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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Other Operating Charges, net
NOTE 8 Other Operating Charges, net
The major components of “Other operating charges, net” in the Consolidated Statements of Operations are:
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Costs associated with mill closure | $— | $0.4 | $50.0 |
| Reorganization and other expenses | 1.8 | 1.6 | 8.4 |
| Miscellaneous environmental accruals | — | — | (1.8) |
| Impairment of equipment | 2.1 | 6.1 | — |
| Directors' equity-based compensation expense | 0.9 | 0.9 | 1.1 |
| Other | 0.4 | 0.7 | — |
| $5.3 | $9.7 | $57.7 | |
During 2023, we recorded $5.3 million of expense in "Other operating charges, net". The main components of the expense include:
expense of $1.8 million related to reorganization and other expenses including consulting and legal fees associated with our efforts to achieve long-term performance improvements,
loss of $2.1 million associated with the impairment of equipment and related spare parts no longer being used; and
expense of $0.9 million relating to directors' equity-based compensation which is remeasured each period based upon changes in our stock price.
During 2022, we recorded a $9.7 million net loss in "Other operating charges, net". The components of the net loss include:
expense of $0.4 million associated with mill closure costs,
loss of $6.1 million associated with the impairment of fixed assets,
expenses of $1.6 million related to reorganization and other expenses including consulting fees associated with our efforts to achieve long-term performance improvements, and
expense of $0.9 million relating to directors' equity-based compensation which is remeasured each period based upon changes in our stock price.
During 2021, we recorded a $57.7 million net loss in "Other operating charges, net". The components of the net loss include:
expense of $50.0 million associated with mill closure, and subsequent sale of land, building and related equipment, including $37.2 million associated with the impairment of fixed assets and certain inventory and $12.8 million associated with severance and other related closure costs,
expenses of $8.4 million related to reorganization and other expenses including consulting fees associated with our efforts to achieve long-term performance improvements,
gain of $1.8 million associated with the release of asset retirement obligations attributable to divested assets, and
expense of $1.1 million relating to directors' equity-based compensation which is remeasured each period based upon changes in our stock price.
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