Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 05, 2020 | Jun. 28, 2019 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | Q4 | ||
Entity Registrant Name | CLEARWATER PAPER CORP | ||
Entity Central Index Key | 0001441236 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Shell Company | false | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 16,525,788 | ||
Entity Public Float | $ 300,406,383 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 20 | $ 22.5 |
Restricted cash | 1.4 | 0 |
Receivables, net of allowance for doubtful accounts of $1.5 at December 31, 2019 and 2018 | 159.1 | 145.5 |
Taxes receivable | 0.3 | 6.3 |
Inventories | 281.4 | 266.2 |
Other assets, current | 3.6 | 3.4 |
Total current assets | 465.8 | 443.9 |
Property, plant and equipment, net | 1,257.7 | 1,269.3 |
Operating lease, right-of-use assets | 73.1 | 0 |
Goodwill and intangible assets, net | 52 | 59.2 |
Other assets, net | 29.1 | 15.7 |
TOTAL ASSETS | 1,877.7 | 1,788.1 |
Current liabilities: | ||
Short-term debt | 17.9 | 122.2 |
Accounts payable and accrued liabilities | 262.5 | 327 |
Total current liabilities | 280.4 | 449.2 |
Long-term debt | 884.5 | 692.9 |
Long-term operating lease liabilities | 65.6 | 0 |
Liability for pension and other postretirement employee benefits | 76.6 | 78.2 |
Other long-term obligations | 17.3 | 20.2 |
Deferred income tax liabilities, net | 121.3 | 121.2 |
Liabilities | 1,445.7 | 1,361.7 |
Stockholders' equity: | ||
Preferred stock, par value $0.0001 per share, 5,000,000 shares authorized, no shares issued | 0 | 0 |
Common stock, par value $0.0001 per share, 100,000,000 shares authorized, 16,515,813 and 16,482,345 shares issued | 0 | 0 |
Additional paid-in capital | 9.8 | 6.4 |
Retained earnings | 481.7 | 487.3 |
Accumulated other comprehensive loss, net of tax | (59.5) | (67.3) |
Total stockholders’ equity | 432 | 426.4 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,877.7 | $ 1,788.1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 16,515,813 | 16,482,345 |
Treasury stock, shares (in shares) | 0 | 0 |
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ 1.5 | $ 1.5 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income Statement [Abstract] | ||||
Net sales | $ 1,761.5 | $ 1,724.2 | $ 1,730.4 | |
Costs and expenses: | ||||
Cost of sales | (1,597) | (1,536.7) | (1,521.2) | |
Selling, general and administrative expenses | (112.8) | (107.8) | (121.2) | |
Other Operating Income (Expense), Net | 6.3 | (17.5) | 16.8 | |
Goodwill, Impairment Loss | 0 | 195.1 | 0 | |
Total operating costs and expenses | 1,716.1 | 1,822.1 | 1,659.2 | |
Income (loss) from operations | 45.4 | (97.9) | 71.2 | |
Interest Income (Expense), Nonoperating, Net | (44.9) | (30.7) | (31.4) | |
Debt retirement costs | (2.7) | 0 | 0 | |
Net periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (5.7) | (4.9) | 1.1 | |
Earnings before income taxes | (7.9) | (133.5) | 40.9 | |
Income tax provision (benefit) | 2.3 | (10.3) | 56.4 | |
Net income (loss) | $ (5.6) | $ (143.8) | $ 97.3 | |
Net earnings per common share: | ||||
Earnings per share, basic | $ (0.34) | $ (8.72) | $ 5.91 | |
Earnings per share, diluted | $ (0.34) | $ (8.72) | $ 5.88 | |
Weighted average number of shares outstanding, basic | [1] | 16,533 | 16,487 | 16,464 |
Weighted average number of shares outstanding, diluted | 16,533 | 16,487 | 16,556 | |
[1] | Basic average common shares outstanding include restricted stock awards that are fully vested, but are deferred for future issuance. See Note 14 "Stockholders' Equity" for further discussion. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net earnings | $ (5,600) | $ (143,800) | $ 97,300 |
Defined benefit pension and other postretirement employee benefits: | |||
Net (loss) gain arising during the period, net of tax of $0.9, $(5.7) and $2.5 | 2,700 | (16,000) | 6,700 |
Amortization of actuarial loss included in net periodic cost, net of tax of $1.9, $2.4 and $1.3 | 5,100 | 6,800 | 2,000 |
Amortization of prior service credit included in net periodic cost, net of tax of $-, $(0.4), and $(0.6) | 0 | 1,300 | 900 |
Other comprehensive (loss) income, net of tax | 7,800 | (10,500) | 7,800 |
Comprehensive income | $ 2,200 | $ (154,300) | $ 105,100 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net (loss) gain arising during the period, tax benefit (provision) | $ (0.9) | $ 5.7 | $ (2.4) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | 0 | 0 | 0 |
Amortization of actuarial loss included in net periodic cost, tax expense | 1.9 | 2.4 | (1.3) |
Amortization of prior service credit included in net periodic cost, tax benefit | $ 0 | $ 0.4 | $ (0.6) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net earnings | $ (5.6) | $ (143.8) | $ 97.3 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Goodwill, Impairment Loss | 0 | 195.1 | 0 |
Depreciation and amortization | 115.6 | 101.9 | 105 |
Equity-based compensation expense | 4.1 | 3.3 | 3.6 |
Deferred taxes | (0.3) | 7.1 | (40.6) |
Pension and other post employment benefits | 1.4 | (0.6) | (5.1) |
Debt retirement costs | 2.7 | 0 | 0 |
Gain on divested assets, net | 0 | (25.5) | 0 |
Disposal of plant and equipment, net | 0.7 | 0.7 | 4.1 |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 2.5 | 1.5 | 2.9 |
Increase (Decrease) in Accounts Receivable | (13.6) | (7.3) | 5.6 |
(Increase) decrease in taxes receivable, net | (4.4) | 14 | (10.6) |
Increase (Decrease) in Inventories | (21.2) | (8.1) | (14.8) |
Increase (Decrease) in Other Current Assets | (0.8) | 6.4 | (0.3) |
Increase (Decrease) in Accounts Payable | (28.5) | 25.2 | 31.3 |
Other, net | 3 | (1) | 0.3 |
Net cash flows from operating activities | 55.6 | 168.9 | 178.7 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to property, plant and equipment | (140.1) | (295.7) | (199.7) |
Net proceeds from divested assets | 0 | 70.9 | 0 |
Payments for (Proceeds from) Other Investing Activities | 0 | 0.8 | 0.9 |
Net cash flows from investing activities | (140.1) | (224) | (198.8) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Purchase of treasury stock | 0 | 0 | (4.9) |
Proceeds from Short-term Debt | 549.3 | 630.8 | 298.3 |
Repayments of Short-term Debt | (657.7) | (565) | (278.3) |
Proceeds from long-term debt, net | 296.1 | 0 | 0 |
Repayment of long-term debt | (103) | 0 | 0 |
Payments for debt issuance costs | (2.3) | (2.1) | (0.1) |
Other, net | (0.4) | (0.4) | (1.2) |
Net cash flows from financing activities | 82 | 63.3 | 13.8 |
Increase (decrease) in cash, cash equivalents and restricted cash | (2.5) | 8.2 | (6.3) |
Cash, cash equivalents and restricted cash at beginning of period | 22.5 | 15.7 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 22.4 | 24.9 | 16.7 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 38.4 | 26.1 | 28.1 |
Cash paid for income taxes | 3.6 | 3.7 | 2.7 |
Cash received from income tax refunds | $ 0.5 | $ 14.3 | $ 7.6 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | |
Shares, Outstanding at Dec. 31, 2016 | 24,223 | (7,736) | |||||
Beginning Balance at Dec. 31, 2016 | $ 469,900 | $ 347,100 | $ 569,900 | $ (395,300) | $ (51,800) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 97,300 | 97,300 | |||||
Performance share and restricted stock unit awards (in shares) | 46 | ||||||
Performance share and restricted stock unit awards | 5,300 | 5,300 | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 7,800 | 7,800 | |||||
Purchase of treasury stock (in shares) | (85) | ||||||
Purchase of treasury stock | (4,900) | $ (4,900) | |||||
Treasury Stock, Shares, Retired | 7,821 | 7,821 | |||||
Treasury Stock, Retired, Cost Method, Amount | 0 | 351,300 | 48,900 | $ 400,200 | |||
Shares, Outstanding at Dec. 31, 2017 | 16,448 | ||||||
Ending Balance at Dec. 31, 2017 | $ 575,400 | 1,100 | 618,300 | (44,000) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 2 months | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | $ (143,800) | (143,800) | $ 0 | ||||
Performance share and restricted stock unit awards (in shares) | 34 | ||||||
Performance share and restricted stock unit awards | 5,300 | 5,300 | |||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | (12,800) | [1] | 12,800 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (10,500) | (10,500) | |||||
Shares, Outstanding at Dec. 31, 2018 | 16,482 | 0 | |||||
Ending Balance at Dec. 31, 2018 | $ 426,400 | $ 0 | 6,400 | 487,300 | $ 0 | (67,300) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 9 months | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 2 months | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | $ (5,600) | (5,600) | |||||
Performance share and restricted stock unit awards (in shares) | 33 | ||||||
Performance share and restricted stock unit awards | 3,400 | 3,400 | 0 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 7,800 | $ 0 | $ 0 | 7,800 | |||
Shares, Outstanding at Dec. 31, 2019 | 16,515 | 0 | |||||
Ending Balance at Dec. 31, 2019 | $ 432,000 | $ 0 | $ 9,800 | $ 481,700 | $ 0 | $ (59,500) | |
[1] | In February 2018, the FASB issued ASU No. 2018-2, Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the December 22, 2017, H.R. 1, Tax Cuts and Jobs Act (the Act). During 2018, we reclassified the income tax effects of the Act on pension and other postretirement employee benefits within accumulated other comprehensive loss to retained earnings. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Loss | |||
Pension and OPEB, Tax | $ 3,760 | $ 3,760 | $ 3,113 |
Summary of Significant Accoutin
Summary of Significant Accouting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies NATURE OF OPERATIONS AND BASIS OF PRESENTATION We are a premier supplier of quality consumer tissue, away-from-home (AFH) tissue, parent roll tissue and bleached paperboard. We supply private label tissue to major retailers and wholesale distributors, including grocery, drug, mass merchants and discount stores. In addition, we supply bleached paperboard to quality-conscious printers and packaging converters, and offer services that include custom sheeting, slitting and cutting. Certain reclassifications have been made to the prior year amounts to conform to the current year presentation. Unless the context otherwise requires or unless otherwise indicated, references in this report to “Clearwater Paper Corporation,” “we,” “our,” “the Company” and “us” refer to Clearwater Paper Corporation and its subsidiaries. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates. PRINCIPLES OF CONSOLIDATION These consolidated financial statements include the financial condition and results of operations of Clearwater Paper Corporation and its wholly-owned subsidiaries. All intercompany transactions and balances between operations within the Company have been eliminated. CASH, CASH EQUIVALENTS AND RESTRICTED CASH We consider all highly liquid instruments with maturities of three months or less to be cash equivalents. Cash that is held by a third party and has restrictions on its availability to us is classified as restricted cash. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the balance sheet that sum to the total of those same amounts shown in our Consolidated Statements of Cash Flows. December 31, (In millions) 2019 2018 2017 Cash and cash equivalents $ 20.0 $ 22.5 $ 15.7 Restricted cash 1.4 — — Restricted cash included in Other assets, net 1.0 2.4 1.0 Total cash, cash equivalents and restricted cash $ 22.4 $ 24.9 $ 16.7 INVENTORY Our inventories are stated at the lower of net realizable value or current cost using the average cost method. December 31, (In millions) 2019 2018 Logs, pulpwood, chips and sawdust $ 19.4 $ 19.8 Pulp, paperboard and tissue products 168.9 159.5 Materials and supplies 93.1 86.9 $ 281.4 $ 266.2 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at cost, including assets acquired under finance lease obligations, and any interest costs capitalized, less accumulated depreciation. Depreciation of buildings, equipment and other depreciable assets is determined using the straight-line method. Estimated useful lives generally range from 10 to 40 years for land improvements, 10 to 40 years for buildings and improvements and 2 to 25 years for machinery and equipment (includes office and other equipment). December 31, (In millions) 2019 2018 Land and land improvements $ 109.9 $ 95.3 Buildings and improvements 478.7 381.1 Machinery and equipment 2,441.7 2,211.3 Construction in progress 9.2 273.3 3,039.5 2,961.0 Less accumulated depreciation and amortization (1,781.8 ) (1,691.7 ) Property, plant and equipment, net $ 1,257.7 $ 1,269.3 At December 31, 2019 and 2018 , included within buildings and improvements and machinery and equipment were finance leases of $26.5 million and $26.1 million . Depreciation expense, including amounts associated with finance leases, totaled $108.4 million , $94.4 million and $97.0 million for the years ended December 31, 2019 , 2018 and 2017 . We capitalize interest on borrowed funds during construction periods. Capitalized interest is charged to and amortized over the lives of the related assets. For the years ended December 31, 2019 , 2018 , and 2017 , we capitalized $5.9 million , $9.0 million and $4.6 million of interest expense associated with the construction of a paper machine at our Shelby, North Carolina facility and the continuous pulp digester at our Lewiston, Idaho facility. RECOVERY OF LONG-LIVED ASSETS Our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate recoverability of an asset group by comparing its carrying value to the future net undiscounted cash flows that we expect will be generated by the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of carrying value over the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their remaining useful life. Long-lived assets that are held for sale are written down to the estimated sales proceeds less cost to sell unless the estimated net proceeds exceed the carrying value. GOODWILL AND INTANGIBLE ASSETS Goodwill from an acquisition represents the excess of the cost of a business acquired over the net amounts assigned to assets acquired, including identifiable intangible assets and liabilities assumed. Goodwill is not amortized but is tested for impairment annually as of November 1, as well as any time when events suggest impairment may have occurred. In the event the carrying value of the reporting unit in which our goodwill is assigned exceeds the estimated fair value of that reporting unit, an impairment loss would be recognized to the extent the carrying amount of the reporting unit exceeds its fair value. We use estimates in determining and assigning the fair value of the useful lives of intangible assets, the amount and timing of related future cash flows and fair values of the related operations. Definite-lived intangible assets are amortized over their useful lives, which have historically ranged from 5 to 10 years. We assess our intangible assets for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. See Note 5, "Goodwill and Intangible Assets" for further discussion. PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS We are required to use actuarial methods and assumptions in the valuation of defined benefit obligations and other post retirement obligations and the determination of expense. Differences between actual and expected results or changes in the values of the obligations and plan assets are not recognized in earnings as they occur but, rather, systematically and gradually over subsequent periods. See Note 11, "Savings, Pension and Other Postretirement Employee Benefit Plans" for further information. INCOME TAXES Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The determination of our provision for income taxes requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. Significant judgment is required in assessing the timing and amounts of deductible and taxable items and the probability of sustaining uncertain tax positions. The benefits of uncertain tax positions are recorded in our consolidated financial statements only after determining a more-likely-than-not probability that the uncertain tax positions will withstand challenge, if any, from tax authorities. When facts and circumstances change, we reassess these probabilities and record any changes in the consolidated financial statements as appropriate. See Note 6, " Income Taxes" for further information. REVENUE RECOGNITION We enter into contracts that can include various combinations of tissue and paperboard products, which are generally distinct and accounted for as separate performance obligations. Revenue is recognized at a point in time upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Transfer of control typically occurs when the title and risk of loss passes to the customer. Shipping terms generally indicate when title and the risk of loss have passed, usually this is upon receipt at our customer's destination. We have elected to treat shipping and handling costs as a fulfillment cost. We typically expense incremental direct costs of obtaining a contract (sales commissions) when incurred because the amortization period is generally 12 months or less. We have also elected to use the practical expedient to not disclose unsatisfied or partially satisfied performance obligations as we have no unsatisfied contracts where the remaining portions are expected to be satisfied in a period greater than one year. We provide for trade promotions, customer cash discounts and other deductions, which are considered variable consideration and recorded as a reduction of net sales. Returns and credits are estimated at contract inception and updated at the end of each reporting period as additional information becomes available. Revenue, net of returns and credits, is only recognized to the extent that it is probable that a significant reversal of any incremental revenue will not occur. Judgment associated with forecasted volumes is required to determine the most probable amount of variable consideration to apply as a reduction to net sales. Revenue is recognized net of any taxes collected from customers. Payment terms and conditions vary by contract type. Terms generally include a requirement of payment within 30 days, and do not include a significant financing component. Trade accounts receivable are reported within Receivables, net, and are stated at the amount we expect to collect. Trade accounts receivable were $157.1 million and $142.8 million at December 31, 2019 and 2018 . 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. See to Note 16, "Segment Information" for further information, including the disaggregation of revenue by segment, primary geographical market, and major product type. OTHER OPERATING CHARGES, NET We classify significant amounts unrelated to ongoing core operating activities as “Other operating charges, net” in the Consolidated Statements of Operations. Such items include, but are not limited to, amounts related to restructuring charges (including severance charges), charges to establish and maintain litigation or environmental reserves, product reserves, retirement charges and gains or losses from settlements with governmental or other organizations. Due to the nature of these items, amounts in the income statement can fluctuate from year to year. The determination of which items are considered significant and unrelated to core operations is based upon management’s judgment. See Note 10, "Other Operating Charges, net" for a discussion of specific amounts in 2019 , 2018 and 2017 . ACCOUNTS RECEIVABLE ARRANGEMENTS We have utilized an Account Purchase Agreement (APA) to sell, on a revolving and discounted basis, certain trade accounts receivable balances to an unrelated third-party financial institution. The APA was terminated in the fourth quarter of 2019. Under the APA, we retained no interest in the receivables sold, however, we did have servicing responsibilities for the sold receivables, such as collection. The fair value of the servicing arrangement was not material to our financial statements. As of December 31, 2019 , all amounts collected from customers under the APA had been remitted to the third-party financial institution. At December 31, 2018 , we had collected $4.9 million of cash from customers that had not yet been remitted to the third-party financial institution. In addition, for one of our large customers, during 2019 we entered into an uncommitted supply-chain financing program with a global financial institution under which this customer's trade accounts receivable may be acquired, without recourse, by the financial institution at a discounted rate. Available capacity under this program is dependent on the level of our trade accounts receivable with this customer and the financial institution’s willingness to purchase such receivables. We have no servicing responsibilities under this agreement. Receivables sold are de-recognized from our Consolidated Balance Sheet. For the years ended December 31, 2019 and 2018 , we sold $159.3 million and $68.8 million of receivables. The proceeds from these sales of receivables are included within operating activities in our Consolidated Statements of Cash Flows. For the year ended December 31, 2019 , factoring expense on the sale of receivables was $1.0 million , which is included in the "Interest expense, net" line in the Consolidated Statement of Operations. For the year ended December 31, 2018, factoring expense was $0.2 million . ACCOUNTS PAYABLE ARRANGEMENTS We have used supply-chain financing programs with financial intermediaries, which have provided certain of our vendors the option to be paid by the financial intermediaries on our trade payables earlier than the due date on the applicable invoice. We have no such active programs at December 31, 2019. Under supply-chain financing programs, when a vendor receives an early payment from a financial intermediary on a trade payable for which it invoiced us, we pay that financial intermediary the face amount of the invoice on the regularly scheduled due date. If we reimburse vendors for certain fees they may incur in connection with receiving an early payment on an invoice, the amount of such invoice that would have otherwise been included in our trade payables is included in our short-term debt. As of December 31, 2018, $20.8 million was included in “Short-term debt” on our Consolidated Balance Sheet related to invoices for which we had reimbursed our vendors’ fees. ENVIRONMENTAL AND ASSET RETIREMENT OBLIGATIONS We estimate our environmental and asset retirement obligations based on various assumptions and judgments, the specific nature of which varies in light of the particular facts and circumstances surrounding each liability. These estimates typically reflect assumptions and judgments as to the probable nature, magnitude and timing of required investigation, remediation and monitoring activities and the probable cost of these activities. Currently, we are not aware of any material environmental liabilities and have accrued only for specific costs related to environmental matters that we have determined are probable and for which an amount can be reasonably estimated. For asset retirement obligations, the liability is accreted to its settlement value and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, we recognize a gain or loss for any difference between the settlement amount and the liability recorded. |
Recently Adopted and New Accoun
