Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 04, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CLEARWATER PAPER CORP | |
Entity Central Index Key | 0001441236 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 16,570,864 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash | $ 60.8 | $ 20 |
Restricted Cash, Current | 0 | 1.4 |
Receivables, Net | 207.1 | 159.4 |
Inventories | 240.5 | 281.4 |
Other current assets | 12.6 | 3.6 |
Total current assets | 520.9 | 465.8 |
Property, plant and equipment, net | 1,235.5 | 1,257.7 |
Operating lease right-of-use assets | 70.4 | 73.1 |
Goodwill and intangible assets | 51.2 | 52 |
Other assets, net | 18.8 | 29.1 |
TOTAL ASSETS | 1,896.8 | 1,877.7 |
Current liabilities: | ||
Short-term debt | 58.1 | 17.9 |
Trade payables | 146.8 | 158.2 |
Accrued compensation | 34.1 | 45 |
Other accrued liabilities | 51.4 | 59.3 |
Total current liabilities | 290.4 | 280.4 |
Long-term Debt, Excluding Current Maturities | 883.9 | 884.5 |
Long-term operating lease liabilities | 62.7 | 65.6 |
Liability for pension and other postretirement employee benefits | 75.3 | 76.6 |
Other long-term obligations | 16.2 | 17.3 |
Deferred tax liabilities | 123.6 | 121.3 |
TOTAL LIABILITIES | 1,452.1 | 1,445.7 |
Stockholders' equity: | ||
Preferred stock, par value $0.0001 per share, 5,000,000 authorized shares, no shares issued | 0 | 0 |
Common stock, par value $0.0001 per share, 100,000,000 authorized shares, 16,569,442 and 16,515,813 shares issued | 0 | 0 |
Additional paid-in capital | 10.4 | 9.8 |
Retained earnings | 492.1 | 481.7 |
Accumulated other comprehensive loss, net of tax | (57.7) | (59.5) |
TOTAL STOCKHOLDERS' EQUITY | 444.8 | 432 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,896.8 | $ 1,877.7 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001000000 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001000000 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 16,569,442 | 16,515,813 |
Treasury Stock, Shares | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Net Sales | $ 477.9 | $ 428.8 |
Costs and expenses: | ||
Cost of sales | (423) | (384.3) |
Selling, general and administrative expenses | (27.5) | (30.4) |
Other operating charges, net | 8.6 | (0.3) |
Total operating costs and expenses | 459.1 | 414.4 |
Income from operations | 18.8 | 14.4 |
Interest Expense, Net | (12.8) | (8.6) |
Other Nonoperating Income (Expense) | (1.9) | (1.3) |
Nonoperating Income (Expense) | (14.7) | (9.9) |
Income before income taxes | 4.1 | 4.5 |
Income tax provision (benefit) | 6.2 | (0.7) |
Net income | $ 10.3 | $ 3.8 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.62 | $ 0.23 |
Diluted (in dollars per share) | $ 0.62 | $ 0.23 |
Weighted Average Number of Shares Outstanding, Basic | 16,555,000 | 16,516,000 |
Weighted Average Number of Shares Outstanding, Diluted | 16,615,000 | 16,563,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 10.3 | $ 3.8 |
Defined benefit pension and other postretirement employee benefits: | ||
Amortization of actuarial loss included in net periodic cost, net of tax of $0.6 and $0.5 | 1.8 | 1.2 |
Other comprehensive income (loss), net of tax | 1.8 | 1.2 |
Comprehensive income | $ 12.1 | $ 5 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Amortization of actuarial loss included in net periodic cost, tax expense | $ 641 | $ 452 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 10.3 | $ 3.8 |
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities: | ||
Depreciation and amortization | 28 | 25.8 |
Stock-based compensation expense | 1.5 | 0.8 |
Deferred tax expense | 1.8 | 0.9 |
Employee benefit plans | 0.8 | 0 |
Gain on divested assets | (1.4) | 0 |
Other non-cash activity, net | 0.9 | (0.6) |
Increase (Decrease) in Accounts Receivable | (37.3) | (23.1) |
Increase (Decrease) in Inventories | 40.9 | (21.6) |
Increase (Decrease) in Other Current Assets | (9) | (8.8) |
Increase (Decrease) in Accounts Payable, Trade | (13) | (10.8) |
Increase (Decrease) in Employee Related Liabilities | (10.9) | (11.9) |
Increase (Decrease) in Other Accrued Liabilities | (0.1) | 13.5 |
Other, net | (0.5) | 2.6 |
Net cash provided by operating activities | 12.1 | (29.4) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to plant and equipment | (10.5) | (71.6) |
Net cash used for investing activities | (10.5) | (71.6) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Borrowings of short-term debt | 88.5 | 290.4 |
Repayments of short-term debt | (48.8) | (199) |
Repayments of Long-term Debt | (1.1) | 0 |
Other, net | (0.8) | (0.7) |
Net cash (used for) provided by financing activities | 37.8 | 90.7 |
Increase (decrease) in cash, cash equivalents and restricted cash | 39.4 | (10.3) |
Cash, cash equivalents and restricted cash at beginning of period | 22.4 | 24.9 |
Cash, cash equivalents and restricted cash at end of period | 61.8 | 14.6 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 19.2 | 15.1 |
