Clearwater Paper (CLW) 10-Q 4 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	CLW
Entity Registrant Name	CLEARWATER PAPER CORP
Entity Central Index Key	1,441,236
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		17,105,315

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net sales	$ 437,204	$ 434,026
Costs and expenses:
Cost of sales	(368,647)	(389,832)
Selling, general and administrative expenses	(30,795)	(28,957)
Total operating costs and expenses	(399,442)	(418,789)
Income from operations	37,762	15,237
Interest expense, net	(7,643)	(7,782)
Earnings (loss) before income taxes	30,119	7,455
Income tax provision	(11,673)	(1,698)
Net earnings (loss)	$ 18,446	$ 5,757
Net earnings per common share:
Basic (in dollars per share)	$ 1.05	$ 0.30
Diluted (in dollars per share)	$ 1.05	$ 0.30

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Net earnings		$ 18,446	$ 5,757
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		912	1,877
Amortization of prior service credit included in net periodic cost, net of tax benefit of $(207) and $(29)		257	320
Other comprehensive income (loss), net of tax	[1]	655	1,557
Comprehensive income		$ 19,101	$ 7,314
[1]	For the three months ended March 31, 2016 and 2015, 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 $1.5 million and $3.1 million, respectively, of actuarial loss amortization, as well as $0.4 million and $0.5 million, respectively, of prior service credit amortization, all net of tax totaling $0.4 million and $1.0 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 Stateme4

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Amortization of actuarial loss included in net periodic cost, tax expense	$ 589	$ 1,206
Amortization of prior service credit included in net periodic cost, tax benefit	$ (166)	$ (207)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash	$ 2,228	$ 5,610
Restricted cash	2,270	2,270
Short-term investments	0	250
Receivables, net	134,875	139,052
Taxes receivable	679	14,851
Inventories	243,419	255,573
Other Assets, Current	9,376	9,331
Total current assets	392,847	426,937
Property, plant and equipment, net	873,112	866,538
Goodwill	209,087	209,087
Intangible assets, net	18,753	19,990
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent	1,086	596
Other assets, net	4,329	4,221
TOTAL ASSETS	1,499,214	1,527,369
Line of Credit, Current	6,005	0
Current liabilities:
Accounts payable and accrued liabilities	192,820	220,368
Current liability for pensions and other postretirement employee benefits	7,559	7,559
Total current liabilities	206,384	227,927
Long-term debt	569,179	568,987
Liability for pensions and other postretirement employee benefits	87,609	89,057
Other long-term obligations	43,779	46,738
Accrued taxes	1,525	1,676
Deferred Tax Liabilities, Gross, Noncurrent	123,032	118,118
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	341,493	340,095
Retained earnings	538,753	520,307
Treasury stock, at cost, common shares-5,097,883 and 4,498,388 shares repurchased	(357,649)	(329,990)
Accumulated other comprehensive loss, net of tax	(54,893)	(55,548)
Total stockholders' equity	467,706	474,866
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,499,214	$ 1,527,369

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.0001000	$ 0.0001000
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)	$ 0.0001000	$ 0.0001000
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	24,194,990	24,193,098
Treasury stock, shares (in shares)	7,089,675	6,380,309

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$ 18,446	$ 5,757
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	21,150	21,008
Equity-based compensation expense	2,172	1,169
Deferred tax expense	4,365	(1,330)
Employee benefit plans	(1,389)	809
Amortization of Financing Costs and Discounts	213	178
Gain (Loss) on Disposition of Assets	0	(30)
Other Noncash Income Tax Expense	(151)	(990)
Changes in working capital, net	(9,548)	3,457
Change in taxes receivable, net	14,172	1,255
Excess tax benefits from equity share-based payment arrangements	0	343
Funding of qualified pension plans	0	(1,561)
Other Operating Activities, Cash Flow Statement	(408)	(1,327)
Net cash provided by operating activities	49,022	28,052
CASH FLOWS FROM INVESTING ACTIVITIES
Change in short-term investments, net	250	39,000
Additions to plant and equipment	(30,955)	(25,240)
Proceeds from Sale of Productive Assets	0	506
Net cash used for investing activities	(30,705)	14,266
CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of treasury stock	(27,661)	(37,148)
Proceeds from (Repayments of) Short-term Debt	123,287	0
Payments of Debt Issuance Costs	117,282
Payment of tax withholdings on equity-based payment arrangements	(43)	(3,048)
Excess Tax Benefit from Share-based Compensation, Financing Activities	0	343
Net cash (used for) provided by financing activities	(21,699)	(39,853)
Increase in cash	(3,382)	2,465
Cash at beginning of period	5,610	27,331
Cash at end of period	2,228	29,796
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest, net of amounts capitalized	13,871	14,340
Cash paid for income taxes	742	2,518
Cash received from income tax refunds	10,334	479
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING ACTIVITIES:
Capital Expenditures Incurred but Not yet Paid	$ (5,223)	$ (4,434)

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
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. FINANCIAL STATEMENT PREPARATION AND PRESENTATION The accompanying Consolidated Balance Sheets at March 31, 2016 and December 31, 2015 , the related Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2016 and 2015 , and the Consolidated Statements of Cash Flows for the three months ended March 31, 2016 and 2015 , 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, 2015 , as filed with the Securities and Exchange Commission, or SEC, on February 22, 2016 . 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. CASH AND CASH EQUIVALENTS We consider all highly liquid instruments with maturities of three months or less to be cash equivalents. 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, 2016 and December 31, 2015, we had $2.3 million classified as current on our Consolidated Balance Sheet. 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, 2016 and December 31, 2015 , we had allowances for doubtful accounts of $1.7 million and $1.4 million , respectively. 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 $1,532.2 million and $1,512.1 million at March 31, 2016 and December 31, 2015 , 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. STOCKHOLDERS’ EQUITY On December 15, 2015, 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 2016, we repurchased 709,366 shares of our outstanding common stock at an average price of $38.99 per share. As of March 31, 2016 , we had up to $72.3 million of authorization remaining pursuant to this stock repurchase program. On December 15, 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 fourth quarter of 2015. In total, we repurchased 1,881,921 shares of our outstanding common stock under that program at an average price of $53.13 per share. DERIVATIVES We had no activity during the three months ended March 31, 2016 and 2015 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, 2016 , these contracts covered approximately 43% of our expected average monthly natural gas requirements for the remainder of 2016. Historically, these contracts have qualified for treatment as “normal purchases or normal sales” under authoritative guidance and thus required no mark-to-market adjustment.

