485 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 0 | 12,884 | ||
Cost and expenses: | ||||
Cost of sales | 0 | -13,406 | ||
Selling, general and administrative expenses | 0 | -338 | ||
Asset Impairment Charges | 0 | |||
Total operating costs and expenses | 0 | -13,744 | ||
Income (loss) from operations | 0 | -860 | ||
Interest expense, net | 0 | |||
Earnings (loss) before income taxes | 0 | -860 | ||
Income tax (provision) benefit | 0 | 206 | ||
Net earnings (loss) | 0 | -654 | ||
Comprehensive income | 0 | -654 | ||
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | -34,689 | -51,258 | ||
Cost and expenses: | ||||
Cost of sales | 34,689 | 51,258 | ||
Asset Impairment Charges | 0 | |||
Total operating costs and expenses | 34,689 | 51,258 | ||
Income (loss) from operations | 0 | |||
Earnings (loss) before income taxes | 0 | |||
Income tax (provision) benefit | 1,872 | 341 | ||
Equity in income (loss) of subsidiary | 4,673 | 9,139 | ||
Net earnings (loss) | 6,545 | 9,480 | ||
Comprehensive income | $6,545 | $9,480 | ||
[1] | For the three months ended MarchB 31, 2015 and 2014, net periodic costs associated with our pension and other postretirement employee benefit, or OPEB, plans included in other comprehensive income and reclassified from accumulated other comprehensive loss included $3.1 million and $2.5 million, respectively, of actuarial loss amortization, as well as $0.5 million and $0.1 million, respectively, of prior service credit amortization, all net of tax totaling $1.0 million and $0.9 million, respectively. These accumulated other comprehensive loss components are included in the computation of net periodic pension and OPEB costs in Note 10, bPension and Other Postretirement Employee Benefit Plans.b |
Supplemental_Guarantor_Financi3
Supplemental Guarantor Financial Information Condensed Consolidating Balance Sheet (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash | $29,796 | $27,331 | $24,042 | $23,675 |
Restricted cash | 1,500 | 1,500 | ||
Short-term investments | 11,000 | 50,000 | ||
Receivables, net | 133,949 | 133,914 | ||
Taxes receivable | 0 | 1,255 | ||
Inventories | 270,670 | 286,626 | ||
Deferred tax assets | 21,682 | 21,760 | ||
Prepaid expenses | 10,736 | 4,191 | ||
Total current assets | 479,333 | 526,577 | ||
Property, plant and equipment, net | 812,770 | 810,987 | ||
Goodwill | 209,087 | 209,087 | ||
Intangible assets, net | 23,715 | 24,956 | ||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 6,333 | 4,738 | ||
Other assets, net | 9,883 | 9,583 | ||
TOTAL ASSETS | 1,541,121 | 1,585,928 | ||
Current liabilities: | ||||
Accounts payable and accrued liabilities | 206,465 | 215,826 | ||
Current liability for pensions and other postretirement employee benefits | 7,915 | 7,915 | ||
Total current liabilities | 214,380 | 223,741 | ||
Long-term debt | 575,000 | 575,000 | ||
Liability for pensions and other postretirement employee benefits | 116,719 | 118,464 | ||
Other long-term obligations | 55,452 | 56,856 | ||
Accrued taxes | 1,706 | 2,696 | ||
Deferred tax liabilities (assets) | 111,226 | 111,634 | ||
Accumulated other comprehensive loss, net of tax | -69,306 | -70,863 | -56,609 | -58,093 |
Stockholders' equity excluding accumulated other comprehensive loss | 535,944 | 568,400 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,541,121 | 1,585,928 | ||
Issuer | ||||
Current assets: | ||||
Cash | 29,796 | 27,331 | 21,267 | 18,273 |
Restricted cash | 1,500 | 1,500 | ||
Short-term investments | 11,000 | 50,000 | ||
Receivables, net | 117,785 | 117,970 | ||
Taxes receivable | 6,760 | |||
Inventories | 232,295 | 246,210 | ||
Deferred tax assets | 18,343 | 14,733 | ||
Prepaid expenses | 10,220 | 3,734 | ||
Total current assets | 420,939 | 468,238 | ||
Property, plant and equipment, net | 662,108 | 657,369 | ||
Goodwill | 209,087 | 209,087 | ||