Recently Adopted and New Accounting Standards | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Adopted and New Accounting Standards | Recently Adopted and New Accounting Standards RECENTLY ADOPTED On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) , and subsequent ASUs related to Topic 842. The new guidance increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The adoption of Topic 842 had a material impact on our Consolidated Balance Sheet due to the recognition of right-of-use (ROU) assets of approximately $85 million and lease liabilities of approximately $90 million as of January 1, 2019. The difference between these lease assets and lease liabilities represents deferred rent balances that were reclassified on the balance sheet. The adoption of Topic 842 did not have a material impact on our Consolidated Statement of Operations or our Consolidated Statement of Cash Flows. We will continue to report periods prior to January 1, 2019 under prior guidance as outlined in Accounting Standards Codification Topic 840, " Leases. " See Note 4, "Leases" for further discussion. NEW ACCOUNTING STANDARDS In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) . This ASU requires capitalization of certain implementation costs incurred in a cloud computing arrangement that is a service contract. This ASU is effective for fiscal years beginning after December 15, 2019 and for interim periods therein. We do not believe this ASU will have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) , which modifies the disclosure requirements for defined benefit and other postretirement plans. This ASU eliminates certain disclosures associated with accumulated other comprehensive income, plan assets, related parties and the effects of interest rate basis point changes on assumed health care costs, with other disclosures being added to address significant gains and losses related to changes in benefit obligations. This ASU also clarifies disclosure requirements for projected benefit and accumulated benefit obligations. The amendments in this ASU are effective for fiscal years ending after December 15, 2020, with early adoption permitted and adoption on a retrospective basis for all periods presented required. We do not believe it will have a material impact on our consolidated financial statements beyond updating footnote disclosures. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326) , which modifies the measurement approach for credit losses on financial assets measured on an amortized cost basis from an 'incurred loss' method to an 'expected loss' method. Such modification of the measurement approach for credit losses eliminates the requirement that a credit loss be considered probable, or incurred, to impact the valuation of a financial asset measured on an amortized cost basis. The amended guidance requires the measurement of expected credit losses to be based on relevant information, including historical experience, current conditions, and a reasonable and supportable forecast that affects the collectability of the related financial asset. This amendment will affect trade receivables, off-balance sheet credit exposures and any other financial assets not excluded from the scope of this amendment that have the contractual right to receive cash. The new standard is effective for annual and interim periods beginning after December 15, 2019. We do not believe this ASU will have a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes , which removes certain exceptions, such as the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year, and simplifies the accounting for income taxes in areas such as franchise tax (or similar tax) that is partially based on income. The new standard is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted, including adoption in any interim period. We do not believe this ASU will have a material impact 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. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. We are required to classify these financial assets and liabilities into two groups: recurring-measured on a periodic basis and non-recurring-measured on an as needed basis. There are three levels of inputs that may be used to measure fair value: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities. Level 2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable or can be corroborated by observable market data. Level 3: Valuations based on models where significant inputs are not observable. Unobservable inputs are used when little or no market data is available and reflect the Company’s own assumptions about the assumptions market participants would use. Carrying amounts reported on the balance sheet for cash and cash equivalents, restricted cash, receivables and accounts payable approximate fair value due to the short-term maturity of these instruments. See discussion on fair market values for Long-term Debt included within Note 8, "Debt". We review the carrying values of goodwill and long-lived assets to be held and used for impairment wherever events or changes in circumstances indicate possible impairment. An impairment loss is recognized when a long-lived asset's carrying value is not recoverable and exceeds estimated fair value. See discussion on fair market values for Goodwill included within Note 5, "Goodwill and Intangible Assets". |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases Our adoption of ASU 2016-02, Leases (Topic 842) , and subsequent ASUs related to Topic 842, requires us to recognize substantially all leases on the balance sheet as a ROU asset and a corresponding lease liability. The new guidance also requires additional disclosures as detailed below. We adopted this standard on the effective date of January 1, 2019 and used this effective date as the date of initial application. Under this application method, we were not required to restate prior period financial information or provide Topic 842 disclosures for prior periods. We elected the ‘package of practical expedients’ which permitted us to not reassess our prior conclusions related to lease identification, lease classification and initial direct costs, as well as the practical expedient to not reassess certain land easements. We did not elect the use of hindsight. We combine ROU asset amortization and the change in the lease liability in the same line item on the Consolidated Statements of Cash Flows. We have operating leases for manufacturing, office, warehouse and distribution space, paperboard sheeting and chipping facilities, equipment and vehicles. We also have finance leases related to our North Carolina converting and manufacturing facilities, as well as for certain office and other equipment. We determine if a contract is a lease at the inception of the arrangement. We review all options to extend, terminate or purchase the ROU assets, and when reasonably certain to exercise, we include the option in the determination of the lease term and lease liability. Our leases have remaining lease terms from less than one year to twelve years , and some of our leases include one or more options to renew. Lease ROU assets and liabilities are recognized at the commencement date of the lease. Lease ROU assets and liabilities are measured based on the present value of lease payments over the lease term and are reduced by any lease incentives received. Our leases have not provided an implicit rate, therefore, we use our incremental borrowing rate, which is based on quoted rates from our lender for the term and underlying collateral at the lease commencement date. The depreciable life of leasehold improvements is limited to the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. Short-term leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheet. Lease expense for short-term leases is recognized on a straight-line basis over the lease term. As of December 31, 2019 , our short-term lease expense was not material. Our variable lease costs, which are considered non-lease components, consist primarily of taxes, insurance and common area maintenance. Lease and non-lease components are treated as a single lease component. For the year ended December 31, 2019 , sublease income was immaterial to the financial statements. The tables below present financial information associated with our leases. This information is only presented as of December 31, 2019 . We adopted Topic 842 using the alternative modified retrospective transition approach that does not require application to periods prior to adoption. LEASE EXPENSE (In millions) Year Ended December 31, 2019 Operating lease costs $ 15.0 Finance lease costs: Amortization of right-of-use assets 1.7 Interest on lease liabilities 1.9 Total finance lease costs 3.6 Variable lease costs 1.2 Total lease costs $ 19.8 SUPPLEMENTAL CASH FLOW INFORMATION (In millions) Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16.6 Operating cash flows from finance leases 1.9 Financing cash flows from finance leases 1.3 Non-cash amounts for lease liabilities arising from obtaining right-of-use assets: Operating leases $ 2.5 Finance leases 0.5 SUPPLEMENTAL BALANCE SHEET INFORMATION (In millions) Classification December 31, 2019 Lease ROU Assets Operating lease assets Operating lease right-of-use assets $ 73.1 Finance lease assets Property, plant and equipment, net 26.5 Accumulated Depreciation (11.1 ) Total lease ROU assets $ 88.5 Lease Liabilities Current operating lease liabilities Accounts payable and accrued liabilities $ 13.9 Current finance lease liabilities Short-term debt 1.4 Total current lease liabilities 15.3 Non-current operating lease liabilities Long-term operating lease liabilities 65.6 Non-current finance lease liabilities Long-term debt 20.6 Total non-current lease liabilities 86.2 Total operating lease liabilities 79.5 Total finance lease liabilities 22.0 Total lease liabilities $ 101.5 LEASE TERM AND DISCOUNT RATE December 31, 2019 Weighted average remaining lease term (years) Operating leases 6.6 Finance leases 10.7 Weighted average discount rate Operating leases 4.9 % Finance leases 8.3 % MATURITY OF LEASE LIABILITIES As of December 31, 2019 , our future maturities of lease liabilities were as follows: (In millions) Operating Finance 2020 $ 17.4 $ 3.2 2021 16.7 3.2 2022 15.7 3.1 2023 9.6 2.9 2024 7.4 2.8 Thereafter 26.7 18.7 Total lease payments 93.5 33.9 Less interest portion (14.0 ) (11.9 ) Total $ 79.5 $ 22.0 As of December 31, 2018, as previously disclosed in our 2018 Annual Report on Form 10-K, and under the previous lease accounting standard, we had future minimum lease payments as follows: (In millions) Operating Capital 2019 $ 12.0 $ 3.1 2020 11.4 3.1 2021 10.4 3.1 2022 9.5 3.0 2023 7.2 2.8 Thereafter 24.3 21.7 Total future minimum lease payments $ 74.8 36.8 Less interest portion (13.9 ) Present value of future minimum lease payments $ 22.9 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets As of December 31, 2019 and 2018, we had $35.1 million of goodwill included on our Consolidated Balance Sheets. Goodwill is not amortized but tested for impairment annually as of each November 1st and at any time when events suggest impairment may have occurred. In August 2018, we sold our Ladysmith, Wisconsin tissue manufacturing facility for net cash proceeds of approximately $71 million . In connection with the sale, we recorded a $14.0 million write-off of goodwill of the Consumer Products reporting unit. The goodwill was allocated to our divested assets by estimating the fair value of the Ladysmith facility compared to the estimated fair value of the Consumer Products reporting unit, which was then used to estimate the amount of goodwill to allocate to the sold business. In 2018, we conducted our annual impairment test as of the November 1, 2018 measurement date and concluded, based on a weakened market outlook, that the estimated fair value of the Consumer Products reporting unit, using a discounted cash flow methodology, was below the carrying value of the reporting unit, resulting in a non-cash impairment charge of $195.1 million . This amount represented the remaining goodwill associated with our Consumer Products reporting unit that was originally recorded as the result of our acquisition of Cellu Tissue Holdings, Inc. in 2010. Changes in the carrying amounts of goodwill and intangible assets by reportable segment were as follows: (In millions) Consumer Products Pulp and Paperboard Total Goodwill Intangibles Goodwill Intangibles Balance as of December 31, 2017 $ 209.1 $ 10.1 $ 35.1 $ 22.4 $ 276.7 Impairment (195.1 ) — — — (195.1 ) Write off due to Ladysmith sale (14.0 ) (0.9 ) — — (14.9 ) Amortization — (4.6 ) — (2.9 ) (7.5 ) Balance as of December 31, 2018 — 4.6 35.1 19.5 59.2 Amortization — (4.3 ) — (2.9 ) (7.2 ) Balance as of December 31, 2019 $ — $ 0.3 $ 35.1 $ 16.6 $ 52.0 As of December 31, 2019, intangible assets consisted of $15.0 million customer relationships, $1.7 million tradenames and trademarks and $0.2 million other intangibles. As of December 31, 2018, intangible assets consisted of $21.0 million customer relationships, $2.8 million tradenames and trademarks and $0.3 million other intangibles. Definite-lived intangible assets are amortized over their useful lives, which have historically ranged from 5 to 10 years. Accumulated amortization of definite lived intangible assets at December 31, 2019, 2018 and 2017 was $46.9 million , $39.7 million and $37.8 million . As of December 31, 2019 , estimated future amortization expense related to intangible assets is as follows (in millions): Years ending December 31, Amount 2020 $ 3.3 2021 2.9 2022 2.2 2023 2.1 2024 2.1 Thereafter 4.3 Total $ 16.9 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We are subject to corporate level federal and state income taxes in the United States. On December 22, 2017, H.R. 1, the Tax Cuts and Jobs Act (the Act), was enacted. The Act contained significant changes to corporate taxation, including the reduction of the corporate tax rate from 35% to 21% effective January 1, 2018 and interest limitation rules under IRC Section 163(j). The Act required a remeasurement of our deferred tax assets and liabilities as of the date of enactment due to the corporate tax rate reduction. Accordingly, the 2017 tax provision included a tax benefit of $70.1 million resulting from a decrease in net deferred tax liabilities. In 2019, we deferred $9.9 million of interest expense under the interest limitation rules, compared to $2.5 million in 2018. During 2018, we recorded $41.0 million of tax expense related to impairment of non-deductible goodwill. The income tax provision (benefit) is comprised of the following: For The Years Ended December 31, (In millions) 2019 2018 2017 Current Federal $ (2.1 ) $ 1.1 $ (16.7 ) State 0.1 2.1 0.9 Total current (2.0 ) 3.2 (15.8 ) Deferred Federal (0.6 ) 3.6 (36.8 ) State 0.3 3.5 (3.8 ) Total deferred (0.3 ) 7.1 (40.6 ) Income tax provision (benefit) $ (2.3 ) $ 10.3 $ (56.4 ) The income tax provision (benefit) differs from the amount computed by applying the statutory federal income tax rate of 21.0% in 2019 and 2018 and 35.0% in 2017 to income (loss) before income taxes due to the following: For The Years Ended December 31, (In millions) 2019 2018 2017 Tax at the statutory rate $ (1.7 ) $ (28.0 ) $ 14.3 Goodwill impairment — 41.0 — Federal rate change — — (70.1 ) State and local taxes, net of federal income tax impact (0.9 ) 4.4 (1.2 ) Adjustment for state deferred tax rate (1.2 ) 0.1 (0.7 ) Federal credits and net operating losses (2.3 ) (10.9 ) (3.2 ) Uncertain tax positions 0.7 — 0.3 Stock compensation 0.6 0.7 2.2 Non-deductible expenses 0.4 0.2 0.3 Change in valuation allowances 2.3 — 0.8 Other, net 1 (0.2 ) 2.8 0.9 Income tax provision (benefit) $ (2.3 ) $ 10.3 $ (56.4 ) 1 Includes $2.9 million of expense associated with the write-off of goodwill as part of our divestiture discussed in Note 10, "Other Operating Charges, net" for the year ended December 31, 2018. During 2019 , the valuation allowance for deferred tax assets increased by $2.3 million and during 2018 the valuation allowance for deferred tax assets remained comparable to the prior year. The increase of $2.3 million was offset by a release of state valuation allowances of $0.8 million during the period due to the lapse of statutes. The tax effects of significant temporary differences creating deferred tax assets and liabilities at December 31 were: (In millions) 2019 2018 Deferred tax assets: Employee benefits $ 3.8 $ 4.2 Postretirement employee benefits 17.1 15.9 Incentive compensation 4.4 4.3 Inventories 7.6 6.2 Pensions 3.2 7.4 Federal and state credit carryforwards 10.3 10.7 Federal and state net operating losses 8.8 2.0 Deferred interest expense 12.4 2.5 Operating leases 20.5 — Other 1.6 3.0 Total deferred tax assets 89.7 56.2 Valuation allowance (5.3 ) (3.8 ) Deferred tax assets, net of valuation allowance 84.4 52.4 Deferred tax liabilities: Property, plant and equipment, net (179.2 ) (161.8 ) Operating leases (18.9 ) — Intangible assets, net (3.8 ) (5.6 ) Total deferred tax liabilities (201.9 ) (167.4 ) Net deferred tax liabilities $ (117.5 ) $ (115.0 ) Net deferred tax assets (liabilities) consist of: (In millions) 2019 2018 Non-current deferred tax assets 1 $ 3.8 $ 6.2 Non-current deferred tax liabilities (121.3 ) (121.2 ) Net deferred tax liabilities $ (117.5 ) $ (115.0 ) 1 Included in "Other assets, net" on our accompanying December 31, 2019 and 2018 Consolidated Balance Sheets. We have tax benefits associated with state jurisdictions totaling $7.7 million which expire between 2020 and 2039. We use the flow-through method to account for investment tax credits earned on eligible expenditures. Under this method, the investment tax credits are recognized as a reduction to income tax expense in the year they are earned. During 2019 and 2018 , we recognized $1.3 million and $10.0 million related to energy investment tax credits. The following presents a roll forward of our unrecognized tax benefits and associated interest and penalties. At December 31, 2019 and 2018, $3.4 million and $2.8 million were included in the "Other long-term obligations" line item in non-current liabilities in our Consolidated Balance Sheets. The remaining amount consisted of uncertain receivables and tax benefits associated with state net operating losses, which were netted with the associated deferred tax asset. (In millions) Gross Unrecognized Tax Benefits, Excluding Interest and Penalties Interest and Penalties Total Gross Unrecognized Tax Benefits Balance at December 31, 2017 $ 4.1 $ 0.3 $ 4.4 Change in prior year tax positions (0.6 ) 0.1 (0.5 ) Reductions as a result of a lapse of the applicable statute of limitations (0.7 ) (0.1 ) (0.8 ) Change in current year tax positions 0.3 — 0.3 Balance at December 31, 2018 3.1 0.3 3.4 Change in prior year tax positions 0.3 0.1 0.4 Change in current year tax positions 0.3 — 0.3 Balance at December 31, 2019 $ 3.7 $ 0.4 $ 4.1 Unrecognized tax benefits net of related deferred tax assets at December 31, 2019 , if recognized, would have favorably impacted our effective tax rate by decreasing our tax provision by $3.5 million . For each of the years ended December 31, 2018 and 2017 , if recognized, the balance of unrecognized tax benefits would have favorably impacted our effective tax rate by $2.8 million and $3.6 million . We reflect accrued interest related to tax obligations, as well as penalties, in our provision for income taxes. For each of the years ended December 31, 2019 , 2018 , and 2017 , we accrued interest of less than $0.1 million each year in our income tax provision and no penalties in our income tax provision. We have operations in many states within the U.S. and are subject, at times, to tax audits in these jurisdictions. With a few exceptions, we are no longer subject to U.S. federal, state and local, or foreign income tax examinations by tax authorities for years prior to 2015. We expect that the outcome of any examination will not have a material effect on our consolidated financial statements. Although the timing of resolution of audits is not certain, we evaluate all audit issues in the aggregate, along with the expiration of applicable statutes of limitations, and estimate that it is reasonably possible the total gross unrecognized tax benefits could decrease by approximately $1.1 million within the next 12 months. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities December 31, (In millions) 2019 2018 Trade accounts payable $ 149.6 $ 228.1 Accrued wages, salaries and employee benefits 45.0 41.4 Operating lease liabilities 13.9 — Accrued interest 13.3 14.7 Accrued utilities 8.6 6.9 Current liability for pension and other postretirement employee benefits 7.4 7.4 Accrued taxes other than income taxes payable 7.1 6.2 Accrued discounts and allowances 6.6 8.1 Other 11.0 14.2 $ 262.5 $ 327.0 Included in accounts payable is $6.3 million and $57.1 million related to capital expenditures that had not yet been paid as of December 31, 2019 and as of December 31, 2018. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt at the balance sheet dates consisted of: December 31, 2019 December 31, 2018 (In millions) Interest Rate at December 31, 2019 Principal Unamortized Debt Costs Total Principal Unamortized Debt Costs Total Term loan maturing 2026, variable interest rate 5.0% $ 300.0 $ (5.1 ) $ 294.9 $ — $ — $ — 2013 Notes, maturing 2023, fixed interest rate 4.5% 275.0 (1.5 ) 273.5 275.0 (2.0 ) 273.0 2014 Notes, maturing 2025, fixed interest rate 5.4% 300.0 (1.5 ) 298.5 300.0 (1.7 ) 298.3 Credit Agreements, variable interest rates 3.0% 13.5 13.5 200.0 200.0 Finance leases 22.0 22.0 23.0 23.0 Supply chain financing — — 20.8 20.8 Total debt 910.5 (8.1 ) 902.4 818.8 (3.7 ) 815.1 Less: current portion (17.9 ) — (17.9 ) (122.2 ) — (122.2 ) Net long-term portion $ 892.6 $ (8.1 ) $ 884.5 $ 696.6 $ (3.7 ) $ 692.9 Deferred debt costs are amortized over the life of the related debt using a straight line basis which approximates the effective interest method. These costs are a direct deduction from the carrying amount related to the debt liability. If the debt is retired early, the related unamortized deferred financing costs are written off in the period the debt is retired to debt retirement costs. We amortized deferred debt costs of $2.0 million , $1.4 million and $1.2 million for the years ended December 31, 2019 , 2018 and 2017 . Included in these amortized amounts are deferred debt costs associated with our current line of credit, which are recorded within "Other current assets" and "Other assets, net" on our Consolidated Balance Sheet. We estimated the Senior Notes due 2023 and 2025 to have a fair value of $574.0 million and $512.4 million at December 31, 2019 and 2018 based upon market quotations. We believe the carrying amounts of the Term Loan of $300.0 million approximates fair market value based upon current interest rates with similar maturities. TERM LOAN AND ABL CREDIT AGREEMENTS On July 26, 2019, we entered into credit agreements with several lenders and JPMorgan Chase Bank, N.A. (JPMorgan), as administrative agent, which included (a) a $300 million Term Loan Credit Agreement and (b) a $250 million asset based lending (ABL) Credit Agreement (the Term Loan Credit Agreement and ABL Credit Agreement are collectively referred to as the Credit Agreements). At closing, the Term Loan Credit Agreement was fully advanced and $58.0 million was drawn under the ABL Credit Agreement, proceeds of which were used to refinance and terminate our: (a) $200 million credit agreement dated October 31, 2016, as amended, with Wells Fargo Bank, National Association (Wells Fargo), as administrative agent, and the lenders party thereto, of which $135.0 million was outstanding and (b) the $200 million credit agreement dated October 31, 2016, as amended, with Northwest Farm Credit Services, PCA, (Farm Credit) as administrative agent, and the lenders party thereto, of which $200.0 million was outstanding (the Prior Credit Agreements); pay fees and expenses in connection with the Credit Agreements; and for working capital purposes. In conjunction with the termination of the Prior Credit Agreements, of which the $200 million credit agreement with Wells Fargo was treated as a debt modification, debt extinguishment costs consisted of $1.7 million in breakage fees and $1.0 million in unamortized debt issuance costs, which were written-off as debt retirement costs during 2019. Unamortized debt issuance costs of $1.6 million , related to the debt modification, are being amortized over the remaining term of the ABL Credit Agreement. We incurred additional debt issuance costs of $7.3 million , which are allocated and amortized over the respective terms of the Credit Agreements. The Credit Agreements contain certain customary representations, warranties, and affirmative and negative covenants of us and our subsidiaries that restrict us and our subsidiaries’ ability to take certain actions, including, incurrence of indebtedness, creation of liens, mergers or consolidations, dispositions of assets, repurchase or redemption of capital stock and certain types of indebtedness, making certain investments, entering into certain transactions with affiliates or changing the nature of our business. At December 31, 2019, we were in compliance with the Credit Agreements. Term Loan Credit Agreement The Term Loan Credit Agreement matures on July 26, 2026. We are required to repay the aggregate outstanding principal amount in quarterly installments on the last day of each March, June, September and December, commencing March 31, 2020, and ending with the last such day to occur prior to the maturity date, in an aggregate amount for each such date equal to the aggregate principal amount of the initial loan amount (as such amount may be adjusted pursuant to the prepayment provisions of the Term Loan Credit Agreement) multiplied by 0.25% . In addition, we must make mandatory prepayments of principal under the Term Loan Credit Agreement upon the occurrence of certain specified events, including certain asset sales (subject to customary reinvestment rights), debt issuances not permitted under the Term Loan Credit Agreement, and based on a percentage, which may vary from 50% to 0% depending on our secured leverage ratio, of annual excess cash flows in excess of certain threshold amounts, less any voluntary prepayments under the Term Loan Credit Agreement. Any remaining outstanding principal balance under the Term Loan Credit Agreement is repayable on the maturity date. Amounts repaid or prepaid by us with respect to the loans under the Term Loan Credit Agreement cannot be reborrowed. We may, at our option, prepay any borrowings under the Term Loan Credit Agreement, in whole or in part, at any time and from time to time without premium or penalty (except in certain circumstances). We may add one or more incremental term loan facilities to the Term Loan Credit Agreement, subject to obtaining commitments from any participating lenders and certain other conditions in an amount not to exceed (1) $100 million , plus (2) the amount of all voluntary prepayments of the Term Loan Credit Agreement (other than prepayments funded with long-term indebtedness), plus (3) an additional amount, so long as after giving effect to the incurrence of such additional amount, our pro forma first lien secured leverage ratio would not exceed 2.00 to 1.00 . Under the Term Loan Credit Agreement, loans generally may bear interest based on LIBOR or an annual base rate, as applicable, plus, in each case, an applicable margin, when our leverage ratio is (i) less than or equal to 4.25 to 1.00 , of 3.00% per annum in the case of LIBOR loans and of 2.00% per annum in the case of annual base rate loans and (ii) greater than 4.25 to 1.00 , of 3.25% per annum in the case of LIBOR loans and of 2.25% per annum in the case of annual base rate loans. At December 31, 2019, our applicable margin on LIBOR loans was 3.25% . ABL Credit Agreement The ABL Credit Agreement matures on July 26, 2024 and includes a $250 million revolving loan commitment, subject to borrowing base limitations based on a percentage of applicable eligible receivables and eligible inventory. Up to $15 million of the ABL Credit Agreement is available for the issuance of letters of credit, of which $4.4 million was utilized at December 31, 2019. As of December 31, 2019, $217 million was available under the ABL Credit Agreement. We may, at our option, prepay any borrowings under the ABL Credit Agreement, in whole or in part, at any time and from time to time without premium or penalty (except in certain circumstances). Borrowings under the ABL Credit Agreement are also subject to mandatory prepayment in certain circumstances, including in the event that borrowings exceed applicable borrowing base limits. We may also increase commitments under the ABL Credit Agreement in an aggregate principal amount of up to $100 million , subject to obtaining commitments from any participating lenders and certain other conditions. Under the ABL Credit Agreement, loans may bear interest based on LIBOR or an annual base rate, as applicable, plus, in each case, an applicable margin that is based on availability (as determined under the ABL Credit Agreement) that may vary from 1.25% per annum to 1.75% per annum in the case of LIBOR loans and 0.25% per annum to 0.75% per annum in the case of annual base rate loans. In addition, a commitment fee based on unused availability is also payable which may vary from 0.25% per annum to 0.375% per annum. At December 31, 2019, our weighted average interest rate was 3.0% . At December 31, 2019, we were able to borrow with an applicable margin of 1.25% on LIBOR loans and our unused commitment fee rate was 0.375% . The ABL Credit Agreement also contains a financial covenant, which requires us to maintain a consolidated fixed charge coverage ratio of not less than 1.10 to 1.00 , provided that the financial covenant under the ABL Credit Agreement is only applicable when availability falls below a certain threshold. 2013 NOTES In 2013, we issued $275 million aggregate principal amount of senior notes (2013 Notes), due February 1, 2023, with an interest rate of 4.5% . The 2013 Notes are guaranteed by all of our direct and indirect domestic subsidiaries, as well as our future direct and indirect domestic subsidiaries that we do not designate as an unrestricted subsidiary under the indenture governing the 2013 Notes. The 2013 Notes are equal in right of payment with all other existing and future unsecured senior indebtedness and are senior in right of payment to any future subordinated indebtedness. The 2013 Notes are effectively subordinated to all of our existing and future secured indebtedness, including borrowings under our Term Loan and ABL Credit Agreements. The terms of the 2013 Notes limit our ability and the ability of any restricted subsidiaries to borrow money; pay dividends; redeem or repurchase capital stock; make investments; sell assets; create restrictions on the payment of dividends or other amounts to us from any restricted subsidiaries; enter into transactions with affiliates; enter into sale and lease back transactions; create liens; and consolidate, merge or sell all or substantially all of our assets. We may redeem all or a portion of the 2013 Notes at specified redemption prices plus accrued and unpaid interest. In addition, we may be required to make an offer to purchase the 2013 Notes upon the sale of certain assets and upon a change of control. 2014 NOTES In 2014, we issued $300 million aggregate principal amount of senior notes (2014 Notes), due February 1, 2025, with an interest rate of 5.375% . The 2014 Notes are guaranteed by all of our direct and indirect domestic subsidiaries, as well as any future direct and indirect domestic subsidiaries that do not constitute an immaterial subsidiary under the indenture governing the 2014 Notes. The 2014 Notes are equal in right of payment with all other existing and future unsecured senior indebtedness and are senior in right of payment to any future subordinated indebtedness. The 2014 Notes are effectively subordinated to all of our existing and future secured indebtedness, including borrowings under our Term Loan and ABL Credit Agreements. The terms of the 2014 Notes limit our ability and the ability of any restricted subsidiaries to incur certain liens, engage in sale and leaseback transactions and consolidate, merge with, or convey, transfer or lease substantially all of our or their assets to another person. We may, on any one or more occasions, redeem all or a part of the 2014 Notes, upon not less than 30 days nor more than 60 days ' notice, at a redemption price equal to 100% of the principal amount of the 2014 Notes redeemed, plus the applicable premium as of, and accrued and unpaid interest, to the date of redemption. In addition, we may be required to make an offer to purchase the 2014 Notes upon the sale of certain assets and upon a change of control. PRIOR CREDIT AGREEMENTS As of December 31, 2018, there was an aggregate of $200 million of borrowings outstanding under our Credit Agreements, which consisted of short-term base and LIBOR rate loans under our (i) $200 million credit agreement with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (the Commercial Credit Agreement); and (ii) $200 million credit agreement with Northwest Farm Credit Services, PCA, as administrative agent, and the lenders party thereto (the Farm Credit Agreement). As of December 31, 2018, in our Consolidated Balance Sheet, a $100 million three -year borrowing under the Farm Credit Agreement was included in "Long-term debt" and $100 million under the Commercial Credit Agreement was included in "short-term debt." These Prior Credit Agreements were repaid and terminated when we entered into the 2019 Credit Agreements. Scheduled principal payments for debt and minimum finance lease obligations at the balance sheet date are as follows: December 31, 2019 (In millions) Debt 2020 $ 17.9 2021 4.6 2022 4.6 2023 279.5 2024 4.5 Thereafter 599.4 Total $ 910.5 |
