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Concentrations of Risk | 12 Months Ended
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Dec. 31, 2023
Risks and Uncertainties [Abstract] |
Concentration of Risk | 16. Concentrations of Risk ODP Corporation ("ODP"), formerly Office Depot Inc., along with its subsidiaries and affiliates, is our largest customer in the Paper segment. Our Paper segment has had a long-standing commercial and contractual relationship with ODP. This relationship exposes us to a significant concentration of business and financial risk. Our sales to ODP represented approximately 5% for 2023 and 4% for 2022, and about 61% and 48% of our Paper segment sales revenue for those periods, respectively. At December 31, 2023 and 2022, we had $46.5 million and $52.4 million of accounts receivable due from ODP, respectively, which represents approximately 4% and 5% of our total Company receivables for those periods, respectively. In 2023, sales to ODP represented about 61% of our Paper segment sales. If these sales are reduced, we would need to find new customers. We may not be able to fully replace any lost sales, and any new sales may be at lower prices or higher costs. Any significant deterioration in the financial condition of ODP affecting its ability to pay or any other change that affects its willingness to purchase our products will harm our business and results of operations. Labor At December 31, 2023, we had approximately 14,900 employees, and approximately 45% of these employees worked pursuant to collective bargaining agreements. Approximately 63% of our hourly employees worked pursuant to collective bargaining agreements. The majority of our unionized employees are represented by the United Steel Workers (USW), the Printing Packaging Production Workers Union (PPPWU), the Association of Western Pulp and Paper Workers (AWPPW), the International Association of Machinists (IAM), and the International Brotherhood of Teamsters (IBT). Of the employees who work pursuant to collective bargaining agreements, approximately 38% work pursuant to collective bargaining agreements that will expire within the next twelve months.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//275/tableOfContent + Details
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