Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ¨ | ý | ||||||||||||
Non-accelerated filer | ¨ | Smaller reporting company | ||||||||||||
Emerging growth company |
Table of Contents | Page Number | |||||||
PART I. | FINANCIAL INFORMATION | |||||||
ITEM 1. | Consolidated Financial Statements (Unaudited) | |||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
PART II. | OTHER INFORMATION | |||||||
ITEM 1. | ||||||||
ITEM 1A. | ||||||||
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||
ITEM 5. | Other Information | |||||||
ITEM 6. | ||||||||
ITEM 1. | Consolidated Financial Statements |
(In millions, except share data) | March 31, 2024 | December 31, 2023 | ||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Receivables, net of allowance for current expected credit losses | ||||||||
Inventories, net | ||||||||
Other current assets | ||||||||
Total current assets | ||||||||
Property, plant and equipment, net | ||||||||
Other assets, net | ||||||||
Total assets | $ | $ | ||||||
Liabilities and stockholders' equity | ||||||||
Current liabilities: | ||||||||
Current portion of long-term debt | $ | $ | ||||||
Accounts payable and accrued liabilities | ||||||||
Total current liabilities | ||||||||
Long-term debt | ||||||||
Liability for pension and other postretirement employee benefits | ||||||||
Deferred tax liabilities and other long-term obligations | ||||||||
Total liabilities | ||||||||
Stockholders' equity: | ||||||||
Preferred stock, par value $ | ||||||||
Common stock, par value $ | ||||||||
Additional paid-in capital | ||||||||
Retained earnings | ||||||||
Accumulated other comprehensive loss, net of tax | ( | ( | ||||||
Total stockholders' equity | ||||||||
Total liabilities and stockholders' equity | $ | $ |
Quarter Ended March 31, | ||||||||
(In millions, except per-share data) | 2024 | 2023 | ||||||
Net sales | $ | $ | ||||||
Costs and expenses: | ||||||||
Cost of sales | ||||||||
Selling, general and administrative expenses | ||||||||
Other operating charges, net | ||||||||
Total operating costs and expenses | ||||||||
Income from operations | ||||||||
Interest expense, net | ( | ( | ||||||
Other non-operating income | ||||||||
Total non-operating expense | ( | ( | ||||||
Income before income taxes | ||||||||
Income tax provision | ||||||||
Net income | $ | $ | ||||||
Net income per common share: | ||||||||
Basic | $ | $ | ||||||
Diluted | ||||||||
Average shares of common stock used to compute net income per share: (in thousands) | ||||||||
Basic | ||||||||
Diluted |
Quarter Ended March 31, | ||||||||
(In millions) | 2024 | 2023 | ||||||
Net income | $ | $ | ||||||
Other comprehensive loss: | ||||||||
Defined benefit pension and other postretirement employee benefits: | ||||||||
Amortization of actuarial gain included in net periodic cost, net of tax | ( | |||||||
Other comprehensive loss, net of tax | ( | |||||||
Comprehensive income | $ | $ |
(unaudited) | Quarter Ended March 31, | |||||||
(In millions) | 2024 | 2023 | ||||||
Operating activities | ||||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities: | ||||||||
Depreciation and amortization | ||||||||
Equity-based compensation expense | ||||||||
Deferred taxes | ( | ( | ||||||
Defined benefit pension and other postretirement employee benefits | ( | ( | ||||||
Loss on sale or impairment associated with assets | ||||||||
Changes in operating assets and liabilities: | ||||||||
(Increase) decrease in accounts receivable | ( | |||||||
(Increase) decrease in inventories | ( | ( | ||||||
(Increase) decrease in other current assets | ( | |||||||
Increase (decrease) in accounts payable and accrued liabilities | ( | |||||||
Other, net | ||||||||
Net cash flows provided by (used in) operating activities | ( | |||||||
Investing activities | ||||||||
Additions to property, plant and equipment, net 1 | ( | ( | ||||||
Net cash flows used in investing activities | ( | ( | ||||||
Financing activities | ||||||||
Borrowings on long-term debt | ||||||||
Repayments of long-term debt | ( | ( | ||||||
Taxes paid related to net share settlement of equity awards | ( | ( | ||||||
Repurchases of common stock | ( | ( | ||||||
Other, net | ( | ( | ||||||
Net cash flows used in financing activities | ( | ( | ||||||
Increase (decrease) in cash, cash equivalents and restricted cash | ( | |||||||
Cash, cash equivalents and restricted cash at beginning of period | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | ||||||
Supplemental disclosures of cash flow information | ||||||||
