Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 001-34146 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | CLEARWATER PAPER CORPORATION | |
Entity Central Index Key | 0001441236 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-3594554 | |
Entity Address, Address Line One | 601 West Riverside, | |
Entity Address, Address Line Two | Suite 1100 | |
Entity Address, City or Town | Spokane, | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 99201 | |
Current Fiscal Year End Date | --12-31 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | CLW | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 16,689,336 | |
Local Phone Number | 344-5900 | |
City Area Code | 509 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 27.8 | $ 35.9 |
Receivables, Net | 159.4 | 160.6 |
Inventories | 286.4 | 263.3 |
Other current assets | 10 | 15.2 |
Total current assets | 483.6 | 474.9 |
Property, plant and equipment, net | 1,109.6 | 1,191.5 |
Other assets, net | 124.9 | 134 |
TOTAL ASSETS | 1,718.1 | 1,800.4 |
Current liabilities: | ||
Current portion of long-term debt | 1.6 | 1.7 |
Accounts Payable and Accrued Liabilities | 255.2 | 243.1 |
Total current liabilities | 256.9 | 244.8 |
Long-term Debt, Excluding Current Maturities | 676.5 | 716.4 |
Liability for pension and other postretirement employee benefits | 81.7 | 80.5 |
Deferred tax liabilities and other long-term obligations | 211.3 | 237.6 |
TOTAL LIABILITIES | $ 1,226.5 | $ 1,279.3 |
Preferred stock, shares issued (in shares) | 0 | 0 |
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, 16,687,328 and 16,573,246 shares issued | 0 | 0 |
Additional paid-in capital | 21.7 | 16.6 |
Retained earnings | 521.2 | 558.8 |
Accumulated other comprehensive loss, net of tax | (51.3) | (54.3) |
Total stockholders' equity | 491.6 | 521.1 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,718.1 | $ 1,800.4 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares issued (in shares) | 16,687,328 | 16,573,246 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 1.5 | $ 1.6 |
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) | 16,687,328 | 16,573,246 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net Sales | $ 450.5 | $ 457.4 | $ 1,282.8 | $ 1,415.9 |
Costs and expenses: | ||||
Cost of sales | (398.2) | (378.6) | (1,160.9) | (1,198.3) |
Selling, general and administrative expenses | (28.3) | (29.3) | (82.5) | (89.4) |
Other operating charges, net | 10.2 | 0.3 | 55.1 | 11.9 |
Total operating costs and expenses | 436.7 | 408.2 | 1,298.5 | 1,299.6 |
Income (loss) from operations | 13.8 | 49.2 | (15.6) | 116.2 |
Interest Expense, Net | (8.9) | (12.2) | (27.5) | (37) |
Other Nonoperating Income (Expense) | (2.8) | (1.9) | (7.8) | (5.7) |
Gain (Loss) on Extinguishment of Debt | (0.5) | (3.9) | (0.5) | (4.8) |
Nonoperating Income (Expense) | (12.2) | (17.9) | (35.7) | (47.5) |
Income (loss) before income taxes | 1.7 | 31.3 | (51.4) | 68.7 |
Income tax provision (benefit) | (0.3) | 9.9 | (13.8) | 14.1 |
Net income (loss) | $ 1.9 | $ 21.4 | $ (37.6) | $ 54.5 |
Net income (loss) per common share: | ||||
Basic (in dollars per share) | $ 0.12 | $ 1.29 | $ (2.25) | $ 3.29 |
Diluted (in dollars per share) | $ 0.11 | $ 1.28 | $ (2.25) | $ 3.27 |
Weighted Average Number of Shares Outstanding, Basic | 16,687 | 16,595 | 16,689 | 16,581 |
Weighted Average Number of Shares Outstanding, Diluted | 16,971 | 16,783 | 16,689 | 16,689 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1.9 | $ 21.4 | $ (37.6) | $ 54.5 |
Other comprehensive income: | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | (2.8) | 0 | (2.8) | 0 |
Defined benefit pension and other postretirement employee benefits: | ||||
Amortization of actuarial loss included in net periodic cost, net of tax of $0.7, $0.6, $2.0 and $1.9 | 2 | 1.8 | 5.8 | 5.5 |
Other comprehensive income (loss), net of tax | (0.8) | 1.8 | 3 | 5.5 |
Comprehensive income | $ 1.1 | $ 23.2 | $ (34.6) | $ 60 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | $ 0.7 | $ 0.6 | $ 2 | $ 1.9 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | $ (1) | $ 0 | $ (1) | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | $ 1.9 | $ 21.4 | $ (37.6) | $ 54.5 |
Depreciation and amortization | 25.9 | 27.7 | 79.6 | 83.5 |
Stock-based compensation expense | 3.8 | 2.5 | 6.9 | 7.3 |
Deferred and other income taxes | 2.4 | 12.8 | (19.4) | 23.5 |
Pension and other postretirement employee benefits | 2.1 | 0.9 | 5.3 | 2.9 |
Gain (Loss) on Extinguishment of Debt | 0.5 | 3.9 | 0.5 | 4.8 |
Non-cash charges associated with mill closure | 37.1 | |||
(Increase) decrease in accounts receivable | (12.9) | 12.8 | (0.1) | (5.7) |
(Increase) decrease in inventory | (3.5) | (21) | (28.3) | 25 |
