CLEARWATER PAPER CORP, 10-Q filed on 4/29/2024
Quarterly Report
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Document and Entity Information - shares
3 Months Ended
Mar. 31, 2024
Apr. 29, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Amendment Flag false  
Document Period End Date Mar. 31, 2024  
Entity File Number 001-34146  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
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 $0.0001 per share  
Trading Symbol CLW  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Shell Company false  
Entity Emerging Growth Company false  
Entity Small Business false  
Document Transition Report false  
Entity Common Stock, Shares Outstanding   16,678,493
Local Phone Number 344-5900  
City Area Code 509  
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Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 55.2 $ 42.0
Receivables, Net 173.1 184.5
Inventories 327.8 319.8
Other current assets 20.2 17.9
Total current assets 576.2 564.1
Property, Plant and Equipment, Net 983.1 990.1
Other assets, net 120.4 117.6
TOTAL ASSETS 1,679.7 1,671.8
Current liabilities:    
Current portion of long-term debt 0.9 0.8
Accounts payable and accrued liabilities 300.6 285.1
Total current liabilities 301.4 286.0
Long-term debt 442.3 462.3
Liability for pension and other postretirement employee benefits 55.1 55.7
Deferred tax liabilities and other long-term obligations 196.3 199.1
Total liabilities 995.2 1,003.0
Stockholders' equity:    
Preferred Stock, Value, Issued 0.0 0.0
Common Stock, Value, Issued 0.0 0.0
Additional paid-in capital 13.5 14.9
Retained earnings 701.7 684.5
Accumulated other comprehensive loss, net of tax (30.7) (30.7)
Total stockholders' equity 684.5 668.8
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,679.7 $ 1,671.8
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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred Stock, Shares Authorized 5,000,000 5,000,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 100,000,000 100,000,000
Common stock, shares issued (in shares) 16,646,958 16,484,550
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Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Net Sales $ 496.2 $ 525.4
Costs and expenses:    
Cost of sales 421.6 448.5
Selling, General and Administrative Expense 36.2 36.0
Other Operating Income (Expense), Net (7.9) (1.1)
Total operating costs and expenses 465.8 485.6
Income from operations 30.4 39.8
Interest Expense, Net (6.5) (7.6)
Other Nonoperating Income (Expense) 0.3 0.1
Total non-operating expense (6.2) (7.5)
Income before income taxes 24.2 32.3
Income tax provision 7.0 8.4
Net income $ 17.2 $ 23.8
Net income per common share:    
Basic (in dollars per share) $ 1.03 $ 1.42
Diluted (in dollars per share) $ 1.02 $ 1.40
Weighted Average Number of Shares Outstanding, Basic 16,607 16,834
Weighted Average Number of Shares Outstanding, Diluted 16,895 17,036
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Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net income $ 17.2 $ 23.8
Defined benefit pension and other postretirement employee benefits:    
Amortization of actuarial gain included in net periodic cost, net of tax 0.0 (0.1)
Other comprehensive income (loss), net of tax 0.0 (0.1)
Comprehensive income $ 17.2 $ 23.8
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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 17.2 $ 23.8
Depreciation and amortization 23.2 24.8
Equity-based compensation expense 3.3 1.9
Deferred taxes (1.6) (1.3)
Defined benefit pension and other postretirement employee benefits (0.9) (0.5)
Loss on sale or impairment associated with assets 0.2 1.1
(Increase) decrease in accounts receivable 7.8 (6.4)
(Increase) decrease in inventories (8.2) (22.3)
(Increase) decrease in other current assets (2.3) 0.4
Increase (decrease) in accounts payable and accrued liabilities 20.5 (31.7)
Other Operating Activities, Cash Flow Statement 0.1 1.0
Net cash flows provided by (used in) operating activities 59.2 (9.1)
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property, plant and equipment, net 1 [1] (18.5) (21.5)
Net cash flows used in investing activities (18.5) (21.5)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings on long-term debt 0.0 12.0
Repayments of long-term debt (23.5) (12.2)
Payment, Tax Withholding, Share-based Payment Arrangement (3.1) (4.2)
Payments for Repurchase of Common Stock (0.5) (1.7)
Payments of Debt Issuance Costs (0.4) (0.1)
Net cash flows used in financing activities (27.6) (6.3)
Increase (decrease) in cash, cash equivalents and restricted cash 13.2 (37.0)
Cash, cash equivalents and restricted cash at beginning of period 42.0 54.4
Cash, cash equivalents and restricted cash at end of period 55.2 17.4
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest, net of amounts capitalized 9.9 14.6
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH    
Cash and cash equivalents 55.2 16.7
Restricted cash included in other current assets, net 0.0 0.7
Total cash, cash equivalents and restricted cash $ 55.2 $ 17.4
[1] Capital expenditures of $10.3 million and $7.0 million that have not been paid as of March 31, 2024 and 2023 were excluded from the Statements of Cash Flows.