Cash paid for interest, net of amounts capitalized | $ | $ | ||||||
Cash, cash equivalents, and restricted cash | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Restricted cash included in other current assets, net | ||||||||
Total cash, cash equivalents and restricted cash | $ | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | ||||||||||||||||
(In millions, except share amounts which are in thousands) | Shares | Amount | ||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | ||||||||||||||
Net income | — | — | — | — | ||||||||||||||||
Stock-based compensation expense | — | — | — | — | ||||||||||||||||
Issuance of shares under stock plans, net | — | ( | — | — | ( | |||||||||||||||
Pension and other postretirement employee benefits, net of tax of immaterial tax | — | — | — | — | ( | ( | ||||||||||||||
Repurchases of common stock | ( | — | ( | — | — | ( | ||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | ( | $ | |||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | ||||||||||||||||
(In millions, except share amounts which are in thousands) | Shares | Amount | ||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | ( | $ | ||||||||||||||
Net income | — | — | — | — | ||||||||||||||||
Stock-based compensation expense | — | — | — | — | ||||||||||||||||
Issuance of shares under stock plans, net | — | ( | — | — | ( | |||||||||||||||
Repurchases of common stock | ( | — | ( | — | — | ( | ||||||||||||||
Balance at March 31, 2024 | $ | $ | $ | $ | ( | $ | ||||||||||||||
March 31, 2024 | December 31, 2023 | |||||||
Trade accounts receivable | $ | $ | ||||||
Allowance for current expected credit losses | ( | ( | ||||||
Unbilled receivables | ||||||||
Taxes receivable | ||||||||
Other | ||||||||
$ | $ |
March 31, 2024 | December 31, 2023 | |||||||
Logs, chips and sawdust | $ | $ | ||||||
Pulp | ||||||||
Paperboard and tissue products | ||||||||
Materials and supplies | ||||||||
$ | $ |
March 31, 2024 | December 31, 2023 | |||||||
Land and land improvements | $ | $ | ||||||
Buildings and improvements | ||||||||
Machinery and equipment | ||||||||
Construction in progress | ||||||||
Less accumulated depreciation and amortization | ( | ( | ||||||
Property, plant and equipment, net | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||
Trade payables | $ | $ | ||||||
Accrued compensation | ||||||||
Operating lease liabilities | ||||||||
Other | ||||||||
$ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Interest Rate at March 31, 2024 | Principal | Unamortized Debt Costs | Total | Principal | Unamortized Debt Costs | Total | ||||||||||||||||||||
Term loan credit agreement maturing 2028, fixed interest rate | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||
2020 Notes, maturing 2028, fixed interest rate | ( | ( | ||||||||||||||||||||||||
ABL Credit Agreement, variable interest rates | — | — | ||||||||||||||||||||||||
Finance leases | — | — | ||||||||||||||||||||||||
Total debt | ( | ( | ||||||||||||||||||||||||
Less: current portion | ( | ( | ( | — | ( | |||||||||||||||||||||
Net long-term portion | $ | $ | ( | $ | $ | $ | ( | $ |
March 31, 2024 | December 31, 2023 | |||||||
Term loan credit agreement, maturing 2028, fixed interest rate | $ | $ | ||||||
ABL Credit Agreement, variable interest rate | ||||||||
2020 Notes, maturing 2028, fixed interest rate | ||||||||
$ | $ |
Quarter Ended March 31, | ||||||||
2024 | 2023 | |||||||
Acquisition and project related costs | $ | $ | ||||||
Restructuring and integration costs | ||||||||
Loss on sale or impairment associated with assets | ||||||||
Directors' equity-based compensation expense | ( | |||||||
Other | ||||||||
$ | $ |
Quarter Ended March 31, | ||||||||
2024 | 2023 | |||||||
Interest expense | $ | ( | $ | ( | ||||
Amortization of deferred debt costs | ( | ( | ||||||
Interest income | ||||||||
Interest expense, net | ( | ( | ||||||
Non-operating pension and other postretirement employee benefits | ||||||||
Total non-operating expense | $ | ( | $ | ( |
Quarter Ended March 31, | ||||||||
Pension Benefit Plans | 2024 | 2023 | ||||||
Service cost | $ | $ | ||||||
Interest cost | ||||||||
Expected return on plan assets | ( | ( | ||||||
Net periodic cost | $ | ( | $ |
Quarter Ended March 31, | ||||||||
Other Postretirement Employee Benefit Plans | 2024 | 2023 | ||||||
Service cost | $ | $ | ||||||
Interest cost | ||||||||
Amortization of actuarial gain | ( | ( | ||||||
Net periodic cost | $ | $ |
Pension Plan Adjustments | Other Post Retirement Employee Benefit Plan Adjustments | Total | |||||||||
