XML 64 R45.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Supplemental Guarantor Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | Clearwater Paper Corporation Consolidating Statement of Operations and Comprehensive Income (Loss) Twelve Months Ended December 31, 2013
|  |  | Guarantor |  | Non-Guarantor |  |  |  |
(In thousands) | Issuer |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Total
Net sales | $ | 1,408,941 |  |  | $ | 480,599 |  |  | $ | 29,494 |  |  | $ | (29,204 | ) |  | $ | 1,889,830 |
Cost and expenses: |  |  |  |  |  |  |  |  |
Cost of sales | (1,203,945 | ) |  | (467,822 | ) |  | (28,808 | ) |  | 29,204 |  |  | (1,671,371 | )
Selling, general and administrative expenses | (94,861 | ) |  | (22,918 | ) |  | (1,352 | ) |  | — |  |  | (119,131 | )
Total operating costs and expenses | (1,298,806 | ) |  | (490,740 | ) |  | (30,160 | ) |  | 29,204 |  |  | (1,790,502 | )
Income (loss) from operations | 110,135 |  |  | (10,141 | ) |  | (666 | ) |  | — |  |  | 99,328 |
Interest expense, net | (44,031 | ) |  | (5 | ) |  | — |  |  | — |  |  | (44,036 | )
Debt retirement costs | (17,058 | ) |  | — |  |  | — |  |  | — |  |  | (17,058 | )
Earnings (loss) before income taxes | 49,046 |  |  | (10,146 | ) |  | (666 | ) |  | — |  |  | 38,234 |
Income tax benefit (provision) | 61,778 |  |  | (4,420 | ) |  | (138 | ) |  | 11,501 |  |  | 68,721 |
Equity in income of subsidiary | (15,370 | ) |  | (804 | ) |  | — |  |  | 16,174 |  |  | — |
Net earnings (loss) | $ | 95,454 |  |  | $ | (15,370 | ) |  | $ | (804 | ) |  | $ | 27,675 |  |  | $ | 106,955 |
Other comprehensive income, net of tax | 57,600 |  |  | — |  |  | — |  |  | — |  |  | 57,600 |
Comprehensive income (loss) | $ | 153,054 |  |  | $ | (15,370 | ) |  | $ | (804 | ) |  | $ | 27,675 |  |  | $ | 164,555 |
Clearwater Paper Corporation Consolidating Statement of Operations and Comprehensive Income (Loss) Twelve Months Ended December 31, 2012
|  |  | Guarantor |  | Non-Guarantor |  |  |  |
(In thousands) | Issuer |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Total
Net sales | $ | 1,375,732 |  |  | $ | 492,074 |  |  | $ | 26,478 |  |  | $ | (19,980 | ) |  | $ | 1,874,304 |
Cost and expenses: |  |  |  |  |  |  |  |  |
Cost of sales | (1,149,413 | ) |  | (454,383 | ) |  | (24,056 | ) |  | 19,980 |  |  | (1,607,872 | )
Selling, general and administrative expenses | (96,668 | ) |  | (22,268 | ) |  | (2,109 | ) |  | — |  |  | (121,045 | )
Total operating costs and expenses | (1,246,081 | ) |  | (476,651 | ) |  | (26,165 | ) |  | 19,980 |  |  | (1,728,917 | )
Income from operations | 129,651 |  |  | 15,423 |  |  | 313 |  |  | — |  |  | 145,387 |
Interest expense, net | (33,796 | ) |  | — |  |  | — |  |  | — |  |  | (33,796 | )
Earnings before income taxes | 95,855 |  |  | 15,423 |  |  | 313 |  |  | — |  |  | 111,591 |
Income tax provision | (42,440 | ) |  | (14,362 | ) |  | (35 | ) |  | 9,377 |  |  | (47,460 | )
Equity in income of subsidiary | 1,339 |  |  | 278 |  |  | — |  |  | (1,617 | ) |  | — |
Net earnings | $ | 54,754 |  |  | $ | 1,339 |  |  | $ | 278 |  |  | $ | 7,760 |  |  | $ | 64,131 |