Recently Adopted and New Accoun

Recently Adopted and New Accounting Standards	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Adopted and New Accounting Standards	Recently Adopted and New Accounting Standards In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718). Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, statutory tax withholding requirements and classification on the statement of cash flows. The standard requires all excess tax benefits and deficiencies to be recognized as income tax expenses or benefits discretely in the reporting period in which they occur. The standard is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. We are currently evaluating the impact that the adoption of ASU 2016-09 will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are currently evaluating the impact of our pending adoption of the new standard on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . 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 was originally issued as effective for fiscal years and interim periods within those years beginning after December 15, 2016, with early adoption prohibited. However, in July 2015, the FASB approved deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. In its approval, the FASB also permitted the early adoption of the standard, but not before the original effective date of fiscal years beginning after December 15, 2016. The standard may be applied under either a retrospective or cumulative effect adoption method. We plan on adopting the standard under the deferred effective date. We are continuing to evaluate our method of adoption and the impact this guidance will have 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, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories at the balance sheet dates consist of: (In thousands) March 31, 2016 December 31, 2015 Pulp, paperboard and tissue products $ 149,636 $ 156,055 Materials and supplies 79,854 80,020 Logs, pulpwood, chips and sawdust 13,929 19,498 $ 243,419 $ 255,573

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2016
Finite-Lived Intangible Assets, Net [Abstract]
Intangible Assets	Intangible Assets Intangible assets at the balance sheet dates are comprised of the following: March 31, 2016 (Dollars in thousands, lives in years) Useful Life Historical Cost Accumulated Amortization Net Balance Customer relationships 9.0 $ 41,001 $ (23,917 ) $ 17,084 Trade names and trademarks 10.0 3,286 (1,725 ) 1,561 Non-compete agreements 5.0 574 (466 ) 108 $ 44,861 $ (26,108 ) $ 18,753 December 31, 2015 (Dollars in thousands, lives in years) Useful Life Historical Cost Accumulated Amortization Net Balance Customer relationships 9.0 $ 41,001 $ (22,778 ) $ 18,223 Trade names and trademarks 10.0 3,286 (1,643 ) 1,643 Non-compete agreements 5.0 574 (450 ) 124 $ 44,861 $ (24,871 ) $ 19,990

Taxes

Taxes	3 Months Ended
	Mar. 31, 2016
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, 2016 and 2015 , the effective tax rates attributable to continuing operations were as follows: Three Months Ended March 31, 2016 2015 Statutory federal income tax rate 35.0 % 35.0 % State taxes, net of credits 3.6 2.3 Change in valuation allowances 0.4 1.0 Federal manufacturing deduction (1.7 ) (3.3 ) Change in uncertain tax positions 2.3 (13.4 ) Interest accrued on uncertain tax positions 0.1 0.1 Federal credits and audit adjustments (0.7 ) (0.4 ) Return to provision adjustments — 1.4 Other (0.2 ) 0.1 Effective tax rate 38.8 % 22.8 % Our estimated annual effective tax rate for the first quarter of 2016 is approximately 36% , compared with approximately 35% for the comparable interim period in 2015 . The increase is due to changes in state tax rates. During the three months ended March 31, 2015, the Company reduced the reserve for uncertain tax positions due to statute expirations related to the research and development credit of approximately $1.0 million .

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2016
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, 2016 December 31, 2015 Trade accounts payable $ 111,157 $ 128,045 Accrued wages, salaries and employee benefits 42,853 43,997 Accrued discounts and allowances 8,911 8,954 Accrued taxes other than income taxes payable 5,891 5,112 Accrued interest 4,848 11,981 Accrued utilities 4,659 7,536 Other 14,501 14,743 $ 192,820 $ 220,368

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	NOTE 7 Debt REVOLVING CREDIT FACILITY As of March 31, 2016 , $6.0 million was outstanding under the credit facility, and $5.8 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, at LIBOR plus between 1.25% and 1.75% and (ii) for base rate loans, a per annum rate equal to the greater of the following rates plus between 0.25% and 0.75% : (a) the rate of interest announced by Bank of America from time to time as its prime rate for such day; (b) the weighted average of interest rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers for such day, plus 0.50% ; or (c) LIBOR for a 30-day interest period as determined on such day, plus 1.00% . The percentage margin on all loans is based on our fixed charge coverage ratio for the most recent four quarters. As of March 31, 2016 , we would have been permitted to draw an additional $113.2 million under the credit facility at LIBOR plus 1.25% , or base rate plus 0.25% .

Other Long-Term Obligations

Other Long-Term Obligations	3 Months Ended
	Mar. 31, 2016
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, 2016 December 31, 2015 Long-term lease obligations, net of current portion $ 23,850 $ 24,054 Deferred compensation 8,939 10,755 Deferred proceeds 8,811 9,386 Other 2,179 2,543 $ 43,779 $ 46,738

Reclassification out of Accumul

Reclassification out of Accumulated Other Comprehensive Income (Notes)	3 Months Ended
	Mar. 31, 2016
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) Pension and Other Post Retirement Employee Benefit Plan Adjustments Total Balance at December 31, 2015 $ (55,548 ) $ (55,548 ) Other comprehensive income, net of tax 1 655 655 Balance at March 31, 2016 $ (54,893 ) $ (54,893 ) (In thousands) Pension and Other Post Retirement Employee Benefit Plan Adjustments Total Balance at December 31, 2014 $ (70,863 ) $ (70,863 ) Other comprehensive income, net of tax 1 1,557 1,557 Balance at March 31, 2015 $ (69,306 ) $ (69,306 ) 1 For the three months ended March 31, 2016 and 2015 , 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 $1.5 million and $3.1 million , respectively, of actuarial loss amortization, as well as $0.4 million and $0.5 million , respectively, of prior service credit amortization, all net of tax totaling $0.4 million and $1.0 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 Postretiremen

Pension and Other Postretirement Employee Benefit Plans	3 Months Ended
	Mar. 31, 2016
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) 2016 2015 2016 2015 Pension Benefit Plans Other Postretirement Employee Benefit Plans Service cost $ 398 $ 316 $ 74 $ 148 Interest cost 3,628 3,490 766 1,048 Expected return on plan assets (4,883 ) (4,984 ) — — Amortization of prior service cost (credit) 5 18 (428 ) (545 ) Amortization of actuarial loss (gain) 2,884 3,083 (1,383 ) — Net periodic cost $ 2,032 $ 1,923 $ (971 ) $ 651 During the three months ended March 31, 2016 , we made no contributions to our qualified pension plans. We do not expect to make contributions in 2016 . During the three months ended March 31, 2016 , 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 2016 . We do not anticipate funding our OPEB plans in 2016 except to pay benefit costs as incurred during the year by plan participants. During the three months ended March 31, 2016 , $0.7 million of net periodic pension and OPEB costs were charged to "Cost of sales," and $0.4 million were charged to "Selling, general and administrative expenses" in the accompanying Consolidated Statements of Operations. 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.

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2016
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, 2016 2015 Basic average common shares outstanding 1 17,531,703 19,334,729 Incremental shares due to: Restricted stock units 48,033 55,734 Performance shares 23,396 74,306 Diluted average common shares outstanding 17,603,132 19,464,769 Basic net earnings per common share $ 1.05 $ 0.30 Diluted net earnings per common share 1.05 0.30 Anti-dilutive shares excluded from calculation 710,062 399,452 1 Basic average common shares outstanding include restricted stock awards that are fully vested, but are deferred for future issuance.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2016
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) 2016 2015 Restricted stock units $ 293 $ 411 Performance shares 616 879 Stock options 537 349 Total employee equity-based compensation $ 1,446 $ 1,639 During the first three months of 2016 , 3,000 restricted stock units were settled and distributed. After adjusting for minimum tax withholdings, a net 1,892 shares were issued. The minimum tax withholdings payment made during the first quarter of 2016 was less than $0.1 million. 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, 2016 and the grant-date fair value of the awards: Three Months Ended March 31, 2016 Number of Shares Subject to Award Average Fair Value of Award Per Share Restricted stock units 44,323 $ 38.98 Performance shares 92,944 39.70 Stock options 278,832 14.42 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 director equity-based compensation expense of $0.7 million and a benefit of $0.5 million for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016 , the liability amounts associated with director equity-based compensation included in "Other long-term obligations" and "Accounts payable and accrued liabilities" on the accompanying Consolidated Balance Sheet were $7.8 million and $2.4 million , respectively. At December 31, 2015 , liability amounts associated with director equity-based compensation included in "Other long-term obligations" totaled $9.4 million .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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, 2016 2015 Carrying Fair Carrying Fair (In thousands) Amount Value Amount Value Cash and cash equivalents, restricted cash and short-term investments (Level 1) $ 5,298 $ 5,298 $ 8,130 $ 8,130 Revolving credit facility borrowings (Level 1) 6,005 6,005 — — Long-term debt (Level 1) 575,000 555,250 575,000 558,250 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, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information The table below presents information about our reportable segments: Three Months Ended March 31, (In thousands) 2016 2015 Segment net sales: Consumer Products $ 245,018 $ 235,176 Pulp and Paperboard 192,186 198,850 Total segment net sales $ 437,204 $ 434,026 Operating income (loss): Consumer Products $ 18,390 $ 12,395 Pulp and Paperboard 35,163 16,194 53,553 28,589 Corporate (15,791 ) (13,352 ) Income from operations $ 37,762 $ 15,237 Depreciation and amortization: Consumer Products $ 13,759 $ 12,977 Pulp and Paperboard 6,367 7,311 Corporate 1,024 720 Total depreciation and amortization $ 21,150 $ 21,008