Balance at December 31, 2022 | $ | ( | $ | $ | ( | ||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ( | |||||||||
Balance at March 31, 2023 | $ | ( | $ | $ | ( | ||||||
Balance at December 31, 2023 | $ | ( | $ | $ | ( | ||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ||||||||||
Balance at March 31, 2024 | $ | ( | $ | $ | ( |
Quarter Ended March 31, | ||||||||
2024 | 2023 | |||||||
Total stock-based compensation expense | $ | $ | ||||||
Income tax benefit related to stock-based compensation | $ | $ | ||||||
Impact on cash flow due to taxes paid related to net share settlement of equity awards | $ | $ |
Quarter Ended March 31, | ||||||||
(In thousands) | 2024 | 2023 | ||||||
Basic weighted-average common shares outstanding | ||||||||
Incremental shares due to: | ||||||||
Stock-based awards | ||||||||
Performance shares | ||||||||
Diluted weighted-average common shares outstanding |
Quarter Ended March 31, | ||||||||
2024 | 2023 | |||||||
Segment net sales: | ||||||||
Pulp and Paperboard | $ | $ | ||||||
Consumer Products | ||||||||
Eliminations | ( | ( | ||||||
Net sales | $ | $ | ||||||
Operating income (loss): | ||||||||
Pulp and Paperboard | $ | $ | ||||||
Consumer Products | ||||||||
Corporate and eliminations | ( | ( | ||||||
Other operating charges, net | ( | ( | ||||||
Income from operations | $ | $ |
Quarter Ended March 31, | ||||||||
2024 | 2023 | |||||||
Major products: | ||||||||
Paperboard | $ | $ | ||||||
Retail tissue | ||||||||
Pulp | ||||||||
Other | ||||||||
Eliminations | ( | ( | ||||||
Total net sales | $ | $ |
ITEM 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Quarter Ended March 31, | ||||||||
(In millions) | 2024 | 2023 | ||||||
Net income | $ | 17.2 | $ | 23.8 | ||||
Income tax provision | 7.0 | 8.4 | ||||||
Interest expense, net | 6.5 | 7.6 | ||||||
Depreciation and amortization | 23.2 | 24.8 | ||||||
Other operating charges, net | 7.9 | 1.1 | ||||||
Other non-operating income | (0.3) | (0.1) | ||||||
Adjusted EBITDA | $ | 61.5 | $ | 65.7 | ||||
Pulp and Paperboard segment income | $ | 25.3 | $ | 57.1 | ||||
Depreciation and amortization | 8.4 | 9.1 | ||||||
Adjusted EBITDA Pulp and Paperboard segment | $ | 33.7 | $ | 66.2 | ||||
Consumer Products segment income | $ | 31.5 | $ | 4.2 | ||||
Depreciation and amortization | 14.2 | 15.0 | ||||||
Adjusted EBITDA Consumer Products segment | $ | 45.7 | $ | 19.2 | ||||
Corporate and other expense | $ | (18.5) | $ | (20.4) | ||||
Depreciation and amortization | 0.6 | 0.6 | ||||||
Adjusted EBITDA Corporate and other | $ | (17.9) | $ | (19.8) | ||||
Pulp and Paperboard segment | $ | 33.7 | $ | 66.2 | ||||
Consumer Products segment | 45.7 | 19.2 | ||||||
Corporate and other | (17.9) | (19.8) | ||||||
Adjusted EBITDA | $ | 61.5 | $ | 65.7 |
Quarter Ended March 31, | ||||||||||||||
(Dollars in millions, except per unit and paperboard shipments) | 2024 | 2023 | Increase (decrease) | |||||||||||
Sales: | ||||||||||||||
Paperboard | $ | 240.4 | $ | 272.9 | (11.9) | % | ||||||||
Pulp | 2.3 | 3.2 | (28.0) | % | ||||||||||
Other | 1.8 | 2.6 | (32.7) | % | ||||||||||
$ | 244.5 | $ | 278.8 | (12.3) | % | |||||||||
Operating income | $ | 25.3 | $ | 57.1 | (55.6) | % | ||||||||
Operating margin | 10.4 | % | 20.5 | % | ||||||||||
Adjusted EBITDA | $ | 33.7 | $ | 66.2 | (49.1) | % | ||||||||
Adjusted EBITDA margin | 13.8 | % | 23.8 | % | ||||||||||
Paperboard shipments (short tons) | 187,303 | 189,398 | (1.1) | % | ||||||||||
Paperboard sales price (per short ton) | $ | 1,284 | $ | 1,441 | (10.9) | % |
Quarter Ended March 31, | ||||||||||||||
(Dollars in millions, except per unit and shipments) | 2024 | 2023 | Increase (decrease) | |||||||||||
Sales: | ||||||||||||||
Retail tissue | $ | 250.8 | $ | 246.0 | 2.0 | % | ||||||||
Other | 2.3 | 2.4 | (4.0) | % | ||||||||||
$ | 253.1 | $ | 248.3 | 1.9 | % | |||||||||
Operating income | $ | 31.5 | $ | 4.2 | 650.1 | % | ||||||||
Operating margin | 12.5 | % | 1.7 | % | ||||||||||
Adjusted EBITDA | $ | 45.7 | $ | 19.2 | 137.8 | % | ||||||||
Adjusted EBITDA margin | 18.1 | % | 7.7 | % | ||||||||||
Shipments (short tons) | ||||||||||||||
Retail | 79,929 | 76,848 | 4.0 | % | ||||||||||
Other | 2,251 | 1,017 | 121.3 | % | ||||||||||
82,180 | 77,865 | 5.5 | % | |||||||||||
Sales price (per short ton) | ||||||||||||||
Retail | $ | 3,138 | $ | 3,201 | (2.0) | % |
ITEM 3. | Quantitative and Qualitative Disclosures About Market Risk |
ITEM 4. | Controls and Procedures |
ITEM 1. | Legal Proceedings |
ITEM 1A. | Risk Factors |
