Mercer International (MERC) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 02, 2023
Cover [Abstract]
Entity Registrant Name	MERCER INTERNATIONAL INC.
Entity Central Index Key	0001333274
Document Type	10-Q
Document Period End Date	Jun. 30, 2023
Trading Symbol	MERC
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		66,524,866
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity File Number	000-51826
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	47-0956945
Entity Address, Address Line One	Suite 1120
Entity Address, Address Line Two	700 West Pender Street
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Country	CA
Entity Address, Postal Zip Code	V6C 1G8
City Area Code	604
Local Phone Number	684-1099
Title of 12(b) Security	Common Stock, par value $1.00 per share
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

INTERIM CONSOLIDATED STATEMENTS

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 529,863	$ 572,326	$ 1,052,529	$ 1,165,067
Costs and expenses
Cost of sales, excluding depreciation and amortization	566,200	403,671	1,027,538	819,766
Cost of sales depreciation and amortization	40,103	31,004	87,601	63,101
Selling, general and administrative expenses	32,392	23,620	66,343	45,818
Operating income (loss)	(108,832)	114,031	(128,953)	236,382
Other income (expenses)
Interest expense	(20,091)	(17,332)	(39,138)	(34,796)
Other income	3,138	8,799	6,372	17,045
Total other expenses, net	(16,953)	(8,533)	(32,766)	(17,751)
Income (loss) before income taxes	(125,785)	105,498	(161,719)	218,631
Income tax recovery (provision)	27,479	(34,126)	32,835	(58,362)
Net income (loss)	$ (98,306)	$ 71,372	$ (128,884)	$ 160,269
Net income (loss) per common share
Basic	$ (1.48)	$ 1.08	$ (1.94)	$ 2.43
Diluted	(1.48)	1.07	(1.94)	2.41
Dividends declared per common share	$ 0.075	$ 0.075	$ 0.15	$ 0.15

INTERIM CONSOLIDATED STATEMEN_2

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (98,306)	$ 71,372	$ (128,884)	$ 160,269
Other comprehensive income (loss)
Gain (loss) related to defined benefit pension plans	268	(119)	41	(235)
Income tax recovery	0	0	0	62
Gain (loss) related to defined benefit pension plans, net of tax	268	(119)	41	(173)
Foreign currency translation adjustments	12,236	(84,020)	30,886	(94,542)
Other comprehensive income (loss), net of taxes	12,504	(84,139)	30,927	(94,715)
Total comprehensive income (loss)	$ (85,802)	$ (12,767)	$ (97,957)	$ 65,554

INTERIM CONSOLIDATED BALANCE SH

INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 213,338	$ 354,032
Accounts receivable, net	335,402	351,993
Inventories	429,873	450,470
Prepaid expenses and other	20,732	21,680
Total current assets	999,345	1,178,175
Property, plant and equipment, net	1,431,017	1,341,322
Investment in joint ventures	49,223	45,635
Amortizable intangible assets, net	52,115	61,497
Goodwill	34,792	30,937
Operating lease right-of-use assets	17,794	15,049
Pension asset	3,832	4,397
Other long-term assets	45,251	48,025
Total assets	2,633,369	2,725,037
Current liabilities
Accounts payable and other	369,851	377,306
Pension and other post-retirement benefit obligations	613	755
Total current liabilities	370,464	378,061
Long-term debt	1,403,857	1,346,508
Pension and other post-retirement benefit obligations	11,222	12,178
Operating lease liabilities	11,670	9,475
Other long-term liabilities	14,431	14,072
Deferred income tax	88,256	125,959
Total liabilities	1,899,900	1,886,253
Shareholders’ equity
Common shares $1 par value; 200,000,000 authorized; 66,525,000 issued and outstanding (2022 - 66,167,000)	66,471	66,132
Additional paid-in capital	356,769	354,495
Retained earnings	459,264	598,119
Accumulated other comprehensive loss	(149,035)	(179,962)
Total shareholders’ equity	733,469	838,784
Total liabilities and shareholders’ equity	2,633,369	2,725,037
Commitments and contingencies (Note 15)

INTERIM CONSOLIDATED BALANCE _2

INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Par or Stated Value Per Share	$ 1	$ 1
Common Stock, Shares, Issued	66,525,000	66,167,000
Common Stock, Shares, Outstanding	66,525,000	66,167,000

INTERIM CONSOLIDATED STATEMEN_3

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2021	$ 694,024	$ 65,988	$ 347,902	$ 370,927	$ (90,793)
Balance (in shares) at Dec. 31, 2021		66,037,000
Shares issued on grants of restricted shares		$ 49	(49)
Shares issued on grants of restricted shares (in shares)		35,000
Shares issued on grants of performance share units		$ 95	(95)
Shares issued on grants of performance share units (in shares)		95,000
Stock compensation expense	2,466		2,466
Net income (loss)	160,269			160,269
Dividends declared	(9,922)			(9,922)
Other comprehensive income (loss)	(94,715)				(94,715)
Balance at Jun. 30, 2022	752,122	$ 66,132	350,224	521,274	(185,508)
Balance (in shares) at Jun. 30, 2022		66,167,000
Balance at Mar. 31, 2022	768,334	$ 66,083	348,756	454,864	(101,369)
Balance (in shares) at Mar. 31, 2022		66,132,000
Shares issued on grants of restricted shares		$ 49	(49)
Shares issued on grants of restricted shares (in shares)		35,000
Stock compensation expense	1,517		1,517
Net income (loss)	71,372			71,372
Dividends declared	(4,962)			(4,962)
Other comprehensive income (loss)	(84,139)				(84,139)
Balance at Jun. 30, 2022	752,122	$ 66,132	350,224	521,274	(185,508)
Balance (in shares) at Jun. 30, 2022		66,167,000
Balance at Dec. 31, 2022	$ 838,784	$ 66,132	354,495	598,119	(179,962)
Balance (in shares) at Dec. 31, 2022	66,167,000	66,167,000
Dividends declared	$ (4,982)
Balance at Mar. 31, 2023	822,873	$ 66,386	355,467	562,559	(161,539)
Balance (in shares) at Mar. 31, 2023		66,421,000
Balance at Dec. 31, 2022	$ 838,784	$ 66,132	354,495	598,119	(179,962)
Balance (in shares) at Dec. 31, 2022	66,167,000	66,167,000
Shares issued on grants of restricted shares		$ 35	(35)
Shares issued on grants of restricted shares (in shares)		54,000
Shares issued on grants of restricted share units		$ 50	(50)
Shares issued on grants of restricted share units (in shares)		50,000
Shares issued on grants of performance share units		$ 254	(254)
Shares issued on grants of performance share units (in shares)		254,000
Stock compensation expense	$ 2,613		2,613
Net income (loss)	(128,884)			(128,884)
Dividends declared	(9,971)			(9,971)
Other comprehensive income (loss)	30,927				30,927
Balance at Jun. 30, 2023	$ 733,469	$ 66,471	356,769	459,264	(149,035)
Balance (in shares) at Jun. 30, 2023	66,525,000	66,525,000
Balance at Mar. 31, 2023	$ 822,873	$ 66,386	355,467	562,559	(161,539)
Balance (in shares) at Mar. 31, 2023		66,421,000
Shares issued on grants of restricted shares		$ 35	(35)
Shares issued on grants of restricted shares (in shares)		54,000
Shares issued on grants of restricted share units		$ 50	(50)
Shares issued on grants of restricted share units (in shares)		50,000
Stock compensation expense	1,387		1,387
Net income (loss)	(98,306)			(98,306)
Dividends declared	(4,989)			(4,989)
Other comprehensive income (loss)	12,504				12,504
Balance at Jun. 30, 2023	$ 733,469	$ 66,471	$ 356,769	$ 459,264	$ (149,035)
Balance (in shares) at Jun. 30, 2023	66,525,000	66,525,000

INTERIM CONSOLIDATED STATEMEN_4

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash flows from (used in) operating activities
Net income (loss)	$ (98,306,000)	$ 71,372,000	$ (128,884,000)	$ 160,269,000
Adjustments to reconcile net income (loss) to cash flows from operating activities
Depreciation and amortization	40,152,000	31,028,000	87,743,000	63,144,000
Deferred income tax provision (recovery)	(34,105,000)	6,624,000	(44,049,000)	15,007,000
Inventory impairment	51,400,000	0	66,600,000	0	$ 0
Defined benefit pension plans and other post-retirement benefit plan expense	451,000	439,000	897,000	877,000
Stock compensation expense	1,387,000	1,517,000	2,613,000	2,466,000
Foreign exchange transaction losses (gains)	224,000	(9,591,000)	494,000	(13,419,000)
Other	(5,452,000)	30,000	(6,601,000)	(771,000)
Defined benefit pension plans and other post-retirement benefit plan contributions	(1,318,000)	(1,200,000)	(1,565,000)	(2,394,000)
Changes in working capital
Accounts receivable	12,168,000	65,509,000	23,510,000	13,382,000
Inventories	58,880,000	(13,342,000)	(27,554,000)	(15,067,000)
Accounts payable and accrued expenses	(7,490,000)	3,813,000	(7,181,000)	3,246,000
Other	(3,293,000)	(1,658,000)	(975,000)	(3,389,000)
Net cash from (used in) operating activities	14,698,000	154,541,000	(34,952,000)	223,351,000
Cash flows from (used in) investing activities
Purchase of property, plant and equipment	(39,482,000)	(47,028,000)	(72,911,000)	(80,321,000)
Acquisition (Note 2)	(82,100,000)	0	(82,100,000)	0
Property insurance proceeds	2,710,000	0	2,710,000	6,410,000
Purchase of term deposit	0	(75,000,000)	0	(75,000,000)
Other	1,120,000	474,000	1,925,000	567,000
Net cash from (used in) investing activities	(117,752,000)	(121,554,000)	(150,376,000)	(148,344,000)
Cash flows from (used in) financing activities
Proceeds from (repayment of) revolving credit facilities, net	24,305,000	(13,066,000)	54,407,000	17,438,000
Dividend payments	(4,982,000)	(4,960,000)	(4,982,000)	(4,960,000)
Payment of debt issuance costs	0	0	0	(1,184,000)
Proceeds from government grants	0	0	0	1,067,000
Payment of finance lease obligations	(1,898,000)	(1,671,000)	(3,787,000)	(6,606,000)
Other	(115,000)	277,000	(229,000)	(566,000)
Net cash from (used in) financing activities	17,310,000	(19,420,000)	45,409,000	5,189,000
Effect of exchange rate changes on cash and cash equivalents	(1,478,000)	(4,411,000)	(775,000)	(5,945,000)
Net increase (decrease) in cash and cash equivalents	(87,222,000)	9,156,000	(140,694,000)	74,251,000
Cash and cash equivalents, beginning of period	300,560,000	410,705,000	354,032,000	345,610,000	345,610,000
Cash and cash equivalents, end of period	213,338,000	419,861,000	213,338,000	419,861,000	$ 354,032,000
Supplemental cash flow disclosure:
Cash paid for interest	3,621,000	1,164,000	36,861,000	33,237,000
Cash paid for income taxes	$ 1,461,000	$ 41,593,000	$ 3,234,000	$ 60,493,000

The Company and Summary of Sign

The Company and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
The Company and Summary of Significant Accounting Policies	Note 1. The Company and Summary of Significant Accounting Policies Nature of Operations and Basis of Presentation The Interim Consolidated Financial Statements contained herein include the accounts of Mercer International Inc. ("Mercer Inc.") and all of its subsidiaries (collectively the "Company"). Mercer Inc. owns 100 % of its subsidiaries with the exception of the 50 % joint venture interest in the Cariboo mill with West Fraser Mills Ltd., which is accounted for using the equity method. The Company's shares of common stock are quoted and listed for trading on the NASDAQ Global Select Market. The Interim Consolidated Financial Statements have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). The consolidated balance sheet information as of December 31, 2022 was derived from the Company’s audited Consolidated Financial Statements, but does not contain all of the footnote disclosures from the annual Consolidated Financial Statements. The footnote disclosure included herein has been prepared in accordance with accounting principles generally accepted for interim financial statements in the United States ("GAAP"). The unaudited Interim Consolidated Financial Statements should be read together with the audited Consolidated Financial Statements and accompanying notes included in the Company's latest Annual Report on Form 10‑K for the fiscal year ended December 31, 2022. In the opinion of the Company, the unaudited Interim Consolidated Financial Statements contained herein have been prepared on a consistent basis with the audited Consolidated Financial Statements and accompanying notes included in the Company's latest Annual Report on Form 10‑K for the fiscal year ended December 31, 2022 and contain all adjustments necessary for a fair statement of the results of the interim periods included. The results for the periods included herein may not be indicative of the results for the entire year. In these Interim Consolidated Financial Statements, unless otherwise indicated, all amounts are expressed in United States dollars ("U.S. dollars" or "$"). The symbol "€" refers to euros and the symbol "C$" refers to Canadian dollars. Use of Estimates Preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant management judgment is required in determining the accounting for, among other things, pension and other post-retirement benefit obligations, deferred income taxes (valuation allowance and permanent reinvestment), depreciation and amortization, future cash flows associated with impairment testing for long-lived assets, the allocation of the purchase price in a business combination to the assets acquired and liabilities assumed, legal liabilities and contingencies. Actual results could differ materially from these estimates, and changes in these estimates are recorded when known.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2023
Business Combinations [Abstract]
Acquisitions	Note 2. Acquisitions 2023 Asset Acquisition Structurlam On June 15, 2023 , the Company acquired substantially all of the assets of Structurlam Mass Timber Corporation and its subsidiaries (“Structurlam”), including a mass timber production facility located in Conway, Arkansas (the “Conway Facility”) and mass timber production facilities in British Columbia, Canada, for cash consideration of $ 82,100 , net of a $ 2,400 break fee and expense reimbursement and including $ 1,000 of acquisition costs. The transaction is accounted for as an acquisition of a group of assets as management determined it does not qualify as an acquisition of a business under GAAP. Substantially all of the fair value of the gross assets acquired was concentrated in a group of similar identifiable assets, being the land, building and production equipment at the Conway Facility. 2022 Business Acquisition Torgau On September 30, 2022 , the Company acquired all of the issued and outstanding shares of Wood Holdco GmbH, which is the parent company of Holzindustrie Torgau KG ("Torgau") for consideration of € 270.0 million ($ 263,196 ) cash. The acquisition results in 100 % ownership of a timber processing and value-add pallet production facility in Torgau, Germany and a wood processing facility in Dahlen, Germany that produces garden products. The acquisition of Torgau expands the Company’s solid wood business and further diversifies the Company’s product offerings. The Company’s allocation of the purchase price to the fair value of the assets acquired and liabilities assumed on the acquisition date was finalized during the six month period ended June 30, 2023. The following table summarizes the purchase price allocation: Purchase Price Cash $ 6,592 Accounts receivable 13,202 Inventories 50,900 Other current assets 2,548 Property, plant and equipment 205,450 Amortizable intangible assets (a) 25,141 Goodwill (b) 31,213 Other long-term assets 3,934 Total assets acquired 338,980 Accounts payable and other current liabilities ( 43,905 ) Deferred income tax ( 29,390 ) Other long-term liabilities ( 2,489 ) Total liabilities assumed ( 75,784 ) Net assets acquired $ 263,196 (a) Amortizable intangible assets include an order backlog, which has an estimated fair value of $ 15,243 and was amortized on a straight-line basis over six months and an energy sales agreement, which has an estimated fair value of $ 9,898 and is being amortized on a straight-line basis over 12 years. (b) The goodwill is primarily for expected synergies from combining the operations of Torgau with the Company’s existing German operations. The goodwill is no t deductible for tax purposes.

Business Interruption Insurance

Business Interruption Insurance	6 Months Ended
	Jun. 30, 2023
Unusual or Infrequent Items, or Both [Abstract]
Business Interruption Insurance	Note 3. Business Interruption Insurance In 2021, the Rosenthal mill turbine was taken down to complete extensive repair work. In June 2023, the Company settled the business interruption portion of the insurance claim for € 15.2 million ($ 16,553 ). In July 2022, a fire occurred in the woodyard of the Stendal mill. In September 2022, the Company received written confirmation from the insurance provider that the business interruption insurance claim related to the fire is covered. In the three and six month periods ended June 30, 2023, the insurance provider paid nonrefundable business interruption insurance payments of € 2.5 million ($ 2,710 ) and € 9.5 million ($ 10,221 ), respectively. The Company also received € 2.5 million ($ 2,710 ) for property insurance related to the fire. The business interruption and property insurance proceeds for the three and six month periods ended June 30, 2023 of € 20.2 million ($ 21,973 ) and € 27.2 million ($ 29,484 ), respectively, were recorded in “Cost of sales, excluding depreciation and amortization” in the Interim Consolidated Statements of Operations.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory, Net [Abstract]
Inventories	Note 4. Inventories Inventories as of June 30, 2023 and December 31, 2022, were comprised of the following: June 30, December 31, 2023 2022 Raw materials $ 136,897 $ 160,442 Finished goods 149,117 158,082 Spare parts and other 143,859 131,946 $ 429,873 $ 450,470 For the three and six month periods ended June 30, 2023, as a result of low pulp prices and high per unit fiber costs for the Canadian mills, the Company recorded inventory impairment charges of $ 51,400 and $ 66,600 , respectively, (2022 – $ nil ) in "Cost of sales, excluding depreciation and amortization" in the Interim Consolidated Statements of Operations. As of June 30, 2023, $ 37,200 of the write-down was recorded against raw materials inventory and $ 14,200 was recorded against finished goods inventory. As of December 31, 2022, there were no inventory write-downs.

Accounts Payable and Other

Accounts Payable and Other	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Accounts Payable and Other	Note 5. Accounts Payable and Other Accounts payable and other as of June 30, 2023 and December 31, 2022, were comprised of the following: June 30, December 31, 2023 2022 Trade payables $ 88,107 $ 92,848 Accrued expenses 99,261 96,979 Interest payable 26,856 26,756 Income tax payable 82,737 99,827 Payroll-related accruals 31,895 34,353 Deposits for mass timber sales contracts 8,797 — Wastewater fee (a) 7,710 8,614 Finance lease liability 7,432 7,368 Operating lease liability 5,776 5,255 Other 11,280 5,306 $ 369,851 $ 377,306 (a) The Company is required to pay certain fees based on wastewater emissions at its German mills. Accrued fees can be reduced upon the mills’ demonstration of reduced wastewater emissions.

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Note 6. Debt Debt as of June 30, 2023 and December 31, 2022, was comprised of the following: June 30, December 31, Maturity 2023 2022 Senior notes (a) 5.500 % senior notes 2026 $ 300,000 $ 300,000 5.125 % senior notes 2029 875,000 875,000 Credit arrangements € 300 million German joint revolving credit facility (b) 2027 127,132 109,326 C$ 160 million Canadian joint revolving credit facility (c) 2027 71,752 31,749 € 2.6 million demand loan (d) — — Finance lease liability 49,445 51,129 1,423,329 1,367,204 Less: unamortized senior note issuance costs ( 12,040 ) ( 13,328 ) Less: finance lease liability due within one year ( 7,432 ) ( 7,368 ) $ 1,403,857 $ 1,346,508 The maturities of the principal portion of the senior notes and credit arrangements as of June 30, 2023 were as follows: Senior Notes and Credit Arrangements 2023 $ — 2024 — 2025 — 2026 300,000 2027 198,884 Thereafter 875,000 $ 1,373,884 Certain of the Company's debt instruments were issued under agreements which, among other things, may limit its ability and the ability of its subsidiaries to make certain payments, including dividends. These limitations are subject to specific exceptions. As of June 30, 2023, the Company was in compliance with the terms of its debt agreements. (a) The senior notes which mature on February 1, 2029 (the "2029 Senior Notes") and the senior notes which mature on January 15, 2026 (the “2026 Senior Notes” and collectively with the 2029 Senior Notes, the “Senior Notes”) are general unsecured senior obligations of the Company. The Company may redeem all or a part of the Senior Notes upon not less than 10 days’ or more than 60 days’ notice at the redemption price plus accrued and unpaid interest to (but not including) the applicable redemption date. The 2026 Senior Notes redemption price is 100.000 % of the principal amount. The following table presents the redemption prices (expressed as percentages of principal amount) and the redemption periods of the 2029 Senior Notes: 2029 Senior Notes 12 Month Period Beginning Percentage February 1, 2024 102.563 % February 1, 2025 101.281 % February 1, 2026 and thereafter 100.000 % Note 6. Debt (continued) (b) A € 300.0 million joint revolving credit facility for the German mills that matures in September 2027. Borrowings under the facility are unsecured and bear interest at Euribor plus a variable margin ranging from 1.30 % to 2.25 % dependent on conditions including but not limited to a prescribed leverage ratio. The facility is sustainability linked whereby the interest rate margin is subject to upward or downward adjustments of up to 0.05 % per annum if the Company achieves, or fails to achieve, certain specified sustainability targets. As of June 30, 2023, approximately € 117.0 million ($ 127,132 ) of this facility was drawn and accruing interest at a rate of 4.556 %, a pproximately € 13.5 million ($ 14,682 ) was supporting bank guarantees and approximately € 169.5 million ($ 184,166 ) was available. (c) A C$ 160.0 million joint revolving credit facility for the Celgar mill, Peace River mill and certain other Canadian subsidiaries that matures in January 2027. The facility is available by way of: (i) Canadian denominated advances, which bear interest at a designated prime rate per annum; (ii) banker’s acceptance equivalent loans, which bear interest at the applicable Canadian dollar banker’s acceptance plus 1.20 % to 1.45 % per annum; (iii) dollar denominated base rate advances at the greater of the federal funds rate plus 0.50 %, an Adjusted Term SOFR for a one month tenor plus 1.00 % and the bank’s applicable reference rate for U.S. dollar loans ; and (iv) dollar SOFR advances, which bear interest at Adjusted Term SOFR plus 1.20 % to 1.45 % per annum. As of June 30, 2023, approximately C$ 95.0 million ($ 71,752 ) of this facility was drawn and accruing interest at a rate of 6.548 % , approximately C$ 1.3 million ($ 953 ) was supporting letters of credit and approximately C$ 63.7 million ($ 48,140 ) was available. (d) A € 2.6 million demand loan for Rosenthal that does not have a maturity date. Borrowings under this facility are unsecured and bear interest at the rate of the three-month Euribor plus 2.50 %. As of June 30, 2023, approximately € 2.6 million ($ 2,773 ) of this facility was supporting bank guarantees and approximately $ nil was available.

Pension and Other Post-Retireme

Pension and Other Post-Retirement Benefit Obligations	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Pension and Other Post-Retirement Benefit Obligations	Note 7. Pension and Other Post-Retirement Benefit Obligations Defined Benefit Plans Pension benefits are based on employees' earnings and years of service. The defined benefit plans are funded by contributions from the Company based on actuarial estimates and statutory requirements. The components of the net benefit costs for the Celgar and Peace River defined benefit plans, in aggregate for the three and six month periods ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, 2023 2022 Pension Other Post- Pension Other Post- Service cost $ 602 $ 30 $ 905 $ 49 Interest cost 1,174 125 957 105 Expected return on plan assets ( 1,634 ) — ( 1,458 ) — Amortization of unrecognized items 396 ( 242 ) 57 ( 176 ) Net benefit costs (gains) $ 538 $ ( 87 ) $ 461 $ ( 22 ) Six Months Ended June 30, 2023 2022 Pension Other Post- Pension Other Post- Service cost $ 1,200 $ 59 $ 1,818 $ 98 Interest cost 2,340 248 1,922 210 Expected return on plan assets ( 2,991 ) — ( 2,936 ) — Amortization of unrecognized items 524 ( 483 ) 119 ( 354 ) Net benefit costs (gains) $ 1,073 $ ( 176 ) $ 923 $ ( 46 ) The components of the net benefit costs other than service cost are recorded in "Other income" in the Interim Consolidated Statements of Operations. The amortization of unrecognized items relates to actuarial losses (gains) and prior service costs. Defined Contribution Plan Effective December 31, 2008, the defined benefit plans at the Celgar mill were closed to new members and the service accrual ceased. Effective January 1, 2009, the members began to receive pension benefits, at a fixed contractual rate, under a new defined contribution plan. During the three and six month periods ended June 30, 2023, the Company made contributions of $ 81 and $ 333 , respectively, to this plan (2022 – $ 395 and $ 661 ). Multiemployer Plan The Company participates in a multiemployer plan for the hourly-paid employees at the Celgar mill. The contributions to the plan are determined based on a percentage of pensionable earnings pursuant to a collective bargaining agreement. The Company has no current or future contribution obligations in excess of the contractual contributions. During the three and six month periods ended June 30, 2023, the Company made contributions of $ 391 and $ 914 , respectively, to this plan (2022 – $ 1,091 and $ 1,649 ).

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 8. Income Taxes Differences between the U.S. Federal statutory and the Company's effective tax rates for the three and six month periods ended June 30, 2023 and 2022, were as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 U.S. Federal statutory rate 21 % 21 % 21 % 21 % Income tax recovery (provision) using U.S. Federal statutory rate on income (loss) before income taxes $ 26,413 $ ( 22,155 ) $ 33,959 $ ( 45,915 ) Tax differential on foreign income (loss) 4,957 ( 10,271 ) 6,275 ( 20,050 ) Effect of foreign earnings (a) 525 ( 1,107 ) — ( 2,103 ) Valuation allowance (b) ( 9,556 ) ( 5,741 ) ( 14,119 ) 448 Foreign exchange on settlement of debt — ( 77 ) — 3,024 Tax benefit of partnership structure 783 783 1,566 1,566 Non-taxable foreign subsidies 1,350 663 2,044 1,361 True-up of prior year taxes ( 409 ) ( 68 ) 4,477 1,594 Annual effective tax rate adjustment 5,000 5,000 ( 4,000 ) 5,000 Other, net ( 1,584 ) ( 1,153 ) 2,633 ( 3,287 ) Income tax recovery (provision) $ 27,479 $ ( 34,126 ) $ 32,835 $ ( 58,362 ) Comprised of: Current income tax provision $ (6,626 ) $ ( 27,502 ) $ ( 11,214 ) $ ( 43,355 ) Deferred income tax recovery (provision) 34,105 ( 6,624 ) 44,049 ( 15,007 ) Income tax recovery (provision) $ 27,479 $ ( 34,126 ) $ 32,835 $ ( 58,362 ) (a) Primarily relates to the impact of the global intangible low-taxed income provision in the Tax Cuts and Jobs Act of 2017. (b) Primarily relates to taxable losses and denied interest expense.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Shareholders' Equity	Note 9. Shareholders' Equity Dividends During the six month period ended June 30, 2023, the Company's board of directors declared the following quarterly dividends: Date Declared Dividend Per Amount February 16, 2023 $ 0.075 $ 4,982 May 4, 2023 0.075 4,989 $ 0.150 $ 9,971 On August 3, 2023, the Company's board of directors declared a quarterly dividend of $ 0.075 per common share. Payment of the dividend will be made on October 4, 2023 to all shareholders of record on September 27, 2023 . Future dividends are subject to approval by the board of directors and may be adjusted as business and industry conditions warrant. Note 9. Shareholders' Equity (continued) Stock Based Compensation The Company has a stock incentive plan which provides for stock options, restricted stock units (“RSUs”), deferred stock units (“DSUs”), restricted shares, performance shares, performance share units (“PSUs”), and stock appreciation rights to be awarded to employees, consultants and non-employee directors. During the three and six month periods ended June 30, 2 0 23, there were no issued and outstanding stock options, performance shares or stock appreciation rights. As of June 30, 2023, after factoring in all allocated shares, there remain approximately 2.1 million common shares available for grant. In May 2023, the board of directors adopted the 2023 Non-Employee Director Compensation Plan (the “Director’s Plan”) which allows non-employee directors to elect on an annual basis to receive, in lieu of cash fees, either restricted stock or DSUs. The board of directors receive equity compensation of restricted stock unless they elect to receive DSUs. The non-employee directors may elect on an annual basis to receive DSUs which settle in cash (“Cash Only DSUs”). The DSUs are redeemable by the non-employee director at their option following their separation from the board of directors. The value of the Cash Only DSUs redeemed is the fair market value on the redemption date. The Cash Only DSUs are accounted for as a liability and the other equity awards are accounted for as equity. The following table summarizes PSU activity during the period: Number of PSUs Outstanding as of January 1, 2023 3,484,154 Granted 1,562,632 Vested and issued ( 253,508 ) Forfeited ( 1,013,972 ) Outstanding as of June 30, 2023 3,779,306 The following table summarizes restricted share, RSU and DSU activity during the period: Equity Based Awards Liability Based Awards Number of Restricted Shares Number of RSUs Number of DSUs Number of DSUs Outstanding as of January 1, 2023 34,699 50,000 11,554 — Granted 54,227 — 27,815 90,864 Vested ( 34,699 ) ( 50,000 ) ( 11,778 ) ( 31,187 ) Outstanding as of June 30, 2023 54,227 — 27,591 59,677

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	Note 10. Net Income (Loss) Per Common Share The reconciliation of basic and diluted net income (loss) per common share for the three and six month periods ended June 30, 2023 and 2022 was as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Net income (loss) Basic and diluted $ ( 98,306 ) $ 71,372 $ ( 128,884 ) $ 160,269 Net income (loss) per common share Basic $ ( 1.48 ) $ 1.08 $ ( 1.94 ) $ 2.43 Diluted $ ( 1.48 ) $ 1.07 $ ( 1.94 ) $ 2.41 Weighted average number of common shares outstanding: Basic (a) 66,425,479 66,098,975 66,342,807 66,067,051 Effect of dilutive instruments: PSUs — 457,599 — 407,656 Restricted shares — 21,149 — 26,906 RSUs — 11,209 — 5,605 Diluted 66,425,479 66,588,932 66,342,807 66,507,218 (a) For the three and six month periods ended June 30, 2023, the weighted average number of common shares outstanding excludes 54,227 restricted shares which have been granted, but have not vested as of June 30, 2023 (2022 – 34,699 restricted shares). The calculation of diluted net income (loss) per common share does not assume the exercise of any instruments that would have an anti-dilutive effect on net income (loss) per common share. Instruments excluded from the calculation of net income (loss) per common share because they were anti-dilutive for the three and six month periods ended June 30, 2023 and 2022 were as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 PSUs 3,779,306 — 3,779,306 — Restricted shares 54,227 — 54,227 — DSUs 39,369 — 39,369 —

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Note 11. Accumulated Other Comprehensive Loss The change in the accumulated other comprehensive loss by component (net of tax) for the three and six month periods ended June 30, 2023 and 2022 was as follows: Foreign Currency Translation Adjustments Defined Benefit Pension and Other Post-Retirement Benefit Items Total Three months Ended June 30: Balance as of March 31, 2023 $ ( 176,435 ) $ 14,896 $ ( 161,539 ) Other comprehensive income before reclassifications 12,236 114 12,350 Amounts reclassified — 154 154 Other comprehensive income 12,236 268 12,504 Balance as of June 30, 2023 $ ( 164,199 ) $ 15,164 $ ( 149,035 ) Balance as of March 31, 2022 $ ( 108,039 ) $ 6,670 $ ( 101,369 ) Other comprehensive loss before reclassifications ( 84,020 ) — ( 84,020 ) Amounts reclassified — ( 119 ) ( 119 ) Other comprehensive loss ( 84,020 ) ( 119 ) ( 84,139 ) Balance as of June 30, 2022 $ ( 192,059 ) $ 6,551 $ ( 185,508 ) Six months Ended June 30: Balance as of December 31, 2022 $ ( 195,085 ) $ 15,123 $ ( 179,962 ) Other comprehensive income before reclassifications 30,886 — 30,886 Amounts reclassified — 41 41 Other comprehensive income 30,886 41 30,927 Balance as of June 30, 2023 $ ( 164,199 ) $ 15,164 $ ( 149,035 ) Balance as of December 31, 2021 $ ( 97,517 ) $ 6,724 $ ( 90,793 ) Other comprehensive income (loss) before reclassifications ( 94,542 ) 62 ( 94,480 ) Amounts reclassified — ( 235 ) ( 235 ) Other comprehensive loss ( 94,542 ) ( 173 ) ( 94,715 ) Balance as of June 30, 2022 $ ( 192,059 ) $ 6,551 $ ( 185,508 )

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 12. Related Party Transactions The Company enters into related party transactions with its joint ventures. For the three and six month periods ended June 30, 2023, pulp purchases from the Company's 50 % owned Cariboo mill, which are transacted at the Cariboo mill's cost, were $ 22,598 and $ 49,395 , respectively, (2022 – $ 30,616 and $ 51,267 ) and as of June 30, 2023, the Company had a payable balance to the Cariboo mill of $ 5,599 (December 31, 2022 – payable of $ 4,409 ). For the three and six month periods ended June 30, 2023, services from the Company's 50 % owned logging and chipping operation, which are transacted at arm's length negotiated prices, were $ 4,423 and $ 8,439 , respectively, (2022 – $ 2,596 and $ 7,256 ) and as of June 30, 2023, the Company had a receivable balance from the operation of $ 2,851 (December 31, 2022 – receivable of $ 522 ).