Income Taxes Paid, Net | 0 | (0.2) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 61.8 | $ 14.6 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholder's Equity Consolidated Statements of Stockholder's Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2018 | 16,482 | ||||
Beginning balance at Dec. 31, 2018 | $ 426.4 | $ 0 | $ 6.4 | $ 487.3 | $ (67.3) |
Net income | 3.8 | 3.8 | |||
Performance share, restricted stock unit, and stock option awards (in shares) | 33 | ||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 1.2 | 1.2 | |||
Stock-based compensation expense | (0.4) | (0.4) | |||
Pension and other postretirement employee benefit plans, net of tax | 1.2 | 1.2 | |||
Beginning balance (in shares) at Mar. 31, 2019 | 16,515 | ||||
Beginning balance at Mar. 31, 2019 | 432.2 | $ 0 | 7.2 | 491.1 | (66.1) |
Beginning balance (in shares) at Dec. 31, 2019 | 16,515 | ||||
Beginning balance at Dec. 31, 2019 | 432 | $ 0 | 9.8 | 481.7 | (59.5) |
Net income | 10.3 | 10.3 | |||
Performance share, restricted stock unit, and stock option awards (in shares) | 54 | ||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 1.3 | 1.3 | |||
Stock-based compensation expense | (0.7) | (0.7) | |||
Pension and other postretirement employee benefit plans, net of tax | 1.8 | 1.8 | |||
Beginning balance (in shares) at Mar. 31, 2020 | 16,569 | ||||
Beginning balance at Mar. 31, 2020 | $ 444.8 | $ 0 | $ 10.4 | $ 492.1 | $ (57.7) |
Consolidated Statements of St_2
Consolidated Statements of Stockholder's Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Pension and OPEB, Tax | $ (641) | $ (459) | $ (475) | $ (452) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | 1 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, 2019 . All dollar amounts are shown in millions, except per share. |
Recently Adopted and New Accoun
Recently Adopted and New Accounting Standards New Accounting Pronouncements (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | RECENTLY ADOPTED AND NEW ACCOUNTING STANDARDS Recently Adopted 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. The adoption of this ASU did not have a material impact on our consolidated financial statements. 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 have updated our historical losses and our allowance for credit losses as a result of the adoption of this ASU, which did not have a material impact on our consolidated financial statements. In March 2020, the SEC issued a final rule that amended the disclosure requirements under SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. The final rule is based on the premise that the primary source of information that investors in guaranteed debt rely on is the consolidated financial statements of the parent company. The final rule replaces the previous requirement to provide separate condensed consolidating financial information of the guarantors. The final rule is effective for filings on or after January 4, 2021, and early adoption is permitted. We have elected to early adopt this rule which resulted in the removal of the supplemental guarantor financial information footnote. New Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848 ): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides practical expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. This ASU is applicable to our contracts that reference LIBOR. The amendments may be applied through December 31, 2022. We will apply this guidance to transactions and modifications of these arrangements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Carrying amounts reported on the balance sheet for cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value due to the short-term maturity of these instruments. We estimated the Senior Notes due 2023 and 2025 to have a total fair market value of $529.0 million and $574.0 million at March 31, 2020 and December 31, 2019 based upon market quotations. We estimated the fair value of the Term Loan to be $272.3 million and $300.0 million at March 31, 2020 and December 31, 2019 . We believe the carrying amounts of the ABL Credit Agreement of $53.5 million approximates fair market value based upon current interest rates with similar maturities. |
Receivables, net (Notes)
Receivables, net (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables, Net, Current [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | RECEIVABLES Receivables consist of: March 31, 2020 December 31, 2019 Trade accounts receivable $ 187.2 $ 157.0 Allowance for current expected credit losses (1.4 ) (1.5 ) Taxes receivable 19.2 0.3 Interest receivable — 1.0 Other 2.0 2.6 $ 207.1 $ 159.4 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consist of: March 31, 2020 December 31, 2019 Logs, pulpwood, chips and sawdust $ 13.3 $ 19.4 Materials and supplies 94.1 93.1 Pulp, paperboard and tissue products 133.1 168.9 $ 240.5 $ 281.4 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | LEASES 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. 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. The tables below present financial information associated with our leases. Lease expense Three Months Ended March 31, 2020 2019 Operating lease costs $ 3.9 $ 3.5 Finance lease costs: Amortization of right-of-use assets 0.4 0.4 Interest on lease liabilities 0.5 0.5 Total finance lease costs 0.9 0.9 Variable lease costs 0.4 0.2 Total lease costs $ 5.2 $ 4.6 Supplemental cash flow information Three Months Ended March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4.4 $ 4.1 Operating cash flows from finance leases 0.5 0.5 Financing cash flows from finance leases 0.3 0.3 Non-cash amounts for lease liabilities arising from obtaining right-of-use assets: Operating leases $ 0.6 $ 0.1 Finance leases 0.3 0.5 Supplemental balance sheet information Classification March 31, 2020 December 31, 2019 Lease ROU Assets Operating lease assets Operating lease right-of-use assets $ 70.4 $ 73.1 Finance lease assets Property, plant and equipment, net 26.7 26.5 Accumulated depreciation (11.4 ) (11.1 ) Total lease ROU assets $ 85.7 $ 88.5 Lease Liabilities Current operating lease liabilities Other accrued liabilities $ 14.0 $ 13.9 Current finance lease liabilities Short-term debt 1.6 1.4 Total current lease liabilities 15.6 15.3 Non-current operating lease liabilities Long-term operating lease liabilities 62.7 65.6 Non-current finance lease liabilities Long-term debt 20.4 20.6 Total non-current lease liabilities 83.0 86.2 Total operating lease liabilities 76.7 79.5 Total finance lease liabilities 22.0 22.0 Total lease liabilities $ 98.6 $ 101.5 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Long-term debt consisted of: March 31, 2020 December 31, 2019 Interest Rate at March 31, 2020 Principal Unamortized Debt Costs Total Principal Unamortized Debt Costs Total Term loan maturing 2026, variable interest rate 4.3% $ 299.3 $ (5.0 ) $ 294.3 $ 300.0 $ (5.1 ) $ 294.9 2013 Notes, maturing 2023, fixed interest rate 4.5% 275.0 (1.4 ) 273.6 275.0 (1.5 ) 273.5 2014 Notes, maturing 2025, fixed interest rate 5.4% 300.0 (1.4 ) 298.6 300.0 (1.5 ) 298.5 ABL Credit Agreement, variable interest rate 2.8% 53.5 — 53.5 13.5 — 13.5 Finance leases 22.0 — 22.0 22.0 — 22.0 Total debt 949.7 (7.7 ) 942.0 910.5 (8.1 ) 902.4 Less: current portion (58.1 ) — (58.1 ) (17.9 ) — (17.9 ) Net long-term portion $ 891.6 $ (7.7 ) $ 883.9 $ 892.6 $ (8.1 ) $ 884.5 At March 31, 2020 , we were in compliance with covenants in our various credit agreements. The maturities of our Term loan and our ABL Credit Agreement are subject to the refinancing of our 2013 Notes. If the 2013 Notes are not refinanced 91 days before their maturity, the ABL Credit Agreement and Term Loan Credit Agreement will become due. 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 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 0% to 50% 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 x to 1.00 x. At March 31, 2020 our pro forma first lien secured ratio was 1.68 x. 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 , the margin is 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 , the margin is 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 March 31, 2020 , our leverage ratio was 4.74 x and therefore 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. Based upon our Consolidated Balance Sheet as of March 31, 2020 , our borrowings supported up to $231.5 million availability under the line of which we utilized $57.9 million , $53.5 million borrowed and $4.4 million under letters of credit. 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. 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 unused availability falls below $25 million. As of March 31, 2020, our fixed charge coverage ratio was approximately 2.85 x. Our ability to utilize our ABL Credit Agreement could be limited in the future by our bond indentures which have limitations on liens. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Taxes | INCOME TAXES We recorded an income tax benefit of $6.2 million ( 150% effective tax rate) and an income tax provision of $0.7 million ( 16% effective tax rate) during the three months ended March 31, 2020 and March 31, 2019. Our effective tax rate for the three months ended March 31, 2020 varies from the statutory U.S. federal income tax rate of 21% primarily due to the effect of tax credits and a $7.3 million benefit from the provisions of the Coronavirus Aid, Relief, and Economic Security Act. The Company's effective tax rate for the three months ended March 31, 2019 varies from the statutory U.S. federal income tax rate primarily due to the effect of tax credits and non-deductible compensation expense. |
Other Operating Charges, net (N
Other Operating Charges, net (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | OTHER OPERATING CHARGES The major components of “Other operating charges, net” in the Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019 are reflected in the table below and described in the paragraphs following the table: Three Months Ended March 31, 2020 2019 Reorganization expenses $ 2.8 $ — Union settlement 6.6 — Gain on divested assets (1.4 ) — Directors' equity-based compensation expense (benefit) 0.2 (0.4 ) Other 0.4 0.1 $ 8.6 $ (0.3 ) 2020 During the first quarter of 2020 , we recorded $8.6 million net expenses in "Other operating charges, net." The components of the expenses include: • expenses of $2.8 million related to reorganization expenses (primarily related to corporate expenses), • expenses of $6.6 million associated with union settlement retroactive wage payments ( $2.6 million associated with Consumer Products and $4.0 million associated with Pulp and Paperboard segments), • gain of $1.4 million associated with the Ladysmith Consumer Products facility sale escrow release and • expense of $0.2 million relating to directors' equity based compensation. 2019 During the first quarter of 2019 , we recorded a $0.3 million net gain in "Other operating charges, net". The primary component of the gain includes: • gain of $0.4 million relating to directors' equity based compensation. |
Non-operating Income (Expense)
Non-operating Income (Expense) (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Nonoperating Income (Expense) [Abstract] | |
Other Nonoperating Income and Expense [Text Block] | NON-OPERATING INCOME (EXPENSE) The components of “Non-operating expense” in the Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019 are reflected in the table below: Three Months Ended March 31, 2020 2019 Interest expense $ (12.2 ) $ (11.9 ) Capitalized interest — 3.4 Amortization of debt issuance costs (0.6 ) (0.5 ) Interest income — 0.4 Interest expense, net $ (12.8 ) $ (8.6 ) Non-operating pension and other postretirement employee benefits income (expense) (1.9 ) (1.3 ) Other non-operating expense (1.9 ) $ (1.3 ) $ (14.7 ) $ (9.9 ) |
Pension and Other Postretiremen
Pension and Other Postretirement Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Employee Benefit Plans | PENSION AND 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: Three Months Ended March 31, 2020 2019 2020 2019 Pension Benefit Plans Other Postretirement Employee Benefit Plans Service cost $ 0.6 $ 0.6 $ — $ — Interest cost 2.6 3.1 0.6 0.6 Expected return on plan assets (3.7 ) (4.1 ) — — Amortization of actuarial loss (gain) 2.4 1.9 — (0.2 ) Net periodic cost $ 1.9 $ 1.5 $ 0.6 $ 0.4 We record the service component of net periodic cost (benefit) as part of "Cost of sales" and "Selling, general, and administrative expenses," while the non-service components of net periodic cost (benefit) are recorded to "Other non-operating expense" on our Consolidated Statements of Operations. For both the three months ended March 31, 2020 and 2019 , we recorded $0.4 million to "Cost of sales" and $0.2 million to "Selling, general, and administrative expenses". |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss, net of tax, is comprised of the following: Pension Plan Adjustments Other Post Retirement Employee Benefit Plan Adjustments Total Balance at December 31, 2018 $ (83.0 ) $ 15.7 $ (67.3 ) Amounts reclassified from accumulated other comprehensive loss 1.4 (0.2 ) 1.2 Other comprehensive income, net of tax 1.4 (0.2 ) 1.2 Balance at March 31, 2019 $ (81.6 ) $ 15.5 $ (66.1 ) Balance at December 31, 2019 $ (67.8 ) $ 8.3 $ (59.5 ) Amounts reclassified from accumulated other comprehensive loss 1.8 — 1.8 Other comprehensive income, net of tax 1.8 — 1.8 Balance at March 31, 2020 $ (66.0 ) $ 8.3 $ (57.7 ) |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
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 granted according to time or performance vesting requirements. At March 31, 2020 , approximately 0.4 million shares were available for future issuance under our current plan. Three Months Ended March 31, 2020 2019 Total stock-based compensation expense (selling, general and administrative and other operating charges, net) $ 1.5 $ 0.8 Income tax benefit related to stock-based compensation $ 0.4 $ 0.2 Impact on cash flow due to taxes paid related to net share settlement of equity awards $ 0.7 $ 0.4 At March 31, 2020 , $9.1 million of compensation cost related to unvested restricted stock units, performance awards and stock options attributable to future service had not yet been recognized. During the first three months ended March 31, 2020 , we granted 160,897 restricted stock units (time vesting) at an average grant date fair value of $28.67 per share and 52,863 restricted stock units (performance vesting) at an average grant date fair value of $33.75 . |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Basic income (loss) per share is based on the weighted-average number of shares of common stock outstanding. Diluted income (loss) per share is based upon the weighted-average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. Three Months Ended March 31, (In thousands) 2020 2019 Basic weighted-average common shares outstanding 1 16,555 16,516 Incremental shares due to: Stock-based awards 60 47 Diluted weighted-average common shares outstanding 16,615 16,563 1 Basic weighted-average common shares outstanding includes restricted stock unit awards that are fully vested, but are deferred for future issuance. Anti-dilutive shares excluded from the calculation were 0.9 million and 0.9 million for the three months ended March 31, 2020 and 2019 . |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION We operate in two segments: Consumer Products and Pulp and Paperboard. 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, 2019 . Three Months Ended March 31, 2020 2019 Segment net sales: Consumer Products $ 265.7 $ 223.4 Pulp and Paperboard 212.2 205.4 Total segment net sales $ 477.9 $ 428.8 Operating income (loss): Consumer Products $ 14.3 $ 1.3 Pulp and Paperboard 26.5 29.4 Corporate (13.4 ) (16.6 ) Other operating charges, net (8.6 ) $ 0.3 Income from operations $ 18.8 $ 14.4 Three Months Ended March 31, 2020 2019 Major products: Paperboard $ 211.0 $ 203.0 Retail tissue 248.0 204.6 Non-retail tissue 13.9 18.5 Other 5.0 2.7 Total net sales $ 477.9 $ 428.8 |
Receivables, net (Tables)
Receivables, net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables, Net, Current [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2020 December 31, 2019 Trade accounts receivable $ 187.2 $ 157.0 Allowance for current expected credit losses (1.4 ) (1.5 ) Taxes receivable 19.2 0.3 Interest receivable — 1.0 Other 2.0 2.6 $ 207.1 $ 159.4 |
Inventories - (Tables)
Inventories - (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of: March 31, 2020 December 31, 2019 Logs, pulpwood, chips and sawdust $ 13.3 $ 19.4 Materials and supplies 94.1 93.1 Pulp, paperboard and tissue products 133.1 168.9 $ 240.5 $ 281.4 |
Leases - (Tables)
Leases - (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Lease expense Three Months Ended March 31, 2020 2019 Operating lease costs $ 3.9 $ 3.5 Finance lease costs: Amortization of right-of-use assets 0.4 0.4 Interest on lease liabilities 0.5 0.5 Total finance lease costs 0.9 0.9 Variable lease costs 0.4 0.2 Total lease costs $ 5.2 $ 4.6 |
Lease, Supplemental cash flow information | Supplemental cash flow information Three Months Ended March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4.4 $ 4.1 Operating cash flows from finance leases 0.5 0.5 Financing cash flows from finance leases 0.3 0.3 Non-cash amounts for lease liabilities arising from obtaining right-of-use assets: Operating leases $ 0.6 $ 0.1 Finance leases 0.3 0.5 |
Supplemental Balance Sheet Disclosures [Text Block] | Supplemental balance sheet information Classification March 31, 2020 December 31, 2019 Lease ROU Assets Operating lease assets Operating lease right-of-use assets $ 70.4 $ 73.1 Finance lease assets Property, plant and equipment, net 26.7 26.5 Accumulated depreciation (11.4 ) (11.1 ) Total lease ROU assets $ 85.7 $ 88.5 Lease Liabilities Current operating lease liabilities Other accrued liabilities $ 14.0 $ 13.9 Current finance lease liabilities Short-term debt 1.6 1.4 Total current lease liabilities 15.6 15.3 Non-current operating lease liabilities Long-term operating lease liabilities 62.7 65.6 Non-current finance lease liabilities Long-term debt 20.4 20.6 Total non-current lease liabilities 83.0 86.2 Total operating lease liabilities 76.7 79.5 Total finance lease liabilities 22.0 22.0 Total lease liabilities $ 98.6 $ 101.5 |
Debt Debt Disclosures (Tables)
Debt Debt Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Instrument [Line Items] | |
Schedule of Debt [Table Text Block] | March 31, 2020 December 31, 2019 Interest Rate at March 31, 2020 Principal Unamortized Debt Costs Total Principal Unamortized Debt Costs Total Term loan maturing 2026, variable interest rate 4.3% $ 299.3 $ (5.0 ) $ 294.3 $ 300.0 $ (5.1 ) $ 294.9 2013 Notes, maturing 2023, fixed interest rate 4.5% 275.0 (1.4 ) 273.6 275.0 (1.5 ) 273.5 2014 Notes, maturing 2025, fixed interest rate 5.4% 300.0 (1.4 ) 298.6 300.0 (1.5 ) 298.5 ABL Credit Agreement, variable interest rate 2.8% 53.5 — 53.5 13.5 — 13.5 Finance leases 22.0 — 22.0 22.0 — 22.0 Total debt 949.7 (7.7 ) 942.0 910.5 (8.1 ) 902.4 Less: current portion (58.1 ) — (58.1 ) (17.9 ) — (17.9 ) Net long-term portion $ 891.6 $ (7.7 ) $ 883.9 $ 892.6 $ (8.1 ) $ 884.5 |
Other Operating Charges, net (T
Other Operating Charges, net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Three Months Ended March 31, 2020 2019 Reorganization expenses $ 2.8 $ — Union settlement 6.6 — Gain on divested assets (1.4 ) — Directors' equity-based compensation expense (benefit) 0.2 (0.4 ) Other 0.4 0.1 $ 8.6 $ (0.3 ) |
Non-operating Income (Expense_2
Non-operating Income (Expense) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Nonoperating Income (Expense) [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three Months Ended March 31, 2020 2019 Interest expense $ (12.2 ) $ (11.9 ) Capitalized interest — 3.4 Amortization of debt issuance costs (0.6 ) (0.5 ) Interest income — 0.4 Interest expense, net $ (12.8 ) $ (8.6 ) Non-operating pension and other postretirement employee benefits income (expense) (1.9 ) (1.3 ) Other non-operating expense (1.9 ) $ (1.3 ) $ (14.7 ) $ (9.9 ) |
Pension and Other Postretirem_2
Pension and Other Postretirement Employee Benefit Plans - (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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: Three Months Ended March 31, 2020 2019 2020 2019 Pension Benefit Plans Other Postretirement Employee Benefit Plans Service cost $ 0.6 $ 0.6 $ — $ — Interest cost 2.6 3.1 0.6 0.6 Expected return on plan assets (3.7 ) (4.1 ) — — Amortization of actuarial loss (gain) 2.4 1.9 — (0.2 ) Net periodic cost $ 1.9 $ 1.5 $ 0.6 $ 0.4 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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: Pension Plan Adjustments Other Post Retirement Employee Benefit Plan Adjustments Total Balance at December 31, 2018 $ (83.0 ) $ 15.7 $ (67.3 ) Amounts reclassified from accumulated other comprehensive loss 1.4 (0.2 ) 1.2 Other comprehensive income, net of tax 1.4 (0.2 ) 1.2 Balance at March 31, 2019 $ (81.6 ) $ 15.5 $ (66.1 ) Balance at December 31, 2019 $ (67.8 ) $ 8.3 $ (59.5 ) Amounts reclassified from accumulated other comprehensive loss 1.8 — 1.8 Other comprehensive income, net of tax 1.8 — 1.8 Balance at March 31, 2020 $ (66.0 ) $ 8.3 $ (57.7 ) |
Stockholders' Equity - (Tables)
Stockholders' Equity - (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Employee Equity-Based Compensation Expense | Three Months Ended March 31, 2020 2019 Total stock-based compensation expense (selling, general and administrative and other operating charges, net) $ 1.5 $ 0.8 Income tax benefit related to stock-based compensation $ 0.4 $ 0.2 Impact on cash flow due to taxes paid related to net share settlement of equity awards $ 0.7 $ 0.4 |
Earnings per Common Share - (Ta
Earnings per Common Share - (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings per Share | Three Months Ended March 31, (In thousands) 2020 2019 Basic weighted-average common shares outstanding 1 16,555 16,516 Incremental shares due to: Stock-based awards 60 47 Diluted weighted-average common shares outstanding 16,615 16,563 1 Basic weighted-average common shares outstanding includes restricted stock unit awards that are fully vested, but are deferred for future issuance. |
Segment Information - (Tables)
Segment Information - (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2020 2019 Major products: Paperboard $ 211.0 $ 203.0 Retail tissue 248.0 204.6 Non-retail tissue 13.9 18.5 Other 5.0 2.7 Total net sales $ 477.9 $ 428.8 |
Reportable Segments Information | Three Months Ended March 31, 2020 2019 Segment net sales: Consumer Products $ 265.7 $ 223.4 Pulp and Paperboard 212.2 205.4 Total segment net sales $ 477.9 $ 428.8 Operating income (loss): Consumer Products $ 14.3 $ 1.3 Pulp and Paperboard 26.5 29.4 Corporate (13.4 ) (16.6 ) Other operating charges, net (8.6 ) $ 0.3 Income from operations $ 18.8 $ 14.4 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Line of Credit, Current | $ 57.9 | |
Senior Notes [Member] | ||
Long-term Debt, Fair Value | 529 | $ 574 |
Term Loan [Member] | ||
Long-term Line of Credit | 272.3 | 300 |
Net of Letters of Credit [Member] | ||
Line of Credit, Current | $ 53.5 | $ 13.5 |
Receivables, net (Details)
Receivables, net (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Receivables, Net, Current [Abstract] | ||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 187.2 | $ 157 |
Accounts Receivable, Allowance for Credit Loss, Current | (1.4) | (1.5) |
Income Taxes Receivable, Current | 19.2 | 0.3 |
Interest Receivable, Current | 0 | 1 |
Other Receivables, Net, Current | 2 | 2.6 |
Receivables, Net | $ 207.1 | $ 159.4 |
Inventories - Inventories (Deta
Inventories - Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory [Line Items] | ||
Logs, pulpwood, chips and sawdust | $ 13.3 | $ 19.4 |
Materials and supplies | 94.1 | 93.1 |
Pulp, paperboard and tissue products | 133.1 | 168.9 |
Inventories | $ 240.5 | $ 281.4 |
Leases - Narrative (Detail)
Leases - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Operating lease costs | $ 3.9 | $ 3.5 | |
Amortization of right-of-use assets | 0.4 | 0.4 | |
Interest on lease liabilities | 0.5 | 0.5 | |
Variable lease costs | 0.4 | 0.2 | |