Asset Divestiture
Asset Divestiture | 12 Months Ended |
Dec. 31, 2019 | |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | |
Asset Divestiture | Asset Divestiture In 2018, we completed the sale of our Ladysmith facility for net cash proceeds of approximately $71 million , resulting in a net gain of $24.0 million , which is recorded in "Other operating charges, net." The sale of the Ladysmith facility consisted of $26.8 million of property, plant and equipment and $3.4 million of inventory and did not qualify for discontinued operations treatment. Goodwill of $14.0 million and certain identifiable customer relationship intangibles of $0.9 million associated with the divested mill were written-off. The goodwill and intangible asset charges are discussed further in Note 5, “Goodwill and Intangible Assets." As a result of this sale, we recorded an indemnity contingency of $1.4 million which is collateralized with restricted cash. As of December 31, 2019, this $1.4 million is included in "Restricted cash" on our Consolidated Balance Sheet. As of December 31, 2018, the $1.4 million was included in "Other assets, net" on our Consolidated Balance Sheet. |
Other Operating Charges, net
Other Operating Charges, net | 12 Months Ended |
Dec. 31, 2019 | |
Operating Expenses [Abstract] | |
Other Operating Charges, net | 10 Other Operating Charges, net The major components of “Other operating charges, net” in the Consolidated Statements of Operations for the years ended December 31 are reflected in the table below and described in the paragraphs following the table: Years Ended December 31, (In millions) 2019 2018 2017 Reorganization expenses $ 2.9 $ 8.0 $ 2.3 Miscellaneous environmental accruals 1.0 — — Directors' equity-based compensation expense (benefit) 0.3 (2.3 ) (2.8 ) Gain on divested assets, net — (24.0 ) — Costs associated with facility closures — — 16.7 Other 2.1 0.8 0.6 $ 6.3 $ (17.5 ) $ 16.8 2019 During 2019, we recorded a $6.3 million net loss in "Other operating charges, net". The components of the net loss include: • expenses of $2.9 million on reorganization expenses, and • expenses of $1.0 million associated with certain environmental liabilities primarily related to asbestos remediation. 2018 During 2018, we recorded a $17.5 million net gain in "Other operating charges, net". The components of the net credits include: • income of $2.3 million relating to directors' equity based compensation, • a gain of $24.0 million related to the sale of the Ladysmith facility (see Note 9 "Asset Divestiture" for further discussion), and • expenses of $8.0 million related to reorganization expenses. 2017 During 2017, we recorded a $16.8 million net loss in "Other operating charges, net". The components of the net loss include: • income of $2.8 million relating to directors' equity based compensation, • expenses of $2.3 million on reorganization expenses, and • expenses of $16.7 million relating to closures of the Oklahoma facility and the Long Island facility . |
Savings, Pension and Other Post
Savings, Pension and Other Postretirement Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Savings, Pension and Other Postretirement Employee Benefit Plans | Savings, Pension and Other Postretirement Employee Benefit Plans Certain of our employees are eligible to participate in defined contribution savings and defined benefit postretirement plans. These include 401(k) savings plans, defined benefit pension plans including company-sponsored and multiemployer plans, and other postretirement employee benefit (OPEB) plans. 401(k) Savings Plans Substantially all of our employees are eligible to participate in 401(k) savings plans, which include a company match component. In 2019 , 2018 and 2017 we made 401(k) contributions on behalf of employees of $16.6 million , $17.2 million , and $16.6 million . Company-Sponsored Defined Benefit Pension and OPEB Plans A majority of our salaried employees and a portion of our hourly employees are covered by company-sponsored noncontributory defined benefit pension plans. We also provide retiree health care and life insurance plans, which cover certain salaried and hourly employees. Retiree health care benefits for Medicare eligible participants over the age of 65 are provided through Health Reimbursement Accounts, or HRA's. Benefits for retirees under the age of 65 are provided under our company-sponsored health care plans, which require retiree contributions and contain other cost-sharing features. The retiree life insurance plans are primarily noncontributory. Pension and Other Postretirement Employee Benefit Plans The following table shows the changes in the benefit obligation, plan assets and funded status for 2019 and 2018 for both the pension benefit plans and the other postretirement employee benefit plans. Pension Benefit Plans Other Postretirement Employee Benefit Plans (In millions) 2019 2018 2019 2018 Change in projected benefit obligation: Benefit obligation at beginning of year $ 294.2 $ 317.8 $ 60.3 $ 65.1 Service cost 2.4 1.8 0.1 0.1 Interest cost 12.4 12.0 2.8 2.4 Actuarial (gains) losses 29.0 (16.3 ) 9.6 (0.3 ) Benefits paid (21.5 ) (21.1 ) (6.4 ) (7.0 ) Benefit obligation at end of year 316.5 294.2 66.4 60.3 Changes in plan assets: Fair value of plan assets at beginning of year 268.8 310.9 — — Actual return on plan assets 58.8 (21.5 ) — — Employer contribution 0.5 0.5 7.0 7.0 Benefits paid (21.5 ) (21.1 ) (7.0 ) (7.0 ) Fair value of plan assets at end of year 306.6 268.8 — — Funded status at end of year $ (9.9 ) $ (25.4 ) $ (66.4 ) $ (60.3 ) Amounts recognized in Consolidated Balance Sheet: Non-current assets $ 7.7 $ — $ — $ — Current liabilities (0.4 ) (0.4 ) (7.0 ) (7.0 ) Non-current liabilities (17.2 ) (25.0 ) (59.4 ) (53.3 ) Net amount recognized $ (9.9 ) $ (25.4 ) $ (66.4 ) $ (60.3 ) Amounts recognized in accumulated other comprehensive loss (pre-tax): Net actuarial loss (gain) $ 91.4 $ 111.9 $ (5.1 ) $ (15.0 ) The benefit obligation for our pension benefits is the projected benefit obligation based upon credited service as of the measurement date. The December 31, 2019 pension funded status was favorably affected by better than expected asset returns, partially offset by a decrease in the discount rate. The December 31, 2019 OPEB benefit obligation increased as of December 31, 2019 due to a decrease in the discount rate partially offset by the continued payment of benefits. Information as of December 31 for certain pension plans included above with accumulated benefit obligations in excess of plan assets were as follows: (In millions) 2019 2018 Projected benefit obligation $ 178.5 $ 294.2 Accumulated benefit obligation 178.5 294.2 Fair value of plan assets 160.8 268.8 Net Periodic Cost Service cost is the actuarial present value of benefits attributed by the plans’ benefit formula to services rendered by employees during the year. Interest cost represents the increase in the projected benefit obligation, which is a discounted amount, due to the passage of time. The expected return on plan assets reflects the computed amount of current-year earnings from the investment of plan assets using an estimated long-term rate of return. Pension Benefit Plans Other Postretirement Employee Benefit Plans (In millions) 2019 2018 2017 2019 2018 2017 Service cost $ 2.4 $ 1.8 $ 2.1 $ 0.1 $ 0.1 $ 0.2 Interest cost 12.4 12.0 13.1 2.8 2.4 2.7 Expected return on plan assets (16.5 ) (17.0 ) (18.8 ) — — — Amortization of prior service cost (credit) — — — — (1.7 ) (1.5 ) Amortization of actuarial loss (gain) 7.3 10.1 9.9 (0.3 ) (0.9 ) (6.6 ) Settlement — — — — — — Net periodic cost (income) $ 5.6 $ 6.9 $ 6.3 $ 2.6 $ (0.1 ) $ (5.2 ) The components of net periodic pension expense other than the Service cost component are included in "Non-operating pension and other post retirement employee benefit income (expense)" in the Consolidated Statements of Operations. During 2019 , 2018 , and 2017, $1.5 million , $1.2 million and $1.3 million of net periodic pension and OPEB costs were charged to "Cost of sales" and $1.0 million , $0.8 million and $0.9 million were charged to "Selling, general and administrative expenses," in the accompanying Consolidated Statements of Operations. The estimated net loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic cost (benefit) over the next fiscal year is $9.9 million . Assumptions: Pension Benefit Plans Other Postretirement Employee Benefit Plans 2019 2018 2017 2019 2018 2017 Actuarial assumption used to determine benefit obligation: Discount rate 3.4 % 4.4 % 3.9 % 3.6 % 4.6 % 4.0 % Actuarial assumption used to determine net periodic pension cost: Discount rate 4.4 % 3.9 % 4.5 % 4.6 % 4.0 % 4.3 % Expected return on plan assets 6.0 % 6.0 % 6.8 % — — — The discount rate used in the determination of pension benefit obligations and pension expense was determined based on a review of long-term high-grade bonds as well as management’s expectations. The discount rate used to calculate OPEB obligations was determined using the same methodology we used for our pension plans. The expected return on plan assets assumption is based upon an analysis of historical long-term returns for various investment categories, as measured by appropriate indices. These indices are weighted based upon the extent to which plan assets are invested in the particular categories in arriving at our determination of a composite expected return. The assumed health care cost trend rate used to calculate 2019 OPEB cost was 6.8% in 2019 , grading to 3.9% over approximately 70 years , for participants whose benefits are not provided through HRAs, and 4.5% in 2019 through 2064, then grading to 3.8% after 2064 for participants whose benefits are provided through HRAs. The health care cost trend rate used to calculate December 31, 2019 OPEB obligations was 5.9% in 2020 , grading to 3.8% over approximately 70 years , for participants whose benefits are not provided through HRAs, and 4.5% in 2019 through 2064, then grading to 3.8% after 2064 for participants whose benefits are provided through HRAs. This assumption has a significant effect on the amounts reported. A one percentage point change in the health care cost trend rates would have the following effects: (In millions) 1% Increase 1% Decrease Effect on total of service and interest cost components $ 0.2 $ (0.2 ) Effect on postretirement employee benefit obligation 4.8 (4.2 ) The investments of our defined benefit pension plans are held in a Master Trust. Plan Assets There have been no changes in the methodologies used during 2019 and 2018 . Investments in common and collective trust funds are generally valued based on their respective net asset value, or NAV, (or its equivalent), as a practical expedient to estimate fair value due to the absence of a readily determinable fair value. The following tables set forth by level, within the fair value hierarchy, the investments at fair value for our company-sponsored pension benefit plans: December 31, 2019 (In millions) Level 1 Investments measured at net asset value Total Cash and cash equivalents $ 2.0 $ — $ 2.0 Common and collective trust: Collective investment funds — 304.6 304.6 Total investments at fair value $ 2.0 $ 304.6 $ 306.6 December 31, 2018 (In millions) Level 1 Investments measured at net asset value Total Cash and cash equivalents $ 2.0 $ — $ 2.0 Common and collective trusts: Collective investment funds — 266.8 266.8 Total investments at fair value $ 2.0 $ 266.8 $ 268.8 We have formal investment policy guidelines for our company-sponsored plans. These guidelines were set by our Benefits Committee, which is comprised of members of our management and has been assigned its fiduciary authority over management of the plan assets by our Board of Directors. The Committee’s duties include periodically reviewing and modifying those investment policy guidelines as necessary and ensuring that the policy is adhered to and the investment objectives are met. The investment policy includes guidelines for specific categories of equity and fixed income securities. Assets are managed by professional investment managers who are expected to achieve a reasonable rate of return over a market cycle. Long-term performance is a fundamental tenet of the policy. The general policy states that plan assets would be invested to seek the greatest return consistent with the fiduciary character of the pension funds and to allow the plans to meet the need for timely pension benefit payments. The specific investment guidelines stipulate that management is to maintain adequate liquidity for meeting expected benefit payments by reviewing, on a timely basis, contribution and benefit payment levels and appropriately revising long-term and short-term asset allocations. Management takes reasonable and prudent steps to preserve the value of pension fund assets, avoid the risk of large losses and also attempt to preserve the funded status of the plans. Major steps taken to provide this protection included: ▪ Assets are diversified among various asset classes, such as domestic equities, international equities, fixed income and cash. The long-term asset allocation ranges are as follows: Domestic equities 10%-18% International equities, including emerging markets 10%-18% Corporate/Government bonds 68%-78% Liquid reserves 0%-5% Periodically, we review the allocations within these ranges are made to determine what adjustments should be made based on changing economic and market conditions and specific liquidity requirements. • Assets are managed by professional investment managers and could be invested in separately managed accounts or commingled funds. ▪ Assets are not invested in securities rated below BBB- by S&P or Baa3 by Moody’s. The investment guidelines also require that the individual investment managers are expected to achieve a reasonable rate of return over a market cycle. Emphasis is placed on long-term performance versus short-term market aberrations. Factors considered in determining reasonable rates of return include performance achieved by a diverse cross section of other investment managers, performance of commonly used benchmarks (e.g., Russell 3000 Index, MSCI World ex-U.S. Index, Barclays Capital Long Credit Index), actuarial assumptions for return on plan investments and specific performance guidelines given to individual investment managers. As of December 31, 2019 , eight investment options held substantially all of the pension funds. Plan assets were diversified among the various asset classes within the allocation ranges approved by the Benefits Committee. In 2019 , we did not make any contributions to our qualified pension plans, and we currently do not anticipate making any cash contributions to those plans in 2020 . We contributed $0.5 million to our non-qualified pension plan in 2019 . We do not anticipate funding our OPEB plans in 2020 except to pay benefit costs as incurred during the year by plan participants. Estimated future benefit payments are as follows for the years indicated: (In millions) Pension Benefit Plans Other Postretirement Employee Benefit Plans 2020 20.5 7.0 2021 20.4 5.7 2022 20.3 4.9 2023 20.3 4.5 2024 20.2 4.2 2025-2029 96.9 18.7 Multiemployer Defined Benefit Pension Plans Hourly employees at two of our manufacturing facilities participate in multiemployer defined benefit pension plans: the PACE Industry Union-Management Pension Fund, or PIUMPF, which is managed by United Steelworkers, or USW, Benefits; and the International Association of Machinist & Aerospace Workers National Pension Fund, or IAM NPF. We make contributions to these plans, as well as make contributions to a trust fund established to provide retiree medical benefits for a portion of these employees, which is also managed by USW Benefits. The risks of participating in these multiemployer plans are different from single-employer plans in the following respects: • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. The number of employers participating in PIUMPF fell from 135 during 2012 to 52 during 2018. We believe that we are now the employer making the largest proportion of total contributions. • Under applicable federal law, any employer contributing to a multiemployer pension plan that completely ceases participating in the plan while it is underfunded is subject to an assessment of such employer's allocable share of the aggregate unfunded vested benefits of the plan, except when that plan is in "critical" or "critical and declining" status. In certain circumstances, an employer can also be assessed a statutory withdrawal liability for a partial withdrawal from a multiemployer pension plan. Based on information available to us as of December 31, 2019, as well as information provided by PIUMPF and IAM NPF and reviewed by our actuarial consultant, we estimate the aggregate pre-tax liability that we would have incurred if we had completely withdrawn from PIUMPF and IAM NPF in 2019 would have been in excess of $82 million . However, the exact amount of potential exposure could be higher or lower than the estimate, depending on, among other things, the nature and timing of any triggering events and the funded status of PIUMPF and IAM NPF at that time. A withdrawal liability is recorded for accounting purposes when withdrawal is probable and the amount of the withdrawal obligation is reasonably estimable. Our participation in these plans for the annual period ended December 31, 2019 , is outlined in the table below. The “EIN" and "Plan Number” columns provide the Employee Identification Number, or EIN, and the three-digit plan number. The most recent Pension Protection Act, or PPA, zone status available in 2019 and 2018 is for a plan’s year-end as of December 31, 2019 and 2018 . The zone status is set under the provisions of the Multiemployer Pension Plan Reform Act of 2014 and is based on information we received from the plans and is certified by each plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent but more than 65 percent funded, and plans in the green zone are at least 80 percent funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a Funding Improvement Plan, or FIP, or a Rehabilitation Plan, or RP, is either pending or has been implemented as required by the PPA as a measure to correct its underfunded status. The last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. In 2019, the contribution rates for the IAM NPF plan was $4.00 . Starting in June 2019, and in accordance with the Rehabilitation Plan, we began contributing an additional contribution equal to 2.5% of our contractual contribution rate. This additional contribution is scheduled to continue and compound each year while the rehabilitation plan remains in effect. In 2019, the contribution rates for PIUMPF was $2.79 per hour. Contribution rates for IAM NPF and PIUMPF were increased as part of the RP in lieu of the legally required surcharge, paid by the employers, to assist the fund’s financial status. We were listed in PIUMPF’s Form 5500 report as providing more than five percent of the total contributions for the years 2018 and 2017. At the date of issuance of our consolidated financial statements, Form 5500 reports for these plans were not available for the 2019 plan year. Pension EIN Plan Number PPA Zone Status FIP/RP Status Pending/ Implemented Contributions (in millions) Surcharge Imposed Expiration Date of Collective Bargaining Agreement 2019 2018 2019 2018 2017 IAM NPF 51-6031295 002 Red Green Implemented $ 0.3 $ 0.3 $ 0.3 No 5/31/2023 PIUMPF 1 11-6166763 001 Red Red Implemented 5.3 5.4 5.8 No 8/31/2017 Total Contributions: $ 5.6 $ 5.7 $ 6.1 1 The associated collective bargaining agreement associated with PIUMPF was ratified in January 2020. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss at the balance sheet dates is comprised of the following: (In millions) Pension Plan Adjustments Other Post Retirement Employee Benefit Plan Adjustments Total Balance at December 31, 2017 $ (59.0 ) $ 15.0 $ (44.0 ) Other comprehensive income (loss) before reclassifications (16.3 ) 0.3 (16.0 ) Amounts reclassified from accumulated other comprehensive loss 7.3 (1.8 ) 5.5 Other comprehensive loss, net of tax (9.0 ) (1.5 ) (10.5 ) Reclassification of the income tax effects of the Tax Cuts and Jobs Act 1 (15.0 ) 2.2 (12.8 ) Balance at December 31, 2018 (83.0 ) 15.7 (67.3 ) Other comprehensive income (loss) before reclassifications 9.8 (7.1 ) 2.7 Amounts reclassified from accumulated other comprehensive loss 5.4 (0.3 ) 5.1 Other comprehensive income (loss), net of tax 15.2 (7.4 ) 7.8 Balance at December 31, 2019 $ (67.8 ) $ 8.3 $ (59.5 ) 1 In February 2018, the FASB issued ASU No. 2018-2, Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the December 22, 2017, H.R. 1, Tax Cuts and Jobs Act (the Act). During 2018, we reclassified the income tax effects of the Act on pension and other postretirement employee benefits within accumulated other comprehensive loss to retained earnings. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings (loss) per share are based on the weighted average number of shares of common stock outstanding. Diluted earnings per share are based upon the weighted average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents be excluded from the calculation of diluted earnings per share for the periods in which net losses are reported because the effect is anti-dilutive. The following table reconciles the number of common shares used in calculating the basic and diluted net earnings per share: December 31, (In thousands - except per share data) 2019 2018 2017 Basic average common shares outstanding 1 16,533 16,487 16,464 Incremental shares due to: Restricted stock units — — 22 Performance shares — — 45 Stock options — — 25 Diluted average common shares outstanding 16,533 16,487 16,556 Basic net income (loss) per common share $ (0.34 ) $ (8.72 ) $ 5.91 Diluted net income (loss) per common share $ (0.34 ) $ (8.72 ) $ 5.88 Anti-dilutive shares excluded from the calculation were 1.0 million , 0.9 million and 0.5 million for the years ended December 31, 2019, 2018 and 2017. 1 Basic average common shares outstanding include restricted stock awards that are fully vested, but are deferred for future issuance. See Note 14 "Stockholders' Equity" for further discussion. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stockholders' Equity | PREFERRED STOCK We are authorized to issue up to 5,000,000 shares of preferred stock at $0.0001 par value. At December 31, 2019, no shares of preferred stock have been issued. COMMON STOCK PLANS We have stock-based compensation plans under which stock options and restricted units are granted. At December 31, 2019 , approximately 1.0 million shares were available for future issuance under our current plan. Year ended December 31, (In millions) 2019 2018 2017 Total stock-based compensation expense (selling, general and administrative and other operating charges, net) $ 4.1 $ 3.3 $ 3.6 Income tax benefit related to stock-based compensation 1.0 1.5 2.1 Impact on cash flow due to taxes paid related to net share settlement of equity awards 0.4 0.4 1.1 We recognize the compensation costs on a straight-line basis over the requisite service period of the award, which is generally the vesting term of one to three years . Restricted Stock Units (Time and Performance Vesting) We grant restricted awards to certain employees. The awards can either be time vested or vested based upon the attainment of certain performance metrics over a certain time period. Performance conditions generally are tied to attainment of certain financial targets such as return on invested capital, free cash flow or other similar measures. Awards granted under this plan generally have a performance or vesting period of three years from the date of grant. These awards are eligible to receive dividend equivalent shares.The market value of these grants approximates the fair value. For awards based upon the achievement of performance goals, the award could range from 0% to 200% . A summary of the status of outstanding restricted stock units as of December 31, 2019 , and changes during the year, is presented below: Time Vested Performance-based Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Restricted stock units, outstanding at December 31, 2018 127,653 $ 42.09 78,430 $ 45.36 Granted 139,037 26.64 151,664 26.60 Vested (48,164 ) 43.49 — Forfeited / Canceled 1 (28,336 ) 33.22 (53,062 ) 46.04 Restricted stock units, outstanding at December 31, 2019 190,190 31.76 177,032 29.09 Deferred shares, outstanding at December 31, 2019 33,663 7.31 — Total units outstanding at December 31, 2019 223,853 $ 28.09 177,032 29.09 1 Forfeited / Canceled performance-based restricted stock units include both shares forfeited due to employees failure to meet requisite service period and also due to failure to meet required performance measures. The total fair value of share awards that vested during the years ended December 31, 2019 , 2018 and 2017 was $2.1 million , $2.0 million and $1.1 million . As of December 31, 2019 , there was $3.7 million of total unrecognized compensation cost related to outstanding restricted stock unit awards. The cost is expected to be recognized over a weighted average period of 1.8 years. Stock Options Prior to January 1, 2019, we granted options to certain employees. The options are granted at market price at the date of grant. Options become exercisable over one to three years and expire ten years after the date of grant. The following table sets out the weighted average assumptions used to estimate the fair value of the options granted using the Black-Scholes option-pricing model (dividend yield is ignored): 2018 2017 Volatility The expected volatility is based upon Clearwater Paper's historical stock prices. 