(Increase) decrease in other current assets | 0.9 | 0.6 | 5.3 | (4.8) |
Increase (decrease) in accounts payable and accrued liabilities | (4.8) | (5.7) | 13.8 | (14.4) |
Other, net | 0 | (0.1) | 1.4 | (0.6) |
Net cash flows provided by operating activities | 16.3 | 55.7 | 64.4 | 176.1 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Additions to property, plant and equipment | (8.9) | (9.7) | (29.9) | (27.5) |
Net cash flows used in investing activities | (8.9) | (9.7) | (29.9) | (27.5) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Borrowings of short-term debt | 0 | 0 | 0 | 108.5 |
Repayments of short-term debt | 0 | 0 | 0 | (122) |
Borrowings of long-term debt | 0 | 275 | 0 | 275 |
Repayments of long-term debt | (40.5) | (317.6) | (41.3) | (379) |
Payments for debt issuance costs | 0 | (4.3) | 0 | (4.3) |
Proceeds from sale of stock under employee awards | 0 | 0 | 0.5 | 0 |
Taxes paid related to net share settlement of equity awards | 0 | 0 | (1.7) | (0.7) |
Other, net | 0 | 0.2 | 0 | 0 |
Net cash flows used in financing activities | (40.5) | (46.7) | (42.5) | (122.5) |
Increase (decrease) in cash, cash equivalents and restricted cash | (33.1) | (0.6) | (8.1) | 26.1 |
Cash, cash equivalents and restricted cash at beginning of period | 62 | 49.2 | 36.9 | 22.4 |
Cash, cash equivalents and restricted cash at end of period | 28.9 | 48.6 | 28.9 | 48.6 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||
Cash paid for interest, net of amounts capitalized | 15.9 | 19.5 | 34.6 | 43.6 |
Cash paid (received) for income taxes | 1 | (4.7) | (8.3) | (6.9) |
Cash and cash equivalents | 27.8 | 47.5 | 27.8 | 47.5 |
Restricted cash included in Other assets, net | 1.1 | 1.1 | 1.1 | 1.1 |
Total cash, cash equivalents and restricted cash | $ 28.9 | $ 48.6 | $ 28.9 | $ 48.6 |
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, 2019 | 16,515 | ||||
Beginning balance at Dec. 31, 2019 | $ 432 | $ 0 | $ 9.8 | $ 481.7 | $ (59.5) |
Net income | 10.3 | 10.3 | |||
Stock-based compensation expense | 1.3 | 1.3 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 54 | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | (0.7) | (0.7) | |||
Pension and other postretirement employee benefit plans, net of tax | 1.8 | 1.8 | |||
Ending balance (in shares) at Mar. 31, 2020 | 16,569 | ||||
Ending balance at Mar. 31, 2020 | 444.8 | $ 0 | 10.4 | 492.1 | (57.7) |
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 | 54.5 | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 0 | ||||
Ending balance (in shares) at Sep. 30, 2020 | 16,571 | ||||
Ending balance at Sep. 30, 2020 | 496.2 | $ 0 | 13.9 | 536.3 | (54) |
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) |
Net income | 22.8 | 22.8 | |||
Stock-based compensation expense | 1.4 | 1.4 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 2 | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 0 | ||||
Pension and other postretirement employee benefit plans, net of tax | 1.8 | 1.8 | |||
Ending balance (in shares) at Jun. 30, 2020 | 16,571 | ||||
Ending balance at Jun. 30, 2020 | 470.8 | $ 0 | 11.8 | 514.8 | (55.8) |
Net income | 21.4 | 21.4 | |||
Stock-based compensation expense | 2.2 | 2.2 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 1 | ||||
Pension and other postretirement employee benefit plans, net of tax | 1.8 | 1.8 | |||
Ending balance (in shares) at Sep. 30, 2020 | 16,571 | ||||
Ending balance at Sep. 30, 2020 | 496.2 | $ 0 | 13.9 | 536.3 | (54) |
Beginning balance (in shares) at Dec. 31, 2020 | 16,572 | ||||
Beginning balance at Dec. 31, 2020 | 521.1 | $ 0 | 16.6 | 558.8 | (54.3) |
Net income | 12.1 | 12.1 | |||
Stock-based compensation expense | 2 | 2 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 105 | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | (1.1) | (1.1) | |||
Pension and other postretirement employee benefit plans, net of tax | 1.9 | 1.9 | |||
Ending balance (in shares) at Mar. 31, 2021 | 16,678 | ||||
Ending balance at Mar. 31, 2021 | 536.1 | $ 0 | 17.6 | 570.9 | (52.4) |
Beginning balance (in shares) at Dec. 31, 2020 | 16,572 | ||||
Beginning balance at Dec. 31, 2020 | 521.1 | $ 0 | 16.6 | 558.8 | (54.3) |
Net income | (37.6) | ||||
Ending balance (in shares) at Sep. 30, 2021 | 16,687 | ||||
Ending balance at Sep. 30, 2021 | 491.6 | $ 0 | 21.7 | 521.2 | (51.3) |
Beginning balance (in shares) at Mar. 31, 2021 | 16,678 | ||||
Beginning balance at Mar. 31, 2021 | 536.1 | $ 0 | 17.6 | 570.9 | (52.4) |
Net income | (51.6) | (51.6) | |||
Stock-based compensation expense | 1.9 | 1.9 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 7 | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | (0.1) | (0.1) | |||
Pension and other postretirement employee benefit plans, net of tax | 1.9 | 1.9 | |||
Ending balance (in shares) at Jun. 30, 2021 | 16,685 | ||||
Ending balance at Jun. 30, 2021 | 488.1 | $ 0 | 19.3 | 519.2 | (50.5) |
Net income | 1.9 | 1.9 | |||
Stock-based compensation expense | 2.4 | 2.4 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 1 | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 0 | 0 | |||
Pension and other postretirement employee benefit plans, net of tax | (0.8) | (0.8) | |||
Ending balance (in shares) at Sep. 30, 2021 | 16,687 | ||||
Ending balance at Sep. 30, 2021 | $ 491.6 | $ 0 | $ 21.7 | $ 521.2 | $ (51.3) |
Consolidated Statements of St_2
Consolidated Statements of Stockholder's Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Pension and OPEB, Tax | $ (0.3) | $ 0.7 | $ 0.7 | $ 0.6 | $ 0.6 | $ 0.6 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | 1 BASIS OF PRESENTATIONThe 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, 2020. 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) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | RECENTLY ADOPTED AND NEW ACCOUNTING STANDARDS Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes , which removes certain exceptions, such as the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year, and simplifies the accounting for income taxes in areas such as franchise tax (or similar tax) that is partially based on income. The new standard is effective for annual and interim periods beginning after December 15, 2020. This ASU was adopted as of January 1, 2021 and did not have a material impact on our consolidated financial statements. We reviewed all other new accounting pronouncements issued in the period and concluded that they are not applicable or not material to our business. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
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. From December 31, 2020 we have made voluntary prepayments of principal of the Term Loan Credit Agreement of $40.0 million. The fair value of our debt is included in the following table: September 30, 2021 December 31, 2020 Term loan maturing 2026, variable interest rate $ 88.9 $ 129.6 2014 Notes, maturing 2025, fixed interest rate $ 324.0 $ 325.1 2020 Notes, maturing 2028, fixed interest rate $ 282.6 $ 285.3 Fair Value of Nonfinancial Assets |
Receivables, net (Notes)
Receivables, net (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables, Net, Current [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | RECEIVABLES Receivables consist of: September 30, 2021 December 31, 2020 Trade accounts receivable $ 148.8 $ 139.0 Allowance for current expected credit losses (1.5) (1.6) Unbilled receivables 7.7 5.1 Taxes receivable 2.9 16.0 Other 1.6 2.1 $ 159.4 $ 160.6 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consist of: September 30, 2021 December 31, 2020 Logs, chips and sawdust $ 13.9 $ 17.2 Pulp 11.7 11.5 Paperboard and tissue products 162.7 137.0 Materials and supplies 98.1 97.7 $ 286.4 $ 263.3 |
Payables and Accruals
Payables and Accruals | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consists of: September 30, 2021 December 31, 2020 Trade payables $ 171.4 $ 143.4 Accrued compensation 31.9 41.7 Operating lease liabilities 16.1 15.3 Accrued interest 4.8 12.6 Accrued taxes other than income 12.9 10.5 Other accrued liabilities 18.2 19.6 $ 255.2 $ 243.1 Included in accounts payable and accrued liabilities is $8.9 million and $12.1 million related to capital expenditures that had not yet been paid as of September 30, 2021 and December 31, 2020. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
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 nine months ended September 30, 2021, our income tax expense reflects an income tax benefit of $13.8 million as compared to an income tax provision of $14.1 million in the comparable period of 2020. Our effective tax rate for the first nine months of 2021 of 26.8% varied from the U.S. statutory tax rate of 21% primarily due to the effects of state taxes and nondeductible compensation. Our effective tax rate for the first nine months of 2020 approximated the statutory U.S. federal income tax rate of 21% and included a $7.0 million benefit from the provisions of the Coronavirus Aid, Relief, and Economic Security Act. |
Other Operating Charges, net (N
Other Operating Charges, net (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
