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Last10K.com | 10-K Annual Report Tue Feb 25 2020
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Exhibit 99.1
234 Kingsley Park Drive Fort Mill, South Carolina 29715
News Release |
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TICKER SYMBOL |
Investor RELATIONS |
MEDIA RELATIONS |
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(NYSE: UFS) (TSX: UFS) |
Nicholas Estrela Director Investor Relations |
David Struhs Vice-President Corporate Services and Sustainability Tel.: 803-802-8031 |
DOMTAR CORPORATION REPORTS PRELIMINARY FOURTH QUARTER AND FISCAL YEAR 2019 FINANCIAL RESULTS
Earnings affected by lower pulp and paper prices and market related downtime in paper
(All financial information is in U.S. dollars, and all earnings per share results are diluted, unless otherwise noted).
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Fourth quarter 2019 net loss of $0.59 per share; earnings before items1 of $0.03 per share |
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92,000 tons of market-related downtime in paper |
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$80 million of share repurchases |
Fort Mill, SC, February 7, 2020 –
Domtar Corporation (NYSE: UFS) (TSX: UFS) today reported a net loss of $34 million ($0.59 per share) for the fourth quarter of 2019 compared to net earnings of $20 million ($0.32 per share) for the third quarter of 2019 and net earnings of $87 million ($1.38 per share) for the fourth quarter of 2018. Sales for the fourth quarter of 2019 were $1.2 billion.Excluding items listed below, the Company had earnings before items1 of $2 million ($0.03 per share) for the fourth quarter of 2019 compared to earnings before items1 of $55 million ($0.89 per share) for the third quarter of 2019 and earnings before items1 of $103 million ($1.63 per share) for the fourth quarter of 2018.
ITEMS
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Description |
Segment |
Line item |
Amount |
After tax effect |
EPS impact (per share) |
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(in millions) |
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Fourth quarter 2019 |
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● Pension settlement loss |
Pulp and Paper |
Non-service components of net periodic benefit cost |
$30 |
$22 |
$0.38 |
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● Paper machine closures |
Pulp and Paper |
Closure and restructuring costs |
$17 |
$13 |
$0.22 |
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● Margin improvement plan |
Personal Care |
Closure and restructuring costs |
$2 |
$1 |
$0.02 |
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1 |
Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in the appendix. |
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The following information was filed by Domtar Corp (UFS) on Friday, February 7, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Domtar Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Domtar Corp.
Assess how Domtar Corp's management team is paid from their Annual Proxy
Domtar Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
- Voting Procedures
- Board Members
- Executive Team
- Salaries, Bonuses, Perks
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Financial - Expense Highlight
(d) 2019 restructuring charges relate to: 2018 restructuring charges relate to: -Severance and termination costs ($21 million) -Inventory write-down ($6 million) -Asset relocation and other costs ($15 million) -Inventory write-down ($4 million) -Severance and termination costs ($3 million) -Other costs ($1 million) (e) 2019 operating expenses/income includes: 2018 operating expenses/income includes: - Foreign exchange loss ($3 million) - Environmental provision ($4 million) - Bad debt expense ($2 million) - Other income ($4 million) - Net gain on sale of property, plant and equipment ($4 million) - Foreign exchange gain ($2 million) - Environmental provision ($5 million) - Bad debt expense ($2 million) - Other income ($1 million) We incurred $52 million of net interest expense in 2019, a decrease of $10 million compared to net interest expense of $62 million in 2018.
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Financial - Earnings Highlight
In 2020, we expect to benefit from our margin improvement plan and higher sales following new customer wins.
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Financial - Earnings Highlight
Personal Care is expected to benefit from their margin improvement plan and higher sales following new customer wins.
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Financial - Earnings Highlight
In our Personal Care segment, in 2019, we recorded $26 million of accelerated depreciation and impairment of operating lease right-of-use assets under Impairment of long-lived assets, related to our margin improvement plan (2018 - $7 million).
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Financial - Expense Highlight
In 2019, in connection with our 2018 announced plan to permanently close our Waco, Texas Personal Care manufacturing and distribution facility, we recognized a $2 million of inventory obsolescence (2018 - $4 million), $5 million of severance and termination costs (2018 - $3 million) and $13 million of assets relocation and other costs (2018 - $1 million of other costs) under Closure and restructuring costs.