35 % 30 % Risk-free interest rate The risk-free interest rate is based on constant maturity treasury rates with maturities matching the options' expected life on the grant date. 2.74 % 2.05 % Expected life-years The expected life is the approximate mid-point between the expected vesting time and the remaining contractual life. 6 years 6 years A summary of the status of outstanding stock option awards as of December 31, 2019 , and changes during the year, is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding options at December 31, 2018 761,934 $ 49.38 7.2 $ — Granted — — Forfeited (26,686 ) 42.84 Expired (78,874 ) 51.81 Outstanding options at December 31, 2019 656,374 $ 49.36 6.2 $ — Outstanding and exercisable options at December 31, 2019 511,787 $ 51.16 5.8 $ — The weighted average grant date fair value of options granted during the years 2018 and 2017 was $14.51 and $18.82 . No options have been exercised over the last three years. As of December 31, 2019 , there was $1.0 million of unrecognized compensation cost related to non-vested stock options. The cost is expected to be recognized over a weighted average period of 1.0 years. Director Awards In connection with joining our Board of Directors, in January 2009 our outside directors at that time were granted an award of phantom common stock units, which were credited to an account established on behalf of each director and vested ratably over a three -year period with the final vesting in January 2012. Subsequent equity awards have been granted annually in May, or on a pro-rata basis as applicable, to our outside directors in the form of phantom common stock units as part of their annual compensation, which are credited to their accounts. These awards vest ratably over a one -year period. These accounts will be credited with additional phantom common stock units equal in value to dividends paid, if any, on the same amount of common stock. Upon separation from service as a director, the vested portion of the phantom common stock units held by the director in a stock unit account are converted to cash based upon the then market price of the common stock and paid to the director. Due to its cash-settlement feature, we account for these awards as liabilities rather than equity and recognize the equity-based compensation expense or income at the end of each reporting period based on the portion of the award that is vested and the increase or decrease in the value of our common stock. We recorded director equity-based compensation expense totaling $0.3 million for the year ended December 31, 2019 . For the years ended December 31, 2018 and 2017 , we recorded compensation benefit totaling $2.3 million and $2.8 million . At December 31, 2019 , the liability amounts associated with director equity-based compensation included in "Other long-term obligations" on our Consolidated Balance Sheet was $2.4 million . At December 31, 2018 , the liability amounts associated with director equity-based compensation in "Other long-term obligations" and "Accounts payable and accrued liabilities" on our Consolidated Balance Sheet were $0.8 million and $1.3 million . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies SELF INSURANCE We are primarily self-insured for workers’ compensation and employee health care liability costs. Self-insurance liabilities for workers’ compensation are determined based upon a valuation performed by an actuarial firm. The estimate of future workers’ compensation liabilities incorporates loss development and an estimate associated with incurred but not yet reported claims. These claims are discounted. Self-insurance liabilities for employee health costs are determined actuarially based upon claims filed and estimated claims incurred but not yet reported. These claims are not discounted. PURCHASE OBLIGATIONS To help mitigate our exposure to market risk for changes in utility commodity pricing, we use firm price contracts to supply a portion of the natural gas and electricity requirements of our manufacturing facilities, which were reported through "Cost of sales" on our Consolidated Statements of Operations. As of December 31, 2019, these contracts cover approximately 43% of our expected average monthly natural gas and electricity needs at the respective manufacturing facilities through 2020. These contracts qualify for treatment as "normal purchases or normal sales" under authoritative guidance and thus required no mark-to-market adjustment. We enter into third-party contracts for certain raw materials, including pulp and chemicals, which may extend beyond one year. Such contracts are typically negotiated to ensure availability of certain product specifications at market prices that adjust regularly within reasonable commercial terms. Such agreements may include minimum quantities, but reductions are permitted when economic or business conditions require reduced production containing the respective raw material. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our businesses are organized into two reportable operating segments: Consumer Products and Pulp and Paperboard. The reporting segments follow the same accounting policies used for our Consolidated Financial Statements. We evaluate the performance of our business segments based upon net sales and operating income (loss). Consumer Products Our Consumer Products segment manufactures and sells a complete line of at-home tissue products, or retail products, and away-from-home tissue products, or non-retail products, and parent rolls. Retail products include bath, paper towels, facial and napkin product categories. Non-retail products include conventional one and two-ply bath tissue, two-ply paper towels, hard wound towels and dispenser napkins sold to customers with commercial and industrial tissue needs. Each category is further distinguished according to quality segments: ultra, premium, value and economy. Pulp and Paperboard Our Pulp and Paperboard segment manufactures and markets solid bleached sulfate paperboard for the high-end segment of the packaging industry as well as offers custom sheeting, slitting and cutting of paperboard. Our overall production consists primarily of folding carton, liquid packaging, cup and plate products and commercial printing grades. The majority of our Pulp and Paperboard customers are packaging converters, folding carton converters, merchants and commercial printers. The table below presents information about our reportable segments: (In millions) 2019 2018 2017 Segment net sales: Consumer Products $ 906.8 $ 884.8 $ 941.9 Pulp and Paperboard 854.7 839.4 788.5 Total segment net sales $ 1,761.5 $ 1,724.2 $ 1,730.4 Operating income (loss): Consumer Products $ (6.6 ) $ 0.3 $ 46.2 Pulp and Paperboard 115.3 130.9 97.5 Corporate (57.0 ) (51.5 ) (55.7 ) Goodwill impairment — (195.1 ) — Other operating charges, net (6.3 ) 17.5 (16.8 ) Income (loss) from operations $ 45.4 $ (97.9 ) $ 71.2 Depreciation and amortization: Consumer Products $ 69.7 $ 57.8 $ 60.3 Pulp and Paperboard 39.4 37.8 34.5 Corporate 6.5 6.3 5.6 Other operating charges, net — — 4.6 Total depreciation and amortization $ 115.6 $ 101.9 $ 105.0 Assets: Consumer Products $ 1,147.1 $ 1,094.1 $ 1,069.9 Pulp and Paperboard 652.2 638.8 645.4 Corporate 78.4 55.2 87.0 Total assets $ 1,877.7 $ 1,788.1 $ 1,802.3 Capital expenditures: Consumer Products $ 114.9 $ 262.7 $ 107.5 Pulp and Paperboard 16.7 20.9 80.8 131.6 283.6 188.3 Corporate 8.5 12.1 11.4 Total capital expenditures $ 140.1 $ 295.7 $ 199.7 For the year-ended December 31, 2019, there were no customers with more than 10% of our total consolidated sales. For the years ended December 31, 2018 and 2017, one customer was 11.1% and 15.3% of our total consolidated net sales. Our manufacturing facilities and all other assets are located within the continental United States. We sell and ship our products to customers in several foreign countries. Net sales, classified by the major geographic areas in which our customers are located and by major products, were as follows: (In millions) 2019 2018 2017 Primary geographical markets: United States $ 1,686.2 $ 1,648.6 $ 1,650.1 Other Countries 75.3 75.6 80.3 Total Net Sales $ 1,761.5 $ 1,724.2 $ 1,730.4 Major products: Retail tissue $ 845.6 $ 794.4 $ 857.6 Paperboard 848.4 837.9 788.5 Non-retail tissue 56.5 88.2 81.1 Other 11.0 3.7 3.2 Total net sales $ 1,761.5 $ 1,724.2 $ 1,730.4 |
Supplemental Guarantor Financia
Supplemental Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Supplemental Guarantor Financial Information | Supplemental Guarantor Financial Information All of our subsidiaries that are 100% directly and indirectly owned by Clearwater Paper guarantee our 2013 Notes on a full and unconditional, and 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 2013 Notes. The following tables present the results of operations, financial position and cash flows of Clearwater Paper and its subsidiaries, the guarantors subsidiaries, and the eliminations necessary to arrive at the information for Clearwater Paper on a consolidated basis. Clearwater Paper Corporation Consolidating Balance Sheet At December 31, 2019 (In millions) Issuer Guarantor Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 20.0 $ — $ — $ 20.0 Restricted cash 1.4 — — 1.4 Receivables, net 140.1 19.0 — 159.1 Taxes receivable 0.3 — — 0.3 Inventories 244.1 40.0 (2.7 ) 281.4 Other current assets 3.4 0.2 — 3.6 Total current assets 409.3 59.2 (2.7 ) 465.8 Property, plant and equipment, net 1,188.4 69.3 — 1,257.7 Operating lease right-of-use assets 68.2 4.9 — 73.1 Goodwill and intangible assets, net 35.1 16.9 — 52.0 Intercompany (payable) receivable (75.3 ) 72.6 2.7 — Investment in subsidiary 179.1 — (179.1 ) — Other assets, net 28.2 2.6 (1.7 ) 29.1 TOTAL ASSETS $ 1,833.0 $ 225.5 $ (180.8 ) $ 1,877.7 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Short-term debt $ 17.9 $ — $ — $ 17.9 Accounts payable and accrued liabilities 242.9 19.6 — 262.5 Total current liabilities 260.8 19.6 — 280.4 Long-term debt 884.5 — — 884.5 Long-term operating lease liabilities 62.2 3.4 — 65.6 Liability for pension and other postretirement employee benefits 76.6 — — 76.6 Other long-term obligations 16.4 0.9 — 17.3 Deferred tax liabilities 100.5 22.5 (1.7 ) 121.3 TOTAL LIABILITIES 1,401.0 46.4 (1.7 ) 1,445.7 Accumulated other comprehensive loss, net of tax (59.5 ) — — (59.5 ) Stockholders’ equity excluding 491.5 179.1 (179.1 ) 491.5 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,833.0 $ 225.5 $ (180.8 ) $ 1,877.7 Clearwater Paper Corporation Consolidating Balance Sheet At December 31, 2018 (In millions) Issuer Guarantor Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 22.5 $ — $ — $ 22.5 Receivables, net 128.0 17.5 — 145.5 Taxes receivable 16.7 — (10.4 ) 6.3 Inventories 222.9 48.4 (5.1 ) 266.2 Other current assets 3.3 0.1 — 3.4 Total current assets 393.4 66.0 (15.5 ) 443.9 Property, plant and equipment, net 1,192.7 76.6 — 1,269.3 Goodwill and intangibles assets, net 36.2 23.0 — 59.2 Intercompany (payable) receivable (62.9 ) 57.8 5.1 — Investment in subsidiary 175.3 — (175.3 ) — Other assets, net 14.8 2.6 (1.7 ) 15.7 TOTAL ASSETS $ 1,749.5 $ 226.0 $ (187.4 ) $ 1,788.1 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Short-term debt $ 122.2 $ — $ — $ 122.2 Accounts payable and accrued liabilities 305.7 31.7 (10.4 ) 327.0 Total current liabilities 427.9 31.7 (10.4 ) 449.2 Long-term debt 692.9 — — 692.9 Liability for pension and other postretirement employee benefits 78.2 — — 78.2 Other long-term obligations 19.3 0.9 — 20.2 Deferred tax liabilities 104.8 18.1 (1.7 ) 121.2 TOTAL LIABILITIES 1,323.1 50.7 (12.1 ) 1,361.7 Accumulated other comprehensive loss, net of tax (67.3 ) — — (67.3 ) Stockholders’ equity excluding accumulated other comprehensive loss 493.7 175.3 (175.3 ) 493.7 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,749.5 $ 226.0 $ (187.4 ) $ 1,788.1 Clearwater Paper Corporation Consolidating Statement of Operations and Comprehensive Income Year Ended December 31, 2019 (In millions) Issuer Guarantor Eliminations Total Net sales $ 1,653.1 $ 268.3 $ (159.9 ) $ 1,761.5 Costs and expenses: Cost of sales 1,510.3 243.9 (157.2 ) 1,597.0 Selling, general and administrative expenses 93.8 19.0 — 112.8 Other operating charges, net 6.3 — — 6.3 Total operating costs and expenses 1,610.4 262.9 (157.2 ) 1,716.1 Income (loss) from operations 42.7 5.4 (2.7 ) 45.4 Interest expense, net (44.7 ) (0.2 ) — (44.9 ) Debt retirement costs (2.7 ) — — (2.7 ) Non-operating pension and other postretirement employee benefit income (expense) (5.7 ) — — (5.7 ) Income (loss) before income taxes (10.4 ) 5.2 (2.7 ) (7.9 ) Income tax provision (benefit) (7.7 ) 1.4 4.0 (2.3 ) Equity in earnings of subsidiaries 3.8 — (3.8 ) — Net income (loss) 1.1 3.8 (10.5 ) (5.6 ) Other comprehensive income (loss), net of tax 7.8 — — 7.8 Comprehensive income (loss) $ 8.9 $ 3.8 $ (10.5 ) $ 2.2 Clearwater Paper Corporation Consolidating Statement of Operations and Comprehensive Income Year Ended December 31, 2018 (In millions) Issuer Guarantor Eliminations Total Net sales $ 1,752.3 $ 194.9 $ (223.0 ) $ 1,724.2 Costs and expenses: Cost of sales 1,581.7 173.0 (218.0 ) 1,536.7 Selling, general and administrative expenses 87.0 20.8 — 107.8 Other operating charges, net 6.5 (24.0 ) — (17.5 ) Goodwill impairment 195.1 — — 195.1 Total operating costs and expenses 1,870.3 169.8 (218.0 ) 1,822.1 Income (loss) from operations (118.0 ) 25.1 (5.0 ) (97.9 ) Interest expense, net (30.2 ) (0.5 ) — (30.7 ) Non-operating pension and other postretirement employee benefit income (expense) (4.9 ) — — (4.9 ) Income (loss) before income taxes (153.1 ) 24.6 (5.0 ) (133.5 ) Income tax provision (benefit) 5.2 6.3 (1.2 ) 10.3 Equity in earnings of subsidiaries 18.3 — (18.3 ) — Net income (loss) (140.0 ) 18.3 (22.1 ) (143.8 ) Other comprehensive income (loss), net of tax (10.5 ) — — (10.5 ) Comprehensive income (loss) $ (150.5 ) $ 18.3 $ (22.1 ) $ (154.3 ) Clearwater Paper Corporation Consolidating Statement of Operations and Comprehensive Income Year Ended December 31, 2017 (In millions) Issuer Guarantor Eliminations Total Net sales $ 1,707.3 $ 242.2 $ (219.1 ) $ 1,730.4 Costs and expenses: Cost of sales 1,516.5 219.9 (215.2 ) 1,521.2 Selling, general and administrative expenses 90.8 30.4 — 121.2 Other operating charges, net 16.8 — — 16.8 Total operating costs and expenses 1,624.1 250.3 (215.2 ) 1,659.2 Income (loss) from operations 83.2 (8.1 ) (3.9 ) 71.2 Interest expense, net (30.8 ) (0.6 ) — (31.4 ) Non-operating pension and other postretirement employee benefit income (expense) 1.1 — — 1.1 Income (loss) before income taxes 53.5 (8.7 ) (3.9 ) 40.9 Income tax provision (benefit) (34.3 ) (20.6 ) (1.5 ) (56.4 ) Equity in earnings of subsidiaries 11.9 — (11.9 ) — Net income (loss) 99.7 11.9 (14.3 ) 97.3 Other comprehensive income (loss), net of tax 7.8 — — 7.8 Comprehensive income (loss) $ 107.5 $ 11.9 $ (14.3 ) $ 105.1 Clearwater Paper Corporation Consolidating Statement of Cash Flows Year Ended December 31, 2019 (In millions) Issuer Guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ 1.1 $ 3.8 $ (10.5 ) $ (5.6 ) Adjustments to reconcile net income (loss) to net cash flows from operating activities: Depreciation and amortization 99.5 16.1 — 115.6 Equity-based compensation expense 4.1 — — 4.1 Deferred taxes (5.0 ) 4.7 — (0.3 ) Pension and other postretirement employee benefits 1.4 — — 1.4 Debt retirement costs 2.7 — — 2.7 Disposal of plant and equipment, net 0.7 — — 0.7 Other non-cash activity 2.5 — — 2.5 Changes in operating assets and liabilities: (Increase) decrease in accounts receivable (25.0 ) 11.4 — (13.6 ) (Increase) decrease in taxes receivable, net 6.0 — (10.4 ) (4.4 ) (Increase) decrease in inventory (27.2 ) 6.2 (0.2 ) (21.2 ) (Increase) decrease in other current assets (0.7 ) (0.1 ) — (0.8 ) Increase (decrease) in accounts payable and accrued liabilities (25.1 ) (13.8 ) 10.4 (28.5 ) Other, net 2.9 0.1 — 3.0 Net cash flows from operating activities 37.9 28.4 (10.7 ) 55.6 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (138.2 ) (1.9 ) — (140.1 ) Net cash flows from investing activities (138.2 ) (1.9 ) — (140.1 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings on short-term debt 549.3 — — 549.3 Repayments of borrowings on short-term debt (657.7 ) — — (657.7 ) Proceeds from long-term debt, net 296.1 — — 296.1 Repayment of long-term debt (103.0 ) — — (103.0 ) Investment between parent and subsidiaries 15.8 (26.5 ) 10.7 — Payments for debt issuance costs (2.3 ) — — (2.3 ) Other, net (0.4 ) — — (0.4 ) Net cash flows from financing activities 97.8 (26.5 ) 10.7 82.0 Increase (decrease) in cash, cash equivalents and restricted cash (2.5 ) — — (2.5 ) Cash, cash equivalents and restricted cash at beginning of period 24.9 — — 24.9 Cash, cash equivalents and restricted cash at end of period $ 22.4 $ — $ — $ 22.4 Clearwater Paper Corporation Consolidating Statement of Cash Flows Year Ended December 31, 2018 (In millions) Issuer Guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (140.0 ) $ 18.3 $ (22.1 ) $ (143.8 ) Adjustments to reconcile net income (loss) to net cash flows from operating activities: Goodwill impairment 195.1 — — 195.1 Depreciation and amortization 81.8 20.1 — 101.9 Equity-based compensation expense 3.3 — — 3.3 Deferred taxes 15.0 (7.9 ) — 7.1 Pension and other postretirement employee benefits (0.6 ) — — (0.6 ) Gain on divested assets — (25.5 ) — (25.5 ) Disposal of plant and equipment, net 0.7 — — 0.7 Other non-cash activity 1.5 — — 1.5 Changes in operating assets and liabilities: (Increase) decrease in accounts receivable (3.8 ) (3.5 ) — (7.3 ) (Increase) decrease in taxes receivable, net 3.6 — 10.4 14.0 (Increase) decrease in inventory 1.0 (10.3 ) 1.2 (8.1 ) (Increase) decrease in other current assets 6.4 — — 6.4 Increase (decrease) in accounts payable and accrued liabilities 20.9 14.7 (10.4 ) 25.2 Other, net (1.2 ) 0.2 — (1.0 ) Net cash flows from operating activities 183.7 6.1 (20.9 ) 168.9 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (293.8 ) (1.9 ) — (295.7 ) Net proceeds from divested assets 70.9 — — 70.9 Other, net 0.8 — — 0.8 Net cash flows from investing activities (222.1 ) (1.9 ) — (224.0 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings on short-term debt 630.8 — — 630.8 Repayments of borrowings on short-term debt (565.0 ) — — (565.0 ) Investment between parent and subsidiaries (16.7 ) (4.2 ) 20.9 — Payments for debt issuance costs (2.1 ) — — (2.1 ) Other, net (0.4 ) — — (0.4 ) Net cash flows from financing activities 46.6 (4.2 ) 20.9 63.3 Increase (decrease) in cash, cash equivalents and restricted cash 8.2 — — 8.2 Cash, cash equivalents and restricted cash at beginning of period 16.7 — — 16.7 Cash, cash equivalents and restricted cash at end of period $ 24.9 $ — $ — $ 24.9 Clearwater Paper Corporation Consolidating Statement of Cash Flows Year Ended December 31, 2017 (In millions) Issuer Guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ 99.7 $ 11.9 $ (14.3 ) $ 97.3 Adjustments to reconcile net income (loss) to net cash flows from operating activities: Depreciation and amortization 76.9 28.1 — 105.0 Equity-based compensation expense 3.6 — — 3.6 Deferred taxes (17.0 ) (23.6 ) — (40.6 ) Pension and other postretirement employee benefits (5.1 ) — — (5.1 ) Disposal of plant and equipment, net 0.5 3.6 — 4.1 Other non-cash activities 2.9 — — 2.9 Changes in operating assets and liabilities: (Increase) decrease in accounts receivable 3.4 12.5 (10.3 ) 5.6 (Increase) decrease in taxes receivable, net (5.1 ) — (5.5 ) (10.6 ) (Increase) decrease in inventory (25.2 ) 8.4 2.0 (14.8 ) (Increase) decrease in other current assets (0.6 ) 0.3 — (0.3 ) Increase (decrease) in accounts payable and accrued liabilities 31.1 (15.6 ) 15.8 31.3 Other, net 3.4 (3.1 ) — 0.3 Net cash flows from operating activities 168.5 22.5 (12.3 ) 178.7 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (193.8 ) (5.9 ) — (199.7 ) Other, net 0.3 0.6 — 0.9 Net cash flows from investing activities (193.5 ) (5.3 ) — (198.8 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings on short-term debt 298.3 — — 298.3 Repayments of borrowings on short-term debt (278.3 ) — — (278.3 ) Purchase of treasury stock (4.9 ) — — (4.9 ) Investment between parent and subsidiaries 8.3 (20.6 ) 12.3 — Payments for debt issuance costs (0.1 ) — — (0.1 ) Other, net (1.2 ) — — (1.2 ) Net cash flows from financing activities 22.1 (20.6 ) 12.3 13.8 Increase (decrease) in cash, cash equivalents and restricted cash (2.9 ) (3.4 ) — (6.3 ) Cash, cash equivalents and restricted cash at beginning of period 19.6 3.4 — 23.0 Cash, cash equivalents and restricted cash at end of period $ 16.7 $ — $ — $ 16.7 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18 Subsequent Events In January 2020, the collective bargaining agreements with our employees represented by the United Steelworkers and International Brotherhood of Electrical Workers in Lewiston were ratified, resulting in the subsequent recognition of $6.6 million retroactive wage expense, which will be recorded as "Other operating charges, net" in the first quarter of 2020. These new agreements will continue through August 2025. In the first quarter of 2020, the indemnity contingency associated with our sale of the LadySmith facility was settled, resulting in the subsequent release of $1.4 million restricted cash and additional gain of $1.4 million to be recorded as "Other operating charges, net". |
Summary of Significant Accout_2
Summary of Significant Accouting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ESTIMATES | USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH, CASH EQUIVALENTS AND RESTRICTED CASH We consider all highly liquid instruments with maturities of three months or less to be cash equivalents. Cash that is held by a third party and has restrictions on its availability to us is classified as restricted cash. |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at cost, including assets acquired under finance lease obligations, and any interest costs capitalized, less accumulated depreciation. Depreciation of buildings, equipment and other depreciable assets is determined using the straight-line method. Estimated useful lives generally range from 10 to 40 years for land improvements, 10 to 40 years for buildings and improvements and 2 to 25 years for machinery and equipment (includes office and other equipment). December 31, (In millions) 2019 2018 Land and land improvements $ 109.9 $ 95.3 Buildings and improvements 478.7 381.1 Machinery and equipment 2,441.7 2,211.3 Construction in progress 9.2 273.3 3,039.5 2,961.0 Less accumulated depreciation and amortization (1,781.8 ) (1,691.7 ) Property, plant and equipment, net $ 1,257.7 $ 1,269.3 At December 31, 2019 and 2018 , included within buildings and improvements and machinery and equipment were finance leases of $26.5 million and $26.1 million . Depreciation expense, including amounts associated with finance leases, totaled $108.4 million , $94.4 million and $97.0 million for the years ended December 31, 2019 , 2018 and 2017 . We capitalize interest on borrowed funds during construction periods. Capitalized interest is charged to and amortized over the lives of the related assets. For the years ended December 31, 2019 , 2018 , and 2017 , we capitalized $5.9 million , $9.0 million and $4.6 million of interest expense associated with the construction of a paper machine at our Shelby, North Carolina facility and the continuous pulp digester at our Lewiston, Idaho facility. RECOVERY OF LONG-LIVED ASSETS Our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate recoverability of an asset group by comparing its carrying value to the future net undiscounted cash flows that we expect will be generated by the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of carrying value over the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their remaining useful life. Long-lived assets that are held for sale are written down to the estimated sales proceeds less cost to sell unless the estimated net proceeds exceed the carrying value. |
GOODWILL AND INTANGIBLES | GOODWILL AND INTANGIBLE ASSETS Goodwill from an acquisition represents the excess of the cost of a business acquired over the net amounts assigned to assets acquired, including identifiable intangible assets and liabilities assumed. Goodwill is not amortized but is tested for impairment annually as of November 1, as well as any time when events suggest impairment may have occurred. In the event the carrying value of the reporting unit in which our goodwill is assigned exceeds the estimated fair value of that reporting unit, an impairment loss would be recognized to the extent the carrying amount of the reporting unit exceeds its fair value. We use estimates in determining and assigning the fair value of the useful lives of intangible assets, the amount and timing of related future cash flows and fair values of the related operations. Definite-lived intangible assets are amortized over their useful lives, which have historically ranged from 5 to 10 years. We assess our intangible assets for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. See Note 5, "Goodwill and Intangible Assets" for further discussion. |
PENSION AND OTHER POSTRETIREMENT PLANS, POLICY [Policy Text Block] | PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS We are required to use actuarial methods and assumptions in the valuation of defined benefit obligations and other post retirement obligations and the determination of expense. Differences between actual and expected results or changes in the values of the obligations and plan assets are not recognized in earnings as they occur but, rather, systematically and gradually over subsequent periods. See Note 11, "Savings, Pension and Other Postretirement Employee Benefit Plans" for further information. |
INCOME TAXES | INCOME TAXES Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The determination of our provision for income taxes requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. Significant judgment is required in assessing the timing and amounts of deductible and taxable items and the probability of sustaining uncertain tax positions. The benefits of uncertain tax positions are recorded in our consolidated financial statements only after determining a more-likely-than-not probability that the uncertain tax positions will withstand challenge, if any, from tax authorities. When facts and circumstances change, we reassess these probabilities and record any changes in the consolidated financial statements as appropriate. |