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 quarter and nine months ended September 30, 2021 and 2020 are reflected in the table below and described in the paragraphs following the table: Quarter Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Costs associated with mill closure $ 5.4 $ — $ 47.1 $ — Reorganization and other expenses 3.4 — 7.3 3.4 Union settlement — — — 6.6 Gain on divested assets — — — (1.4) Directors' equity-based compensation 1.4 0.3 0.6 2.5 Other — — — 0.8 $ 10.2 $ 0.3 $ 55.1 $ 11.9 2021 During the third quarter of 2021, we recorded $10.2 million of expenses in "Other operating charges, net." The components of the expense include: • expense of $5.4 million associated with mill closure related to severance and other related closure costs; • expense of $3.4 million related to reorganization and other expenses including consulting fees associated with our efforts to achieve long-term performance improvements, and • expense of $1.4 million relating to directors' equity based compensation which is remeasured each period based upon changes in our stock price. During the second quarter of 2021, we recorded $44.5 million of expenses in "Other operating charges, net." The components of the expense include: • expense of $41.7 million associated with mill closure including $36.9 million associated with the impairment of fixed assets and certain inventory and $4.9 million associated with severance and other related closure costs; • expense of $4.0 million related to reorganization and other expenses including severance and consulting fees associated with our efforts to achieve long-term performance improvements, and • reversal of expense of $1.1 million relating to directors' equity based compensation which is remeasured each period based upon changes in our stock price. During the first quarter of 2021, we recorded $0.4 million of expenses in "Other operating charges, net." The components of the expense include: • expense of $0.4 million relating to directors' equity based compensation which is remeasured each period based upon changes in our stock price. 2020 During the third quarter of 2020 we recorded $0.3 million of expenses in "Other operating charges, net." The components of the expenses include: • expense of $0.3 million relating to directors' equity based compensation which is remeasured each period based upon changes in our stock price. During the second quarter of 2020 we recorded $3.0 million of expenses in "Other operating charges, net." The components of the expenses include: • expense of $0.6 million related to reorganization expenses (primarily related to corporate expenses), and • expense of $1.9 million relating to directors' equity based compensation which is remeasured each period based upon changes in our stock price. During the first quarter of 2020, we recorded $8.6 million of net expenses in "Other operating charges, net." The components of the expense included: • expense of $2.8 million related to reorganization expenses (primarily related to corporate expenses); • expense 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 which is remeasured each period based upon changes in our stock price |
Non-operating Income (Expense)
Non-operating Income (Expense) (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
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 quarter and nine months ended September 30, 2021 and 2020 are reflected in the table below: Quarter Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest expense $ (8.5) $ (11.7) $ (26.9) $ (35.4) Capitalized interest 0.1 — 0.2 — Amortization of debt issuance costs (0.5) (0.5) (1.4) (1.7) Interest income — — 0.6 — Interest expense, net (8.9) (12.2) (27.5) (37.0) Debt retirement costs (0.5) (3.9) (0.5) (4.8) Non-operating pension and other postretirement employee benefits expense (2.8) (1.9) (7.8) (5.7) Total non-operating expense $ (12.2) $ (17.9) $ (35.7) $ (47.5) For the third quarter and nine months ended September 30, 2021, debt retirement costs consist of $0.5 million associated with the write off of deferred debt costs related to the voluntary prepayments of the Term Loan maturing in 2026. For the quarter and nine months ended September 30, 2020, we recorded $3.9 million and $4.8 million in debt retirement cost consisting of $1.2 million related to the write off unamortized debt cost along with the premium on debt redemption of $2.1 million associated with the redemption of the $275.0 million aggregate principle amount of 4.5% senior notes due in 2023 and $0.6 million in the third quarter of 2020 and $1.6 million on in the first nine months of 2020 associated with the prepayment of the Term Loan maturing in 2026. |
Pension and Other Postretiremen
Pension and Other Postretirement Employee Benefit Plans | 3 Months Ended |
Sep. 30, 2021 | |