Total lease costs | 5.2 | 4.6 | |
Operating cash flows from operating leases | 4.4 | 4.1 | |
Operating cash flows from finance leases | 0.5 | 0.5 | |
Financing cash flows from finance leases | 0.3 | 0.3 | |
Non-cash amounts for lease liabilities arising from obtaining right-of-use assets, operating leases | 0.6 | 0.1 | |
Non-cash amounts for lease liabilities arising from obtaining right-of-use assets, finance leases | 0.3 | 0.5 | |
Operating lease right-of-use assets | 70.4 | $ 73.1 | |
Finance lease assets | 26.7 | 26.5 | |
Total lease ROU assets | 1,896.8 | 1,877.7 | |
Current operating lease liabilities | 14 | 13.9 | |
Current finance lease liabilities | 1.6 | 1.4 | |
Liabilities, Current | 290.4 | 280.4 | |
Non-current operating lease liabilities | 62.7 | 65.6 | |
Non-current finance lease liabilities | 20.4 | 20.6 | |
Total lease liabilities | 76.7 | 79.5 | |
Finance Lease, Liability | 22 | 22 | |
TOTAL LIABILITIES | 1,452.1 | 1,445.7 | |
Lease assets [Member] | |||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | (11.4) | (11.1) | |
Total lease ROU assets | 85.7 | 88.5 | |
Lease liabilities, current [Member] | |||
Liabilities, Current | 15.6 | 15.3 | |
Lease liabilities, noncurrent [Member] | |||
Liabilities, Noncurrent | 83 | 86.2 | |
Lease liabilities [Member] | |||
TOTAL LIABILITIES | 98.6 | $ 101.5 | |
Finance lease costs [Member] | |||
Total lease costs | $ 0.9 | $ 0.9 | |
Minimum | |||
Remaining lease term | 1 year | ||
Maximum | |||
Remaining lease term | 12 years |
Debt (Detail)
Debt (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Repayment Terms, Percentage Of Principal | 0.25% | |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.80% | |
Line of Credit, Current | $ 57,900,000 | |
Finance Lease, Liability | 22,000,000 | $ 22,000,000 |
Long-term Debt, Gross | 949,700,000 | 910,500,000 |
Unamortized Debt Issuance Expense | $ (7,700,000) | (8,100,000) |
Debt Instrument, Term | 3 years | |
Line of credit facility, maximum borrowing capacity | $ 250,000,000 | |
Potential additional lines of credit | $ 100,000,000 | |
Lien leverage ratio | 4.74 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 232,000,000 | |
Long-term Debt and Lease Obligation, Including Current Maturities | 942,000,000 | 902,400,000 |
Long-term Debt and Lease Obligation, Current | (58,100,000) | (17,900,000) |
Long-term Debt and Lease Obligation | 891,600,000 | 892,600,000 |
Long-term Debt, Excluding Current Maturities | $ 883,900,000 | 884,500,000 |
Fixed Charge Coverage Ratio | 1.10 | |
Minimum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Repayment Terms, Asset Sales, Percentage Of Principal | 0.00% | |
Maximum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Repayment Terms, Asset Sales, Percentage Of Principal | 50.00% | |
Lien leverage ratio, maximum | 4.25 | |
LIBOR | ||
Debt Instrument [Line Items] | ||
Debt, weighted average interest rate | 3.25% | |
LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 3.00% | |
LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 3.25% | |
Base Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.00% | |
Base Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.25% | |
Net of Letters of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit, Current | $ 53,500,000 | 13,500,000 |
Senior Note Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 4.50% | |
Long-term Debt, Gross | $ 275,000,000 | 275,000,000 |
Long-term Debt | 273,600,000 | 273,500,000 |
Unamortized Debt Issuance Expense | $ (1,400,000) | (1,500,000) |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 4.30% | |
Long-term Debt, Gross | $ 299,300,000 | 300,000,000 |
Long-term Debt | 294,300,000 | 294,900,000 |
Unamortized Debt Issuance Expense | $ (5,000,000) | (5,100,000) |
Senior Note Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 5.40% | |
Long-term Debt, Gross | $ 300,000,000 | 300,000,000 |
Long-term Debt | 298,600,000 | 298,500,000 |
Unamortized Debt Issuance Expense | (1,400,000) | $ (1,500,000) |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding stand by letters of credit | $ 4,400,000 | |
Pro Forma [Member] | ||
Debt Instrument [Line Items] | ||
Lien leverage ratio, maximum | 2 | |
Lien leverage ratio | 1.68 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Expense (Benefit) | $ (6.2) | $ 0.7 |
Effective Income Tax Rate Reconciliation, Percent | (150.00%) | 16.00% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |
Other Tax Expense (Benefit) | $ (7.3) |
Other Operating Charges, net (D
Other Operating Charges, net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Gain on divested assets | $ (1.4) | $ 0 |
Other operating charges, net | 8.6 | (0.3) |
Director [Member] | ||
Share based compensation expense | 0.2 | (0.4) |
Reorganization Expenses [Member] | ||
Other Cost and Expense, Operating | 2.8 | 0 |
Union settlement [Member] | ||
Other Cost and Expense, Operating | 6.6 | 0 |