REVENUE RECOGNITION | REVENUE RECOGNITION We enter into contracts that can include various combinations of tissue and paperboard products, which are generally distinct and accounted for as separate performance obligations. Revenue is recognized at a point in time upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Transfer of control typically occurs when the title and risk of loss passes to the customer. Shipping terms generally indicate when title and the risk of loss have passed, usually this is upon receipt at our customer's destination. We have elected to treat shipping and handling costs as a fulfillment cost. We typically expense incremental direct costs of obtaining a contract (sales commissions) when incurred because the amortization period is generally 12 months or less. We have also elected to use the practical expedient to not disclose unsatisfied or partially satisfied performance obligations as we have no unsatisfied contracts where the remaining portions are expected to be satisfied in a period greater than one year. We provide for trade promotions, customer cash discounts and other deductions, which are considered variable consideration and recorded as a reduction of net sales. Returns and credits are estimated at contract inception and updated at the end of each reporting period as additional information becomes available. Revenue, net of returns and credits, is only recognized to the extent that it is probable that a significant reversal of any incremental revenue will not occur. Judgment associated with forecasted volumes is required to determine the most probable amount of variable consideration to apply as a reduction to net sales. Revenue is recognized net of any taxes collected from customers. Payment terms and conditions vary by contract type. Terms generally include a requirement of payment within 30 days, and do not include a significant financing component. Trade accounts receivable are reported within Receivables, net, and are stated at the amount we expect to collect. Trade accounts receivable were $157.1 million and $142.8 million at December 31, 2019 and 2018 . 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. See to Note 16, "Segment Information" for further information, including the disaggregation of revenue by segment, primary geographical market, and major product type. |
Asset Retirement Obligation and Environmental Cost [Policy Text Block] | ENVIRONMENTAL AND ASSET RETIREMENT OBLIGATIONS We estimate our environmental and asset retirement obligations based on various assumptions and judgments, the specific nature of which varies in light of the particular facts and circumstances surrounding each liability. These estimates typically reflect assumptions and judgments as to the probable nature, magnitude and timing of required investigation, remediation and monitoring activities and the probable cost of these activities. Currently, we are not aware of any material environmental liabilities and have accrued only for specific costs related to environmental matters that we have determined are probable and for which an amount can be reasonably estimated. For asset retirement obligations, the liability is accreted to its settlement value and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, we recognize a gain or loss for any difference between the settlement amount and the liability recorded. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | CASH, CASH EQUIVALENTS AND RESTRICTED CASH We consider all highly liquid instruments with maturities of three months or less to be cash equivalents. Cash that is held by a third party and has restrictions on its availability to us is classified as restricted cash. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the balance sheet that sum to the total of those same amounts shown in our Consolidated Statements of Cash Flows. December 31, (In millions) 2019 2018 2017 Cash and cash equivalents $ 20.0 $ 22.5 $ 15.7 Restricted cash 1.4 — — Restricted cash included in Other assets, net 1.0 2.4 1.0 Total cash, cash equivalents and restricted cash $ 22.4 $ 24.9 $ 16.7 |
Schedule of Inventory, Current [Table Text Block] | INVENTORY Our inventories are stated at the lower of net realizable value or current cost using the average cost method. December 31, (In millions) 2019 2018 Logs, pulpwood, chips and sawdust $ 19.4 $ 19.8 Pulp, paperboard and tissue products 168.9 159.5 Materials and supplies 93.1 86.9 $ 281.4 $ 266.2 |
Property, Plant and Equipment [Table Text Block] | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at cost, including assets acquired under finance lease obligations, and any interest costs capitalized, less accumulated depreciation. Depreciation of buildings, equipment and other depreciable assets is determined using the straight-line method. Estimated useful lives generally range from 10 to 40 years for land improvements, 10 to 40 years for buildings and improvements and 2 to 25 years for machinery and equipment (includes office and other equipment). December 31, (In millions) 2019 2018 Land and land improvements $ 109.9 $ 95.3 Buildings and improvements 478.7 381.1 Machinery and equipment 2,441.7 2,211.3 Construction in progress 9.2 273.3 3,039.5 2,961.0 Less accumulated depreciation and amortization (1,781.8 ) (1,691.7 ) Property, plant and equipment, net $ 1,257.7 $ 1,269.3 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values of Financial Instruments |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lease, Cost [Table Text Block] | LEASE EXPENSE (In millions) Year Ended December 31, 2019 Operating lease costs $ 15.0 Finance lease costs: Amortization of right-of-use assets 1.7 Interest on lease liabilities 1.9 Total finance lease costs 3.6 Variable lease costs 1.2 Total lease costs $ 19.8 |
Lease, Supplemental cash flow information [Table Text Block] | SUPPLEMENTAL CASH FLOW INFORMATION (In millions) Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16.6 Operating cash flows from finance leases 1.9 Financing cash flows from finance leases 1.3 Non-cash amounts for lease liabilities arising from obtaining right-of-use assets: Operating leases $ 2.5 Finance leases 0.5 |
Lease term and discount rate [Table Text Block] | LEASE TERM AND DISCOUNT RATE December 31, 2019 Weighted average remaining lease term (years) Operating leases 6.6 Finance leases 10.7 Weighted average discount rate Operating leases 4.9 % Finance leases 8.3 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | December 31, 2019 , our future maturities of lease liabilities were as follows: (In millions) Operating Finance 2020 $ 17.4 $ 3.2 2021 16.7 3.2 2022 15.7 3.1 2023 9.6 2.9 2024 7.4 2.8 Thereafter 26.7 18.7 Total lease payments 93.5 33.9 Less interest portion (14.0 ) (11.9 ) Total $ 79.5 $ 22.0 |
Finance Lease, Liability, Maturity [Table Text Block] | As of December 31, 2018, as previously disclosed in our 2018 Annual Report on Form 10-K, and under the previous lease accounting standard, we had future minimum lease payments as follows: (In millions) Operating Capital 2019 $ 12.0 $ 3.1 2020 11.4 3.1 2021 10.4 3.1 2022 9.5 3.0 2023 7.2 2.8 Thereafter 24.3 21.7 Total future minimum lease payments $ 74.8 36.8 Less interest portion (13.9 ) Present value of future minimum lease payments $ 22.9 |
Leases [Member] | |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | SUPPLEMENTAL BALANCE SHEET INFORMATION (In millions) Classification December 31, 2019 Lease ROU Assets Operating lease assets Operating lease right-of-use assets $ 73.1 Finance lease assets Property, plant and equipment, net 26.5 Accumulated Depreciation (11.1 ) Total lease ROU assets $ 88.5 Lease Liabilities Current operating lease liabilities Accounts payable and accrued liabilities $ 13.9 Current finance lease liabilities Short-term debt 1.4 Total current lease liabilities 15.3 Non-current operating lease liabilities Long-term operating lease liabilities 65.6 Non-current finance lease liabilities Long-term debt 20.6 Total non-current lease liabilities 86.2 Total operating lease liabilities 79.5 Total finance lease liabilities 22.0 Total lease liabilities $ 101.5 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | As of December 31, 2019 , estimated future amortization expense related to intangible assets is as follows (in millions): Years ending December 31, Amount 2020 $ 3.3 2021 2.9 2022 2.2 2023 2.1 2024 2.1 Thereafter 4.3 Total $ 16.9 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Changes in the carrying amounts of goodwill and intangible assets by reportable segment were as follows: (In millions) Consumer Products Pulp and Paperboard Total Goodwill Intangibles Goodwill Intangibles Balance as of December 31, 2017 $ 209.1 $ 10.1 $ 35.1 $ 22.4 $ 276.7 Impairment (195.1 ) — — — (195.1 ) Write off due to Ladysmith sale (14.0 ) (0.9 ) — — (14.9 ) Amortization — (4.6 ) — (2.9 ) (7.5 ) Balance as of December 31, 2018 — 4.6 35.1 19.5 59.2 Amortization — (4.3 ) — (2.9 ) (7.2 ) Balance as of December 31, 2019 $ — $ 0.3 $ 35.1 $ 16.6 $ 52.0 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Earnings (Loss) Before Income Taxes Composition in Each Tax Jurisdiction | |
Provision (Benefit) for Income Taxes | The income tax provision (benefit) is comprised of the following: For The Years Ended December 31, (In millions) 2019 2018 2017 Current Federal $ (2.1 ) $ 1.1 $ (16.7 ) State 0.1 2.1 0.9 Total current (2.0 ) 3.2 (15.8 ) Deferred Federal (0.6 ) 3.6 (36.8 ) State 0.3 3.5 (3.8 ) Total deferred (0.3 ) 7.1 (40.6 ) Income tax provision (benefit) $ (2.3 ) $ 10.3 $ (56.4 ) |
Income Tax Reconciliation | The income tax provision (benefit) differs from the amount computed by applying the statutory federal income tax rate of 21.0% in 2019 and 2018 and 35.0% in 2017 to income (loss) before income taxes due to the following: For The Years Ended December 31, (In millions) 2019 2018 2017 Tax at the statutory rate $ (1.7 ) $ (28.0 ) $ 14.3 Goodwill impairment — 41.0 — Federal rate change — — (70.1 ) State and local taxes, net of federal income tax impact (0.9 ) 4.4 (1.2 ) Adjustment for state deferred tax rate (1.2 ) 0.1 (0.7 ) Federal credits and net operating losses (2.3 ) (10.9 ) (3.2 ) Uncertain tax positions 0.7 — 0.3 Stock compensation 0.6 0.7 2.2 Non-deductible expenses 0.4 0.2 0.3 Change in valuation allowances 2.3 — 0.8 Other, net 1 (0.2 ) 2.8 0.9 Income tax provision (benefit) $ (2.3 ) $ 10.3 $ (56.4 ) |
Tax Effects of Significant Temporary Differences Creating Deferred Tax Assets and Liabilities | The tax effects of significant temporary differences creating deferred tax assets and liabilities at December 31 were: (In millions) 2019 2018 Deferred tax assets: Employee benefits $ 3.8 $ 4.2 Postretirement employee benefits 17.1 15.9 Incentive compensation 4.4 4.3 Inventories 7.6 6.2 Pensions 3.2 7.4 Federal and state credit carryforwards 10.3 10.7 Federal and state net operating losses 8.8 2.0 Deferred interest expense 12.4 2.5 Operating leases 20.5 — Other 1.6 3.0 Total deferred tax assets 89.7 56.2 Valuation allowance (5.3 ) (3.8 ) Deferred tax assets, net of valuation allowance 84.4 52.4 Deferred tax liabilities: Property, plant and equipment, net (179.2 ) (161.8 ) Operating leases (18.9 ) — Intangible assets, net (3.8 ) (5.6 ) Total deferred tax liabilities (201.9 ) (167.4 ) Net deferred tax liabilities $ (117.5 ) $ (115.0 ) Net deferred tax assets (liabilities) consist of: (In millions) 2019 2018 Non-current deferred tax assets 1 $ 3.8 $ 6.2 Non-current deferred tax liabilities (121.3 ) (121.2 ) Net deferred tax liabilities $ (117.5 ) $ (115.0 ) 1 Included in "Other assets, net" on our accompanying December 31, 2019 and 2018 Consolidated Balance Sheets. |
Roll Forward of Unrecognized Tax Benefits and Associated Interest and Penalties Included in the Accrued Taxes line item in non-current liabilities | (In millions) Gross Unrecognized Tax Benefits, Excluding Interest and Penalties Interest and Penalties Total Gross Unrecognized Tax Benefits Balance at December 31, 2017 $ 4.1 $ 0.3 $ 4.4 Change in prior year tax positions (0.6 ) 0.1 (0.5 ) Reductions as a result of a lapse of the applicable statute of limitations (0.7 ) (0.1 ) (0.8 ) Change in current year tax positions 0.3 — 0.3 Balance at December 31, 2018 3.1 0.3 3.4 Change in prior year tax positions 0.3 0.1 0.4 Change in current year tax positions 0.3 — 0.3 Balance at December 31, 2019 $ 3.7 $ 0.4 $ 4.1 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities December 31, (In millions) 2019 2018 Trade accounts payable $ 149.6 $ 228.1 Accrued wages, salaries and employee benefits 45.0 41.4 Operating lease liabilities 13.9 — Accrued interest 13.3 14.7 Accrued utilities 8.6 6.9 Current liability for pension and other postretirement employee benefits 7.4 7.4 Accrued taxes other than income taxes payable 7.1 6.2 Accrued discounts and allowances 6.6 8.1 Other 11.0 14.2 $ 262.5 $ 327.0 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt at the balance sheet dates consisted of: December 31, 2019 December 31, 2018 (In millions) Interest Rate at December 31, 2019 Principal Unamortized Debt Costs Total Principal Unamortized Debt Costs Total Term loan maturing 2026, variable interest rate 5.0% $ 300.0 $ (5.1 ) $ 294.9 $ — $ — $ — 2013 Notes, maturing 2023, fixed interest rate 4.5% 275.0 (1.5 ) 273.5 275.0 (2.0 ) 273.0 2014 Notes, maturing 2025, fixed interest rate 5.4% 300.0 (1.5 ) 298.5 300.0 (1.7 ) 298.3 Credit Agreements, variable interest rates 3.0% 13.5 13.5 200.0 200.0 Finance leases 22.0 22.0 23.0 23.0 Supply chain financing — — 20.8 20.8 Total debt 910.5 (8.1 ) 902.4 818.8 (3.7 ) 815.1 Less: current portion (17.9 ) — (17.9 ) (122.2 ) — (122.2 ) Net long-term portion $ 892.6 $ (8.1 ) $ 884.5 $ 696.6 $ (3.7 ) $ 692.9 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Scheduled principal payments for debt and minimum finance lease obligations at the balance sheet date are as follows: December 31, 2019 (In millions) Debt 2020 $ 17.9 2021 4.6 2022 4.6 2023 279.5 2024 4.5 Thereafter 599.4 Total $ 910.5 |
Other Operating Charges, net (T
Other Operating Charges, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | The major components of “Other operating charges, net” in the Consolidated Statements of Operations for the years ended December 31 are reflected in the table below and described in the paragraphs following the table: Years Ended December 31, (In millions) 2019 2018 2017 Reorganization expenses $ 2.9 $ 8.0 $ 2.3 Miscellaneous environmental accruals 1.0 — — Directors' equity-based compensation expense (benefit) 0.3 (2.3 ) (2.8 ) Gain on divested assets, net — (24.0 ) — Costs associated with facility closures — — 16.7 Other 2.1 0.8 0.6 $ 6.3 $ (17.5 ) $ 16.8 |
Savings, Pension and Other Po_2
Savings, Pension and Other Postretirement Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Changes in Benefit Obligation, Plan Assets and Funded Status for Company-Sponsored Benefit Plans | Pension Benefit Plans Other Postretirement Employee Benefit Plans (In millions) 2019 2018 2019 2018 Change in projected benefit obligation: Benefit obligation at beginning of year $ 294.2 $ 317.8 $ 60.3 $ 65.1 Service cost 2.4 1.8 0.1 0.1 Interest cost 12.4 12.0 2.8 2.4 Actuarial (gains) losses 29.0 (16.3 ) 9.6 (0.3 ) Benefits paid (21.5 ) (21.1 ) (6.4 ) (7.0 ) Benefit obligation at end of year 316.5 294.2 66.4 60.3 Changes in plan assets: Fair value of plan assets at beginning of year 268.8 310.9 — — Actual return on plan assets 58.8 (21.5 ) — — Employer contribution 0.5 0.5 7.0 7.0 Benefits paid (21.5 ) (21.1 ) (7.0 ) (7.0 ) Fair value of plan assets at end of year 306.6 268.8 — — Funded status at end of year $ (9.9 ) $ (25.4 ) $ (66.4 ) $ (60.3 ) Amounts recognized in Consolidated Balance Sheet: Non-current assets $ 7.7 $ — $ — $ — Current liabilities (0.4 ) (0.4 ) (7.0 ) (7.0 ) Non-current liabilities (17.2 ) (25.0 ) (59.4 ) (53.3 ) Net amount recognized $ (9.9 ) $ (25.4 ) $ (66.4 ) $ (60.3 ) Amounts recognized in accumulated other comprehensive loss (pre-tax): Net actuarial loss (gain) $ 91.4 $ 111.9 $ (5.1 ) $ (15.0 ) |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | Information as of December 31 for certain pension plans included above with accumulated benefit obligations in excess of plan assets were as follows: (In millions) 2019 2018 Projected benefit obligation $ 178.5 $ 294.2 Accumulated benefit obligation 178.5 294.2 Fair value of plan assets 160.8 268.8 |
Pre-tax Components of Net Periodic Cost | Net Periodic Cost Service cost is the actuarial present value of benefits attributed by the plans’ benefit formula to services rendered by employees during the year. Interest cost represents the increase in the projected benefit obligation, which is a discounted amount, due to the passage of time. The expected return on plan assets reflects the computed amount of current-year earnings from the investment of plan assets using an estimated long-term rate of return. Pension Benefit Plans Other Postretirement Employee Benefit Plans (In millions) 2019 2018 2017 2019 2018 2017 Service cost $ 2.4 $ 1.8 $ 2.1 $ 0.1 $ 0.1 $ 0.2 Interest cost 12.4 12.0 13.1 2.8 2.4 2.7 Expected return on plan assets (16.5 ) (17.0 ) (18.8 ) — — — Amortization of prior service cost (credit) — — — — (1.7 ) (1.5 ) Amortization of actuarial loss (gain) 7.3 10.1 9.9 (0.3 ) (0.9 ) (6.6 ) Settlement — — — — — — Net periodic cost (income) $ 5.6 $ 6.9 $ 6.3 $ 2.6 $ (0.1 ) $ (5.2 ) |
Other Amounts Recognized in Other Comprehensive Income (Loss) | |
Weighted Average Assumptions Used to Determine Benefit Obligation | Pension Benefit Plans Other Postretirement Employee Benefit Plans 2019 2018 2017 2019 2018 2017 Actuarial assumption used to determine benefit obligation: Discount rate 3.4 % 4.4 % 3.9 % 3.6 % 4.6 % 4.0 % Actuarial assumption used to determine net periodic pension cost: Discount rate 4.4 % 3.9 % 4.5 % 4.6 % 4.0 % 4.3 % Expected return on plan assets 6.0 % 6.0 % 6.8 % — — — |
One Percentage Point Change in Health Care Cost Trend Rates | A one percentage point change in the health care cost trend rates would have the following effects: (In millions) 1% Increase 1% Decrease Effect on total of service and interest cost components $ 0.2 $ (0.2 ) Effect on postretirement employee benefit obligation 4.8 (4.2 ) |
Investments at Fair Value for Company Sponsored Pension Benefit Plans within Fair Value Hierarchy | The following tables set forth by level, within the fair value hierarchy, the investments at fair value for our company-sponsored pension benefit plans: December 31, 2019 (In millions) Level 1 Investments measured at net asset value Total Cash and cash equivalents $ 2.0 $ — $ 2.0 Common and collective trust: Collective investment funds — 304.6 304.6 Total investments at fair value $ 2.0 $ 304.6 $ 306.6 December 31, 2018 (In millions) Level 1 Investments measured at net asset value Total Cash and cash equivalents $ 2.0 $ — $ 2.0 Common and collective trusts: Collective investment funds — 266.8 266.8 Total investments at fair value $ 2.0 $ 266.8 $ 268.8 |
Long Term Asset Allocation Ranges | Assets are diversified among various asset classes, such as domestic equities, international equities, fixed income and cash. The long-term asset allocation ranges are as follows: Domestic equities 10%-18% International equities, including emerging markets 10%-18% Corporate/Government bonds 68%-78% Liquid reserves 0%-5% |
Schedule of Expected Benefit Payments | Estimated future benefit payments are as follows for the years indicated: (In millions) Pension Benefit Plans Other Postretirement Employee Benefit Plans 2020 20.5 7.0 2021 20.4 5.7 2022 20.3 4.9 2023 20.3 4.5 2024 20.2 4.2 2025-2029 96.9 18.7 |
Multiemployer Defined Benefit Plans | Pension EIN Plan Number PPA Zone Status FIP/RP Status Pending/ Implemented Contributions (in millions) Surcharge Imposed Expiration Date of Collective Bargaining Agreement 2019 2018 2019 2018 2017 IAM NPF 51-6031295 002 Red Green Implemented $ 0.3 $ 0.3 $ 0.3 No 5/31/2023 PIUMPF 1 11-6166763 001 Red Red Implemented 5.3 5.4 5.8 No 8/31/2017 Total Contributions: $ 5.6 $ 5.7 $ 6.1 1 The associated collective bargaining agreement associated with PIUMPF was ratified in January 2020. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Accumulated other comprehensive loss at the balance sheet dates is comprised of the following: (In millions) Pension Plan Adjustments Other Post Retirement Employee Benefit Plan Adjustments Total Balance at December 31, 2017 $ (59.0 ) $ 15.0 $ (44.0 ) Other comprehensive income (loss) before reclassifications (16.3 ) 0.3 (16.0 ) Amounts reclassified from accumulated other comprehensive loss 7.3 (1.8 ) 5.5 Other comprehensive loss, net of tax (9.0 ) (1.5 ) (10.5 ) Reclassification of the income tax effects of the Tax Cuts and Jobs Act 1 (15.0 ) 2.2 (12.8 ) Balance at December 31, 2018 (83.0 ) 15.7 (67.3 ) Other comprehensive income (loss) before reclassifications 9.8 (7.1 ) 2.7 Amounts reclassified from accumulated other comprehensive loss 5.4 (0.3 ) 5.1 Other comprehensive income (loss), net of tax 15.2 (7.4 ) 7.8 Balance at December 31, 2019 $ (67.8 ) $ 8.3 $ (59.5 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings per Share | The following table reconciles the number of common shares used in calculating the basic and diluted net earnings per share: December 31, (In thousands - except per share data) 2019 2018 2017 Basic average common shares outstanding 1 16,533 16,487 16,464 Incremental shares due to: Restricted stock units — — 22 Performance shares — — 45 Stock options — — 25 Diluted average common shares outstanding 16,533 16,487 16,556 Basic net income (loss) per common share $ (0.34 ) $ (8.72 ) $ 5.91 Diluted net income (loss) per common share $ (0.34 ) $ (8.72 ) $ 5.88 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Employee Equity-Based Compensation Expense | Year ended December 31, (In millions) 2019 2018 2017 Total stock-based compensation expense (selling, general and administrative and other operating charges, net) $ 4.1 $ 3.3 $ 3.6 Income tax benefit related to stock-based compensation 1.0 1.5 2.1 Impact on cash flow due to taxes paid related to net share settlement of equity awards 0.4 0.4 1.1 |
Summary of Status of Outstanding RSU Awards | A summary of the status of outstanding restricted stock units as of December 31, 2019 , and changes during the year, is presented below: Time Vested Performance-based Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Restricted stock units, outstanding at December 31, 2018 127,653 $ 42.09 78,430 $ 45.36 Granted 139,037 26.64 151,664 26.60 Vested (48,164 ) 43.49 — Forfeited / Canceled 1 (28,336 ) 33.22 (53,062 ) 46.04 Restricted stock units, outstanding at December 31, 2019 190,190 31.76 177,032 29.09 Deferred shares, outstanding at December 31, 2019 33,663 7.31 — Total units outstanding at December 31, 2019 223,853 $ 28.09 177,032 29.09 |
Assumption Used in Black-Scholes Option-Pricing Model to Estimate Fair Value of Stock Options | 2018 2017 Volatility The expected volatility is based upon Clearwater Paper's historical stock prices. 35 % 30 % Risk-free interest rate The risk-free interest rate is based on constant maturity treasury rates with maturities matching the options' expected life on the grant date. 2.74 % 2.05 % Expected life-years The expected life is the approximate mid-point between the expected vesting time and the remaining contractual life. 6 years 6 years |
Summary of Status of Outstanding Stock Option Awards and Changes During the Year | A summary of the status of outstanding stock option awards as of December 31, 2019 , and changes during the year, is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding options at December 31, 2018 761,934 $ 49.38 7.2 $ — Granted — — Forfeited (26,686 ) 42.84 Expired (78,874 ) 51.81 Outstanding options at December 31, 2019 656,374 $ 49.36 6.2 $ — Outstanding and exercisable options at December 31, 2019 511,787 $ 51.16 5.8 $ — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Consumer Products Our Consumer Products segment manufactures and sells a complete line of at-home tissue products, or retail products, and away-from-home tissue products, or non-retail products, and parent rolls. Retail products include bath, paper towels, facial and napkin product categories. Non-retail products include conventional one and two-ply bath tissue, two-ply paper towels, hard wound towels and dispenser napkins sold to customers with commercial and industrial tissue needs. Each category is further distinguished according to quality segments: ultra, premium, value and economy. Pulp and Paperboard Our Pulp and Paperboard segment manufactures and markets solid bleached sulfate paperboard for the high-end segment of the packaging industry as well as offers custom sheeting, slitting and cutting of paperboard. Our overall production consists primarily of folding carton, liquid packaging, cup and plate products and commercial printing grades. The majority of our Pulp and Paperboard customers are packaging converters, folding carton converters, merchants and commercial printers. The table below presents information about our reportable segments: (In millions) 2019 2018 2017 Segment net sales: Consumer Products $ 906.8 $ 884.8 $ 941.9 Pulp and Paperboard 854.7 839.4 788.5 Total segment net sales $ 1,761.5 $ 1,724.2 $ 1,730.4 Operating income (loss): Consumer Products $ (6.6 ) $ 0.3 $ 46.2 Pulp and Paperboard 115.3 130.9 97.5 Corporate (57.0 ) (51.5 ) (55.7 ) Goodwill impairment — (195.1 ) — Other operating charges, net (6.3 ) 17.5 (16.8 ) Income (loss) from operations $ 45.4 $ (97.9 ) $ 71.2 Depreciation and amortization: Consumer Products $ 69.7 $ 57.8 $ 60.3 Pulp and Paperboard 39.4 37.8 34.5 Corporate 6.5 6.3 5.6 Other operating charges, net — — 4.6 Total depreciation and amortization $ 115.6 $ 101.9 $ 105.0 Assets: Consumer Products $ 1,147.1 $ 1,094.1 $ 1,069.9 Pulp and Paperboard 652.2 638.8 645.4 Corporate 78.4 55.2 87.0 Total assets $ 1,877.7 $ 1,788.1 $ 1,802.3 Capital expenditures: Consumer Products $ 114.9 $ 262.7 $ 107.5 Pulp and Paperboard 16.7 20.9 80.8 131.6 283.6 188.3 Corporate 8.5 12.1 11.4 Total capital expenditures $ 140.1 $ 295.7 $ 199.7 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Our manufacturing facilities and all other assets are located within the continental United States. We sell and ship our products to customers in several foreign countries. Net sales, classified by the major geographic areas in which our customers are located and by major products, were as follows: (In millions) 2019 2018 2017 Primary geographical markets: United States $ 1,686.2 $ 1,648.6 $ 1,650.1 Other Countries 75.3 75.6 80.3 Total Net Sales $ 1,761.5 $ 1,724.2 $ 1,730.4 Major products: Retail tissue $ 845.6 $ 794.4 $ 857.6 Paperboard 848.4 837.9 788.5 Non-retail tissue 56.5 88.2 81.1 Other 11.0 3.7 3.2 Total net sales $ 1,761.5 $ 1,724.2 $ 1,730.4 |