Intangible assets, net | 4,963 | 5,224 | ||
Intercompany receivable (payable) | 42,271 | 33,703 | ||
Investment in subsidiary | 127,562 | 137,282 | ||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 6,333 | 4,738 | ||
Other assets, net | 8,805 | 8,496 | ||
TOTAL ASSETS | 1,482,068 | 1,524,137 | ||
Current liabilities: | ||||
Accounts payable and accrued liabilities | 184,844 | 193,326 | ||
Current liability for pensions and other postretirement employee benefits | 7,915 | 7,915 | ||
Total current liabilities | 192,759 | 201,241 | ||
Long-term debt | 575,000 | 575,000 | ||
Liability for pensions and other postretirement employee benefits | 116,719 | 118,464 | ||
Other long-term obligations | 54,690 | 56,029 | ||
Accrued taxes | 919 | 1,902 | ||
Deferred tax liabilities (assets) | 75,343 | 73,964 | ||
Accumulated other comprehensive loss, net of tax | -69,306 | -70,863 | ||
Stockholders' equity excluding accumulated other comprehensive loss | 535,944 | 568,400 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,482,068 | 1,524,137 | ||
Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash | 0 | 0 | 0 | 0 |
Receivables, net | 16,246 | 16,557 | ||
Taxes receivable | -15,758 | |||
Inventories | 38,375 | 40,416 | ||
Deferred tax assets | 3,375 | 5,206 | ||
Prepaid expenses | 516 | 457 | ||
Total current assets | 58,512 | 46,878 | ||
Property, plant and equipment, net | 150,662 | 153,618 | ||
Intangible assets, net | 18,752 | 19,732 | ||
Intercompany receivable (payable) | -42,307 | -21,629 | ||
Investment in subsidiary | 0 | 0 | ||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0 | 0 | ||
Other assets, net | 1,078 | 1,087 | ||
TOTAL ASSETS | 186,697 | 199,686 | ||
Current liabilities: | ||||
Accounts payable and accrued liabilities | 21,703 | 23,113 | ||
Total current liabilities | 21,703 | 23,113 | ||
Other long-term obligations | 762 | 827 | ||
Accrued taxes | 787 | 794 | ||
Deferred tax liabilities (assets) | 35,883 | 37,670 | ||
Accumulated other comprehensive loss, net of tax | 0 | |||
Stockholders' equity excluding accumulated other comprehensive loss | 127,562 | 137,282 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 186,697 | 199,686 | ||
Non-Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash | 0 | 0 | 2,775 | 5,402 |
Receivables, net | 0 | 0 | ||
Taxes receivable | 0 | |||
Inventories | 0 | 0 | ||
Deferred tax assets | 0 | 0 | ||
Prepaid expenses | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0 | 0 | ||
TOTAL ASSETS | 0 | 0 | ||
Current liabilities: | ||||
Accounts payable and accrued liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Accrued taxes | 0 | 0 | ||
Deferred tax liabilities (assets) | 0 | 0 | ||
Accumulated other comprehensive loss, net of tax | 0 | |||
Stockholders' equity excluding accumulated other comprehensive loss | 0 | 0 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 0 | 0 | ||
Eliminations | ||||
Current assets: | ||||
Cash | 0 | 0 | 0 | 0 |
Receivables, net | -82 | -613 | ||
Taxes receivable | 10,253 | |||
Deferred tax assets | -36 | 1,821 | ||
Total current assets | -118 | 11,461 | ||
Intercompany receivable (payable) | 36 | -12,074 | ||
Investment in subsidiary | -127,562 | -137,282 | ||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0 | 0 | ||
TOTAL ASSETS | -127,644 | -137,895 | ||
Current liabilities: | ||||
Accounts payable and accrued liabilities | -82 | -613 | ||
Total current liabilities | -82 | -613 | ||
Deferred tax liabilities (assets) | 0 | 0 | ||
Accumulated other comprehensive loss, net of tax | 0 | |||
Stockholders' equity excluding accumulated other comprehensive loss | -127,562 | -137,282 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | ($127,644) | ($137,895) |
Supplemental_Guarantor_Financi4