Other comprehensive loss, net of tax | (428 | ) |  | — |  |  | — |  |  | — |  |  | (428 | )
Comprehensive income | $ | 54,326 |  |  | $ | 1,339 |  |  | $ | 278 |  |  | $ | 7,760 |  |  | $ | 63,703 |
Condensed Consolidating Balance Sheet | Clearwater Paper Corporation Consolidating Balance Sheet At December 31, 2013
(In thousands) | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash | $ | 18,273 |  |  | $ | — |  |  | $ | 5,402 |  |  | $ | — |  |  | $ | 23,675 |
Restricted cash | 1,500 |  |  | — |  |  | — |  |  | — |  |  | 1,500 |
Short-term investments | 70,000 |  |  | — |  |  | — |  |  | — |  |  | 70,000 |
Receivables, net | 119,278 |  |  | 38,063 |  |  | 2,700 |  |  | (1,167 | ) |  | 158,874 |
Taxes receivable | 3,709 |  |  | (15,882 | ) |  | 324 |  |  | 22,352 |  |  | 10,503 |
Inventories | 198,476 |  |  | 65,017 |  |  | 4,295 |  |  | — |  |  | 267,788 |
Deferred tax assets | 42,289 |  |  | 6,094 |  |  | 5 |  |  | (10,850 | ) |  | 37,538 |
Prepaid expenses | 4,704 |  |  | 695 |  |  | 124 |  |  | — |  |  | 5,523 |
Total current assets | 458,229 |  |  | 93,987 |  |  | 12,850 |  |  | 10,335 |  |  | 575,401 |
Property, plant and equipment, net | 636,662 |  |  | 231,225 |  |  | 16,811 |  |  | — |  |  | 884,698 |
Goodwill | 229,533 |  |  | — |  |  | — |  |  | — |  |  | 229,533 |
Intangible assets, net | — |  |  | 39,619 |  |  | 1,159 |  |  | — |  |  | 40,778 |
Intercompany receivable (payable) | 91,865 |  |  | (63,932 | ) |  | (16,431 | ) |  | (11,502 | ) |  | — |
Investment in subsidiary | 196,763 |  |  | 5,575 |  |  | — |  |  | (202,338 | ) |  | — |
Pension assets | 4,488 |  |  | — |  |  | — |  |  | — |  |  | 4,488 |
Other assets, net | 8,772 |  |  | 1,155 |  |  | — |  |  | — |  |  | 9,927 |
TOTAL ASSETS | $ | 1,626,312 |  |  | $ | 307,629 |  |  | $ | 14,389 |  |  | $ | (203,505 | ) |  | $ | 1,744,825 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 140,125 |  |  | $ | 45,736 |  |  | $ | 5,954 |  |  | $ | (1,167 | ) |  | $ | 190,648 |
Current liability for pensions and other postretirement employee benefits | 8,778 |  |  | — |  |  | — |  |  |  |  |  | 8,778 |
Total current liabilities | 148,903 |  |  | 45,736 |  |  | 5,954 |  |  | (1,167 | ) |  | 199,426 |
Long-term debt | 650,000 |  |  | — |  |  | — |  |  | — |  |  | 650,000 |
Liability for pensions and other postretirement employee benefits | 109,807 |  |  | — |  |  | — |  |  | — |  |  | 109,807 |
Other long-term obligations | 51,740 |  |  | 1,202 |  |  | — |  |  | — |  |  | 52,942 |
Accrued taxes | 1,430 |  |  | 911 |  |  | 317 |  |  | — |  |  | 2,658 |
Deferred tax liabilities | 59,338 |  |  | 63,017 |  |  | 2,543 |  |  | — |  |  | 124,898 |
Accumulated other comprehensive loss, net of tax | (58,093 | ) |  | — |  |  | — |  |  | — |  |  | (58,093 | )
Stockholders’ equity excluding accumulated other comprehensive loss | 663,187 |  |  | 196,763 |  |  | 5,575 |  |  | (202,338 | ) |  | 663,187 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,626,312 |  |  | $ | 307,629 |  |  | $ | 14,389 |  |  | $ | (203,505 | ) |  | $ | 1,744,825 |
Clearwater Paper Corporation Consolidating Balance Sheet At December 31, 2012
(In thousands) | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash | $ | 11,105 |  |  | $ | 5 |  |  | $ | 1,469 |  |  | $ | — |  |  | $ | 12,579 |
Short-term investments | 20,000 |  |  | — |  |  | — |  |  | — |  |  | 20,000 |
Receivables, net | 109,129 |  |  | 41,431 |  |  | 5,612 |  |  | (2,029 | ) |  | 154,143 |
Taxes receivable | 20,712 |  |  | 116 |  |  | — |  |  | — |  |  | 20,828 |
Inventories | 163,422 |  |  | 63,476 |  |  | 4,568 |  |  | — |  |  | 231,466 |
Deferred tax assets | 11,750 |  |  | 4,595 |  |  | — |  |  | 791 |  |  | 17,136 |
Prepaid expenses | 11,441 |  |  | 708 |  |  | 165 |  |  | — |  |  | 12,314 |
Total current assets | 347,559 |  |  | 110,331 |  |  | 11,814 |  |  | (1,238 | ) |  | 468,466 |
Property, plant and equipment, net | 618,076 |  |  | 242,818 |  |  | 16,483 |  |  | — |  |  | 877,377 |
Goodwill | 229,533 |  |  | — |  |  | — |  |  | — |  |  | 229,533 |
Intangible assets, net | — |  |  | 46,379 |  |  | 1,374 |  |  | — |  |  | 47,753 |
Intercompany receivable (payable) | 108,530 |  |  | (91,881 | ) |  | (15,858 | ) |  | (791 | ) |  | — |
Investment in subsidiary | 209,431 |  |  | 6,204 |  |  | — |  |  | (215,635 | ) |  | — |
Other assets, net | 9,948 |  |  | 379 |  |  | — |  |  | — |  |  | 10,327 |
TOTAL ASSETS | $ | 1,523,077 |  |  | $ | 314,230 |  |  | $ | 13,813 |  |  | $ | (217,664 | ) |  | $ | 1,633,456 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 132,360 |  |  | $ | 30,630 |  |  | $ | 4,635 |  |  | $ | (2,029 | ) |  | $ | 165,596 |
Current liability for pensions and other postretirement employee benefits | 9,137 |  |  | — |  |  | — |  |  | — |  |  | 9,137 |
Total current liabilities | 141,497 |  |  | 30,630 |  |  | 4,635 |  |  | (2,029 | ) |  | 174,733 |
Long-term debt | 523,933 |  |  | — |  |  | — |  |  | — |  |  | 523,933 |
Liability for pensions and other postretirement employee benefits | 204,163 |  |  | — |  |  | — |  |  | — |  |  | 204,163 |
Other long-term obligations | 49,102 |  |  | 1,808 |  |  | — |  |  | — |  |  | 50,910 |
Accrued taxes | 76,617 |  |  | 1,771 |  |  | 311 |  |  | — |  |  | 78,699 |
Deferred tax liabilities (assets) | (13,129 | ) |  | 70,590 |  |  | 2,663 |  |  | — |  |  | 60,124 |
Accumulated other comprehensive loss, net of tax | (115,693 | ) |  | — |  |  | — |  |  | — |  |  | (115,693 | )
Stockholders’ equity excluding accumulated other comprehensive loss | 656,587 |  |  | 209,431 |  |  | 6,204 |  |  | (215,635 | ) |  | 656,587 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,523,077 |  |  | $ | 314,230 |  |  | $ | 13,813 |  |  | $ | (217,664 | ) |  | $ | 1,633,456 |
Condensed Consolidating Statement of Cash Flows | Clearwater Paper Corporation Consolidating Statement of Cash Flows Twelve Months Ended December 31, 2013
(In thousands) | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net earnings (loss) | $ | 95,454 |  |  | $ | (15,370 | ) |  | $ | (804 | ) |  | $ | 27,675 |  |  | $ | 106,955 |
Adjustments to reconcile net earnings (loss) to net cash flows from operating activities: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 54,291 |  |  | 33,712 |  |  | 2,269 |  |  | — |  |  | 90,272 |
Non-cash adjustments to unrecognized taxes | (75,308 | ) |  | — |  |  | — |  |  | — |  |  | (75,308 | )
Deferred tax provision (benefit) | 3,185 |  |  | (9,072 | ) |  | (125 | ) |  | 11,641 |  |  | 5,629 |
Equity-based compensation expense | 10,960 |  |  |  |  |  |  |  |  | — |  |  | 10,960 |
Employee benefit plans | 10,131 |  |  | — |  |  | — |  |  | — |  |  | 10,131 |
Deferred issuance costs and discounts on long-term debt | 4,964 |  |  | — |  |  | — |  |  | — |  |  | 4,964 |
Disposal of plant and equipment, net | 201 |  |  | 1,291 |  |  | 1 |  |  | — |  |  | 1,493 |
Changes in working capital, net | (31,256 | ) |  | 11,747 |  |  | 4,487 |  |  | — |  |  | (15,022 | )
Change in taxes receivable, net | 17,003 |  |  | 15,998 |  |  | (324 | ) |  | (22,352 | ) |  | 10,325 |
Change in non-current accrued taxes, net | 1,423 |  |  | (860 | ) |  | 6 |  |  | — |  |  | 569 |
Funding of qualified pension plans | (15,050 | ) |  | — |  |  | — |  |  | — |  |  | (15,050 | )
Change in restricted cash | — |  |  | (32 | ) |  | — |  |  | — |  |  | (32 | )
Other, net | (452 | ) |  | 923 |  |  | — |  |  | — |  |  | 471 |
Net cash flows from operating activities | 75,546 |  |  | 38,337 |  |  | 5,510 |  |  | 16,964 |  |  | 136,357 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Change in short-term investments, net | (50,000 | ) |  | — |  |  | — |  |  | — |  |  | (50,000 | )
Additions to plant and equipment | (65,708 | ) |  | (22,562 | ) |  | (2,323 | ) |  | — |  |  | (90,593 | )
Net cash flows from investing activities | (115,708 | ) |  | (22,562 | ) |  | (2,323 | ) |  | — |  |  | (140,593 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Proceeds from long-term debt | 275,000 |  |  | — |  |  | — |  |  | — |  |  | 275,000 |
Repayment of long-term debt | (150,000 | ) |  | — |  |  | — |  |  | — |  |  | (150,000 | )
Purchase of treasury stock | (100,000 | ) |  | — |  |  | — |  |  | — |  |  | (100,000 | )
Investment from (to) parent | 31,998 |  |  | (15,780 | ) |  | 746 |  |  | (16,964 | ) |  | — |
Payment for long-term debt issuance costs | (4,837 | ) |  | — |  |  | — |  |  | — |  |  | (4,837 | )
Payment of tax withholdings on equity- based payment arrangements | (4,831 | ) |  | — |  |  | — |  |  | — |  |  | (4,831 | )
Net cash flows from financing activities | 47,330 |  |  | (15,780 | ) |  | 746 |  |  | (16,964 | ) |  | 15,332 |
Increase (decrease) in cash | 7,168 |  |  | (5 | ) |  | 3,933 |  |  | — |  |  | 11,096 |
Cash at beginning of period | 11,105 |  |  | 5 |  |  | 1,469 |  |  | — |  |  | 12,579 |
Cash at end of period | $ | 18,273 |  |  | $ | — |  |  | $ | 5,402 |  |  | $ | — |  |  | $ | 23,675 |
Clearwater Paper Corporation Consolidating Statement of Cash Flows Twelve Months Ended December 31, 2012
(In thousands) | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net earnings | $ | 54,754 |  |  | $ | 1,339 |  |  | $ | 278 |  |  | $ | 7,760 |  |  | $ | 64,131 |
Adjustments to reconcile net earnings to net cash flows from operating activities: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 48,191 |  |  | 29,030 |  |  | 2,112 |  |  | — |  |  | 79,333 |
Non-cash adjustments to unrecognized taxes | 3,275 |  |  | — |  |  | — |  |  | — |  |  | 3,275 |
Deferred tax provision (benefit) | 9,840 |  |  | 4,009 |  |  | (188 | ) |  | (791 | ) |  | 12,870 |
Equity-based compensation expense | 9,703 |  |  | — |  |  | — |  |  | — |  |  | 9,703 |
Employee benefit plans | 9,366 |  |  | — |  |  | — |  |  | — |  |  | 9,366 |
Deferred issuance costs and discounts on long-term debt | 2,010 |  |  | — |  |  | — |  |  | — |  |  | 2,010 |
Disposal of plant and equipment, net | 622 |  |  | 1,381 |  |  | — |  |  | — |  |  | 2,003 |
Changes in working capital, net | 25,252 |  |  | 36,596 |  |  | (567 | ) |  | — |  |  | 61,281 |
Change in taxes receivable, net | (11,755 | ) |  | 593 |  |  | 334 |  |  | — |  |  | (10,828 | )
Excess tax benefits from equity-based payment arrangements | (15,837 | ) |  | — |  |  | — |  |  | — |  |  | (15,837 | )
Change in non-current accrued taxes, net | (242 | ) |  | 22 |  |  | 1,180 |  |  | — |  |  | 960 |
Funding of qualified pension plans | (20,627 | ) |  | — |  |  | — |  |  | — |  |  | (20,627 | )
Change in restricted cash | 769 |  |  | — |  |  | — |  |  | — |  |  | 769 |
Other, net | 548 |  |  | (264 | ) |  | — |  |  | — |  |  | 284 |
Net cash flows from operating activities | 115,869 |  |  | 72,706 |  |  | 3,149 |  |  | 6,969 |  |  | 198,693 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Change in short-term investments, net | 35,001 |  |  | — |  |  | — |  |  | — |  |  | 35,001 |
Additions to plant and equipment | (190,296 | ) |  | (11,632 | ) |  | (1,848 | ) |  | — |  |  | (203,776 | )
Cash paid for acquisitions, net of cash acquired | (9,264 | ) |  | — |  |  | — |  |  | — |  |  | (9,264 | )
Proceeds from the sale of assets | — |  |  | 1,035 |  |  | — |  |  | — |  |  | 1,035 |
Net cash flows from investing activities | (164,559 | ) |  | (10,597 | ) |  | (1,848 | ) |  | — |  |  | (177,004 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchase of treasury stock | (18,650 | ) |  | — |  |  | — |  |  | — |  |  | (18,650 | )
Investment from (to) parent | 75,198 |  |  | (66,463 | ) |  | (1,766 | ) |  | (6,969 | ) |  | — |
Payment for long-term debt issuance costs | (2 | ) |  | — |  |  | — |  |  | — |  |  | (2 | )
Payment of tax withholdings on equity-based payment arrangements | (13,234 | ) |  | — |  |  | — |  |  | — |  |  | (13,234 | )
Excess tax benefits from equity-based payment arrangements | 15,837 |  |  | — |  |  | — |  |  | — |  |  | 15,837 |
Other, net | (1,500 | ) |  | — |  |  | — |  |  | — |  |  | (1,500 | )
Net cash flows from financing activities | 57,649 |  |  | (66,463 | ) |  | (1,766 | ) |  | (6,969 | ) |  | (17,549 | )
Increase (decrease) in cash | 8,959 |  |  | (4,354 | ) |  | (465 | ) |  | — |  |  | 4,140 |
Cash at beginning of period | 2,146 |  |  | 4,359 |  |  | 1,934 |  |  | — |  |  | 8,439 |
Cash at end of period | $ | 11,105 |  |  | $ | 5 |  |  | $ | 1,469 |  |  | $ | — |  |  | $ | 12,579 |

X
- Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration