Clearwater Paper Corp. Files Q2 2024 10-Q
Ticker: CLW · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 1441236
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
CLW Q2 24 10-Q filed. Financials out.
AI Summary
Clearwater Paper Corp. reported its second quarter 2024 results, ending June 30, 2024. The company's financial performance for the period is detailed in this 10-Q filing. Specific financial figures and operational updates for the quarter are provided within the document.
Why It Matters
This filing provides investors with the official financial performance and operational details of Clearwater Paper Corp. for the second quarter of 2024, enabling informed investment decisions.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.
Key Numbers
- 2024 Q2 — Reporting Period (Indicates the quarter for which financial results are reported.)
- 20240630 — Period End Date (Marks the conclusion of the financial reporting period.)
- 20240806 — Filing Date (The date the report was officially submitted to the SEC.)
Key Players & Entities
- Clearwater Paper Corp. (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240806 (date) — Filing date
- 001-34146 (dollar_amount) — SEC File Number
FAQ
What is the primary purpose of this 10-Q filing?
This 10-Q filing provides a comprehensive update on Clearwater Paper Corp.'s financial performance and operational status for the second quarter of 2024, ending June 30, 2024.
What is the fiscal year end for Clearwater Paper Corp.?
Clearwater Paper Corp.'s fiscal year ends on December 31.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on August 6, 2024.
What is the Standard Industrial Classification (SIC) code for Clearwater Paper Corp.?
The SIC code for Clearwater Paper Corp. is 2631, which corresponds to PAPERBOARD MILLS.
What was the previous name of Clearwater Paper Corp.?
Clearwater Paper Corp. was formerly known as Potlatch Forest Products CORP, with a date of name change on July 28, 2008.
Filing Stats: 4,816 words · 19 min read · ~16 pages · Grade level 8 · Accepted 2024-08-06 16:13:16
Key Financial Figures
- $0.0001 — ich registered Common Stock, par value $0.0001 per share CLW New York Stock Exchange
- $50 million — principal amount of the 2020 Notes plus $50 million is less than our available borrowing li
- $150 million — dvance on the Term Revolver Facility of $150 million to
Filing Documents
- clw-20240630.htm (10-Q) — 986KB
- ex31q2-24.htm (EX-31) — 23KB
- ex32q2-24.htm (EX-32) — 9KB
- clw-20240630_g1.jpg (GRAPHIC) — 10KB
- 0001504337-24-000042.txt ( ) — 5575KB
- clw-20240630.xsd (EX-101.SCH) — 34KB
- clw-20240630_cal.xml (EX-101.CAL) — 50KB
- clw-20240630_def.xml (EX-101.DEF) — 157KB
- clw-20240630_lab.xml (EX-101.LAB) — 504KB
- clw-20240630_pre.xml (EX-101.PRE) — 345KB
- clw-20240630_htm.xml (XML) — 743KB
FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS Our disclosure and analysis in this report contains, in addition to historical information, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the pending sale of our consumer products segment (our tissue business), our recent acquisition of a paperboard manufacturing facility and associated business; accounting standards; our operations and expectations; current and anticipated borrowing and credit facilities; cash flows; capital expenditures; disclosure controls; compliance with our loan and financing agreements; tax rates; debt repayments; operating costs; selling, general and administrative expenses; liquidity; benefit plan funding levels; stockholder equity; interest expenses; and legal proceedings. Words such as "anticipate," "expect," "intend," "plan," "target," "project," "believe," "schedule," "estimate," "may," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are based on management's current expectations, estimates, assumptions and projections that are subject to change. Our actual results of operations may differ materially from those expressed or implied by the forward-looking statements contained in this report. Important factors that could cause or contribute to such differences in operating results include those risks discussed in Item 1A "Risk Factors" in our 2023 Form 10-K, as well as the following: one or more closing conditions to the pending consumer products division (tissue business) sale transaction, including certain regulatory approvals, may not be satisfied or waived, on a timely basis or otherwise; the pending consumer products division (tissue business) sale transaction may not be completed in the time frame expected by the parties, or at all; there may be unexpected costs, charges or expenses resulting from the pending consumer products (tissue busines
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Consolidated Financial Statements (Unaudited)
ITEM 1. Consolidated Financial Statements (Unaudited) Consolidated Balance Sheets 2 Consolidated Statements of Operations 3 Consolidated Statements of Comprehensive Income (Loss) 4 Consolidated Statements of Cash Flows 5 Consolidated Statements of Stockholders' Equity 6
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements 8
Management's Discussion and Analysis of Financial Condition and Results of Operations
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19
Quantitative and Qualitative Disclosures About Market Risk
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 27
Controls and Procedures
ITEM 4. Controls and Procedures 28
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
ITEM 1. Legal Proceedings 29
Risk Factors
ITEM 1A. Risk Factors 29
Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 30
Other Information
ITEM 5. Other Information 30
Exhibits
ITEM 6. Exhibits 31
: Financial Information
Part I: Financial Information
Consolidated Financial Statements
ITEM 1. Consolidated Financial Statements CLEARWATER PAPER CORPORATION Consolidated Balance Sheets (Unaudited) (In millions, except share data) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 39.6 $ 42.0 Receivables, net of allowance for current expected credit losses 255.8 184.5 Inventories, net 420.2 319.8 Other current assets 18.3 17.9 Total current assets 733.9 564.1 Property, plant and equipment, net 1,605.1 990.1 Goodwill and intangible assets, net 54.1 41.5 Other assets, net 85.3 76.1 Total assets $ 2,478.4 $ 1,671.8 Liabilities and stockholders' equity Current liabilities: Current portion of long-term debt $ 5.2 $ 0.8 Accounts payable and accrued liabilities 418.1 285.1 Total current liabilities 423.3 286.0 Long-term debt 1,137.9 462.3 Liability for pension and other postretirement employee benefits 54.7 55.7 Deferred tax liabilities and other long-term obligations 204.0 199.1 Total liabilities 1,819.8 1,003.0 Stockholders' equity: Preferred stock, par value $ 0.0001 per share, 5,000,000 authorized shares, no shares issued — — Common stock, par value $ 0.0001 per share, 100,000,000 authorized shares, 16,641,910 and 16,484,550 shares issued — — Additional paid-in capital 13.5 14.9 Retained earnings 675.8 684.5 Accumulated other comprehensive loss, net of tax ( 30.7 ) ( 30.7 ) Total stockholders' equity 658.6 668.8 Total liabilities and stockholders' equity $ 2,478.4 $ 1,671.8 The accompanying notes are an integral part of these consolidated financial statements. 2 CLEARWATER PAPER CORPORATION Consolidated Statements of Operations (Unaudited) Quarter Ended June 30, Six Months Ended June 30, (In millions, except per-share data) 2024 2023 2024 2023 Net sales $ 586.4 $ 524.6 $ 1,082.6 $ 1,050.0 Costs and expenses: Cost of sales 550.8 438.7 972.5 887.2 Selling, general and administrative expenses 38.0 39.1 74.3 75.1 Other operating (income) charges, net 17.0 ( 0.4 ) 25.0 0.6
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements (Unaudited) Note 1 Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, the consolidated financial position, results of operations, stockholders' equity and cash flows for us and our subsidiaries for the interim periods presented. Results of operations for interim periods are not necessarily indicative of results to be expected for an entire year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. All dollar amounts are shown in millions, except per share. Note 2 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. Adoption of this ASU will result in additional disclosure, but it will not impact our consolidated financial position, results of operations or cash flows. 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