Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Entity File Number | 001-34146 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
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 $0.0001 per share | |
Trading Symbol | CLW | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 16,712,582 | |
Local Phone Number | 344-5900 | |
City Area Code | 509 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 41.7 | $ 53.7 |
Receivables, Net | 196.6 | 188.8 |
Inventories | 340.4 | 324 |
Other current assets | 13.4 | 19.9 |
Total current assets | 592.1 | 586.3 |
Property, Plant and Equipment, Net | 1,000.2 | 1,017.1 |
Other assets, net | 112.7 | 100.1 |
TOTAL ASSETS | 1,705 | 1,703.5 |
Current liabilities: | ||
Current portion of long-term debt | 0.9 | 0.9 |
Accounts Payable and Accrued Liabilities | 262.6 | 311.1 |
Total current liabilities | 263.5 | 312 |
Long-term Debt, Excluding Current Maturities | 564.8 | 564.9 |
Liability for pension and other postretirement employee benefits | 57.2 | 58.2 |
Deferred tax liabilities and other long-term obligations | 205 | 196.4 |
Total liabilities | 1,090.5 | 1,131.5 |
Stockholders' equity: | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common Stock, Value, Issued | 0 | 0 |
Additional paid-in capital | 17.7 | 28.5 |
Retained earnings | 630.3 | 576.8 |
Accumulated other comprehensive loss, net of tax | (33.4) | (33.3) |
Total stockholders' equity | 614.5 | 572.1 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,705 | $ 1,703.5 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 16,707,995 | 16,761,869 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Net Sales | $ 524.6 | $ 526.4 | $ 1,050 | $ 1,014.6 |
Costs and expenses: | ||||
Cost of sales | 438.7 | 455.2 | 887.2 | 877.2 |
Selling, General and Administrative Expense | 39.1 | 33.9 | 75.1 | 66.7 |
Other Operating Income (Expense), Net | 0.4 | (5.7) | (0.6) | (6.3) |
Total operating costs and expenses | 477.3 | 494.9 | 962.9 | 950.2 |
Income from operations | 47.3 | 31.5 | 87.1 | 64.4 |
Interest Expense, Net | (7.5) | (10.7) | (15.1) | (19.3) |
Gain (Loss) on Extinguishment of Debt | 0 | (0.3) | 0 | (0.5) |
Other Nonoperating Income (Expense) | 0.1 | (1.4) | 0.2 | (2.8) |
Total non-operating expense | (7.4) | (12.4) | (14.9) | (22.7) |
Income before income taxes | 39.9 | 19.1 | 72.2 | 41.7 |
Income tax provision | 10.2 | 4.4 | 18.6 | 10.4 |
Net income | $ 29.7 | $ 14.7 | $ 53.5 | $ 31.3 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 1.76 | $ 0.87 | $ 3.18 | $ 1.86 |
Diluted (in dollars per share) | $ 1.75 | $ 0.86 | $ 3.15 | $ 1.83 |
Weighted Average Number of Shares Outstanding, Basic | 16,865 | 16,849 | 16,849 | 16,788 |
Weighted Average Number of Shares Outstanding, Diluted | 16,958 | 17,078 | 17,003 | 17,080 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 29.7 | $ 14.7 | $ 53.5 | $ 31.3 |
Defined benefit pension and other postretirement employee benefits: | ||||
Amortization of actuarial (gain) loss included in net periodic cost, net of tax of $0.0, $0.4, $0.1 and $0.8 | (0.1) | 1.1 | (0.1) | 2.3 |
Other comprehensive income (loss), net of tax | (0.1) | 1.1 | (0.1) | 2.3 |
Comprehensive income | $ 29.6 | $ 15.8 | $ 53.4 | $ 33.6 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | $ 0 | $ 0.4 | $ (0.1) | $ 0.8 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net income | $ 29.7 | $ 14.7 | $ 53.5 | $ 31.3 | ||
Depreciation and amortization | 24.6 | 25.7 | 49.4 | 51.2 | ||
Equity-based compensation expense | 1.5 | 4.9 | 3.4 | 5.5 | ||
Deferred taxes | (1.6) | (1.9) | (2.9) | (4.1) | ||
Defined benefit pension and other postretirement employee benefits | (0.6) | 0.8 | (1.1) | 1.5 | ||
Amortization of deferred debt costs and debt retirement | 0.3 | 0.7 | 0.6 | 1.3 | ||
Loss on sale or impairment associated with assets | 0 | 4.6 | 1.1 | 4.6 | ||
Accounts receivable | (7.7) | (11.3) | (14.1) | (21.8) | ||
Inventories | 5.3 | (5.8) | (17) | (10) | ||
Other current assets | 5.4 | 4.2 | 5.8 | 4.2 | ||
Accounts payable and accrued liabilities | (10.7) | 40.6 | (42.5) | 54.5 | ||
Other Operating Activities, Cash Flow Statement | (0.1) | 1.3 | 0.6 | 1.4 | ||
Net cash flows provided by operating activities | 46 | 78.5 | 36.9 | 119.5 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Additions to property, plant and equipment, net 1 | (12.8) | [1] | (5.4) | [1] | (34.3) | (13.2) |
Net cash flows used in investing activities | (12.8) | (5.4) | (34.3) | (13.2) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Proceeds from Short-Term Debt | 0 | 0 | 12 | 0 | ||
Repayments of Short-term Debt | 0 | 0 | (12) | 0 | ||
Repayments of long-term debt | (0.2) | (35.1) | (0.5) | (55.5) | ||
Payment, Tax Withholding, Share-based Payment Arrangement | (0.4) | (1) | (4.6) | (2.5) | ||
Payments for Repurchase of Common Stock | (8.4) | (3.9) | (10.1) | (3.9) | ||
Payments of Debt Issuance Costs | 0 | 0 | (0.1) | 0 | ||
Net cash flows used in financing activities | (8.9) | (40) | (15.3) | (61.9) | ||
Increase (decrease) in cash, cash equivalents and restricted cash | 24.3 | 33.1 | (12.7) | 44.4 | ||
Cash, cash equivalents and restricted cash at beginning of period | 17.4 | 37.5 | 54.4 | 26.2 | ||
Cash, cash equivalents and restricted cash at end of period | 41.7 | 70.6 | 41.7 | 70.6 | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||
Cash paid for interest, net of amounts capitalized | 0.8 | 1.2 | 15.4 | 16.9 | ||
Cash paid for income taxes | 15.1 | 12.5 | 15.1 | 12.5 | ||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ||||||
Cash and cash equivalents | 41.7 | 69.5 | 41.7 | 69.5 | ||
Restricted cash included in other assets, net | 0 | 1.1 | 0 | 1.1 | ||
Total cash, cash equivalents and restricted cash | $ 41.7 | $ 70.6 | $ 41.7 | $ 70.6 | ||
[1]Capital expenditures of $14.0 million and $5.1 million that have not been paid as of June 30, 2023 and 2022 were excluded from the Statements of Cash Flows. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholder's Equity Consolidated Statements of Stockholder's Equity - USD ($) 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, 2021 | 16,692 | ||||
Beginning balance at Dec. 31, 2021 | $ 511.7 | $ 0 | $ 23.6 | $ 530.7 | $ (42.6) |
Net income | 16.6 | 16.6 | |||
Stock-based compensation expense | 2 | 2 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 119 | ||||
Issuance of shares under stock plans, net | (1.5) | (1.5) | |||
Pension and other postretirement employee benefit plans, net of tax | 1.1 | 1.1 | |||
Ending balance (in shares) at Mar. 31, 2022 | 16,811 | ||||
Ending balance at Mar. 31, 2022 | 530 | $ 0 | 24.1 | 547.3 | (41.4) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | 0.4 | ||||
Beginning balance (in shares) at Dec. 31, 2021 | 16,692 | ||||
Beginning balance at Dec. 31, 2021 | 511.7 | $ 0 | 23.6 | 530.7 | (42.6) |
Net income | 31.3 | ||||
Ending balance (in shares) at Jun. 30, 2022 | 16,770 | ||||
Ending balance at Jun. 30, 2022 | 544.7 | $ 0 | 23 | 562 | (40.3) |
Beginning balance (in shares) at Mar. 31, 2022 | 16,811 | ||||
Beginning balance at Mar. 31, 2022 | 530 | $ 0 | 24.1 | 547.3 | (41.4) |
Net income | 14.7 | 14.7 | |||
Stock-based compensation expense | 3.8 | 3.8 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 78 | ||||
Issuance of shares under stock plans, net | (1) | (1) | |||
Pension and other postretirement employee benefit plans, net of tax | $ 1.1 | 1.1 | |||
Stock Repurchased and Retired During Period, Shares | (119) | ||||
Stock Repurchased and Retired During Period, Value | $ (3.9) | (3.9) | |||
Ending balance (in shares) at Jun. 30, 2022 | 16,770 | ||||
Ending balance at Jun. 30, 2022 | 544.7 | $ 0 | 23 | 562 | (40.3) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | 0.4 | ||||
Beginning balance (in shares) at Dec. 31, 2022 | 16,762 | ||||
Beginning balance at Dec. 31, 2022 | 572.1 | $ 0 | 28.5 | 576.8 | (33.3) |
Net income | 23.8 | 23.8 | |||
Stock-based compensation expense | 2.2 | 2.2 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 242 | ||||
Issuance of shares under stock plans, net | (4.2) | (4.2) | |||
Pension and other postretirement employee benefit plans, net of tax | (0.1) | (0.1) | |||
Stock Repurchased and Retired During Period, Shares | (51) | ||||
Stock Repurchased and Retired During Period, Value | (1.7) | (1.7) | |||
Ending balance (in shares) at Mar. 31, 2023 | 16,953 | ||||
Ending balance at Mar. 31, 2023 | 592 | $ 0 | 24.7 | 600.6 | (33.4) |
Beginning balance (in shares) at Dec. 31, 2022 | 16,762 | ||||
Beginning balance at Dec. 31, 2022 | 572.1 | $ 0 | 28.5 | 576.8 | (33.3) |
Net income | 53.5 | ||||
Ending balance (in shares) at Jun. 30, 2023 | 16,708 | ||||
Ending balance at Jun. 30, 2023 | 614.5 | $ 0 | 17.7 | 630.3 | (33.4) |
Beginning balance (in shares) at Mar. 31, 2023 | 16,953 | ||||
Beginning balance at Mar. 31, 2023 | 592 | $ 0 | 24.7 | 600.6 | (33.4) |
Net income | 29.7 | 29.7 | |||
Stock-based compensation expense | 1.7 | 1.7 | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 18 | ||||
Issuance of shares under stock plans, net | (0.4) | (0.4) | |||
Pension and other postretirement employee benefit plans, net of tax | (0.1) | (0.1) | |||
Stock Repurchased and Retired During Period, Shares | (263) | ||||
Stock Repurchased and Retired During Period, Value | (8.4) | (8.4) | |||
Ending balance (in shares) at Jun. 30, 2023 | 16,708 | ||||
Ending balance at Jun. 30, 2023 | $ 614.5 | $ 0 | $ 17.7 | $ 630.3 | $ (33.4) |
Consolidated Statements of St_2
Consolidated Statements of Stockholder's Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | $ 0.4 | $ 0.4 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | 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, 2022. 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) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Adopted Accounting Standards In September 2022, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50) . This standard requires disclosure of the key terms of outstanding supplier finance programs and a roll forward of the related obligations. The new standard does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The ASU became effective January 1, 2023, except for the roll forward requirement, which becomes effective January 1, 2024. This ASU, except for the roll forward requirement, was adopted retrospectively as of January 1, 2023 and did not have a material impact on our consolidated financial statements other than expanded disclosures. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
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. The fair value of our debt is included in the following table: June 30, 2023 December 31, 2022 2014 Notes, maturing 2025, fixed interest rate $ 261.4 $ 263.1 2020 Notes, maturing 2028, fixed interest rate 242.2 241.2 $ 503.6 $ 504.3 |
Receivables, net (Notes)
Receivables, net (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables, Net, Current [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Receivables Receivables consist of: June 30, 2023 December 31, 2022 Trade accounts receivable $ 187.7 $ 167.6 Allowance for current expected credit losses (1.5) (1.4) Unbilled receivables 3.7 9.1 Taxes receivable 4.2 10.6 Other 2.5 2.9 $ 196.6 $ 188.8 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are stated at the lower of net realizable value or current cost using the average cost method and consist of: June 30, 2023 December 31, 2022 Logs, chips and sawdust $ 18.7 $ 23.6 Pulp 16.8 16.8 Paperboard and tissue products 186.3 171.9 Materials and supplies 118.6 111.7 $ 340.4 $ 324.0 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | Property, plant and equipment Property, plant and equipment consist of: June 30, 2023 December 31, 2022 Land and land improvements $ 106.1 $ 106.1 Buildings and improvements 457.6 456.8 Machinery and equipment 2,356.3 2,346.5 Construction in progress 37.1 23.9 2,957.1 2,933.4 Less accumulated depreciation and amortization (1,956.9) (1,916.3) Property, plant and equipment, net $ 1,000.2 $ 1,017.1 |
Payables and Accruals
Payables and Accruals | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure | Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of: June 30, 2023 December 31, 2022 Trade payables $ 169.7 $ 213.0 Accrued compensation 32.8 41.9 Operating lease liabilities 13.9 12.0 Other accrued liabilities 46.2 44.2 $ 262.6 $ 311.1 Included in accounts payable and accrued liabilities are $14.0 million and $15.7 million related to capital expenditures that had not yet been paid as of June 30, 2023 and December 31, 2022. We maintain a program with a financial institution to provide our vendors with an option to receive payment earlier than our standard payment terms. Vendors receive payment directly from the financial institution . We are obligated to repay the financial institution in the next billing cycle which is generally 35 to 60 days later than payment to the supplier. As of June 30, 2023 and December 31, 2022, $13.7 million and $14.5 million of outstanding obligations under this program were included in other accrued liabilities in the Consolidated Balance Sheets. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Taxes | Income TaxesFor 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 six months ended June 30, 2023, our income tax provision was $18.6 million as compared to $10.4 million in the same period in 2022. Our effective tax rate for the six months ended June 30, 2023 and 2022 varied from the U.S. federal statutory tax rate of 21.0% primarily due to the effects of state taxes and nondeductible compensation. |
Other Operating Charges, net (N
Other Operating Charges, net (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Other Operating Income and Expense | Other Operating Charges The major components of “Other operating (income) charges, net” in the Consolidated Statements of Operations for the quarter and six months ended June 30, 2023 and 2022 are reflected in the table below and described in the paragraphs following the table. These items are considered outside of our core operations. Quarter Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Reorganization and other expenses $ — $ 0.1 $ — $ 1.6 Costs associated with mill closure — — — 0.4 Loss on sale or impairment associated with assets — 4.6 1.1 4.6 Directors' equity-based compensation expense (0.2) 1.1 (0.4) (0.3) Other (0.3) — (0.1) — $ (0.4) $ 5.7 $ 0.6 $ 6.3 2023 During the second quarter of 2023, we recorded $0.4 million of income in "Other operating (income) charges, net." The components of the income include: • reversal of expense of $0.2 million relating to directors' equity based compensation which is remeasured each period based upon changes in our stock price. During the first quarter of 2023, we recorded $1.1 million of expenses in "Other (income) operating charges, net." The components of the expense include: • loss of $1.1 million associated with the impairment of equipment and related spare parts no longer being used; and • reversal of expense of $0.2 million relating to directors' equity based compensation which is remeasured each period based upon changes in our stock price. 2022 During the second quarter of 2022, we recorded $5.7 million of expenses in "Other (income) operating charges, net." The components of the expense include: • loss of $4.6 million associated with the impairment of equipment previously located at a closed facility which will not be re-installed; and • 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 2022, we recorded $0.5 million of expenses in "Other operating (income) charges, net." The components of the expense include: • expense of $1.5 million related to reorganization and other expenses including consulting fees associated with our efforts to achieve long-term performance improvements; • expense of $0.4 million associated with mill closure costs; and • reversal of expense of $1.4 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) | 6 Months Ended |
Jun. 30, 2023 | |
Nonoperating Income (Expense) [Abstract] | |
Other Nonoperating Income and Expense [Text Block] | Non-Operating Expense The components of “Non-operating expense” in the Consolidated Statements of Operations for the quarter and six months ended June 30, 2023 and 2022 are reflected in the table below: Quarter Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest expense $ (7.6) $ (10.4) $ (15.2) $ (18.6) Amortization of deferred debt costs (0.3) (0.4) (0.6) (0.8) Interest income 0.3 0.1 0.6 0.1 Interest expense, net (7.5) (10.7) (15.1) (19.3) Debt retirement costs — (0.3) — (0.5) Non-operating pension and other postretirement employee benefits (expense) 0.1 (1.4) 0.2 (2.8) Total non-operating expense $ (7.4) $ (12.4) $ (14.9) $ (22.7) |
Retirement Plans and Postretire
Retirement Plans and Postretirement Benefits | 6 Months Ended |
Jun. 30, 2023 | |
Postemployment Benefits [Abstract] | |
Pension and Other Postretirement Employee Benefit Plans | Retirement Plans and Postretirement Benefits The following table details the components of net periodic cost of our company-sponsored pension and other postretirement employee benefit plans for the periods presented: Quarter Ended June 30, Six Months Ended June 30, Pension Benefit Plans 2023 2022 2023 2022 Service cost $ 0.9 $ 0.5 $ 1.7 $ 1.1 Interest cost 3.1 2.2 6.2 4.4 Expected return on plan assets (3.8) (2.8) (7.6) (5.7) Amortization of actuarial loss — 1.5 — 3.1 Net periodic cost $ 0.2 $ 1.5 $ 0.4 $ 2.9 Quarter Ended June 30, Six Months Ended June 30, Other Postretirement Employee Benefit Plans 2023 2022 2023 2022 Service cost $ — $ 0.1 $ 0.1 $ 0.2 Interest cost 0.7 0.5 1.4 1.0 Amortization of actuarial gain (0.1) — (0.3) — Net periodic cost $ 0.6 $ 0.6 $ 1.2 $ 1.2 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2021 $ (42.8) $ 0.3 $ (42.6) Amounts reclassified from accumulated other comprehensive loss 2.3 — 2.3 Balance at June 30, 2022 $ (40.5) $ 0.3 $ (40.3) Balance at December 31, 2022 $ (46.5) $ 13.3 $ (33.3) Amounts reclassified from accumulated other comprehensive loss — (0.1) (0.1) Balance at June 30, 2023 $ (46.5) $ 13.1 $ (33.4) |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023, approximately 0.9 million shares were available for future issuance under our current plan. Quarter Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total stock-based compensation expense $ 1.5 $ 4.9 $ 3.4 $ 5.5 Income tax benefit related to stock-based compensation $ 0.4 $ 1.2 $ 0.9 $ 1.4 Impact on cash flow due to taxes paid related to net share settlement of equity awards $ 0.4 $ 1.0 $ 4.6 $ 2.5 At June 30, 2023, there was $16.8 million of total unrecognized compensation cost related to outstanding restricted stock unit awards. During the six months ended June 30, 2023, we granted 195,127 restricted stock units (time vesting) at an average grant date fair value of $37.99 per share and 196,451 restricted stock units (performance vesting) at an average grant date fair value of $40.47 per share. |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Basic weighted-average common shares outstanding 16,865 16,849 16,849 16,788 Incremental shares due to: Stock-based awards 91 105 152 171 Performance shares 2 125 2 120 Diluted weighted-average common shares outstanding 16,958 17,078 17,003 17,080 Shares excluded from the computation of diluted earnings per share were 0.5 million and 0.4 million for the quarter and six months ended June 30, 2023 and 0.4 million and 0.4 million for the quarter and six months ended June 30, 2022 as they were either antidilutive (not in-the-money) or the required performance conditions were not met. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022. Quarter Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Segment net sales: Pulp and Paperboard $ 272.3 $ 295.8 $ 551.0 $ 562.0 Consumer Products 253.6 232.1 502.0 455.2 Eliminations (1.3) (1.5) (3.0) (2.6) Net sales $ 524.6 $ 526.4 $ 1,050.0 $ 1,014.6 Operating income (loss): Pulp and Paperboard $ 42.0 $ 52.0 $ 99.1 $ 102.3 Consumer Products 25.0 3.5 29.2 4.4 Corporate and eliminations (20.1) (18.2) (40.6) (36.0) Other operating income (charges), net 0.4 (5.7) (0.6) (6.3) Income from operations $ 47.3 $ 31.5 $ 87.1 $ 64.4 Net sales, classified by major products, were as follows: Quarter Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Major products: Paperboard $ 263.0 $ 287.6 $ 536.4 $ 541.9 Retail tissue 252.8 228.6 498.8 445.2 Pulp 7.0 5.6 10.3 14.0 Other 3.1 6.1 7.5 16.2 Eliminations (1.3) (1.5) (3.0) (2.6) Total net sales $ 524.6 $ 526.4 $ 1,050.0 $ 1,014.6 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||||
Net income | $ 29.7 | $ 23.8 | $ 14.7 | $ 16.6 | $ 53.5 | $ 31.3 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the quarter ended June 30, 2023, none of our officers or directors adopted or terminated a Rule 10b5-1 arrangement or non-Rule 10b5-1 trading arrangement, as each is defined in Item 408(a) of regulation S-K. |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option, Disclosures | The fair value of our debt is included in the following table: June 30, 2023 December 31, 2022 2014 Notes, maturing 2025, fixed interest rate $ 261.4 $ 263.1 2020 Notes, maturing 2028, fixed interest rate 242.2 241.2 $ 503.6 $ 504.3 |
Receivables, net (Tables)
Receivables, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables, Net, Current [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2023 December 31, 2022 Trade accounts receivable $ 187.7 $ 167.6 Allowance for current expected credit losses (1.5) (1.4) Unbilled receivables 3.7 9.1 Taxes receivable 4.2 10.6 Other 2.5 2.9 $ 196.6 $ 188.8 |
Inventories - (Tables)
Inventories - (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories are stated at the lower of net realizable value or current cost using the average cost method and consist of: June 30, 2023 December 31, 2022 Logs, chips and sawdust $ 18.7 $ 23.6 Pulp 16.8 16.8 Paperboard and tissue products 186.3 171.9 Materials and supplies 118.6 111.7 $ 340.4 $ 324.0 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consist of: June 30, 2023 December 31, 2022 Land and land improvements $ 106.1 $ 106.1 Buildings and improvements 457.6 456.8 Machinery and equipment 2,356.3 2,346.5 Construction in progress 37.1 23.9 2,957.1 2,933.4 Less accumulated depreciation and amortization (1,956.9) (1,916.3) Property, plant and equipment, net $ 1,000.2 $ 1,017.1 |
Payables and Accruals (Tables)
Payables and Accruals (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of: June 30, 2023 December 31, 2022 Trade payables $ 169.7 $ 213.0 Accrued compensation 32.8 41.9 Operating lease liabilities 13.9 12.0 Other accrued liabilities 46.2 44.2 $ 262.6 $ 311.1 |
Other Operating Charges, net (T
Other Operating Charges, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Quarter Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Reorganization and other expenses $ — $ 0.1 $ — $ 1.6 Costs associated with mill closure — — — 0.4 Loss on sale or impairment associated with assets — 4.6 1.1 4.6 Directors' equity-based compensation expense (0.2) 1.1 (0.4) (0.3) Other (0.3) — (0.1) — $ (0.4) $ 5.7 $ 0.6 $ 6.3 |
Non-operating Income (Expense_2
Non-operating Income (Expense) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Nonoperating Income (Expense) [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Quarter Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest expense $ (7.6) $ (10.4) $ (15.2) $ (18.6) Amortization of deferred debt costs (0.3) (0.4) (0.6) (0.8) Interest income 0.3 0.1 0.6 0.1 Interest expense, net (7.5) (10.7) (15.1) (19.3) Debt retirement costs — (0.3) — (0.5) Non-operating pension and other postretirement employee benefits (expense) 0.1 (1.4) 0.2 (2.8) Total non-operating expense $ (7.4) $ (12.4) $ (14.9) $ (22.7) |
Retirement Plans and Postreti_2
Retirement Plans and Postretirement Benefits - (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, Six Months Ended June 30, Pension Benefit Plans 2023 2022 2023 2022 Service cost $ 0.9 $ 0.5 $ 1.7 $ 1.1 Interest cost 3.1 2.2 6.2 4.4 Expected return on plan assets (3.8) (2.8) (7.6) (5.7) Amortization of actuarial loss — 1.5 — 3.1 Net periodic cost $ 0.2 $ 1.5 $ 0.4 $ 2.9 Quarter Ended June 30, Six Months Ended June 30, Other Postretirement Employee Benefit Plans 2023 2022 2023 2022 Service cost $ — $ 0.1 $ 0.1 $ 0.2 Interest cost 0.7 0.5 1.4 1.0 Amortization of actuarial gain (0.1) — (0.3) — Net periodic cost $ 0.6 $ 0.6 $ 1.2 $ 1.2 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2021 $ (42.8) $ 0.3 $ (42.6) Amounts reclassified from accumulated other comprehensive loss 2.3 — 2.3 Balance at June 30, 2022 $ (40.5) $ 0.3 $ (40.3) Balance at December 31, 2022 $ (46.5) $ 13.3 $ (33.3) Amounts reclassified from accumulated other comprehensive loss — (0.1) (0.1) Balance at June 30, 2023 $ (46.5) $ 13.1 $ (33.4) |
Stockholders' Equity - (Tables)
Stockholders' Equity - (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Equity-Based Compensation Expense | Quarter Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total stock-based compensation expense $ 1.5 $ 4.9 $ 3.4 $ 5.5 Income tax benefit related to stock-based compensation $ 0.4 $ 1.2 $ 0.9 $ 1.4 Impact on cash flow due to taxes paid related to net share settlement of equity awards $ 0.4 $ 1.0 $ 4.6 $ 2.5 |
Earnings per Common Share - (Ta
Earnings per Common Share - (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings per Share | Quarter Ended June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Basic weighted-average common shares outstanding 16,865 16,849 16,849 16,788 Incremental shares due to: Stock-based awards 91 105 152 171 Performance shares 2 125 2 120 Diluted weighted-average common shares outstanding 16,958 17,078 17,003 17,080 |
Segment Information - (Tables)
Segment Information - (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Reportable Segments Information | Quarter Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Segment net sales: Pulp and Paperboard $ 272.3 $ 295.8 $ 551.0 $ 562.0 Consumer Products 253.6 232.1 502.0 455.2 Eliminations (1.3) (1.5) (3.0) (2.6) Net sales $ 524.6 $ 526.4 $ 1,050.0 $ 1,014.6 Operating income (loss): Pulp and Paperboard $ 42.0 $ 52.0 $ 99.1 $ 102.3 Consumer Products 25.0 3.5 29.2 4.4 Corporate and eliminations (20.1) (18.2) (40.6) (36.0) Other operating income (charges), net 0.4 (5.7) (0.6) (6.3) Income from operations $ 47.3 $ 31.5 $ 87.1 $ 64.4 |
Disaggregation of Revenue [Table Text Block] | Net sales, classified by major products, were as follows: Quarter Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Major products: Paperboard $ 263.0 $ 287.6 $ 536.4 $ 541.9 Retail tissue 252.8 228.6 498.8 445.2 Pulp 7.0 5.6 10.3 14.0 Other 3.1 6.1 7.5 16.2 Eliminations (1.3) (1.5) (3.0) (2.6) Total net sales $ 524.6 $ 526.4 $ 1,050.0 $ 1,014.6 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Long-term Debt, Fair Value | $ 503.6 | $ 504.3 |
Senior Note Due 2025 [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Long-term Debt, Fair Value | 261.4 | 263.1 |
Senior Note Due 2028 [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Long-term Debt, Fair Value | $ 242.2 | $ 241.2 |
Receivables, net (Details)
Receivables, net (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Receivables, Net, Current [Abstract] | ||
Trade accounts receivable | $ 187.7 | $ 167.6 |
Accounts Receivable, Allowance for Credit Loss, Current | (1.5) | (1.4) |
Unbilled Receivables, Current | 3.7 | 9.1 |
Income Taxes Receivable, Current | 4.2 | 10.6 |
Other Receivables, Net, Current | 2.5 | 2.9 |
Receivables, Net | $ 196.6 | $ 188.8 |
Inventories - Inventories (Deta
Inventories - Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Inventories | $ 340.4 | $ 324 |
Inventory [Line Items] | ||
Inventory, Finished Goods, Net of Reserves | 186.3 | 171.9 |
Inventory, Supplies, Net of Reserves | 118.6 | 111.7 |
Inventories | 340.4 | 324 |
Inventory Pulp | ||
Inventory [Line Items] | ||
Inventory, Raw Materials, Net of Reserves | 16.8 | 16.8 |
Inventories | ||
Inventory [Line Items] | ||
Inventory, Raw Materials, Net of Reserves | $ 18.7 | $ 23.6 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,957.1 | $ 2,933.4 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,956.9) | (1,916.3) |
Property, Plant and Equipment, Net | 1,000.2 | 1,017.1 |
Land and Land Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 106.1 | 106.1 |
Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 457.6 | 456.8 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,356.3 | 2,346.5 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 37.1 | $ 23.9 |
Payables and Accruals (Details)
Payables and Accruals (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |||
Trade payables | $ 169.7 | $ 213 | |
Accrued compensation | 32.8 | 41.9 | |
Operating Lease, Liability, Current | 13.9 | 12 | |
Other Accrued Liabilities, Current | 46.2 | 44.2 | |
Accounts Payable and Accrued Liabilities | 262.6 | 311.1 | |
Capital Expenditures Incurred but Not yet Paid | 14 | $ 5.1 | 15.7 |
Supplier Finance Program, Obligation | $ 13.7 | $ 14.5 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ 10.2 | $ 4.4 | $ 18.6 | $ 10.4 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |
Other Operating Charges, net (D
Other Operating Charges, net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other Operating Income (Expense), Net | $ (0.4) | $ 1.1 | $ 5.7 | $ 0.5 | $ 0.6 | $ 6.3 |
Operating Expense | ||||||
Reorganization Items | 0 | 0.1 | 1.5 | 0 | 1.6 | |
Asset Impairment Charges | 0 | 1.1 | 4.6 | 1.1 | 4.6 | |
Operating Expense | Mill Closure Costs | ||||||
Other Expenses | 0 | 0 | 0.4 | 0 | 0.4 | |
Other Income | ||||||
Other Operating Income | (0.3) | 0 | (0.1) | 0 | ||
Director [Member] | ||||||
Share based compensation expense | $ (0.2) | $ (0.2) | $ 1.1 | $ (1.4) | $ (0.4) | $ (0.3) |
Non-operating Income (Expense_3
Non-operating Income (Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Nonoperating Income (Expense) [Abstract] | ||||
Interest Expense | $ (7.6) | $ (10.4) | $ (15.2) | $ (18.6) |
Amortization of Debt Issuance Costs | (0.3) | (0.4) | (0.6) | (0.8) |
Interest Income, Other | 0.3 | 0.1 | 0.6 | 0.1 |
Interest Expense, Net | (7.5) | (10.7) | (15.1) | (19.3) |
Gain (Loss) on Extinguishment of Debt | 0 | (0.3) | 0 | (0.5) |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 0.1 | (1.4) | 0.2 | (2.8) |
Total non-operating expense | $ (7.4) | $ (12.4) | $ (14.9) | $ (22.7) |
Retirement Plans and Postreti_3
Retirement Plans and Postretirement Benefits - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 0.9 | $ 0.5 | $ 1.7 | $ 1.1 |
Interest cost | 3.1 | 2.2 | 6.2 | 4.4 |
Expected return on plan assets | (3.8) | (2.8) | (7.6) | (5.7) |
Defined Benefit Plan, Amortization of Gain (Loss) | 0 | 1.5 | 0 | 3.1 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 0.2 | 1.5 | 0.4 | 2.9 |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 0 | 0.1 | 0.1 | 0.2 |
Interest cost | 0.7 | 0.5 | 1.4 | 1 |
Defined Benefit Plan, Amortization of Gain (Loss) | 0.1 | 0 | 0.3 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 0.6 | 0.6 | 1.2 | 1.2 |
Cost of Sales [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 0.8 | 0.5 | 1.5 | 1.1 |
Selling, General and Administrative Expenses [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | $ 0.1 | $ 0.1 | $ 0.3 | $ 0.2 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (33.4) | $ (40.3) | $ (33.3) | $ (42.6) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.1) | 2.3 | ||
Pension Plan [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (46.5) | (40.5) | (46.5) | (42.8) |
Pension Plan [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 2.3 | ||
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 | 13.1 | 0.3 | $ 13.3 | $ 0.3 |
Other Postretirement Benefits Plan [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (0.1) | $ 0 |
Stockholders' Equity - (Detail)
Stockholders' Equity - (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
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 | 900,000 | 900,000 | ||
Equity-based compensation expense | $ 1.5 | $ 4.9 | $ 3.4 | $ 5.5 |
Share-based Payment Arrangement, Expense, Tax Benefit | 0.4 | 1.2 | 0.9 | 1.4 |
Payment, Tax Withholding, Share-based Payment Arrangement | 0.4 | $ 1 | 4.6 | $ 2.5 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 16.8 | $ 16.8 | ||
Weighted Average Number of Shares Outstanding, Basic | 16,865,000 | 16,849,000 | 16,849,000 | 16,788,000 |
Weighted Average Number of Shares Outstanding, Diluted | 16,958,000 | 17,078,000 | 17,003,000 | 17,080,000 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share-based awards granted | 195,127 | |||
Grant-date fair value of awards per share | $ 37.99 | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 91,000 | 105,000 | 152,000 | 171,000 |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share-based awards granted | 196,451 | |||
Grant-date fair value of awards per share | $ 40.47 | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 2,000 | 125,000 | 2,000 | 120,000 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Number of Shares Outstanding, Basic | 16,865 | 16,849 | 16,849 | 16,788 |
Weighted Average Number of Shares Outstanding, Diluted | 16,958 | 17,078 | 17,003 | 17,080 |
Anti-dilutive shares excluded from calculation | 500 | 400 | 400 | 400 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 91 | 105 | 152 | 171 |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 2 | 125 | 2 | 120 |
Segment Information (Detail)
Segment Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||||
Net Sales | $ 524.6 | $ 526.4 | $ 1,050 | $ 1,014.6 | ||
Income from operations | 47.3 | 31.5 | 87.1 | 64.4 | ||
Other operating charges, net | 0.4 | $ (1.1) | (5.7) | $ (0.5) | (0.6) | (6.3) |
Intersegment Eliminations | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | (1.3) | (1.5) | (3) | (2.6) | ||
Corporate, Non-Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Income from operations | (20.1) | (18.2) | (40.6) | (36) | ||
Paperboard [Domain] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 263 | 287.6 | 498.8 | 445.2 | ||
Retail tissue [Domain] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 252.8 | 228.6 | 536.4 | 541.9 | ||
Pulp [Domain] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 7 | 5.6 | 10.3 | 14 | ||
Other [Domain] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 3.1 | 6.1 | 7.5 | 16.2 | ||
Pulp And Paperboard [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 272.3 | 295.8 | 551 | 562 | ||
Income from operations | 42 | 52 | 99.1 | 102.3 | ||
Consumer Products | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 253.6 | 232.1 | 502 | 455.2 | ||
Income from operations | $ 25 | $ 3.5 | $ 29.2 | $ 4.4 |