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	Note 13. Segment Information The Company is managed based on the primary products it manufactures: pulp and solid wood. Accordingly, the Company's four pulp mills and its 50 % interest in the Cariboo pulp mill are aggregated into the pulp segment. The Friesau sawmill, the Torgau facility and the mass timber facilities are aggregated into the solid wood segment. Commencing in the third quarter of 2022, after our acquisition of the Torgau facility, the Company reorganized its operating and management structure which included having the chief operating decision maker review the mass timber results with the results of the Friesau sawmill and Torgau facility. This classification of the mass timber results within the solid wood segment has been reflected retrospectively. Previously they were included in our corporate and other segment. The Company's sandalwood business is included in corporate and other as it does not meet the criteria to be reported as a separate reportable segment. None of the income or loss items following operating income (loss) in the Company's Interim Consolidated Statements of Operations are allocated to the segments, as those items are reviewed separately by management. Information about certain segment data for the three and six month periods ended June 30, 2023 and 2022, was as follows: Three Months Ended June 30, 2023 Pulp Solid Wood Corporate Consolidated Revenues from external customers $ 402,694 $ 126,050 $ 1,119 $ 529,863 Operating loss $ ( 83,459 ) $ ( 22,493 ) $ ( 2,880 ) $ ( 108,832 ) Depreciation and amortization $ 27,783 $ 12,126 $ 243 $ 40,152 Revenues by major products Pulp $ 374,175 $ — $ — $ 374,175 Lumber — 59,264 — 59,264 Energy and chemicals 28,519 5,360 1,119 34,998 Manufactured products (a) — 15,989 — 15,989 Pallets — 32,675 — 32,675 Biofuels (b) — 10,242 — 10,242 Wood residuals — 2,520 — 2,520 Total revenues $ 402,694 $ 126,050 $ 1,119 $ 529,863 Revenues by geographical markets (c) U.S. $ 29,087 $ 48,164 $ 292 $ 77,543 Foreign countries Germany 80,696 58,676 12 139,384 China 164,070 790 — 164,860 Other countries 128,841 18,420 815 148,076 373,607 77,886 827 452,320 Total revenues $ 402,694 $ 126,050 $ 1,119 $ 529,863 (a) Manufactured products primarily includes cross-laminated timber and finger joint lumber. (b) Biofuels includes pellets and briquettes. (c) Sales are attributed to countries based on the ship-to location provided by the customer. Note 13. Segment Information (continued) Three Months Ended June 30, 2022 Pulp Solid Wood Corporate Consolidated Revenues from external customers $ 460,304 $ 110,985 $ 1,037 $ 572,326 Operating income (loss) $ 75,471 $ 43,726 $ ( 5,166 ) $ 114,031 Depreciation and amortization $ 27,001 $ 3,792 $ 235 $ 31,028 Revenues by major products Pulp $ 418,579 $ — $ — $ 418,579 Lumber — 96,268 — 96,268 Energy and chemicals 41,725 5,055 1,037 47,817 Manufactured products (a) — 6,295 — 6,295 Wood residuals — 3,367 — 3,367 Total revenues $ 460,304 $ 110,985 $ 1,037 $ 572,326 Revenues by geographical markets (b) U.S. $ 58,953 $ 62,603 $ 218 $ 121,774 Foreign countries Germany 146,608 24,711 — 171,319 China 94,357 170 — 94,527 Other countries 160,386 23,501 819 184,706 401,351 48,382 819 450,552 Total revenues $ 460,304 $ 110,985 $ 1,037 $ 572,326 (a) Manufactured products primarily includes finger joint lumber. (b) Sales are attributed to countries based on the ship-to location provided by the customer. Note 13. Segment Information (continued) Six Months Ended June 30, 2023 Pulp Solid Wood Corporate Consolidated Revenues from external customers $ 803,095 $ 247,064 $ 2,370 $ 1,052,529 Operating loss $ ( 70,688 ) $ ( 49,562 ) $ ( 8,703 ) $ ( 128,953 ) Depreciation and amortization $ 55,182 $ 32,024 $ 537 $ 87,743 Total assets (a) $ 1,726,689 $ 679,497 $ 227,183 $ 2,633,369 Revenues by major products Pulp $ 743,831 $ — $ — $ 743,831 Lumber — 119,303 — 119,303 Energy and chemicals 59,264 11,055 2,370 72,689 Manufactured products (b) — 21,793 — 21,793 Pallets — 68,850 — 68,850 Biofuels (c) — 18,377 — 18,377 Wood residuals — 7,686 — 7,686 Total revenues $ 803,095 $ 247,064 $ 2,370 $ 1,052,529 Revenues by geographical markets (d) U.S. $ 72,642 $ 83,220 $ 574 $ 156,436 Foreign countries Germany 183,689 124,284 230 308,203 China 271,192 2,004 — 273,196 Other countries 275,572 37,556 1,566 314,694 730,453 163,844 1,796 896,093 Total revenues $ 803,095 $ 247,064 $ 2,370 $ 1,052,529 (a) Total assets for the pulp segment includes the Company's $ 49,223 investment in joint ventures, primarily for the Cariboo mill. Total assets for the solid wood segment includes $ 34,792 of goodwill from the acquisition of Torgau. (b) Manufactured products primarily includes cross-laminated timber and finger joint lumber. (c) Biofuels includes pellets and briquettes. (d) Sales are attributed to countries based on the ship-to location provided by the customer. Note 13. Segment Information (continued) Six Months Ended June 30, 2022 Pulp Solid Wood Corporate Consolidated Revenues from external customers $ 946,235 $ 215,782 $ 3,050 $ 1,165,067 Operating income (loss) $ 161,707 $ 82,027 $ ( 7,352 ) $ 236,382 Depreciation and amortization $ 54,685 $ 7,986 $ 473 $ 63,144 Revenues by major products Pulp $ 865,490 $ — $ — $ 865,490 Lumber — 188,634 — 188,634 Energy and chemicals 80,745 10,232 3,050 94,027 Manufactured products (a) — 10,059 — 10,059 Wood residuals — 6,857 — 6,857 Total revenues $ 946,235 $ 215,782 $ 3,050 $ 1,165,067 Revenues by geographical markets (b) U.S. $ 107,115 $ 120,467 $ 446 $ 228,028 Foreign countries Germany 286,662 46,419 — 333,081 China 240,355 352 — 240,707 Other countries 312,103 48,544 2,604 363,251 839,120 95,315 2,604 937,039 Total revenues $ 946,235 $ 215,782 $ 3,050 $ 1,165,067 (a) Manufactured products primarily includes finger joint lumber. (b) Sales are attributed to countries based on the ship-to location provided by the customer. As of December 31, 2022, the Company had total assets of $ 1,768,628 in the pulp segment, $ 613,171 in the solid wood segment and $ 343,238 in corporate and other. Total assets for the pulp segment includes the Company's $ 45,635 investment in joint ventures, primarily for the Cariboo mill. Total assets for the solid wood segment includes $ 30,937 of goodwill from the acquisition of Torgau. Revenues between segments are accounted for at prices that approximate fair value. These include revenues from the sale of residual fiber from the solid wood segment to the pulp segment for use in pulp production and from the sale of residual fuel from the pulp segment to the solid wood segment for use in energy production. For the three and six month periods ended June 30, 2023, the pulp segment sold $ 170 and $ 544 , respectively, of residual fuel to the solid wood segment (2022 – $ nil ) and the solid wood segment sold $ 10,986 and $ 22,141, respectively, of residual fiber to the pulp segment (2022 – $ 6,530 and $ 13,381 ).

Financial Instruments and Fair

Financial Instruments and Fair Value Measurement	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurement	Note 14. Financial Instruments and Fair Value Measurement Due to their short-term maturity, the carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable and other approximates their fair value. The estimated fair values of the Company's outstanding debt under the fair value hierarchy as of June 30, 2023 and December 31, 2022 were as follows: Fair value measurements as of Description Level 1 Level 2 Level 3 Total Revolving credit facilities $ — $ 198,884 $ — $ 198,884 Senior Notes — 961,785 — 961,785 $ — $ 1,160,669 $ — $ 1,160,669 Fair value measurements as of Description Level 1 Level 2 Level 3 Total Revolving credit facilities $ — $ 141,075 $ — $ 141,075 Senior Notes — 1,015,633 — 1,015,633 $ — $ 1,156,708 $ — $ 1,156,708 The carrying value of the revolving credit facilities classified as Level 2 approximates the fair value as the variable interest rates reflect current interest rates for financial instruments with similar characteristics and maturities. The fair value of the Senior Notes classified as Level 2 was determined using quoted prices in a dealer market, or using recent market transactions. The Company's Senior Notes are not carried at fair value in the Interim Consolidated Balance Sheets as of June 30, 2023 or December 31, 2022. However, fair value disclosure is required. The carrying value of the Company's Senior Notes, net of unamortized note issuance costs, was $ 1,162,960 as of June 30, 2023 (December 31, 2022 – $ 1,161,672 ). Credit Risk The Company’s credit risk is primarily attributable to cash held in bank accounts and accounts receivable. The Company maintains cash balances in foreign financial institutions in excess of insured limits. The Company limits its credit exposure on cash held in bank accounts by periodically investing cash in excess of short-term operating requirements and debt obligations in low risk government bonds, or similar debt instruments. The Company’s credit risk associated with its sales is managed through setting credit limits, the purchase of credit insurance and for certain customers a letter of credit is received prior to shipping the product. The Company reviews new customers’ credit history before granting credit and conducts regular reviews of existing customers’ credit performance. Concentrations of credit risk are with customers and agents based primarily in Germany, China and the U.S. The Company’s exposure to credit losses may increase if its customers' production and other costs are adversely affected by inflation. Although the Company has historically not experienced significant credit losses, it is possible that there could be a material adverse impact from potential adjustments of the carrying amount of trade receivables if the cash flows of the Company’s customers are adversely impacted by inflation. As of June 30, 2023, the Company has not had significant credit losses. As of June 30, 2023, the carrying amount of cash and cash equivalents of $ 213,338 and accounts receivable of $ 335,402 recorded in the Interim Consolidated Balance Sheet, net of any allowances for losses, represent the Company’s maximum exposure to credit risk.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 15. Commitments and Contingencies (a) The Company is involved in legal actions and claims arising in the ordinary course of business. While the outcome of any legal actions and claims cannot be predicted with certainty, it is the opinion of management that the outcome of any such claims which are pending or threatened, either individually or on a combined basis, will not have a material adverse effect on the consolidated financial condition, results of operations or liquidity of the Company. (b) The Company is subject to regulations that require the handling and disposal of asbestos in a prescribed manner if a property undergoes a major renovation or demolition. Otherwise, the Company is not required to remove asbestos from its facilities. Generally asbestos is found on steam and condensate piping systems as well as certain cladding on buildings and in building insulation throughout older facilities. The Company’s obligation for the proper removal and disposal of asbestos products from the Company’s mills is a conditional asset retirement obligation. As a result of the longevity of the Company’s mills, due in part to the maintenance procedures and the fact that the Company does not have plans for major changes that require the removal of asbestos, the timing of the asbestos removal is indeterminate. As a result, the Company is currently unable to reasonably estimate the fair value of its asbestos removal and disposal obligation. The Company will recognize a liability in the period in which sufficient information is available to reasonably estimate its fair value. On June 15, 2023, the European Commission announced that it has closed its two-year cartel investigation into the wood pulp sector in Europe after it concluded that there was insufficient ground to further pursue the investigation. The investigation was started in 2021 to investigate if there was an infringement of European Union competition law.

The Company and Summary of Si_2

The Company and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation The Interim Consolidated Financial Statements contained herein include the accounts of Mercer International Inc. ("Mercer Inc.") and all of its subsidiaries (collectively the "Company"). Mercer Inc. owns 100 % of its subsidiaries with the exception of the 50 % joint venture interest in the Cariboo mill with West Fraser Mills Ltd., which is accounted for using the equity method. The Company's shares of common stock are quoted and listed for trading on the NASDAQ Global Select Market. The Interim Consolidated Financial Statements have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). The consolidated balance sheet information as of December 31, 2022 was derived from the Company’s audited Consolidated Financial Statements, but does not contain all of the footnote disclosures from the annual Consolidated Financial Statements. The footnote disclosure included herein has been prepared in accordance with accounting principles generally accepted for interim financial statements in the United States ("GAAP"). The unaudited Interim Consolidated Financial Statements should be read together with the audited Consolidated Financial Statements and accompanying notes included in the Company's latest Annual Report on Form 10‑K for the fiscal year ended December 31, 2022. In the opinion of the Company, the unaudited Interim Consolidated Financial Statements contained herein have been prepared on a consistent basis with the audited Consolidated Financial Statements and accompanying notes included in the Company's latest Annual Report on Form 10‑K for the fiscal year ended December 31, 2022 and contain all adjustments necessary for a fair statement of the results of the interim periods included. The results for the periods included herein may not be indicative of the results for the entire year. In these Interim Consolidated Financial Statements, unless otherwise indicated, all amounts are expressed in United States dollars ("U.S. dollars" or "$"). The symbol "€" refers to euros and the symbol "C$" refers to Canadian dollars.
Use of Estimates	Use of Estimates Preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant management judgment is required in determining the accounting for, among other things, pension and other post-retirement benefit obligations, deferred income taxes (valuation allowance and permanent reinvestment), depreciation and amortization, future cash flows associated with impairment testing for long-lived assets, the allocation of the purchase price in a business combination to the assets acquired and liabilities assumed, legal liabilities and contingencies. Actual results could differ materially from these estimates, and changes in these estimates are recorded when known.