Postemployment 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: Quarter Ended September 30, Nine Months Ended September 30, Pension Benefit Plans 2021 2020 2021 2020 Service cost $ 0.4 $ 0.5 $ 1.4 $ 1.7 Interest cost 2.1 2.6 6.3 7.8 Expected return on plan assets (2.6) (3.8) (7.9) (11.3) Amortization of actuarial loss 2.5 2.4 7.7 7.4 Net periodic cost $ 2.4 $ 1.7 $ 7.4 $ 5.6 Quarter Ended September 30, Nine Months Ended September 30, Other Postretirement Employee Benefit Plans 2021 2020 2021 2020 Service cost $ 0.2 $ — $ 0.3 $ 0.1 Interest cost 0.6 0.6 1.5 1.8 Amortization of actuarial loss 0.2 — 0.2 — Net periodic cost $ 1.0 $ 0.7 $ 2.0 $ 1.8 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2019 $ (67.8) $ 8.3 $ (59.5) Amounts reclassified from accumulated other comprehensive loss 5.5 — 5.5 Balance at September 30, 2020 $ (62.4) $ 8.3 $ (54.0) Balance at December 31, 2020 $ (54.5) $ 0.2 $ (54.3) Other comprehensive loss before reclassifications — (2.8) (2.8) Amounts reclassified from accumulated other comprehensive loss 5.7 0.2 5.8 Balance at September 30, 2021 $ (48.9) $ (2.4) $ (51.3) |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
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. At September 30, 2021, approximately 1.1 million shares were available for future issuance under our current plan. Quarter Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Total stock-based compensation expense (selling, general and administrative and other operating charges, net) $ 3.8 $ 2.5 $ 6.9 $ 7.3 Income tax benefit related to stock-based compensation $ 1.0 $ 0.6 $ 1.8 $ 1.9 Impact on cash flow due to taxes paid related to net share settlement of equity awards and proceeds from sale of stock under employee awards $ — $ — $ 1.2 $ 0.7 At September 30, 2021, $14.1 million of compensation cost related to unvested restricted stock units and performance awards had not yet been recognized. During the nine months ended September 30, 2021, we granted 179,528 restricted stock units (time vesting) at an average grant date fair value of $35.68 per share and 68,070 restricted stock units (performance vesting) at an average grant date fair value of $39.79 per share. |
Earnings per Common Share
Earnings per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
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. Quarter Ended September 30, Nine Months Ended September 30, (In thousands) 2021 2020 2021 2020 Basic weighted-average common shares outstanding 16,687 16,595 16,689 16,581 Incremental shares due to: Stock-based awards 186 188 — 107 Performance shares 98 — — — Diluted weighted-average common shares outstanding 16,971 16,783 16,689 16,689 . |
Segment Information
Segment Information | 3 Months Ended |
Sep. 30, 2021 | |
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, 2020. Certain amounts have been reclassified from the prior year presentation to reflect the realignment of Clearwater Paper’s baled pulp sales to record inter-segment sales at market price and the realignment of outside pulp sales to the producing segment. Quarter Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Segment net sales: Pulp and Paperboard $ 237.5 $ 217.2 $ 684.6 $ 656.8 Consumer Products 214.2 245.9 603.2 779.7 Eliminations (1.2) (5.6) (5.0) (20.6) Total segment net sales $ 450.5 $ 457.4 $ 1,282.8 $ 1,415.9 Operating income (loss): Pulp and Paperboard $ 34.6 $ 32.6 $ 72.6 $ 90.8 Consumer Products 3.7 31.5 11.5 82.9 Corporate and eliminations (14.3) (14.6) (44.8) (45.6) Other operating charges, net (10.2) (0.3) (55.1) (11.9) Income (loss) from operations $ 13.8 $ 49.2 $ (15.6) $ 116.2 Net sales, classified by major products were as follows: Quarter Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Major products: Paperboard $ 224.1 $ 207.4 $ 648.8 $ 621.7 Retail tissue 208.3 238.6 572.9 747.0 Non-retail tissue 5.7 6.9 30.1 31.0 Pulp 8.4 8.1 23.9 30.1 Other 5.1 2.1 12.2 6.7 Eliminations (1.2) (5.6) (5.0) (20.6) Total net sales $ 450.5 $ 457.4 $ 1,282.8 $ 1,415.9 |
Receivables, net (Tables)
Receivables, net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables, Net, Current [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2021 December 31, 2020 Trade accounts receivable $ 148.8 $ 139.0 Allowance for current expected credit losses (1.5) (1.6) Unbilled receivables 7.7 5.1 Taxes receivable 2.9 16.0 Other 1.6 2.1 $ 159.4 $ 160.6 |
Inventories - (Tables)
Inventories - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of: September 30, 2021 December 31, 2020 Logs, chips and sawdust $ 13.9 $ 17.2 Pulp 11.7 11.5 Paperboard and tissue products 162.7 137.0 Materials and supplies 98.1 97.7 $ 286.4 $ 263.3 |
Other Operating Charges, net (T
Other Operating Charges, net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Quarter Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Costs associated with mill closure $ 5.4 $ — $ 47.1 $ — Reorganization and other expenses 3.4 — 7.3 3.4 Union settlement — — — 6.6 Gain on divested assets — — — (1.4) Directors' equity-based compensation 1.4 0.3 0.6 2.5 Other — — — 0.8 $ 10.2 $ 0.3 $ 55.1 $ 11.9 |