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Consolidated Statements of Stockholder's Equity Consolidated Statements of Stockholder's Equity - USD ($)
shares in Thousands, $ in Millions
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022   16,762      
Beginning balance at Dec. 31, 2022 $ 572.1 $ 0.0 $ 28.5 $ 576.8 $ (33.3)
Net income 23.8     23.8  
Stock-based compensation expense 2.2   2.2    
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture   242      
Issuance of shares under stock plans, net (4.2)   (4.2)    
Pension and other postretirement employee benefit plans, net of tax (0.1)       (0.1)
Stock Repurchased and Retired During Period, Shares   (51)      
Stock Repurchased and Retired During Period, Value (1.7)   (1.7)    
Ending balance (in shares) at Mar. 31, 2023   16,953      
Ending balance at Mar. 31, 2023 592.0 $ 0.0 24.7 600.6 (33.4)
Beginning balance (in shares) at Dec. 31, 2023   16,485      
Beginning balance at Dec. 31, 2023 668.8 $ 0.0 14.9 684.5 (30.7)
Net income 17.2     17.2  
Stock-based compensation expense 2.2   2.2    
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture   175      
Issuance of shares under stock plans, net (3.1)   (3.1)    
Stock Repurchased and Retired During Period, Shares   (13)      
Stock Repurchased and Retired During Period, Value (0.5)   (0.5)    
Ending balance (in shares) at Mar. 31, 2024   16,647      
Ending balance at Mar. 31, 2024 $ 684.5 $ 0.0 $ 13.5 $ 701.7 $ (30.7)
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Basis of Presentation
3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Nature of Operations and Basis of Presentation Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, the consolidated financial position, results of operations, stockholders' equity and cash flows for us and our subsidiaries for the interim periods presented. Results of operations for interim periods are not necessarily indicative of results to be expected for an entire year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. All dollar amounts are shown in millions, except per share.
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Recently Adopted and New Accounting Standards New Accounting Pronouncements (Notes)
3 Months Ended
Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] Recently Issued Accounting Standards
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes—Improvements to Income Tax Disclosures (Topic 740), which requires enhanced disclosures primarily related to the rate reconciliation and disaggregation of income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the disclosure implications of this new standard.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280). This standard requires enhanced disclosures of segment expenses as well as additional information provided to the Chief Operating Decision Maker. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements, with early adoption permitted. We are currently evaluating the disclosure implications of this new standard.
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Receivables, net (Notes)
3 Months Ended
Mar. 31, 2024
Receivables, Net, Current [Abstract]  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] Receivables
Receivables consist of:
March 31, 2024December 31, 2023
Trade accounts receivable$164.2 $173.8 
Allowance for current expected credit losses(1.3)(1.5)
Unbilled receivables5.2 4.1 
Taxes receivable1.2 4.8 
Other3.7 3.1 
$173.1 $184.5 
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Inventories
3 Months Ended
Mar. 31, 2024
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:
March 31, 2024December 31, 2023
Logs, chips and sawdust$16.0 $22.1 
Pulp18.4 16.8 
Paperboard and tissue products164.7 156.8 
Materials and supplies128.6 124.1 
$327.8 $319.8 
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Property, Plant, and Equipment
3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure Property, plant and equipment
Property, plant and equipment consist of:
March 31, 2024December 31, 2023
Land and land improvements$107.2 $106.0 
Buildings and improvements461.2 461.0 
Machinery and equipment2,366.8 2,359.9 
Construction in progress58.3 53.0 
2,993.5 2,979.8 
Less accumulated depreciation and amortization(2,010.4)(1,989.7)
Property, plant and equipment, net$983.1 $990.1 
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Payables and Accruals
3 Months Ended
Mar. 31, 2024
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Liabilities Disclosure Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities consist of:
March 31, 2024December 31, 2023
Trade payables$182.1 $163.9 
Accrued compensation33.5 39.0 
Operating lease liabilities15.5 15.4 
Other69.4 66.9 
$300.6 $285.1 

Included in "Accounts payable and accrued liabilities" are $10.3 million and $13.0 million related to capital expenditures that had not yet been paid as of March 31, 2024 and December 31, 2023.