Supplemental Guarantor Financial Information Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings (loss) | $5,757 | $6,226 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 21,008 | 22,231 |
Equity-based compensation expense | 1,169 | 4,479 |
Asset Impairment Charges | 0 | 4,259 |
Deferred tax expense (benefit) | -1,330 | 1,173 |
Employee benefit plans | 809 | 888 |
Amortization of Financing Costs and Discounts | 178 | 475 |
Gain (Loss) on Disposition of Assets | -30 | 429 |
Other Noncash Income Tax Expense | -990 | 0 |
Changes in working capital, net | 3,457 | -5,656 |
Change in taxes receivable, net | 1,255 | 5,523 |
Excess tax benefits from equity share-based payment arrangements | 343 | 0 |
Funding of qualified pension plans | -1,561 | -4,314 |
Other Operating Activities, Cash Flow Statement | -1,327 | -443 |
Net cash provided by operating activities | 28,052 | 35,270 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Change in short-term investments, net | 39,000 | 11,000 |
Additions to plant and equipment | -25,240 | -16,239 |
Proceeds from Sale of Productive Assets | 506 | 460 |
Net cash used for investing activities | 14,266 | -4,779 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments for Repurchase of Common Stock | -37,148 | -29,332 |
Investment (to) from Parent | 0 | 0 |
Payment of tax withholdings on equity-based payment arrangements | -3,048 | -792 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 343 | 0 |
Net cash (used for) provided by financing activities | -39,853 | -30,124 |
Increase in cash | 2,465 | 367 |
Cash at beginning of period | 27,331 | 23,675 |
Cash at end of period | 29,796 | 24,042 |
Issuer | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings (loss) | 3,885 | 5,885 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 16,114 | 14,121 |
Equity-based compensation expense | 1,169 | 4,479 |
Asset Impairment Charges | 0 | |
Deferred tax expense (benefit) | -3,231 | 23,679 |
Employee benefit plans | 809 | 888 |
Amortization of Financing Costs and Discounts | 178 | 475 |
Gain (Loss) on Disposition of Assets | 0 | 139 |
Other Noncash Income Tax Expense | -983 | |
Changes in working capital, net | 1,537 | -1,059 |
Change in taxes receivable, net | 6,760 | -1,965 |
Excess tax benefits from equity share-based payment arrangements | 343 | |
Funding of qualified pension plans | -1,561 | -4,314 |
Other Operating Activities, Cash Flow Statement | -1,261 | -351 |
Net cash provided by operating activities | 23,073 | 41,977 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Change in short-term investments, net | 39,000 | 11,000 |
Additions to plant and equipment | -23,262 | -12,017 |
Proceeds from Sale of Productive Assets | 0 | 4 |
Net cash used for investing activities | 15,738 | -1,013 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments for Repurchase of Common Stock | -37,148 | -29,332 |
Investment (to) from Parent | 3,507 | -7,846 |
Payment of tax withholdings on equity-based payment arrangements | -3,048 | -792 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 343 | |
Net cash (used for) provided by financing activities | -36,346 | -37,970 |
Increase in cash | 2,465 | 2,994 |
Cash at beginning of period | 27,331 | 18,273 |
Cash at end of period | 29,796 | 21,267 |
Guarantor Subsidiaries | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings (loss) | -4,673 | -8,485 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 4,894 | 7,529 |
Equity-based compensation expense | 0 | 0 |
Asset Impairment Charges | 4,259 | |
Deferred tax expense (benefit) | 44 | -11,492 |
Employee benefit plans | 0 | 0 |
Amortization of Financing Costs and Discounts | 0 | 0 |
Gain (Loss) on Disposition of Assets | -30 | 290 |
Other Noncash Income Tax Expense | -7 | |
Changes in working capital, net | 1,920 | -3,062 |
Change in taxes receivable, net | -15,758 | -14,629 |
Excess tax benefits from equity share-based payment arrangements | 0 | |
Funding of qualified pension plans | 0 | 0 |
Other Operating Activities, Cash Flow Statement | -66 | -93 |
Net cash provided by operating activities | -13,676 | -25,683 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Change in short-term investments, net | 0 | 0 |
Additions to plant and equipment | -1,978 | -4,168 |
Proceeds from Sale of Productive Assets | 506 | 456 |
Net cash used for investing activities | -1,472 | -3,712 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments for Repurchase of Common Stock | 0 | 0 |
Investment (to) from Parent | 15,148 | 29,395 |
Payment of tax withholdings on equity-based payment arrangements | 0 | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | |
Net cash (used for) provided by financing activities | 15,148 | 29,395 |
Increase in cash | 0 | 0 |
Cash at beginning of period | 0 | 0 |
Cash at end of period | 0 | 0 |
Non-Guarantor Subsidiaries | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings (loss) | 0 | -654 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 0 | 581 |
Equity-based compensation expense | 0 | 0 |
Asset Impairment Charges | 0 | |
Deferred tax expense (benefit) | 0 | 22 |
Employee benefit plans | 0 | 0 |
Amortization of Financing Costs and Discounts | 0 | 0 |
Gain (Loss) on Disposition of Assets | 0 | 0 |
Other Noncash Income Tax Expense | 0 | |
Changes in working capital, net | 0 | -1,535 |
Change in taxes receivable, net | 0 | -79 |
Excess tax benefits from equity share-based payment arrangements | 0 | |
Funding of qualified pension plans | 0 | 0 |
Other Operating Activities, Cash Flow Statement | 0 | 1 |
Net cash provided by operating activities | 0 | -1,664 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Change in short-term investments, net | 0 | 0 |
Additions to plant and equipment | 0 | -54 |
Proceeds from Sale of Productive Assets | 0 | 0 |
Net cash used for investing activities | 0 | -54 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments for Repurchase of Common Stock | 0 | 0 |
Investment (to) from Parent | 0 | -909 |
Payment of tax withholdings on equity-based payment arrangements | 0 | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | |
Net cash (used for) provided by financing activities | 0 | -909 |
Increase in cash | 0 | -2,627 |
Cash at beginning of period | 0 | 5,402 |
Cash at end of period | 0 | 2,775 |
Eliminations | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings (loss) | 6,545 | 9,480 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 0 | 0 |
Equity-based compensation expense | 0 | 0 |
Asset Impairment Charges | 0 | |
Deferred tax expense (benefit) | 1,857 | -11,036 |
Employee benefit plans | 0 | 0 |
Amortization of Financing Costs and Discounts | 0 | 0 |
Gain (Loss) on Disposition of Assets | 0 | 0 |
Other Noncash Income Tax Expense | 0 | |
Changes in working capital, net | 0 | 0 |
Change in taxes receivable, net | 10,253 | 22,196 |
Excess tax benefits from equity share-based payment arrangements | 0 | |
Funding of qualified pension plans | 0 | 0 |
Other Operating Activities, Cash Flow Statement | 0 | 0 |
Net cash provided by operating activities | 18,655 | 20,640 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Change in short-term investments, net | 0 | 0 |
Additions to plant and equipment | 0 | 0 |
Proceeds from Sale of Productive Assets | 0 | 0 |
Net cash used for investing activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments for Repurchase of Common Stock | 0 | 0 |
Investment (to) from Parent | -18,655 | -20,640 |
Payment of tax withholdings on equity-based payment arrangements | 0 | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | |
Net cash (used for) provided by financing activities | -18,655 | -20,640 |
Increase in cash | 0 | 0 |
Cash at beginning of period | 0 | 0 |
Cash at end of period | $0 | $0 |