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program | ||||||||||
January 1, 2024 to January 31, 2024 | 1,900 | $ | 36.34 | 1,900 | $ | 6.8 | ||||||||
February 1, 2024 to February 29, 2024 | — | $ | — | — | $ | 6.8 | ||||||||
March 1, 2024 to March 31, 2024 | 11,000 | $ | 41.47 | 11,000 | $ | 6.4 | ||||||||
Total | 12,900 | $ | 40.71 | 12,900 |
ITEM 5. | Other Information. |
Incorporated by Reference | |||||||||||||||||
EXHIBIT | EXHIBIT DESCRIPTION | Filed herewith? | Form | Exhibit No. | Date Filed | ||||||||||||
31** | X | ||||||||||||||||
32** | X | ||||||||||||||||
10.1 | 8-K | 2.1 | February 21, 2024 | ||||||||||||||
10.2 | 8-K | 2.1 | February 21, 2024 | ||||||||||||||
101.INS | XBRL Instance Document | ||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema. | ||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase. | ||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase. | ||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase. | ||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase. | ||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
** | In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release No. 34-47986, the certifications furnished in Exhibit 32 hereto are deemed to accompany this Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act. | ||||
CLEARWATER PAPER CORPORATION | ||||||||||||||
(Registrant) | ||||||||||||||
April 29, 2024 | By: | /s/ ARSEN S KITCH | ||||||||||||
Arsen S. Kitch | ||||||||||||||
President, Chief Executive Officer and Director (Principal Executive Officer) | ||||||||||||||
April 29, 2024 | By: | /s/ SHERRI J BAKER | ||||||||||||
Sherri J. Baker | ||||||||||||||
Senior Vice President, Chief Financial Officer (Principal Financial Officer) |
Date : April 29, 2024 | /s/ ARSEN S. KITCH | |||||||||||||
Arsen S. Kitch | ||||||||||||||
President and Chief Executive Officer |
Date : April 29, 2024 | /s/ SHERRI J. BAKER | |||||||||||||
Sherri J. Baker | ||||||||||||||
Senior Vice President, Chief Financial Officer |
/s/ ARSEN S. KITCH | ||
Arsen S. Kitch | ||
President and Chief Executive Officer | ||
April 29, 2024 |
/s/ SHERRI J. BAKER | ||
Sherri J. Baker | ||
Senior Vice President, Chief Financial Officer | ||
April 29, 2024 |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 16,646,958 | 16,484,550 |
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Statement [Abstract] | ||
Net Sales | $ 496.2 | $ 525.4 |
Costs and expenses: | ||
Cost of sales | 421.6 | 448.5 |
Selling, General and Administrative Expense | 36.2 | 36.0 |
Other Operating Income (Expense), Net | (7.9) | (1.1) |
Total operating costs and expenses | 465.8 | 485.6 |
Income from operations | 30.4 | 39.8 |
Interest Expense, Net | (6.5) | (7.6) |
Other Nonoperating Income (Expense) | 0.3 | 0.1 |
Total non-operating expense | (6.2) | (7.5) |
Income before income taxes | 24.2 | 32.3 |
Income tax provision | 7.0 | 8.4 |
Net income | $ 17.2 | $ 23.8 |
Net income per common share: | ||
Basic (in dollars per share) | $ 1.03 | $ 1.42 |
Diluted (in dollars per share) | $ 1.02 | $ 1.40 |
Weighted Average Number of Shares Outstanding, Basic | 16,607 | 16,834 |
Weighted Average Number of Shares Outstanding, Diluted | 16,895 | 17,036 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 17.2 | $ 23.8 |
Defined benefit pension and other postretirement employee benefits: | ||
Amortization of actuarial gain included in net periodic cost, net of tax | 0.0 | (0.1) |
Other comprehensive income (loss), net of tax | 0.0 | (0.1) |
Comprehensive income | $ 17.2 | $ 23.8 |
Consolidated Statements of Stockholder's Equity Consolidated Statements of Stockholder's Equity - USD ($) shares in Thousands, $ in Millions |
Total |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2022 | 16,762 | ||||
Beginning balance at Dec. 31, 2022 | $ 572.1 | $ 0.0 | $ 28.5 | $ 576.8 | $ (33.3) |
Net income | 23.8 | 23.8 | |||
Stock-based compensation expense | 2.2 | 2.2 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 242 | ||||
Issuance of shares under stock plans, net | (4.2) | (4.2) | |||
Pension and other postretirement employee benefit plans, net of tax | (0.1) | (0.1) | |||
Stock Repurchased and Retired During Period, Shares | (51) | ||||
Stock Repurchased and Retired During Period, Value | (1.7) | (1.7) | |||
Ending balance (in shares) at Mar. 31, 2023 | 16,953 | ||||
Ending balance at Mar. 31, 2023 | 592.0 | $ 0.0 | 24.7 | 600.6 | (33.4) |
Beginning balance (in shares) at Dec. 31, 2023 | 16,485 | ||||
Beginning balance at Dec. 31, 2023 | 668.8 | $ 0.0 | 14.9 | 684.5 | (30.7) |