Revenue from External Customers by Products and Services [Table Text Block] | Our manufacturing facilities and all other assets are located within the continental United States. We sell and ship our products to customers in several foreign countries. Net sales, classified by the major geographic areas in which our customers are located and by major products, were as follows: (In millions) 2019 2018 2017 Primary geographical markets: United States $ 1,686.2 $ 1,648.6 $ 1,650.1 Other Countries 75.3 75.6 80.3 Total Net Sales $ 1,761.5 $ 1,724.2 $ 1,730.4 Major products: Retail tissue $ 845.6 $ 794.4 $ 857.6 Paperboard 848.4 837.9 788.5 Non-retail tissue 56.5 88.2 81.1 Other 11.0 3.7 3.2 Total net sales $ 1,761.5 $ 1,724.2 $ 1,730.4 |
Supplemental Guarantor Financ_2
Supplemental Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | Clearwater Paper Corporation Consolidating Statement of Operations and Comprehensive Income Year Ended December 31, 2019 (In millions) Issuer Guarantor Eliminations Total Net sales $ 1,653.1 $ 268.3 $ (159.9 ) $ 1,761.5 Costs and expenses: Cost of sales 1,510.3 243.9 (157.2 ) 1,597.0 Selling, general and administrative expenses 93.8 19.0 — 112.8 Other operating charges, net 6.3 — — 6.3 Total operating costs and expenses 1,610.4 262.9 (157.2 ) 1,716.1 Income (loss) from operations 42.7 5.4 (2.7 ) 45.4 Interest expense, net (44.7 ) (0.2 ) — (44.9 ) Debt retirement costs (2.7 ) — — (2.7 ) Non-operating pension and other postretirement employee benefit income (expense) (5.7 ) — — (5.7 ) Income (loss) before income taxes (10.4 ) 5.2 (2.7 ) (7.9 ) Income tax provision (benefit) (7.7 ) 1.4 4.0 (2.3 ) Equity in earnings of subsidiaries 3.8 — (3.8 ) — Net income (loss) 1.1 3.8 (10.5 ) (5.6 ) Other comprehensive income (loss), net of tax 7.8 — — 7.8 Comprehensive income (loss) $ 8.9 $ 3.8 $ (10.5 ) $ 2.2 Clearwater Paper Corporation Consolidating Statement of Operations and Comprehensive Income Year Ended December 31, 2018 (In millions) Issuer Guarantor Eliminations Total Net sales $ 1,752.3 $ 194.9 $ (223.0 ) $ 1,724.2 Costs and expenses: Cost of sales 1,581.7 173.0 (218.0 ) 1,536.7 Selling, general and administrative expenses 87.0 20.8 — 107.8 Other operating charges, net 6.5 (24.0 ) — (17.5 ) Goodwill impairment 195.1 — — 195.1 Total operating costs and expenses 1,870.3 169.8 (218.0 ) 1,822.1 Income (loss) from operations (118.0 ) 25.1 (5.0 ) (97.9 ) Interest expense, net (30.2 ) (0.5 ) — (30.7 ) Non-operating pension and other postretirement employee benefit income (expense) (4.9 ) — — (4.9 ) Income (loss) before income taxes (153.1 ) 24.6 (5.0 ) (133.5 ) Income tax provision (benefit) 5.2 6.3 (1.2 ) 10.3 Equity in earnings of subsidiaries 18.3 — (18.3 ) — Net income (loss) (140.0 ) 18.3 (22.1 ) (143.8 ) Other comprehensive income (loss), net of tax (10.5 ) — — (10.5 ) Comprehensive income (loss) $ (150.5 ) $ 18.3 $ (22.1 ) $ (154.3 ) Clearwater Paper Corporation Consolidating Statement of Operations and Comprehensive Income Year Ended December 31, 2017 (In millions) Issuer Guarantor Eliminations Total Net sales $ 1,707.3 $ 242.2 $ (219.1 ) $ 1,730.4 Costs and expenses: Cost of sales 1,516.5 219.9 (215.2 ) 1,521.2 Selling, general and administrative expenses 90.8 30.4 — 121.2 Other operating charges, net 16.8 — — 16.8 Total operating costs and expenses 1,624.1 250.3 (215.2 ) 1,659.2 Income (loss) from operations 83.2 (8.1 ) (3.9 ) 71.2 Interest expense, net (30.8 ) (0.6 ) — (31.4 ) Non-operating pension and other postretirement employee benefit income (expense) 1.1 — — 1.1 Income (loss) before income taxes 53.5 (8.7 ) (3.9 ) 40.9 Income tax provision (benefit) (34.3 ) (20.6 ) (1.5 ) (56.4 ) Equity in earnings of subsidiaries 11.9 — (11.9 ) — Net income (loss) 99.7 11.9 (14.3 ) 97.3 Other comprehensive income (loss), net of tax 7.8 — — 7.8 Comprehensive income (loss) $ 107.5 $ 11.9 $ (14.3 ) $ 105.1 |
Condensed Consolidating Balance Sheet | subsidiaries, and the eliminations necessary to arrive at the information for Clearwater Paper on a consolidated basis. Clearwater Paper Corporation Consolidating Balance Sheet At December 31, 2019 (In millions) Issuer Guarantor Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 20.0 $ — $ — $ 20.0 Restricted cash 1.4 — — 1.4 Receivables, net 140.1 19.0 — 159.1 Taxes receivable 0.3 — — 0.3 Inventories 244.1 40.0 (2.7 ) 281.4 Other current assets 3.4 0.2 — 3.6 Total current assets 409.3 59.2 (2.7 ) 465.8 Property, plant and equipment, net 1,188.4 69.3 — 1,257.7 Operating lease right-of-use assets 68.2 4.9 — 73.1 Goodwill and intangible assets, net 35.1 16.9 — 52.0 Intercompany (payable) receivable (75.3 ) 72.6 2.7 — Investment in subsidiary 179.1 — (179.1 ) — Other assets, net 28.2 2.6 (1.7 ) 29.1 TOTAL ASSETS $ 1,833.0 $ 225.5 $ (180.8 ) $ 1,877.7 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Short-term debt $ 17.9 $ — $ — $ 17.9 Accounts payable and accrued liabilities 242.9 19.6 — 262.5 Total current liabilities 260.8 19.6 — 280.4 Long-term debt 884.5 — — 884.5 Long-term operating lease liabilities 62.2 3.4 — 65.6 Liability for pension and other postretirement employee benefits 76.6 — — 76.6 Other long-term obligations 16.4 0.9 — 17.3 Deferred tax liabilities 100.5 22.5 (1.7 ) 121.3 TOTAL LIABILITIES 1,401.0 46.4 (1.7 ) 1,445.7 Accumulated other comprehensive loss, net of tax (59.5 ) — — (59.5 ) Stockholders’ equity excluding 491.5 179.1 (179.1 ) 491.5 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,833.0 $ 225.5 $ (180.8 ) $ 1,877.7 Clearwater Paper Corporation Consolidating Balance Sheet At December 31, 2018 (In millions) Issuer Guarantor Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 22.5 $ — $ — $ 22.5 Receivables, net 128.0 17.5 — 145.5 Taxes receivable 16.7 — (10.4 ) 6.3 Inventories 222.9 48.4 (5.1 ) 266.2 Other current assets 3.3 0.1 — 3.4 Total current assets 393.4 66.0 (15.5 ) 443.9 Property, plant and equipment, net 1,192.7 76.6 — 1,269.3 Goodwill and intangibles assets, net 36.2 23.0 — 59.2 Intercompany (payable) receivable (62.9 ) 57.8 5.1 — Investment in subsidiary 175.3 — (175.3 ) — Other assets, net 14.8 2.6 (1.7 ) 15.7 TOTAL ASSETS $ 1,749.5 $ 226.0 $ (187.4 ) $ 1,788.1 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Short-term debt $ 122.2 $ — $ — $ 122.2 Accounts payable and accrued liabilities 305.7 31.7 (10.4 ) 327.0 Total current liabilities 427.9 31.7 (10.4 ) 449.2 Long-term debt 692.9 — — 692.9 Liability for pension and other postretirement employee benefits 78.2 — — 78.2 Other long-term obligations 19.3 0.9 — 20.2 Deferred tax liabilities 104.8 18.1 (1.7 ) 121.2 TOTAL LIABILITIES 1,323.1 50.7 (12.1 ) 1,361.7 Accumulated other comprehensive loss, net of tax (67.3 ) — — (67.3 ) Stockholders’ equity excluding accumulated other comprehensive loss 493.7 175.3 (175.3 ) 493.7 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,749.5 $ 226.0 $ (187.4 ) $ 1,788.1 |
Condensed Consolidating Statement of Cash Flows | Clearwater Paper Corporation Consolidating Statement of Cash Flows Year Ended December 31, 2019 (In millions) Issuer Guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ 1.1 $ 3.8 $ (10.5 ) $ (5.6 ) Adjustments to reconcile net income (loss) to net cash flows from operating activities: Depreciation and amortization 99.5 16.1 — 115.6 Equity-based compensation expense 4.1 — — 4.1 Deferred taxes (5.0 ) 4.7 — (0.3 ) Pension and other postretirement employee benefits 1.4 — — 1.4 Debt retirement costs 2.7 — — 2.7 Disposal of plant and equipment, net 0.7 — — 0.7 Other non-cash activity 2.5 — — 2.5 Changes in operating assets and liabilities: (Increase) decrease in accounts receivable (25.0 ) 11.4 — (13.6 ) (Increase) decrease in taxes receivable, net 6.0 — (10.4 ) (4.4 ) (Increase) decrease in inventory (27.2 ) 6.2 (0.2 ) (21.2 ) (Increase) decrease in other current assets (0.7 ) (0.1 ) — (0.8 ) Increase (decrease) in accounts payable and accrued liabilities (25.1 ) (13.8 ) 10.4 (28.5 ) Other, net 2.9 0.1 — 3.0 Net cash flows from operating activities 37.9 28.4 (10.7 ) 55.6 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (138.2 ) (1.9 ) — (140.1 ) Net cash flows from investing activities (138.2 ) (1.9 ) — (140.1 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings on short-term debt 549.3 — — 549.3 Repayments of borrowings on short-term debt (657.7 ) — — (657.7 ) Proceeds from long-term debt, net 296.1 — — 296.1 Repayment of long-term debt (103.0 ) — — (103.0 ) Investment between parent and subsidiaries 15.8 (26.5 ) 10.7 — Payments for debt issuance costs (2.3 ) — — (2.3 ) Other, net (0.4 ) — — (0.4 ) Net cash flows from financing activities 97.8 (26.5 ) 10.7 82.0 Increase (decrease) in cash, cash equivalents and restricted cash (2.5 ) — — (2.5 ) Cash, cash equivalents and restricted cash at beginning of period 24.9 — — 24.9 Cash, cash equivalents and restricted cash at end of period $ 22.4 $ — $ — $ 22.4 Clearwater Paper Corporation Consolidating Statement of Cash Flows Year Ended December 31, 2018 (In millions) Issuer Guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (140.0 ) $ 18.3 $ (22.1 ) $ (143.8 ) Adjustments to reconcile net income (loss) to net cash flows from operating activities: Goodwill impairment 195.1 — — 195.1 Depreciation and amortization 81.8 20.1 — 101.9 Equity-based compensation expense 3.3 — — 3.3 Deferred taxes 15.0 (7.9 ) — 7.1 Pension and other postretirement employee benefits (0.6 ) — — (0.6 ) Gain on divested assets — (25.5 ) — (25.5 ) Disposal of plant and equipment, net 0.7 — — 0.7 Other non-cash activity 1.5 — — 1.5 Changes in operating assets and liabilities: (Increase) decrease in accounts receivable (3.8 ) (3.5 ) — (7.3 ) (Increase) decrease in taxes receivable, net 3.6 — 10.4 14.0 (Increase) decrease in inventory 1.0 (10.3 ) 1.2 (8.1 ) (Increase) decrease in other current assets 6.4 — — 6.4 Increase (decrease) in accounts payable and accrued liabilities 20.9 14.7 (10.4 ) 25.2 Other, net (1.2 ) 0.2 — (1.0 ) Net cash flows from operating activities 183.7 6.1 (20.9 ) 168.9 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (293.8 ) (1.9 ) — (295.7 ) Net proceeds from divested assets 70.9 — — 70.9 Other, net 0.8 — — 0.8 Net cash flows from investing activities (222.1 ) (1.9 ) — (224.0 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings on short-term debt 630.8 — — 630.8 Repayments of borrowings on short-term debt (565.0 ) — — (565.0 ) Investment between parent and subsidiaries (16.7 ) (4.2 ) 20.9 — Payments for debt issuance costs (2.1 ) — — (2.1 ) Other, net (0.4 ) — — (0.4 ) Net cash flows from financing activities 46.6 (4.2 ) 20.9 63.3 Increase (decrease) in cash, cash equivalents and restricted cash 8.2 — — 8.2 Cash, cash equivalents and restricted cash at beginning of period 16.7 — — 16.7 Cash, cash equivalents and restricted cash at end of period $ 24.9 $ — $ — $ 24.9 Clearwater Paper Corporation Consolidating Statement of Cash Flows Year Ended December 31, 2017 (In millions) Issuer Guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ 99.7 $ 11.9 $ (14.3 ) $ 97.3 Adjustments to reconcile net income (loss) to net cash flows from operating activities: Depreciation and amortization 76.9 28.1 — 105.0 Equity-based compensation expense 3.6 — — 3.6 Deferred taxes (17.0 ) (23.6 ) — (40.6 ) Pension and other postretirement employee benefits (5.1 ) — — (5.1 ) Disposal of plant and equipment, net 0.5 3.6 — 4.1 Other non-cash activities 2.9 — — 2.9 Changes in operating assets and liabilities: (Increase) decrease in accounts receivable 3.4 12.5 (10.3 ) 5.6 (Increase) decrease in taxes receivable, net (5.1 ) — (5.5 ) (10.6 ) (Increase) decrease in inventory (25.2 ) 8.4 2.0 (14.8 ) (Increase) decrease in other current assets (0.6 ) 0.3 — (0.3 ) Increase (decrease) in accounts payable and accrued liabilities 31.1 (15.6 ) 15.8 31.3 Other, net 3.4 (3.1 ) — 0.3 Net cash flows from operating activities 168.5 22.5 (12.3 ) 178.7 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (193.8 ) (5.9 ) — (199.7 ) Other, net 0.3 0.6 — 0.9 Net cash flows from investing activities (193.5 ) (5.3 ) — (198.8 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings on short-term debt 298.3 — — 298.3 Repayments of borrowings on short-term debt (278.3 ) — — (278.3 ) Purchase of treasury stock (4.9 ) — — (4.9 ) Investment between parent and subsidiaries 8.3 (20.6 ) 12.3 — Payments for debt issuance costs (0.1 ) — — (0.1 ) Other, net (1.2 ) — — (1.2 ) Net cash flows from financing activities 22.1 (20.6 ) 12.3 13.8 Increase (decrease) in cash, cash equivalents and restricted cash (2.9 ) (3.4 ) — (6.3 ) Cash, cash equivalents and restricted cash at beginning of period 19.6 3.4 — 23.0 Cash, cash equivalents and restricted cash at end of period $ 16.7 $ — $ — $ 16.7 |
Summary of Significant Accout_3
Summary of Significant Accouting Policies - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash and cash equivalents | $ 20 | $ 22.5 | $ 15.7 | |
Restricted Cash, Current | 1.4 | 0 | 0 | |
Restricted Cash, Noncurrent | 1 | 2.4 | 1 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 22.4 | 24.9 | 16.7 | $ 23 |
Logs, pulpwood, chips and sawdust | 19.4 | 19.8 | ||
Pulp, paperboard and tissue products | 168.9 | 159.5 | ||
Materials and supplies | 93.1 | 86.9 | ||
Inventories | 281.4 | 266.2 | ||
Property, Plant and Equipment, Gross | 3,039.5 | 2,961 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 1,781.8 | 1,691.7 | ||
Property, plant and equipment, net | 1,257.7 | 1,269.3 | ||
Depreciation | 108.4 | 94.4 | 97 | |
Interest Costs Capitalized | 5.9 | 9 | 4.6 | |
Net proceeds from divested assets | 70.9 | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 26.8 | |||
Receivables, net of allowance for doubtful accounts of $1.5 at December 31, 2019 and 2018 | 159.1 | 145.5 | ||
Accrued account purchase agreement liabilities | 0 | 4.9 | ||
Goodwill, Impairment Loss | 0 | 195.1 | 0 | |
Sale of Accounts Receivable | 159.3 | 68.8 | ||
Factoring Expense | 1 | 0.2 | ||
Supply chain financing, amount outstanding | 20.8 | |||
Other Assets | ||||
Escrow Deposit | 1.4 | 1.4 | ||
Restricted Cash, Current [Member] | ||||
Escrow Deposit | 1.4 | |||
Land and land Improvements | ||||
Property, Plant and Equipment, Gross | $ 109.9 | 95.3 | ||
Land and land Improvements | Minimum | ||||
Estimated useful life | 10 years | |||
Land and land Improvements | Maximum | ||||
Estimated useful life | 40 years | |||
Building and Building Improvements [Member] | ||||
Property, Plant and Equipment, Gross | $ 478.7 | 381.1 | ||
Building and Building Improvements [Member] | Minimum | ||||
Estimated useful life | 10 years | |||
Building and Building Improvements [Member] | Maximum | ||||
Estimated useful life | 40 years | |||
Machinery and Equipment | ||||
Property, Plant and Equipment, Gross | $ 2,441.7 | 2,211.3 | ||
Capital Leased Assets, Gross | $ 26.5 | $ 26.1 | ||
Machinery and Equipment | Minimum | ||||
Estimated useful life | 2 years | |||
Machinery and Equipment | Maximum | ||||
Estimated useful life | 25 years | |||
Construction in Progress [Member] | ||||
Property, Plant and Equipment, Gross | $ 9.2 | 273.3 | ||
Trade Accounts Receivable [Member] | ||||
Receivables, net of allowance for doubtful accounts of $1.5 at December 31, 2019 and 2018 | $ 157.1 | $ 142.8 |
Recently Adopted and New Acco_2
Recently Adopted and New Accounting Standards - ASU 2016-02 (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease, right-of-use assets | $ 73.1 | $ 0 |
Operating Lease, Liability | 79.5 | |
Adjustments for New Accounting Pronouncement [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease, right-of-use assets | 85 | |
Operating Lease, Liability | $ 90 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Cost | $ 15 | ||
Finance Lease, Right-of-Use Asset, Amortization | 1.7 | ||
Finance Lease, Interest Expense | 1.9 | ||
Variable Lease, Cost | 1.2 | ||
Lease, Cost | 19.8 | ||
Operating Lease, Payments | 16.6 | ||
Finance Lease, Interest Payment on Liability | 1.9 | ||
Finance Lease, Principal Payments | 1.3 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 2.5 | ||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 0.5 | ||
Operating lease, right-of-use assets | 73.1 | $ 0 | |
Finance Lease, Right-of-Use Asset | 26.5 | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | (11.1) | ||
Assets | 1,877.7 | 1,788.1 | $ 1,802.3 |
Operating Lease, Liability, Current | 13.9 | ||
Finance Lease, Liability, Current | 1.4 | ||
Total current liabilities | 280.4 | 449.2 | |
Long-term operating lease liabilities | 65.6 | 0 | |
Finance Lease, Liability, Noncurrent | 20.6 | ||
Operating Lease, Liability | 79.5 | ||
Finance Lease, Liability | $ 22 | 23 | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 7 months | ||
Finance Lease, Weighted Average Remaining Lease Term | 10 years 8 months | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.90% | ||
Finance Lease, Weighted Average Discount Rate, Percent | 8.30% | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 17.4 | ||
Finance Lease, Liability, Payments, Due Next Twelve Months | 3.2 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 16.7 | ||
Finance Lease, Liability, Payments, Due Year Two | 3.2 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 15.7 | ||
Finance Lease, Liability, Payments, Due Year Three | 3.1 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 9.6 | ||
Finance Lease, Liability, Payments, Due Year Four | 2.9 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 7.4 | ||
Finance Lease, Liability, Payments, Due Year Five | 2.8 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 26.7 | ||
Finance Lease, Liability, Payments, Due after Year Five | 18.7 | ||
Lessee, Operating Lease, Liability, Payments, Due | 93.5 | ||
Finance Lease, Liability, Payment, Due | 33.9 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (14) | ||
Finance Lease, Liability, Undiscounted Excess Amount | (11.9) | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 12 | ||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 3.1 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 11.4 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 3.1 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 10.4 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 3.1 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 9.5 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 3 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 7.2 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 2.8 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 24.3 | ||
Operating Leases, Future Minimum Payments Due | 74.8 | ||
Capital Leases, Future Minimum Payments Due Thereafter | 21.7 | ||
Capital Leases, Future Minimum Payments Due | 36.8 | ||
Capital Leases, Future Minimum Payments, Interest Included in Payments | (13.9) | ||
Capital Lease Obligations | 22.9 | ||
Liabilities | $ 1,445.7 | $ 1,361.7 | |
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 12 years | ||
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 1 year | ||
Lease assets [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Assets | $ 88.5 | ||
Lease liabilities, current [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Total current liabilities | 15.3 | ||
Lease liabilities, noncurrent [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Liabilities, Noncurrent | 86.2 | ||
Lease liabilities [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Liabilities | 101.5 | ||
Finance lease costs [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lease, Cost | $ 3.6 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Estimated Future Amortization Expense Related to Intangible Assets (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 3,300 |
2021 | 2,900 |
2022 | 2,200 |
2023 | 2,100 |
2024 | 2,100 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 4,300 |
Net Balance | $ 16,900 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Details (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||
Goodwill | $ 35.1 | ||
Net proceeds from divested assets | $ 70.9 | ||
Total, write off due to Ladysmith sale | 14.9 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | ||
Goodwill and intangible assets, net | 52 | 59.2 | $ 276.7 |
Goodwill, Impairment Loss | 0 | (195.1) | 0 |
Amortization of Intangible Assets | (7.2) | (7.5) | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 46.9 | 39.7 | 37.8 |
Minimum [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Maximum [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Consumer Products [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 0 | 0 | 209.1 |
Intangible Assets, Net (Excluding Goodwill) | 0.3 | 4.6 | 10.1 |
Goodwill, Impairment Loss | (195.1) | ||
Impairment of Intangible Assets, Finite-lived | 0 | ||
Goodwill, Written off Related to Sale of Business Unit | (14) | ||
Intangibles, write off due to Ladysmith sale | 0.9 | ||
Amortization of Intangible Assets | (4.3) | (4.6) | |
Pulp And Paperboard [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 35.1 | 35.1 | 35.1 |
Intangible Assets, Net (Excluding Goodwill) | 16.6 | 19.5 | $ 22.4 |
Goodwill, Impairment Loss | 0 | ||
Impairment of Intangible Assets, Finite-lived | 0 | ||
Goodwill, Written off Related to Sale of Business Unit | 0 | ||
Intangibles, write off due to Ladysmith sale | 0 | ||
Amortization of Intangible Assets | (2.9) | (2.9) | |
Customer Relationships [Member] | |||
Goodwill [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | 15 | 21 | |
Trademarks and Trade Names [Member] | |||
Goodwill [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | 1.7 | 2.8 | |
Other Intangible Assets [Member] | |||
Goodwill [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | $ 0.2 | $ 0.3 |
Income Taxes - Provision (Bene
Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% |
Current | |||
Federal | $ (2.1) | $ 1.1 | $ (16.7) |
State | 0.1 | 2.1 | 0.9 |
Current Income Tax Expense (Benefit) | (2) | 3.2 | (15.8) |
Deferred | |||
Federal | (0.6) | 3.6 | (36.8) |
State | 0.3 | 3.5 | (3.8) |
Deferred tax expense | (0.3) | 7.1 | (40.6) |
Income tax provision | $ (2.3) | $ 10.3 | $ (56.4) |
Income Taxes - Income Tax Reco
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income Tax Disclosure [Abstract] | ||||
Tax Expense associated with the goodwill write-off as part of our asset divestiture | $ 2.9 | |||
Computed expected tax provision | $ (1.7) | (28) | $ 14.3 | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 0 | 41 | 0 | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | 0 | (70.1) | |
State and local taxes, net of federal income tax impact | (0.9) | 4.4 | (1.2) | |
Effective Income Tax Rate Reconciliation, Tax Contingency, State and Local, Amount | (1.2) | 0.1 | (0.7) | |
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | 2.3 | 10.9 | 3.2 | |
Uncertain tax positions | 0.7 | 0 | 0.3 | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | 0.6 | 0.7 | 2.2 | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | 0.4 | 0.2 | 0.3 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 2.3 | 0 | 0.8 | |
Other | (0.2) | 2.8 | [1] | 0.9 |
Income tax provision | $ (2.3) | $ 10.3 | $ (56.4) | |
[1] | Includes $2.9 million of expense associated with the write-off of goodwill as part of our divestiture discussed in Note 10, "Other Operating Charges, net" for the year ended December 31, 2018. |
Income Taxes - Tax Effects of
Income Taxes - Tax Effects of Significant Temporary Differences Creating Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Tax Assets, Gross [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | $ 3.8 | $ 4.2 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | 17.1 | 15.9 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 4.4 | 4.3 |
Deferred Tax Assets, Inventory | 7.6 | 6.2 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 3.2 | 7.4 |
Deferred Tax Assets, Tax Credit Carryforwards | 10.3 | 10.7 |
Deferred Tax Assets, Operating Loss Carryforwards | 8.8 | 2 |
Deferred tax assets, gross | 89.7 | 56.2 |
Deferred Tax Assets, Valuation Allowance | 5.3 | 3.8 |
Deferred Tax Assets, Net of Valuation Allowance | 84.4 | 52.4 |
Deferred tax liabilities: | ||
Plant and equipment | (179.2) | (161.8) |
Deferred Tax Liabilities, Leasing Arrangements | (18.9) | 0 |
Intangible assets | (3.8) | (5.6) |
Deferred Tax Liabilities, Gross | 201.9 | 167.4 |
Deferred Tax Liabilities, Net | 117.5 | 115 |
Interest Expense [Member] | ||
Deferred Other Tax Expense (Benefit) | 9.9 | |
Deferred Tax Assets, Gross [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Other | 12.4 | 2.5 |
Lease Agreements [Member] | ||
Deferred Tax Assets, Gross [Abstract] | ||
Deferred Tax Assets, Other | 20.5 | 0 |
Other Expense [Member] | ||
Deferred Tax Assets, Gross [Abstract] | ||
Deferred Tax Assets, Other | $ 1.6 | $ 3 |
- Net Deferred Tax Assets (Liab
- Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Net Deferred Tax Assets Liabilities [Abstract] | |||
Non-current deferred tax assets | [1] | $ 3.8 | $ 6.2 |
Non-current deferred tax liabilities | (121.3) | (121.2) | |
Deferred Tax Liabilities, Net | $ (117.5) | $ (115) | |
[1] | 1 Included in "Other assets, net" on our accompanying December 31, 2019 and 2018 Consolidated Balance Sheets. |
Income Taxes - Tax Credits and
Income Taxes - Tax Credits and Losses Subject to Expiration by Major Jurisdictions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Tax Credit Carryforward [Line Items] | ||
Investment Tax Credit | $ 1.3 | $ 10 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Tax Credit Carryforward [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 0 | $ 0 | $ 70.1 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 1.1 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% | |
Deferred Tax Assets, Valuation Allowance | $ 5.3 | $ 3.8 | ||
Change in valuation allowance | 2.3 | 0 | $ 0.8 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 3.4 | 2.8 | ||
Unrecognized tax benefits , if recognized, would favorably impact effective tax rate | 3.5 | 2.8 | 3.6 | |
Accrued interest related to tax obligations | 0.1 | 0.1 | 0.1 | |
Federal and state credit carryforwards | 10.3 | 10.7 | ||
Investment Tax Credit | 1.3 | 10 | ||
Income Tax Examination, Penalties Accrued | 0 | 0 | $ 0 | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | $ 0 | $ 41 | $ 0 | |
Deferred Tax Assets, Valuation Allowance Expirations [Domain] | ||||
Tax Credit Carryforward [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Explanation of Change | .8 | |||
Valuation allowances, State Tax Credits [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Change in valuation allowance | $ (7.7) |
Income Taxes - Roll Forward of
Income Taxes - Roll Forward of Unrecognized Tax Benefits and Associated Interest and Penalties Included in Balance Sheet (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 3.4 | $ 2.8 |
Balance | 3.4 | 4.4 |
Unrecognized Tax Benefits, Period Increase (Decrease) | 0.4 | (0.5) |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (0.8) | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0.3 | |
Increase in current year tax positions | 0.3 | |
Balance | 4.1 | 3.4 |
Gross Unrecognized Tax Benefits, Excluding Interest and Penalties | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Balance | 3.1 | 4.1 |
Unrecognized Tax Benefits, Period Increase (Decrease) | 0.3 | (0.6) |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (0.7) | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0.3 | |
Increase in current year tax positions | 0.3 | |
Balance | 3.7 | 3.1 |
Interest and Penalties | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Balance | 0.3 | 0.3 |
Unrecognized Tax Benefits, Period Increase (Decrease) | 0.1 | 0.1 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (0.1) | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0 | |