Non-operating Income (Expense_2
Non-operating Income (Expense) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Nonoperating Income (Expense) [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Quarter Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest expense $ (8.5) $ (11.7) $ (26.9) $ (35.4) Capitalized interest 0.1 — 0.2 — Amortization of debt issuance costs (0.5) (0.5) (1.4) (1.7) Interest income — — 0.6 — Interest expense, net (8.9) (12.2) (27.5) (37.0) Debt retirement costs (0.5) (3.9) (0.5) (4.8) Non-operating pension and other postretirement employee benefits expense (2.8) (1.9) (7.8) (5.7) Total non-operating expense $ (12.2) $ (17.9) $ (35.7) $ (47.5) |
Pension and Other Postretirem_2
Pension and Other Postretirement Employee Benefit Plans - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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: Quarter Ended September 30, Nine Months Ended September 30, Pension Benefit Plans 2021 2020 2021 2020 Service cost $ 0.4 $ 0.5 $ 1.4 $ 1.7 Interest cost 2.1 2.6 6.3 7.8 Expected return on plan assets (2.6) (3.8) (7.9) (11.3) Amortization of actuarial loss 2.5 2.4 7.7 7.4 Net periodic cost $ 2.4 $ 1.7 $ 7.4 $ 5.6 Quarter Ended September 30, Nine Months Ended September 30, Other Postretirement Employee Benefit Plans 2021 2020 2021 2020 Service cost $ 0.2 $ — $ 0.3 $ 0.1 Interest cost 0.6 0.6 1.5 1.8 Amortization of actuarial loss 0.2 — 0.2 — Net periodic cost $ 1.0 $ 0.7 $ 2.0 $ 1.8 |
Defined Contribution Plan Disclosures | 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 the quarter and nine months ended September 30, 2021, we recorded $0.6 million and $1.5 million to "Cost of sales" and less than $0.1 million and $0.2 million to "Selling, general, and administrative expenses." For the quarter and nine months ended September 30, 2020, we recorded $0.3 million and $1.1 million to "Cost of sales" and $0.2 million and $0.7 million to "Selling, general, and administrative expenses." |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2019 $ (67.8) $ 8.3 $ (59.5) Amounts reclassified from accumulated other comprehensive loss 5.5 — 5.5 Balance at September 30, 2020 $ (62.4) $ 8.3 $ (54.0) Balance at December 31, 2020 $ (54.5) $ 0.2 $ (54.3) Other comprehensive loss before reclassifications — (2.8) (2.8) Amounts reclassified from accumulated other comprehensive loss 5.7 0.2 5.8 Balance at September 30, 2021 $ (48.9) $ (2.4) $ (51.3) |
Stockholders' Equity - (Tables)
Stockholders' Equity - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Employee Equity-Based Compensation Expense | Quarter Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Total stock-based compensation expense (selling, general and administrative and other operating charges, net) $ 3.8 $ 2.5 $ 6.9 $ 7.3 Income tax benefit related to stock-based compensation $ 1.0 $ 0.6 $ 1.8 $ 1.9 Impact on cash flow due to taxes paid related to net share settlement of equity awards and proceeds from sale of stock under employee awards $ — $ — $ 1.2 $ 0.7 |
Earnings per Common Share - (Ta
Earnings per Common Share - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings per Share | Quarter Ended September 30, Nine Months Ended September 30, (In thousands) 2021 2020 2021 2020 Basic weighted-average common shares outstanding 16,687 16,595 16,689 16,581 Incremental shares due to: Stock-based awards 186 188 — 107 Performance shares 98 — — — Diluted weighted-average common shares outstanding 16,971 16,783 16,689 16,689 . |
Segment Information - (Tables)
Segment Information - (Tables) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Segment Reporting [Abstract] | ||
Reportable Segments Information | Quarter Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Segment net sales: Pulp and Paperboard $ 237.5 $ 217.2 $ 684.6 $ 656.8 Consumer Products 214.2 245.9 603.2 779.7 Eliminations (1.2) (5.6) (5.0) (20.6) Total segment net sales $ 450.5 $ 457.4 $ 1,282.8 $ 1,415.9 Operating income (loss): Pulp and Paperboard $ 34.6 $ 32.6 $ 72.6 $ 90.8 Consumer Products 3.7 31.5 11.5 82.9 Corporate and eliminations (14.3) (14.6) (44.8) (45.6) Other operating charges, net (10.2) (0.3) (55.1) (11.9) Income (loss) from operations $ 13.8 $ 49.2 $ (15.6) $ 116.2 | |
Disaggregation of Revenue [Table Text Block] | Quarter Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Major products: Paperboard $ 224.1 $ 207.4 $ 648.8 $ 621.7 Retail tissue 208.3 238.6 572.9 747.0 Non-retail tissue 5.7 6.9 30.1 31.0 Pulp 8.4 8.1 23.9 30.1 Other 5.1 2.1 12.2 6.7 Eliminations (1.2) (5.6) (5.0) (20.6) Total net sales $ 450.5 $ 457.4 $ 1,282.8 $ 1,415.9 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Asset Impairment Charges | $ 36.9 | |