Net income | 17.2 | 17.2 | |||
Stock-based compensation expense | 2.2 | 2.2 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 175 | ||||
Issuance of shares under stock plans, net | (3.1) | (3.1) | |||
Stock Repurchased and Retired During Period, Shares | (13) | ||||
Stock Repurchased and Retired During Period, Value | (0.5) | (0.5) | |||
Ending balance (in shares) at Mar. 31, 2024 | 16,647 | ||||
Ending balance at Mar. 31, 2024 | $ 684.5 | $ 0.0 | $ 13.5 | $ 701.7 | $ (30.7) |
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, the consolidated financial position, results of operations, stockholders' equity and cash flows for us and our subsidiaries for the interim periods presented. Results of operations for interim periods are not necessarily indicative of results to be expected for an entire year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. All dollar amounts are shown in millions, except per share.
|
Recently Adopted and New Accounting Standards New Accounting Pronouncements (Notes) |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Issued Accounting Standards In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes—Improvements to Income Tax Disclosures (Topic 740), which requires enhanced disclosures primarily related to the rate reconciliation and disaggregation of income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the disclosure implications of this new standard. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280). This standard requires enhanced disclosures of segment expenses as well as additional information provided to the Chief Operating Decision Maker. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements, with early adoption permitted. We are currently evaluating the disclosure implications of this new standard.
|
Receivables, net (Notes) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables, Net, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Receivables Receivables consist of:
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Inventories |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories are stated at the lower of net realizable value or current cost using the average cost method and consist of:
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Property, Plant, and Equipment |
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure | Property, plant and equipment Property, plant and equipment consist of:
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Payables and Accruals |
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities Disclosure | Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of:
Included in "Accounts payable and accrued liabilities" are $10.3 million and $13.0 million related to capital expenditures that had not yet been paid as of March 31, 2024 and December 31, 2023. We maintain a program with a financial institution to provide our vendors with an option to receive payment earlier than our standard payment terms. As of March 31, 2024 and December 31, 2023, $12.8 million and $14.7 million of outstanding obligations under this program were included in "Other" in the table above. As of March 31, 2024 and December 31, 2023, unrecognized tax benefits of $26.0 million were included in "Other" in the table above.
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Income Taxes |
3 Months Ended |
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Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Taxes | Income Taxes For interim periods, accounting standards require that income tax expense be determined by applying the estimated annual effective income tax rate to year-to-date results, unless this method does not result in a reliable estimate of year-to-date income tax expense. Each period, the income tax accrual is adjusted to the latest estimate and the difference from the previously accrued year-to-date balance is adjusted to the current quarter. For the quarter ended March 31, 2024, our income tax provision was $7.0 million as compared to $8.4 million in the same period in 2023. Our effective tax rate for the quarter ended March 31, 2024 varied from the U.S. federal statutory tax rate of 21.0% primarily due to the effects of state taxes, nondeductible compensation and interest related to uncertain tax provisions. Our effective tax rate for the quarter ended March 31, 2023 varied from the U.S. federal statutory tax rate of 21.0% primarily due to the effects of state taxes and nondeductible compensation.