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Financial - Earnings
We also recognized closure and...Read more
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Financial - Earnings
Recognition of a closure and...Read more
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Financial - Expense
We also recorded $5 million...Read more
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Financial - Earnings
Includes closure and restructuring charges...Read more
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Financial - Earnings
(b) Includes closure and restructuring...Read more
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M & A - Other
The Credit Agreement contains customary...Read more
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Financial - Income
Operating income and net earnings...Read more
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Other - Other
Past service obligations primarily arise...Read more
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Financial - Expense
Additionally, we recorded $3 million...Read more
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Financial - Expense
Additionally, we recorded $3 million...Read more
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Financial - Expense
The rate of compensation increase...Read more
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Legal - Other
In addition, environmental laws and...Read more
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Revenue - Product
This decrease in sales was...Read more
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Legal - Other
As discussed in Item 1A...Read more
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Financial - Cash Flow
In the event the estimated...Read more
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Other - Other
Effective January 1, 2020, we...Read more
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Financial - Earnings
Our results were negatively impacted...Read more
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Financial - Expense
Compensation costs not yet recognized...Read more
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Other - Other
The program contains certain termination...Read more
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Financial - Earnings
In 2019, we recorded $26...Read more
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Financial - Income
After evaluating all available positive...Read more
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Revenue - Product
This decrease in sales is...Read more
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Financial - Expense
Our Pulp and Paper business...Read more
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Financial - Expense
Our Pulp and Paper business...Read more
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Other - Other
For employee related factors, mortality...Read more
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Other - Other
This was partially offset by...Read more
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Other - Other
Future recognition of unrecognized tax...Read more
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Other - Other
If the carrying amounts of...Read more
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Financial - Earnings
On November 1, 2018, we...Read more
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Financial - Earnings
During 2019, we recorded $32...Read more
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Financial - Dividend
The use of cash in...Read more
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Financial - Cash Flow
This decrease in cash flows...Read more
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Financial - Income
We recorded an income tax...Read more
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Financial - Cash Flow
Cash flows from operating activities...Read more
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Other - Other
Most of our products are...Read more
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Other - Other
A significant reduction in the...Read more
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Other - Other
The quantitative assessments performed in...Read more
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Other - Other
Financial forecasts are consistent with...Read more
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Financial - Earnings
The Port Huron mill continues...Read more
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Financial - Expense
Projected Benefit Obligation Net Periodic...Read more
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Financial - Expense
We used a full yield...Read more
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Other - Other
Our deferred tax assets are...Read more
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Financial - Cash Flow
The estimated cash flows are...Read more
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Financial - Income
The U.S. Tax Reform also...Read more
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Financial - Expense
On an ongoing basis, management...Read more
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Financial - Debt
Our credit and receivable securitization...Read more
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Financial - Expense
Overall, we anticipate costs, including...Read more
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Financial - Expense
See Item 8, Financial Statements...Read more
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M & A - Other
Indefinite-lived intangible assets consist of...Read more
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Financial - Expense
This extended shutdown impacted mostly...Read more
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Financial - Expense
We maintain provisions for estimated...Read more
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Other - Other
Additionally, a valuation allowance of...Read more
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Other - Other
In addition, we provide supplemental...Read more
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Financial - Expense