Supplemental Guarantor Financia

Supplemental Guarantor Financial Information	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Supplemental Guarantor Financial Information	Supplemental Guarantor Financial Information All of our direct and indirect subsidiaries guarantee our $300 million aggregate principal amount of 5.375% senior notes issued in 2014 and due 2025, which we refer to as the 2014 Notes, and our $275 million aggregate principal amount of 4.5% senior notes issued in January 2013 and due 2023, which we refer to as 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, 2016 Guarantor (In thousands) Issuer Subsidiaries Eliminations Total Net sales $ 419,046 $ 77,625 $ (59,467 ) $ 437,204 Cost and expenses: Cost of sales (356,714 ) (71,400 ) 59,467 (368,647 ) Selling, general and administrative expenses (26,837 ) (3,958 ) — (30,795 ) Total operating costs and expenses (383,551 ) (75,358 ) 59,467 (399,442 ) Income from operations 35,495 2,267 — 37,762 Interest expense, net (7,643 ) — — (7,643 ) Earnings before income taxes 27,852 2,267 — 30,119 Income tax provision (10,470 ) (1,203 ) — (11,673 ) Equity in income of subsidiary 1,064 — (1,064 ) — Net earnings $ 18,446 $ 1,064 $ (1,064 ) $ 18,446 Other comprehensive income, net of tax 655 — — 655 Comprehensive income $ 19,101 $ 1,064 $ (1,064 ) $ 19,101 Clearwater Paper Corporation Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended March 31, 2015 Guarantor (In thousands) Issuer Subsidiaries 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 Balance Sheet At March 31, 2016 (In thousands) Issuer Guarantor Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 2,228 $ — $ — $ 2,228 Restricted cash 2,270 — — 2,270 Receivables, net 119,319 15,556 — 134,875 Taxes receivable 646 33 — 679 Inventories 209,823 33,596 — 243,419 Other current assets 8,880 496 — 9,376 Total current assets 343,166 49,681 — 392,847 Property, plant and equipment, net 729,072 144,040 — 873,112 Goodwill 209,087 — — 209,087 Intangible assets, net 3,918 14,835 — 18,753 Intercompany receivable (payable) 10,088 (10,088 ) — — Investment in subsidiary 140,822 — (140,822 ) — Pension assets 1,086 — — 1,086 Other assets, net 4,680 977 (1,328 ) 4,329 TOTAL ASSETS $ 1,441,919 $ 199,445 $ (142,150 ) $ 1,499,214 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Revolving credit facility borrowings $ 6,005 $ — $ — $ 6,005 Accounts payable and accrued liabilities 173,306 19,514 — 192,820 Current liability for pensions and other postretirement employee benefits 7,559 — — 7,559 Total current liabilities 186,870 19,514 — 206,384 Long-term debt 569,179 — — 569,179 Liability for pensions and other postretirement employee benefits 87,609 — — 87,609 Other long-term obligations 43,293 486 — 43,779 Accrued taxes 718 807 — 1,525 Deferred tax liabilities 86,544 37,816 (1,328 ) 123,032 Accumulated other comprehensive loss, (54,893 ) — — (54,893 ) Stockholders' equity excluding accumulated other comprehensive loss 522,599 140,822 (140,822 ) 522,599 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,441,919 $ 199,445 $ (142,150 ) $ 1,499,214 Clearwater Paper Corporation Consolidating Balance Sheet At December 31, 2015 (In thousands) Issuer Guarantor Subsidiaries Eliminations Total ASSETS Current assets: Cash $ 5,610 $ — $ — $ 5,610 Restricted cash 2,270 — — 2,270 Short-term investments 250 — — 250 Receivables, net 123,131 15,921 — 139,052 Taxes receivable 16,221 (1,370 ) — 14,851 Inventories 219,130 36,443 — 255,573 Other current assets 8,838 493 — 9,331 Total current assets 375,450 51,487 — 426,937 Property, plant and equipment, net 719,436 147,102 — 866,538 Goodwill 209,087 — — 209,087 Intangible assets, net 4,180 15,810 — 19,990 Intercompany receivable (payable) 14,013 (15,151 ) 1,138 — Investment in subsidiary 139,758 — (139,758 ) — Pension assets 596 — — 596 Other assets, net 4,142 79 — 4,221 TOTAL ASSETS $ 1,466,662 $ 199,327 $ (138,620 ) $ 1,527,369 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 196,891 $ 23,477 $ — $ 220,368 Current liability for pensions and other postretirement employee benefits 7,559 — — 7,559 Total current liabilities 204,450 23,477 — 227,927 Long-term debt 568,987 — — 568,987 Liability for pensions and other postretirement employee benefits 89,057 — — 89,057 Other long-term obligations 46,182 556 — 46,738 Accrued taxes 874 802 — 1,676 Deferred tax liabilities 82,246 34,734 1,138 118,118 Accumulated other comprehensive loss, net of tax (55,548 ) — — (55,548 ) Stockholders’ equity excluding accumulated other comprehensive loss 530,414 139,758 (139,758 ) 530,414 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,466,662 $ 199,327 $ (138,620 ) $ 1,527,369 Clearwater Paper Corporation Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 (In thousands) Issuer Guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $ 18,446 $ 1,064 $ (1,064 ) $ 18,446 Adjustments to reconcile net earnings to net cash flows from operating activities: Depreciation and amortization 16,061 5,089 — 21,150 Equity-based compensation expense 2,172 — — 2,172 Deferred tax provision 3,329 2,174 (1,138 ) 4,365 Employee benefit plans (1,389 ) — — (1,389 ) Deferred issuance costs on long-term debt 213 — — 213 Non-cash adjustments to unrecognized taxes (156 ) 5 — (151 ) Changes in working capital, net (11,062 ) 1,514 — (9,548 ) Changes in taxes receivable, net 15,575 (1,403 ) — 14,172 Other, net (338 ) (70 ) — (408 ) Net cash flows from operating activities 42,851 8,373 (2,202 ) 49,022 CASH FLOWS FROM INVESTING ACTIVITIES Changes in short-term investments, net 250 — — 250 Additions to plant and equipment (27,475 ) (3,480 ) — (30,955 ) Net cash flows from investing activities (27,225 ) (3,480 ) — (30,705 ) CASH FLOWS FROM FINANCING ACTIVITIES Purchase of treasury stock (27,661 ) — — (27,661 ) Investment from (to) parent 2,691 (4,893 ) 2,202 — Borrowings on revolving credit facility 123,287 — — 123,287 Repayments of revolving credit facility borrowings (117,282 ) — — (117,282 ) Payment of tax withholdings on equity-based payment arrangements (43 ) — — (43 ) Net cash flows from financing activities (19,008 ) (4,893 ) 2,202 (21,699 ) Decrease in cash and cash equivalents (3,382 ) — — (3,382 ) Cash and cash equivalents at beginning of period 5,610 — — 5,610 Cash and cash equivalents at end of period $ 2,228 $ — $ — $ 2,228 Clearwater Paper Corporation Consolidating Statement of Cash Flows Three Months Ended March 31, 2015 (In thousands) Issuer Guarantor Subsidiaries Eliminations Total 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 on long-term debt 178 — — 178 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 payment arrangements (343 ) — — (343 ) 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 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-based payment arrangements (3,048 ) — — (3,048 ) Excess tax benefits from equity-based payment arrangements 343 — — 343 Net cash flows from financing activities (36,346 ) 15,148 (18,655 ) (39,853 ) Decrease in cash 2,465 — — 2,465 Cash at beginning of period 27,331 — — 27,331 Cash at end of period $ 29,796 $ — $ — $ 29,796

