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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | Segment Information Our businesses are organized into two reportable operating segments: Pulp and Paperboard and Consumer Products. The reporting segments follow the same accounting policies used for our Consolidated Financial Statements. We evaluate the performance of our business segments based upon net sales and operating income. Pulp and Paperboard Our Pulp and Paperboard segment manufactures and markets solid bleached sulfate paperboard for the high-end segment of the packaging industry as well as offers custom sheeting, slitting and cutting of paperboard. Consumer Products Our Consumer Products segment manufactures and sells a complete line of at-home tissue products, or retail products, and minor amounts of parent rolls. The table below presents information about our reportable segments:
| 2023 | 2022 | 2021
Segment net sales: |  |  |
Pulp and Paperboard | $ | 1,063.7 |  | $ | 1,136.3 |  | $ | 946.0 |
Consumer Products | 1,023.4 |  | 950.2 |  | 835.0 |
Eliminations | (4.3) |  | (6.4) |  | (8.4) |
Total segment net sales | $ | 2,082.8 |  | $ | 2,080.1 |  | $ | 1,772.6 |
Operating income (loss): |  |  |
Pulp and Paperboard | $ | 169.1 |  | $ | 183.5 |  | $ | 125.7 |
Consumer Products | 91.7 |  | 11.3 |  | 4.0 |
Corporate and eliminations | (78.3) |  | (71.1) |  | (60.1) |
Other operating charges, net | (5.3) |  | (9.7) |  | (57.7) |
Income from operations | $ | 177.1 |  | $ | 113.9 |  | $ | 12.0 |
Depreciation and amortization: |  |  |
Pulp and Paperboard | $ | 37.4 |  | $ | 37.0 |  | $ | 35.7 |
Consumer Products | 58.8 |  | 62.9 |  | 64.9 |
Corporate | 2.4 |  | 3.4 |  | 4.4 |
Total depreciation and amortization | $ | 98.6 |  | $ | 103.3 |  | $ | 105.0 |
Assets: |  |  |
Pulp and Paperboard | $ | 665.8 |  | $ | 641.8 |  | $ | 621.1 |
Consumer Products | 917.2 |  | 951.1 |  | 986.2 |
Corporate | 88.8 |  | 110.6 |  | 82.8 |
Total assets | $ | 1,671.8 |  | $ | 1,703.5 |  | $ | 1,690.1 |
Capital expenditures: |  |  |
Pulp and Paperboard | $ | 52.8 |  | $ | 24.4 |  | $ | 20.7 |
Consumer Products | 18.8 |  | 8.2 |  | 17.3 |
| 71.7 |  | 32.6 |  | 38.0 |
Corporate | 2.0 |  | 0.9 |  | 0.4 |
Total capital expenditures | $ | 73.7 |  | $ | 33.5 |  | $ | 38.4 |
For the years ended December 31, 2023, 2022 and 2021, one customer was 12%, below 10% and 11% of our total consolidated net sales. Our manufacturing facilities and all other assets are located within the continental United States. We sell and ship our products to customers in several foreign countries. Net sales, classified by the major geographic areas in which our customers are located and by major products, were as follows:
| 2023 | 2022 | 2021
Primary geographical markets: |  |  |
United States | $ | 1,975.2 |  | $ | 1,982.8 |  | $ | 1,670.2 |
Other Countries | 107.6 |  | 97.3 |  | 102.4 |
Total net sales | $ | 2,082.8 |  | $ | 2,080.1 |  | $ | 1,772.6 |
Major products: |  |  |
Paperboard | $ | 1,033.6 |  | $ | 1,104.8 |  | $ | 894.9 |
Retail tissue | 1,016.2 |  | 932.3 |  | 797.9 |
Away-from-home tissue 1 | — |  | — |  | 16.3 |
Pulp | 20.8 |  | 19.5 |  | 34.8 |
Other | 16.6 |  | 29.9 |  | 37.0 |
Eliminations | (4.3) |  | (6.4) |  | (8.4) |
Total net sales | $ | 2,082.8 |  | $ | 2,080.1 |  | $ | 1,772.6 |
1 In the third quarter of 2021, we exited our away-from-home business with the shutdown of our Neenah, Wisconsin site.
Subsequent Events | Subsequent Events In January 2024, we fully repaid the $20 million outstanding balance under our ABL Credit Agreement. On February 19, 2024, we entered into an Asset Purchase Agreement with Graphic Packaging International, LLC (GPK), such that Clearwater Paper Corporation will acquire GPK’s Augusta Georgia paperboard mill and associated assets for $700 million subject to adjustments for working capital. We intend to finance this transaction through the commitments noted below. Additionally, in certain conditions as defined in the Asset Purchase Agreement, a reverse termination fee could be assessed against us. The closing of this transaction is subject to regulatory approvals. On February 19, 2024, we entered into a commitment letter with AgWest Farm Credit, PCA (AgWest), CoBank, FCB (CoBank) and Coöperatieve Rabobank U.A. (Rabobank), in which AgWest and CoBank, agreed to provide a 5-year term revolver credit facility in an aggregate principal amount of up to $270 million via a refinancing of the Company’s existing term revolver credit agreement in the event that the required consents or amendments from the existing lenders and voting participants cannot be obtained. In addition, AgWest agreed to provide a new 7-year farm credit term loan facility in the aggregate principal amount of $340 million and Rabobank agreed to provide a new 5-year commercial bank term loan facility in the aggregate principal amount of $150 million. The obligations of the Lenders to provide such financing are subject to the execution and delivery of mutually acceptable definitive loan documents, which are expected to contain customary representations, warranties, covenants, and events of default, including a minimum liquidity covenant and a maximum capitalization ratio covenant. The commitments of the Lenders will expire on, and definitive loan documents must be executed prior to the closing of the transaction.

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