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Debt |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure | Debt Long-term debt at the balance sheet dates consisted of:
In February 2024, we entered into a commitment letter to obtain financing from AgWest Farm Credit, PCA (“AgWest”), CoBank, FCB (“CoBank”) and Coöperatieve Rabobank U.A., New York Branch (“Rabobank”) in connection with the planned acquisition discussed at Note 16. In connection with the commitment, we paid an underwriting fee of $3.3 million, which is included in "Other assets, net" in the Consolidated Balance Sheets. As of March 31, 2024, no amounts were outstanding on these new facilities. The fair value of our debt is included in the following table:
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Other Operating Charges, net (Notes) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operating Income and Expense | Other Operating Charges The major components of “Other operating charges, net” in the Consolidated Statements of Operations for the quarters ended March 31, 2024 and 2023 are reflected in the table below and described in the paragraphs following the table. These items are considered outside of our core operations.
2024 During the first quarter of 2024, we recorded $7.9 million of expense in "Other operating charges, net." The main components of the expense include: •expense of $4.2 million associated with acquisition and project-related activities (primarily legal and professional services) ; •expense of $2.3 million associated with restructuring and integration activities (primarily professional services); •loss of $0.2 million associated with the impairment of equipment and related spare parts no longer being used; and •expense of $1.2 million relating to directors' equity-based compensation which is remeasured each period based upon changes in our stock price. 2023 During the first quarter of 2023, we recorded $1.1 million of expense in "Other operating charges, net." The components of the expense include: •loss of $1.1 million associated with the impairment of equipment and related spare parts no longer being used; and •reversal of expense of $0.2 million relating to directors' equity-based compensation which is remeasured each period based upon changes in our stock price.
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Non-operating Income (Expense) (Notes) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonoperating Income (Expense) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income and Expense [Text Block] | Non-Operating Expense The components of “Non-operating expense” in the Consolidated Statements of Operations for the quarters ended March 31, 2024 and 2023 are reflected in the table below:
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Retirement Plans and Postretirement Benefits |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Employee Benefit Plans | Retirement Plans and Postretirement Benefits The following table details the components of net periodic cost of our company-sponsored pension and other postretirement employee benefit plans for the periods presented:
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Accumulated Other Comprehensive Loss (Notes) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, net of tax, is comprised of the following:
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Stockholders' Equity |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-Based Compensation | Stockholders' Equity Common Stock Plans We have stock-based compensation plans under which restricted stock awards and stock options are outstanding or granted subject to time or performance vesting requirements. As of March 31, 2024, approximately 0.6 million shares were available for future issuance under our current plan.
As of March 31, 2024, there was $21.3 million of total unrecognized compensation costs related to outstanding restricted stock unit awards. During the quarter ended March 31, 2024, we granted 207,628 restricted stock units (time vesting) at an average grant date fair value of $37.97 per share and 160,057 restricted stock units (performance vesting) at an average grant date fair value of $40.18 per share.
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Earnings per Common Share |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Common Share | Earnings per Share Basic income per share is based on the weighted-average number of shares of common stock outstanding. Diluted income per share is based upon the weighted-average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires the effect of potentially dilutive common stock equivalents be excluded from the calculation of diluted earnings per share for the periods in which net losses are reported because the effect is anti-dilutive.
Shares excluded from the computation of diluted earnings per share were 0.4 million for each of the quarters ended March 31, 2024, and 2023 as they were either antidilutive (not in-the-money) or the required performance conditions have not been met.
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Segment Information |
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information We operate in two segments: Pulp and Paperboard and Consumer Products. Our business units have been aggregated into these two segments based upon the similarity of economic characteristics, customers and distribution methods. Our results of operations are summarized below for each of these segments separately. Segment information was prepared in accordance with the same accounting principles as those described in Note 1 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023.
Net sales, classified by major products, were as follows:
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Business Combinations and Asset Acquisitions |
3 Months Ended |
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Mar. 31, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Business Combination Disclosure | Pending Acquisition On February 20, 2024, we entered into an Asset Purchase Agreement to acquire a paperboard mill and associated facilities, located in Augusta, Georgia from Graphic Packaging International, LLC for $700 million in cash, subject to certain adjustments for working capital. We expect to finance this transaction with cash on hand as well as through borrowings under our existing credit agreements as well as new financing. The closing of the Augusta Acquisition is subject to certain customary mutual closing conditions. This closing is expected to occur during the second quarter of 2024.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net income | $ 17.2 | $ 23.8 |
Insider Trading Arrangements |
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Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the quarter ended March 31, 2024, none of our officers or directors adopted or terminated a Rule 10b5-1 arrangement or non-Rule 10b5-1 trading arrangement, as each is defined in Item 408(a) of regulation S-K.
