Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

We consider all highly liquid instruments with maturities of three months or less to be cash equivalents. Cash that is held by a third party and has restrictions on its availability to us is classified as restricted cash. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets to the sum of those same amounts shown in our Consolidated Statements of Cash Flows.


	December 31,
	2023		2022		2021
Cash and cash equivalents	$	42.0	$	53.7	$	25.2
Restricted cash included in Other current assets	—		0.7		—
Restricted cash included in Other assets, net	—		—		1.1
Total cash, cash equivalents and restricted cash	$	42.0	$	54.4	$	26.2

Schedule of Accounts, Notes, Loans and Financing Receivable

ACCOUNTS RECEIVABLE

Receivables consist of:


	December 31,
	2023		2022
Trade accounts receivable	$	173.8	$	167.6
Allowance for current expected credit losses	(1.5)		(1.4)
Unbilled receivables	4.1		9.1
Taxes receivable	4.8		10.6

Other	3.1		2.9
	$	184.5	$	188.8

Schedule of Inventory, Current

INVENTORIES

Our inventories are stated at the lower of net realizable value or current cost using the average cost method.


	December 31,
	2023		2022
Logs, chips and sawdust	$	22.1	$	23.6
Pulp	16.8		16.8
Paperboard and tissue products	156.8		171.9
Materials and supplies	124.1		111.7
	$	319.8	$	324.0

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are stated at cost, including assets acquired under finance lease obligations, and any interest costs capitalized, less accumulated depreciation. Depreciation of buildings, equipment and other depreciable assets is determined using the straight-line method. Estimated useful lives generally range from 10 to 40 years for land improvements, 10 to 40 years for buildings and improvements and 2 to 25 years for machinery and equipment (includes office and other equipment).


	December 31,
	2023		2022
Land and land improvements	$	106.0	$	106.1
Buildings and improvements	461.0		456.8
Machinery and equipment	2,359.9		2,346.5
Construction in progress	53.0		23.9
	2,979.8		2,933.4
Less accumulated depreciation and amortization	(1,989.7)		(1,916.3)
Property, plant and equipment, net	$	990.1	$	1,017.1

Accounts Payable and Accrued Liabilities

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES


	December 31,
	2023		2022
Trade payables	$	163.9	$	213.0
Accrued compensation	39.0		41.9
Operating lease liabilities	15.4		12.0
Other	66.9		44.2
	$	285.1	$	311.1

Schedule of Asset Retirement Obligations

The following

table represents the activity associated with our asset retirement obligations.


	For The Years Ended December 31,
	2023		2022
Beginning balance	$	1.9	$	2.0
Accretion expense	0.1		—
Payments made	(0.1)		(0.1)
Ending balance	$	2.0	$	1.9