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combinations [Abstract]
Summary of Preliminary Allocation of Purchase Price to Estimated Fair Value of Assets Acquired and Liabilities Assumed	The Company’s allocation of the purchase price to the fair value of the assets acquired and liabilities assumed on the acquisition date was finalized during the six month period ended June 30, 2023. The following table summarizes the purchase price allocation: Purchase Price Cash $ 6,592 Accounts receivable 13,202 Inventories 50,900 Other current assets 2,548 Property, plant and equipment 205,450 Amortizable intangible assets (a) 25,141 Goodwill (b) 31,213 Other long-term assets 3,934 Total assets acquired 338,980 Accounts payable and other current liabilities ( 43,905 ) Deferred income tax ( 29,390 ) Other long-term liabilities ( 2,489 ) Total liabilities assumed ( 75,784 ) Net assets acquired $ 263,196 (a) Amortizable intangible assets include an order backlog, which has an estimated fair value of $ 15,243 and was amortized on a straight-line basis over six months and an energy sales agreement, which has an estimated fair value of $ 9,898 and is being amortized on a straight-line basis over 12 years. (b) The goodwill is primarily for expected synergies from combining the operations of Torgau with the Company’s existing German operations. The goodwill is no t deductible for tax purposes.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory, Net [Abstract]
Components of Inventories	Inventories as of June 30, 2023 and December 31, 2022, were comprised of the following: June 30, December 31, 2023 2022 Raw materials $ 136,897 $ 160,442 Finished goods 149,117 158,082 Spare parts and other 143,859 131,946 $ 429,873 $ 450,470

Accounts Payable and Other (Tab

Accounts Payable and Other (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Other	Accounts payable and other as of June 30, 2023 and December 31, 2022, were comprised of the following: June 30, December 31, 2023 2022 Trade payables $ 88,107 $ 92,848 Accrued expenses 99,261 96,979 Interest payable 26,856 26,756 Income tax payable 82,737 99,827 Payroll-related accruals 31,895 34,353 Deposits for mass timber sales contracts 8,797 — Wastewater fee (a) 7,710 8,614 Finance lease liability 7,432 7,368 Operating lease liability 5,776 5,255 Other 11,280 5,306 $ 369,851 $ 377,306 (a) The Company is required to pay certain fees based on wastewater emissions at its German mills. Accrued fees can be reduced upon the mills’ demonstration of reduced wastewater emissions.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Debt as of June 30, 2023 and December 31, 2022, was comprised of the following: June 30, December 31, Maturity 2023 2022 Senior notes (a) 5.500 % senior notes 2026 $ 300,000 $ 300,000 5.125 % senior notes 2029 875,000 875,000 Credit arrangements € 300 million German joint revolving credit facility (b) 2027 127,132 109,326 C$ 160 million Canadian joint revolving credit facility (c) 2027 71,752 31,749 € 2.6 million demand loan (d) — — Finance lease liability 49,445 51,129 1,423,329 1,367,204 Less: unamortized senior note issuance costs ( 12,040 ) ( 13,328 ) Less: finance lease liability due within one year ( 7,432 ) ( 7,368 ) $ 1,403,857 $ 1,346,508 (a) The senior notes which mature on February 1, 2029 (the "2029 Senior Notes") and the senior notes which mature on January 15, 2026 (the “2026 Senior Notes” and collectively with the 2029 Senior Notes, the “Senior Notes”) are general unsecured senior obligations of the Company. The Company may redeem all or a part of the Senior Notes upon not less than 10 days’ or more than 60 days’ notice at the redemption price plus accrued and unpaid interest to (but not including) the applicable redemption date. The 2026 Senior Notes redemption price is 100.000 % of the principal amount. The following table presents the redemption prices (expressed as percentages of principal amount) and the redemption periods of the 2029 Senior Notes: 2029 Senior Notes 12 Month Period Beginning Percentage February 1, 2024 102.563 % February 1, 2025 101.281 % February 1, 2026 and thereafter 100.000 % Note 6. Debt (continued) (b) A € 300.0 million joint revolving credit facility for the German mills that matures in September 2027. Borrowings under the facility are unsecured and bear interest at Euribor plus a variable margin ranging from 1.30 % to 2.25 % dependent on conditions including but not limited to a prescribed leverage ratio. The facility is sustainability linked whereby the interest rate margin is subject to upward or downward adjustments of up to 0.05 % per annum if the Company achieves, or fails to achieve, certain specified sustainability targets. As of June 30, 2023, approximately € 117.0 million ($ 127,132 ) of this facility was drawn and accruing interest at a rate of 4.556 %, a pproximately € 13.5 million ($ 14,682 ) was supporting bank guarantees and approximately € 169.5 million ($ 184,166 ) was available. (c) A C$ 160.0 million joint revolving credit facility for the Celgar mill, Peace River mill and certain other Canadian subsidiaries that matures in January 2027. The facility is available by way of: (i) Canadian denominated advances, which bear interest at a designated prime rate per annum; (ii) banker’s acceptance equivalent loans, which bear interest at the applicable Canadian dollar banker’s acceptance plus 1.20 % to 1.45 % per annum; (iii) dollar denominated base rate advances at the greater of the federal funds rate plus 0.50 %, an Adjusted Term SOFR for a one month tenor plus 1.00 % and the bank’s applicable reference rate for U.S. dollar loans ; and (iv) dollar SOFR advances, which bear interest at Adjusted Term SOFR plus 1.20 % to 1.45 % per annum. As of June 30, 2023, approximately C$ 95.0 million ($ 71,752 ) of this facility was drawn and accruing interest at a rate of 6.548 % , approximately C$ 1.3 million ($ 953 ) was supporting letters of credit and approximately C$ 63.7 million ($ 48,140 ) was available. (d) A € 2.6 million demand loan for Rosenthal that does not have a maturity date. Borrowings under this facility are unsecured and bear interest at the rate of the three-month Euribor plus 2.50 %. As of June 30, 2023, approximately € 2.6 million ($ 2,773 ) of this facility was supporting bank guarantees and approximately $ nil was available.
Debt Redemption Period for Outstanding Senior Notes	The following table presents the redemption prices (expressed as percentages of principal amount) and the redemption periods of the 2029 Senior Notes: 2029 Senior Notes 12 Month Period Beginning Percentage February 1, 2024 102.563 % February 1, 2025 101.281 % February 1, 2026 and thereafter 100.000 %
Principal Maturities of Debt	The maturities of the principal portion of the senior notes and credit arrangements as of June 30, 2023 were as follows: Senior Notes and Credit Arrangements 2023 $ — 2024 — 2025 — 2026 300,000 2027 198,884 Thereafter 875,000 $ 1,373,884

Pension and Other Post-Retire_2

Pension and Other Post-Retirement Benefit Obligations (Tables)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The components of the net benefit costs for the Celgar and Peace River defined benefit plans, in aggregate for the three and six month periods ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, 2023 2022 Pension Other Post- Pension Other Post- Service cost $ 602 $ 30 $ 905 $ 49 Interest cost 1,174 125 957 105 Expected return on plan assets ( 1,634 ) — ( 1,458 ) — Amortization of unrecognized items 396 ( 242 ) 57 ( 176 ) Net benefit costs (gains) $ 538 $ ( 87 ) $ 461 $ ( 22 ) Six Months Ended June 30, 2023 2022 Pension Other Post- Pension Other Post- Service cost $ 1,200 $ 59 $ 1,818 $ 98 Interest cost 2,340 248 1,922 210 Expected return on plan assets ( 2,991 ) — ( 2,936 ) — Amortization of unrecognized items 524 ( 483 ) 119 ( 354 ) Net benefit costs (gains) $ 1,073 $ ( 176 ) $ 923 $ ( 46 )

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Reconciliation of Effective Tax Rate	Differences between the U.S. Federal statutory and the Company's effective tax rates for the three and six month periods ended June 30, 2023 and 2022, were as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 U.S. Federal statutory rate 21 % 21 % 21 % 21 % Income tax recovery (provision) using U.S. Federal statutory rate on income (loss) before income taxes $ 26,413 $ ( 22,155 ) $ 33,959 $ ( 45,915 ) Tax differential on foreign income (loss) 4,957 ( 10,271 ) 6,275 ( 20,050 ) Effect of foreign earnings (a) 525 ( 1,107 ) — ( 2,103 ) Valuation allowance (b) ( 9,556 ) ( 5,741 ) ( 14,119 ) 448 Foreign exchange on settlement of debt — ( 77 ) — 3,024 Tax benefit of partnership structure 783 783 1,566 1,566 Non-taxable foreign subsidies 1,350 663 2,044 1,361 True-up of prior year taxes ( 409 ) ( 68 ) 4,477 1,594 Annual effective tax rate adjustment 5,000 5,000 ( 4,000 ) 5,000 Other, net ( 1,584 ) ( 1,153 ) 2,633 ( 3,287 ) Income tax recovery (provision) $ 27,479 $ ( 34,126 ) $ 32,835 $ ( 58,362 ) Comprised of: Current income tax provision $ (6,626 ) $ ( 27,502 ) $ ( 11,214 ) $ ( 43,355 ) Deferred income tax recovery (provision) 34,105 ( 6,624 ) 44,049 ( 15,007 ) Income tax recovery (provision) $ 27,479 $ ( 34,126 ) $ 32,835 $ ( 58,362 ) (a) Primarily relates to the impact of the global intangible low-taxed income provision in the Tax Cuts and Jobs Act of 2017. (b) Primarily relates to taxable losses and denied interest expense.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Stockholders Equity [Line Items]
Summary of Dividends Declared	During the six month period ended June 30, 2023, the Company's board of directors declared the following quarterly dividends: Date Declared Dividend Per Amount February 16, 2023 $ 0.075 $ 4,982 May 4, 2023 0.075 4,989 $ 0.150 $ 9,971
Performance Share Units
Stockholders Equity [Line Items]
Summary of Share Activity	The following table summarizes PSU activity during the period: Number of PSUs Outstanding as of January 1, 2023 3,484,154 Granted 1,562,632 Vested and issued ( 253,508 ) Forfeited ( 1,013,972 ) Outstanding as of June 30, 2023 3,779,306
Restricted Stock Restricted Stock Units and Deferred Stock Units [Member]
Stockholders Equity [Line Items]
Summary of Share Activity	The following table summarizes restricted share, RSU and DSU activity during the period: Equity Based Awards Liability Based Awards Number of Restricted Shares Number of RSUs Number of DSUs Number of DSUs Outstanding as of January 1, 2023 34,699 50,000 11,554 — Granted 54,227 — 27,815 90,864 Vested ( 34,699 ) ( 50,000 ) ( 11,778 ) ( 31,187 ) Outstanding as of June 30, 2023 54,227 — 27,591 59,677

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Net Income (Loss) Per Common Share	The reconciliation of basic and diluted net income (loss) per common share for the three and six month periods ended June 30, 2023 and 2022 was as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Net income (loss) Basic and diluted $ ( 98,306 ) $ 71,372 $ ( 128,884 ) $ 160,269 Net income (loss) per common share Basic $ ( 1.48 ) $ 1.08 $ ( 1.94 ) $ 2.43 Diluted $ ( 1.48 ) $ 1.07 $ ( 1.94 ) $ 2.41 Weighted average number of common shares outstanding: Basic (a) 66,425,479 66,098,975 66,342,807 66,067,051 Effect of dilutive instruments: PSUs — 457,599 — 407,656 Restricted shares — 21,149 — 26,906 RSUs — 11,209 — 5,605 Diluted 66,425,479 66,588,932 66,342,807 66,507,218 (a) For the three and six month periods ended June 30, 2023, the weighted average number of common shares outstanding excludes 54,227 restricted shares which have been granted, but have not vested as of June 30, 2023 (2022 – 34,699 restricted shares).
Anti-Dilutive Instruments Excluded from Calculation of Net Income (Loss) Per Common Share	Instruments excluded from the calculation of net income (loss) per common share because they were anti-dilutive for the three and six month periods ended June 30, 2023 and 2022 were as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 PSUs 3,779,306 — 3,779,306 — Restricted shares 54,227 — 54,227 — DSUs 39,369 — 39,369 —

