Clearwater Paper Corp
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 24, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Goodwill and Intangible Assets
NOTE 7 Goodwill and Intangible Assets
Changes in the carrying amounts of goodwill and intangible assets were as follows:
| Goodwill | Intangibles - Customer Relationship | Total | |
|---|---|---|---|
| Balance as of December 31, 2022 | $35.1 | $8.6 | $43.6 |
| Amortization | — | (2.1) | (2.1) |
| Balance as of December 31, 2023 | 35.1 | 6.4 | 41.5 |
| Recognized goodwill 1 | 13.6 | — | 13.6 |
| Amortization | — | (2.1) | (2.1) |
| Balance as of December 31, 2024 | $48.6 | $4.3 | $52.9 |
1 Goodwill recognized from the Augusta acquisition. See Note 3, "Business Acquisition," for additional information.
The intangible assets associated with customer relationships are amortized over their useful lives of 10 years.
We annually evaluate goodwill for possible impairment as of November 1 with additional interim evaluation performed when management believes that it is more likely than not that events or circumstances have occurred that would result in the impairment of a reporting unit’s goodwill. We evaluate our intangible assets for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
The gross book value and accumulated amortization of definite lived intangible assets at December 31, 2024 was $34.9 million and $30.6 million. The gross book value and accumulated amortization of definite lived intangible assets at December 31, 2023 was $34.9 million and $28.4 million.
As of December 31, 2024, estimated future amortization expense related to intangible assets is as follows:
| Amount | |
|---|---|
| 2025 | $2.1 |
| 2026 | 2.1 |
| 2027 | — |
| 2028 | — |
| 2029 | — |
| Total | $4.3 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.