Although we do not anticipate...Read more
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Other - Other
Each reportable segment offers different...Read more
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Other - Other
At December 31, 2019, we...Read more
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Other - Other
We test indefinite-lived intangible assets...Read more
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Financial - Cash Flow
Under this approach, we estimate...Read more
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Financial - Income
In performing the quantitative assessment,...Read more
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Other - Other
At December 31, 2019, borrowings...Read more
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Revenue - Geography
This consisted of a provisional...Read more
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Financial - Income
In accordance with Income Taxes...Read more
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Financial - Cash Flow
Cash flows used for investing...Read more
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Financial - Expense
These provisions may require an...Read more
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Financial - Expense
(a) Includes raw materials (such...Read more
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Other - Other
We also sponsor a number...Read more
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Financial - Income
Additionally, Staff Accounting Bulletin No....Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Shareholders' Equity
Consolidated Statement Of Shareholders' Equity (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Earnings (Loss) And Comprehensive Income (Loss)
Consolidated Statements Of Earnings (Loss) And Comprehensive Income (Loss) (Parenthetical)
Acquisition Of Business
Acquisition Of Business (Tables)
Acquisition Of Business - Additional Information (Detail)
Acquisition Of Business - Fair Value Of Assets Acquired - Home Delivery Incontinent Supplies Co (Detail)
Acquisition Of Business - Fair Value Of Assets Acquired - Home Delivery Incontinent Supplies Co (Parenthetical) (Detail)
Changes In Accumulated Other Comprehensive Loss By Component
Changes In Accumulated Other Comprehensive Loss By Component (Tables)
Changes In Accumulated Other Comprehensive Loss By Component - Schedule Of Changes In Accumulated Other Comprehensive Loss By Component (Detail)
Changes In Accumulated Other Comprehensive Loss By Component - Schedule Of Reclassifications Out Of Accumulated Other Comprehensive Loss (Detail)
Changes In Accumulated Other Comprehensive Loss By Component - Schedule Of Reclassifications Out Of Accumulated Other Comprehensive Loss (Parenthetical) (Detail)
Closure And Restructuring Costs And Liability
Closure And Restructuring Costs And Liability (Tables)
Closure And Restructuring Costs And Liability - Activity In Closure And Restructuring Liability (Detail)
Closure And Restructuring Costs And Liability - Additional Information (Detail)
Closure And Restructuring Costs And Liability - Components Of Closure And Restructuring Costs By Segment (Detail)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Detail)
Commitments And Contingencies - Anticipated Undiscounted Payments (Detail)
Commitments And Contingencies - Changes In Reserve For Environmental Remediation And Asset Retirement Obligations (Detail)
Commitments And Contingencies - Changes In Reserve For Environmental Remediation And Asset Retirement Obligations (Parenthetical) (Detail)
Commitments And Contingencies - Minimum Future Payments Under Other Commercial Commitments (Detail)
Derivatives And Hedging Activities And Fair Value Measurement
Derivatives And Hedging Activities And Fair Value Measurement (Tables)
Derivatives And Hedging Activities And Fair Value Measurement - Additional Information (Detail)
Derivatives And Hedging Activities And Fair Value Measurement - Currency Values Under Significant Currency Positions Pursuant To Currency Derivatives Outstanding (Detail)
Derivatives And Hedging Activities And Fair Value Measurement - Derivative Financial Instruments For Natural Gas Contracts Outstanding (Detail)
Derivatives And Hedging Activities And Fair Value Measurement - Fair Value Of Financial Instruments (Detail)
Derivatives And Hedging Activities And Fair Value Measurement - Fair Value Of Financial Instruments (Parenthetical) (Detail)
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share (Tables)
Earnings (Loss) Per Common Share - Reconciliation Between Basic And Diluted Earnings (Loss) Per Common Share (Detail)
Earnings (Loss) Per Common Share - Securities That Could Potentially Dilute Basic Earnings (Loss) Per Common Share In Future (Detail)
Impairment Of Long-Lived Assets
Impairment Of Long-Lived Assets - Additional Information (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Components Of Earnings (Loss) Before Income Taxes (Detail)
Income Taxes - Deferred Tax Assets And Liabilities (Detail)
Income Taxes - Gross Unrecognized Tax Benefits (Detail)
Income Taxes - Provisions For Income Taxes (Detail)
Income Taxes - Reconciliation Of Income Tax Expense (Benefit) To U.S. Federal Statutory Income Tax (Detail)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Additional Information (Detail)
Intangible Assets - Amortization Expense Related To Intangible Assets (Detail)
Intangible Assets - Components Of Intangible Assets (Detail)
Interest Expense, Net
Interest Expense, Net (Tables)
Interest Expense, Net - Components Of Interest Expense, Net (Detail)
Interest Expense, Net - Components Of Interest Expense, Net (Parenthetical) (Detail)
Interim Financial Results
Interim Financial Results (Tables)
Interim Financial Results - Schedule Of Interim Financial Results (Detail)
Interim Financial Results - Schedule Of Interim Financial Results (Parenthetical) (Detail)
Inventories
Inventories (Tables)
Inventories - Components Of Inventories (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Summary Of Components Of Lease Expense (Detail)
Leases - Summary Of Maturities Of Lease Liabilities (Detail)
Leases - Summary Of Supplemental Balance Sheet Information Related To Leases (Detail)
