CLEARWATER PAPER CORP, PRE 14A filed on 3/7/2024
Proxy Statement - Notice of Shareholders Meeting (preliminary)
v3.24.0.1
Cover
 12 Months Ended
Dec. 31, 2023
Document Information [Line Items]  
Document Type PRE 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name CLEARWATER PAPER CORPORATION
Entity Central Index Key 0001441236
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
PAY VS PERFORMANCE
 
   
Arsen S. Kitch
      
Linda K. Massman
                  
Value of Initial Fixed $100
Investment on 12/31/2019
based on:
            
Year
  
Summary
Compensation
Table (SCT)
Total for PEO
  
Compensation
Actually Paid
(CAP) to PEO
(1)(2)
  
 
  
SCT Total
for PEO
  
CAP
to
PEO
(1)(2)
  
 
  
Average SCT
Total for
Non-PEO

NEOs
(3)
  
Average
CAP to
Non-PEO

NEOs
(1)(2)(3)
      
Company
Total
Shareholder
Return
  
Peer Group
Total
Shareholder
Return
(4)
      
Net
Income
(millions)
  
Adjusted
EBITDA
(millions)
(5)
 2023
       $5,076,406       $4,607,288         N/A       N/A         $1,110,431       $839,605         $169.10       $137.42         $107.7       $281.0
 2022
       $4,665,888       $8,013,712         N/A       N/A         $1,485,132       $2,042,485           $177.01       $117.98         $46.0       $226.9
 2021
       $3,508,327       $2,881,453         N/A       N/A         $1,309,743       $880,350         $171.68       $139.56           ($28.1)       $174.6
 2020
       $4,010,645       $8,567,932         $2,113,374       $2,227,347         $1,691,924       $2,908,320         $176.73       $112.48         $77.1       $283.2
 
(1)
In order to calculate the 2023 compensation “actually paid” for our PEO and NEOs, we have subtracted the
following
amounts from the value in the
“2023 Summary Compensation Tables”
totals, which reflect the grant date fair value for performance and time vesting RSUs granted in the year, computed in accordance with FASB ASC Topic 718 and excluding any estimated forfeitures, as described more fully in the summary compensation table.
 
 Arsen S. Kitch
   
Equity Award
Values
      
 NEO Average
  
Equity Award
Values
   2023
    $2,872,321    
  2023
     $ 471,999
 
(2)
In order to calculate the 2023 compensation “actually paid” for our PEO and NEOs, we have added the following amounts, which
reflect
the change in fair value for performance and time vesting RSUs, and options, as applicable, in each case computed in accordance with FASB ASC Topic 718.
 
 Arsen S. Kitch
      
Fair value of
awards granted in
year and unvested
at end of year
      
Change in fair value
of awards granted in
prior year through
end of year
      
Change in fair
value of awards
granted in prior
year through
vesting date
         
    2023
     $2,689,265     ($286,062)     $70,618     
 NEO Average
      
Fair value of
awards granted in
year and unvested
at end of year
      
Change in fair value
of awards granted in
prior year through
end of year
      
Change in fair
value of awards
granted in prior
year through
vesting date
       
Fair value of
awards at the end
of the prior year
that failed to meet
vesting conditions
in the year
    2023
     $366,385     ($40,152)     $12,475      ($144,226)
 
(3)
The named executive officers included for purposes of determining the average compensation for our named executive officers each year, is as follows:
 
     
NEOs
 2023    Sherri Baker, Rebecca Barckley, Michael Murphy, Steve Bowden, Michael Gadd, and Kari Moyes
 2022    Michael Murphy, Steve Bowden, Michael Gadd, and Kari Moyes
 2021    Michael Murphy, Steve Bowden, Michael Gadd, and Kari Moyes
 2020    Michael Murphy, Steve Bowden, Michael Gadd, Kari Moyes, and Robert Hrivnak
 
(4)
Represent the total stockholder return of the S&P MidCap 400
®
Index (excluding members of the GICS
®
Financials sector) over the indicated periods, which is the index used for purposes of our performance graph disclosure in our 2023
10-K.
 
(5)
Adjusted EBITDA is calculated as described in the above Compensation Discussion & Analysis, specifically the subsection entitled “2023 Annual Incentives.”
     
Company Selected Measure Name Adjusted EBITDA      
Named Executive Officers, Footnote
(3)
The named executive officers included for purposes of determining the average compensation for our named executive officers each year, is as follows:
 
     
NEOs
 2023    Sherri Baker, Rebecca Barckley, Michael Murphy, Steve Bowden, Michael Gadd, and Kari Moyes
 2022    Michael Murphy, Steve Bowden, Michael Gadd, and Kari Moyes
 2021    Michael Murphy, Steve Bowden, Michael Gadd, and Kari Moyes
 2020    Michael Murphy, Steve Bowden, Michael Gadd, Kari Moyes, and Robert Hrivnak
      
Peer Group Issuers, Footnote Represent the total stockholder return of the S&P MidCap 400
®
Index (excluding members of the GICS
®
Financials sector) over the indicated periods, which is the index used for purposes of our performance graph disclosure in our 2023
10-K.
      
Adjustment To PEO Compensation, Footnote
(1)
In order to calculate the 2023 compensation “actually paid” for our PEO and NEOs, we have subtracted the
following
amounts from the value in the
“2023 Summary Compensation Tables”
totals, which reflect the grant date fair value for performance and time vesting RSUs granted in the year, computed in accordance with FASB ASC Topic 718 and excluding any estimated forfeitures, as described more fully in the summary compensation table.
 
 Arsen S. Kitch
   
Equity Award
Values
      
 NEO Average
  
Equity Award
Values
   2023
    $2,872,321    
  2023
     $ 471,999
 
(2)
In order to calculate the 2023 compensation “actually paid” for our PEO and NEOs, we have added the following amounts, which
reflect
the change in fair value for performance and time vesting RSUs, and options, as applicable, in each case computed in accordance with FASB ASC Topic 718.
 
 Arsen S. Kitch
      
Fair value of
awards granted in
year and unvested
at end of year
      
Change in fair value
of awards granted in
prior year through
end of year
      
Change in fair
value of awards
granted in prior
year through
vesting date
         
    2023
     $2,689,265     ($286,062)     $70,618     
 NEO Average
      
Fair value of
awards granted in
year and unvested
at end of year
      
Change in fair value
of awards granted in
prior year through
end of year
      
Change in fair
value of awards
granted in prior
year through
vesting date
       
Fair value of
awards at the end
of the prior year
that failed to meet
vesting conditions
in the year
    2023
     $366,385     ($40,152)     $12,475      ($144,226)
      
Non-PEO NEO Average Total Compensation Amount $ 1,110,431 $ 1,485,132 $ 1,309,743 $ 1,691,924
Non-PEO NEO Average Compensation Actually Paid Amount $ 839,605 2,042,485 880,350 2,908,320
Adjustment to Non-PEO NEO Compensation Footnote
(1)
In order to calculate the 2023 compensation “actually paid” for our PEO and NEOs, we have subtracted the
following
amounts from the value in the
“2023 Summary Compensation Tables”
totals, which reflect the grant date fair value for performance and time vesting RSUs granted in the year, computed in accordance with FASB ASC Topic 718 and excluding any estimated forfeitures, as described more fully in the summary compensation table.
 
 Arsen S. Kitch
   
Equity Award
Values
      
 NEO Average
  
Equity Award
Values
   2023
    $2,872,321    
  2023
     $ 471,999
 
(2)
In order to calculate the 2023 compensation “actually paid” for our PEO and NEOs, we have added the following amounts, which
reflect
the change in fair value for performance and time vesting RSUs, and options, as applicable, in each case computed in accordance with FASB ASC Topic 718.
 
 Arsen S. Kitch
      
Fair value of
awards granted in
year and unvested
at end of year
      
Change in fair value
of awards granted in
prior year through
end of year
      
Change in fair
value of awards
granted in prior
year through
vesting date
         
    2023
     $2,689,265     ($286,062)     $70,618     
 NEO Average
      
Fair value of
awards granted in
year and unvested
at end of year
      
Change in fair value
of awards granted in
prior year through
end of year
      
Change in fair
value of awards
granted in prior
year through
vesting date
       
Fair value of
awards at the end
of the prior year
that failed to meet
vesting conditions
in the year
    2023
     $366,385     ($40,152)     $12,475      ($144,226)
      
Compensation Actually Paid vs. Total Shareholder Return LOGO      
Compensation Actually Paid vs. Net Income LOGO      
Compensation Actually Paid vs. Company Selected Measure LOGO      
Total Shareholder Return Vs Peer Group LOGO      
Tabular List, Table
Most Important Performance Metrics
 
 
Adjusted EBITDA (financial)
Free Cash Flow (financial)
ROIC (financial)
TSR (financial)
Strategic Objectives
(non-financial)
      
Total Shareholder Return Amount $ 169.1 177.01 171.68 176.73
Peer Group Total Shareholder Return Amount 137.42 117.98 139.56 112.48
Net Income (Loss) $ 107,700,000 $ 46,000,000 $ (28,100,000) $ 77,100,000
Company Selected Measure Amount 281,000,000 226,900,000 174,600,000 283,200,000
Measure:: 1        
Pay vs Performance Disclosure        
Name Adjusted EBITDA (financial)      
Measure:: 2        
Pay vs Performance Disclosure        
Name Free Cash Flow (financial)      
Measure:: 3        
Pay vs Performance Disclosure        
Name ROIC (financial)      
Measure:: 4        
Pay vs Performance Disclosure        
Name TSR (financial)      
Measure:: 5        
Pay vs Performance Disclosure        
Name Strategic Objectives (non-financial)      
Arsen S. Kitch [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount $ 5,076,406 $ 4,665,888 $ 3,508,327 $ 4,010,645
PEO Actually Paid Compensation Amount $ 4,607,288 $ 8,013,712 $ 2,881,453 8,567,932
PEO Name Arsen S. Kitch      
Linda K. Massman [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount       2,113,374
PEO Actually Paid Compensation Amount       $ 2,227,347
PEO Name Linda K. Massman      
PEO | Arsen S. Kitch [Member] | Equity Award Values [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 2,872,321      
PEO | Arsen S. Kitch [Member] | Awards granted in year and unvested at end of year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,689,265      
PEO | Arsen S. Kitch [Member] | Awards granted in prior year through end of year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (286,062)      
PEO | Arsen S. Kitch [Member] | Awards granted in prior year through vesting date [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 70,618      
Non-PEO NEO | Equity Award Values [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 471,999      
Non-PEO NEO | Awards granted in year and unvested at end of year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 366,385      
Non-PEO NEO | Awards granted in prior year through end of year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (40,152)      
Non-PEO NEO | Awards granted in prior year through vesting date [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 12,475      
Non-PEO NEO | Awards at the end of the prior year that failed to meet vesting conditions in the year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (144,226)