We maintain a program with a financial institution to provide our vendors with an option to receive payment earlier than our standard payment terms. As of March 31, 2024 and December 31, 2023, $12.8 million and $14.7 million of outstanding obligations under this program were included in "Other" in the table above.

As of March 31, 2024 and December 31, 2023, unrecognized tax benefits of $26.0 million were included in "Other" in the table above.
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Income Taxes
3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Taxes Income Taxes
For interim periods, accounting standards require that income tax expense be determined by applying the estimated annual effective income tax rate to year-to-date results, unless this method does not result in a reliable estimate of year-to-date income tax expense. Each period, the income tax accrual is adjusted to the latest estimate and the difference from the previously accrued year-to-date balance is adjusted to the current quarter.
For the quarter ended March 31, 2024, our income tax provision was $7.0 million as compared to $8.4 million in the same period in 2023. Our effective tax rate for the quarter ended March 31, 2024 varied from the U.S. federal statutory tax rate of 21.0% primarily due to the effects of state taxes, nondeductible compensation and interest related to uncertain tax provisions. Our effective tax rate for the quarter ended March 31, 2023 varied from the U.S. federal statutory tax rate of 21.0% primarily due to the effects of state taxes and nondeductible compensation.
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Debt
3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt Disclosure Debt
Long-term debt at the balance sheet dates consisted of:
March 31, 2024December 31, 2023
Interest Rate at
March 31, 2024
PrincipalUnamortized Debt CostsTotalPrincipalUnamortized Debt CostsTotal
Term loan credit agreement maturing 2028, fixed interest rate9.1%$150.0 $(2.6)$147.4 $150.0 $(2.8)$147.2 
2020 Notes, maturing 2028, fixed interest rate4.8%275.0 (2.2)272.8 275.0 (2.4)272.6 
ABL Credit Agreement, variable interest rates6.7%— — — 20.0 — 20.0 
Finance leases23.0 — 23.0 23.3 — 23.3 
Total debt448.0 (4.9)443.2 468.3 (5.1)463.1 
Less: current portion(0.9)(0.9)(0.8)— (0.8)
Net long-term portion$447.2 $(4.9)$442.3 $467.4 $(5.1)$462.3 

In February 2024, we entered into a commitment letter to obtain financing from AgWest Farm Credit, PCA (“AgWest”), CoBank, FCB (“CoBank”) and Coöperatieve Rabobank U.A., New York Branch (“Rabobank”) in connection with the planned acquisition discussed at Note 16. In connection with the commitment, we paid an underwriting fee of $3.3 million, which is included in "Other assets, net" in the Consolidated Balance Sheets. As of March 31, 2024, no amounts were outstanding on these new facilities.
The fair value of our debt is included in the following table:
March 31, 2024December 31, 2023
Term loan credit agreement, maturing 2028, fixed interest rate$151.2 $150.6 
ABL Credit Agreement, variable interest rate— 20.0 
2020 Notes, maturing 2028, fixed interest rate254.4 255.1 
$405.6 $425.7 
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Other Operating Charges, net (Notes)
3 Months Ended
Mar. 31, 2024
Other Income and Expenses [Abstract]  
Other Operating Income and Expense Other Operating Charges
The major components of “Other operating charges, net” in the Consolidated Statements of Operations for the quarters ended March 31, 2024 and 2023 are reflected in the table below and described in the paragraphs following the table. These items are considered outside of our core operations.
Quarter Ended March 31,
20242023
Acquisition and project related costs$4.2 $— 
Restructuring and integration costs2.3 — 
Loss on sale or impairment associated with assets0.2 1.1 
Directors' equity-based compensation expense1.2 (0.2)
Other— 0.2 
$7.9 $1.1 
2024
During the first quarter of 2024, we recorded $7.9 million of expense in "Other operating charges, net." The main components of the expense include:
expense of $4.2 million associated with acquisition and project-related activities (primarily legal and professional services) ;
expense of $2.3 million associated with restructuring and integration activities (primarily professional services);
loss of $0.2 million associated with the impairment of equipment and related spare parts no longer being used; and
expense of $1.2 million relating to directors' equity-based compensation which is remeasured each period based upon changes in our stock price.
2023
During the first quarter of 2023, we recorded $1.1 million of expense in "Other operating charges, net." The components of the expense include:
loss of $1.1 million associated with the impairment of equipment and related spare parts no longer being used; and
reversal of expense of $0.2 million relating to directors' equity-based compensation which is remeasured each period based upon changes in our stock price.
