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Subsequent Events
3 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Business Divestiture
On November 1, 2024, we completed the sale of the consumer products division (CPD) to Sofidel. As a result of the sale, we received $1.06 billion, subject to post-closing adjustments. As part of the transaction, we entered into a Transition Services Agreement, pursuant to which we will provide certain services of a transitional nature to Sofidel, a Lease Agreement, pursuant to which we will lease the portion of the land and facilities on which CPD operates at the Lewiston, Idaho facility to Sofidel, and a Services and Use Agreement, pursuant to which we will provide certain services to Sofidel in connection with the ongoing operations at Sofidel's manufacturing facilities located in Lewiston, Idaho. The lease term shall be five years with certain renewal rights for a maximum of ten years. In connection with the closure of the sale, we used the net proceeds to pay off all outstanding debt excluding 2020 Notes.
On October 31, 2024, Clearwater Paper's Board of Directors approved a new $100 million share repurchase authorization, allowing the Company to opportunistically repurchase shares in addition to offsetting the dilution from employee share grants. This authorization replaces the Company’s previous authorization. The timing and amount of any repurchases of common stock will be solely at the discretion of the Company and is subject to general business and market conditions, as well as other factors. The authorization permits the Company to make repurchases of its common stock from time to time in open market or privately negotiated transactions, including accelerated share repurchase transactions and the use of Rule 10b5-1 trading plans. The authorization has no expiration date.