Increase in current year tax positions | 0 | |
Balance | $ 0.4 | $ 0.3 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade accounts payable | $ 149.6 | $ 228.1 |
Accrued wages, salaries and employee benefits | 45 | 41.4 |
Operating Lease, Liability, Current | 13.9 | |
Accrued interest | 13.3 | 14.7 |
Accrued utilities | 8.6 | 6.9 |
Accrued discounts and allowances | 6.6 | 8.1 |
Current liability for pension and other postretirement employee benefits | 7.4 | 7.4 |
Accrued taxes other than income taxes payable | 7.1 | 6.2 |
Other | 11 | 14.2 |
Accounts payable and accrued liabilities | 262.5 | 327 |
Accrued Liabilities, Current | $ 6.3 | $ 57.1 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Jul. 29, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Oct. 31, 2016 | Jan. 21, 2013 |
Debt Instrument [Line Items] | |||||||
Finance Lease, Liability, Payments, Due Next Twelve Months | $ 3,200,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 599,400,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 4,500,000 | ||||||
Finance Lease, Liability, Payments, Due after Year Five | 18,700,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 279,500,000 | ||||||
Finance Lease, Liability, Payments, Due Year Five | 2,800,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 4,600,000 | ||||||
Finance Lease, Liability, Payments, Due Year Four | 2,900,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 4,600,000 | ||||||
Finance Lease, Liability, Payments, Due Year Three | 3,100,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 17,900,000 | ||||||
Finance Lease, Liability, Payments, Due Year Two | 3,200,000 | ||||||
Amortization of deferred issuance costs on debt | $ 2,000,000 | $ 1,400,000 | $ 1,200,000 | ||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 0.00% | ||||||
Long-term Debt, Gross | $ 910,500,000 | 818,800,000 | |||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | 902,400,000 | 815,100,000 | |||||
Unamortized Debt Issuance Expense | (8,100,000) | (3,700,000) | |||||
Supply chain financing, amount outstanding | 20,800,000 | ||||||
Finance Lease, Liability | 22,000,000 | 23,000,000 | |||||
Proceeds from long-term debt, net | 296,100,000 | 0 | $ 0 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 217,000,000 | ||||||
Potential additional lines of credit | 100,000,000 | ||||||
Long-term Line of Credit | $ 13,500,000 | 200,000,000 | |||||
Ratio of Indebtedness to Net Capital | 2 | ||||||
Long-term Debt and Lease Obligation, Current | $ 17,900,000 | 122,200,000 | |||||
Long-term debt | $ 892,600,000 | 696,600,000 | |||||
Debt Instrument, Repayment Terms, Percentage Of Principal | 0.25% | ||||||
Long-term debt | $ 884,500,000 | 692,900,000 | |||||
Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Repayment Terms, Asset Sales, Percentage Of Principal | 0.00% | ||||||
Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Ratio of Indebtedness to Net Capital | 4.25 | ||||||
Debt Instrument, Repayment Terms, Asset Sales, Percentage Of Principal | 50.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt, Weighted Average Interest Rate | 3.25% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate spread | 3.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate spread | 3.25% | ||||||
Base Rate [Member] | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate spread | 2.00% | ||||||
Base Rate [Member] | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate spread | 2.25% | ||||||
Wells Fargo [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility, maximum borrowing capacity | $ 200,000,000 | ||||||
Debt Extinguishment Costs, Breakage Fees | $ 1,700,000 | ||||||
Write off of Deferred Debt Issuance Cost | 1,000,000 | ||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 135,000,000 | ||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 1,600,000 | ||||||
Debt Issuance Costs, Line of Credit Arrangements, Net | 7,300,000 | ||||||
Northwest Farm Credit Services, PCA [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility, maximum borrowing capacity | 200,000,000 | ||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 200,000,000 | ||||||
Allied Bank Limited [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility, maximum borrowing capacity | 250,000,000 | ||||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 15,000,000 | ||||||
Potential additional lines of credit | $ 100,000,000 | ||||||
Ratio of Indebtedness to Net Capital | 1.1 | ||||||
Allied Bank Limited [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Debt, Weighted Average Interest Rate | 1.25% | ||||||
Allied Bank Limited [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Debt, Weighted Average Interest Rate | 1.75% | ||||||
Allied Bank Limited [Member] | Base Rate [Member] | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate spread | 0.25% | ||||||
Allied Bank Limited [Member] | Base Rate [Member] | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate spread | 0.75% | ||||||
Wells Fargo [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility, maximum borrowing capacity | $ 200,000,000 | ||||||
Northwest Farm Credit [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility, maximum borrowing capacity | 200,000,000 | ||||||
Long-term Line of Credit | $ 100,000,000 | ||||||
Term of borrowing | 3 years | ||||||
Reported Value Measurement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 200,000,000 | ||||||
Revolving Credit Facility [Member] | Allied Bank Limited [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding stand by letters of credit | $ 4,400,000 | ||||||
Loan Lending Commitment Arrangement Fees [Member] | Allied Bank Limited [Member] | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate spread | 0.25% | ||||||
Loan Lending Commitment Arrangement Fees [Member] | Allied Bank Limited [Member] | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate spread | 0.375% | ||||||
Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 10.00% | ||||||
Term Loan [Member] | Allied Bank Limited [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | $ 300,000,000 | 0 | |||||
Long-term Debt | 294,900,000 | 0 | |||||
Unamortized Debt Issuance Expense | (5,100,000) | 0 | |||||
Long-term Line of Credit | $ 300,000,000 | ||||||
Line of Credit [Member] | Allied Bank Limited [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Line of Credit | $ 58,000,000 | ||||||
Senior Note Due 2023 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 0.00% | ||||||
Long-term Debt, Gross | $ 275,000,000 | 275,000,000 | |||||
Long-term Debt | 273,500,000 | 273,000,000 | |||||
Unamortized Debt Issuance Expense | (1,500,000) | (2,000,000) | |||||
Debt instrument, principal amount | $ 275,000,000 | ||||||
Debt instrument, interest rate | 4.50% | ||||||
Senior Note Due 2023 [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Fair Value | $ 574,000,000 | ||||||
Senior Note Due 2025 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 10.00% | ||||||
Long-term Debt, Gross | $ 300,000,000 | 300,000,000 | |||||
Long-term Debt | 298,500,000 | 298,300,000 | |||||
Unamortized Debt Issuance Expense | (1,500,000) | $ (1,700,000) | |||||
Debt instrument, principal amount | $ 300,000,000 | ||||||
Debt instrument, interest rate | 5.375% | ||||||
Redemption Price | 100.00% | ||||||
Senior Note Due 2025 [Member] | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Redemption Notice Term | 30 days | ||||||
Senior Note Due 2025 [Member] | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Redemption Notice Term | 60 days | ||||||
Senior Note Due 2025 [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Fair Value | 512,375,000 | ||||||
Commercial Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Amount of credit agreement included in short-term debt | $ 100,000,000 |
Asset Divestiture (Details)
Asset Divestiture (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net proceeds from divested assets | $ 70.9 | ||
Gain (Loss) on Disposition of Assets | $ 0 | (24) | $ 0 |
Finite-Lived Intangible Assets, Written off Related to Assets Divested | (0.9) | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 26.8 | ||
Disposal Group, Including Discontinued Operation, Inventory | 3.4 | ||
Other Assets [Member] | |||
Escrow Deposit | $ 1.4 | $ 1.4 |
Other Operating Charges, net (D
Other Operating Charges, net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gain (Loss) on Disposition of Assets | $ 0 | $ (24) | $ 0 |
Other Operating Income (Expense), Net | (6.3) | 17.5 | (16.8) |
Reorganization Expenses [Member] | |||
Other Cost and Expense, Operating | 2.9 | 8 | 2.3 |
Environmental Remediation [Member] | |||
Other Cost and Expense, Operating | 1 | 0 | 0 |
Facility Closing [Member] | |||
Other Cost and Expense, Operating | 0 | 0 | 16.7 |
Other Expense [Member] | |||
Other Cost and Expense, Operating | 2.1 | 0.8 | 0.6 |
Director [Member] | |||
Share-based Payment Arrangement, Expense | $ 0.3 | $ (2.3) | $ (2.8) |
Savings, Pension and Other Po_3
Savings, Pension and Other Postretirement Employee Benefit Plans - Changes in Benefit Obligation, Plan Assets and Funded Status for Company-Sponsored Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Noncurrent assets | $ 0 | ||
Current liability for pension and other postretirement employee benefits | (7.4) | $ (7.4) | |
Liability for pension and other postretirement employee benefits | (76.6) | (78.2) | |
Liability, Defined Benefit Pension Plan | (9.9) | (25.4) | |
Liability, Other Postretirement Defined Benefit Plan | (66.4) | (60.3) | |
Pension Benefit Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 294.2 | 317.8 | |
Service cost | 2.4 | 1.8 | $ 2.1 |
Interest cost | 12.4 | 12 | 13.1 |
Actuarial losses (gains) | 29 | (16.3) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (21.5) | (21.1) | |
Benefit obligation at end of year | 316.5 | 294.2 | 317.8 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 268.8 | 310.9 | |
Actual return on plan assets | 58.8 | (21.5) | |
Employer contribution | 0.5 | 0.5 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 21.5 | 21.1 | |
Fair value of plan assets at end of year | 306.6 | 268.8 | 310.9 |
Funded status at end of year | (9.9) | (25.4) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Noncurrent assets | 7.7 | 0 | |
Current liability for pension and other postretirement employee benefits | (0.4) | (0.4) | |
Liability for pension and other postretirement employee benefits | (17.2) | (25) | |
Net actuarial loss (gain) | 91.4 | 111.9 | |
Other Postretirement Employee Benefit Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 60.3 | 65.1 | |
Service cost | 0.1 | 0.1 | 0.2 |
Interest cost | 2.8 | 2.4 | 2.7 |
Actuarial losses (gains) | 9.6 | (0.3) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (6.4) | (7) | |
Benefit obligation at end of year | 66.4 | 60.3 | 65.1 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contribution | 7 | 7 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 7 | 7 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status at end of year | (66.4) | (60.3) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Noncurrent assets | 0 | 0 | |
Current liability for pension and other postretirement employee benefits | (7) | (7) | |
Liability for pension and other postretirement employee benefits | (59.4) | (53.3) | |
Net actuarial loss (gain) | $ (5.1) | $ (15) |
- Certain Pension Plans with Ac
- Certain Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 178.5 | $ 294.2 |
Accumulated benefit obligation | 178.5 | 294.2 |
Fair value of plan assets | $ 160.8 | $ 268.8 |
Savings, Pension and Other Po_4
Savings, Pension and Other Postretirement Employee Benefit Plans - Pre-tax Components of Net Periodic Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 2.4 | $ 1.8 | $ 2.1 |
Interest cost | 12.4 | 12 | 13.1 |
Expected return on plan assets | (16.5) | (17) | (18.8) |
Amortization of prior service cost (credit) | 0 | 0 | 0 |
Amortization of actuarial loss | 7.3 | 10.1 | 9.9 |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 0 | 0 |
Net periodic cost | 5.6 | 6.9 | 6.3 |
Other Postretirement Employee Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.1 | 0.1 | 0.2 |
Interest cost | 2.8 | 2.4 | 2.7 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost (credit) | 0 | (1.7) | (1.5) |
Amortization of actuarial loss | (0.3) | (0.9) | (6.6) |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 0 | 0 |
Net periodic cost | $ 2.6 | $ (0.1) | $ (5.2) |
Savings, Pension and Other Po_5
Savings, Pension and Other Postretirement Employee Benefit Plans - Other Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | $ 0 | $ 0 | $ 0 |
Other Postretirement Employee Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | $ 0 | $ 0 | $ 0 |
Savings, Pension and Other Po_6
Savings, Pension and Other Postretirement Employee Benefit Plans - Weighted Average Assumptions Used to Determine Benefit Obligation (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.40% | 4.40% | 3.90% |
Discount rate | 4.40% | 3.90% | 4.45% |
Expected return on plan assets | 6.00% | 6.00% | 6.75% |
Other Postretirement Employee Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.60% | 4.55% | 3.95% |
Discount rate | 4.55% | 3.95% | 4.30% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Savings, Pension and Other Po_7
Savings, Pension and Other Postretirement Employee Benefit Plans - Weighted Average Assumptions Used to Determine Net Periodic Cost (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ 9.9 | ||
Discount rate | 4.40% | 3.90% | 4.45% |
Expected return on plan assets | 6.00% | 6.00% | 6.75% |
Other Postretirement Employee Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.55% | 3.95% | 4.30% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Savings, Pension and Other Po_8
Savings, Pension and Other Postretirement Employee Benefit Plans - One Percentage Point Change in Health Care Cost Trend Rates (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract] | |
Effect of 1% increase on total service and interest cost components | $ 0.2 |
Effect of 1% decrease on total service and interest cost components | (0.2) |
Effect of 1% increase on postretirement employee benefit obligation | 4.8 |
Effect of 1% decrease on postretirement employee benefit obligation | $ (4.2) |
Savings, Pension and Other Po_9
Savings, Pension and Other Postretirement Employee Benefit Plans - Investments at Fair Value for Company Sponsored Pension Benefit Plans Within Fair Value Hierarchy (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2017 |
Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 2,000,000 | $ 2,000,000 |
defined benefit plan net asset value | 0 | 0 |
Common and collective trusts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 304,600,000 | 266,800,000 |
defined benefit plan net asset value | 304,600,000 | 266,800,000 |
Investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 306,600,000 | 268,800,000 |
defined benefit plan net asset value | 304,600,000 | 266,800,000 |
Fair Value, Inputs, Level 1 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,000,000 | 2,000,000 |
Fair Value, Inputs, Level 1 | Common and collective trusts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Inputs, Level 1 | Investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 2,000,000 | $ 2,000,000 |
Savings, Pension and Other P_10
Savings, Pension and Other Postretirement Employee Benefit Plans - Long Term Asset Allocation Ranges (Details) | Dec. 31, 2019 |
Minimum [Member] | Domestic equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% |
Minimum [Member] | International equities, including emerging markets | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% |
Minimum [Member] | Corporate bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 68.00% |
Minimum [Member] | Liquid reserves | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% |
Maximum | Domestic equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 18.00% |
Maximum | International equities, including emerging markets | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 18.00% |
Maximum | Corporate bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 78.00% |
Maximum | Liquid reserves | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5.00% |
Savings, Pension and Other P_11
Savings, Pension and Other Postretirement Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Pension Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $ 0 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
2019 | 0 |
2020-2023 | 0.1 |
Other Postretirement Employee Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 0 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
2019 | 0 |
2020-2023 | $ 0 |
Savings, Pension and Other P_12
Savings, Pension and Other Postretirement Employee Benefit Plans - Multiemployer Defined Benefit Plans (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)$ / h$ / Hour | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer Defined Benefit Plans Contribution Rate | $ / Hour | 4 | ||
Multiemployer Plans, Withdrawal Obligation | $ 81,600 | ||
Entity Tax Identification Number | 516031295 | ||
Contributions (in thousands) | $ 5,600 | $ 5,700 | $ 6,100 |
IAM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer Plan Number | 002 | ||
Multiemployer Plans, Certified Zone Status [Fixed List] | Red | Green | |
Contributions (in thousands) | $ 270 | $ 316 | 333 |
Multiemployer Plans, Surcharge [Fixed List] | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | May 31, 2023 | ||
USW | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer Defined Benefit Plans Contribution Rate | $ / h | 2.79 | ||
Entity Tax Identification Number | 116166763 | ||
Multiemployer Plan Number | 001 | ||
Multiemployer Plans, Certified Zone Status [Fixed List] | Red | Red | |
Contributions (in thousands) | $ 5,331 | $ 5,386 | $ 5,815 |
Multiemployer Plans, Surcharge [Fixed List] | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Aug. 31, 2017 | ||
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.80% | ||
defined benefit plan, ultimate health care cost trend rates, with added benefits | 4.50% | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.90% | ||
Maximum | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
defined benefit plan, ultimate health care cost trend rates, with added benefits | 3.80% | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 3.80% |
- Additional Information (Detai
- Additional Information (Details) | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2019USD ($)option | Dec. 31, 2019USD ($)optionfacility$ / h$ / Hour | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Number of Investment Options Holding Substantially All Pension Funds | option | 8 | 8 | ||
Employer contributions | $ 16,600,000 | $ 17,200,000 | $ 16,600,000 | |
Number of our manufacturing facilities participating in multiemployer defined benefit pension plans | facility | 2 | |||
Multiemployer Plans, Withdrawal Obligation | $ 81,600,000 | $ 81,600,000 | ||
Contribution rates | $ / Hour | 4 | |||
Additional contribution, percent of contractual contribution rate | 2.50% | |||
USW | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution rates | $ / h | 2.79 | |||
Maximum | Plan A [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Funded Percentage Of Pension Protection Plan | 65.00% | 65.00% | ||
Maximum | Plan B [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Funded Percentage Of Pension Protection Plan | 80.00% | 80.00% | ||
Minimum | Plan B [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Funded Percentage Of Pension Protection Plan | 65.00% | 65.00% | ||
Minimum | Plan C [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Funded Percentage Of Pension Protection Plan | 80.00% | 80.00% | ||
Pension Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net loss expected to be recognized as component of net periodic benefit over the next fiscal year | $ (9,900,000) | $ (9,900,000) | ||
Fair value of plan assets | $ 306,600,000 | 306,600,000 | 268,800,000 | 310,900,000 |
Employer contribution | 500,000 | 500,000 | ||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | $ 0 | 0 | 0 | |
Other Postretirement Employee Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Assumed health care cost trend rates used to determine the company's benefit obligations and expense | 6.80% | 6.80% | ||
Assumed health care cost trend rates, graded rate | 5.90% | 5.90% | ||
Expected year when trend rate to be reached | 70 years | |||
Fair value of plan assets | $ 0 | $ 0 | 0 | 0 |
Employer contribution | 7,000,000 | 7,000,000 | ||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | $ 0 | 0 | 0 | |
Other Postretirement Employee Benefit Plans | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Assumed health care cost trend rate, graded | 3.90% | 3.90% | ||
Assumed health care cost trend rates, graded rate | 3.80% | 3.80% | ||
Supplemental Employee Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contribution | $ 500,000 | |||
Other Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contribution | 0 | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0 | 0 | ||
Fair Value, Inputs, Level 1 | Other Postretirement Employee Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 20,000 | |||
Cost of Sales [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 1,500,000 | 1,200,000 | ||
Selling, General and Administrative Expenses [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | $ 1,000,000 | $ 800,000 | 900,000 | |
Non-operating expense [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | $ 1,300,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive loss, net of tax | $ (59,500) | $ (67,300) | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | [1] | (12,800) | ||
Net current period other comprehensive income ending balance | 7,800 | (10,500) | $ 7,800 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax | 0 | 0 | 0 | |
Defined Benefit Pension Plan Adjustments | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive loss, net of tax | (59,500) | (67,300) | (44,000) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (16,000) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5,100 | 5,500 | ||
Net current period other comprehensive income ending balance | 2,700 | (10,500) | ||
Pension Plan [Member] | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 0 | 0 | |
Pension Plan [Member] | Defined Benefit Pension Plan Adjustments | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive loss, net of tax | (67,800) | (83,000) | (59,000) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 9,800 | (16,300) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5,400 | 7,300 | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | [1] | (15,000) | ||
Net current period other comprehensive income ending balance | 15,200 | (9,000) | ||
Other Postretirement Benefits Plan [Member] | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive loss, net of tax | 8,300 | 15,700 | 15,000 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (7,100) | 300 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (300) | (1,800) | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | [1] | 2,200 | ||
Net current period other comprehensive income ending balance | (7,400) | (1,500) | ||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | $ 0 | $ 0 | $ 0 | |
[1] | In February 2018, the FASB issued ASU No. 2018-2, Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the December 22, 2017, H.R. 1, Tax Cuts and Jobs Act (the Act). During 2018, we reclassified the income tax effects of the Act on pension and other postretirement employee benefits within accumulated other comprehensive loss to retained earnings. |
Earnings Per Share - Share Rec
Earnings Per Share - Share Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings Per Share (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Weighted average number of shares outstanding, basic | [1] | 16,533,000 | 16,487,000 | 16,464,000 |
Weighted average number of shares outstanding, diluted | 16,533,000 | 16,487,000 | 16,556,000 | |
Earnings per share, basic | $ (0.34) | $ (8.72) | $ 5.91 | |
Earnings per share, diluted | $ (0.34) | $ (8.72) | $ 5.88 | |
Anti-dilutive shares excluded from calculation | 1,000,000 | 929,399 | 499,348 | |
Restricted Stock Units (RSUs) [Member] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 | 22,000 | |
Performance Shares [Member] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 | 45,000 | |
Share-based Payment Arrangement, Option [Member] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 | 25,000 | |
[1] | Basic average common shares outstanding include restricted stock awards that are fully vested, but are deferred for future issuance. See Note 14 "Stockholders' Equity" for further discussion. |
Stockholders' Equity - Employee
Stockholders' Equity - Employee Plans Equity Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense | $ 4,100 | $ 3,300 | $ 3,600 | |
Share-based Payment Arrangement, Expense, Tax Benefit | 1,049 | 1,486 | $ 2,149 | |
Payment, Tax Withholding, Share-based Payment Arrangement | $ 400 | $ 400 | $ 1,100 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Status of Outstanding RSU Awards (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 223,853 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Deferred Share Balance | 33,663 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Grant Date Fair Value | $ 28.09 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2.1 | $ 2 | $ 1.1 |
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedandDeferredWtdAvgGrantDateFairValue | $ 7.31 | ||
Number of share | |||
Beginning Balance | 127,653 | ||
Granted | 139,037 | ||
Vested | (48,164) | ||
Forfeited | (28,336) | ||
Ending Balance | 190,190 | 127,653 | |
Weighted Average Grant Date Fair Value | |||
Beginning Balance | $ 42.09 | ||
Granted | 26.64 | ||
Vested | 43.49 | ||
Forfeited | 33.22 | ||
Ending Balance | $ 31.76 | $ 42.09 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3.7 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 9 months | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 177,032 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Deferred Share Balance | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Grant Date Fair Value | $ 29.09 | ||
Number of share | |||
Beginning Balance | 78,430 | ||
Granted | 151,664 | ||
Vested | 0 | ||
Forfeited | (53,062) | ||
Ending Balance | 177,032 | 78,430 | |
Weighted Average Grant Date Fair Value | |||
Beginning Balance | $ 45.36 | ||
Granted | 26.60 | ||
Vested | |||
Forfeited | 46.04 | ||
Ending Balance | $ 29.09 | $ 45.36 |
Stockholders' Equity - Assumpti
Stockholders' Equity - Assumption Used in Monte Carlo Model to Estimate Fair Value of Performance Shares Awards (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.51 | $ 18.82 |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free rate | 2.74% | 2.05% |
Measurement period | 6 years | 6 years |
Volatility | 35.00% | 30.00% |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Status of Outstanding Performance Share Awards (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning Balance | 761,934 |
Granted | 0 |
Forfeited | (26,686) |
Ending Balance | 656,374 |
Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested Shares Settled | 0 |
Number of share | |
Ending Balance | 177,032 |
Granted | 151,664 |
