Clearwater Paper Corp
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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Non-Operating Expense
NOTE 11 Non-Operating Expense
The major components of “Non-operating expense” in the Consolidated Statements of Operations are:
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Interest expense | $(32.0) | $(11.8) | $(11.7) |
| Capitalized interest | 1.6 | 0.3 | 0.1 |
| Amortization of debt issuance costs and accretion of debt discount | (1.7) | (0.5) | (0.6) |
| Interest income | 2.9 | 2.4 | 1.0 |
| Interest expense, net | (29.2) | (9.5) | (11.2) |
| Debt retirement costs | (9.1) | (3.1) | (0.5) |
| Non-operating pension and other postretirement employee benefits income (expense) | 1.8 | 0.1 | (5.7) |
| Total non-operating expense | $(36.6) | $(12.5) | $(17.4) |
During 2024, we repaid the outstanding term loans under the PCA Credit Agreement with proceeds from the sale of our tissue business. As a result of this repayment, we recognized a loss on debt extinguishment of $9.1 million, consisting of unamortized deferred debt costs. During 2023, we redeemed our 2014 Notes in full. This redemption resulted in a loss on early debt extinguishment of $3.1 million consisting of $0.4 million related to the write off of unamortized deferred debt costs along with the premium on debt redemption of $2.7 million.
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