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Change in Accumulated Other Comprehensive Loss by Components	The change in the accumulated other comprehensive loss by component (net of tax) for the three and six month periods ended June 30, 2023 and 2022 was as follows: Foreign Currency Translation Adjustments Defined Benefit Pension and Other Post-Retirement Benefit Items Total Three months Ended June 30: Balance as of March 31, 2023 $ ( 176,435 ) $ 14,896 $ ( 161,539 ) Other comprehensive income before reclassifications 12,236 114 12,350 Amounts reclassified — 154 154 Other comprehensive income 12,236 268 12,504 Balance as of June 30, 2023 $ ( 164,199 ) $ 15,164 $ ( 149,035 ) Balance as of March 31, 2022 $ ( 108,039 ) $ 6,670 $ ( 101,369 ) Other comprehensive loss before reclassifications ( 84,020 ) — ( 84,020 ) Amounts reclassified — ( 119 ) ( 119 ) Other comprehensive loss ( 84,020 ) ( 119 ) ( 84,139 ) Balance as of June 30, 2022 $ ( 192,059 ) $ 6,551 $ ( 185,508 ) Six months Ended June 30: Balance as of December 31, 2022 $ ( 195,085 ) $ 15,123 $ ( 179,962 ) Other comprehensive income before reclassifications 30,886 — 30,886 Amounts reclassified — 41 41 Other comprehensive income 30,886 41 30,927 Balance as of June 30, 2023 $ ( 164,199 ) $ 15,164 $ ( 149,035 ) Balance as of December 31, 2021 $ ( 97,517 ) $ 6,724 $ ( 90,793 ) Other comprehensive income (loss) before reclassifications ( 94,542 ) 62 ( 94,480 ) Amounts reclassified — ( 235 ) ( 235 ) Other comprehensive loss ( 94,542 ) ( 173 ) ( 94,715 ) Balance as of June 30, 2022 $ ( 192,059 ) $ 6,551 $ ( 185,508 )

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Information about certain segment data for the three and six month periods ended June 30, 2023 and 2022, was as follows: Three Months Ended June 30, 2023 Pulp Solid Wood Corporate Consolidated Revenues from external customers $ 402,694 $ 126,050 $ 1,119 $ 529,863 Operating loss $ ( 83,459 ) $ ( 22,493 ) $ ( 2,880 ) $ ( 108,832 ) Depreciation and amortization $ 27,783 $ 12,126 $ 243 $ 40,152 Revenues by major products Pulp $ 374,175 $ — $ — $ 374,175 Lumber — 59,264 — 59,264 Energy and chemicals 28,519 5,360 1,119 34,998 Manufactured products (a) — 15,989 — 15,989 Pallets — 32,675 — 32,675 Biofuels (b) — 10,242 — 10,242 Wood residuals — 2,520 — 2,520 Total revenues $ 402,694 $ 126,050 $ 1,119 $ 529,863 Revenues by geographical markets (c) U.S. $ 29,087 $ 48,164 $ 292 $ 77,543 Foreign countries Germany 80,696 58,676 12 139,384 China 164,070 790 — 164,860 Other countries 128,841 18,420 815 148,076 373,607 77,886 827 452,320 Total revenues $ 402,694 $ 126,050 $ 1,119 $ 529,863 (a) Manufactured products primarily includes cross-laminated timber and finger joint lumber. (b) Biofuels includes pellets and briquettes. (c) Sales are attributed to countries based on the ship-to location provided by the customer. Note 13. Segment Information (continued) Three Months Ended June 30, 2022 Pulp Solid Wood Corporate Consolidated Revenues from external customers $ 460,304 $ 110,985 $ 1,037 $ 572,326 Operating income (loss) $ 75,471 $ 43,726 $ ( 5,166 ) $ 114,031 Depreciation and amortization $ 27,001 $ 3,792 $ 235 $ 31,028 Revenues by major products Pulp $ 418,579 $ — $ — $ 418,579 Lumber — 96,268 — 96,268 Energy and chemicals 41,725 5,055 1,037 47,817 Manufactured products (a) — 6,295 — 6,295 Wood residuals — 3,367 — 3,367 Total revenues $ 460,304 $ 110,985 $ 1,037 $ 572,326 Revenues by geographical markets (b) U.S. $ 58,953 $ 62,603 $ 218 $ 121,774 Foreign countries Germany 146,608 24,711 — 171,319 China 94,357 170 — 94,527 Other countries 160,386 23,501 819 184,706 401,351 48,382 819 450,552 Total revenues $ 460,304 $ 110,985 $ 1,037 $ 572,326 (a) Manufactured products primarily includes finger joint lumber. (b) Sales are attributed to countries based on the ship-to location provided by the customer. Note 13. Segment Information (continued) Six Months Ended June 30, 2023 Pulp Solid Wood Corporate Consolidated Revenues from external customers $ 803,095 $ 247,064 $ 2,370 $ 1,052,529 Operating loss $ ( 70,688 ) $ ( 49,562 ) $ ( 8,703 ) $ ( 128,953 ) Depreciation and amortization $ 55,182 $ 32,024 $ 537 $ 87,743 Total assets (a) $ 1,726,689 $ 679,497 $ 227,183 $ 2,633,369 Revenues by major products Pulp $ 743,831 $ — $ — $ 743,831 Lumber — 119,303 — 119,303 Energy and chemicals 59,264 11,055 2,370 72,689 Manufactured products (b) — 21,793 — 21,793 Pallets — 68,850 — 68,850 Biofuels (c) — 18,377 — 18,377 Wood residuals — 7,686 — 7,686 Total revenues $ 803,095 $ 247,064 $ 2,370 $ 1,052,529 Revenues by geographical markets (d) U.S. $ 72,642 $ 83,220 $ 574 $ 156,436 Foreign countries Germany 183,689 124,284 230 308,203 China 271,192 2,004 — 273,196 Other countries 275,572 37,556 1,566 314,694 730,453 163,844 1,796 896,093 Total revenues $ 803,095 $ 247,064 $ 2,370 $ 1,052,529 (a) Total assets for the pulp segment includes the Company's $ 49,223 investment in joint ventures, primarily for the Cariboo mill. Total assets for the solid wood segment includes $ 34,792 of goodwill from the acquisition of Torgau. (b) Manufactured products primarily includes cross-laminated timber and finger joint lumber. (c) Biofuels includes pellets and briquettes. (d) Sales are attributed to countries based on the ship-to location provided by the customer. Note 13. Segment Information (continued) Six Months Ended June 30, 2022 Pulp Solid Wood Corporate Consolidated Revenues from external customers $ 946,235 $ 215,782 $ 3,050 $ 1,165,067 Operating income (loss) $ 161,707 $ 82,027 $ ( 7,352 ) $ 236,382 Depreciation and amortization $ 54,685 $ 7,986 $ 473 $ 63,144 Revenues by major products Pulp $ 865,490 $ — $ — $ 865,490 Lumber — 188,634 — 188,634 Energy and chemicals 80,745 10,232 3,050 94,027 Manufactured products (a) — 10,059 — 10,059 Wood residuals — 6,857 — 6,857 Total revenues $ 946,235 $ 215,782 $ 3,050 $ 1,165,067 Revenues by geographical markets (b) U.S. $ 107,115 $ 120,467 $ 446 $ 228,028 Foreign countries Germany 286,662 46,419 — 333,081 China 240,355 352 — 240,707 Other countries 312,103 48,544 2,604 363,251 839,120 95,315 2,604 937,039 Total revenues $ 946,235 $ 215,782 $ 3,050 $ 1,165,067 (a) Manufactured products primarily includes finger joint lumber. (b) Sales are attributed to countries based on the ship-to location provided by the customer.

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Estimated Fair Values of the Outstanding Debt	The estimated fair values of the Company's outstanding debt under the fair value hierarchy as of June 30, 2023 and December 31, 2022 were as follows: Fair value measurements as of Description Level 1 Level 2 Level 3 Total Revolving credit facilities $ — $ 198,884 $ — $ 198,884 Senior Notes — 961,785 — 961,785 $ — $ 1,160,669 $ — $ 1,160,669 Fair value measurements as of Description Level 1 Level 2 Level 3 Total Revolving credit facilities $ — $ 141,075 $ — $ 141,075 Senior Notes — 1,015,633 — 1,015,633 $ — $ 1,156,708 $ — $ 1,156,708

The Company and Summary of Si_3

The Company and Summary of Significant Accounting Policies - Additional Information (Details)	Jun. 30, 2023
Summary Of Significant Accounting Policies [Line Items]
Ownership percentage in subsidiaries	100%
MPR - Cariboo Mill
Summary Of Significant Accounting Policies [Line Items]
Ownership percentage	50%

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ in Thousands, € in Millions				3 Months Ended		6 Months Ended
	Jun. 15, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 EUR (€)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Business Acquisition [Line Items]
Payments to acquire asset for cash				$ 82,100	$ 0	$ 82,100	$ 0
Torgau Acquisition
Business Acquisition [Line Items]
Business acquisition date		Sep. 30, 2022	Sep. 30, 2022
Payments to acquire business for cash		$ 263,196	€ 270
Business acquisition ownership interest		100%	100%
Structurlam Acquisition
Business Acquisition [Line Items]
Asset acquisition date	Jun. 15, 2023
Payments to acquire asset for cash	$ 82,100
Break fee and expense reimbursement	2,400
Acquisition costs	$ 1,000

Acquisitions - Summary of Preli

Acquisitions - Summary of Preliminary Allocation of Purchase Price to Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Purchase Price Allocation
Goodwill	$ 34,792	$ 30,937
Torgau Acquisition
Purchase Price Allocation
Cash	6,592
Accounts receivable	13,202
Inventories	50,900
Other current assets	2,548
Property, plant and equipment	205,450
Amortizable intangible assets	25,141
Goodwill	31,213
Other long-term assets	3,934
Total assets acquired	338,980
Accounts payable and other current liabilities	(43,905)
Deferred income tax	(29,390)
Other long-term liabilities	(2,489)
Total liabilities assumed	(75,784)
Net assets acquired	$ 263,196

Acquisitions - Summary of Pre_2

Acquisitions - Summary of Preliminary Allocation of Purchase Price to Estimated Fair Value of Assets Acquired and Liabilities Assumed (Parenthetical) (Details) - Torgau Acquisition	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Goodwill not deductible for tax purposes	$ 0
Order Backlog
Business Acquisition [Line Items]
Year of acquisition realized	6 months
Fair value of intangible assets	$ 15,243,000
Energy Sales Agreement
Business Acquisition [Line Items]
Year of acquisition realized	12 years
Fair value of intangible assets	$ 9,898,000

Business Interruption Insuran_2

Business Interruption Insurance - Additional Information (Details) $ in Thousands, € in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Jun. 30, 2022 USD ($)
Unusual Or Infrequent Item [Line Items]
Property insurance proceeds	$ 2,710		$ 0	$ 2,710		$ 6,410
Cost of Sales, Excluding Depreciation and Amortization
Unusual Or Infrequent Item [Line Items]
Proceeds from business interruption and property insurance	21,973	€ 20.2		29,484	€ 27.2
Cost of Sales, Excluding Depreciation and Amortization | Rosenthal Mill Turbine
Unusual Or Infrequent Item [Line Items]
Business interruption insurance claim settlement amount	16,553	15.2		16,553	15.2
Cost of Sales, Excluding Depreciation and Amortization | Stendal Fire
Unusual Or Infrequent Item [Line Items]
Business interruption insurance claim settlement amount	2,710	2.5		10,221	9.5
Property insurance proceeds	$ 2,710	€ 2.5		$ 2,710	€ 2.5

Inventories - Components of Inv

Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Raw materials	$ 136,897	$ 160,442
Finished goods	149,117	158,082
Spare parts and other	143,859	131,946
Inventories	$ 429,873	$ 450,470

Inventories - Additional Inform

Inventories - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Inventory [Line Items]
Inventory impairment	$ 51,400,000	$ 0	$ 66,600,000	$ 0	$ 0
Raw materials inventory
Inventory [Line Items]
Inventory impairment	37,200,000
Finished goods inventory
Inventory [Line Items]
Inventory impairment	$ 14,200,000