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Non-operating Income (Expense) (Notes)
3 Months Ended
Mar. 31, 2024
Nonoperating Income (Expense) [Abstract]  
Other Nonoperating Income and Expense [Text Block] Non-Operating Expense
The components of “Non-operating expense” in the Consolidated Statements of Operations for the quarters ended March 31, 2024 and 2023 are reflected in the table below:
Quarter Ended March 31,
20242023
Interest expense$(6.7)$(7.6)
Amortization of deferred debt costs(0.4)(0.3)
Interest income0.6 0.3 
Interest expense, net(6.5)(7.6)
Non-operating pension and other postretirement employee benefits0.3 0.1 
Total non-operating expense$(6.2)$(7.5)
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Retirement Plans and Postretirement Benefits
3 Months Ended
Mar. 31, 2024
Postemployment Benefits [Abstract]  
Pension and Other Postretirement Employee Benefit Plans Retirement Plans and Postretirement Benefits
The following table details the components of net periodic cost of our company-sponsored pension and other postretirement employee benefit plans for the periods presented:
 Quarter Ended March 31,
Pension Benefit Plans20242023
Service cost$0.6 $0.9 
Interest cost3.0 3.1 
Expected return on plan assets(3.9)(3.8)
Net periodic cost $(0.3)$0.2 

 Quarter Ended March 31,
Other Postretirement Employee Benefit Plans20242023
Service cost$0.1 $— 
Interest cost0.7 0.7 
Amortization of actuarial gain(0.1)(0.1)
Net periodic cost$0.6 $0.6 
We record the service component of net periodic cost as part of "Cost of sales" and "Selling, general, and administrative expenses," while the non-service components of net periodic cost are recorded to "Other non-operating income" on our Consolidated Statements of Operations. For the quarter ended March 31, 2024, we recorded $0.6 million to "Cost of sales" and $0.1 million to "Selling, general, and administrative expenses." For the quarter ended March 31, 2023, we recorded $0.8 million to "Cost of sales" and $0.1 million to "Selling, general, and administrative expenses."
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Accumulated Other Comprehensive Loss (Notes)
3 Months Ended
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss, net of tax, is comprised of the following:
Pension Plan AdjustmentsOther Post Retirement Employee Benefit Plan AdjustmentsTotal
Balance at December 31, 2022$(46.5)$13.3 $(33.3)
Amounts reclassified from accumulated other comprehensive loss— (0.1)(0.1)
Balance at March 31, 2023$(46.5)$13.2 $(33.4)
Balance at December 31, 2023$(42.0)$11.3 $(30.7)
Amounts reclassified from accumulated other comprehensive loss— (0.1)— 
Balance at March 31, 2024$(41.9)$11.2 $(30.7)
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Stockholders' Equity
3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation Stockholders' Equity
Common Stock Plans
We have stock-based compensation plans under which restricted stock awards and stock options are outstanding or granted subject to time or performance vesting requirements. As of March 31, 2024, approximately 0.6 million shares were available for future issuance under our current plan.
Quarter Ended March 31,
20242023
Total stock-based compensation expense$3.3 $1.9 
Income tax benefit related to stock-based compensation$0.3 $0.5 
Impact on cash flow due to taxes paid related to net share settlement of equity awards$3.1 $4.2 
As of March 31, 2024, there was $21.3 million of total unrecognized compensation costs related to outstanding restricted stock unit awards.
During the quarter ended March 31, 2024, we granted 207,628 restricted stock units (time vesting) at an average grant date fair value of $37.97 per share and 160,057 restricted stock units (performance vesting) at an average grant date fair value of $40.18 per share.
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Earnings per Common Share
3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Share
Basic income per share is based on the weighted-average number of shares of common stock outstanding. Diluted income per share is based upon the weighted-average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires the effect of potentially dilutive common stock equivalents be excluded from the calculation of diluted earnings per share for the periods in which net losses are reported because the effect is anti-dilutive.
 Quarter Ended March 31,
(In thousands)20242023
Basic weighted-average common shares outstanding16,607 16,834 
Incremental shares due to:
Stock-based awards181 202 
Performance shares107 — 
Diluted weighted-average common shares outstanding16,895 17,036 
Shares excluded from the computation of diluted earnings per share were 0.4 million for each of the quarters ended March 31, 2024, and 2023 as they were either antidilutive (not in-the-money) or the required performance conditions have not been met.
