Clearwater Paper Corp
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
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Leases
NOTE 4 Leases
We have operating leases for manufacturing, office, warehouse, equipment and vehicles. Our leases have remaining lease terms from less thanone totwelve years, and some of our leases include one or more options to renew.
COMPONENTS OF LEASE EXPENSE
| For The Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating lease costs | $19.3 | $17.4 | $16.6 |
| Finance lease costs: | |||
| Amortization of ROU assets | 1.3 | 1.3 | 1.8 |
| Interest on lease liabilities | 2.0 | 2.1 | 1.7 |
| Total finance lease costs | 3.3 | 3.3 | 3.5 |
| Variable lease costs | 2.1 | 1.8 | 1.7 |
| Total lease costs | $24.7 | $22.5 | $21.8 |
SUPPLEMENTAL BALANCE SHEET INFORMATION
| December 31, | |||
|---|---|---|---|
| Balance Sheet Caption | 2023 | 2022 | |
| Lease ROU assets | |||
| Operating lease assets | Other assets, net | $60.2 | $43.3 |
| Finance lease assets, net | Property, plant and equipment, net | $13.7 | $15.4 |
| Lease Liabilities | |||
| Current operating lease liabilities | Accounts payable and accrued liabilities | $15.4 | $12.0 |
| Current finance lease liabilities | Current portion of long-term debt | $0.8 | $0.9 |
| Non-current operating lease liabilities | Deferred tax liabilities and other long-term obligations | $48.7 | $35.9 |
| Non-current finance lease liabilities | Long-term debt | $22.4 | $23.3 |
| Total operating lease liabilities | $64.1 | $47.9 | |
| Total finance lease liabilities | $23.3 | $24.2 | |
LEASE TERM AND DISCOUNT RATE
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Weighted average remaining lease term (years) | ||
| Operating leases | 4.3 | 4.9 |
| Finance leases | 12.4 | 13.3 |
| Weighted average discount rate | ||
| Operating leases | 5.7% | 4.8% |
| Finance leases | 8.5% | 8.5% |
SUPPLEMENTAL CASH FLOW INFORMATION
| For The Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash paid for amounts included in the measurement of lease liabilities: | |||
| Operating cash flows from operating leases | $19.6 | $19.7 | $18.8 |
| Operating cash flows from finance leases | 2.0 | 2.1 | 1.6 |
| Financing cash flows from finance leases | 0.9 | 1.1 | 1.7 |
| Non-cash amounts for lease liabilities arising from obtaining ROU assets: | |||
| Operating leases | $32.7 | $6.4 | $5.0 |
| Finance leases | — | 4.2 | — |
MATURITY OF LEASE LIABILITIES
As of December 31, 2023, our future maturities of lease liabilities were as follows:
| Operating · Finance | ||
|---|---|---|
| 2024 | $18.5 | $2.8 |
| 2025 | 17.2 | 2.8 |
| 2026 | 14.3 | 2.9 |
| 2027 | 12.8 | 2.9 |
| 2028 | 7.8 | 3.0 |
| Thereafter | 1.6 | 24.0 |
| Total lease payments | 72.2 | 38.3 |
| Less imputed interest | (8.1) | (15.0) |
| Present value of lease liabilities | $64.1 | $23.3 |
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