Term Loan [Member] | Estimate of Fair Value Measurement | ||
Long-term Debt, Fair Value | 88.9 | $ 129.6 |
Term Loan [Member] | ||
Debt Instrument, Increase (Decrease), Other, Net | (40) | |
Senior Note Due 2025 [Member] | Estimate of Fair Value Measurement | ||
Long-term Debt, Fair Value | 324 | 325.1 |
Senior Note Due 2028 [Member] | Estimate of Fair Value Measurement | ||
Long-term Debt, Fair Value | $ 282.6 | $ 285.3 |
Receivables, net (Details)
Receivables, net (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Receivables, Net, Current [Abstract] | ||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 148.8 | $ 139 |
Accounts Receivable, Allowance for Credit Loss, Current | (1.5) | (1.6) |
Unbilled Receivables, Current | 7.7 | 5.1 |
Income Taxes Receivable, Current | 2.9 | 16 |
Other Receivables, Net, Current | 1.6 | 2.1 |
Receivables, Net | $ 159.4 | $ 160.6 |
Inventories - Inventories (Deta
Inventories - Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory [Line Items] | ||
Logs, chips and sawdust | $ 13.9 | $ 17.2 |
Pulp | 11.7 | 11.5 |
Paperboard and tissue products | 162.7 | 137 |
Materials and supplies | 98.1 | 97.7 |
Inventories | $ 286.4 | $ 263.3 |
Payables and Accruals (Details)
Payables and Accruals (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |||
Trade payables | $ 171.4 | $ 143.4 | |
Accrued compensation | 31.9 | 41.7 | |
Operating Lease, Liability, Current | 16.1 | 15.3 | |
Interest Payable, Current | 4.8 | 12.6 | |
Accrual for Taxes Other than Income Taxes, Current | 12.9 | 10.5 | |
Other Accrued Liabilities, Current | 18.2 | 19.6 | |
Accounts Payable and Accrued Liabilities | 255.2 | $ 243.1 | |
Capital Expenditures Incurred but Not yet Paid | $ 8.9 | $ 12.1 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ (0.3) | $ 9.9 | $ (13.8) | $ 14.1 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | ||
CARES Act Tax Benefit | $ 7 | $ 7 | ||
Effective Income Tax Rate Reconciliation, Percent | 26.80% |
Other Operating Charges, net (D
Other Operating Charges, net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Gain (Loss) on Disposition of Assets | $ 0 | $ 0 | $ (1.4) | $ 0 | $ (1.4) | |||
Other operating charges, net | 10.2 | $ 44.5 | $ 0.4 | 0.3 | $ 3 | 8.6 | 55.1 | 11.9 |
Asset Impairment Charges | 36.9 | |||||||
Director [Member] | ||||||||
Share based compensation expense | 1.4 | 0.3 | 0.6 | 2.5 | ||||
Reorganization Expenses [Member] | ||||||||
Other Cost and Expense, Operating | 3.4 | 0 | 0.6 | 2.8 | 7.3 | 3.4 | ||
Union settlement [Member] | ||||||||
Other Cost and Expense, Operating | 0 | 0 | 6.6 | 0 | 6.6 | |||
Union settlement [Member] | Consumer Products | ||||||||
Other Cost and Expense, Operating | 2.6 | |||||||
Union settlement [Member] | Pulp And Paperboard [Member] | ||||||||
Other Cost and Expense, Operating | 4 | |||||||
Other Expense [Member] | ||||||||
Other Cost and Expense, Operating | 0 | 0 | 0 | 0.8 | ||||
Other Operating Income (Expense) | ||||||||
Asset Impairment Charges | 36.9 | |||||||
Severance Costs | 4.9 | |||||||
Reorganization Items | 3.4 | 4 | ||||||
Other Operating Income (Expense) | Director [Member] | ||||||||
Share based compensation expense | 1.4 | (1.1) | $ 0.4 | 0.3 | $ 1.9 | $ 0.2 | ||
Closure and impairment costs - Neenah | ||||||||
Other Cost and Expense, Operating | $ 5.4 | $ 41.7 | $ 0 | $ 47.1 | $ 0 |
Non-operating Income (Expense_3
Non-operating Income (Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Nonoperating Income (Expense) [Abstract] | ||||
Interest Expense | $ (8.5) | $ (11.7) | $ (26.9) | $ (35.4) |
Amortization of Debt Issuance Costs | (0.5) | (0.5) | (1.4) | (1.7) |
Interest Income, Other | 0 | 0 | 0.6 | 0 |
Interest Expense, Net | (8.9) | (12.2) | (27.5) | (37) |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (2.8) | (1.9) | (7.8) | (5.7) |
Nonoperating Income (Expense) | (12.2) | (17.9) | (35.7) | (47.5) |
Write off of Deferred Debt Issuance Cost | (0.5) | (3.9) | (0.5) | (4.8) |
Amortization of Debt Issuance Costs | 0.5 | 0.5 | 1.4 | 1.7 |
Interest Costs Capitalized Adjustment | $ 0.1 | 0 | $ 0.2 | 0 |
Senior Note Due 2023 [Member] | ||||
Debt Extinguishment costs, Premium on Bonds [Abstract] | 2.1 | |||
Term Loan [Member] | ||||
Write off of Deferred Debt Issuance Cost | (0.6) | $ (1.6) | ||
Senior Note Due 2023 [Member] | ||||
Write off of Deferred Debt Issuance Cost | $ (1.2) | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.50% | 4.50% | ||
Debt Instrument, Face Amount | $ 275 | $ 275 |
Pension and Other Postretirem_3
Pension and Other Postretirement Employee Benefit Plans - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 0.4 | $ 0.5 | $ 1.4 | $ 1.7 |
Interest cost | 2.1 | 2.6 | 6.3 | 7.8 |