Leases - Summary Of Supplemental Cash Flow Information Related To Leases (Detail)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Additional Information (Detail)
Long-Term Debt - Components Of Long-Term Debt (Detail)
Long-Term Debt - Components Of Long-Term Debt (Parenthetical) (Detail)
Long-Term Debt - Principal Long-Term Debt Repayments, Including Finance Lease Obligations (Detail)
Other Assets
Other Assets (Tables)
Other Assets - Components Of Other Assets (Detail)
Other Liabilities And Deferred Credits
Other Liabilities And Deferred Credits (Tables)
Other Liabilities And Deferred Credits - Additional Information (Detail)
Other Liabilities And Deferred Credits - Components Of Other Liabilities And Deferred Credits (Detail)
Other Liabilities And Deferred Credits - Domtar's Asset Retirement Obligations (Detail)
Other Operating Loss (Income), Net
Other Operating Loss (Income), Net (Tables)
Other Operating Loss (Income), Net - Components Of Other Operating Loss (Income), Net (Detail)
Pension Plans And Other Post-Retirement Benefit Plans
Pension Plans And Other Post-Retirement Benefit Plans (Tables)
Pension Plans And Other Post-Retirement Benefit Plans - Additional Information (Detail)
Pension Plans And Other Post-Retirement Benefit Plans - Allocation Of Plan Assets, Based On Fair Value Of Assets Held And Target Allocation (Detail)
Pension Plans And Other Post-Retirement Benefit Plans - Allocation Of Plan Assets, Based On Fair Value Of Assets Held And Target Allocation (Parenthetical) (Detail)
Pension Plans And Other Post-Retirement Benefit Plans - Amount Recognized In Consolidated Balance Sheets (Detail)
Pension Plans And Other Post-Retirement Benefit Plans - Change In Fair Value Of Assets (Detail)
Pension Plans And Other Post-Retirement Benefit Plans - Change In Fair Value Of Assets (Parenthetical) (Detail)
Pension Plans And Other Post-Retirement Benefit Plans - Change In Projected Benefit Obligation (Detail)
Pension Plans And Other Post-Retirement Benefit Plans - Changes In Level 3 Fair Value Measurements Of Plan Assets (Detail)
Pension Plans And Other Post-Retirement Benefit Plans - Components Of Net Periodic Benefit Cost For Pension Plans And Other Post-Retirement Benefit Plans (Detail)
Pension Plans And Other Post-Retirement Benefit Plans - Effect Of One Percent Change In Assumed Health Care Cost (Detail)
Pension Plans And Other Post-Retirement Benefit Plans - Estimated Future Benefit Payments From Plans (Detail)
Pension Plans And Other Post-Retirement Benefit Plans - Fair Value Of Plan Asset By Assets Category (Detail)
Pension Plans And Other Post-Retirement Benefit Plans - Fair Value Of Plan Asset By Assets Category (Parenthetical) (Detail)
Pension Plans And Other Post-Retirement Benefit Plans - Funded Status Of Plans (Detail)
Pension Plans And Other Post-Retirement Benefit Plans - Key Assumptions To Measure Projected Benefit Obligation And Net Periodic Benefit Cost (Detail)
Pension Plans And Other Post-Retirement Benefit Plans - Pre-Tax Amounts Included In Other Comprehensive Income (Loss) (Detail)
Pension Plans And Other Post-Retirement Benefit Plans - Pre-Tax Amounts Included In Other Comprehensive Income (Loss) (Parenthetical) (Detail)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Additional Information (Detail)
Property, Plant And Equipment - Components Of Property, Plant And Equipment (Detail)
Recent Accounting Pronouncements
Recent Accounting Pronouncements - Additional Information (Detail)
Schedule Ii - Valuation And Qualifying Accounts (Detail)
Segment Disclosures
Segment Disclosures (Tables)
Segment Disclosures - Additional Information (Detail)
Segment Disclosures - Additions To Property, Plant And Equipment (Detail)
Segment Disclosures - Analysis And Reconciliation Of Reportable Segment Information (Detail)
Segment Disclosures - Analysis And Reconciliation Of Reportable Segment Information (Parenthetical) (Detail)
Segment Disclosures - Consolidated Assets (Detail)
Segment Disclosures - Geographic Information On Sales (Detail)
Segment Disclosures - Long-Lived Assets (Detail)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Additional Information (Detail)
Shareholders' Equity - Changes In Number Of Outstanding Common Stock And Their Aggregate Stated Value (Detail)
Shareholders' Equity - Changes In Number Of Outstanding Common Stock And Their Aggregate Stated Value (Parenthetical) (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Assumptions Used In Calculating Fair Value Of Options Granted (Detail)
Stock-Based Compensation - Summary Of Outstanding Awards (Detail)
Stock-Based Compensation - Summary Of Outstanding Awards, Options (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Amortization Period Of Finite Lived Assets (Detail)
Supplemental Guarantor Financial Information
Supplemental Guarantor Financial Information (Tables)
Supplemental Guarantor Financial Information - Additional Information (Detail)
Supplemental Guarantor Financial Information - Condensed Consolidating Balance Sheet (Detail)
Supplemental Guarantor Financial Information - Condensed Consolidating Statement Of Cash Flows (Detail)
Supplemental Guarantor Financial Information - Condensed Consolidating Statement Of Earnings (Loss) And Comprehensive Income (Loss) (Detail)
Trade And Other Payables
Trade And Other Payables (Tables)
Trade And Other Payables - Components Of Trade And Other Payables (Detail)
Valuation And Qualifying Accounts
Material Contracts, Statements, Certifications & more
Domtar Corp provided additional information to their SEC Filing as exhibits
Exhibit 10.4: Material Contract
Exhibit 10.5: Material Contract
Exhibit 10.6: Material Contract
Exhibit 10.8: Material Contract
Exhibit 10.10: Material Contract
Exhibit 10.11: Material Contract
Exhibit 10.15: Material Contract
Exhibit 21: Subsidaries Of The Registrant
Exhibit 23: Consents Of Experts And Counsel
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: UFS
CIK: 1381531
Form Type: 10-K Annual Report
Accession Number: 0001564590-20-006192
Submitted to the SEC: Tue Feb 25 2020 7:03:34 AM EST
Accepted by the SEC: Tue Feb 25 2020
Period: Tuesday, December 31, 2019
Industry: Paper Mills
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