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Segment Information
3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
We operate in two segments: Pulp and Paperboard and Consumer Products. Our business units have been aggregated into these two segments based upon the similarity of economic characteristics, customers and distribution methods. Our results of operations are summarized below for each of these segments separately. Segment information was prepared in accordance with the same accounting principles as those described in Note 1 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023.
Quarter Ended March 31,
20242023
Segment net sales:
Pulp and Paperboard$244.5 $278.8 
Consumer Products253.1 248.3 
Eliminations(1.4)(1.7)
Net sales$496.2 $525.4 
Operating income (loss):
Pulp and Paperboard$25.3 $57.1 
Consumer Products31.5 4.2 
Corporate and eliminations(18.5)(20.4)
Other operating charges, net(7.9)(1.1)
Income from operations$30.4 $39.8 
Net sales, classified by major products, were as follows:
Quarter Ended March 31,
20242023
Major products:
Paperboard$240.4 $272.9 
Retail tissue250.8 246.0 
Pulp2.3 3.2 
Other4.1 5.0 
Eliminations(1.4)(1.7)
Total net sales$496.2 $525.4 
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Business Combinations and Asset Acquisitions
3 Months Ended
Mar. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combination Disclosure Pending Acquisition
On February 20, 2024, we entered into an Asset Purchase Agreement to acquire a paperboard mill and associated facilities, located in Augusta, Georgia from Graphic Packaging International, LLC for $700 million in cash, subject to certain adjustments for working capital. We expect to finance this transaction with cash on hand as well as through borrowings under our existing credit agreements as well as new financing. The closing of the Augusta Acquisition is subject to certain customary mutual closing conditions. This closing is expected to occur during the second quarter of 2024.
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Pay vs Performance Disclosure - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net income $ 17.2 $ 23.8
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Insider Trading Arrangements
3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the quarter ended March 31, 2024, none of our officers or directors adopted or terminated a Rule 10b5-1 arrangement or non-Rule 10b5-1 trading arrangement, as each is defined in Item 408(a) of regulation S-K.
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
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Receivables, net (Tables)
3 Months Ended
Mar. 31, 2024
Receivables, Net, Current [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
March 31, 2024December 31, 2023
Trade accounts receivable$164.2 $173.8 
Allowance for current expected credit losses(1.3)(1.5)
Unbilled receivables5.2 4.1 
Taxes receivable1.2 4.8 
Other3.7 3.1 
$173.1 $184.5 
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Inventories - (Tables)
3 Months Ended
Mar. 31, 2024
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:
March 31, 2024December 31, 2023
Logs, chips and sawdust$16.0 $22.1 
Pulp18.4 16.8 
Paperboard and tissue products164.7 156.8 
Materials and supplies128.6 124.1 
$327.8 $319.8 
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Property, Plant, and Equipment (Tables)
3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Property, plant and equipment consist of:
March 31, 2024December 31, 2023
Land and land improvements$107.2 $106.0 
Buildings and improvements461.2 461.0 
Machinery and equipment2,366.8 2,359.9 
Construction in progress58.3 53.0 
2,993.5 2,979.8 
Less accumulated depreciation and amortization(2,010.4)(1,989.7)
Property, plant and equipment, net$983.1 $990.1 
v3.24.1.u1
Payables and Accruals (Tables)
3 Months Ended
Mar. 31, 2024
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities consist of:
March 31, 2024December 31, 2023
Trade payables$182.1 $163.9 
Accrued compensation33.5 39.0 
Operating lease liabilities15.5 15.4 
Other69.4 66.9 
$300.6 $285.1 
v3.24.1.u1
Debt (Tables)
3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
Long-term debt at the balance sheet dates consisted of:
March 31, 2024December 31, 2023
Interest Rate at
March 31, 2024
PrincipalUnamortized Debt CostsTotalPrincipalUnamortized Debt CostsTotal
Term loan credit agreement maturing 2028, fixed interest rate9.1%$150.0 $(2.6)$147.4 $150.0 $(2.8)$147.2 
2020 Notes, maturing 2028, fixed interest rate4.8%275.0 (2.2)272.8 275.0 (2.4)272.6 
