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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Resolute Forest Products Inc | NYSE:RFP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.92 | 0 | 01:00:00 |
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☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
98-0526415
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. employer identification number)
|
111 Robert-Bourassa Boulevard
|
Suite 5000
|
Montreal
|
Quebec
|
Canada
|
H3C 2M1
|
(Address of principal executive offices) (Zip Code)
|
(Registrant’s telephone number, including area code)
|
|
(Former name, former address and former fiscal year, if changed since last report)
|
Common Stock, par value $0.001 per share
|
RFP
|
New York Stock Exchange
|
Toronto Stock Exchange
|
||
(Title of class)
|
(Trading Symbol)
|
(Name of exchange on which registered)
|
Large Accelerated Filer
|
☐
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|
Accelerated Filer
|
☒
|
|
Non-accelerated Filer
|
☐
|
|
Smaller Reporting Company
|
☐
|
|
Emerging Growth Company
|
☐
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Page
Number
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PART I. FINANCIAL INFORMATION
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Item 1. Financial Statements:
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PART II. OTHER INFORMATION
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PART I.
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FINANCIAL INFORMATION
|
ITEM 1.
|
FINANCIAL STATEMENTS
|
|
Three Months Ended
March 31, |
|||||||
|
2020
|
|
|
2019
|
|
|
||
Sales
|
$
|
689
|
|
|
$
|
795
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
||
Cost of sales, excluding depreciation, amortization and distribution costs
|
|
524
|
|
|
|
554
|
|
|
Depreciation and amortization
|
|
42
|
|
|
|
40
|
|
|
Distribution costs
|
|
99
|
|
|
|
100
|
|
|
Selling, general and administrative expenses
|
|
34
|
|
|
|
37
|
|
|
Closure costs, impairment and other related charges
|
|
(2
|
)
|
|
|
—
|
|
|
Operating (loss) income
|
|
(8
|
)
|
|
|
64
|
|
|
Interest expense
|
|
(9
|
)
|
|
|
(9
|
)
|
|
Non-operating pension and other postretirement benefit credits
|
|
15
|
|
|
|
12
|
|
|
Other income (expense), net
|
|
28
|
|
|
|
(4
|
)
|
|
Income before income taxes
|
|
26
|
|
|
|
63
|
|
|
Income tax provision
|
|
(27
|
)
|
|
|
(21
|
)
|
|
Net (loss) income including noncontrolling interest
|
|
(1
|
)
|
|
|
42
|
|
|
Net income attributable to noncontrolling interest
|
|
—
|
|
|
|
—
|
|
|
Net (loss) income attributable to Resolute Forest Products Inc.
|
$
|
(1
|
)
|
|
$
|
42
|
|
|
Net (loss) income per share attributable to Resolute Forest Products Inc. common shareholders:
|
|
|
|
|
|
|
||
Basic
|
$
|
(0.01
|
)
|
|
$
|
0.45
|
|
|
Diluted
|
$
|
(0.01
|
)
|
|
$
|
0.45
|
|
|
Weighted-average number of Resolute Forest Products Inc. common shares outstanding:
|
|
|
|
|
|
|
||
Basic
|
|
88.1
|
|
|
|
92.4
|
|
|
Diluted
|
|
88.1
|
|
|
|
93.9
|
|
|
|
Three Months Ended
March 31, |
|||||||
|
2020
|
|
|
2019
|
|
|
||
Net (loss) income including noncontrolling interest
|
$
|
(1
|
)
|
|
$
|
42
|
|
|
Other comprehensive (loss) income:
|
|
|
|
|
|
|
||
Unamortized prior service credits
|
|
|
|
|
|
|
||
Change in unamortized prior service credits
|
|
(15
|
)
|
|
|
(3
|
)
|
|
Income tax provision
|
|
—
|
|
|
|
—
|
|
|
Change in unamortized prior service credits, net of tax
|
|
(15
|
)
|
|
|
(3
|
)
|
|
Unamortized actuarial losses
|
|
|
|
|
|
|
||
Change in unamortized actuarial losses
|
|
17
|
|
|
|
8
|
|
|
Income tax provision
|
|
(3
|
)
|
|
|
(2
|
)
|
|
Change in unamortized actuarial losses, net of tax
|
|
14
|
|
|
|
6
|
|
|
Foreign currency translation
|
|
(1
|
)
|
|
|
—
|
|
|
Other comprehensive (loss) income, net of tax
|
|
(2
|
)
|
|
|
3
|
|
|
Comprehensive (loss) income including noncontrolling interest
|
|
(3
|
)
|
|
|
45
|
|
|
Comprehensive income attributable to noncontrolling interest
|
|
—
|
|
|
|
—
|
|
|
Comprehensive (loss) income attributable to Resolute Forest Products Inc.
|
$
|
(3
|
)
|
|
$
|
45
|
|
|
|
March 31,
2020 |
December 31,
2019 |
||||||
Assets
|
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
116
|
|
|
$
|
3
|
|
|
Accounts receivable, net:
|
|
|
|
|
|
|
||
Trade
|
|
299
|
|
|
|
273
|
|
|
Other
|
|
72
|
|
|
|
76
|
|
|
Inventories, net
|
|
560
|
|
|
|
522
|
|
|
Other current assets
|
|
37
|
|
|
|
33
|
|
|
Total current assets
|
|
1,084
|
|
|
|
907
|
|
|
Fixed assets, less accumulated depreciation of $1,698 and $1,658 as of March 31, 2020 and December 31, 2019, respectively
|
|
1,583
|
|
|
|
1,459
|
|
|
Amortizable intangible assets, less accumulated amortization of $28 and $27 as of March 31, 2020 and December 31, 2019, respectively
|
|
47
|
|
|
|
48
|
|
|
Deferred income tax assets
|
|
816
|
|
|
|
915
|
|
|
Operating lease right-of-use assets
|
|
61
|
|
|
|
61
|
|
|
Other assets
|
|
268
|
|
|
|
236
|
|
|
Total assets
|
$
|
3,859
|
|
|
$
|
3,626
|
|
|
Liabilities and equity
|
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
|
||
Accounts payable and accrued liabilities
|
$
|
328
|
|
|
$
|
342
|
|
|
Current portion of long-term debt
|
|
2
|
|
|
|
1
|
|
|
Current portion of operating lease liabilities
|
|
8
|
|
|
|
8
|
|
|
Total current liabilities
|
|
338
|
|
|
|
351
|
|
|
Long-term debt, net of current portion
|
|
819
|
|
|
|
448
|
|
|
Pension and other postretirement benefit obligations
|
|
1,343
|
|
|
|
1,460
|
|
|
Operating lease liabilities, net of current portion
|
|
54
|
|
|
|
57
|
|
|
Other liabilities
|
|
71
|
|
|
|
75
|
|
|
Total liabilities
|
|
2,625
|
|
|
|
2,391
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
||
Equity:
|
|
|
|
|
|
|
||
Resolute Forest Products Inc. shareholders’ equity:
|
|
|
|
|
|
|
||
Common stock, $0.001 par value. 120.2 shares issued and 87.4 shares outstanding as of March 31, 2020; 119.5 shares issued and 86.7 shares outstanding as of December 31, 2019
|
|
—
|
|
|
|
—
|
|
|
Additional paid-in capital
|
|
3,804
|
|
|
|
3,802
|
|
|
Deficit
|
|
(1,246
|
)
|
|
|
(1,245
|
)
|
|
Accumulated other comprehensive loss
|
|
(1,181
|
)
|
|
|
(1,179
|
)
|
|
Treasury stock at cost, 32.8 shares as of March 31, 2020 and December 31, 2019
|
|
(144
|
)
|
|
|
(144
|
)
|
|
Total Resolute Forest Products Inc. shareholders’ equity
|
|
1,233
|
|
|
|
1,234
|
|
|
Noncontrolling interest
|
|
1
|
|
|
|
1
|
|
|
Total equity
|
|
1,234
|
|
|
|
1,235
|
|
|
Total liabilities and equity
|
$
|
3,859
|
|
|
$
|
3,626
|
|
|
|
|
Three Months Ended March 31, 2020
|
|||||||||||||||||||||||||||
|
Resolute Forest Products Inc. Shareholders’ Equity
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Common
Stock
|
Additional
Paid-In
Capital
|
Deficit
|
Accumulated Other Comprehensive Loss
|
Treasury
Stock
|
Non-controlling
Interest
|
Total Equity
|
|||||||||||||||||||||
Balance as of December 31, 2019
|
$
|
—
|
|
|
$
|
3,802
|
|
|
$
|
(1,245
|
)
|
|
$
|
(1,179
|
)
|
|
$
|
(144
|
)
|
|
$
|
1
|
|
|
$
|
1,235
|
|
|
Share-based compensation, net of withholding taxes
|
|
—
|
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
|
Net loss
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
Stock unit awards vested (0.7 shares), net of shares forfeited for employee withholding taxes
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Other comprehensive loss, net of tax
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(2
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(2
|
)
|
|
Balance as of March 31, 2020
|
$
|
—
|
|
|
$
|
3,804
|
|
|
$
|
(1,246
|
)
|
|
$
|
(1,181
|
)
|
|
$
|
(144
|
)
|
|
$
|
1
|
|
|
$
|
1,234
|
|
|
|
|
Three Months Ended March 31, 2019
|
|||||||||||||||||||||||||||
|
Resolute Forest Products Inc. Shareholders’ Equity
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Common
Stock
|
Additional
Paid-In
Capital
|
Deficit
|
Accumulated Other Comprehensive Loss
|
Treasury
Stock
|
Non-
controlling
Interest
|
Total Equity
|
|||||||||||||||||||||
Balance as of December 31, 2018
|
$
|
—
|
|
|
$
|
3,802
|
|
|
$
|
(1,198
|
)
|
|
$
|
(950
|
)
|
|
$
|
(120
|
)
|
|
$
|
1
|
|
|
$
|
1,535
|
|
|
Net income
|
|
—
|
|
|
|
—
|
|
|
|
42
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
42
|
|
|
Stock unit awards vested (0.3 shares), net of shares forfeited for employee withholding taxes
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Other comprehensive income, net of tax
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
Balance as of March 31, 2019
|
$
|
—
|
|
|
$
|
3,802
|
|
|
$
|
(1,156
|
)
|
|
$
|
(947
|
)
|
|
$
|
(120
|
)
|
|
$
|
1
|
|
|
$
|
1,580
|
|
|
|
Three Months Ended
March 31, |
|||||||
|
2020
|
|
|
2019
|
|
|
||
Cash flows from operating activities:
|
|
|
|
|
|
|
||
Net (loss) income including noncontrolling interest
|
$
|
(1
|
)
|
|
$
|
42
|
|
|
Adjustments to reconcile net (loss) income including noncontrolling interest to net cash (used in) provided by operating activities:
|
|
|
|
|
|
|
||
Share-based compensation
|
|
3
|
|
|
|
2
|
|
|
Depreciation and amortization
|
|
42
|
|
|
|
40
|
|
|
Deferred income taxes
|
|
27
|
|
|
|
21
|
|
|
Net pension contributions and other postretirement benefit payments
|
|
(33
|
)
|
|
|
(26
|
)
|
|
Loss (gain) on translation of foreign currency denominated deferred income taxes
|
|
69
|
|
|
|
(19
|
)
|
|
(Gain) loss on translation of foreign currency denominated pension and other postretirement benefit obligations
|
|
(82
|
)
|
|
|
20
|
|
|
Net planned major maintenance amortization (payments)
|
|
6
|
|
|
|
(2
|
)
|
|
Changes in working capital:
|
|
|
|
|
|
|
||
Accounts receivable
|
|
(20
|
)
|
|
|
6
|
|
|
Inventories
|
|
(29
|
)
|
|
|
(47
|
)
|
|
Other current assets
|
|
(6
|
)
|
|
|
(7
|
)
|
|
Accounts payable and accrued liabilities
|
|
(18
|
)
|
|
|
(6
|
)
|
|
Other, net
|
|
(7
|
)
|
|
|
(1
|
)
|
|
Net cash (used in) provided by operating activities
|
|
(49
|
)
|
|
|
23
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
||
Cash invested in fixed assets
|
|
(21
|
)
|
|
|
(26
|
)
|
|
Acquisition of business, net of cash acquired
|
|
(174
|
)
|
|
|
—
|
|
|
Decrease in countervailing duty cash deposits on supercalendered paper
|
|
—
|
|
|
|
1
|
|
|
Increase in countervailing and anti-dumping duty cash deposits on softwood lumber
|
|
(15
|
)
|
|
|
(14
|
)
|
|
Decrease in countervailing duty cash deposits on uncoated groundwood paper
|
|
—
|
|
|
|
6
|
|
|
Other investing activities, net
|
|
4
|
|
|
|
—
|
|
|
Net cash used in investing activities
|
|
(206
|
)
|
|
|
(33
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
||
Net borrowings under revolving credit facilities
|
|
189
|
|
|
|
—
|
|
|
Proceeds from long-term debt
|
|
180
|
|
|
|
—
|
|
|
Repayments of debt
|
|
(1
|
)
|
|
|
(225
|
)
|
|
Net cash provided by (used in) financing activities
|
|
368
|
|
|
|
(225
|
)
|
|
Effect of exchange rate changes on cash and cash equivalents, and restricted cash
|
|
(3
|
)
|
|
|
1
|
|
|
Net increase (decrease) in cash and cash equivalents, and restricted cash
|
$
|
110
|
|
|
$
|
(234
|
)
|
|
Cash and cash equivalents, and restricted cash:
|
|
|
|
|
|
|
||
Beginning of period
|
$
|
42
|
|
|
$
|
345
|
|
|
End of period
|
$
|
152
|
|
|
$
|
111
|
|
|
Cash and cash equivalents, and restricted cash at period end:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
116
|
|
|
$
|
69
|
|
|
Restricted cash (included in “Other current assets”)
|
$
|
—
|
|
|
$
|
1
|
|
|
Restricted cash (included in “Other assets”)
|
$
|
36
|
|
|
$
|
41
|
|
|
(1)
|
Includes cash and cash equivalents of $1 million.
|
(2)
|
The preliminary purchase price allocation resulted in the recognition of an amount of goodwill of nil. As explained above, the valuation process of assets acquired and liabilities assumed is still ongoing and, as a result, the value allocated to goodwill could change significantly following the completion of the purchase price allocation.
|
(Unaudited, in millions)
|
Unamortized Prior Service Credits
|
Unamortized Actuarial Losses
|
Foreign
Currency
Translation
|
Total
|
||||||||||||
Balance as of December 31, 2019
|
$
|
16
|
|
|
$
|
(1,189
|
)
|
|
$
|
(6
|
)
|
|
$
|
(1,179
|
)
|
|
Other comprehensive loss before reclassifications
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
(15
|
)
|
|
|
14
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
Net current period other comprehensive (loss) income
|
|
(15
|
)
|
|
|
14
|
|
|
|
(1
|
)
|
|
|
(2
|
)
|
|
Balance as of March 31, 2020
|
$
|
1
|
|
|
$
|
(1,175
|
)
|
|
$
|
(7
|
)
|
|
$
|
(1,181
|
)
|
|
(Unaudited, in millions)
|
Unamortized Prior Service Credits
|
Unamortized Actuarial Losses
|
Foreign
Currency
Translation
|
Total
|
||||||||||||
Balance as of December 31, 2018
|
$
|
28
|
|
|
$
|
(971
|
)
|
|
$
|
(7
|
)
|
|
$
|
(950
|
)
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
(3
|
)
|
|
|
6
|
|
|
|
—
|
|
|
|
3
|
|
|
Balance as of March 31, 2019
|
$
|
25
|
|
|
$
|
(965
|
)
|
|
$
|
(7
|
)
|
|
$
|
(947
|
)
|
|
|
Three Months Ended March 31,
|
|
|||||||
(Unaudited, in millions)
|
2020
|
|
|
2019
|
|
|
Affected Line in the Consolidated Statements of Operations
|
||
Unamortized Prior Service Credits
|
|
|
|
|
|
|
|
||
Amortization of prior service credits
|
$
|
(1
|
)
|
|
$
|
(3
|
)
|
|
Non-operating pension and other postretirement benefit credits (1)
|
Other items
|
|
(14
|
)
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
Income tax provision
|
Net of tax
|
|
(15
|
)
|
|
|
(3
|
)
|
|
|
Unamortized Actuarial Losses
|
|
|
|
|
|
|
|
||
Amortization of actuarial losses
|
|
14
|
|
|
|
8
|
|
|
Non-operating pension and other postretirement benefit credits (1)
|
Other items
|
|
3
|
|
|
|
—
|
|
|
|
|
|
(3
|
)
|
|
|
(2
|
)
|
|
Income tax provision
|
Net of tax
|
|
14
|
|
|
|
6
|
|
|
|
Total Reclassifications
|
$
|
(1
|
)
|
|
$
|
3
|
|
|
|
(1)
|
These items are included in the computation of net periodic benefit cost (credit) related to our pension and other postretirement benefit (or, “OPEB”) plans summarized in Note 9, “Employee Benefit Plans.”
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions, except per share amounts)
|
2020
|
|
|
2019
|
|
|
||
Numerator:
|
|
|
|
|
|
|
||
Net (loss) income attributable to Resolute Forest Products Inc.
|
$
|
(1
|
)
|
|
$
|
42
|
|
|
Denominator:
|
|
|
|
|
|
|
||
Weighted-average number of Resolute Forest Products Inc. common shares outstanding
|
|
88.1
|
|
|
|
92.4
|
|
|
Dilutive impact of nonvested stock unit awards
|
|
—
|
|
|
|
1.5
|
|
|
Diluted weighted-average number of Resolute Forest Products Inc. common shares outstanding
|
|
88.1
|
|
|
|
93.9
|
|
|
Net (loss) income per share attributable to Resolute Forest Products Inc. common shareholders:
|
|
|
|
|
|
|
||
Basic
|
$
|
(0.01
|
)
|
|
$
|
0.45
|
|
|
Diluted
|
$
|
(0.01
|
)
|
|
$
|
0.45
|
|
|
|
Three Months Ended
March 31, |
|||||
(Unaudited, in millions)
|
2020
|
|
|
2019
|
|
|
Stock options
|
1.0
|
|
|
1.1
|
|
|
Stock unit awards
|
1.5
|
|
|
—
|
|
|
(Unaudited, in millions)
|
March 31,
2020 |
December 31,
2019 |
||||||
Raw materials
|
$
|
158
|
|
|
$
|
128
|
|
|
Work in process
|
|
51
|
|
|
|
46
|
|
|
Finished goods
|
|
160
|
|
|
|
164
|
|
|
Mill stores and other supplies
|
|
191
|
|
|
|
184
|
|
|
|
$
|
560
|
|
|
$
|
522
|
|
|
(Unaudited, in millions)
|
March 31,
2020 |
December 31,
2019 |
||||||
Trade accounts payable
|
$
|
249
|
|
|
$
|
255
|
|
|
Accrued compensation
|
|
40
|
|
|
|
52
|
|
|
Accrued interest
|
|
9
|
|
|
|
3
|
|
|
Pension and other postretirement benefit obligations
|
|
14
|
|
|
|
15
|
|
|
Income and other taxes payable
|
|
4
|
|
|
|
4
|
|
|
Other
|
|
12
|
|
|
|
13
|
|
|
|
$
|
328
|
|
|
$
|
342
|
|
|
(Unaudited, in millions)
|
March 31,
2020 |
December 31,
2019 |
||||||
5.875% senior unsecured notes due 2023:
|
|
|
|
|
|
|
||
Principal amount
|
$
|
375
|
|
|
$
|
375
|
|
|
Deferred financing costs
|
|
(2
|
)
|
|
|
(3
|
)
|
|
Unamortized discount
|
|
(1
|
)
|
|
|
(1
|
)
|
|
Total 5.875% senior unsecured notes due 2023
|
|
372
|
|
|
|
371
|
|
|
Term loans due 2030
|
|
180
|
|
|
|
—
|
|
|
Borrowings under revolving credit facilities
|
|
260
|
|
|
|
71
|
|
|
Finance lease obligations
|
|
9
|
|
|
|
7
|
|
|
Total debt
|
|
821
|
|
|
|
449
|
|
|
Less: Current portion of finance lease obligations
|
|
(2
|
)
|
|
|
(1
|
)
|
|
Long-term debt, net of current portion
|
$
|
819
|
|
|
$
|
448
|
|
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions)
|
2020
|
|
|
2019
|
|
|
||
Interest cost
|
$
|
38
|
|
|
$
|
45
|
|
|
Expected return on plan assets
|
|
(56
|
)
|
|
|
(63
|
)
|
|
Amortization of actuarial losses
|
|
15
|
|
|
|
9
|
|
|
Non-operating pension credits
|
|
(3
|
)
|
|
|
(9
|
)
|
|
Service cost
|
|
4
|
|
|
|
4
|
|
|
Net periodic benefit costs (credits) before special events
|
|
1
|
|
|
|
(5
|
)
|
|
Other loss
|
|
3
|
|
|
|
—
|
|
|
|
$
|
4
|
|
|
$
|
(5
|
)
|
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions)
|
2020
|
|
|
2019
|
|
|
||
Interest cost
|
$
|
1
|
|
|
$
|
1
|
|
|
Amortization of actuarial gains
|
|
(1
|
)
|
|
|
(1
|
)
|
|
Amortization of prior service credits
|
|
(1
|
)
|
|
|
(3
|
)
|
|
Non-operating other postretirement benefit credits
|
|
(1
|
)
|
|
|
(3
|
)
|
|
Service cost
|
|
—
|
|
|
|
—
|
|
|
Net periodic benefit credits before special events
|
|
(1
|
)
|
|
|
(3
|
)
|
|
Curtailment gain
|
|
(14
|
)
|
|
|
—
|
|
|
|
$
|
(15
|
)
|
|
$
|
(3
|
)
|
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions)
|
2020
|
|
|
2019
|
|
|
||
Income before income taxes
|
$
|
26
|
|
|
$
|
63
|
|
|
Income tax provision:
|
|
|
|
|
|
|
||
Expected income tax provision
|
|
(5
|
)
|
|
|
(13
|
)
|
|
Changes resulting from:
|
|
|
|
|
|
|
||
Valuation allowance (1)
|
|
(9
|
)
|
|
|
(7
|
)
|
|
Foreign exchange
|
|
(12
|
)
|
|
|
3
|
|
|
State income taxes, net of federal income tax benefit
|
|
2
|
|
|
|
1
|
|
|
Foreign tax rate differences
|
|
(3
|
)
|
|
|
(5
|
)
|
|
|
$
|
(27
|
)
|
|
$
|
(21
|
)
|
|
(1)
|
Relates to our U.S. operations.
|
(1)
|
Inter-segment sales of $7 million and $11 million that were transacted either at the lowest market price of the previous month or cost for the three months ended March 31, 2020 and 2019, respectively, were excluded from market pulp sales.
|
(2)
|
Wood products sales to our joint ventures, which are transacted at arm’s length negotiated prices, were $5 million for both the three months ended March 31, 2020 and 2019.
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
Competitive cost structure combined with diversified and integrated asset base
|
–
|
large-scale and cost-effective operations, including significant internal energy production from cogeneration and hydroelectric facilities, which support our value proposition;
|
–
|
control over fiber transformation chain from standing timber to end-product for the majority of our offering;
|
–
|
nearly 100% of our products sourced from high-quality virgin fiber;
|
–
|
harvesting rights for the majority of fiber needs in Canada; and
|
–
|
sophisticated logistics capabilities to meet demanding customer expectations.
|
•
|
Solid balance sheet
|
–
|
favorable pricing and flexibility under borrowing agreements together with our liquidity levels support ability to weather challenging market cycles and to execute our transformation strategy;
|
–
|
significant tax assets to defer cash income taxes and provide synergies to execute this strategy; and
|
–
|
customers benefit from a financially stable and reliable business partner in a challenging industry.
|
•
|
Seasoned management team
|
–
|
deep industry expertise, with influential leaders in forestry, operations, environmental risk management and public policy;
|
–
|
culture of accountability, encouraging transparency and straightforwardness; and
|
–
|
core identity tied to renewable resources we harvest in a truly sustainable manner.
|
Three Months Ended March 31, 2020
|
Operating Loss
|
Net Loss
|
EPS
|
|
|
|||||||
(Unaudited, in millions, except per share amounts)
|
||||||||||||
GAAP, as reported
|
$
|
(8
|
)
|
|
$
|
(1
|
)
|
|
$
|
(0.01
|
)
|
|
Adjustments for special items:
|
|
|
|
|
|
|
|
|
|
|||
Closure costs, impairment and other related charges
|
|
(2
|
)
|
|
|
(2
|
)
|
|
|
(0.02
|
)
|
|
Non-operating pension and other postretirement benefit credits
|
|
—
|
|
|
|
(15
|
)
|
|
|
(0.17
|
)
|
|
Other income, net
|
|
—
|
|
|
|
(28
|
)
|
|
|
(0.32
|
)
|
|
Income tax effect of special items
|
|
—
|
|
|
|
17
|
|
|
|
0.19
|
|
|
Adjusted for special items (1)
|
$
|
(10
|
)
|
|
$
|
(29
|
)
|
|
$
|
(0.33
|
)
|
|
Three Months Ended March 31, 2019
|
Operating Income
|
Net Income
|
EPS
|
|
|
|||||||
(Unaudited, in millions, except per share amounts)
|
||||||||||||
GAAP, as reported
|
$
|
64
|
|
|
$
|
42
|
|
|
$
|
0.45
|
|
|
Adjustments for special items:
|
|
|
|
|
|
|
|
|
|
|||
Non-operating pension and other postretirement benefit credits
|
|
—
|
|
|
|
(12
|
)
|
|
|
(0.13
|
)
|
|
Other expense, net
|
|
—
|
|
|
|
4
|
|
|
|
0.04
|
|
|
Income tax effect of special items
|
|
—
|
|
|
|
(4
|
)
|
|
|
(0.04
|
)
|
|
Adjusted for special items (1)
|
$
|
64
|
|
|
$
|
30
|
|
|
$
|
0.32
|
|
|
|
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions, except per share amounts)
|
2020
|
2019
|
||||||
Sales
|
$
|
689
|
|
|
$
|
795
|
|
|
Operating (loss) income per segment:
|
|
|
|
|
|
|
||
Market pulp
|
$
|
(3
|
)
|
|
$
|
42
|
|
|
Tissue
|
|
2
|
|
|
|
(8
|
)
|
|
Wood products
|
|
5
|
|
|
|
6
|
|
|
Newsprint
|
|
(6
|
)
|
|
|
28
|
|
|
Specialty papers
|
|
3
|
|
|
|
15
|
|
|
Segment total
|
|
1
|
|
|
|
83
|
|
|
Corporate and other
|
|
(9
|
)
|
|
|
(19
|
)
|
|
Operating (loss) income
|
$
|
(8
|
)
|
|
$
|
64
|
|
|
Net (loss) income attributable to Resolute Forest Products Inc.
|
$
|
(1
|
)
|
|
$
|
42
|
|
|
Net (loss) income per common share attributable to Resolute Forest Products Inc. common shareholders:
|
|
|
|
|
|
|
||
Basic
|
$
|
(0.01
|
)
|
|
$
|
0.45
|
|
|
Diluted
|
$
|
(0.01
|
)
|
|
$
|
0.45
|
|
|
Adjusted EBITDA (1)
|
$
|
32
|
|
|
$
|
104
|
|
|
(Unaudited, in millions)
|
March 31,
2020 |
December 31,
2019 |
||||||
Cash and cash equivalents
|
$
|
116
|
|
|
$
|
3
|
|
|
Total assets
|
$
|
3,859
|
|
|
$
|
3,626
|
|
|
(1)
|
Earnings before interest expense, income taxes, and depreciation and amortization (or, “EBITDA”) and adjusted EBITDA are not financial measures recognized under GAAP. EBITDA is calculated as net income (loss) including noncontrolling interest from the Consolidated Statements of Operations, adjusted for interest expense, income taxes, and depreciation and amortization. Adjusted EBITDA means EBITDA, excluding special items, such as closure costs, impairment and other related charges, non-operating pension and OPEB costs and credits, and other income and expense, net. We believe that using non-GAAP measures such as EBITDA and adjusted EBITDA is useful because they are consistent with the indicators management uses internally to measure the Company’s performance and it allows the reader to compare our operations and financial performance from period to period. EBITDA and adjusted EBITDA are internal measures, and therefore may not be comparable to those of other companies. These non-GAAP measures should not be viewed as substitutes to financial measures determined under GAAP.
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions)
|
2020
|
|
|
2019
|
|
|
||
Net (loss) income including noncontrolling interest
|
$
|
(1
|
)
|
|
$
|
42
|
|
|
Interest expense
|
|
9
|
|
|
|
9
|
|
|
Income tax provision
|
|
27
|
|
|
|
21
|
|
|
Depreciation and amortization
|
|
42
|
|
|
|
40
|
|
|
EBITDA
|
|
77
|
|
|
|
112
|
|
|
Closure costs, impairment and other related charges
|
|
(2
|
)
|
|
|
—
|
|
|
Non-operating pension and other postretirement benefit credits
|
|
(15
|
)
|
|
|
(12
|
)
|
|
Other (income) expense, net
|
|
(28
|
)
|
|
|
4
|
|
|
Adjusted EBITDA
|
$
|
32
|
|
|
$
|
104
|
|
|
•
|
favorable maintenance costs ($16 million), as a result of reduced spending, the timing of scheduled outages and the indefinite idling of our Augusta (Georgia) mill in the fourth quarter of 2019;
|
•
|
lower recycled fiber prices ($8 million);
|
•
|
a decrease in power and steam prices ($7 million); and
|
•
|
lower labor expense ($5 million), primarily due to the indefinite idling of our Augusta mill;
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions, except where otherwise stated)
|
2020
|
|
|
2019
|
|
|
||
Sales
|
$
|
177
|
|
|
$
|
231
|
|
|
Operating (loss) income (1)
|
$
|
(3
|
)
|
|
$
|
42
|
|
|
EBITDA (2)
|
$
|
3
|
|
|
$
|
47
|
|
|
(In thousands of metric tons)
|
|
|
|
|
|
|
||
Shipments
|
|
303
|
|
|
|
286
|
|
|
Downtime
|
|
—
|
|
|
|
8
|
|
|
|
March 31,
|
|||||||
(Unaudited, in thousands of metric tons)
|
2020
|
2019
|
||||||
Finished goods inventory
|
|
69
|
|
|
|
78
|
|
|
(1)
|
Net (loss) income including noncontrolling interest is equal to operating (loss) income in this segment.
|
(2)
|
EBITDA, a non-GAAP financial measure, is reconciled below. For more information on the calculation and reasons we include this measure, see note 1 under “Results of Operations – Consolidated Results – Selected financial information” above.
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions)
|
2020
|
|
|
2019
|
|
|
||
Net (loss) income including noncontrolling interest
|
$
|
(3
|
)
|
|
$
|
42
|
|
|
Depreciation and amortization
|
|
6
|
|
|
|
5
|
|
|
EBITDA
|
$
|
3
|
|
|
$
|
47
|
|
|
•
|
lower recycled fiber prices ($8 million);
|
•
|
favorable maintenance costs ($4 million), mainly due to the timing of scheduled outages;
|
•
|
a decrease in wood fiber costs ($3 million); and
|
•
|
lower power and steam prices ($3 million).
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions, except where otherwise stated)
|
2020
|
|
|
2019
|
|
|
||
Sales
|
$
|
49
|
|
|
$
|
39
|
|
|
Operating income (loss) (1)
|
$
|
2
|
|
|
$
|
(8
|
)
|
|
EBITDA (2)
|
$
|
6
|
|
|
$
|
(3
|
)
|
|
(In thousands of short tons)
|
|
|
|
|
|
|
||
Shipments (3)
|
|
28
|
|
|
|
24
|
|
|
Downtime
|
|
—
|
|
|
|
1
|
|
|
|
March 31,
|
|||||||
(Unaudited, in thousands of short tons)
|
2020
|
2019
|
||||||
Finished goods inventory (3)
|
|
5
|
|
|
|
7
|
|
|
(1)
|
Net income (loss) including noncontrolling interest is equal to operating income (loss) in this segment.
|
(2)
|
EBITDA, a non-GAAP financial measure, is reconciled below. For more information on the calculation and reasons we include this measure, see note 1 under “Results of Operations – Consolidated Results – Selected financial information” above.
|
(3)
|
Tissue converted products, which are measured in cases, are converted to short tons.
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions)
|
2020
|
|
|
2019
|
|
|
||
Net income (loss) including noncontrolling interest
|
$
|
2
|
|
|
$
|
(8
|
)
|
|
Depreciation and amortization
|
|
4
|
|
|
|
5
|
|
|
EBITDA
|
$
|
6
|
|
|
$
|
(3
|
)
|
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions, except where otherwise stated)
|
2020
|
|
|
2019
|
|
|
||
Sales
|
$
|
174
|
|
|
$
|
161
|
|
|
Operating income (1)
|
$
|
5
|
|
|
$
|
6
|
|
|
EBITDA (2)
|
$
|
16
|
|
|
$
|
14
|
|
|
(In millions board feet)
|
|
|
|
|
|
|
||
Shipments (3)
|
|
443
|
|
|
|
428
|
|
|
Downtime
|
|
95
|
|
|
|
41
|
|
|
|
March 31,
|
|||||||
(Unaudited, in millions board feet)
|
2020
|
2019
|
||||||
Finished goods inventory (3)
|
|
148
|
|
|
|
159
|
|
|
(1)
|
Net income including noncontrolling interest is equal to operating income in this segment.
|
(2)
|
EBITDA, a non-GAAP financial measure, is reconciled below. For more information on the calculation and reasons we include this measure, see note 1 under “Results of Operations – Consolidated Results – Selected financial information” above.
|
(3)
|
Includes wood pellets measured by mass, converted to board feet using a density-based conversion ratio.
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions)
|
2020
|
|
|
2019
|
|
|
||
Net income including noncontrolling interest
|
$
|
5
|
|
|
$
|
6
|
|
|
Depreciation and amortization
|
|
11
|
|
|
|
8
|
|
|
EBITDA
|
$
|
16
|
|
|
$
|
14
|
|
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions, except where otherwise stated)
|
2020
|
|
|
2019
|
|
|
||
Sales
|
$
|
155
|
|
|
$
|
212
|
|
|
Operating (loss) income (1)
|
$
|
(6
|
)
|
|
$
|
28
|
|
|
EBITDA (2)
|
$
|
—
|
|
|
$
|
35
|
|
|
(In thousands of metric tons)
|
|
|
|
|
|
|
||
Shipments
|
|
305
|
|
|
|
335
|
|
|
Downtime
|
|
18
|
|
|
|
1
|
|
|
|
March 31,
|
|||||||
(Unaudited, in thousands of metric tons)
|
2020
|
2019
|
||||||
Finished goods inventory
|
|
105
|
|
|
|
135
|
|
|
(1)
|
Net (loss) income including noncontrolling interest is equal to operating (loss) income in this segment.
|
(2)
|
EBITDA, a non-GAAP financial measure, is reconciled below. For more information on the calculation and reasons we include this measure, see note 1 under “Results of Operations – Consolidated Results – Selected financial information” above.
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions)
|
2020
|
|
|
2019
|
|
|
||
Net (loss) income including noncontrolling interest
|
$
|
(6
|
)
|
|
$
|
28
|
|
|
Depreciation and amortization
|
|
6
|
|
|
|
7
|
|
|
EBITDA
|
$
|
—
|
|
|
$
|
35
|
|
|
•
|
favorable maintenance costs ($8 million), due to the indefinite idling of our Augusta mill in the fourth quarter of 2019, as well as reduced spending; and
|
•
|
lower labor costs ($4 million), primarily due to the indefinite idling of our Augusta mill;
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions, except where otherwise stated)
|
2020
|
|
|
2019
|
|
|
||
Sales
|
$
|
134
|
|
|
$
|
152
|
|
|
Operating income (1)
|
$
|
3
|
|
|
$
|
15
|
|
|
EBITDA (2)
|
$
|
14
|
|
|
$
|
25
|
|
|
(In thousands of short tons)
|
|
|
|
|
|
|
||
Shipments
|
|
195
|
|
|
|
199
|
|
|
Downtime
|
|
4
|
|
|
|
12
|
|
|
|
March 31,
|
|||||||
(Unaudited, in thousands of short tons)
|
2020
|
2019
|
||||||
Finished goods inventory
|
|
49
|
|
|
|
54
|
|
|
(1)
|
Net income including noncontrolling interest is equal to operating income in this segment.
|
(2)
|
EBITDA, a non-GAAP financial measure, is reconciled below. For more information on the calculation and reasons we include this measure, see note 1 under “Results of Operations – Consolidated Results – Selected financial information” above.
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions)
|
2020
|
|
|
2019
|
|
|
||
Net income including noncontrolling interest
|
$
|
3
|
|
|
$
|
15
|
|
|
Depreciation and amortization
|
|
11
|
|
|
|
10
|
|
|
EBITDA
|
$
|
14
|
|
|
$
|
25
|
|
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions)
|
2020
|
|
|
2019
|
|
|
||
Cost of sales, excluding depreciation, amortization and distribution costs
|
$
|
(2
|
)
|
|
$
|
(7
|
)
|
|
Depreciation and amortization
|
|
(4
|
)
|
|
|
(5
|
)
|
|
Selling, general and administrative expenses
|
|
(5
|
)
|
|
|
(7
|
)
|
|
Closure costs, impairment and other related charges
|
|
2
|
|
|
|
—
|
|
|
Operating loss
|
|
(9
|
)
|
|
|
(19
|
)
|
|
Interest expense
|
|
(9
|
)
|
|
|
(9
|
)
|
|
Non-operating pension and other postretirement benefit credits
|
|
15
|
|
|
|
12
|
|
|
Other income (expense), net
|
|
28
|
|
|
|
(4
|
)
|
|
Income tax provision
|
|
(27
|
)
|
|
|
(21
|
)
|
|
Net loss including noncontrolling interest
|
$
|
(2
|
)
|
|
$
|
(41
|
)
|
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions)
|
2020
|
|
|
2019
|
|
|
||
Net loss including noncontrolling interest
|
$
|
(2
|
)
|
|
$
|
(41
|
)
|
|
Interest expense
|
|
9
|
|
|
|
9
|
|
|
Income tax provision
|
|
27
|
|
|
|
21
|
|
|
Depreciation and amortization
|
|
4
|
|
|
|
5
|
|
|
EBITDA
|
|
38
|
|
|
|
(6
|
)
|
|
Closure costs, impairment and other related charges
|
|
(2
|
)
|
|
|
—
|
|
|
Non-operating pension and other postretirement benefit credits
|
|
(15
|
)
|
|
|
(12
|
)
|
|
Other (income) expense, net
|
|
(28
|
)
|
|
|
4
|
|
|
Adjusted EBITDA
|
$
|
(7
|
)
|
|
$
|
(14
|
)
|
|
•
|
our senior unsecured debt rating from B+ to B;
|
•
|
our long-term corporate credit rating from BB- to B+; and
|
•
|
our outlook from stable to negative.
|
•
|
our senior unsecured debt rating from B1 to B2;
|
•
|
our corporate family rating from Ba3 to B1;
|
•
|
our outlook from stable to negative; and
|
•
|
our liquidity rating from SGL-1 to SGL-2.
|
|
Three Months Ended
March 31, |
|||||||
(Unaudited, in millions)
|
2020
|
|
|
2019
|
|
|
||
Net cash (used in) provided by operating activities
|
$
|
(49
|
)
|
|
$
|
23
|
|
|
Net cash used in investing activities
|
|
(206
|
)
|
|
|
(33
|
)
|
|
Net cash provided by (used in) financing activities
|
|
368
|
|
|
|
(225
|
)
|
|
Effect of exchange rate changes on cash and cash equivalents, and restricted cash
|
|
(3
|
)
|
|
|
1
|
|
|
Net increase (decrease) in cash and cash equivalents, and restricted cash
|
$
|
110
|
|
|
$
|
(234
|
)
|
|
•
|
operating our assets in accordance with rigorous protocols around health and safety, including the special measures we've put in place to minimize the spread of the virus at all of our locations;
|
•
|
closely managing sources of liquidity and developing opportunities to access additional liquidity, should it be required;
|
•
|
working with all levels of government in the regions where we operate to support a speedy economic recovery;
|
•
|
closely monitoring the growing risk around credit exposure with some of our customers;
|
•
|
advocating with regulators to minimize the risk of rising pension contributions should financial markets remain depressed and interest rates low;
|
•
|
adjusting capacity dynamically based on rapidly-changing conditions; and
|
•
|
keeping tight control on SG&A expenses and reducing capital spending.
|
(Unaudited, in millions)
|
Three Months Ended
March 31, 2020 |
|
Year Ended December 31, 2019
|
||||||
Sales (1)
|
$
|
578
|
|
|
|
$
|
2,379
|
|
|
Operating loss
|
$
|
(38
|
)
|
|
|
$
|
(203
|
)
|
|
Net loss
|
$
|
(38
|
)
|
|
|
$
|
(207
|
)
|
|
(1)
|
Includes $13 million and $76 million of sales to the Non-Guarantor Subsidiaries for the three months ended March 31, 2020 and year ended December 31, 2019, respectively.
|
(Unaudited, in millions)
|
March 31, 2020
|
|
December 31, 2019
|
||||||
Total current assets (1)
|
$
|
501
|
|
|
|
$
|
414
|
|
|
Total long-term assets (2)
|
$
|
900
|
|
|
|
$
|
833
|
|
|
Total current liabilities (3)
|
$
|
752
|
|
|
|
$
|
913
|
|
|
Total long-term liabilities
|
$
|
1,235
|
|
|
|
$
|
872
|
|
|
(1)
|
Includes $4 million of interest receivable from the Non-Guarantor Subsidiaries as of December 31, 2019.
|
(2)
|
Includes a note receivable of $112 million from the Non-Guarantor Subsidiaries as of December 31, 2019.
|
(3)
|
Includes accounts payable to the Non-Guarantor Subsidiaries of $635 million and $794 million as of March 31, 2020 and December 31, 2019, respectively.
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
PART II.
|
OTHER INFORMATION
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
•
|
While we expect to continue to operate in all of our business segments in Canada and the U.S., we have reduced our operational footprint to levels consistent with essential needs for the duration of the crisis, including by the temporary idling of certain machines or facilities and implementing temporary layoffs. Further adjustments to our operational footprint, temporary or permanent, could be made as the COVID-19 pandemic situation develops.
|
•
|
The COVID-19 pandemic could accelerate the secular demand decline for paper products like those we manufacture as widespread confinement is altering consumer habits. The decline in demand and altered habits could become permanent.
|
•
|
The construction slowdown in North America has resulted in a decline in demand for wood products. Given the impact of the COVID-19 pandemic on the local and global economy, which affects housing starts, the demand for wood products could continue to be affected even after the public health measures are lifted.
|
•
|
If the demand for wood products continues to fall and we reduce harvesting and sawmill activity as a result, we could have greater difficulty obtaining the supply of timber and wood fiber required for our operations at favorable prices, or at all.
|
•
|
There is increased risk that we may not obtain raw materials, chemicals and other required supplies or services in timely fashion and at favorable prices due to the impact of the reduced economic activity as a result of the COVID-19 pandemic on our suppliers, which could affect our production output.
|
•
|
Additional trade restrictions or barriers could also affect negatively our supply chain as well as the sales or distribution of our products.
|
•
|
The impact of the reduced economic activity as a result of the COVID-19 pandemic on our customers could increase our risk of credit exposure.
|
•
|
Although the forest products industry has generally been recognized as critical or essential in locations where we operate, the current health restrictions, including social distancing measures, are having an impact on how our workers can fulfill their duties, and limit the number of employees we can have in our operations, which in turn could impact our production output and costs.
|
•
|
It could be difficult or costly to restart certain of our temporarily idled operations, and we could face personnel shortages if employees are no longer available or amenable to return to work.
|
•
|
Further, should any key employees become ill from COVID-19 or unable to work, the attention of our management team could be diverted.
|
•
|
The reduced operations and staffing in our facilities, remote working conditions and increased risk in not obtaining supplies or services could increase the risk of non-compliance and incidents.
|
ITEM 6.
|
EXHIBITS
|
Exhibit No.
|
|
Description
|
|
|
|
|
By-laws of Resolute Forest Products Inc., as amended through March 23, 2020 (incorporated by reference from Exhibit 3.1 to Resolute Forest Products Inc.’s Current Report on Form 8-K filed on March 27, 2020, SEC File No. 001-33776).
|
|
|
|
|
|
Guarantor subsidiaries of the registrant.
|
|
|
|
|
|
Certification of President and Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
Certification of Senior Vice President and Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
Certification of President and Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
Certification of Senior Vice President and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
101.INS*
|
|
XBRL Instance Document.
|
|
|
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
*
|
Interactive data files furnished with this Form 10-Q, which represent the following materials from this Form 10-Q formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Operations, (ii) the Consolidated Statements of Comprehensive (Loss) Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Changes in Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Unaudited Interim Consolidated Financial Statements. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.
|
RESOLUTE FOREST PRODUCTS INC.
|
||
|
|
|
By
|
|
/s/ Remi G. Lalonde
|
|
|
Remi G. Lalonde
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
|
By
|
|
/s/ Hugues Dorban
|
|
|
Hugues Dorban
|
|
|
Vice President and Chief Accounting Officer
|
1 Year Resolute Forest Products Chart |
1 Month Resolute Forest Products Chart |
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