Settled | 0 |
Forfeited | (53,062) |
Beginning Balance | 78,430 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 45.36 |
Granted | $ / shares | 26.60 |
Settled | $ / shares | |
Forfeited | $ / shares | 46.04 |
Ending Balance | $ / shares | $ 29.09 |
Maximum | Performance shares | |
Number of share | |
Ending Balance | 2 |
Minimum [Member] | Performance shares | |
Number of share | |
Ending Balance | 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | 12 Months Ended | 37 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | ||
Preferred Stock, Shares Issued | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 656,374 | 761,934 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 49.36 | $ 49.38 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 51.16 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 9 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 2 months | 7 years 2 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 511,787 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.51 | $ 18.82 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | (26,686) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 42.84 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (78,874) | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 51.81 | |||
Shares Available For Grant | 1,000,000 | |||
Share based compensation awards vesting period | 3 years | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | 0 | |
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Requisite service period of award | 1 year | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Requisite service period of award | 3 years | |||
Equity Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation costs | $ 1,000,000 | |||
Unrecognized compensation costs, expected weighted-average period to be recognized (in years) | 1 year | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Equity Option [Member] | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | P1Y | |||
Equity Option [Member] | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | P3Y | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 0 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,100,000 | $ 2,000,000 | $ 1,100,000 | |
Unrecognized compensation costs | $ 3,700,000 | |||
Unrecognized compensation costs, expected weighted-average period to be recognized (in years) | 1 year 9 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 48,164 | |||
Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation awards vesting period | 1 year | 3 years | ||
Share based compensation expense | $ 300,000 | $ (2,300,000) | (2,800,000) | |
Deferred compensation share-based arrangements, liability, classified, noncurrent | $ (2,400,000) | (800,000) | ||
Deferred Compensation Share-based Arrangements, Liability, Current | $ (1,300,000) |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies Additional Information (Details) | Dec. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | |
Firm price contracts, percentage of expected average monthly natural gas and electricity needs covered | 43.00% |
Segment Information - Reportabl
Segment Information - Reportable Segments Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 1,761.5 | $ 1,724.2 | $ 1,730.4 |
Income from operations | 45.4 | (97.9) | 71.2 |
Goodwill, Impairment Loss | 0 | (195.1) | 0 |
Other Operating Income (Expense), Net | (6.3) | 17.5 | (16.8) |
Depreciation and amortization | 115.6 | 101.9 | 105 |
TOTAL ASSETS | 1,877.7 | 1,788.1 | 1,802.3 |
Capital expenditures | $ 140.1 | $ 295.7 | $ 199.7 |
Segment Reporting, Disclosure of Major Customers | .111 | .153 | |
Reportable Segments Information | Consumer Products Our Consumer Products segment manufactures and sells a complete line of at-home tissue products, or retail products, and away-from-home tissue products, or non-retail products, and parent rolls. Retail products include bath, paper towels, facial and napkin product categories. Non-retail products include conventional one and two-ply bath tissue, two-ply paper towels, hard wound towels and dispenser napkins sold to customers with commercial and industrial tissue needs. Each category is further distinguished according to quality segments: ultra, premium, value and economy. Pulp and Paperboard Our Pulp and Paperboard segment manufactures and markets solid bleached sulfate paperboard for the high-end segment of the packaging industry as well as offers custom sheeting, slitting and cutting of paperboard. Our overall production consists primarily of folding carton, liquid packaging, cup and plate products and commercial printing grades. The majority of our Pulp and Paperboard customers are packaging converters, folding carton converters, merchants and commercial printers. The table below presents information about our reportable segments: (In millions) 2019 2018 2017 Segment net sales: Consumer Products $ 906.8 $ 884.8 $ 941.9 Pulp and Paperboard 854.7 839.4 788.5 Total segment net sales $ 1,761.5 $ 1,724.2 $ 1,730.4 Operating income (loss): Consumer Products $ (6.6 ) $ 0.3 $ 46.2 Pulp and Paperboard 115.3 130.9 97.5 Corporate (57.0 ) (51.5 ) (55.7 ) Goodwill impairment — (195.1 ) — Other operating charges, net (6.3 ) 17.5 (16.8 ) Income (loss) from operations $ 45.4 $ (97.9 ) $ 71.2 Depreciation and amortization: Consumer Products $ 69.7 $ 57.8 $ 60.3 Pulp and Paperboard 39.4 37.8 34.5 Corporate 6.5 6.3 5.6 Other operating charges, net — — 4.6 Total depreciation and amortization $ 115.6 $ 101.9 $ 105.0 Assets: Consumer Products $ 1,147.1 $ 1,094.1 $ 1,069.9 Pulp and Paperboard 652.2 638.8 645.4 Corporate 78.4 55.2 87.0 Total assets $ 1,877.7 $ 1,788.1 $ 1,802.3 Capital expenditures: Consumer Products $ 114.9 $ 262.7 $ 107.5 Pulp and Paperboard 16.7 20.9 80.8 131.6 283.6 188.3 Corporate 8.5 12.1 11.4 Total capital expenditures $ 140.1 $ 295.7 $ 199.7 | ||
Consumer Products | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 906.8 | $ 884.8 | $ 941.9 |
Income from operations | (6.6) | 0.3 | 46.2 |
Goodwill, Impairment Loss | (195.1) | ||
Depreciation and amortization | 69.7 | 57.8 | 60.3 |
TOTAL ASSETS | 1,147.1 | 1,094.1 | 1,069.9 |
Capital expenditures | 114.9 | 262.7 | 107.5 |
Pulp And Paperboard [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 854.7 | 839.4 | 788.5 |
Income from operations | 115.3 | 130.9 | 97.5 |
Goodwill, Impairment Loss | 0 | ||
Depreciation and amortization | 39.4 | 37.8 | 34.5 |
TOTAL ASSETS | 652.2 | 638.8 | 645.4 |
Capital expenditures | 16.7 | 20.9 | 80.8 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 131.6 | 283.6 | 188.3 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Income from operations | (57) | (51.5) | (55.7) |
Depreciation and amortization | 6.5 | 6.3 | 5.6 |
TOTAL ASSETS | 78.4 | 55.2 | 87 |
Capital expenditures | 8.5 | 12.1 | 11.4 |
Other Operating Income (Expense) [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 0 | 0 | 4.6 |
United States | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,686.2 | 1,648.6 | 1,650.1 |
Non-US [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 75.3 | 75.6 | 80.3 |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 11 | 3.7 | 3.2 |
Non-retail tissue [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 56.5 | 88.2 | 81.1 |
Paperboard [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 848.4 | 837.9 | 788.5 |
Retail tissue member [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 845.6 | $ 794.4 | $ 857.6 |
Supplemental Guarantor Financ_3
Supplemental Guarantor Financial Information - Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net sales | $ 1,761,500 | $ 1,724,200 | $ 1,730,400 |
Cost and expenses: | |||
Cost of sales | (1,597,000) | (1,536,700) | (1,521,200) |
Selling, general and administrative expenses | (112,800) | (107,800) | (121,200) |
Other Operating Income (Expense), Net | 6,300 | (17,500) | 16,800 |
Goodwill, Impairment Loss | 0 | 195,100 | 0 |
Total operating costs and expenses | 1,716,100 | 1,822,100 | 1,659,200 |
Income (loss) from operations | 45,400 | (97,900) | 71,200 |
Interest Income (Expense), Nonoperating, Net | (44,900) | (30,700) | (31,400) |
Debt retirement costs | (2,700) | 0 | 0 |
Net periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (5,700) | (4,900) | 1,100 |
Earnings before income taxes | (7,900) | (133,500) | 40,900 |
Income tax (provision) benefit | (2,300) | 10,300 | (56,400) |
Equity in income (loss) of subsidiary | 0 | 0 | 0 |
Net income (loss) | (5,600) | (143,800) | 97,300 |
Other comprehensive income, net of tax | 7,800 | (10,500) | 7,800 |
Comprehensive income | 2,200 | (154,300) | 105,100 |
Gain (Loss) on Disposition of Assets | 0 | 24,000 | 0 |
Issuer | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net sales | 1,653,100 | 1,752,300 | 1,707,300 |
Cost and expenses: | |||
Cost of sales | (1,510,300) | (1,581,700) | (1,516,500) |
Selling, general and administrative expenses | (93,800) | (87,000) | (90,800) |
Other Operating Income (Expense), Net | 6,300 | 6,500 | 16,800 |
Goodwill, Impairment Loss | 195,100 | ||
Total operating costs and expenses | 1,610,400 | 1,870,300 | 1,624,100 |
Income (loss) from operations | 42,700 | (118,000) | 83,200 |
Interest Income (Expense), Nonoperating, Net | (44,700) | (30,200) | (30,800) |
Debt retirement costs | (2,700) | ||
Net periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (5,700) | (4,900) | 1,100 |
Earnings before income taxes | (10,400) | (153,100) | 53,500 |
Income tax (provision) benefit | (7,700) | 5,200 | (34,300) |
Equity in income (loss) of subsidiary | 3,800 | 18,300 | 11,900 |
Net income (loss) | 1,100 | (140,000) | 99,700 |
Other comprehensive income, net of tax | 7,800 | (10,500) | 7,800 |
Comprehensive income | 8,900 | (150,500) | 107,500 |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net sales | 268,300 | 194,900 | 242,200 |
Cost and expenses: | |||
Cost of sales | (243,900) | (173,000) | (219,900) |
Selling, general and administrative expenses | (19,000) | (20,800) | (30,400) |
Other Operating Income (Expense), Net | 0 | (24,000) | 0 |
Goodwill, Impairment Loss | 0 | ||
Total operating costs and expenses | 262,900 | 169,800 | 250,300 |
Income (loss) from operations | 5,400 | 25,100 | (8,100) |
Interest Income (Expense), Nonoperating, Net | (200) | (500) | (600) |
Debt retirement costs | 0 | ||
Net periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 0 | 0 | 0 |
Earnings before income taxes | 5,200 | 24,600 | (8,700) |
Income tax (provision) benefit | 1,400 | 6,300 | (20,600) |
Equity in income (loss) of subsidiary | 0 | 0 | 0 |
Net income (loss) | 3,800 | 18,300 | 11,900 |
Other comprehensive income, net of tax | 0 | 0 | 0 |
Comprehensive income | 3,800 | 18,300 | 11,900 |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net sales | (159,900) | (223,000) | (219,100) |
Cost and expenses: | |||
Cost of sales | 157,200 | 218,000 | 215,200 |
Selling, general and administrative expenses | 0 | 0 | 0 |
Other Operating Income (Expense), Net | 0 | 0 | 0 |
Goodwill, Impairment Loss | 0 | ||
Total operating costs and expenses | (157,200) | (218,000) | (215,200) |
Income (loss) from operations | (2,700) | (5,000) | (3,900) |
Interest Income (Expense), Nonoperating, Net | 0 | 0 | 0 |
Debt retirement costs | 0 | ||
Net periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 0 | 0 | 0 |
Earnings before income taxes | (2,700) | (5,000) | (3,900) |
Income tax (provision) benefit | 4,000 | (1,200) | (1,500) |
Equity in income (loss) of subsidiary | (3,800) | (18,300) | (11,900) |
Net income (loss) | (10,500) | (22,100) | (14,300) |
Other comprehensive income, net of tax | 0 | 0 | 0 |
Comprehensive income | $ (10,500) | $ (22,100) | $ (14,300) |
Supplemental Guarantor Financ_4
Supplemental Guarantor Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | |||
Cash and cash equivalents | $ 20 | $ 22.5 | $ 15.7 |
Restricted Cash, Current | 1.4 | 0 | 0 |
Receivables, net of allowance for doubtful accounts of $1.5 at December 31, 2019 and 2018 | 159.1 | 145.5 | |
Taxes receivable | 0.3 | 6.3 | |
Inventories | 281.4 | 266.2 | |
Other assets, current | 3.6 | 3.4 | |
Total current assets | 465.8 | 443.9 | |
Property, plant and equipment, net | 1,257.7 | 1,269.3 | |
Operating lease, right-of-use assets | 73.1 | 0 | |
Goodwill and intangible assets, net | 52 | 59.2 | 276.7 |
Investment in subsidiary | 0 | ||
Other assets, net | 29.1 | 15.7 | |
TOTAL ASSETS | 1,877.7 | 1,788.1 | $ 1,802.3 |
Current liabilities: | |||
Short-term debt | 17.9 | 122.2 | |
Accounts payable and accrued liabilities | 262.5 | 327 | |
Total current liabilities | 280.4 | 449.2 | |
Long-term debt | 884.5 | 692.9 | |
Long-term operating lease liabilities | 65.6 | 0 | |
Liability for pension and other postretirement employee benefits | 76.6 | 78.2 | |
Other long-term obligations | 17.3 | 20.2 | |
Deferred income tax liabilities, net | 121.3 | 121.2 | |
Deferred Tax Liabilities, Gross, Noncurrent | 121.3 | 121.2 | |
Liabilities | 1,445.7 | 1,361.7 | |
Accumulated other comprehensive loss, net of tax | (59.5) | (67.3) | |
Stockholders Equity Excluding Accumulated Other Comprehensive Income Loss | 491.5 | 493.7 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,877.7 | 1,788.1 | |
Issuer | |||
Current assets: | |||
Cash and cash equivalents | 20 | 22.5 | |
Restricted Cash, Current | 1.4 | ||
Receivables, net of allowance for doubtful accounts of $1.5 at December 31, 2019 and 2018 | 140.1 | 128 | |
Taxes receivable | 0.3 | 16.7 | |
Inventories | 244.1 | 222.9 | |
Other assets, current | 3.4 | 3.3 | |
Total current assets | 409.3 | 393.4 | |
Property, plant and equipment, net | 1,188.4 | 1,192.7 | |
Operating lease, right-of-use assets | 68.2 | ||
Goodwill and intangible assets, net | 35.1 | 36.2 | |
Intercompany receivable (payable) | (75.3) | (62.9) | |
Investment in subsidiary | 179.1 | 175.3 | |
Other assets, net | 28.2 | 14.8 | |
TOTAL ASSETS | 1,833 | 1,749.5 | |
Current liabilities: | |||
Short-term debt | 17.9 | 122.2 | |
Accounts payable and accrued liabilities | 242.9 | 305.7 | |
Total current liabilities | 260.8 | 427.9 | |
Long-term debt | 884.5 | 692.9 | |
Long-term operating lease liabilities | 62.2 | ||
Liability for pension and other postretirement employee benefits | 76.6 | 78.2 | |
Other long-term obligations | 16.4 | 19.3 | |
Deferred income tax liabilities, net | 100.5 | 104.8 | |
Liabilities | 1,401 | 1,323.1 | |
Accumulated other comprehensive loss, net of tax | (59.5) | (67.3) | |
Stockholders Equity Excluding Accumulated Other Comprehensive Income Loss | 491.5 | 493.7 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,833 | 1,749.5 | |
Guarantor Subsidiaries | |||
Current assets: | |||
Cash and cash equivalents | 0 | 0 | |
Restricted Cash, Current | 0 | ||
Receivables, net of allowance for doubtful accounts of $1.5 at December 31, 2019 and 2018 | 19 | 17.5 | |
Taxes receivable | 0 | 0 | |
Inventories | 40 | 48.4 | |
Other assets, current | 0.2 | 0.1 | |
Total current assets | 59.2 | 66 | |
Property, plant and equipment, net | 69.3 | 76.6 | |
Operating lease, right-of-use assets | 4.9 | ||
Goodwill and intangible assets, net | 16.9 | 23 | |
Intercompany receivable (payable) | 72.6 | 57.8 | |
Investment in subsidiary | 0 | 0 | |
Other assets, net | 2.6 | 2.6 | |
TOTAL ASSETS | 225.5 | 226 | |
Current liabilities: | |||
Short-term debt | 0 | 0 | |
Accounts payable and accrued liabilities | 19.6 | 31.7 | |
Total current liabilities | 19.6 | 31.7 | |
Long-term debt | 0 | 0 | |
Long-term operating lease liabilities | 3.4 | ||
Liability for pension and other postretirement employee benefits | 0 | 0 | |
Other long-term obligations | 0.9 | 0.9 | |
Deferred income tax liabilities, net | 22.5 | 18.1 | |
Liabilities | 46.4 | 50.7 | |
Accumulated other comprehensive loss, net of tax | 0 | 0 | |
Stockholders Equity Excluding Accumulated Other Comprehensive Income Loss | 179.1 | 175.3 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 225.5 | 226 | |
Eliminations | |||
Current assets: | |||
Cash and cash equivalents | 0 | 0 | |
Restricted Cash, Current | 0 | ||
Receivables, net of allowance for doubtful accounts of $1.5 at December 31, 2019 and 2018 | 0 | 0 | |
Taxes receivable | 0 | (10.4) | |
Inventories | (2.7) | (5.1) | |
Other assets, current | 0 | 0 | |
Total current assets | (2.7) | (15.5) | |
Property, plant and equipment, net | 0 | 0 | |
Operating lease, right-of-use assets | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | |
Intercompany receivable (payable) | 2.7 | 5.1 | |
Investment in subsidiary | (179.1) | (175.3) | |
Other assets, net | (1.7) | (1.7) | |
TOTAL ASSETS | (180.8) | (187.4) | |
Current liabilities: | |||
Short-term debt | 0 | 0 | |
Accounts payable and accrued liabilities | 0 | (10.4) | |
Total current liabilities | 0 | (10.4) | |
Long-term debt | 0 | 0 | |
Long-term operating lease liabilities | 0 | ||
Liability for pension and other postretirement employee benefits | 0 | 0 | |
Other long-term obligations | 0 | 0 | |
Deferred income tax liabilities, net | (1.7) | (1.7) | |
Liabilities | (1.7) | (12.1) | |
Accumulated other comprehensive loss, net of tax | 0 | 0 | |
Stockholders Equity Excluding Accumulated Other Comprehensive Income Loss | (179.1) | (175.3) | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ (180.8) | $ (187.4) |
Supplemental Guarantor Financ_5
Supplemental Guarantor Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net Income (Loss) Attributable to Parent | $ (5,600) | $ (143,800) | $ 97,300 | |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||||
Goodwill, Impairment Loss | 0 | 195,100 | 0 | |
Depreciation and amortization | 115,600 | 101,900 | 105,000 | |
Equity-based compensation expense | 4,100 | 3,300 | 3,600 | |
Deferred tax expense (benefit) | (300) | 7,100 | (40,600) | |
Pension and other post employment benefits | 1,400 | (600) | (5,100) | |
Debt retirement costs | 2,700 | 0 | 0 | |
Amortization of deferred issuance costs on debt | 2,000 | 1,400 | 1,200 | |
Gain on divested assets, net | (25,500) | |||
Disposal of plant and equipment, net | 700 | 700 | 4,100 | |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 2,500 | 1,500 | 2,900 | |
Increase (Decrease) in Operating Capital [Abstract] | ||||
Increase (Decrease) in Accounts Receivable | (13,600) | (7,300) | 5,600 | |
(Increase) decrease in taxes receivable, net | (4,400) | 14,000 | (10,600) | |
Increase (Decrease) in Inventories | (21,200) | (8,100) | (14,800) | |
Increase (Decrease) in Other Current Assets | (800) | 6,400 | (300) | |
Increase (Decrease) in Accounts Payable | (28,500) | 25,200 | 31,300 | |
Other, net | 3,000 | (1,000) | 300 | |
Net cash flows from operating activities | 55,600 | 168,900 | 178,700 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Additions to property, plant and equipment | (140,100) | (295,700) | (199,700) | |
Net proceeds from divested assets | 70,900 | |||
Proceeds from Sale of Productive Assets | 0 | 70,900 | 0 | |
Payments for (Proceeds from) Other Investing Activities | 0 | 800 | 900 | |
Net cash flows from investing activities | (140,100) | (224,000) | (198,800) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Purchase of treasury stock | 0 | 0 | (4,900) | |
Proceeds from Short-term Debt | 549,300 | 630,800 | 298,300 | |
Repayments of Short-term Debt | (657,700) | (565,000) | (278,300) | |
Proceeds from long-term debt, net | 296,100 | 0 | 0 | |
Repayments of Debt | (103,000) | 0 | 0 | |
Investment (to) from Parent | 0 | 0 | 0 | |
Payments for debt issuance costs | (2,300) | (2,100) | (100) | |
Payment of tax withholdings on equity-based payment arrangements | (400) | (400) | (1,100) | |
Other, net | (400) | (400) | (1,200) | |
Net cash flows from financing activities | 82,000 | 63,300 | 13,800 | |
Increase (decrease) in cash, cash equivalents and restricted cash | (6,300) | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (2,500) | 8,200 | (6,300) | |
Cash, cash equivalents and restricted cash at beginning of period | 22,500 | 15,700 | ||
Cash, cash equivalents and restricted cash at end of period | 20,000 | 22,500 | 15,700 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 22,400 | 24,900 | 16,700 | $ 23,000 |
Issuer | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net Income (Loss) Attributable to Parent | 1,100 | (140,000) | 99,700 | |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||||
Goodwill, Impairment Loss | 195,100 | |||
Depreciation and amortization | 99,500 | 81,800 | 76,900 | |
Equity-based compensation expense | 4,100 | 3,300 | 3,600 | |
Deferred tax expense (benefit) | (5,000) | 15,000 | (17,000) | |
Pension and other post employment benefits | 1,400 | (600) | (5,100) | |
Debt retirement costs | 2,700 | |||
Gain on divested assets, net | 0 | |||
Disposal of plant and equipment, net | 700 | 700 | 500 | |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 2,500 | 1,500 | 2,900 | |
Increase (Decrease) in Operating Capital [Abstract] | ||||
Increase (Decrease) in Accounts Receivable | (25,000) | (3,800) | 3,400 | |
(Increase) decrease in taxes receivable, net | 6,000 | 3,600 | (5,100) | |
Increase (Decrease) in Inventories | (27,200) | 1,000 | (25,200) | |
Increase (Decrease) in Other Current Assets | (700) | 6,400 | (600) | |
Increase (Decrease) in Accounts Payable | (25,100) | 20,900 | 31,100 | |
Other, net | 2,900 | (1,200) | 3,400 | |
Net cash flows from operating activities | 37,900 | 183,700 | 168,500 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Additions to property, plant and equipment | (138,200) | (293,800) | (193,800) | |
Net proceeds from divested assets | 70,900 | |||
Payments for (Proceeds from) Other Investing Activities | 800 | 300 | ||
Net cash flows from investing activities | (138,200) | (222,100) | (193,500) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Purchase of treasury stock | (4,900) | |||
Proceeds from Short-term Debt | 549,300 | 630,800 | 298,300 | |
Repayments of Short-term Debt | (657,700) | (565,000) | (278,300) | |
Proceeds from long-term debt, net | 296,100 | |||
Repayments of Debt | (103,000) | |||
Investment (to) from Parent | 15,800 | (16,700) | 8,300 | |
Payments for debt issuance costs | (2,300) | (2,100) | (100) | |
Other, net | (400) | (400) | (1,200) | |
Net cash flows from financing activities | 97,800 | 46,600 | 22,100 | |
Increase (decrease) in cash, cash equivalents and restricted cash | (2,900) | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (2,500) | 8,200 | ||
Cash, cash equivalents and restricted cash at beginning of period | 22,500 | |||
Cash, cash equivalents and restricted cash at end of period | 20,000 | 22,500 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 22,400 | 24,900 | 16,700 | 19,600 |
Guarantor Subsidiaries | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net Income (Loss) Attributable to Parent | 3,800 | 18,300 | 11,900 | |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||||
Goodwill, Impairment Loss | 0 | |||
Depreciation and amortization | 16,100 | 20,100 | 28,100 | |
Equity-based compensation expense | 0 | 0 | 0 | |
Deferred tax expense (benefit) | 4,700 | (7,900) | (23,600) | |
Pension and other post employment benefits | 0 | 0 | 0 | |
Debt retirement costs | 0 | |||
Gain on divested assets, net | (25,500) | |||
Disposal of plant and equipment, net | 0 | 0 | 3,600 | |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 0 | 0 | 0 | |
Increase (Decrease) in Operating Capital [Abstract] | ||||
Increase (Decrease) in Accounts Receivable | 11,400 | (3,500) | 12,500 | |
(Increase) decrease in taxes receivable, net | 0 | 0 | 0 | |
Increase (Decrease) in Inventories | 6,200 | (10,300) | 8,400 | |
Increase (Decrease) in Other Current Assets | (100) | 0 | 300 | |
Increase (Decrease) in Accounts Payable | (13,800) | 14,700 | (15,600) | |
Other, net | 100 | 200 | (3,100) | |
Net cash flows from operating activities | 28,400 | 6,100 | 22,500 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Additions to property, plant and equipment | (1,900) | (1,900) | (5,900) | |
Net proceeds from divested assets | 0 | |||
Payments for (Proceeds from) Other Investing Activities | 0 | 600 | ||
Net cash flows from investing activities | (1,900) | (1,900) | (5,300) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Purchase of treasury stock | 0 | |||
Proceeds from Short-term Debt | 0 | 0 | 0 | |
Repayments of Short-term Debt | 0 | 0 | 0 | |
Proceeds from long-term debt, net | 0 | |||
Repayments of Debt | 0 | |||
Investment (to) from Parent | (26,500) | (4,200) | (20,600) | |
Payments for debt issuance costs | 0 | 0 | 0 | |
Other, net | 0 | 0 | 0 | |
Net cash flows from financing activities | (26,500) | (4,200) | (20,600) | |
Increase (decrease) in cash, cash equivalents and restricted cash | (3,400) | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 0 | 0 | ||
Cash, cash equivalents and restricted cash at beginning of period | 0 | |||
Cash, cash equivalents and restricted cash at end of period | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 3,400 |
Consolidation, Eliminations [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net Income (Loss) Attributable to Parent | (10,500) | (22,100) | (14,300) | |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||||
Goodwill, Impairment Loss | 0 | |||
Depreciation and amortization | 0 | 0 | 0 | |
Equity-based compensation expense | 0 | 0 | 0 | |
Deferred tax expense (benefit) | 0 | 0 | 0 | |
Pension and other post employment benefits | 0 | 0 | 0 | |
Debt retirement costs | 0 | |||
Gain on divested assets, net | 0 | |||
Disposal of plant and equipment, net | 0 | 0 | 0 | |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 0 | 0 | 0 | |
Increase (Decrease) in Operating Capital [Abstract] | ||||
Increase (Decrease) in Accounts Receivable | 0 | 0 | (10,300) | |
(Increase) decrease in taxes receivable, net | (10,400) | 10,400 | (5,500) | |
Increase (Decrease) in Inventories | (200) | 1,200 | 2,000 | |
Increase (Decrease) in Other Current Assets | 0 | 0 | 0 | |
Increase (Decrease) in Accounts Payable | 10,400 | (10,400) | 15,800 | |
Other, net | 0 | 0 | 0 | |
Net cash flows from operating activities | (10,700) | (20,900) | (12,300) | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Additions to property, plant and equipment | 0 | 0 | 0 | |
Net proceeds from divested assets | 0 | |||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | ||
Net cash flows from investing activities | 0 | 0 | 0 | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Purchase of treasury stock | 0 | |||
Proceeds from Short-term Debt | 0 | 0 | 0 | |
Repayments of Short-term Debt | 0 | 0 | 0 | |
Proceeds from long-term debt, net | 0 | |||
Repayments of Debt | 0 | |||
Investment (to) from Parent | 10,700 | 20,900 | 12,300 | |
Payments for debt issuance costs | 0 | 0 | 0 | |
Other, net | 0 | 0 | 0 | |
Net cash flows from financing activities | 10,700 | 20,900 | 12,300 | |
Increase (decrease) in cash, cash equivalents and restricted cash | 0 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 0 | 0 | ||
Cash, cash equivalents and restricted cash at beginning of period | 0 | |||
Cash, cash equivalents and restricted cash at end of period | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 0 | $ 0 | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Subsequent Event [Line Items] | ||||
Gain (Loss) on Disposition of Assets | $ 0 | $ 24 | $ 0 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Other Cost and Expense, Operating | $ 6.6 | |||
Restricted Cash | 1.4 | |||
Gain (Loss) on Disposition of Assets | $ 1.4 |