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Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Receivables, net (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables, Net, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] |
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Inventories - (Tables) |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories are stated at the lower of net realizable value or current cost using the average cost method and consist of:
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Property, Plant, and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, plant and equipment consist of:
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Payables and Accruals (Tables) |
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Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of:
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt Instruments | Long-term debt at the balance sheet dates consisted of:
In February 2024, we entered into a commitment letter to obtain financing from AgWest Farm Credit, PCA (“AgWest”), CoBank, FCB (“CoBank”) and Coöperatieve Rabobank U.A., New York Branch (“Rabobank”) in connection with the planned acquisition discussed at Note 16. In connection with the commitment, we paid an underwriting fee of $3.3 million, which is included in "Other assets, net" in the Consolidated Balance Sheets. As of March 31, 2024, no amounts were outstanding on these new facilities.
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Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The fair value of our debt is included in the following table:
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Other Operating Charges, net (Tables) |
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Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] |
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Non-operating Income (Expense) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonoperating Income (Expense) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] |
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Retirement Plans and Postretirement Benefits - (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Cost of Pension and Other Postretirement Employee Benefit Plans | The following table details the components of net periodic cost of our company-sponsored pension and other postretirement employee benefit plans for the periods presented:
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Accumulated Other Comprehensive Loss (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Accumulated other comprehensive loss, net of tax, is comprised of the following:
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Stockholders' Equity - (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Equity-Based Compensation Expense |
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Earnings per Common Share - (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings per Share |
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Segment Information - (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reportable Segments Information |
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Disaggregation of Revenue [Table Text Block] | Net sales, classified by major products, were as follows:
|
Receivables, net (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Receivables, Net, Current [Abstract] | ||
Trade accounts receivable | $ 164.2 | $ 173.8 |
Accounts Receivable, Allowance for Credit Loss, Current | (1.3) | (1.5) |
Unbilled Receivables, Current | 5.2 | 4.1 |
Income Taxes Receivable, Current | 1.2 | 4.8 |
Other Receivables, Net, Current | 3.7 | 3.1 |
Receivables, Net | $ 173.1 | $ 184.5 |
Inventories - Inventories (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Inventories | $ 327.8 | $ 319.8 |
Inventory [Line Items] | ||
Inventory, Finished Goods, Net of Reserves | 164.7 | 156.8 |
Inventory, Supplies, Net of Reserves | 128.6 | 124.1 |
Inventories | 327.8 | 319.8 |
Inventories | ||
Inventory [Line Items] | ||
Inventory, Raw Materials, Net of Reserves | 16.0 | 22.1 |
Inventory Pulp | ||
Inventory [Line Items] | ||
Inventory, Raw Materials, Net of Reserves | $ 18.4 | $ 16.8 |
Property, Plant, and Equipment (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,993.5 | $ 2,979.8 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (2,010.4) | (1,989.7) |
Property, Plant and Equipment, Net | 983.1 | 990.1 |
Land and Land Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 107.2 | 106.0 |
Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 461.2 | 461.0 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,366.8 | 2,359.9 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 58.3 | $ 53.0 |
Payables and Accruals (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Payables and Accruals [Abstract] | |||
Trade payables | $ 182.1 | $ 163.9 | |
Accrued compensation | 33.5 | 39.0 | |
Operating Lease, Liability, Current | 15.5 | 15.4 | |
Other Accrued Liabilities, Current | 69.4 | 66.9 | |
Accounts payable and accrued liabilities | 300.6 | 285.1 | |
Capital Expenditures Incurred but Not yet Paid | 10.3 | $ 7.0 | 13.0 |
Supplier Finance Program, Obligation | 12.8 | 14.7 | |
Unrecognized Tax Benefits | $ 26.0 | $ 26.0 |
Income Taxes - Narrative (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Income Tax Expense (Benefit) | $ 7.0 | $ 8.4 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Debt (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 448,000,000.0 | $ 468,300,000 |
Unamortized Debt Issuance Expense | (4,900,000) | (5,100,000) |
Long-term Debt and Lease Obligation, Current | (900,000) | (800,000) |
Long-term Debt and Lease Obligation | 447,200,000 | 467,400,000 |
Finance Lease, Liability | 23,000,000.0 | 23,300,000 |
Long-term Debt, Fair Value | 405,600,000 | 425,700,000 |
Line of Credit Facility [Line Items] | ||