Other Expense [Member] | ||
Other Cost and Expense, Operating | 0.4 | $ 0.1 |
Consumer Products | Union settlement [Member] | ||
Other Cost and Expense, Operating | 2.6 | |
Pulp And Paperboard [Member] | Union settlement [Member] | ||
Other Cost and Expense, Operating | $ 4 |
Non-operating Income (Expense_3
Non-operating Income (Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Nonoperating Income (Expense) [Abstract] | ||
Interest Expense | $ (12.2) | $ (11.9) |
Interest Costs Capitalized | 0 | 3.4 |
Amortization of Debt Issuance Costs | (0.6) | (0.5) |
Interest Income, Other | 0 | 0.4 |
Interest Expense, Net | (12.8) | (8.6) |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (1.9) | (1.3) |
Other Nonoperating Income (Expense) | (1.9) | (1.3) |
Nonoperating Income (Expense) | $ (14.7) | $ (9.9) |
Pension and Other Postretirem_3
Pension and Other Postretirement Employee Benefit Plans - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | $ 0.6 | $ 0.6 |
Interest cost | 2.6 | 3.1 |
Expected return on plan assets | (3.7) | (4.1) |
Amortization of actuarial loss | 2.4 | 1.9 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 1.9 | 1.5 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | 0 | 0 |
Interest cost | 0.6 | 0.6 |
Expected return on plan assets | 0 | 0 |
Amortization of actuarial loss | 0 | (0.2) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 0.6 | $ 0.4 |
Cost of Sales [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 0.4 | |
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 | $ 0.2 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (57.7) | $ (59.5) | ||
Other Comprehensive Income (Loss), Net of Tax | 1.8 | $ 1.2 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (57.7) | (66.1) | (59.5) | $ (67.3) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1.8 | 1.2 | ||
Other Comprehensive Income (Loss), Net of Tax | 1.8 | 1.2 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Pension Plan [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (66) | (81.6) | (67.8) | (83) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1.8 | 1.4 | ||
Other Comprehensive Income (Loss), Net of Tax | 1.8 | 1.4 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | 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 | 8.3 | 15.5 | $ 8.3 | $ 15.7 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | (0.2) | ||
Other Comprehensive Income (Loss), Net of Tax | $ 0 | $ (0.2) |
Stockholders' Equity - (Detail)
Stockholders' Equity - (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
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 | 0.4 | |
Stock-based compensation expense | $ 1.5 | $ 0.8 |
Share-based Payment Arrangement, Expense, Tax Benefit | 0.4 | 0.2 |
Payment, Tax Withholding, Share-based Payment Arrangement | 0.7 | $ 0.4 |
Equity Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 9.1 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share-based awards granted | 0.2 | |
Grant-date fair value of awards per share | $ 0 | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share-based awards granted | 0.1 | |
Grant-date fair value of awards per share | $ 33.75 |
Earnings per Common Share - Rec
Earnings per Common Share - Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings Per Share (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Weighted Average Number of Shares Outstanding, Basic | 16,555,000 | 16,516,000 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 59,800 | 46,951 |
Weighted Average Number of Shares Outstanding, Diluted | 16,615,000 | 16,563,000 |
Basic net earnings per common share (in dollars per share) | $ 0.62 | $ 0.23 |
Diluted net earnings per common share (in dollars per share) | $ 0.62 | $ 0.23 |
Anti-dilutive shares excluded from calculation | 900,000 |
Segment Information (Detail)
Segment Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Net Sales | $ 477.9 | $ 428.8 |
Income from operations | 18.8 | 14.4 |
Other operating charges, net | 8.6 | (0.3) |
Consumer Products | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 265.7 | 223.4 |
Income from operations | 14.3 | 1.3 |
Pulp And Paperboard [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 212.2 | 205.4 |
Income from operations | 26.5 | 29.4 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Income from operations | (13.4) | (16.6) |
Retail tissue [Domain] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 248 | 204.6 |
Paperboard [Domain] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 211 | 203 |
Non-retail tissue [Domain] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 13.9 | 18.5 |
Other [Domain] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | $ 5 | $ 2.7 |
Uncategorized Items - clw-20200
Label | Element | Value |
Restricted Cash, Noncurrent | us-gaap_RestrictedCashNoncurrent | $ 1,000,000 |
Restricted Cash, Noncurrent | us-gaap_RestrictedCashNoncurrent | $ 1,000,000 |