Accounts Payable and Other - Sc

Accounts Payable and Other - Schedule of Accounts Payable and Other (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Trade payables	$ 88,107	$ 92,848
Accrued expenses	99,261	96,979
Interest payable	26,856	26,756
Income tax payable	82,737	99,827
Payroll-related accruals	31,895	34,353
Deposits for mass timber sales contracts	8,797	0
Wastewater fee	7,710	8,614
Finance lease liability	7,432	7,368
Operating lease liability	5,776	5,255
Other	11,280	5,306
Accounts payable and other	$ 369,851	$ 377,306

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt and finance lease obligations, gross	$ 1,423,329	$ 1,367,204
Less: unamortized senior note issuance costs	(12,040)	(13,328)
Less: finance lease liability due within one year	(7,432)	(7,368)
Long-term debt, net	$ 1,403,857	1,346,508
2026 Senior Notes
Debt Instrument [Line Items]
Maturity	2026
Long-term debt and finance lease obligations, gross	$ 300,000	300,000
2029 Senior Notes
Debt Instrument [Line Items]
Maturity	2029
Long-term debt and finance lease obligations, gross	$ 875,000	875,000
German Joint RCF - EUR 300 Million
Debt Instrument [Line Items]
Maturity	2027
Long-term debt and finance lease obligations, gross	$ 127,132	109,326
Canadian Joint RCF - C$160 Million
Debt Instrument [Line Items]
Maturity	2027
Long-term debt and finance lease obligations, gross	$ 71,752	31,749
Rosenthal Credit Facility - EUR 2.6 Million
Debt Instrument [Line Items]
Long-term debt and finance lease obligations, gross	0	0
Finance Lease Liability
Debt Instrument [Line Items]
Long-term debt and finance lease obligations, gross	$ 49,445	$ 51,129

Debt - Schedule of Debt (Parent

Debt - Schedule of Debt (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 CAD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long-term Debt	$ 1,403,857,000			$ 1,346,508,000
Long-term Debt	$ 1,373,884,000
Senior Notes | Minimum
Debt Instrument [Line Items]
Senior Notes, redemption notice days	10 days
Senior Notes | Maximum
Debt Instrument [Line Items]
Senior Notes, redemption notice days	60 days
2026 Senior Notes
Debt Instrument [Line Items]
Debt, interest rate	5.50%	5.50%	5.50%
Debt, maturity date	Jan. 15, 2026
Debt Instrument, Redemption Price, Percentage	100%
2029 Senior Notes
Debt Instrument [Line Items]
Debt, interest rate	5.125%	5.125%	5.125%
Canadian Joint RCF - C$160 Million
Debt Instrument [Line Items]
Debt, interest rate	6.548%	6.548%	6.548%
Line of credit, maximum borrowing capacity			$ 160,000,000
Long-term Debt	$ 71,752,000		95,000,000
Line of credit facility, remaining borrowing capacity	48,140,000		63,700,000
Line of credit, letters of credit outstanding, amount	$ 953,000		$ 1,300,000
Canadian Joint RCF - C$160 Million | Canadian Dollar Borrowings Rate Option 2
Debt Instrument [Line Items]
Debt, description of variable basis spread	designated prime rate
Canadian Joint RCF - C$160 Million | Canadian Dollar Borrowings Rate Option 1
Debt Instrument [Line Items]
Debt, description of variable basis spread	banker’s acceptance
Canadian Joint RCF - C$160 Million | US Dollar Borrowings Rate Option 1a
Debt Instrument [Line Items]
Debt, description of variable basis spread	federal funds rate
Debt, variable basis spread	0.50%
Canadian Joint RCF - C$160 Million | US Dollar Borrowings Rate Option 1b
Debt Instrument [Line Items]
Debt, description of variable basis spread	Adjusted Term SOFR for a one month tenor
Debt, variable basis spread	1%
Canadian Joint RCF - C$160 Million | US Dollar Borrowings Rate Option 1c
Debt Instrument [Line Items]
Debt, description of variable basis spread	bank’s applicable reference rate for U.S. dollar loans
Canadian Joint RCF - C$160 Million | US Dollar Borrowings Rate Option 2
Debt Instrument [Line Items]
Debt, description of variable basis spread	Adjusted Term SOFR
Canadian Joint RCF - C$160 Million | Minimum | Canadian Dollar Borrowings Rate Option 1
Debt Instrument [Line Items]
Debt, variable basis spread	1.20%
Canadian Joint RCF - C$160 Million | Minimum | US Dollar Borrowings Rate Option 2
Debt Instrument [Line Items]
Debt, variable basis spread	1.20%
Canadian Joint RCF - C$160 Million | Maximum | Canadian Dollar Borrowings Rate Option 1
Debt Instrument [Line Items]
Debt, variable basis spread	1.45%
Canadian Joint RCF - C$160 Million | Maximum | US Dollar Borrowings Rate Option 2
Debt Instrument [Line Items]
Debt, variable basis spread	1.45%
German Joint RCF - EUR 300 Million
Debt Instrument [Line Items]
Debt, interest rate	4.556%	4.556%	4.556%
Line of credit, maximum borrowing capacity | €		€ 300,000,000
Debt, description of variable basis spread	Euribor
Long-term Debt	$ 127,132,000	117,000,000
Debt, amount of debt supporting bank guarantees	14,682,000	13,500,000
Line of credit facility, remaining borrowing capacity	$ 184,166,000	169,500,000
German Joint RCF - EUR 300 Million | Minimum
Debt Instrument [Line Items]
Debt, variable basis spread	1.30%
German Joint RCF - EUR 300 Million | Maximum
Debt Instrument [Line Items]
Debt, variable basis spread	2.25%
Interest rate margin subject to upward or downward adjustments	0.05%
Rosenthal Credit Facility - EUR 2.6 Million
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity | €		2,600,000
Debt, description of variable basis spread	three-month Euribor
Debt, variable basis spread	2.50%
Debt, amount of debt supporting bank guarantees	$ 2,773,000	€ 2,600,000
Line of credit facility, remaining borrowing capacity	$ 0

Debt - Principal Maturities of

Debt - Principal Maturities of Senior Notes and Credit Arrangements (Details)	Jun. 30, 2023 USD ($)
Senior Notes and Credit Arrangements
2023	$ 0
2024	0
2025	0
2026	300,000,000
2027	198,884,000
Thereafter	875,000,000
Total payments	$ 1,373,884,000

Debt - Debt Redemption Period f

Debt - Debt Redemption Period for Senior Notes (Details)	6 Months Ended
	Jun. 30, 2023
2026 Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100%
2029 Senior Notes | February 1, 2024
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	102.563%
2029 Senior Notes | February 1, 2025
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	101.281%
2029 Senior Notes | February 1, 2026 and thereafter
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100%

Pension and Other Post-Retire_3

Pension and Other Post-Retirement Benefit Obligations - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 602	$ 905	$ 1,200	$ 1,818
Interest cost	$ 1,174	$ 957	$ 2,340	$ 1,922
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected return on plan assets	$ (1,634)	$ (1,458)	$ (2,991)	$ (2,936)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of unrecognized items	$ 396	$ 57	$ 524	$ 119
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Net benefit costs (gains)	$ 538	$ 461	$ 1,073	$ 923
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	30	49	59	98
Interest cost	$ 125	$ 105	$ 248	$ 210
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected return on plan assets	$ 0	$ 0	$ 0	$ 0
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of unrecognized items	$ (242)	$ (176)	$ (483)	$ (354)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Net benefit costs (gains)	$ (87)	$ (22)	$ (176)	$ (46)

Pension and Other Post-Retire_4

Pension and Other Post-Retirement Benefit Obligations - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
Defined contribution plan, employer discretionary contribution amount	$ 81	$ 395	$ 333	$ 661
Multiemployer plan, contributions by employer	$ 391	$ 1,091	$ 914	$ 1,649

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. Federal statutory rate	21%	21%	21%	21%
Income tax recovery (provision) using U.S. Federal statutory rate on income (loss) before income taxes	$ 26,413	$ (22,155)	$ 33,959	$ (45,915)
Tax differential on foreign income (loss)	4,957	(10,271)	6,275	(20,050)
Effect of foreign earnings	525	(1,107)	0	(2,103)
Valuation allowance	(9,556)	(5,741)	(14,119)	448
Foreign exchange on settlement of debt	0	(77)	0	3,024
Tax benefit of partnership structure	783	783	1,566	1,566
Non-taxable foreign subsidies	1,350	663	2,044	1,361
True-up of prior year taxes	(409)	(68)	4,477	1,594
Annual effective tax rate adjustment	5,000	5,000	(4,000)	5,000
Other, net	(1,584)	(1,153)	2,633	(3,287)
Income tax recovery (provision)	27,479	(34,126)	32,835	(58,362)
Current income tax provision	(6,626)	(27,502)	(11,214)	(43,355)
Deferred income tax recovery (provision)	$ 34,105	$ (6,624)	$ 44,049	$ (15,007)

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - $ / shares		3 Months Ended			6 Months Ended
	Aug. 03, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share		$ 0.075	$ 0.075	$ 0.075	$ 0.15	$ 0.15
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted		0			0
Shares outstanding, options		0			0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted		0			0
Shares outstanding		0			0
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted		0			0
Shares outstanding		0			0
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted					1,562,632
Shares outstanding		3,779,306			3,779,306		3,484,154
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted					27,815
Shares outstanding		27,591			27,591		11,554
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted					54,227
Shares outstanding		54,227			54,227		34,699
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding							50,000
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares available for grant		2,100,000			2,100,000
Dividend Declared | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share	$ 0.075
Dividends Payable, Date to be Paid	Oct. 04, 2023
Dividends Payable, Date of Record	Sep. 27, 2023

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Date Declared	May 04, 2023	Feb. 16, 2023
Dividends declared per common share	$ 0.075	$ 0.075	$ 0.075	$ 0.15	$ 0.15
Amount	$ 4,989	$ 4,982	$ 4,962	$ 9,971	$ 9,922

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Share Activity - PSU's (Details) - Performance Share Units	6 Months Ended
	Jun. 30, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding - Beginning	3,484,154
Granted	1,562,632
Vested and issued (in shares)	(253,508)
Forfeited (in shares)	(1,013,972)
Outstanding - Ending	3,779,306

Shareholders' Equity - Summariz

Shareholders' Equity - Summarized Restricted Share Activity (Details)	6 Months Ended
	Jun. 30, 2023 shares
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding - Beginning	34,699
Granted	54,227
Vested	(34,699)
Outstanding - Ending	54,227
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding - Beginning	50,000
Vested	(50,000)
DSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding - Beginning	11,554
Granted	27,815
Vested	(11,778)
Outstanding - Ending	27,591
Share Based Compensation Arrangement by Share Based Payments Award Liability Instruments Other than Options [Abstract]
Granted	90,864
Vested	(31,187)
Outstanding - Ending	59,677

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share - Reconciliation of Basic and Diluted Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Income Per Common Share Basic And Diluted [Line Items]
Net income (loss) - basic and diluted	$ (98,306)	$ 71,372	$ (128,884)	$ 160,269
Net income (loss) per common share, basic	$ (1.48)	$ 1.08	$ (1.94)	$ 2.43
Net income (loss) per common share, diluted	$ (1.48)	$ 1.07	$ (1.94)	$ 2.41
Basic, Weighted average number of common shares outstanding	66,425,479	66,098,975	66,342,807	66,067,051
Diluted, Weighted average number of common shares outstanding	66,425,479	66,588,932	66,342,807	66,507,218
Performance Share Units
Net Income Per Common Share Basic And Diluted [Line Items]
Effect of dilutive instruments (in shares)	0	457,599	0	407,656
Restricted Stock
Net Income Per Common Share Basic And Diluted [Line Items]
Effect of dilutive instruments (in shares)	0	21,149	0	26,906
RSUs
Net Income Per Common Share Basic And Diluted [Line Items]
Effect of dilutive instruments (in shares)	0	11,209	0	5,605

Net Income (Loss) Per Common _4

Net Income (Loss) Per Common Share - Reconciliation of Basic and Diluted Net Income (Loss) Per Common Share (Parenthetical) (Details) - shares	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Restricted Stock
Net Income Per Common Share Basic And Diluted [Line Items]
Antidilutive securities excluded from computation of basic earnings per share amount	54,227	54,227	34,699

Net Income (Loss) Per Common _5

Net Income (Loss) Per Common Share - Anti-Dilutive Instruments Excluded from Calculation of Net Income (Loss) Per Common Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Performance Share Units
Net Income Per Share Attributable To Common Shareholders Basic And Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per common share	3,779,306	0	3,779,306	0
Restricted Stock
Net Income Per Share Attributable To Common Shareholders Basic And Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per common share	54,227	0	54,227	0
DSUs
Net Income Per Share Attributable To Common Shareholders Basic And Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per common share	39,369	0	39,369	0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of Change in Accumulated Other Comprehensive Loss by Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	$ 822,873	$ 768,334	$ 838,784	$ 694,024
Other comprehensive income (loss), net of taxes	12,504	(84,139)	30,927	(94,715)
Balance	733,469	752,122	733,469	752,122
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	(176,435)	(108,039)	(195,085)	(97,517)
Other comprehensive income (loss) before reclassifications	12,236	(84,020)	30,886	(94,542)
Amounts reclassified	0	0	0	0
Other comprehensive income (loss), net of taxes	12,236	(84,020)	30,886	(94,542)
Balance	(164,199)	(192,059)	(164,199)	(192,059)
Defined Benefit Pension and Other Post-Retirement Benefit Items
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	14,896	6,670	15,123	6,724
Other comprehensive income (loss) before reclassifications	114	0	0	62
Amounts reclassified	154	(119)	41	(235)
Other comprehensive income (loss), net of taxes	268	(119)	41	(173)
Balance	15,164	6,551	15,164	6,551
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	(161,539)	(101,369)	(179,962)	(90,793)
Other comprehensive income (loss) before reclassifications	12,350	(84,020)	30,886	(94,480)
Amounts reclassified	154	(119)	41	(235)
Other comprehensive income (loss), net of taxes	12,504	(84,139)	30,927	(94,715)
Balance	$ (149,035)	$ (185,508)	$ (149,035)	$ (185,508)

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember		us-gaap:RelatedPartyMember		us-gaap:RelatedPartyMember
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember		us-gaap:RelatedPartyMember		us-gaap:RelatedPartyMember
MPR - Cariboo Mill
Related Party Transaction [Line Items]
Ownership percentage	50%		50%
Related party transaction, purchases from related party	$ 22,598	$ 30,616	$ 49,395	$ 51,267
Payable balance to related party	$ 5,599		$ 5,599		$ 4,409
MPR - logging JV
Related Party Transaction [Line Items]
Ownership percentage	50%		50%
Related party transaction, purchases from related party	$ 4,423	$ 2,596	$ 8,439	$ 7,256
Related party receivable (Payable) balance	$ 2,851		$ 2,851		$ 522

Segment Information - Additiona

Segment Information - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) Mill	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Mill	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of pulp mills | Mill	4		4
Assets	$ 2,633,369		$ 2,633,369		$ 2,725,037
Investment in joint ventures	49,223		49,223		45,635
Revenues	529,863	$ 572,326	1,052,529	$ 1,165,067
Goodwill	34,792		34,792		30,937
Operating Segments | Market Pulp
Segment Reporting Information [Line Items]
Assets	1,726,689		1,726,689		1,768,628
Revenues	402,694	460,304	803,095	946,235
Operating Segments | Solid Wood
Segment Reporting Information [Line Items]
Assets	679,497		679,497		613,171
Revenues	126,050	110,985	247,064	215,782
Goodwill					30,937
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Assets	227,183		227,183		$ 343,238
Revenues	1,119	1,037	2,370	3,050
Intersegment Eliminations | Market Pulp
Segment Reporting Information [Line Items]
Revenues	170	0	544	0
Intersegment Eliminations | Solid Wood
Segment Reporting Information [Line Items]
Revenues	$ 10,986	$ 6,530	$ 22,141	$ 13,381
MPR - Cariboo Pulp Mill
Segment Reporting Information [Line Items]
Ownership percentage	50%		50%

Segment Information - Schedule

Segment Information - Schedule of Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 529,863	$ 572,326	$ 1,052,529	$ 1,165,067
Operating income (loss)	(108,832)	114,031	(128,953)	236,382
Depreciation and amortization	40,152	31,028	87,743	63,144
Total assets	2,633,369		2,633,369		$ 2,725,037
Pulp
Segment Reporting Information [Line Items]
Total revenues	374,175	418,579	743,831	865,490
Lumber
Segment Reporting Information [Line Items]
Total revenues	59,264	96,268	119,303	188,634
Energy and Chemicals
Segment Reporting Information [Line Items]
Total revenues	34,998	47,817	72,689	94,027
Manufactured Products
Segment Reporting Information [Line Items]
Total revenues	15,989	6,295	21,793	10,059
Pallets
Segment Reporting Information [Line Items]
Total revenues	32,675		68,850
Biofuels
Segment Reporting Information [Line Items]
Total revenues	10,242		18,377
Wood Residuals
Segment Reporting Information [Line Items]
Total revenues	2,520	3,367	7,686	6,857
United States
Segment Reporting Information [Line Items]
Total revenues	77,543	121,774	156,436	228,028
Germany
Segment Reporting Information [Line Items]
Total revenues	139,384	171,319	308,203	333,081
China
Segment Reporting Information [Line Items]
Total revenues	164,860	94,527	273,196	240,707
Other Countries
Segment Reporting Information [Line Items]
Total revenues	148,076	184,706	314,694	363,251
Foreign Countries
Segment Reporting Information [Line Items]
Total revenues	452,320	450,552	896,093	937,039
Operating Segments | Market Pulp
Segment Reporting Information [Line Items]
Total revenues	402,694	460,304	803,095	946,235
Operating income (loss)	(83,459)	75,471	(70,688)	161,707
Depreciation and amortization	27,783	27,001	55,182	54,685
Total assets	1,726,689		1,726,689		1,768,628
Operating Segments | Market Pulp | Pulp
Segment Reporting Information [Line Items]
Total revenues	374,175	418,579	743,831	865,490
Operating Segments | Market Pulp | Lumber
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Operating Segments | Market Pulp | Energy and Chemicals
Segment Reporting Information [Line Items]
Total revenues	28,519	41,725	59,264	80,745
Operating Segments | Market Pulp | Manufactured Products
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Operating Segments | Market Pulp | Pallets
Segment Reporting Information [Line Items]
Total revenues	0		0
Operating Segments | Market Pulp | Biofuels
Segment Reporting Information [Line Items]
Total revenues	0		0
Operating Segments | Market Pulp | Wood Residuals
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Operating Segments | Solid Wood
Segment Reporting Information [Line Items]
Total revenues	126,050	110,985	247,064	215,782
Operating income (loss)	(22,493)	43,726	(49,562)	82,027
Depreciation and amortization	12,126	3,792	32,024	7,986
Total assets	679,497		679,497		613,171
Operating Segments | Solid Wood | Pulp
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Operating Segments | Solid Wood | Lumber
Segment Reporting Information [Line Items]
Total revenues	59,264	96,268	119,303	188,634
Operating Segments | Solid Wood | Energy and Chemicals
Segment Reporting Information [Line Items]
Total revenues	5,360	5,055	11,055	10,232
Operating Segments | Solid Wood | Manufactured Products
Segment Reporting Information [Line Items]
Total revenues	15,989	6,295	21,793	10,059
Operating Segments | Solid Wood | Pallets
Segment Reporting Information [Line Items]
Total revenues	32,675		68,850
Operating Segments | Solid Wood | Biofuels
Segment Reporting Information [Line Items]
Total revenues	10,242		18,377
Operating Segments | Solid Wood | Wood Residuals
Segment Reporting Information [Line Items]
Total revenues	2,520	3,367	7,686	6,857
Operating Segments | United States | Market Pulp
Segment Reporting Information [Line Items]
Total revenues	29,087	58,953	72,642	107,115
Operating Segments | United States | Solid Wood
Segment Reporting Information [Line Items]
Total revenues	48,164	62,603	83,220	120,467
Operating Segments | Germany | Market Pulp
Segment Reporting Information [Line Items]
Total revenues	80,696	146,608	183,689	286,662
Operating Segments | Germany | Solid Wood
Segment Reporting Information [Line Items]
Total revenues	58,676	24,711	124,284	46,419
Operating Segments | China | Market Pulp
Segment Reporting Information [Line Items]
Total revenues	164,070	94,357	271,192	240,355
Operating Segments | China | Solid Wood
Segment Reporting Information [Line Items]
Total revenues	790	170	2,004	352
Operating Segments | Other Countries | Market Pulp
Segment Reporting Information [Line Items]
Total revenues	128,841	160,386	275,572	312,103
Operating Segments | Other Countries | Solid Wood
Segment Reporting Information [Line Items]
Total revenues	18,420	23,501	37,556	48,544
Operating Segments | Foreign Countries | Market Pulp
Segment Reporting Information [Line Items]
Total revenues	373,607	401,351	730,453	839,120
Operating Segments | Foreign Countries | Solid Wood
Segment Reporting Information [Line Items]
Total revenues	77,886	48,382	163,844	95,315
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total revenues	1,119	1,037	2,370	3,050
Operating income (loss)	(2,880)	(5,166)	(8,703)	(7,352)
Depreciation and amortization	243	235	537	473
Total assets	227,183		227,183		$ 343,238
Corporate, Non-Segment | Pulp
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Corporate, Non-Segment | Lumber
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Corporate, Non-Segment | Energy and Chemicals
Segment Reporting Information [Line Items]
Total revenues	1,119	1,037	2,370	3,050
Corporate, Non-Segment | Manufactured Products
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Corporate, Non-Segment | Pallets
Segment Reporting Information [Line Items]
Total revenues	0		0
Corporate, Non-Segment | Biofuels
Segment Reporting Information [Line Items]
Total revenues	0		0
Corporate, Non-Segment | Wood Residuals
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Corporate, Non-Segment | United States
Segment Reporting Information [Line Items]
Total revenues	292	218	574	446
Corporate, Non-Segment | Germany
Segment Reporting Information [Line Items]
Total revenues	12	0	230	0
Corporate, Non-Segment | China
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Corporate, Non-Segment | Other Countries
Segment Reporting Information [Line Items]
Total revenues	815	819	1,566	2,604
Corporate, Non-Segment | Foreign Countries
Segment Reporting Information [Line Items]
Total revenues	$ 827	$ 819	$ 1,796	$ 2,604

Segment Information - Schedul_2

Segment Information - Schedule of Results by Segment (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Investment in joint ventures	$ 49,223	$ 45,635
Goodwill	34,792	$ 30,937
Solid Wood | Torgau
Segment Reporting Information [Line Items]
Goodwill	$ 34,792

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurement - Estimated Fair Values of Outstanding Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$ 1,160,669	$ 1,156,708
Revolving credit facilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	198,884	141,075
Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	961,785	1,015,633
Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	0	0
Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) | Revolving credit facilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	0	0
Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) | Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	0	0
Fair Value, Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	1,160,669	1,156,708
Fair Value, Significant Other Observable Inputs (Level 2) | Revolving credit facilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	198,884	141,075
Fair Value, Significant Other Observable Inputs (Level 2) | Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	961,785	1,015,633
Fair Value, Significant unobservable inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	0	0
Fair Value, Significant unobservable inputs (Level 3) | Revolving credit facilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	0	0
Fair Value, Significant unobservable inputs (Level 3) | Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$ 0	$ 0

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurement - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Accounts receivable	$ 335,402	$ 351,993
Cash and cash equivalents	213,338	354,032
Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long Term Debt	$ 1,162,960	$ 1,161,672