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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Segment Information
NOTE 15 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 tissue1 | — | — | 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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.