ABL Credit Agreement, variable interest rates6.7%— — — 20.0 — 20.0 
Finance leases23.0 — 23.0 23.3 — 23.3 
Total debt448.0 (4.9)443.2 468.3 (5.1)463.1 
Less: current portion(0.9)(0.9)(0.8)— (0.8)
Net long-term portion$447.2 $(4.9)$442.3 $467.4 $(5.1)$462.3 

In February 2024, we entered into a commitment letter to obtain financing from AgWest Farm Credit, PCA (“AgWest”), CoBank, FCB (“CoBank”) and Coöperatieve Rabobank U.A., New York Branch (“Rabobank”) in connection with the planned acquisition discussed at Note 16. In connection with the commitment, we paid an underwriting fee of $3.3 million, which is included in "Other assets, net" in the Consolidated Balance Sheets. As of March 31, 2024, no amounts were outstanding on these new facilities.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The fair value of our debt is included in the following table:
March 31, 2024December 31, 2023
Term loan credit agreement, maturing 2028, fixed interest rate$151.2 $150.6 
ABL Credit Agreement, variable interest rate— 20.0 
2020 Notes, maturing 2028, fixed interest rate254.4 255.1 
$405.6 $425.7 
v3.24.1.u1
Other Operating Charges, net (Tables)
3 Months Ended
Mar. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of Other Operating Cost and Expense, by Component [Table Text Block]
Quarter Ended March 31,
20242023
Acquisition and project related costs$4.2 $— 
Restructuring and integration costs2.3 — 
Loss on sale or impairment associated with assets0.2 1.1 
Directors' equity-based compensation expense1.2 (0.2)
Other— 0.2 
$7.9 $1.1 
v3.24.1.u1
Non-operating Income (Expense) (Tables)
3 Months Ended
Mar. 31, 2024
Nonoperating Income (Expense) [Abstract]  
Schedule of Other Nonoperating Income (Expense) [Table Text Block]
Quarter Ended March 31,
20242023
Interest expense$(6.7)$(7.6)
Amortization of deferred debt costs(0.4)(0.3)
Interest income0.6 0.3 
Interest expense, net(6.5)(7.6)
Non-operating pension and other postretirement employee benefits0.3 0.1 
Total non-operating expense$(6.2)$(7.5)
v3.24.1.u1
Retirement Plans and Postretirement Benefits - (Tables)
3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Components of Net Periodic Cost of Pension and Other Postretirement Employee Benefit Plans
The following table details the components of net periodic cost of our company-sponsored pension and other postretirement employee benefit plans for the periods presented:
 Quarter Ended March 31,
Pension Benefit Plans20242023
Service cost$0.6 $0.9 
Interest cost3.0 3.1 
Expected return on plan assets(3.9)(3.8)
Net periodic cost $(0.3)$0.2 

 Quarter Ended March 31,
Other Postretirement Employee Benefit Plans20242023
Service cost$0.1 $— 
Interest cost0.7 0.7 
Amortization of actuarial gain(0.1)(0.1)
Net periodic cost$0.6 $0.6 
v3.24.1.u1
Accumulated Other Comprehensive Loss (Tables)
3 Months Ended
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
Accumulated other comprehensive loss, net of tax, is comprised of the following:
Pension Plan AdjustmentsOther Post Retirement Employee Benefit Plan AdjustmentsTotal
Balance at December 31, 2022$(46.5)$13.3 $(33.3)
Amounts reclassified from accumulated other comprehensive loss— (0.1)(0.1)
Balance at March 31, 2023$(46.5)$13.2 $(33.4)
Balance at December 31, 2023$(42.0)$11.3 $(30.7)
Amounts reclassified from accumulated other comprehensive loss— (0.1)— 
Balance at March 31, 2024$(41.9)$11.2 $(30.7)
v3.24.1.u1
Stockholders' Equity - (Tables)
3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Employee Equity-Based Compensation Expense
Quarter Ended March 31,
20242023
Total stock-based compensation expense$3.3 $1.9 
Income tax benefit related to stock-based compensation$0.3 $0.5 
Impact on cash flow due to taxes paid related to net share settlement of equity awards$3.1 $4.2 
v3.24.1.u1
Earnings per Common Share - (Tables)
3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings per Share
 Quarter Ended March 31,
(In thousands)20242023
Basic weighted-average common shares outstanding16,607 16,834 
Incremental shares due to:
Stock-based awards181 202 
Performance shares107 — 
Diluted weighted-average common shares outstanding16,895 17,036 
v3.24.1.u1
Segment Information - (Tables)
3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Reportable Segments Information
Quarter Ended March 31,
20242023
Segment net sales:
Pulp and Paperboard$244.5 $278.8 
Consumer Products253.1 248.3 
Eliminations(1.4)(1.7)
Net sales$496.2 $525.4 
Operating income (loss):
Pulp and Paperboard$25.3 $57.1 
Consumer Products31.5 4.2 
Corporate and eliminations(18.5)(20.4)
Other operating charges, net(7.9)(1.1)
Income from operations$30.4 $39.8 
Disaggregation of Revenue [Table Text Block]
Net sales, classified by major products, were as follows:
Quarter Ended March 31,
20242023
Major products:
Paperboard$240.4 $272.9 
Retail tissue250.8 246.0 
Pulp2.3 3.2 
Other4.1 5.0 
Eliminations(1.4)(1.7)
Total net sales$496.2 $525.4 
v3.24.1.u1
Receivables, net (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Receivables, Net, Current [Abstract]    
Trade accounts receivable $ 164.2 $ 173.8
Accounts Receivable, Allowance for Credit Loss, Current (1.3) (1.5)
Unbilled Receivables, Current 5.2 4.1
Income Taxes Receivable, Current 1.2 4.8
Other Receivables, Net, Current 3.7 3.1
Receivables, Net $ 173.1 $ 184.5
v3.24.1.u1
Inventories - Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Inventories $ 327.8 $ 319.8
Inventory [Line Items]    
Inventory, Finished Goods, Net of Reserves 164.7 156.8
Inventory, Supplies, Net of Reserves 128.6 124.1
Inventories 327.8 319.8
Inventories    
Inventory [Line Items]    
Inventory, Raw Materials, Net of Reserves 16.0 22.1
Inventory Pulp    
Inventory [Line Items]    
Inventory, Raw Materials, Net of Reserves $ 18.4 $ 16.8
v3.24.1.u1
Property, Plant, and Equipment (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross $ 2,993.5 $ 2,979.8
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment (2,010.4) (1,989.7)
Property, Plant and Equipment, Net 983.1 990.1
Land and Land Improvements    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 107.2 106.0
Building and Building Improvements    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 461.2 461.0
Machinery and Equipment    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 2,366.8 2,359.9
Construction in Progress    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross $ 58.3 $ 53.0
v3.24.1.u1
Payables and Accruals (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Payables and Accruals [Abstract]      
Trade payables $ 182.1   $ 163.9
Accrued compensation 33.5   39.0
Operating Lease, Liability, Current 15.5   15.4
Other Accrued Liabilities, Current 69.4   66.9
Accounts payable and accrued liabilities 300.6   285.1
Capital Expenditures Incurred but Not yet Paid 10.3 $ 7.0 13.0
Supplier Finance Program, Obligation 12.8   14.7
Unrecognized Tax Benefits $ 26.0   $ 26.0
v3.24.1.u1
Income Taxes - Narrative (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
Income Tax Expense (Benefit) $ 7.0 $ 8.4
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00%
v3.24.1.u1
Debt (Details) - USD ($)
3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term Debt, Gross $ 448,000,000.0 $ 468,300,000
Unamortized Debt Issuance Expense (4,900,000) (5,100,000)
Long-term Debt and Lease Obligation, Current (900,000) (800,000)
Long-term Debt and Lease Obligation 447,200,000 467,400,000
Finance Lease, Liability 23,000,000.0 23,300,000
Long-term Debt, Fair Value 405,600,000 425,700,000
Line of Credit Facility [Line Items]    
Long-term Debt and Lease Obligation, Including Current Maturities 443,200,000 463,100,000
Long-term debt 442,300,000 462,300,000
Payments of Financing Costs 3,300,000  
Term Loan | Ag West Farm Credit    
Debt Instrument [Line Items]    
Long-term Debt, Gross $ 150,000,000.0 150,000,000.0
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate 9.10%  
Unamortized Debt Issuance Expense $ (2,600,000) (2,800,000)
Long-term Debt, Fair Value 151,200,000 150,600,000
Senior Note Due 2028 [Member]    
Debt Instrument [Line Items]    
Long-term Debt, Gross $ 275,000,000.0 275,000,000.0
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate 4.80%  
Long-term Debt $ 272,800,000 272,600,000
Unamortized Debt Issuance Expense (2,200,000) (2,400,000)
Long-term Debt, Fair Value 254,400,000 255,100,000
Medium-Term Note | Ag West Farm Credit    
Debt Instrument [Line Items]    
Long-term Debt 147,400,000 147,200,000
J P Morgan    
Debt Instrument [Line Items]    
Long-term Debt, Fair Value 0 20,000,000.0
Long-term Line of Credit 0 20,000,000.0
Line of Credit Facility [Line Items]    
Long-term Line of Credit $ 0 $ 20,000,000.0
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate 6.70%  
v3.24.1.u1
Other Operating Charges, net (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Other Operating Income (Expense), Net $ 7.9 $ 1.1
Operating Expense    
Business Combination, Acquisition Related Costs 4.2 0.0
Reorganization Items 2.3 0.0
Asset Impairment Charges 0.2 1.1
Other Expenses 0.0 0.2
Director [Member]    
Share based compensation expense $ 1.2 $ (0.2)
v3.24.1.u1
Non-operating Income (Expense) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Nonoperating Income (Expense) [Abstract]    
Interest Expense $ (6.7) $ (7.6)
Amortization of Debt Issuance Costs (0.4) (0.3)
Interest Income, Other 0.6 0.3
Interest Expense, Net (6.5) (7.6)
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component 0.3 0.1
Total non-operating expense $ (6.2) $ (7.5)
v3.24.1.u1
Retirement Plans and Postretirement Benefits - Narrative (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pension Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Service Cost $ 0.6 $ 0.9
Interest cost 3.0 3.1
Expected return on plan assets (3.9) (3.8)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) (0.3) 0.2
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Service Cost 0.1 0.0
Interest cost 0.7 0.7
Defined Benefit Plan, Amortization of Gain (Loss) (0.1) 0.1
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 0.6 0.6
Cost of Sales [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax 0.6 0.8
Selling, General and Administrative Expenses [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax $ 0.1 $ 0.1
v3.24.1.u1
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Accumulated Other Comprehensive Income (Loss), Net of Tax $ (30.7) $ (33.4) $ (30.7) $ (33.3)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 0.0 (0.1)    
Pension Plan [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Accumulated Other Comprehensive Income (Loss), Net of Tax (41.9) (46.5) (42.0) (46.5)
Pension Plan [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 0.0 0.0    
Other Postretirement Benefits Plan [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Accumulated Other Comprehensive Income (Loss), Net of Tax 11.2 13.2 $ 11.3 $ 13.3
Other Postretirement Benefits Plan [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax $ (0.1) $ (0.1)    
v3.24.1.u1
Stockholders' Equity - (Detail) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant 600,000  
Equity-based compensation expense $ 3.3 $ 1.9
Payment, Tax Withholding, Share-based Payment Arrangement 3.1 4.2
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount 21.3  
Share-based Payment Arrangement, Expense, Tax Benefit $ 0.3 $ 0.5
Restricted Stock Units (RSUs) [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of share-based awards granted 207,628  
Grant-date fair value of awards per share $ 37.97  
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements 181,000 202,000
Performance Shares [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of share-based awards granted 160,057  
Grant-date fair value of awards per share $ 40.18  
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements 107,000 0
v3.24.1.u1
Earnings per Common Share - Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted Net Earnings Per Share (Detail) - shares
shares in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted Average Number of Shares Outstanding, Basic 16,607 16,834
Weighted Average Number of Shares Outstanding, Diluted 16,895 17,036
Anti-dilutive shares excluded from calculation 400 400
Restricted Stock Units (RSUs) [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements 181 202
Performance Shares [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements 107 0
v3.24.1.u1
Segment Information (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Net Sales $ 496.2 $ 525.4
Income from operations 30.4 39.8
Other operating charges, net (7.9) (1.1)
Intersegment Eliminations    
Segment Reporting Information [Line Items]    
Net Sales (1.4) (1.7)
Corporate, Non-Segment    
Segment Reporting Information [Line Items]    
Income from operations (18.5) (20.4)
Paperboard [Domain]    
Segment Reporting Information [Line Items]    
Net Sales 240.4 272.9
Retail tissue [Domain]    
Segment Reporting Information [Line Items]    
Net Sales 250.8 246.0
Pulp [Domain]    
Segment Reporting Information [Line Items]    
Net Sales 2.3 3.2
Other [Domain]    
Segment Reporting Information [Line Items]    
Net Sales 4.1 5.0
Pulp And Paperboard [Member] | Operating Segments    
Segment Reporting Information [Line Items]    
Net Sales 244.5 278.8
Income from operations 25.3 57.1
Consumer Products | Operating Segments    
Segment Reporting Information [Line Items]    
Net Sales 253.1 248.3
Income from operations $ 31.5 $ 4.2
v3.24.1.u1
Business Combinations and Asset Acquisitions (Details) - Pending Augusta, Georgia Mill Acquisition [Member]
$ in Millions
Feb. 20, 2024
USD ($)
Business Acquisition [Line Items]  
Business Acquisition, Date of Acquisition Agreement Feb. 20, 2024
Business Combination, Price of Acquisition, Expected $ 700.0