Expected return on plan assets | (2.6) | (3.8) | (7.9) | (11.3) |
Defined Benefit Plan, Amortization of Gain (Loss) | 2.5 | 2.4 | 7.7 | 7.4 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 2.4 | 1.7 | 7.4 | 5.6 |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 0.2 | 0 | 0.3 | 0.1 |
Interest cost | 0.6 | 0.6 | 1.5 | 1.8 |
Defined Benefit Plan, Amortization of Gain (Loss) | 0.2 | 0 | 0.2 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 1 | 0.7 | 2 | 1.8 |
Cost of Sales [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 0.6 | 1.5 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 0.3 | 1.1 | ||
Selling, General and Administrative Expenses [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 0.1 | $ 0.2 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | $ 0.2 | $ 0.7 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (51.3) | $ (54) | $ (54.3) | $ (59.5) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (2.8) | |||
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 | 5.8 | 5.5 | ||
Pension Plan [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (48.9) | (62.4) | (54.5) | (67.8) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | |||
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 | 5.7 | 5.5 | ||
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 | (2.4) | 8.3 | $ 0.2 | $ 8.3 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (2.8) | |||
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 | $ 0.2 | $ 0 |
Stockholders' Equity - (Detail)
Stockholders' Equity - (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
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 | 1,100,000 | 1,100,000 | ||
Stock-based compensation expense | $ 3.8 | $ 2.5 | $ 6.9 | $ 7.3 |
Share-based Payment Arrangement, Expense, Tax Benefit | 1 | 0.6 | 1.8 | 1.9 |
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised | 1.2 | 0.7 | ||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 0 | $ 0 | $ 1.7 | $ 0.7 |
Weighted Average Number of Shares Outstanding, Diluted | 16,971,000 | 16,783,000 | 16,689,000 | 16,689,000 |
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 | $ 14.1 | $ 14.1 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share-based awards granted | 179,528 | |||
Grant-date fair value of awards per share | $ 35.68 | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 186,000 | 188,000 | 0 | 107,000 |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share-based awards granted | 68,070 | |||
Grant-date fair value of awards per share | $ 39.79 | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 98,000 | 0 | 0 | 0 |
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 shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 16,687 | 16,595 | 16,689 | 16,581 |
Weighted Average Number of Shares Outstanding, Diluted | 16,971 | 16,783 | 16,689 | 16,689 |
Basic net earnings per common share (in dollars per share) | $ 0.12 | $ 1.29 | $ (2.25) | $ 3.29 |
Diluted net earnings per common share (in dollars per share) | $ 0.11 | $ 1.28 | $ (2.25) | $ 3.27 |
Anti-dilutive shares excluded from calculation | 300 | 400 | 600 | 600 |
Performance Shares [Member] | ||||
Earnings Per Share [Abstract] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 98 | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 98 | 0 | 0 | 0 |
Segment Information (Detail)
Segment Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||||||
Net Sales | $ 450.5 | $ 457.4 | $ 1,282.8 | $ 1,415.9 | ||||
Income from operations | 13.8 | 49.2 | (15.6) | 116.2 | ||||
Other operating charges, net | (10.2) | $ (44.5) | $ (0.4) | (0.3) | $ (3) | $ (8.6) | (55.1) | (11.9) |
Intersegment Eliminations | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | (1.2) | (5.6) | (5) | (20.6) | ||||
Corporate, Non-Segment | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Income from operations | (14.3) | (14.6) | (44.8) | (45.6) | ||||
Consumer Products | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 214.2 | 245.9 | 603.2 | 779.7 | ||||
Income from operations | 3.7 | 31.5 | 11.5 | 82.9 | ||||
Pulp And Paperboard [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 237.5 | 217.2 | 684.6 | 656.8 | ||||
Income from operations | 34.6 | 32.6 | 72.6 | 90.8 | ||||
Retail tissue [Domain] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 208.3 | 238.6 | 572.9 | 747 | ||||
Paperboard [Domain] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 224.1 | 207.4 | 648.8 | 621.7 | ||||
Non-retail tissue [Domain] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 5.7 | 6.9 | 30.1 | 31 | ||||
Pulp [Domain] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 8.4 | 8.1 | 23.9 | 30.1 | ||||
Other [Domain] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | $ 5.1 | $ 2.1 | $ 12.2 | $ 6.7 |