Long-term Debt and Lease Obligation, Including Current Maturities | 443,200,000 | 463,100,000 |
Long-term debt | 442,300,000 | 462,300,000 |
Payments of Financing Costs | 3,300,000 | |
Term Loan | Ag West Farm Credit | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 150,000,000.0 | 150,000,000.0 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.10% | |
Unamortized Debt Issuance Expense | $ (2,600,000) | (2,800,000) |
Long-term Debt, Fair Value | 151,200,000 | 150,600,000 |
Senior Note Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 275,000,000.0 | 275,000,000.0 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.80% | |
Long-term Debt | $ 272,800,000 | 272,600,000 |
Unamortized Debt Issuance Expense | (2,200,000) | (2,400,000) |
Long-term Debt, Fair Value | 254,400,000 | 255,100,000 |
Medium-Term Note | Ag West Farm Credit | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 147,400,000 | 147,200,000 |
J P Morgan | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | 0 | 20,000,000.0 |
Long-term Line of Credit | 0 | 20,000,000.0 |
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | $ 0 | $ 20,000,000.0 |
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate | 6.70% |
Other Operating Charges, net (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Other Operating Income (Expense), Net | $ 7.9 | $ 1.1 |
Operating Expense | ||
Business Combination, Acquisition Related Costs | 4.2 | 0.0 |
Reorganization Items | 2.3 | 0.0 |
Asset Impairment Charges | 0.2 | 1.1 |
Other Expenses | 0.0 | 0.2 |
Director [Member] | ||
Share based compensation expense | $ 1.2 | $ (0.2) |
Non-operating Income (Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Nonoperating Income (Expense) [Abstract] | ||
Interest Expense | $ (6.7) | $ (7.6) |
Amortization of Debt Issuance Costs | (0.4) | (0.3) |
Interest Income, Other | 0.6 | 0.3 |
Interest Expense, Net | (6.5) | (7.6) |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 0.3 | 0.1 |
Total non-operating expense | $ (6.2) | $ (7.5) |
Retirement Plans and Postretirement Benefits - Narrative (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | $ 0.6 | $ 0.9 |
Interest cost | 3.0 | 3.1 |
Expected return on plan assets | (3.9) | (3.8) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (0.3) | 0.2 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | 0.1 | 0.0 |
Interest cost | 0.7 | 0.7 |
Defined Benefit Plan, Amortization of Gain (Loss) | (0.1) | 0.1 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 0.6 | 0.6 |
Cost of Sales [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 0.6 | 0.8 |
Selling, General and Administrative Expenses [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | $ 0.1 | $ 0.1 |
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (30.7) | $ (33.4) | $ (30.7) | $ (33.3) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.0 | (0.1) | ||
Pension Plan [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (41.9) | (46.5) | (42.0) | (46.5) |
Pension Plan [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.0 | 0.0 | ||
Other Postretirement Benefits Plan [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 11.2 | 13.2 | $ 11.3 | $ 13.3 |
Other Postretirement Benefits Plan [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (0.1) | $ (0.1) |
Stockholders' Equity - (Detail) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 600,000 | |
Equity-based compensation expense | $ 3.3 | $ 1.9 |
Payment, Tax Withholding, Share-based Payment Arrangement | 3.1 | 4.2 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 21.3 | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0.3 | $ 0.5 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share-based awards granted | 207,628 | |
Grant-date fair value of awards per share | $ 37.97 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 181,000 | 202,000 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share-based awards granted | 160,057 | |
Grant-date fair value of awards per share | $ 40.18 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 107,000 | 0 |
Earnings per Common Share - Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings Per Share (Detail) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Number of Shares Outstanding, Basic | 16,607 | 16,834 |
Weighted Average Number of Shares Outstanding, Diluted | 16,895 | 17,036 |
Anti-dilutive shares excluded from calculation | 400 | 400 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 181 | 202 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 107 | 0 |
Segment Information (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Segment Reporting Information [Line Items] | ||
Net Sales | $ 496.2 | $ 525.4 |
Income from operations | 30.4 | 39.8 |
Other operating charges, net | (7.9) | (1.1) |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net Sales | (1.4) | (1.7) |
Corporate, Non-Segment | ||
Segment Reporting Information [Line Items] | ||
Income from operations | (18.5) | (20.4) |
Paperboard [Domain] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 240.4 | 272.9 |
Retail tissue [Domain] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 250.8 | 246.0 |
Pulp [Domain] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 2.3 | 3.2 |
Other [Domain] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 4.1 | 5.0 |
Pulp And Paperboard [Member] | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 244.5 | 278.8 |
Income from operations | 25.3 | 57.1 |
Consumer Products | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 253.1 | 248.3 |
Income from operations | $ 31.5 | $ 4.2 |
Business Combinations and Asset Acquisitions (Details) - Pending Augusta, Georgia Mill Acquisition [Member] $ in Millions |
Feb. 20, 2024
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Business Acquisition, Date of Acquisition Agreement | Feb. 20, 2024 |
Business Combination, Price of Acquisition, Expected | $ 700.0 |
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