Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 26, 2016 | |
Document and Entity Information | ||
Entity Registrant Name | MERCER INTERNATIONAL INC. | |
Entity Central Index Key | 1,333,274 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Trading Symbol | merc | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 64,694,138 |
INTERIM CONSOLIDATED STATEMENTS
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues | ||||
Pulp | $ 215,835 | $ 249,141 | $ 644,519 | $ 729,924 |
Energy and chemicals | 22,106 | 21,752 | 65,410 | 65,452 |
Total revenues | 237,941 | 270,893 | 709,929 | 795,376 |
Costs and expenses | ||||
Operating costs, excluding depreciation and amortization | 180,124 | 197,506 | 550,293 | 587,747 |
Operating depreciation and amortization | 17,923 | 16,890 | 52,810 | 50,587 |
Selling, general and administrative expenses | 10,073 | 12,465 | 32,128 | 35,530 |
Operating income | 29,821 | 44,032 | 74,698 | 121,512 |
Other income (expenses) | ||||
Interest expense | (12,791) | (13,275) | (38,718) | (40,635) |
Foreign exchange gain (loss) on intercompany debt | 21 | (20) | 304 | (4,432) |
Other expenses | (16) | (398) | (649) | (868) |
Total other expenses | (12,786) | (13,693) | (39,063) | (45,935) |
Income before provision for income taxes | 17,035 | 30,339 | 35,635 | 75,577 |
Current income tax provision (Note 6) | (1,766) | (2,789) | (6,891) | (9,290) |
Deferred income tax provision (Note 6) | (3,343) | (3,790) | (12,290) | (12,481) |
Net income | $ 11,926 | $ 23,760 | $ 16,454 | $ 53,806 |
Net income (loss) per common share (Note 8) | ||||
Net income per common share, basic | $ 0.18 | $ 0.37 | $ 0.25 | $ 0.84 |
Net income per common share, diluted | 0.18 | 0.37 | 0.25 | 0.83 |
Cash dividends declared per common share (Note 7) | $ 0.115 | $ 0.115 | $ 0.345 | $ 0.115 |
INTERIM CONSOLIDATED STATEMENT3
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 11,926 | $ 23,760 | $ 16,454 | $ 53,806 |
Other comprehensive income (loss), net of taxes | ||||
Foreign currency translation adjustment (net of tax effect of $nil in all periods) | 13,355 | (14,106) | 38,710 | (94,866) |
Change in unrecognized losses and prior service costs related to defined benefit plans (net of tax effect of $nil in all periods) | 291 | 273 | 870 | 732 |
Change in unrealized gains/losses on marketable securities (net of tax effect of $nil in all periods) | (6) | (34) | (4) | (112) |
Other comprehensive income (loss), net of taxes | 13,640 | (13,867) | 39,576 | (94,246) |
Comprehensive income (loss) | $ 25,566 | $ 9,893 | $ 56,030 | $ (40,440) |
INTERIM CONSOLIDATED STATEMENT4
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustment, tax effect | $ 0 | $ 0 | $ 0 | $ 0 |
Changes in unrecognized losses and prior service costs related to defined benefit plans, tax effect | 0 | 0 | 0 | 0 |
Change in unrealized gains/losses on marketable securities, tax effect | $ 0 | $ 0 | $ 0 | $ 0 |
INTERIM CONSOLIDATED BALANCE SH
INTERIM CONSOLIDATED BALANCE SHEETS $ in Thousands, € in Millions | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Current assets | ||
Cash and cash equivalents | $ 141,401 | $ 99,629 |
Restricted cash (Note 10) | 7,979 | 9,230 |
Accounts receivable | 130,760 | 134,254 |
Inventories (Note 2) | 143,623 | 141,001 |
Prepaid expenses and other | 5,601 | 4,697 |
Total current assets | 429,364 | 388,811 |
Property, plant and equipment, net | 779,606 | 762,391 |
Intangible and other assets | 7,922 | 8,461 |
Deferred income tax | 16,519 | 23,154 |
Total assets | 1,233,411 | 1,182,817 |
Current liabilities | ||
Accounts payable and other (Note 3) | 118,193 | 103,450 |
Pension and other post-retirement benefit obligations (Note 5) | 1,025 | 971 |
Total current liabilities | 119,218 | 104,421 |
Debt (Note 4) | 624,642 | 638,043 |
Interest rate derivative liability (Note 10) | 2,957 | 6,533 |
Pension and other post-retirement benefit obligations (Note 5) | 26,161 | 25,374 |
Capital leases and other | 22,555 | 12,299 |
Deferred income tax | 18,560 | 13,171 |
Total liabilities | 814,093 | 799,841 |
Shareholders’ equity | ||
Common shares $1 par value; 200,000,000 authorized; 64,694,000 issued and outstanding (2015 – 64,502,000) | 64,656 | 64,424 |
Additional paid-in capital | 331,641 | 329,246 |
Retained earnings (Note 7) | 155,019 | 160,880 |
Accumulated other comprehensive loss (Note 9) | (131,998) | (171,574) |
Total shareholders’ equity | 419,318 | 382,976 |
Total liabilities and shareholders’ equity | 1,233,411 | 1,182,817 |
Commitments and contingencies (Note 12) |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common Stock, Shares Authorized (in shares) | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued (in shares) | 64,694,000 | 64,502,000 |
Common Stock, Shares, Outstanding (in shares) | 64,694,000 | 64,502,000 |
Common Stock, Par or Stated Value Per Share (in usd per share) | $ 1 | $ 1 |
INTERIM CONSOLIDATED STATEMENT7
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from (used in) operating activities | ||||
Net income | $ 11,926 | $ 23,760 | $ 16,454 | $ 53,806 |
Adjustments to reconcile net income to cash flows from operating activities | ||||
Depreciation and amortization | 18,031 | 17,086 | 53,212 | 50,956 |
Deferred income taxes | 3,343 | 3,790 | 12,290 | 12,481 |
Foreign exchange (gain) loss on intercompany debt | (21) | 20 | (304) | 4,432 |
Defined benefit pension plan and other post-retirement benefit plan expense | 446 | 533 | 1,320 | 1,627 |
Stock compensation expense | 972 | 427 | 2,627 | 1,785 |
Other | 1,598 | 1,109 | 2,857 | 2,377 |
Defined benefit pension plan and other post-retirement benefit plan contributions | (421) | (431) | (1,305) | (1,344) |
Changes in working capital | ||||
Accounts receivable | (3,533) | 10,623 | 8,968 | (12,059) |
Inventories | (7,695) | (2,054) | 3,293 | (7,702) |
Accounts payable and accrued expenses | 11,980 | 18,522 | 11,877 | 36,593 |
Other | (190) | (1,695) | (110) | (983) |
Net cash from (used in) operating activities | 36,436 | 71,690 | 111,179 | 141,969 |
Cash flows from (used in) investing activities | ||||
Purchase of property, plant and equipment | (8,562) | (9,413) | (28,977) | (28,184) |
Purchase of intangible assets | (208) | (1,005) | (1,144) | (2,895) |
Decrease in restricted cash | 0 | 0 | 1,595 | 0 |
Other | (678) | 27 | 69 | 324 |
Net cash from (used in) investing activities | (9,448) | (10,391) | (28,457) | (30,755) |
Cash flows from (used in) financing activities | ||||
Repurchase of notes and repayment of debt | 0 | 0 | (23,079) | (10,763) |
Dividend payments | (7,440) | 0 | (22,293) | 0 |
Proceeds from (repayment of) revolving credit facilities, net | 7,662 | (12,881) | 7,662 | (3,358) |
Payments of interest rate derivative liability | 0 | 0 | (5,852) | (7,015) |
Other | 420 | (578) | (583) | (1,199) |
Net cash from (used in) financing activities | 642 | (13,459) | (44,145) | (22,335) |
Effect of exchange rate changes on cash and cash equivalents | 1,120 | (1,419) | 3,195 | (4,763) |
Net increase in cash and cash equivalents | 28,750 | 46,421 | 41,772 | 84,116 |
Cash and cash equivalents, beginning of period | 112,651 | 90,867 | 99,629 | 53,172 |
Cash and cash equivalents, end of period | 141,401 | 137,288 | 141,401 | 137,288 |
Supplemental cash flow disclosure | ||||
Cash paid for interest | 1,396 | 1,138 | 26,031 | 27,043 |
Cash paid for income taxes | $ 2,954 | $ 412 | $ 12,265 | $ 1,227 |
The Company And Summary Of Sign
The Company And Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
The Company And Summary Of Significant Accounting Policies | 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"). The Company’s shares of common stock are quoted and listed for trading on both the NASDAQ Global Market and the Toronto Stock Exchange. 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 year-end Consolidated Balance Sheet data was derived from audited 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 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, 2015. In the opinion of the Company, the unaudited interim consolidated financial statements contained herein 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. The Company has three pulp mills that are aggregated into one reportable business segment, market pulp. Accordingly, the results presented are those of the reportable business segment. 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, legal liabilities and contingencies. Actual results could differ materially from these estimates, and changes in these estimates are recorded when known. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-9, Revenue Recognition – Revenue from Contracts with Customers (“ASU 2014-9”) that requires companies to recognize revenue when a customer obtains control rather than when companies have transferred substantially all risks and rewards of a good or service. This update is effective for annual reporting periods beginning on or after December 15, 2017 and interim periods therein and requires expanded disclosures. The Company is currently assessing the impact, if any, the adoption of ASU 2014-9 will have on its consolidated financial statements. In July 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-11, Simplifying the Measurement of Inventory (“ASU 2015-11”) which requires that inventory within the scope of this update, including inventory stated at average cost, be measured at the lower of cost and net realizable value. This update is effective for financial statements issued for fiscal years beginning after December 15, 2016, with early adoption permitted as of the beginning of an interim or annual reporting period. The adoption of this accounting guidance will not materially impact the Company’s financial position. In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-2, Leases (“ASU 2016-2”) which requires lessees to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and liability. This update is effective for financial statements issued for fiscal years beginning after December 15, 2018, with early adoption permitted as of the beginning of an interim or annual reporting period. The Company is currently assessing the impact the adoption of ASU 2016-2 will have on its consolidated financial statements. In March 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-9, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-9”) which simplifies several aspects of accounting for share-based payment transactions including income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows and accounting for forfeitures. This update is effective for financial statements issued for fiscal years beginning after December 15, 2016. The Company is currently assessing the impact, if any, the adoption of ASU 2016-9 will have on its consolidated financial statements. In August 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-15, Statement of Cash Flows (“ASU 2016-15”) which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This update is effective for financial statements issued for fiscal years beginning after December 15, 2017, with early adoption permitted. The Company is currently assessing the impact, if any, the adoption of ASU 2016-15 will have on its consolidated financial statements. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Inventory, Net [Abstract] | |
Inventories | Inventories September 30, December 31, 2016 2015 Raw materials $ 58,203 $ 57,592 Finished goods 33,377 36,829 Spare parts and other 52,043 46,580 $ 143,623 $ 141,001 |
Accounts Payable and Other
Accounts Payable and Other | 9 Months Ended |
Sep. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Other | Accounts Payable and Other September 30, December 31, 2016 2015 Trade payables $ 27,274 $ 20,637 Accrued expenses 53,849 55,648 Accrued interest payable 15,706 4,050 Interest rate derivative liability, current portion (Note 10) 9,028 10,380 Dividend payable (Note 7) 7,440 7,418 Other 4,896 5,317 $ 118,193 $ 103,450 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt September 30, December 31, 2016 2015 2019 Senior Notes, unsecured, $227,000 face value (a) $ 223,835 $ 245,689 2022 Senior Notes, unsecured, $400,000 face value (a) 393,183 392,354 Revolving credit facilities €75.0 million (b) — — C$40.0 million (c) 7,624 — €25.0 million (d) — — €5.0 million (e) — — $ 624,642 $ 638,043 As at September 30, 2016, the maturities of the principal portion of debt are as follows: 2016 $ — 2017 — 2018 — 2019 234,624 2020 — Thereafter 400,000 $ 634,624 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 at September 30, 2016, the Company is in compliance with the terms of its debt agreements. (a) On November 26, 2014, the Company issued $650,000 of senior notes consisting of $250,000 in aggregate principal amount of 7.00% senior notes which mature on December 1, 2019 (“2019 Senior Notes”) and $400,000 in aggregate principal amount of 7.75% senior notes which mature on December 1, 2022 (“2022 Senior Notes” and collectively with the 2019 Senior Notes, the “Senior Notes”). The Senior Notes were issued at a price of 100% of their principal amount. Upon their issuance the Senior Notes were recorded at $635,949 which included debt issuance costs of $14,051. These costs were proportionally allocated to the 2019 Senior Notes and the 2022 Senior Notes. The Senior Notes are general unsecured senior obligations of the Company. They rank equal in right of payment with all existing and future unsecured senior indebtedness of the Company and are senior in right of payment to any current or future subordinated indebtedness of the Company. The Senior Notes are effectively junior in right of payment to all existing and future secured indebtedness, to the extent of the assets securing such indebtedness, and all indebtedness and liabilities of the Company’s subsidiaries. The Company may redeem all or a part of the Senior Notes, upon not less than 30 days’ or more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) discussed below, plus accrued and unpaid interest to (but not including) the applicable redemption date. The 2019 Senior Notes redemption prices are equal to 103.50% for the twelve month period beginning on December 1, 2016, 101.75% for the twelve month period beginning on December 1, 2017, and 100.00% beginning on December 1, 2018 and at any time thereafter. The 2022 Senior Notes redemption prices are equal to 105.813% for the twelve month period beginning on December 1, 2017, 103.875% for the twelve month period beginning on December 1, 2018, 101.938% for the twelve month period beginning on December 1, 2019, and 100.00% beginning on December 1, 2020 and at any time thereafter. In March 2016, the Company purchased $23,000 in aggregate principal amount of its 2019 Senior Notes. In connection with this purchase the Company recorded a loss on extinguishment of debt of $454 in other expenses in the Interim Consolidated Statement of Operations which included the write-off of certain unamortized debt issuance costs. (b) A €75.0 million revolving credit facility at the Stendal mill that matures in October 2019. Borrowings under the facility are collateralized by the mill’s inventory and accounts receivable and bear interest at Euribor plus 3.50%. As at September 30, 2016, approximately €75.0 million ($84,285) was available. (c) A C$40.0 million revolving credit facility at the Celgar mill that matures in May 2019. Borrowings under the facility are collateralized by the mill’s inventory and accounts receivable and are restricted by a borrowing base calculated on the mill’s inventory and accounts receivable. Canadian dollar denominated amounts bear interest at bankers acceptance plus 1.50% or Canadian prime. U.S. dollar denominated amounts bear interest at LIBOR plus 1.50% or U.S. base. As at September 30, 2016, approximately C$10.0 million ($7,624) was drawn and accruing interest at a rate of 2.38%, approximately C$1.7 million ($1,295) was supporting letters of credit and approximately C$28.3 million ($21,576) was available. (d) A €25.0 million revolving credit facility at the Rosenthal mill that matures in October 2019. Borrowings under the facility are collateralized by the mill’s inventory and accounts receivable and bear interest at Euribor plus 2.95%. As at September 30, 2016, approximately €3.1 million ($3,440) of this facility was supporting bank guarantees leaving approximately €21.9 million ($24,655) available. (e) A €5.0 million revolving credit facility at the Rosenthal mill that matures in December 2018. Borrowings under this facility bear interest at the rate of the three-month Euribor plus 2.50% and are secured by certain land at the Rosenthal mill. As at September 30, 2016, approximately €3.2 million ($3,577) of this facility was supporting bank guarantees leaving approximately €1.8 million ($2,042) available. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefit Obligations | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Post-Retirement Benefit Obligations | Pension and Other Post-Retirement Benefit Obligations Defined Benefit Plans Included in pension and other post-retirement benefit obligations are amounts related to the Company’s Celgar and Rosenthal mills. The largest component of these obligations is with respect to the Celgar mill which maintains a defined benefit pension plan and other post-retirement benefit plans for certain employees (the “Celgar Defined Benefit Plans”). Pension benefits are based on employees’ earnings and years of service. The Celgar Defined Benefit Plans are funded by contributions from the Company based on actuarial estimates and statutory requirements. The components of the net periodic benefit costs relating to the Celgar Defined Benefit Plans for the three and nine month periods ended September 30, 2016 and 2015 were as follows: Three Months Ended September 30, 2016 2015 Pension Other Post-Retirement Benefits Pension Other Post-Retirement Benefits Service cost $ 23 $ 122 $ 29 $ 194 Interest cost 259 240 304 233 Expected return on plan assets (489 ) — (500 ) — Amortization of unrecognized items 335 (44 ) 271 2 Net periodic benefit cost $ 128 $ 318 $ 104 $ 429 Nine Months Ended September 30, 2016 2015 Pension Other Post-Retirement Benefits Pension Other Post-Retirement Benefits Service cost $ 68 $ 363 $ 92 $ 607 Interest cost 756 711 1,028 731 Expected return on plan assets (1,448 ) — (1,563 ) — Amortization of unrecognized items 1,002 (132 ) 726 6 Net periodic benefit cost $ 378 $ 942 $ 283 $ 1,344 Defined Contribution Plan Effective December 31, 2008, the Celgar Defined Benefit Plans were closed to new members. In addition, the defined benefit service accrual ceased on December 31, 2008, and members began to receive pension benefits, at a fixed contractual rate, under a new defined contribution plan effective January 1, 2009. During the three and nine month periods ended September 30, 2016, the Company made contributions of $200 and $509, respectively (2015 – $173 and $521), to this plan. 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. Contributions during the three and nine month periods ended September 30, 2016 totaled $384 and $1,167, respectively (2015 – $399 and $1,249). |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax provision attributable to income before provision for income taxes in the Interim Consolidated Statement of Operations differs from the amounts computed by applying the U.S. Federal statutory income tax rate of 35% for the three and nine month periods ended September 30, 2016 and 2015 as a result of the following: Three Months Ended Nine Months Ended 2016 2015 2016 2015 U.S. Federal statutory rate 35 % 35 % 35 % 35 % U.S. Federal statutory rate on income before income taxes $ (5,962 ) $ (10,619 ) $ (12,472 ) $ (26,452 ) Tax differential on foreign income 1,719 2,706 3,353 6,631 Effect of foreign earnings 1,750 — (1,750 ) (5,290 ) Valuation allowance (4,134 ) (2,884 ) (13,876 ) (9,285 ) Tax benefit of partnership structure 1,304 1,313 3,867 3,905 Non-taxable foreign subsidies 575 573 1,693 1,718 True-up of prior year taxes (78 ) 1,421 (138 ) 6,024 Other (283 ) 911 142 978 $ (5,109 ) $ (6,579 ) $ (19,181 ) $ (21,771 ) Comprised of: Current $ (1,766 ) $ (2,789 ) $ (6,891 ) $ (9,290 ) Deferred (3,343 ) (3,790 ) (12,290 ) (12,481 ) $ (5,109 ) $ (6,579 ) $ (19,181 ) $ (21,771 ) For the three and nine month periods ended September 30, 2016 , the Company recorded an increase in its valuation allowance of $ 4,134 and $13,876 respectively ( 2015 – $2,884 and $9,285 ), related to its U.S. and Canadian entities where a full valuation allowance was recognized against net deferred income tax assets. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Dividends During the nine month period ended September 30, 2016, the Company's Board of Directors declared the following quarterly dividends: Date Declared Dividend Per Common Share Amount February 11, 2016 $ 0.115 $ 7,435 April 28, 2016 0.115 7,440 July 28, 2016 0.115 7,440 $ 0.345 $ 22,315 Dividends are paid in the quarter subsequent to the quarter in which they were declared. In October 2016, the Company’s Board of Directors declared a quarterly dividend of $0.115 per common share. Payment of the dividend will be made on January 4, 2017 to all shareholders of record on December 22, 2016. Future dividends are subject to approval by the Board of Directors and may be adjusted as business and industry conditions warrant. Stock Based Compensation In June 2010, the Company adopted a stock incentive plan (the “2010 Plan”) which provides for options, restricted stock rights, restricted shares, performance shares, performance share units (“PSUs”) and stock appreciation rights to be awarded to employees, consultants and non-employee directors. During the nine months ended September 30, 2016, there were no issued and outstanding stock options, restricted stock rights, performance shares or stock appreciation rights. As at September 30, 2016, after factoring in all allocated shares, there remain approximately 1,013,112 common shares available for grant. PSUs PSUs comprise rights to receive common shares at a future date that are contingent on the Company and the grantee achieving certain performance objectives. The performance objective period is generally three years. For the three and nine month periods ended September 30, 2016, the Company recognized an expense of $882 and $2,268, respectively, related to PSUs (2015 – $262 and $1,359). The following table summarizes PSU activity during the period: Number of PSUs Outstanding at January 1, 2016 1,255,919 Granted 997,863 Vested and issued (154,242 ) Outstanding at September 30, 2016 2,099,540 Restricted Shares Restricted shares generally vest at the end of one year; however, 200,000 restricted shares granted during the year ended December 31, 2011 vested in equal amounts over a five-year period commencing in 2012. For the three and nine month periods ended September 30, 2016, the Company recognized an expense of $90 and $359, respectively, related to restricted shares (2015 – $165 and $426). As at September 30, 2016, the total remaining unrecognized compensation cost related to restricted shares amounted to approximately $243 which will be amortized over the remaining vesting periods. The following table summarizes restricted share activity during the period: Number of Restricted Shares Outstanding at January 1, 2016 78,000 Granted 38,000 Vested and issued (78,000 ) Outstanding at September 30, 2016 38,000 Retained Earnings The following table summarizes the changes in retained earnings during the period: Nine Months Ended Retained earnings at January 1, 2016 $ 160,880 Net income 16,454 Cash dividends declared ($0.345 per common share) (22,315 ) Retained earnings at September 30, 2016 $ 155,019 |
Net Income Per Common Share
Net Income Per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income Per Common Share Three Months Ended Nine Months Ended 2016 2015 2016 2015 Net income Basic and diluted $ 11,926 $ 23,760 $ 16,454 $ 53,806 Net income per common share Basic $ 0.18 $ 0.37 $ 0.25 $ 0.84 Diluted $ 0.18 $ 0.37 $ 0.25 $ 0.83 Weighted average number of common shares outstanding: Basic (1) 64,656,138 64,423,896 64,623,215 64,365,962 Effect of dilutive shares: PSUs 495,663 330,353 397,447 333,937 Restricted shares 3,353 36,260 20,359 59,911 Stock options — — — 5,136 Diluted 65,155,154 64,790,509 65,041,021 64,764,946 (1) For the three and nine month periods ended September 30, 2016, the basic weighted average number of common shares outstanding excludes 38,000 restricted shares which have been issued, but have not vested as at September 30, 2016 (2015 – 78,000 restricted shares). The calculation of diluted net income per common share does not assume the exercise of any instruments that would have an anti-dilutive effect on net income per common share. There were no anti-dilutive instruments for the three and nine months ended September 30, 2016 and 2015. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows: Foreign Currency Translation Adjustment Unrecognized Losses and Prior Service Costs Related to Defined Benefit Plan Unrealized Gains (Losses) on Marketable Securities Total Balance at January 1, 2016 $ (156,223 ) $ (15,338 ) $ (13 ) $ (171,574 ) Other comprehensive income (loss) before reclassifications 38,710 — (4 ) 38,706 Amounts reclassified from accumulated other comprehensive loss — 870 — 870 Other comprehensive income (loss), net of taxes 38,710 870 (4 ) 39,576 Balance at September 30, 2016 $ (117,513 ) $ (14,468 ) $ (17 ) $ (131,998 ) |
Derivative Transactions
Derivative Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Transactions | Note 10. Derivative Transactions The Company is exposed to certain market risks relating to its ongoing business. The Company seeks to manage these risks through internal risk management policies as well as, from time to time, the use of derivatives. The derivatives are measured at fair value with changes in fair value immediately recognized in other expenses in the Interim Consolidated Statement of Operations. Interest Rate Swaps During 2002, the Company entered into certain variable-to-fixed interest rate swaps in connection with the Stendal mill with respect to an aggregate maximum amount of approximately €612.6 million of the principal amount of the indebtedness under the Stendal mill’s senior project finance facility, which was settled in November 2014. Under the remaining interest rate swaps, the Company pays a fixed rate and receives a floating rate with the derivative payments being calculated on a notional amount. As at September 30, 2016 , the contract has a fair value of €10.7 million ( $11,985 ; 2015 – $16,913 ) of which €8.0 million ( $9,028 ; 2015 – $10,380 ) is classified as current within accounts payable and other and €2.7 million ( $2,957 ; 2015 – $6,533 ) is classified as a long-term liability in the Interim Consolidated Balance Sheet. The contract has an aggregate notional amount of €161.0 million , a fixed interest rate of 5.28% and matures in October 2017 . The Company has pledged as collateral cash in the amount of 67% of the fair value of the interest rate swaps up to €8.5 million to the derivative counterparty. The calculation to determine the collateral is performed semi-annually, with the final calculation in October 2017. As at September 30, 2016 , the collateral was €7.1 million ( $7,979 ; 2015 – $9,230 ). This cash has been classified as restricted cash in the Interim Consolidated Balance Sheet. During the three and nine month periods ended September 30, 2016 the Company recorded a gain on the interest rate swaps of $13 and a loss of $252 , respectively ( 2015 – loss of $342 and $699 ), in other expenses in the Interim Statement of Operations. The counterparty to the interest rate swaps is a bank that is a member of a banking syndicate that holds the Stendal €75.0 million revolving credit facility and the Company does not anticipate non-performance by the bank. |
Fair Value Measurement and Disc
Fair Value Measurement and Disclosure | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Disclosure | Fair Value Measurement and Disclosure Due to their short-term maturity, the carrying amounts of cash and cash equivalents, restricted cash, accounts receivable and accounts payable and other approximates their fair value. The fair value of the interest rate derivative liability classified as Level 2 is determined using a discounted cash flow model that uses as its basis readily observable market inputs, such as forward interest rates and yield curves observable at specified intervals. The observable inputs reflect market data obtained from independent sources, including the Euribor rate provided by the counterparty to the interest rate derivative. The fair value of the Senior Notes classified as Level 2 is determined using quoted prices in a dealer market, or using recent market transactions. The fair value of the revolving credit facilities classified as Level 2 reflects recent market transactions. The following tables present a summary of the Company’s outstanding financial instruments and their estimated fair values under the fair value hierarchy: Fair value measurements as at September 30, 2016 using: Description Level 1 Level 2 Level 3 Total Interest rate derivative liability $ — $ 11,985 $ — $ 11,985 Debt Senior Notes — 658,161 — 658,161 Revolving credit facilities — 7,624 — 7,624 $ — $ 677,770 $ — $ 677,770 Fair value measurements as at December 31, 2015 using: Description Level 1 Level 2 Level 3 Total Interest rate derivative liability $ — $ 16,913 $ — $ 16,913 Debt Senior Notes — 654,625 — 654,625 $ — $ 671,538 $ — $ 671,538 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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) In 2012, as a result of a regular tax field audit for the Stendal mill, German public authorities commenced a preliminary investigation into past managers of the mill relating to whether certain settlement amounts received by the Stendal mill in 2007, 2010 and 2011 from the main contractor under the contract for the construction of the Stendal mill should have reduced the assessment base for the original investment subsidies granted to the mill by German public authorities. In March 2016, the German public authorities closed its investigation of the past managers of the mill, with no action taken against them or the Company. (c) 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. |
The Company And Summary Of Si20
The Company And Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2016 | |
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"). The Company’s shares of common stock are quoted and listed for trading on both the NASDAQ Global Market and the Toronto Stock Exchange. 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 year-end Consolidated Balance Sheet data was derived from audited 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 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, 2015. In the opinion of the Company, the unaudited interim consolidated financial statements contained herein 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. The Company has three pulp mills that are aggregated into one reportable business segment, market pulp. Accordingly, the results presented are those of the reportable business segment. 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, legal liabilities and contingencies. Actual results could differ materially from these estimates, and changes in these estimates are recorded when known. |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-9, Revenue Recognition – Revenue from Contracts with Customers (“ASU 2014-9”) that requires companies to recognize revenue when a customer obtains control rather than when companies have transferred substantially all risks and rewards of a good or service. This update is effective for annual reporting periods beginning on or after December 15, 2017 and interim periods therein and requires expanded disclosures. The Company is currently assessing the impact, if any, the adoption of ASU 2014-9 will have on its consolidated financial statements. In July 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-11, Simplifying the Measurement of Inventory (“ASU 2015-11”) which requires that inventory within the scope of this update, including inventory stated at average cost, be measured at the lower of cost and net realizable value. This update is effective for financial statements issued for fiscal years beginning after December 15, 2016, with early adoption permitted as of the beginning of an interim or annual reporting period. The adoption of this accounting guidance will not materially impact the Company’s financial position. In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-2, Leases (“ASU 2016-2”) which requires lessees to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and liability. This update is effective for financial statements issued for fiscal years beginning after December 15, 2018, with early adoption permitted as of the beginning of an interim or annual reporting period. The Company is currently assessing the impact the adoption of ASU 2016-2 will have on its consolidated financial statements. In March 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-9, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-9”) which simplifies several aspects of accounting for share-based payment transactions including income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows and accounting for forfeitures. This update is effective for financial statements issued for fiscal years beginning after December 15, 2016. The Company is currently assessing the impact, if any, the adoption of ASU 2016-9 will have on its consolidated financial statements. In August 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-15, Statement of Cash Flows (“ASU 2016-15”) which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This update is effective for financial statements issued for fiscal years beginning after December 15, 2017, with early adoption permitted. The Company is currently assessing the impact, if any, the adoption of ASU 2016-15 will have on its consolidated financial statements. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory, Net [Abstract] | |
Components of Inventory | September 30, December 31, 2016 2015 Raw materials $ 58,203 $ 57,592 Finished goods 33,377 36,829 Spare parts and other 52,043 46,580 $ 143,623 $ 141,001 |
Accounts Payable and Other (Tab
Accounts Payable and Other (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Other | September 30, December 31, 2016 2015 Trade payables $ 27,274 $ 20,637 Accrued expenses 53,849 55,648 Accrued interest payable 15,706 4,050 Interest rate derivative liability, current portion (Note 10) 9,028 10,380 Dividend payable (Note 7) 7,440 7,418 Other 4,896 5,317 $ 118,193 $ 103,450 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | September 30, December 31, 2016 2015 2019 Senior Notes, unsecured, $227,000 face value (a) $ 223,835 $ 245,689 2022 Senior Notes, unsecured, $400,000 face value (a) 393,183 392,354 Revolving credit facilities €75.0 million (b) — — C$40.0 million (c) 7,624 — €25.0 million (d) — — €5.0 million (e) — — $ 624,642 $ 638,043 (a) On November 26, 2014, the Company issued $650,000 of senior notes consisting of $250,000 in aggregate principal amount of 7.00% senior notes which mature on December 1, 2019 (“2019 Senior Notes”) and $400,000 in aggregate principal amount of 7.75% senior notes which mature on December 1, 2022 (“2022 Senior Notes” and collectively with the 2019 Senior Notes, the “Senior Notes”). The Senior Notes were issued at a price of 100% of their principal amount. Upon their issuance the Senior Notes were recorded at $635,949 which included debt issuance costs of $14,051. These costs were proportionally allocated to the 2019 Senior Notes and the 2022 Senior Notes. The Senior Notes are general unsecured senior obligations of the Company. They rank equal in right of payment with all existing and future unsecured senior indebtedness of the Company and are senior in right of payment to any current or future subordinated indebtedness of the Company. The Senior Notes are effectively junior in right of payment to all existing and future secured indebtedness, to the extent of the assets securing such indebtedness, and all indebtedness and liabilities of the Company’s subsidiaries. The Company may redeem all or a part of the Senior Notes, upon not less than 30 days’ or more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) discussed below, plus accrued and unpaid interest to (but not including) the applicable redemption date. The 2019 Senior Notes redemption prices are equal to 103.50% for the twelve month period beginning on December 1, 2016, 101.75% for the twelve month period beginning on December 1, 2017, and 100.00% beginning on December 1, 2018 and at any time thereafter. The 2022 Senior Notes redemption prices are equal to 105.813% for the twelve month period beginning on December 1, 2017, 103.875% for the twelve month period beginning on December 1, 2018, 101.938% for the twelve month period beginning on December 1, 2019, and 100.00% beginning on December 1, 2020 and at any time thereafter. In March 2016, the Company purchased $23,000 in aggregate principal amount of its 2019 Senior Notes. In connection with this purchase the Company recorded a loss on extinguishment of debt of $454 in other expenses in the Interim Consolidated Statement of Operations which included the write-off of certain unamortized debt issuance costs. (b) A €75.0 million revolving credit facility at the Stendal mill that matures in October 2019. Borrowings under the facility are collateralized by the mill’s inventory and accounts receivable and bear interest at Euribor plus 3.50%. As at September 30, 2016, approximately €75.0 million ($84,285) was available. (c) A C$40.0 million revolving credit facility at the Celgar mill that matures in May 2019. Borrowings under the facility are collateralized by the mill’s inventory and accounts receivable and are restricted by a borrowing base calculated on the mill’s inventory and accounts receivable. Canadian dollar denominated amounts bear interest at bankers acceptance plus 1.50% or Canadian prime. U.S. dollar denominated amounts bear interest at LIBOR plus 1.50% or U.S. base. As at September 30, 2016, approximately C$10.0 million ($7,624) was drawn and accruing interest at a rate of 2.38%, approximately C$1.7 million ($1,295) was supporting letters of credit and approximately C$28.3 million ($21,576) was available. (d) A €25.0 million revolving credit facility at the Rosenthal mill that matures in October 2019. Borrowings under the facility are collateralized by the mill’s inventory and accounts receivable and bear interest at Euribor plus 2.95%. As at September 30, 2016, approximately €3.1 million ($3,440) of this facility was supporting bank guarantees leaving approximately €21.9 million ($24,655) available. (e) A €5.0 million revolving credit facility at the Rosenthal mill that matures in December 2018. Borrowings under this facility bear interest at the rate of the three-month Euribor plus 2.50% and are secured by certain land at the Rosenthal mill. As at September 30, 2016, approximately €3.2 million ($3,577) of this facility was supporting bank guarantees leaving approximately €1.8 million ($2,042) available. |
Principal Maturities Of Debt | As at September 30, 2016 , the maturities of the principal portion of debt are as follows: 2016 $ — 2017 — 2018 — 2019 234,624 2020 — Thereafter 400,000 $ 634,624 |
Pension And Other Post-Retire24
Pension And Other Post-Retirement Benefit Obligations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of the Net Periodic Benefit Costs | The components of the net periodic benefit costs relating to the Celgar Defined Benefit Plans for the three and nine month periods ended September 30, 2016 and 2015 were as follows: Three Months Ended September 30, 2016 2015 Pension Other Post-Retirement Benefits Pension Other Post-Retirement Benefits Service cost $ 23 $ 122 $ 29 $ 194 Interest cost 259 240 304 233 Expected return on plan assets (489 ) — (500 ) — Amortization of unrecognized items 335 (44 ) 271 2 Net periodic benefit cost $ 128 $ 318 $ 104 $ 429 Nine Months Ended September 30, 2016 2015 Pension Other Post-Retirement Benefits Pension Other Post-Retirement Benefits Service cost $ 68 $ 363 $ 92 $ 607 Interest cost 756 711 1,028 731 Expected return on plan assets (1,448 ) — (1,563 ) — Amortization of unrecognized items 1,002 (132 ) 726 6 Net periodic benefit cost $ 378 $ 942 $ 283 $ 1,344 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Reconciliation Of Effective Tax Rate | Three Months Ended Nine Months Ended 2016 2015 2016 2015 U.S. Federal statutory rate 35 % 35 % 35 % 35 % U.S. Federal statutory rate on income before income taxes $ (5,962 ) $ (10,619 ) $ (12,472 ) $ (26,452 ) Tax differential on foreign income 1,719 2,706 3,353 6,631 Effect of foreign earnings 1,750 — (1,750 ) (5,290 ) Valuation allowance (4,134 ) (2,884 ) (13,876 ) (9,285 ) Tax benefit of partnership structure 1,304 1,313 3,867 3,905 Non-taxable foreign subsidies 575 573 1,693 1,718 True-up of prior year taxes (78 ) 1,421 (138 ) 6,024 Other (283 ) 911 142 978 $ (5,109 ) $ (6,579 ) $ (19,181 ) $ (21,771 ) Comprised of: Current $ (1,766 ) $ (2,789 ) $ (6,891 ) $ (9,290 ) Deferred (3,343 ) (3,790 ) (12,290 ) (12,481 ) $ (5,109 ) $ (6,579 ) $ (19,181 ) $ (21,771 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Dividends Declared [Table Text Block] | During the nine month period ended September 30, 2016 , the Company's Board of Directors declared the following quarterly dividends: Date Declared Dividend Per Common Share Amount February 11, 2016 $ 0.115 $ 7,435 April 28, 2016 0.115 7,440 July 28, 2016 0.115 7,440 $ 0.345 $ 22,315 |
Summary Of Performance Stock Units Activity | The following table summarizes PSU activity during the period: Number of PSUs Outstanding at January 1, 2016 1,255,919 Granted 997,863 Vested and issued (154,242 ) Outstanding at September 30, 2016 2,099,540 |
Summary of Restricted Shares Activity | The following table summarizes restricted share activity during the period: Number of Restricted Shares Outstanding at January 1, 2016 78,000 Granted 38,000 Vested and issued (78,000 ) Outstanding at September 30, 2016 38,000 |
Schedule of Retained Earnings [Table Text Block] | The following table summarizes the changes in retained earnings during the period: Nine Months Ended Retained earnings at January 1, 2016 $ 160,880 Net income 16,454 Cash dividends declared ($0.345 per common share) (22,315 ) Retained earnings at September 30, 2016 $ 155,019 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Net Income Per Common Share | Three Months Ended Nine Months Ended 2016 2015 2016 2015 Net income Basic and diluted $ 11,926 $ 23,760 $ 16,454 $ 53,806 Net income per common share Basic $ 0.18 $ 0.37 $ 0.25 $ 0.84 Diluted $ 0.18 $ 0.37 $ 0.25 $ 0.83 Weighted average number of common shares outstanding: Basic (1) 64,656,138 64,423,896 64,623,215 64,365,962 Effect of dilutive shares: PSUs 495,663 330,353 397,447 333,937 Restricted shares 3,353 36,260 20,359 59,911 Stock options — — — 5,136 Diluted 65,155,154 64,790,509 65,041,021 64,764,946 (1) For the three and nine month periods ended September 30, 2016 , the basic weighted average number of common shares outstanding excludes 38,000 restricted shares which have been issued, but have not vested as at September 30, 2016 ( 2015 – 78,000 restricted shares). |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss are as follows: Foreign Currency Translation Adjustment Unrecognized Losses and Prior Service Costs Related to Defined Benefit Plan Unrealized Gains (Losses) on Marketable Securities Total Balance at January 1, 2016 $ (156,223 ) $ (15,338 ) $ (13 ) $ (171,574 ) Other comprehensive income (loss) before reclassifications 38,710 — (4 ) 38,706 Amounts reclassified from accumulated other comprehensive loss — 870 — 870 Other comprehensive income (loss), net of taxes 38,710 870 (4 ) 39,576 Balance at September 30, 2016 $ (117,513 ) $ (14,468 ) $ (17 ) $ (131,998 ) |
Fair Value Measurement and Di29
Fair Value Measurement and Disclosure (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Outstanding Financial Instruments And Estimated Fair Values | The following tables present a summary of the Company’s outstanding financial instruments and their estimated fair values under the fair value hierarchy: Fair value measurements as at September 30, 2016 using: Description Level 1 Level 2 Level 3 Total Interest rate derivative liability $ — $ 11,985 $ — $ 11,985 Debt Senior Notes — 658,161 — 658,161 Revolving credit facilities — 7,624 — 7,624 $ — $ 677,770 $ — $ 677,770 Fair value measurements as at December 31, 2015 using: Description Level 1 Level 2 Level 3 Total Interest rate derivative liability $ — $ 16,913 $ — $ 16,913 Debt Senior Notes — 654,625 — 654,625 $ — $ 671,538 $ — $ 671,538 |
The Company And Summary Of Si30
The Company And Summary Of Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2016itemmill | |
Accounting Policies [Abstract] | |
Number of pulp mills | mill | 3 |
Number of Reportable Segments | item | 1 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory, Net [Abstract] | ||
Raw materials | $ 58,203 | $ 57,592 |
Finished goods | 33,377 | 36,829 |
Spare parts and other | 52,043 | 46,580 |
Inventories | $ 143,623 | $ 141,001 |
Accounts Payable and Other (Det
Accounts Payable and Other (Details) $ in Thousands, € in Millions | Sep. 30, 2016EUR (€) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Payables and Accruals [Abstract] | |||
Trade payables | $ 27,274 | $ 20,637 | |
Accrued expenses | 53,849 | 55,648 | |
Accrued interest payable | 15,706 | 4,050 | |
Interest rate derivative liability, current portion (Note 10) | € 8 | 9,028 | 10,380 |
Dividends payable (Note 7) | 7,440 | 7,418 | |
Other | 4,896 | 5,317 | |
Accounts payable and other | $ 118,193 | $ 103,450 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) $ in Thousands | Sep. 30, 2016CAD | Sep. 30, 2016EUR (€) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 26, 2014USD ($) |
Debt Instrument [Line Items] | |||||
Debt | $ 624,642 | $ 638,043 | |||
2019 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt | 223,835 | 245,689 | |||
Debt, face amount | 227,000 | $ 250,000 | |||
2022 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt | 393,183 | 392,354 | |||
Debt, face amount | 400,000 | $ 400,000 | |||
Stendal Credit Facility - EUR 75.0 Million | |||||
Debt Instrument [Line Items] | |||||
Debt | 0 | 0 | |||
Maximum borrowing capacity | € | € 75,000,000 | ||||
Celgar Credit Facility - C$40.0 Million | |||||
Debt Instrument [Line Items] | |||||
Debt | 7,624 | 0 | |||
Maximum borrowing capacity | CAD | CAD 40,000,000 | ||||
Rosenthal Credit Facility - EUR 25.0 Million | |||||
Debt Instrument [Line Items] | |||||
Debt | 0 | 0 | |||
Maximum borrowing capacity | € | 25,000,000 | ||||
Rosenthal Credit Facility - EUR 5.0 Million | |||||
Debt Instrument [Line Items] | |||||
Debt | $ 0 | $ 0 | |||
Maximum borrowing capacity | € | € 5,000,000 |
Debt (Principal Maturities Of D
Debt (Principal Maturities Of Debt) (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 234,624 |
2,020 | 0 |
Thereafter | 400,000 |
Total debt | $ 634,624 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Thousands | 9 Months Ended | |||||
Sep. 30, 2016USD ($) | Sep. 30, 2016CAD | Sep. 30, 2016EUR (€) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 26, 2014USD ($) | |
Debt Instrument [Line Items] | ||||||
Debt | $ 624,642 | $ 638,043 | ||||
Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt, offering date | Nov. 26, 2014 | |||||
Debt, face amount | $ 650,000 | |||||
Issued price percentage of principal amount | 100.00% | |||||
Debt | $ 635,949 | |||||
Debt Issuance Cost | 14,051 | |||||
Senior note redemption notice minimum days | 30 days | |||||
Senior note redemption notice maximum days | 60 days | |||||
2019 Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt, face amount | 227,000 | $ 250,000 | ||||
Debt instrument interest rate | 7.00% | |||||
Debt, maturity date | Dec. 1, 2019 | |||||
Debt | 223,835 | 245,689 | ||||
Debt instrument, repurchased aggregate principal amount | 23,000 | |||||
Loss on extinguishment of debt | $ 454 | |||||
2019 Senior Notes | Twelve month period beginning on December 1, 2016 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, redemption price, percentage | 103.50% | |||||
2019 Senior Notes | Twelve month period beginning on December 1, 2017 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, redemption price, percentage | 101.75% | |||||
2019 Senior Notes | Twelve month period beginning on December 1, 2018 and thereafter | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, redemption price, percentage | 100.00% | |||||
2022 Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt, face amount | 400,000 | $ 400,000 | ||||
Debt instrument interest rate | 7.75% | |||||
Debt, maturity date | Dec. 1, 2022 | |||||
Debt | 393,183 | 392,354 | ||||
2022 Senior Notes | Twelve month period beginning on December 1, 2017 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, redemption price, percentage | 105.813% | |||||
2022 Senior Notes | Twelve month period beginning on December 1, 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, redemption price, percentage | 103.875% | |||||
2022 Senior Notes | Twelve month period beginning on December 31, 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, redemption price, percentage | 101.938% | |||||
2022 Senior Notes | Twelve month period beginning on December 1, 2020 and thereafter | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, redemption price, percentage | 100.00% | |||||
Stendal Credit Facility - EUR 75.0 Million | ||||||
Debt Instrument [Line Items] | ||||||
Debt, maturity date | Oct. 1, 2019 | |||||
Debt | 0 | 0 | ||||
Maximum borrowing capacity | € | € 75,000,000 | |||||
Description of variable basis spread | Euribor | |||||
Varying basis spread | 3.50% | |||||
Remaining borrowing capacity | € 75,000,000 | 84,285 | ||||
Celgar Credit Facility - C$40.0 Million | ||||||
Debt Instrument [Line Items] | ||||||
Debt, maturity date | May 1, 2019 | |||||
Debt | 7,624 | 0 | ||||
Maximum borrowing capacity | CAD | CAD 40,000,000 | |||||
Revolving credit facility, amount outstanding | CAD 10,000,000 | $ 7,624 | ||||
Line of Credit Facility, Interest Rate at Period End | 2.38% | 2.38% | 2.38% | |||
Remaining borrowing capacity | CAD 28,300,000 | $ 21,576 | ||||
Letters of credit outstanding, amount | CAD 1,700,000 | 1,295 | ||||
Celgar Credit Facility - C$40.0 Million | Canadian Dollar Borrowings Rate Option 1 | ||||||
Debt Instrument [Line Items] | ||||||
Description of variable basis spread | bankers acceptance | |||||
Varying basis spread | 1.50% | |||||
Celgar Credit Facility - C$40.0 Million | Canadian Dollar Borrowings Rate Option 2 | ||||||
Debt Instrument [Line Items] | ||||||
Description of variable basis spread | Canadian prime | |||||
Celgar Credit Facility - C$40.0 Million | US Dollar Borrowings Rate Option 1 | ||||||
Debt Instrument [Line Items] | ||||||
Description of variable basis spread | LIBOR | |||||
Varying basis spread | 1.50% | |||||
Celgar Credit Facility - C$40.0 Million | US Dollar Borrowings Rate Option 2 | ||||||
Debt Instrument [Line Items] | ||||||
Description of variable basis spread | U.S. base | |||||
Rosenthal Credit Facility - EUR 25.0 Million | ||||||
Debt Instrument [Line Items] | ||||||
Debt, maturity date | Oct. 1, 2019 | |||||
Debt | 0 | 0 | ||||
Maximum borrowing capacity | € | € 25,000,000 | |||||
Description of variable basis spread | Euribor | |||||
Varying basis spread | 2.95% | |||||
Remaining borrowing capacity | 21,900,000 | 24,655 | ||||
Debt instrument, amount of debt supporting bank guarantees | 3,100,000 | 3,440 | ||||
Rosenthal Credit Facility - EUR 5.0 Million | ||||||
Debt Instrument [Line Items] | ||||||
Debt, maturity date | Dec. 1, 2018 | |||||
Debt | 0 | $ 0 | ||||
Maximum borrowing capacity | € | 5,000,000 | |||||
Description of variable basis spread | three-month Euribor | |||||
Varying basis spread | 2.50% | |||||
Remaining borrowing capacity | 1,800,000 | 2,042 | ||||
Debt instrument, amount of debt supporting bank guarantees | € 3,200,000 | $ 3,577 |
Pension And Other Post-Retire36
Pension And Other Post-Retirement Benefit Obligations (Plan Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 23 | $ 29 | $ 68 | $ 92 |
Interest cost | 259 | 304 | 756 | 1,028 |
Expected return on plan assets | (489) | (500) | (1,448) | (1,563) |
Amortization of unrecognized items | 335 | 271 | 1,002 | 726 |
Net periodic benefit cost | 128 | 104 | 378 | 283 |
Other Post-Retirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 122 | 194 | 363 | 607 |
Interest cost | 240 | 233 | 711 | 731 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of unrecognized items | (44) | 2 | (132) | 6 |
Net periodic benefit cost | $ 318 | $ 429 | $ 942 | $ 1,344 |
Pension And Other Post-Retire37
Pension And Other Post-Retirement Benefit Obligations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Multiemployer Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer contributions | $ 384 | $ 399 | $ 1,167 | $ 1,249 |
Defined Contribution Plan Jan 1, 2009 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension contributions | $ 200 | $ 173 | $ 509 | $ 521 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Change in valuation allowance | $ (4,134) | $ (2,884) | $ (13,876) | $ (9,285) |
U.S. Federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Effective Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
U.S. Federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% |
U.S. Federal statutory rate on income before income taxes | $ (5,962) | $ (10,619) | $ (12,472) | $ (26,452) |
Tax differential on foreign income | 1,719 | 2,706 | 3,353 | 6,631 |
Effect of foreign earnings | 1,750 | 0 | (1,750) | (5,290) |
Valuation allowance | (4,134) | (2,884) | (13,876) | (9,285) |
Tax benefit of partnership structure | 1,304 | 1,313 | 3,867 | 3,905 |
Non-taxable foreign subsidies | 575 | 573 | 1,693 | 1,718 |
True-up of prior year taxes | (78) | 1,421 | (138) | 6,024 |
Other | (283) | 911 | 142 | 978 |
Total income tax provision | (5,109) | (6,579) | (19,181) | (21,771) |
Current income tax provision | (1,766) | (2,789) | (6,891) | (9,290) |
Deferred income tax provision | $ (3,343) | $ (3,790) | $ (12,290) | $ (12,481) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Oct. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2011 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Dividends payable, date declared | Jul. 28, 2016 | Apr. 28, 2016 | Feb. 11, 2016 | ||||||
Cash dividends declared per common share | $ 0.115 | $ 0.115 | $ 0.115 | $ 0.115 | $ 0.345 | $ 0.115 | |||
Common shares available for grant (in shares) | 1,013,112 | 1,013,112 | |||||||
Performance Share Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | ||||||||
Expense recognized | $ 882 | $ 262 | $ 2,268 | $ 1,359 | |||||
Shares granted (in shares) | 997,863 | ||||||||
Shares outstanding (in shares) | 2,099,540 | 2,099,540 | 1,255,919 | ||||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 1 year | ||||||||
Expense recognized | $ 90 | $ 165 | $ 359 | $ 426 | |||||
Shares granted (in shares) | 38,000 | ||||||||
Shares outstanding (in shares) | 38,000 | 38,000 | 78,000 | ||||||
Unrecognized compensation cost | $ 243 | $ 243 | |||||||
Restricted Shares, 2011 Grant To Chief Executive Officer | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 5 years | ||||||||
Shares granted (in shares) | 200,000 | ||||||||
Stock Appreciation Rights (SARs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares granted (in shares) | 0 | ||||||||
Shares outstanding (in shares) | 0 | 0 | |||||||
Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares granted (in shares) | 0 | ||||||||
Shares outstanding (in shares) | 0 | 0 | |||||||
Restricted Stock Rights [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares granted (in shares) | 0 | ||||||||
Shares outstanding (in shares) | 0 | 0 | |||||||
Performance Shares [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares granted (in shares) | 0 | ||||||||
Shares outstanding (in shares) | 0 | 0 | |||||||
Subsequent Event | Dividend Declared | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Dividends payable, date declared | Oct. 27, 2016 | ||||||||
Cash dividends declared per common share | $ 0.115 | ||||||||
Dividends Payable, Date to be Paid | Jan. 4, 2017 | ||||||||
Dividends payable, date of record | Dec. 22, 2016 |
Shareholders' Equity Shareholde
Shareholders' Equity Shareholders' Equity (Schedule of Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Dividends Payable [Line Items] | |||||||
Dividends payable, date declared | Jul. 28, 2016 | Apr. 28, 2016 | Feb. 11, 2016 | ||||
Cash dividends declared per common share | $ 0.115 | $ 0.115 | $ 0.115 | $ 0.115 | $ 0.345 | $ 0.115 | |
Dividends declared | $ 7,440 | $ 7,440 | $ 7,435 | $ 22,315 | |||
Subsequent Event | Dividend Declared | |||||||
Dividends Payable [Line Items] | |||||||
Dividends payable, date declared | Oct. 27, 2016 | ||||||
Cash dividends declared per common share | $ 0.115 | ||||||
Dividends Payable, Date to be Paid | Jan. 4, 2017 | ||||||
Dividends payable, date of record | Dec. 22, 2016 |
Shareholders' Equity (Summary O
Shareholders' Equity (Summary Of Share Activity - PSU's) (Details) - Performance Share Units | 9 Months Ended |
Sep. 30, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding - Beginning (in shares) | 1,255,919 |
Shares granted (in shares) | 997,863 |
Vested and issued (in shares) | (154,242) |
Outstanding - Ending (in shares) | 2,099,540 |
Shareholders' Equity (Summary43
Shareholders' Equity (Summary Of Share Activity - Restricted Shares) (Details) - Restricted Stock | 9 Months Ended |
Sep. 30, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding - Beginning (in shares) | 78,000 |
Shares granted (in shares) | 38,000 |
Vested and issued (in shares) | (78,000) |
Outstanding - Ending (in shares) | 38,000 |
Shareholders' Equity Sharehol44
Shareholders' Equity Shareholders' Equity (Retained Earnings Roll Forward) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Retained Earnings [Roll Forward] | ||||||
Retained earnings at January 1, 2016 | $ 160,880 | $ 160,880 | ||||
Net income | $ 11,926 | $ 23,760 | 16,454 | $ 53,806 | ||
Cash dividends declared ($0.345 per common share) | (7,440) | $ (7,440) | $ (7,435) | (22,315) | ||
Retained earnings at September 30, 2016 | $ 155,019 | $ 155,019 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Cash dividends declared per common share | $ 0.115 | $ 0.115 | $ 0.115 | $ 0.115 | $ 0.345 | $ 0.115 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net Income Per Common Share Attributable To Common Shareholders Basic And Diluted [Line Items] | ||||
Net income - basic and diluted | $ 11,926 | $ 23,760 | $ 16,454 | $ 53,806 |
Net income per common share, basic | $ 0.18 | $ 0.37 | $ 0.25 | $ 0.84 |
Net income per common share, diluted | $ 0.18 | $ 0.37 | $ 0.25 | $ 0.83 |
Weighted average number of common shares outstanding, basic (in shares) | 64,656,138 | 64,423,896 | 64,623,215 | 64,365,962 |
Weighted average number of common shares outstanding, diluted (in shares) | 65,155,154 | 64,790,509 | 65,041,021 | 64,764,946 |
Anti-dilutive securities excluded from EPS computation | 0 | 0 | 0 | 0 |
Performance Share Units | ||||
Net Income Per Common Share Attributable To Common Shareholders Basic And Diluted [Line Items] | ||||
Effect of dilutive instruments (in shares) | 495,663 | 330,353 | 397,447 | 333,937 |
Restricted Stock | ||||
Net Income Per Common Share Attributable To Common Shareholders Basic And Diluted [Line Items] | ||||
Effect of dilutive instruments (in shares) | 3,353 | 36,260 | 20,359 | 59,911 |
Contingently issuable shares excluded from the basic weighted average shares outstanding (in shares) | 38,000 | 78,000 | 38,000 | 78,000 |
Stock Options | ||||
Net Income Per Common Share Attributable To Common Shareholders Basic And Diluted [Line Items] | ||||
Effect of dilutive instruments (in shares) | 0 | 0 | 0 | 5,136 |
Accumulated Other Comprehensi46
Accumulated Other Comprehensive Loss (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Accumulated other comprehensive loss, beginning balance | $ (171,574) |
Accumulated other comprehensive loss, ending balance | (131,998) |
Foreign Currency Translation Adjustment | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Accumulated other comprehensive loss, beginning balance | (156,223) |
Other comprehensive income (loss) before reclassifications | 38,710 |
Amounts reclassified from accumulated other comprehensive loss | 0 |
Other comprehensive income (loss), net of taxes | 38,710 |
Accumulated other comprehensive loss, ending balance | (117,513) |
Unrecognized Losses and Prior Service Costs Related to Defined Benefit Plan | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Accumulated other comprehensive loss, beginning balance | (15,338) |
Other comprehensive income (loss) before reclassifications | 0 |
Amounts reclassified from accumulated other comprehensive loss | 870 |
Other comprehensive income (loss), net of taxes | 870 |
Accumulated other comprehensive loss, ending balance | (14,468) |
Unrealized Gains (Losses) on Marketable Securities | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Accumulated other comprehensive loss, beginning balance | (13) |
Other comprehensive income (loss) before reclassifications | (4) |
Amounts reclassified from accumulated other comprehensive loss | 0 |
Other comprehensive income (loss), net of taxes | (4) |
Accumulated other comprehensive loss, ending balance | (17) |
AOCI Attributable to Parent | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Accumulated other comprehensive loss, beginning balance | (171,574) |
Other comprehensive income (loss) before reclassifications | 38,706 |
Amounts reclassified from accumulated other comprehensive loss | 870 |
Other comprehensive income (loss), net of taxes | 39,576 |
Accumulated other comprehensive loss, ending balance | $ (131,998) |
Derivative Transactions (Narrat
Derivative Transactions (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016EUR (€) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 01, 2002EUR (€) | |
Derivative [Line Items] | ||||||||
Interest rate derivative liability, total | € 10,700,000 | $ 11,985 | $ 16,913 | |||||
Interest rate derivative liability, current | 8,000,000 | 9,028 | 10,380 | |||||
Interest rate derivative liability, noncurrent | 2,700,000 | 2,957 | 6,533 | |||||
Restricted cash, at carrying value | 7,100,000 | $ 7,979 | $ 9,230 | |||||
Gain (loss) on derivative instruments | $ | $ (13) | $ 342 | $ 252 | $ 699 | ||||
Stendal Credit Facility - EUR 75.0 Million | ||||||||
Derivative [Line Items] | ||||||||
Maximum borrowing capacity | 75,000,000 | |||||||
Interest Rate Swap | ||||||||
Derivative [Line Items] | ||||||||
Aggregate maximum principal amount of the Stendal loan facility covered by interest rate swaps | € 612,600,000 | |||||||
Aggregate notional amount of interest rate swap | € 161,000,000 | |||||||
Derivative fixed interest rate | 5.28% | 5.28% | ||||||
Derivative maturity date | Oct. 1, 2017 | |||||||
Percentage of fair value of interest rate swap collaterized | 67.00% | 67.00% | ||||||
Maximum amount of collateral for interest rate swap | € 8,500,000 |
Fair Value Measurement and Di48
Fair Value Measurement and Disclosure (Outstanding Financial Instruments and Estimated Fair Value) (Details) $ in Thousands, € in Millions | Sep. 30, 2016EUR (€) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate derivative liability, fair value | € 10.7 | $ 11,985 | $ 16,913 |
Total financial liabilities, fair value | 677,770 | 671,538 | |
Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate derivative liability, fair value | 0 | 0 | |
Total financial liabilities, fair value | 0 | 0 | |
Fair Value, Significant Other Observable Inputs (Level 2) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate derivative liability, fair value | 11,985 | 16,913 | |
Total financial liabilities, fair value | 677,770 | 671,538 | |
Fair Value, Significant unobservable inputs (Level 3) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate derivative liability, fair value | 0 | 0 | |
Total financial liabilities, fair value | 0 | 0 | |
Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt, fair value | 658,161 | 654,625 | |
Senior Notes | Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt, fair value | 0 | 0 | |
Senior Notes | Fair Value, Significant Other Observable Inputs (Level 2) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt, fair value | 658,161 | 654,625 | |
Senior Notes | Fair Value, Significant unobservable inputs (Level 3) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt, fair value | 0 | $ 0 | |
Credit Agreement For Celgar Mill [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt, fair value | 7,624 | ||
Credit Agreement For Celgar Mill [Member] | Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt, fair value | 0 | ||
Credit Agreement For Celgar Mill [Member] | Fair Value, Significant Other Observable Inputs (Level 2) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt, fair value | 7,624 | ||
Credit Agreement For Celgar Mill [Member] | Fair Value, Significant unobservable inputs (Level 3) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt, fair value | $ 0 |