Document and Entity Information
| Document and Entity Information - shares | 3 Months Ended | 9 Months Ended | |
| Sep. 30, 2017 | Sep. 30, 2017 | Oct. 25, 2017 | |
| Document and Entity Information | |||
| Document Type | 10-Q | ||
| Amendment Flag | false | ||
| Document Period End Date | Sep. 30, 2017 | ||
| Document Fiscal Year Focus | 2,017 | ||
| Document Fiscal Period Focus | Q3 | ||
| Trading Symbol | merc | ||
| Entity Registrant Name | MERCER INTERNATIONAL INC. | ||
| Entity Central Index Key | 1,333,274 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Common Stock, Shares Outstanding | 65,017,288 |
INTERIM CONSOLIDATED STATEMENTS
| INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
| Income Statement [Abstract] | ||||
| Revenues | $ 305,498 | $ 237,941 | $ 831,459 | $ 709,929 |
| Costs and expenses | ||||
| Operating costs, excluding depreciation and amortization | 229,314 | 180,124 | 633,180 | 550,293 |
| Operating depreciation and amortization | 22,568 | 17,923 | 62,205 | 52,810 |
| Selling, general and administrative expenses | 12,327 | 10,073 | 35,312 | 32,128 |
| Operating income | 41,289 | 29,821 | 100,762 | 74,698 |
| Other income (expenses) | ||||
| Interest expense | (13,513) | (12,791) | (40,712) | (38,718) |
| Loss on settlement of debt (Note 5(a)) | 0 | 0 | (10,696) | (454) |
| Other income (expenses) | (1) | 5 | 1,308 | 109 |
| Total other expenses | (13,514) | (12,786) | (50,100) | (39,063) |
| Income before provision for income taxes | 27,775 | 17,035 | 50,662 | 35,635 |
| Provision for income taxes | (6,632) | (5,109) | (21,897) | (19,181) |
| Net income | $ 21,143 | $ 11,926 | $ 28,765 | $ 16,454 |
| Net income per common share | ||||
| Basic | $ 0.33 | $ 0.18 | $ 0.44 | $ 0.25 |
| Diluted | 0.32 | 0.18 | 0.44 | 0.25 |
| Dividends declared per common share | $ 0.115 | $ 0.115 | $ 0.345 | $ 0.345 |
INTERIM CONSOLIDATED STATEMENT3
| INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
| Statement of Comprehensive Income [Abstract] | ||||
| Net income | $ 21,143 | $ 11,926 | $ 28,765 | $ 16,454 |
| Other comprehensive income, net of taxes | ||||
| Foreign currency translation adjustment (net of tax effect of $nil in all periods) | 37,957 | 13,355 | 107,597 | 38,710 |
| Change in unrecognized losses and prior service costs related to defined benefit plan (net of tax effect of $nil in all periods) | 302 | 291 | 904 | 870 |
| Change in unrealized gains/losses on marketable securities (net of tax effect of $nil in all periods) | 53 | (6) | 58 | (4) |
| Other comprehensive income (loss), net of taxes | 38,312 | 13,640 | 108,559 | 39,576 |
| Total comprehensive income | $ 59,455 | $ 25,566 | $ 137,324 | $ 56,030 |
INTERIM CONSOLIDATED STATEMENT4
| INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
| Statement of Comprehensive Income [Abstract] | ||||
| Foreign currency translation adjustment, tax effect | $ 0 | $ 0 | $ 0 | $ 0 |
| Change 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, 2017USD ($) | Dec. 31, 2016USD ($) |
| Current assets | ||
| Cash and cash equivalents | $ 157,217 | $ 136,569 |
| Restricted cash (Note 11) | 2,125 | 4,327 |
| Accounts receivable | 181,062 | 123,892 |
| Inventories | 164,374 | 133,451 |
| Prepaid expenses and other | 8,827 | 3,612 |
| Total current assets | 513,605 | 401,851 |
| Property, plant and equipment, net | 844,502 | 738,276 |
| Intangible and other assets | 26,605 | 7,591 |
| Deferred income tax | 1,170 | 10,990 |
| Total assets | 1,385,882 | 1,158,708 |
| Current liabilities | ||
| Accounts payable and other | 142,201 | 92,133 |
| Pension and other post-retirement benefit obligations | 1,115 | 1,037 |
| Total current liabilities | 143,316 | 93,170 |
| Debt | 669,012 | 617,545 |
| Pension and other post-retirement benefit obligations | 26,283 | 25,084 |
| Capital leases and other | 27,696 | 26,467 |
| Deferred income tax | 21,574 | 17,314 |
| Total liabilities | 887,881 | 779,580 |
| Shareholders' equity | ||
| Common shares | 64,974 | 64,656 |
| Additional paid-in capital | 337,330 | 333,673 |
| Retained earnings | 172,407 | 166,068 |
| Accumulated other comprehensive loss | (76,710) | (185,269) |
| Total shareholders' equity | 498,001 | 379,128 |
| Total liabilities and shareholders' equity | 1,385,882 | 1,158,708 |
| Commitments and contingencies (Note 13) |
INTERIM CONSOLIDATED BALANCE S6
| INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
| Statement of Financial Position [Abstract] | ||
| Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
| Common Stock, Shares, Issued | 65,017,000 | 64,694,000 |
| Common Stock, Shares, Outstanding | 65,017,000 | 64,694,000 |
| Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
INTERIM CONSOLIDATED STATEMENT7
| INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
| Cash flows from (used in) operating activities | ||||
| Net income | $ 21,143 | $ 11,926 | $ 28,765 | $ 16,454 |
| Adjustments to reconcile net income to cash flows from operating activities | ||||
| Depreciation and amortization | 22,673 | 18,031 | 62,519 | 53,212 |
| Deferred income tax provision | 4,184 | 3,343 | 12,589 | 12,290 |
| Loss on settlement of debt | 0 | 0 | 10,696 | 454 |
| Defined benefit pension plan and other post-retirement benefit plan expense | 549 | 446 | 1,615 | 1,320 |
| Stock compensation expense | 774 | 972 | 1,525 | 2,627 |
| Other | 783 | 1,577 | 1,308 | 2,099 |
| Defined benefit pension plan and other post-retirement benefit plan contributions | (458) | (421) | (1,309) | (1,305) |
| Changes in working capital | ||||
| Accounts receivable | 1,584 | (3,533) | (42,130) | 8,968 |
| Inventories | (14,043) | (7,695) | (9,912) | 3,293 |
| Accounts payable and accrued expenses | (1,906) | 11,980 | 41,929 | 11,877 |
| Other | (1,496) | (190) | (4,338) | (110) |
| Net cash from (used in) operating activities | 33,787 | 36,436 | 103,257 | 111,179 |
| Cash flows from (used in) investing activities | ||||
| Purchase of property, plant and equipment | (14,342) | (8,562) | (42,249) | (28,977) |
| Purchase of intangible assets | (394) | (208) | (799) | (1,144) |
| Acquisition of Friesau Facility (Note 2) | 0 | 0 | (61,627) | 0 |
| Other | (381) | (678) | (304) | 69 |
| Net cash from (used in) investing activities | (15,117) | (9,448) | (104,979) | (30,052) |
| Cash flows from (used in) financing activities | ||||
| Repurchase of notes | 0 | 0 | (234,945) | (23,079) |
| Proceeds from issuance of notes | 0 | 0 | 250,000 | 0 |
| Proceeds from revolving credit facility | 0 | 7,662 | 26,525 | 7,662 |
| Dividend payments | (7,477) | (7,440) | (22,389) | (22,293) |
| Payment of debt issuance costs | 0 | 0 | (6,132) | 0 |
| Payment of interest rate derivative liability | 0 | 0 | (3,789) | (5,852) |
| Other | (389) | 420 | 569 | (583) |
| Net cash from (used in) financing activities | (7,866) | 642 | 9,839 | (44,145) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 3,895 | 1,265 | 10,329 | 3,539 |
| Net increase in cash, cash equivalents and restricted cash | 14,699 | 28,895 | 18,446 | 40,521 |
| Cash, cash equivalents, and restricted cash, beginning of period | 144,643 | 120,485 | 140,896 | 108,859 |
| Cash, cash equivalents, and restricted cash, end of period | 159,342 | 149,380 | 159,342 | 149,380 |
| Supplemental cash flow disclosure | ||||
| Cash paid for interest | 8,430 | 1,396 | 29,311 | 26,031 |
| Cash paid for income taxes | $ 2,797 | $ 2,954 | $ 8,001 | $ 12,265 |
The Company And Summary Of Sign
| The Company And Summary Of Significant Accounting Policies | 9 Months Ended |
| Sep. 30, 2017 | |
| 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 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, 2016. 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. 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. New Accounting Pronouncements Accounting Pronouncements Implemented In July 2015, the Financial Accounting Standards Board ("FASB") 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 ASU 2015-11 did not impact the Company’s financial position. In March 2016, the FASB issued Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") 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 adoption of ASU 2016-09 did not impact the Company’s financial position. Accounting Pronouncements Not Yet Implemented In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue Recognition – Revenue from Contracts with Customers ("ASU 2014-09") 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. In 2016 the FASB issued the following Accounting Standards which further affect the guidance of ASU 2014-09: • March 2016: ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net); • April 2016: ASU 2016-10, Identifying Performance Obligations and Licensing; • May 2016: ASU 2016-12, Revenue from Contracts with Customers: Narrow Scope Improvements and Practical Expedients; and • December 2016: ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. These standards are effective for annual reporting periods beginning on or after December 15, 2017 with early adoption permitted at the beginning of an interim or annual reporting period beginning after December 15, 2016. Currently, the Company believes this new standard will not have a material impact on its consolidated financial statements, however, its assessment of this standard is ongoing. The Company expects to adopt this standard as of January 1, 2018. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases ("ASU 2016-02") 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 at the beginning of an interim or annual reporting period. The Company is currently assessing the impact the adoption of ASU 2016-02 will have on its consolidated financial statements. In October 2016, the FASB issued Accounting Standards Update 2016-16, Intra-Entity Transfers of Assets Other Than Inventory ("ASU 2016-16") which eliminates the deferral of the tax effects of intra-entity asset transfers other than inventory until the transferred assets are sold to a third party or recovered through use. This update is effective on a modified retrospective approach for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently assessing the impact the adoption of ASU 2016-16 will have on its consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update 2017-01, Clarifying the Definition of a Business ("ASU 2017-01") which revises the definition of a business. When substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the asset acquired would not represent a business. This update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently assessing the impact the adoption of ASU 2017-01 will have on its consolidated financial statements. In March 2017, the FASB issued Accounting Standards Update 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-Retirement Benefit Cost ("ASU 2017-07") which requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This standard is effective for fiscal years beginning after December 15, 2017 and should be applied retrospectively to all periods presented. The Company believes this new standard will not have a material impact on its consolidated financial statements. In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging ("ASU 2017-12") which expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. This standard is effective for fiscal years beginning after December 15, 2018. Early application is permitted in any interim period and all transition requirements and elections should be applied to hedging relationships existing on the date of adoption. The Company believes this new standard will not have a material impact on its consolidated financial statements. |
Acquisition Acquisition
| Acquisition Acquisition | 9 Months Ended |
| Sep. 30, 2017 | |
| Business Combinations [Abstract] | |
| Business Combination Disclosure [Text Block] | Acquisition On April 12, 2017, the Company, through its wholly owned subsidiary Mercer Timber Products GmbH ("MTP") acquired substantially all of the assets of a German sawmill, and a bio-mass power plant, near Friesau, Germany (the "Friesau Facility") for $61,627 cash. The acquisition of the Friesau Facility presents the Company with the opportunity to expand into the German lumber market and grow its bio-mass energy profile. The following summarizes the Company's preliminary allocation of the purchase price to the fair value of the assets acquired and liabilities assumed at the acquisition date: Purchase Price Allocation Inventories $ 6,917 Property, plant and equipment 37,392 Amortizable intangible assets (a) 17,780 Total assets acquired 62,089 Liabilities assumed - accounts payable and other 462 Net assets acquired $ 61,627 (a) Amortizable intangible assets relate to an energy sales agreement, which has a fair value of $15,970 and an amortization period of 11 years and enterprise resource planning software, which has a fair value of $1,810 and an amortization period of five years. The purchase price allocation was based upon a preliminary valuation for all items and may be revised as a result of additional information obtained regarding assets acquired and liabilities assumed, and revisions of provisional estimates of fair value, including, but not limited to, the completion of valuations related to property, plant and equipment and intangible assets. The purchase price allocation will be finalized during the 12 month measurement period following the acquisition date. The Friesau Facility is a business under GAAP, accordingly the Company began consolidating the results of operations, financial position and cash flows of the Friesau Facility in the Interim Consolidated Financial Statements as of the acquisition date. The amount of the Friesau Facility's revenues included in the Interim Consolidated Statements of Operations for the three and nine month periods ended September 30, 2017 was $33,140 and $50,431 , respectively. The amount of the Friesau Facility's net income included in the Interim Consolidated Statements of Operations for the three and nine month periods ended September 30, 2017 was $930 and $157 , respectively. In the nine month period ended September 30, 2017, $868 of acquisition related costs were recognized in selling, general and administrative expenses in the Interim Consolidated Statements of Operations. The following unaudited pro forma information for the three and nine month periods ended September 30, 2017 and 2016 represents the Company's results of operations as if the acquisition of the Friesau Facility had occurred on January 1, 2016. This pro forma information does not purport to be indicative of the results that would have occurred for the periods presented or that may be expected in the future. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenues $ 305,498 $ 276,647 $ 872,367 $ 826,048 Net income $ 21,143 $ 13,566 $ 31,466 $ 20,506 The unaudited pro forma information for the three and nine month periods ended September 30, 2017 and 2016 includes additional interest expense related to debt issued to finance the acquisition and adjustments related to acquisition costs. The adjustments were immaterial and the nonrecurring items are included in the earliest period presented. |
Inventories
| Inventories | 9 Months Ended |
| Sep. 30, 2017 | |
| Inventory, Net [Abstract] | |
| Inventories | Inventories September 30, December 31, 2017 2016 Raw materials $ 50,337 $ 50,056 Finished goods 49,775 33,510 Spare parts and other 64,262 49,885 $ 164,374 $ 133,451 |
Accounts Payable and Other
| Accounts Payable and Other | 9 Months Ended |
| Sep. 30, 2017 | |
| Payables and Accruals [Abstract] | |
| Accounts Payable and Other | Accounts Payable and Other September 30, December 31, 2017 2016 Trade payables $ 37,357 $ 28,815 Accrued expenses 72,947 39,903 Interest payable 13,568 3,916 Interest rate derivative liability 3,109 6,522 Dividends payable 7,477 7,440 Other 7,743 5,537 $ 142,201 $ 92,133 |
Debt
| Debt | 9 Months Ended |
| Sep. 30, 2017 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt September 30, December 31, 2017 2016 2022 Senior Notes, unsecured, $400,000 face value (a) $ 394,288 $ 393,460 2024 Senior Notes, unsecured, $250,000 face value (a) 245,209 — 2019 Senior Notes (a) — 224,085 Revolving credit facilities €75.0 million (b) — — C$40.0 million (c) — — €70.0 million (d) 29,515 — €5.0 million (e) — — $ 669,012 $ 617,545 As at September 30, 2017, the maturities of the principal portion of debt are as follows: 2017 $ — 2018 — 2019 — 2020 — 2021 — Thereafter 679,515 $ 679,515 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, 2017, the Company was in compliance with the terms of its debt agreements. (a) On February 3, 2017 , the Company issued $225,000 in aggregate principal amount of 6.50% senior notes which mature on February 1, 2024 ("2024 Senior Notes"). The 2024 Senior Notes were issued at a price of 100% of their principal amount. The net proceeds of the offering were $220,240 , after deducting the underwriter's discount and offering expenses. The net proceeds, together with cash on hand, were used to purchase $227,000 of remaining aggregate principal amount of outstanding 2019 Senior Notes (herein defined below). In connection with this purchase the Company recorded a loss on settlement of debt of $10,696 in the Interim Consolidated Statement of Operations. On March 16, 2017 , the Company issued an additional $25,000 in aggregate principal amount of its 2024 Senior Notes. The additional notes were priced at 100% plus accrued interest from February 3, 2017. The net proceeds from the offering were $24,471 , net of the underwriter's discounts, offering expenses and accrued interest. The net proceeds, together with cash on hand, were used to finance the Company's acquisition of the Friesau Facility and for general working capital purposes. 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 were to 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”). The 2019 Senior Notes and 2022 Senior Notes were issued at a price of 100% of their principal amount. Upon their issuance the 2019 Senior Notes and 2022 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. 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 settlement of debt of $454 in the Interim Consolidated Statement of Operations. The 2022 Senior Notes and 2024 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. They 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 2022 Senior Notes and 2024 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 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 100.000% beginning on December 1, 2020 and at any time thereafter. The 2024 Senior Notes redemption prices are equal to 103.250% for the twelve month period beginning on February 1, 2020, 101.625% for the twelve month period beginning on February 1, 2021, and 100.000% beginning on February 1, 2022 and at any time thereafter. (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, 2017 , €75.0 million ( $88,545 ) 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, 2017 , approximately C$1.7 million ( $1,361 ) was supporting letters of credit and approximately C$38.3 million ( $30,690 ) was available. (d) In April 2017, in connection with the acquisition of the Friesau Facility, the Company replaced the €25.0 million revolving credit facility with a new €70.0 million joint revolving credit facility that matures in April 2022 . The Rosenthal mill has full access to the available amount under the facility and MTP has access to a maximum of €45.0 million . Borrowings under the facility are collateralized by the borrowers' inventory and accounts receivable and bear interest at Euribor plus 2.95% . As at September 30, 2017 , approximately €25.0 million ( $29,515 ) of this facility was drawn and accruing interest at a rate of 2.95% and approximately €8.4 million ( $9,883 ) of this facility was supporting bank guarantees leaving approximately €36.6 million ( $43,244 ) 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, 2017 approximately €3.3 million ( $3,910 ) of this facility was supporting bank guarantees leaving approximately €1.7 million ( $1,993 ) available. |
Pension and Other Post-Retireme
| Pension and Other Post-Retirement Benefit Obligations | 9 Months Ended |
| Sep. 30, 2017 | |
| Retirement Benefits [Abstract] | |
| Pension and Other Postretirement Benefit Disclosure | 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 benefit costs relating to the Celgar Defined Benefit Plans for the three and nine month periods ended September 30, 2017 and 2016 were as follows: Three Months Ended Septembe r 30, 2017 2016 Pension Other Post- Pension Other Post- Service cost $ 25 $ 151 $ 23 $ 122 Interest cost 346 245 259 240 Expected return on plan assets (520 ) — (489 ) — Amortization of unrecognized items 265 37 335 (44 ) Net benefit costs $ 116 $ 433 $ 128 $ 318 Nine Months Ended Septemb e r 30, 2017 2016 Pension Other Post- Pension Other Post- Service cost $ 71 $ 435 $ 68 $ 363 Interest cost 998 706 756 711 Expected return on plan assets (1,499 ) — (1,448 ) — Amortization of unrecognized items 792 112 1,002 (132 ) Net benefit costs $ 362 $ 1,253 $ 378 $ 942 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, 2017, the Company made contributions of $213 and $672 , respectively (2016 – $200 and $509 ), 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. During the three and nine month periods ended September 30, 2017, the Company made contributions of $493 and $1,539 , respectively (2016 – $384 and $1,167 ), to this plan. |
Income Taxes
| Income Taxes | 9 Months Ended |
| Sep. 30, 2017 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The income tax provision attributable to income before provision for income taxes in the Interim Consolidated Statements 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, 2017 and 2016 as a result of the following: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 U.S. Federal statutory rate 35% 35% 35% 35% U.S. Federal statutory rate on income before income taxes $ (9,722 ) $ (5,962 ) $ (17,732 ) $ (12,472 ) Tax differential on foreign income 2,701 1,719 5,668 3,353 Effect of foreign earnings — 1,750 — (1,750 ) Change in undistributed earnings (450 ) — (5,915 ) — Valuation allowance (1,823 ) (3,805 ) (11,177 ) (15,223 ) Tax benefit of partnership structure 1,246 1,304 3,692 3,867 Non-taxable foreign subsidies 608 575 1,717 1,693 True-up of prior year taxes (169 ) (78 ) (279 ) (138 ) Foreign exchange on valuation allowance 1,241 (329 ) 2,404 1,347 Foreign exchange on settlement of debt — — 550 870 Other (264 ) (283 ) (825 ) (728 ) $ (6,632 ) $ (5,109 ) $ (21,897 ) $ (19,181 ) Comprised of: Current income tax provision $ (2,448 ) $ (1,766 ) $ (9,308 ) $ (6,891 ) Deferred income tax provision (4,184 ) (3,343 ) (12,589 ) (12,290 ) $ (6,632 ) $ (5,109 ) $ (21,897 ) $ (19,181 ) |
Net Income Per Common Share
| Net Income Per Common Share | 9 Months Ended |
| Sep. 30, 2017 | |
| Earnings Per Share [Abstract] | |
| Net Income Per Common Share | Net Income Per Common Share Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income Basic and diluted $ 21,143 $ 11,926 $ 28,765 $ 16,454 Net income per common share Basic $ 0.33 $ 0.18 $ 0.44 $ 0.25 Diluted $ 0.32 $ 0.18 $ 0.44 $ 0.25 Weighted average number of common shares outstanding: Basic (1) 64,973,653 64,656,138 64,896,511 64,623,215 Effect of dilutive shares: Performance Share Units ("PSUs") 412,995 495,663 429,801 397,447 Restricted shares 7,268 3,353 17,447 20,359 Diluted 65,393,916 65,155,154 65,343,759 65,041,021 (1) For the three and nine month periods ended September 30, 2017, the basic weighted average number of common shares outstanding excludes 43,635 restricted shares which have been issued, but have not vested as at September 30, 2017 ( 2016 – 38,000 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 month periods ended September 30, 2017 and 2016. |
Shareholders' Equity
| Shareholders' Equity | 9 Months Ended |
| Sep. 30, 2017 | |
| Equity [Abstract] | |
| Shareholders' Equity | Shareholders’ Equity Dividends During the nine month period ended September 30, 2017, the Company's Board of Directors declared the following quarterly dividends: Date Declared Dividend Per Amount February 9, 2017 $ 0.115 $ 7,472 April 27, 2017 0.115 7,477 July 27, 2017 0.115 7,477 $ 0.345 $ 22,426 Dividends are paid in the quarter subsequent to the quarter in which they were declared. In October 2017 , the Company’s Board of Directors declared a quarterly dividend of $0.125 per common share. Payment of the dividend will be made on January 4, 2018 to all shareholders of record on December 27, 2017 . 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 which provides for options, restricted stock rights, restricted shares, performance shares, PSUs and stock appreciation rights to be awarded to employees, consultants and non-employee directors. During the nine month period ended September 30, 2017, there were no issued or outstanding options, restricted stock rights, performance shares or stock appreciation rights. In May 2017, the shareholders of the Company approved an additional 2.3 million common shares be available for grant pursuant to the 2010 Plan. As at September 30, 2017, after factoring in all allocated shares, there remain approximately 3.2 million 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, 2017, the Company recognized an expense of $646 and $1,201 , respectively related to PSUs ( 2016 - $882 and $2,268 ). The following table summarizes PSU activity during the period: Number of PSUs Outstanding as at January 1, 2017 2,068,174 Granted 542,788 Vested and issued (279,515 ) Forfeited (464,289 ) Outstanding as at September 30, 2017 1,867,158 Restricted Shares Restricted shares generally vest at the end of one year. For the three and nine month periods ended September 30, 2017, the Company recognized an expense of $128 and $324 , respectively related to restricted shares ( 2016 – $90 and $359 ). As at September 30, 2017, the unrecognized compensation cost related to restricted shares was approximately $343 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, 2017 38,000 Granted 43,635 Vested (38,000 ) Outstanding at September 30, 2017 43,635 Settlement of Short Swing Profit Claim In March 2017, the Company and a shareholder entered into a settlement agreement pursuant to which the shareholder paid $3,000 (net $2,450 after costs) to the Company to settle a claim by the Company for short swing profits under Section 16(b) in the Exchange Act. The net settlement was classified as additional paid-in-capital. Retained Earnings The following table summarizes the changes to retained earnings during the period: Nine Months Ended September 30, 2017 Retained earnings at January 1, 2017 $ 166,068 Net income 28,765 Cash dividends declared (22,426 ) Retained earnings at September 30, 2017 $ 172,407 Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows: Foreign Currency Translation Adjustment Defined Benefit Pension and Other Post-Retirement Benefit Items Unrealized Gains / Losses on Marketable Securities Total Balance as at January 1, 2017 $ (170,592 ) $ (14,663 ) $ (14 ) $ (185,269 ) Other comprehensive income before reclassifications 107,597 — 58 107,655 Amounts reclassified from accumulated other comprehensive loss — 904 — 904 Other comprehensive income 107,597 904 58 108,559 Balance as at September 30, 2017 $ (62,995 ) $ (13,759 ) $ 44 $ (76,710 ) |
Business Segment Information
| Business Segment Information | 9 Months Ended |
| Sep. 30, 2017 | |
| Segment Reporting [Abstract] | |
| Segment Disclosures | Segment Disclosures The Company is managed based on the primary products it manufactures: pulp and wood products. Accordingly, the Company's three pulp mills are aggregated into the pulp business segment, and the Friesau Facility is a separate reportable business segment, wood products. None of the income or loss items following operating income in the Company's Interim Consolidated Statement of Operations are allocated to the segments, since those items are reviewed separately by management. Revenues between segments are accounted for at prices that approximate fair value. These include revenues from the sale of residual fiber from the wood products segment to the pulp segment for use in the pulp production process and from the sale of residual fuel from the pulp segment to the wood products segment for use in energy production. For the three and nine month periods ended September 30, 2016 there was only one reportable business segment, pulp, as the Friesau Facility was acquired on April 12, 2017. The following table shows information by reportable business segments for the three and nine month periods ended September 30, 2017. Three Months Ended Pulp Wood Products Corporate and Other Elimination Adjustment Consolidated Revenues from external customers $ 272,358 $ 33,140 $ — $ — $ 305,498 Revenues from other segments $ 1,056 $ 5,753 $ — $ (6,809 ) $ — Operating income (loss) $ 40,609 $ 2,983 $ (2,303 ) $ — $ 41,289 Depreciation and amortization $ 21,149 $ 1,419 $ 105 $ — $ 22,673 Purchase of property, plant and equipment $ 13,654 $ 665 $ 23 $ — $ 14,342 Nine Months Ended Pulp Wood Products Corporate and Other Elimination Adjustment Consolidated Revenues from external customers $ 781,028 $ 50,431 $ — $ — $ 831,459 Revenues from other segments $ 1,056 $ 8,739 $ — $ (9,795 ) $ — Operating income (loss) $ 103,302 $ 3,064 $ (5,604 ) $ — $ 100,762 Depreciation and amortization $ 59,652 $ 2,553 $ 314 $ — $ 62,519 Purchase of property, plant and equipment $ 39,714 $ 2,510 $ 25 $ — $ 42,249 Total assets $ 1,247,761 $ 116,522 $ 21,599 $ — $ 1,385,882 For the three and nine month periods ended September 30, 2016 the Company had a corporate and other operating loss of $1,491 and $5,281 , respectively. The pulp segment includes revenues from the sale of pulp and energy and chemical by-products. The wood products segment includes revenues from the sale of lumber and energy and other wood residual by-products. The Company's revenues from external customers by product are as follows : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Pulp $ 247,314 $ 215,835 $ 712,810 $ 644,519 Lumber 27,851 — 41,444 — Other wood residuals 2,173 — 3,226 — Energy and chemical 28,160 22,106 73,979 65,410 Total revenues $ 305,498 $ 237,941 $ 831,459 $ 709,929 The following table presents revenues from external customers by geographic area based on location of the customer: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Germany $ 130,943 $ 101,506 $ 344,042 $ 305,078 China 60,604 54,504 194,280 165,550 Other European Union countries 64,907 46,453 171,308 133,039 Italy 12,506 12,686 36,991 42,012 Other Asia 12,648 7,398 38,270 24,201 U.S. 15,734 9,644 26,852 26,427 Other countries 8,156 5,750 19,716 13,622 Total revenues $ 305,498 $ 237,941 $ 831,459 $ 709,929 |
Derivative Transactions
| Derivative Transactions | 9 Months Ended |
| Sep. 30, 2017 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Derivative Transactions | 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 income (expenses) in the Interim Consolidated Statement of Operations. Interest Rate Swaps During 2002, the Company entered into certain variable-to-fixed interest rate swaps, referred to as the "Stendal Interest Rate Swap Contract" in connection with its long-term indebtedness relating to the Stendal mill to fix the interest rate. Under the Stendal Interest Rate Swap Contract, the Company pays a fixed rate and receives a floating rate with the interest payments being calculated on a notional amount. The interest rate swaps were left in place following the refinancing of the debt in November 2014. As at September 30, 2017 , the contract had a fair value of €2.6 million ( $3,109 ; 2016 – $6,522 ) which was classified as current within accounts payable and other in the Interim Consolidated Balance Sheets. The contract has an aggregate notional amount of €94.3 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 swap 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, 2017 , the collateral was €1.8 million ( $2,125 ; 2016 – $4,327 ). This cash has been classified as restricted cash in the Interim Consolidated Balance Sheets. The counterparty to the interest rate derivative 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. 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 the sale of pulp, lumber and other wood residuals 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. Concentrations of credit risk on the sale of pulp, lumber and other wood residuals are with customers and agents based primarily in Germany, China and Italy. The carrying amount of cash and cash equivalents of $157,217 , restricted cash of $2,125 and accounts receivable of $181,062 recorded in the Interim Consolidated Balance Sheets, net of any allowances for losses, represents the Company’s maximum exposure to credit risk. |
Fair Value Measurement and Disc
| Fair Value Measurement and Disclosure | 9 Months Ended |
| Sep. 30, 2017 | |
| 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 was 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 2022 Senior Notes, 2024 Senior Notes and 2019 Senior Notes classified as Level 2 was determined using quoted prices in a dealer market, or using 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, 2017 using: Description Level 1 Level 2 Level 3 Total Interest rate derivative liability $ — $ 3,109 $ — $ 3,109 Debt Revolving credit facility — 29,515 — 29,515 2022 Senior Notes and 2024 Senior Notes — 685,125 — 685,125 $ — $ 717,749 $ — $ 717,749 Fair value measurements as at December 31, 2016 using: Description Level 1 Level 2 Level 3 Total Interest rate derivative liability $ — $ 6,522 $ — $ 6,522 2019 Senior Notes and 2022 Senior Notes — 654,378 — 654,378 $ — $ 660,900 $ — $ 660,900 |
Commitments and Contingencies
| Commitments and Contingencies | 9 Months Ended |
| Sep. 30, 2017 | |
| 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) 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 Si21
| The Company And Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
| Sep. 30, 2017 | |
| 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 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, 2016. 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. 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. |
| New Accounting Pronouncements | New Accounting Pronouncements Accounting Pronouncements Implemented In July 2015, the Financial Accounting Standards Board ("FASB") 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 ASU 2015-11 did not impact the Company’s financial position. In March 2016, the FASB issued Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") 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 adoption of ASU 2016-09 did not impact the Company’s financial position. Accounting Pronouncements Not Yet Implemented In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue Recognition – Revenue from Contracts with Customers ("ASU 2014-09") 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. In 2016 the FASB issued the following Accounting Standards which further affect the guidance of ASU 2014-09: • March 2016: ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net); • April 2016: ASU 2016-10, Identifying Performance Obligations and Licensing; • May 2016: ASU 2016-12, Revenue from Contracts with Customers: Narrow Scope Improvements and Practical Expedients; and • December 2016: ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. These standards are effective for annual reporting periods beginning on or after December 15, 2017 with early adoption permitted at the beginning of an interim or annual reporting period beginning after December 15, 2016. Currently, the Company believes this new standard will not have a material impact on its consolidated financial statements, however, its assessment of this standard is ongoing. The Company expects to adopt this standard as of January 1, 2018. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases ("ASU 2016-02") 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 at the beginning of an interim or annual reporting period. The Company is currently assessing the impact the adoption of ASU 2016-02 will have on its consolidated financial statements. In October 2016, the FASB issued Accounting Standards Update 2016-16, Intra-Entity Transfers of Assets Other Than Inventory ("ASU 2016-16") which eliminates the deferral of the tax effects of intra-entity asset transfers other than inventory until the transferred assets are sold to a third party or recovered through use. This update is effective on a modified retrospective approach for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently assessing the impact the adoption of ASU 2016-16 will have on its consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update 2017-01, Clarifying the Definition of a Business ("ASU 2017-01") which revises the definition of a business. When substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the asset acquired would not represent a business. This update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently assessing the impact the adoption of ASU 2017-01 will have on its consolidated financial statements. In March 2017, the FASB issued Accounting Standards Update 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-Retirement Benefit Cost ("ASU 2017-07") which requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This standard is effective for fiscal years beginning after December 15, 2017 and should be applied retrospectively to all periods presented. The Company believes this new standard will not have a material impact on its consolidated financial statements. In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging ("ASU 2017-12") which expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. This standard is effective for fiscal years beginning after December 15, 2018. Early application is permitted in any interim period and all transition requirements and elections should be applied to hedging relationships existing on the date of adoption. The Company believes this new standard will not have a material impact on its consolidated financial statements. |
Acquisition Acquisition (Tables
| Acquisition Acquisition (Tables) | 9 Months Ended |
| Sep. 30, 2017 | |
| Business Combinations [Abstract] | |
| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following summarizes the Company's preliminary allocation of the purchase price to the fair value of the assets acquired and liabilities assumed at the acquisition date: Purchase Price Allocation Inventories $ 6,917 Property, plant and equipment 37,392 Amortizable intangible assets (a) 17,780 Total assets acquired 62,089 Liabilities assumed - accounts payable and other 462 Net assets acquired $ 61,627 (a) Amortizable intangible assets relate to an energy sales agreement, which has a fair value of $15,970 and an amortization period of 11 years and enterprise resource planning software, which has a fair value of $1,810 and an amortization period of five years. |
| Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma information for the three and nine month periods ended September 30, 2017 and 2016 represents the Company's results of operations as if the acquisition of the Friesau Facility had occurred on January 1, 2016. This pro forma information does not purport to be indicative of the results that would have occurred for the periods presented or that may be expected in the future. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenues $ 305,498 $ 276,647 $ 872,367 $ 826,048 Net income $ 21,143 $ 13,566 $ 31,466 $ 20,506 |
Inventories (Tables)
| Inventories (Tables) | 9 Months Ended |
| Sep. 30, 2017 | |
| Inventory, Net [Abstract] | |
| Components of Inventory | September 30, December 31, 2017 2016 Raw materials $ 50,337 $ 50,056 Finished goods 49,775 33,510 Spare parts and other 64,262 49,885 $ 164,374 $ 133,451 |
Accounts Payable and Other (Tab
| Accounts Payable and Other (Tables) | 9 Months Ended |
| Sep. 30, 2017 | |
| Payables and Accruals [Abstract] | |
| Schedule of Accounts Payable and Other | September 30, December 31, 2017 2016 Trade payables $ 37,357 $ 28,815 Accrued expenses 72,947 39,903 Interest payable 13,568 3,916 Interest rate derivative liability 3,109 6,522 Dividends payable 7,477 7,440 Other 7,743 5,537 $ 142,201 $ 92,133 |
Debt (Tables)
| Debt (Tables) | 9 Months Ended |
| Sep. 30, 2017 | |
| Debt Disclosure [Abstract] | |
| Schedule Of Debt | September 30, December 31, 2017 2016 2022 Senior Notes, unsecured, $400,000 face value (a) $ 394,288 $ 393,460 2024 Senior Notes, unsecured, $250,000 face value (a) 245,209 — 2019 Senior Notes (a) — 224,085 Revolving credit facilities €75.0 million (b) — — C$40.0 million (c) — — €70.0 million (d) 29,515 — €5.0 million (e) — — $ 669,012 $ 617,545 (a) On February 3, 2017 , the Company issued $225,000 in aggregate principal amount of 6.50% senior notes which mature on February 1, 2024 ("2024 Senior Notes"). The 2024 Senior Notes were issued at a price of 100% of their principal amount. The net proceeds of the offering were $220,240 , after deducting the underwriter's discount and offering expenses. The net proceeds, together with cash on hand, were used to purchase $227,000 of remaining aggregate principal amount of outstanding 2019 Senior Notes (herein defined below). In connection with this purchase the Company recorded a loss on settlement of debt of $10,696 in the Interim Consolidated Statement of Operations. On March 16, 2017 , the Company issued an additional $25,000 in aggregate principal amount of its 2024 Senior Notes. The additional notes were priced at 100% plus accrued interest from February 3, 2017. The net proceeds from the offering were $24,471 , net of the underwriter's discounts, offering expenses and accrued interest. The net proceeds, together with cash on hand, were used to finance the Company's acquisition of the Friesau Facility and for general working capital purposes. 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 were to 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”). The 2019 Senior Notes and 2022 Senior Notes were issued at a price of 100% of their principal amount. Upon their issuance the 2019 Senior Notes and 2022 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. 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 settlement of debt of $454 in the Interim Consolidated Statement of Operations. The 2022 Senior Notes and 2024 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. They 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 2022 Senior Notes and 2024 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 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 100.000% beginning on December 1, 2020 and at any time thereafter. The 2024 Senior Notes redemption prices are equal to 103.250% for the twelve month period beginning on February 1, 2020, 101.625% for the twelve month period beginning on February 1, 2021, and 100.000% beginning on February 1, 2022 and at any time thereafter. (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, 2017 , €75.0 million ( $88,545 ) 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, 2017 , approximately C$1.7 million ( $1,361 ) was supporting letters of credit and approximately C$38.3 million ( $30,690 ) was available. (d) In April 2017, in connection with the acquisition of the Friesau Facility, the Company replaced the €25.0 million revolving credit facility with a new €70.0 million joint revolving credit facility that matures in April 2022. The Rosenthal mill has full access to the available amount under the facility and MTP has access to a maximum of €45.0 million . Borrowings under the facility are collateralized by the borrowers' inventory and accounts receivable and bear interest at Euribor plus 2.95% . As at September 30, 2017 , approximately €25.0 million ( $29,515 ) of this facility was drawn and accruing interest at a rate of 2.95% and approximately €8.4 million ( $9,883 ) of this facility was supporting bank guarantees leaving approximately €36.6 million ( $43,244 ) 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, 2017 approximately €3.3 million ( $3,910 ) of this facility was supporting bank guarantees leaving approximately €1.7 million ( $1,993 ) available. |
| Principal Maturities Of Debt | As at September 30, 2017, the maturities of the principal portion of debt are as follows: 2017 $ — 2018 — 2019 — 2020 — 2021 — Thereafter 679,515 $ 679,515 |
Pension And Other Post-Retire26
| Pension And Other Post-Retirement Benefit Obligations (Tables) | 9 Months Ended |
| Sep. 30, 2017 | |
| Retirement Benefits [Abstract] | |
| Components of the Net Periodic Benefit Costs | The components of the net benefit costs relating to the Celgar Defined Benefit Plans for the three and nine month periods ended September 30, 2017 and 2016 were as follows: Three Months Ended Septembe r 30, 2017 2016 Pension Other Post- Pension Other Post- Service cost $ 25 $ 151 $ 23 $ 122 Interest cost 346 245 259 240 Expected return on plan assets (520 ) — (489 ) — Amortization of unrecognized items 265 37 335 (44 ) Net benefit costs $ 116 $ 433 $ 128 $ 318 Nine Months Ended Septemb e r 30, 2017 2016 Pension Other Post- Pension Other Post- Service cost $ 71 $ 435 $ 68 $ 363 Interest cost 998 706 756 711 Expected return on plan assets (1,499 ) — (1,448 ) — Amortization of unrecognized items 792 112 1,002 (132 ) Net benefit costs $ 362 $ 1,253 $ 378 $ 942 |
Income Taxes (Tables)
| Income Taxes (Tables) | 9 Months Ended |
| Sep. 30, 2017 | |
| Income Tax Disclosure [Abstract] | |
| Reconciliation of Effective Tax Rate | The income tax provision attributable to income before provision for income taxes in the Interim Consolidated Statements 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, 2017 and 2016 as a result of the following: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 U.S. Federal statutory rate 35% 35% 35% 35% U.S. Federal statutory rate on income before income taxes $ (9,722 ) $ (5,962 ) $ (17,732 ) $ (12,472 ) Tax differential on foreign income 2,701 1,719 5,668 3,353 Effect of foreign earnings — 1,750 — (1,750 ) Change in undistributed earnings (450 ) — (5,915 ) — Valuation allowance (1,823 ) (3,805 ) (11,177 ) (15,223 ) Tax benefit of partnership structure 1,246 1,304 3,692 3,867 Non-taxable foreign subsidies 608 575 1,717 1,693 True-up of prior year taxes (169 ) (78 ) (279 ) (138 ) Foreign exchange on valuation allowance 1,241 (329 ) 2,404 1,347 Foreign exchange on settlement of debt — — 550 870 Other (264 ) (283 ) (825 ) (728 ) $ (6,632 ) $ (5,109 ) $ (21,897 ) $ (19,181 ) Comprised of: Current income tax provision $ (2,448 ) $ (1,766 ) $ (9,308 ) $ (6,891 ) Deferred income tax provision (4,184 ) (3,343 ) (12,589 ) (12,290 ) $ (6,632 ) $ (5,109 ) $ (21,897 ) $ (19,181 ) |
Net Income Per Common Share (Ta
| Net Income Per Common Share (Tables) | 9 Months Ended |
| Sep. 30, 2017 | |
| Earnings Per Share [Abstract] | |
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income Basic and diluted $ 21,143 $ 11,926 $ 28,765 $ 16,454 Net income per common share Basic $ 0.33 $ 0.18 $ 0.44 $ 0.25 Diluted $ 0.32 $ 0.18 $ 0.44 $ 0.25 Weighted average number of common shares outstanding: Basic (1) 64,973,653 64,656,138 64,896,511 64,623,215 Effect of dilutive shares: Performance Share Units ("PSUs") 412,995 495,663 429,801 397,447 Restricted shares 7,268 3,353 17,447 20,359 Diluted 65,393,916 65,155,154 65,343,759 65,041,021 (1) For the three and nine month periods ended September 30, 2017, the basic weighted average number of common shares outstanding excludes 43,635 restricted shares which have been issued, but have not vested as at September 30, 2017 ( 2016 – 38,000 restricted shares). |
Shareholders' Equity (Tables)
| Shareholders' Equity (Tables) | 9 Months Ended |
| Sep. 30, 2017 | |
| Equity [Abstract] | |
| Summary of Dividends Declared | During the nine month period ended September 30, 2017, the Company's Board of Directors declared the following quarterly dividends: Date Declared Dividend Per Amount February 9, 2017 $ 0.115 $ 7,472 April 27, 2017 0.115 7,477 July 27, 2017 0.115 7,477 $ 0.345 $ 22,426 |
| Schedule of Retained Earnings [Table Text Block] | The following table summarizes the changes to retained earnings during the period: Nine Months Ended September 30, 2017 Retained earnings at January 1, 2017 $ 166,068 Net income 28,765 Cash dividends declared (22,426 ) Retained earnings at September 30, 2017 $ 172,407 |
| Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive loss are as follows: Foreign Currency Translation Adjustment Defined Benefit Pension and Other Post-Retirement Benefit Items Unrealized Gains / Losses on Marketable Securities Total Balance as at January 1, 2017 $ (170,592 ) $ (14,663 ) $ (14 ) $ (185,269 ) Other comprehensive income before reclassifications 107,597 — 58 107,655 Amounts reclassified from accumulated other comprehensive loss — 904 — 904 Other comprehensive income 107,597 904 58 108,559 Balance as at September 30, 2017 $ (62,995 ) $ (13,759 ) $ 44 $ (76,710 ) |
| Performance Share Units [Member] | |
| Shareholders' