Clearwater Paper Corp
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
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Leases
NOTE 6: LEASES
We have operating leases for manufacturing equipment, office equipment, and vehicles. Our leases have remaining lease terms from less than 1 to 10 years, and some of our leases include one or more options to renew. Options to renew, extend or terminate a lease are reflected in our lease terms when we believe it is reasonably certain we will exercise that option. When our leases do not provide an implicit or an explicit interest rate, we use our incremental borrowing rate in determining the present value of lease payments.
Components Of Lease Expense
| For The Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating lease costs | $14.3 | $12.9 | $9.4 |
| Finance lease costs: | |||
| Amortization of ROU assets | 0.5 | 0.3 | — |
| Interest on lease liabilities | 0.6 | 0.5 | — |
| Total finance lease costs | 1.0 | 0.8 | — |
| Variable lease costs | 0.4 | 0.5 | 0.3 |
| Total lease costs | $15.7 | $14.2 | $9.7 |
Supplemental Balance Sheet Information
| December 31, | |||
|---|---|---|---|
| Balance Sheet Caption | 2025 | 2024 | |
| Lease ROU assets | |||
| Operating lease assets | Other assets, net | $41.8 | $39.1 |
| Finance lease assets, net | Property, plant and equipment, net | $7.8 | $8.3 |
| Lease Liabilities | |||
| Current operating lease liabilities | Accounts payable and accrued liabilities | $12.3 | $11.1 |
| Current finance lease liabilities | Current portion of long-term debt | $0.6 | $0.6 |
| Non-current operating lease liabilities | Other long-term obligations | $31.7 | $28.3 |
| Non-current finance lease liabilities | Long-term debt | $7.8 | $8.4 |
| Total operating lease liabilities | $44.0 | $39.4 | |
| Total finance lease liabilities | $8.4 | $9.1 | |
Lease Term And Discount Rate
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Weighted average remaining lease term (years) | ||
| Operating leases | 4.6 | 4.3 |
| Finance lease | 11.3 | 12.3 |
| Weighted average discount rate | ||
| Operating leases | 6.7% | 6.5% |
| Finance lease | 7.4% | 7.4% |
Supplemental Cash Flow Information
The table below includes lease information for both continuing and discontinued operations.
| For The Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash paid for amounts included in the measurement of lease liabilities: | |||
| Operating cash flows from operating leases | $15.1 | $20.7 | $19.6 |
| Operating cash flows from finance leases | 0.6 | 1.6 | 2.0 |
| Financing cash flows from finance leases | 0.6 | 1.1 | 0.9 |
| Non-cash amounts for lease liabilities arising from obtaining ROU assets: | |||
| Operating leases | $14.8 | $3.5 | $32.7 |
| Operating leases assumed on business acquisition | — | 14.5 | — |
| Finance leases assumed on business acquisition | — | 8.6 | — |
Maturity Of Lease Liabilities
As of December 31, 2025, our future maturities of lease liabilities were as follows:
| Operating · Finance | ||
|---|---|---|
| 2026 | $14.8 | $1.3 |
| 2027 | 12.8 | 1.2 |
| 2028 | 8.0 | 1.2 |
| 2029 | 5.6 | 1.2 |
| 2030 | 4.0 | 1.2 |
| Thereafter | 6.6 | 6.4 |
| Total lease payments | 51.7 | 12.5 |
| Less imputed interest | (7.7) | (4.1) |
| Present value of lease liabilities | $44.0 | $8.4 |
As discussed in Note 4, "Discontinued Operations," we entered into a Lease Agreement associated with the sale of our tissue operations. This lease is included in "Accounts payable and accrued liabilities" and "Other long-term obligations" on our Consolidated Balance Sheets. During the year ended December 31, 2025 and 2024, we recognized $3.3 million and $0.5 million in lease income associated with this lease.
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