Nature of Operations and Basi23

Nature of Operations and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
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	CASH AND CASH EQUIVALENTS We consider all highly liquid instruments with maturities of three months or less to be cash equivalents. 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, 2016 and December 31, 2015, we had $2.3 million classified as current on our Consolidated Balance Sheet.
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, 2016 and December 31, 2015 , we had allowances for doubtful accounts of $1.7 million and $1.4 million , respectively.
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 $1,532.2 million and $1,512.1 million at March 31, 2016 and December 31, 2015 , 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.
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY On December 15, 2015, 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 2016, we repurchased 709,366 shares of our outstanding common stock at an average price of $38.99 per share. As of March 31, 2016 , we had up to $72.3 million of authorization remaining pursuant to this stock repurchase program. On December 15, 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 fourth quarter of 2015. In total, we repurchased 1,881,921 shares of our outstanding common stock under that program at an average price of $53.13 per share.
DERIVATIVES	DERIVATIVES We had no activity during the three months ended March 31, 2016 and 2015 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, 2016 , these contracts covered approximately 43% of our expected average monthly natural gas requirements for the remainder of 2016. 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, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories at the balance sheet dates consist of: (In thousands) March 31, 2016 December 31, 2015 Pulp, paperboard and tissue products $ 149,636 $ 156,055 Materials and supplies 79,854 80,020 Logs, pulpwood, chips and sawdust 13,929 19,498 $ 243,419 $ 255,573

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Finite-Lived Intangible Assets, Net [Abstract]
Intangible Assets	Intangible assets at the balance sheet dates are comprised of the following: March 31, 2016 (Dollars in thousands, lives in years) Useful Life Historical Cost Accumulated Amortization Net Balance Customer relationships 9.0 $ 41,001 $ (23,917 ) $ 17,084 Trade names and trademarks 10.0 3,286 (1,725 ) 1,561 Non-compete agreements 5.0 574 (466 ) 108 $ 44,861 $ (26,108 ) $ 18,753 December 31, 2015 (Dollars in thousands, lives in years) Useful Life Historical Cost Accumulated Amortization Net Balance Customer relationships 9.0 $ 41,001 $ (22,778 ) $ 18,223 Trade names and trademarks 10.0 3,286 (1,643 ) 1,643 Non-compete agreements 5.0 574 (450 ) 124 $ 44,861 $ (24,871 ) $ 19,990

Taxes (Tables)

Taxes (Tables)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	For the three months ended March 31, 2016 and 2015 , the effective tax rates attributable to continuing operations were as follows: Three Months Ended March 31, 2016 2015 Statutory federal income tax rate 35.0 % 35.0 % State taxes, net of credits 3.6 2.3 Change in valuation allowances 0.4 1.0 Federal manufacturing deduction (1.7 ) (3.3 ) Change in uncertain tax positions 2.3 (13.4 ) Interest accrued on uncertain tax positions 0.1 0.1 Federal credits and audit adjustments (0.7 ) (0.4 ) Return to provision adjustments — 1.4 Other (0.2 ) 0.1 Effective tax rate 38.8 % 22.8 %

Accounts Payable and Accrued 27

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2016 December 31, 2015 Trade accounts payable $ 111,157 $ 128,045 Accrued wages, salaries and employee benefits 42,853 43,997 Accrued discounts and allowances 8,911 8,954 Accrued taxes other than income taxes payable 5,891 5,112 Accrued interest 4,848 11,981 Accrued utilities 4,659 7,536 Other 14,501 14,743 $ 192,820 $ 220,368

Other Long-Term Obligations (Ta

Other Long-Term Obligations (Tables)	3 Months Ended
	Mar. 31, 2016
Other Liabilities, Noncurrent [Abstract]
Other Long-Term Obligations	Other long-term obligations at the balance sheet dates consist of: (In thousands) March 31, 2016 December 31, 2015 Long-term lease obligations, net of current portion $ 23,850 $ 24,054 Deferred compensation 8,939 10,755 Deferred proceeds 8,811 9,386 Other 2,179 2,543 $ 43,779 $ 46,738

Reclassification out of Accum29

Reclassification out of Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2016
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) Pension and Other Post Retirement Employee Benefit Plan Adjustments Total Balance at December 31, 2015 $ (55,548 ) $ (55,548 ) Other comprehensive income, net of tax 1 655 655 Balance at March 31, 2016 $ (54,893 ) $ (54,893 ) (In thousands) Pension and Other Post Retirement Employee Benefit Plan Adjustments Total Balance at December 31, 2014 $ (70,863 ) $ (70,863 ) Other comprehensive income, net of tax 1 1,557 1,557 Balance at March 31, 2015 $ (69,306 ) $ (69,306 ) 1 For the three months ended March 31, 2016 and 2015 , 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 $1.5 million and $3.1 million , respectively, of actuarial loss amortization, as well as $0.4 million and $0.5 million , respectively, of prior service credit amortization, all net of tax totaling $0.4 million and $1.0 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 Postretirem30

Pension and Other Postretirement Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2016
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) 2016 2015 2016 2015 Pension Benefit Plans Other Postretirement Employee Benefit Plans Service cost $ 398 $ 316 $ 74 $ 148 Interest cost 3,628 3,490 766 1,048 Expected return on plan assets (4,883 ) (4,984 ) — — Amortization of prior service cost (credit) 5 18 (428 ) (545 ) Amortization of actuarial loss (gain) 2,884 3,083 (1,383 ) — Net periodic cost $ 2,032 $ 1,923 $ (971 ) $ 651

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2016 2015 Basic average common shares outstanding 1 17,531,703 19,334,729 Incremental shares due to: Restricted stock units 48,033 55,734 Performance shares 23,396 74,306 Diluted average common shares outstanding 17,603,132 19,464,769 Basic net earnings per common share $ 1.05 $ 0.30 Diluted net earnings per common share 1.05 0.30 Anti-dilutive shares excluded from calculation 710,062 399,452 1 Basic average common shares outstanding include restricted stock awards that are fully vested, but are deferred for future issuance.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
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) 2016 2015 Restricted stock units $ 293 $ 411 Performance shares 616 879 Stock options 537 349 Total employee equity-based compensation $ 1,446 $ 1,639
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, 2016 and the grant-date fair value of the awards: Three Months Ended March 31, 2016 Number of Shares Subject to Award Average Fair Value of Award Per Share Restricted stock units 44,323 $ 38.98 Performance shares 92,944 39.70 Stock options 278,832 14.42

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2016 2015 Carrying Fair Carrying Fair (In thousands) Amount Value Amount Value Cash and cash equivalents, restricted cash and short-term investments (Level 1) $ 5,298 $ 5,298 $ 8,130 $ 8,130 Revolving credit facility borrowings (Level 1) 6,005 6,005 — — Long-term debt (Level 1) 575,000 555,250 575,000 558,250

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Reportable Segments Information	The table below presents information about our reportable segments: Three Months Ended March 31, (In thousands) 2016 2015 Segment net sales: Consumer Products $ 245,018 $ 235,176 Pulp and Paperboard 192,186 198,850 Total segment net sales $ 437,204 $ 434,026 Operating income (loss): Consumer Products $ 18,390 $ 12,395 Pulp and Paperboard 35,163 16,194 53,553 28,589 Corporate (15,791 ) (13,352 ) Income from operations $ 37,762 $ 15,237 Depreciation and amortization: Consumer Products $ 13,759 $ 12,977 Pulp and Paperboard 6,367 7,311 Corporate 1,024 720 Total depreciation and amortization $ 21,150 $ 21,008

Supplemental Guarantor Financ35

Supplemental Guarantor Financial Information (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2016 Guarantor (In thousands) Issuer Subsidiaries Eliminations Total Net sales $ 419,046 $ 77,625 $ (59,467 ) $ 437,204 Cost and expenses: Cost of sales (356,714 ) (71,400 ) 59,467 (368,647 ) Selling, general and administrative expenses (26,837 ) (3,958 ) — (30,795 ) Total operating costs and expenses (383,551 ) (75,358 ) 59,467 (399,442 ) Income from operations 35,495 2,267 — 37,762 Interest expense, net (7,643 ) — — (7,643 ) Earnings before income taxes 27,852 2,267 — 30,119 Income tax provision (10,470 ) (1,203 ) — (11,673 ) Equity in income of subsidiary 1,064 — (1,064 ) — Net earnings $ 18,446 $ 1,064 $ (1,064 ) $ 18,446 Other comprehensive income, net of tax 655 — — 655 Comprehensive income $ 19,101 $ 1,064 $ (1,064 ) $ 19,101 Clearwater Paper Corporation Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended March 31, 2015 Guarantor (In thousands) Issuer Subsidiaries 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
Condensed Consolidating Balance Sheet	Clearwater Paper Corporation Consolidating Balance Sheet At March 31, 2016 (In thousands) Issuer Guarantor Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 2,228 $ — $ — $ 2,228 Restricted cash 2,270 — — 2,270 Receivables, net 119,319 15,556 — 134,875 Taxes receivable 646 33 — 679 Inventories 209,823 33,596 — 243,419 Other current assets 8,880 496 — 9,376 Total current assets 343,166 49,681 — 392,847 Property, plant and equipment, net 729,072 144,040 — 873,112 Goodwill 209,087 — — 209,087 Intangible assets, net 3,918 14,835 — 18,753 Intercompany receivable (payable) 10,088 (10,088 ) — — Investment in subsidiary 140,822 — (140,822 ) — Pension assets 1,086 — — 1,086 Other assets, net 4,680 977 (1,328 ) 4,329 TOTAL ASSETS $ 1,441,919 $ 199,445 $ (142,150 ) $ 1,499,214 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Revolving credit facility borrowings $ 6,005 $ — $ — $ 6,005 Accounts payable and accrued liabilities 173,306 19,514 — 192,820 Current liability for pensions and other postretirement employee benefits 7,559 — — 7,559 Total current liabilities 186,870 19,514 — 206,384 Long-term debt 569,179 — — 569,179 Liability for pensions and other postretirement employee benefits 87,609 — — 87,609 Other long-term obligations 43,293 486 — 43,779 Accrued taxes 718 807 — 1,525 Deferred tax liabilities 86,544 37,816 (1,328 ) 123,032 Accumulated other comprehensive loss, (54,893 ) — — (54,893 ) Stockholders' equity excluding accumulated other comprehensive loss 522,599 140,822 (140,822 ) 522,599 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,441,919 $ 199,445 $ (142,150 ) $ 1,499,214 Clearwater Paper Corporation Consolidating Balance Sheet At December 31, 2015 (In thousands) Issuer Guarantor Subsidiaries Eliminations Total ASSETS Current assets: Cash $ 5,610 $ — $ — $ 5,610 Restricted cash 2,270 — — 2,270 Short-term investments 250 — — 250 Receivables, net 123,131 15,921 — 139,052 Taxes receivable 16,221 (1,370 ) — 14,851 Inventories 219,130 36,443 — 255,573 Other current assets 8,838 493 — 9,331 Total current assets 375,450 51,487 — 426,937 Property, plant and equipment, net 719,436 147,102 — 866,538 Goodwill 209,087 — — 209,087 Intangible assets, net 4,180 15,810 — 19,990 Intercompany receivable (payable) 14,013 (15,151 ) 1,138 — Investment in subsidiary 139,758 — (139,758 ) — Pension assets 596 — — 596 Other assets, net 4,142 79 — 4,221 TOTAL ASSETS $ 1,466,662 $ 199,327 $ (138,620 ) $ 1,527,369 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 196,891 $ 23,477 $ — $ 220,368 Current liability for pensions and other postretirement employee benefits 7,559 — — 7,559 Total current liabilities 204,450 23,477 — 227,927 Long-term debt 568,987 — — 568,987 Liability for pensions and other postretirement employee benefits 89,057 — — 89,057 Other long-term obligations 46,182 556 — 46,738 Accrued taxes 874 802 — 1,676 Deferred tax liabilities 82,246 34,734 1,138 118,118 Accumulated other comprehensive loss, net of tax (55,548 ) — — (55,548 ) Stockholders’ equity excluding accumulated other comprehensive loss 530,414 139,758 (139,758 ) 530,414 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,466,662 $ 199,327 $ (138,620 ) $ 1,527,369
Condensed Consolidating Statement of Cash Flows	Clearwater Paper Corporation Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 (In thousands) Issuer Guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $ 18,446 $ 1,064 $ (1,064 ) $ 18,446 Adjustments to reconcile net earnings to net cash flows from operating activities: Depreciation and amortization 16,061 5,089 — 21,150 Equity-based compensation expense 2,172 — — 2,172 Deferred tax provision 3,329 2,174 (1,138 ) 4,365 Employee benefit plans (1,389 ) — — (1,389 ) Deferred issuance costs on long-term debt 213 — — 213 Non-cash adjustments to unrecognized taxes (156 ) 5 — (151 ) Changes in working capital, net (11,062 ) 1,514 — (9,548 ) Changes in taxes receivable, net 15,575 (1,403 ) — 14,172 Other, net (338 ) (70 ) — (408 ) Net cash flows from operating activities 42,851 8,373 (2,202 ) 49,022 CASH FLOWS FROM INVESTING ACTIVITIES Changes in short-term investments, net 250 — — 250 Additions to plant and equipment (27,475 ) (3,480 ) — (30,955 ) Net cash flows from investing activities (27,225 ) (3,480 ) — (30,705 ) CASH FLOWS FROM FINANCING ACTIVITIES Purchase of treasury stock (27,661 ) — — (27,661 ) Investment from (to) parent 2,691 (4,893 ) 2,202 — Borrowings on revolving credit facility 123,287 — — 123,287 Repayments of revolving credit facility borrowings (117,282 ) — — (117,282 ) Payment of tax withholdings on equity-based payment arrangements (43 ) — — (43 ) Net cash flows from financing activities (19,008 ) (4,893 ) 2,202 (21,699 ) Decrease in cash and cash equivalents (3,382 ) — — (3,382 ) Cash and cash equivalents at beginning of period 5,610 — — 5,610 Cash and cash equivalents at end of period $ 2,228 $ — $ — $ 2,228 Clearwater Paper Corporation Consolidating Statement of Cash Flows Three Months Ended March 31, 2015 (In thousands) Issuer Guarantor Subsidiaries Eliminations Total 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 on long-term debt 178 — — 178 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 payment arrangements (343 ) — — (343 ) 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 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-based payment arrangements (3,048 ) — — (3,048 ) Excess tax benefits from equity-based payment arrangements 343 — — 343 Net cash flows from financing activities (36,346 ) 15,148 (18,655 ) (39,853 ) Decrease in cash 2,465 — — 2,465 Cash at beginning of period 27,331 — — 27,331 Cash at end of period $ 29,796 $ — $ — $ 29,796

Nature of Operations and Basi36

Nature of Operations and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 15, 2015	Dec. 15, 2014
Nature of Operations
Restricted Cash and Cash Equivalents, Current	$ 2,270	$ 2,270
Allowance for doubtful accounts	1,700	1,400
Accumulated depreciation	1,532,200	$ 1,512,100
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 72,300
Percentage Of Expected Natural Gas Requirement Covered Under Contract	43.00%
Common Stock
Nature of Operations
Common stock repurchase authorized			$ 100,000	$ 100,000
Number of shares repurchased (in shares)	709,366	1,881,921
Treasury Stock Acquired, Average Cost Per Share	$ 38.99	$ 53.13
Other Assets [Member]
Nature of Operations
Restricted Cash and Cash Equivalents, Noncurrent		$ 2,300

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Pulp, paperboard and tissue products	$ 149,636	$ 156,055
Materials and supplies	79,854	80,020
Logs, pulpwood, chips and sawdust	13,929	19,498
Inventories	$ 243,419	$ 255,573

Intangible Assets (Detail)

Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Historical Cost	$ 44,861	$ 44,861
Accumulated Amortization	(26,108)	(24,871)
Net Balance	$ 18,753	$ 19,990
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Useful Life	9 years	9 years
Historical Cost	$ 41,001	$ 41,001
Accumulated Amortization	(23,917)	(22,778)
Net Balance	17,084	$ 18,223
Tradenames and trademarks
Finite-Lived Intangible Assets [Line Items]
Useful Life		10 years
Historical Cost	3,286	$ 3,286
Accumulated Amortization	(1,725)	(1,643)
Net Balance	$ 1,561	$ 1,643
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years	5 years
Historical Cost	$ 574	$ 574
Accumulated Amortization	(466)	(450)
Net Balance	$ 108	$ 124
Maximum [Member] | Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Useful Life	10 years

Taxes - Additional Information

Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Loss Carryforwards [Line Items]
Statutory federal income tax rate	35.00%	35.00%
State taxes, net of credits	3.60%	2.30%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	0.40%	1.00%
Federal manufacturing deduction	(1.70%)	(3.30%)
Increase in uncertain tax position	2.30%	(13.40%)
Interest accrued on uncertain tax positions	0.10%	0.10%
Other Federal Credits	(0.70%)	(0.40%)
Return to provision adjustments	0.00%	1.40%
Other	(0.20%)	0.10%
Effective tax rate	38.80%	22.80%
Estimated Annual Effective Tax Rate	36.00%	35.00%
Change For Uncertain Tax Positions		$ 1

Accounts Payable and Accrued 40

Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounts Payable and Accrued Liabilities [Abstract]
Trade accounts payable	$ 111,157	$ 128,045
Accrued wages, salaries and employee benefits	42,853	43,997
Accrued discounts and allowances	8,911	8,954
Accrued taxes other than income taxes payable	5,891	5,112
Accrued utilities	4,659	7,536
Accrued interest	4,848	11,981
Other	14,501	14,743
Accounts payable and accrued liabilities	$ 192,820	$ 220,368

Debt - Additional Information (

Debt - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding	$ 6
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding stand by letters of credit	5.8
Credit facility available to draw	$ 113.2
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Interest rate spread	1.25%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Interest rate spread	1.75%
Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate spread	0.25%
Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate spread	0.75%
Revolving Credit Facility | Federal Fund Rate | Maximum
Debt Instrument [Line Items]
Interest rate spread	0.50%
Revolving Credit Facility | Prime Rate [Member] | Maximum
Debt Instrument [Line Items]
Interest rate spread	1.00%

Other Long-Term Obligations (De

Other Long-Term Obligations (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Other Liabilities, Noncurrent [Abstract]
Long-term lease obligations, net of current portion	$ 23,850	$ 24,054
Deferred proceeds	8,811	9,386
Deferred compensation	8,939	10,755
Other	2,179	2,543
Other long-term obligations	$ 43,779	$ 46,738

Reclassification out of Accum43

Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Period opening balance		$ (55,548)	$ (70,863)
Net current period other comprehensive income ending balance	[1]	655	1,557
Period closing balance		(54,893)	(69,306)
Amortization of actuarial loss included in net periodic cost, before tax		(1,500)	(3,100)
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax		400	500
Other comprehensive income (loss), tax		400	1,000
Defined Benefit Pension Plan Adjustments
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Period opening balance		(55,548)	(70,863)
Net current period other comprehensive income ending balance	[1]	655	1,557
Period closing balance		$ (54,893)	$ (69,306)
[1]	For the three months ended March 31, 2016 and 2015, 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 $1.5 million and $3.1 million, respectively, of actuarial loss amortization, as well as $0.4 million and $0.5 million, respectively, of prior service credit amortization, all net of tax totaling $0.4 million and $1.0 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 Postretirem44

Pension and Other Postretirement Employee Benefit Plans - Additional Information (Detail 1) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer contribution	$ 0.1
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year	0.4
Non Qualified Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contribution	0
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	0.7	$ 1.8
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	$ 0.4	$ 0.8

Pension and Other Postretirem45

Pension and Other Postretirement Employee Benefit Plans Components of Net Periodic Cost of Pension and Other Postretirement Employee Benefit Plans (Detail 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 398	$ 316
Interest cost	3,628	3,490
Expected return on plan assets	(4,883)	(4,984)
Amortization of prior service cost (credit)	5	18
Amortization of actuarial loss	2,884	3,083
Net periodic cost	2,032	1,923
Other Postretirement Employee Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	74	148
Interest cost	766	1,048
Expected return on plan assets	0	0
Amortization of prior service cost (credit)	(428)	(545)
Amortization of actuarial loss	(1,383)	0
Net periodic cost	$ (971)	$ 651

Earnings per Common Share Recon

Earnings per Common Share Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings Per Share (Detail) - $ / shares		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic average common shares outstanding	[1]	17,531,703	19,334,729
Incremental shares due to:
Restricted stock units		48,033	55,734
Performance shares		23,396	74,306
Diluted average common shares outstanding		17,603,132	19,464,769
Basic net earnings per common share (in dollars per share)		$ 1.05	$ 0.30
Diluted net earnings per common share (in dollars per share)		$ 1.05	$ 0.30
Anti-dilutive shares excluded from calculation		710,062	399,452
[1]	Basic average common shares outstanding include restricted stock awards that are fully vested, but are deferred for future issuance.

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 1,446	$ 1,639
Cash paid for minimum tax withholdings	$ (43)	(3,048)
Options, Grants in Period, Gross	278,832
Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 14.42
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested Shares Settled	3,000
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 616	879
Shares issued (in shares)	1,892
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 293	411
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	537	349
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost	700
Share Based Compensation Arrangement By Share Based Payment Award Compensation Cost Reversal		$ 500
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent	7,800		$ 9,400
Deferred Compensation Cash-based Arrangements, Liability, Classified, Noncurrent	$ 2,400

Equity-Based Compensation Emplo

Equity-Based Compensation Employee Equity Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 1,446	$ 1,639
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	293	411
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	616	879
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 537	$ 349

Equity-Based Compensation Summa

Equity-Based Compensation Summary of Number of Share-Based Awards Granted (Detail)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, Grants in Period, Gross | shares	278,832
Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 14.42
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based awards granted | shares	92,944
Grant-date fair value of awards per share | $ / shares	$ 39.70
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based awards granted | shares	44,323
Grant-date fair value of awards per share | $ / shares	$ 38.98

Fair Value Measurements Estimat

Fair Value Measurements Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of Credit, Current	$ 6,005	$ 0
Cash, restricted cash, and short-term investments (Level 1)	5,298	8,130
Long-term debt (Level 1)	555,250	558,250
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of Credit, Current	6,005	0
Cash, restricted cash, and short-term investments (Level 1)	5,298	8,130
Long-term debt (Level 1)	$ 575,000	$ 575,000

Segment Information Reportable

Segment Information Reportable Segments Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Net sales	$ 437,204	$ 434,026
Income from operations	37,762	15,237
Depreciation and amortization	21,150	21,008
Consumer Products
Segment Reporting Information [Line Items]
Net sales	245,018	235,176
Income from operations	18,390	12,395
Depreciation and amortization	13,759	12,977
Pulp and Paperboard
Segment Reporting Information [Line Items]
Net sales	192,186	198,850
Income from operations	35,163	16,194
Depreciation and amortization	6,367	7,311
Operating Segments
Segment Reporting Information [Line Items]
Income from operations	53,553	28,589
Corporate
Segment Reporting Information [Line Items]
Income from operations	(15,791)	(13,352)
Depreciation and amortization	$ 1,024	$ 720

Supplemental Guarantor Financ52

Supplemental Guarantor Financial Information Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Condensed Financial Statements, Captions [Line Items]
Net sales		$ 437,204	$ 434,026
Cost and expenses:
Cost of sales		(368,647)	(389,832)
Selling, general and administrative expenses		(30,795)	(28,957)
Total operating costs and expenses		(399,442)	(418,789)
Income (loss) from operations		37,762	15,237
Interest expense, net		(7,643)	(7,782)
Earnings (loss) before income taxes		30,119	7,455
Income tax (provision) benefit		(11,673)	(1,698)
Equity in income (loss) of subsidiary		0	0
Net earnings (loss)		18,446	5,757
Other comprehensive income, net of tax	[1]	655	1,557
Comprehensive income		19,101	7,314
Issuer
Condensed Financial Statements, Captions [Line Items]
Net sales		419,046	395,387
Cost and expenses:
Cost of sales		(356,714)	(351,046)
Selling, general and administrative expenses		(26,837)	(24,788)
Total operating costs and expenses		(383,551)	(375,834)
Income (loss) from operations		35,495	19,553
Interest expense, net		(7,643)	(7,767)
Earnings (loss) before income taxes		27,852	11,786
Income tax (provision) benefit		(10,470)	(3,228)
Equity in income (loss) of subsidiary		1,064	(4,673)
Net earnings (loss)		18,446	3,885
Other comprehensive income, net of tax		655	1,557
Comprehensive income		19,101	5,442
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net sales		77,625	73,328
Cost and expenses:
Cost of sales		(71,400)	(73,475)
Selling, general and administrative expenses		(3,958)	(4,169)
Total operating costs and expenses		(75,358)	(77,644)
Income (loss) from operations		2,267	(4,316)
Interest expense, net		0	(15)
Earnings (loss) before income taxes		2,267	(4,331)
Income tax (provision) benefit		(1,203)	(342)
Equity in income (loss) of subsidiary		0	0
Net earnings (loss)		1,064	(4,673)
Other comprehensive income, net of tax		0	0
Comprehensive income		1,064	(4,673)
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net sales		(59,467)	(34,689)
Cost and expenses:
Cost of sales		59,467	34,689
Selling, general and administrative expenses		0	0
Total operating costs and expenses		59,467	34,689
Income (loss) from operations		0	0
Interest expense, net		0	0
Earnings (loss) before income taxes		0	0
Income tax (provision) benefit		0	1,872
Equity in income (loss) of subsidiary		(1,064)	4,673
Net earnings (loss)		(1,064)	6,545
Other comprehensive income, net of tax		0	0
Comprehensive income		$ (1,064)	$ 6,545
[1]	For the three months ended March 31, 2016 and 2015, 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 $1.5 million and $3.1 million, respectively, of actuarial loss amortization, as well as $0.4 million and $0.5 million, respectively, of prior service credit amortization, all net of tax totaling $0.4 million and $1.0 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.”

Supplemental Guarantor Financ53

Supplemental Guarantor Financial Information Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash	$ 2,228	$ 5,610	$ 29,796	$ 27,331
Restricted cash	2,270	2,270
Short-term investments	0	250
Receivables, net	134,875	139,052
Taxes receivable	679	14,851
Inventories	243,419	255,573
Other Assets, Current	9,376	9,331
Total current assets	392,847	426,937
Property, plant and equipment, net	873,112	866,538
Goodwill	209,087	209,087
Intangible assets, net	18,753	19,990
Investment in subsidiary	0	0
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent	1,086	596
Other assets, net	4,329	4,221
TOTAL ASSETS	1,499,214	1,527,369
Line of Credit, Current	6,005	0
Current liabilities:
Accounts payable and accrued liabilities	192,820	220,368
Current liability for pensions and other postretirement employee benefits	7,559	7,559
Total current liabilities	206,384	227,927
Long-term debt	569,179	568,987
Liability for pensions and other postretirement employee benefits	87,609	89,057
Other long-term obligations	43,779	46,738
Accrued taxes	1,525	1,676
Deferred Tax Liabilities, Gross, Noncurrent	123,032	118,118
Accumulated other comprehensive loss, net of tax	(54,893)	(55,548)	(69,306)	(70,863)
Stockholders' equity excluding accumulated other comprehensive loss	522,599	530,414
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,499,214	1,527,369
Issuer
Current assets:
Cash	2,228	5,610	29,796	27,331
Restricted cash	2,270	2,270
Short-term investments		250
Receivables, net	119,319	123,131
Taxes receivable	646	16,221
Inventories	209,823	219,130
Other Assets, Current	8,880	8,838
Total current assets	343,166	375,450
Property, plant and equipment, net	729,072	719,436
Goodwill	209,087	209,087
Intangible assets, net	3,918	4,180
Intercompany receivable (payable)	10,088	14,013
Investment in subsidiary	140,822	139,758
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent	1,086	596
Other assets, net	4,680	4,142
TOTAL ASSETS	1,441,919	1,466,662
Line of Credit, Current	6,005
Current liabilities:
Accounts payable and accrued liabilities	173,306	196,891
Current liability for pensions and other postretirement employee benefits	7,559	7,559
Total current liabilities	186,870	204,450
Long-term debt	569,179	568,987
Liability for pensions and other postretirement employee benefits	87,609	89,057
Other long-term obligations	43,293	46,182
Accrued taxes	718	874
Deferred Tax Liabilities, Gross, Noncurrent	86,544	82,246
Accumulated other comprehensive loss, net of tax	(54,893)	(55,548)
Stockholders' equity excluding accumulated other comprehensive loss	522,599	530,414
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,441,919	1,466,662
Guarantor Subsidiaries
Current assets:
Cash	0	0	0	0
Restricted cash	0	0
Short-term investments		0
Receivables, net	15,556	15,921
Taxes receivable	33	(1,370)
Inventories	33,596	36,443
Other Assets, Current	496	493
Total current assets	49,681	51,487
Property, plant and equipment, net	144,040	147,102
Goodwill	0	0
Intangible assets, net	14,835	15,810
Intercompany receivable (payable)	(10,088)	(15,151)
Investment in subsidiary	0	0
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent	0	0
Other assets, net	977	79
TOTAL ASSETS	199,445	199,327
Line of Credit, Current	0
Current liabilities:
Accounts payable and accrued liabilities	19,514	23,477
Current liability for pensions and other postretirement employee benefits	0	0
Total current liabilities	19,514	23,477
Long-term debt	0	0
Liability for pensions and other postretirement employee benefits	0	0
Other long-term obligations	486	556
Accrued taxes	807	802
Deferred Tax Liabilities, Gross, Noncurrent	37,816	34,734
Accumulated other comprehensive loss, net of tax	0	0
Stockholders' equity excluding accumulated other comprehensive loss	140,822	139,758
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	199,445	199,327
Eliminations
Current assets:
Cash	0	0	$ 0	$ 0
Restricted cash	0	0
Short-term investments		0
Receivables, net	0	0
Taxes receivable	0	0
Inventories	0	0
Other Assets, Current	0	0
Total current assets	0	0
Property, plant and equipment, net	0	0
Goodwill	0	0
Intangible assets, net	0	0
Intercompany receivable (payable)		1,138
Investment in subsidiary	(140,822)	(139,758)
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent	0	0
Other assets, net	(1,328)	0
TOTAL ASSETS	(142,150)	(138,620)
Line of Credit, Current	0
Current liabilities:
Accounts payable and accrued liabilities	0	0
Current liability for pensions and other postretirement employee benefits	0	0
Total current liabilities	0	0
Long-term debt	0	0
Liability for pensions and other postretirement employee benefits	0	0
Other long-term obligations	0	0
Accrued taxes	0	0
Deferred Tax Liabilities, Gross, Noncurrent	(1,328)	1,138
Accumulated other comprehensive loss, net of tax	0	0
Stockholders' equity excluding accumulated other comprehensive loss	(140,822)	(139,758)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ (142,150)	$ (138,620)

Supplemental Guarantor Financ54

Supplemental Guarantor Financial Information Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)	$ 18,446	$ 5,757
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	21,150	21,008
Equity-based compensation expense	2,172	1,169
Deferred tax expense (benefit)	4,365	(1,330)
Employee benefit plans	(1,389)	809
Amortization of Financing Costs and Discounts	213	178
Gain (Loss) on Disposition of Assets	0	(30)
Other Noncash Income Tax Expense	(151)	(990)
Changes in working capital, net	(9,548)	3,457
Change in taxes receivable, net	14,172	1,255
Excess tax benefits from equity share-based payment arrangements	0	343
Funding of qualified pension plans	0	(1,561)
Other Operating Activities, Cash Flow Statement	(408)	(1,327)
Net cash provided by operating activities	49,022	28,052
CASH FLOWS FROM INVESTING ACTIVITIES
Change in short-term investments, net	250	39,000
Additions to plant and equipment	(30,955)	(25,240)
Proceeds from Sale of Productive Assets	0	506
Net cash used for investing activities	(30,705)	14,266
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for Repurchase of Common Stock	(27,661)	(37,148)
Investment (to) from Parent	0	0
Proceeds from Lines of Credit	123,287	0
Repayments of Lines of Credit	(117,282)		$ 0
Payment of tax withholdings on equity-based payment arrangements	(43)	(3,048)
Excess Tax Benefit from Share-based Compensation, Financing Activities	0	343
Net cash (used for) provided by financing activities	(21,699)	(39,853)
Increase in cash	(3,382)	2,465
Cash at beginning of period	5,610	27,331	27,331
Cash at end of period	2,228	29,796	5,610
Issuer
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)	18,446	3,885
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	16,061	16,114
Equity-based compensation expense	2,172	1,169
Deferred tax expense (benefit)	3,329	(3,231)
Employee benefit plans	(1,389)	809
Amortization of Financing Costs and Discounts	213	178
Gain (Loss) on Disposition of Assets		0
Other Noncash Income Tax Expense	(156)	(983)
Changes in working capital, net	(11,062)	1,537
Change in taxes receivable, net	15,575	6,760
Excess tax benefits from equity share-based payment arrangements		343
Funding of qualified pension plans		(1,561)
Other Operating Activities, Cash Flow Statement	(338)	(1,261)
Net cash provided by operating activities	42,851	23,073
CASH FLOWS FROM INVESTING ACTIVITIES
Change in short-term investments, net	250	39,000
Additions to plant and equipment	(27,475)	(23,262)
Proceeds from Sale of Productive Assets		0
Net cash used for investing activities	(27,225)	15,738
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for Repurchase of Common Stock	(27,661)	(37,148)
Investment (to) from Parent	2,691	3,507
Proceeds from Lines of Credit	123,287
Repayments of Lines of Credit	(117,282)
Payment of tax withholdings on equity-based payment arrangements	(43)	(3,048)
Excess Tax Benefit from Share-based Compensation, Financing Activities		343
Net cash (used for) provided by financing activities	(19,008)	(36,346)
Increase in cash	(3,382)	2,465
Cash at beginning of period	5,610	27,331	27,331
Cash at end of period	2,228	29,796	5,610
Guarantor Subsidiaries
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)	1,064	(4,673)
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	5,089	4,894
Equity-based compensation expense	0	0
Deferred tax expense (benefit)	2,174	44
Employee benefit plans	0	0
Amortization of Financing Costs and Discounts	0	0
Gain (Loss) on Disposition of Assets		(30)
Other Noncash Income Tax Expense	5	(7)
Changes in working capital, net	1,514	1,920
Change in taxes receivable, net	(1,403)	(15,758)
Excess tax benefits from equity share-based payment arrangements		0
Funding of qualified pension plans		0
Other Operating Activities, Cash Flow Statement	(70)	(66)
Net cash provided by operating activities	8,373	(13,676)
CASH FLOWS FROM INVESTING ACTIVITIES
Change in short-term investments, net	0	0
Additions to plant and equipment	(3,480)	(1,978)
Proceeds from Sale of Productive Assets		506
Net cash used for investing activities	(3,480)	(1,472)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for Repurchase of Common Stock	0	0
Investment (to) from Parent	(4,893)	15,148
Proceeds from Lines of Credit	0
Repayments of Lines of Credit	0
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	(4,893)	15,148
Increase in cash	0	0
Cash at beginning of period	0	0	0
Cash at end of period	0	0	0
Eliminations
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)	(1,064)	6,545
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
Deferred tax expense (benefit)	(1,138)	1,857
Employee benefit plans	0	0
Amortization of Financing Costs and Discounts	0	0
Gain (Loss) on Disposition of Assets		0
Other Noncash Income Tax Expense	0	0
Changes in working capital, net	0	0
Change in taxes receivable, net	0	10,253
Excess tax benefits from equity share-based payment arrangements		0
Funding of qualified pension plans		0
Other Operating Activities, Cash Flow Statement	0	0
Net cash provided by operating activities	(2,202)	18,655
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
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	2,202	(18,655)
Proceeds from Lines of Credit	0
Repayments of Lines of Credit	0
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	2,202	(18,655)
Increase in cash	0	0
Cash at beginning of period	0	0	0
Cash at end of period	$ 0	$ 0	$ 0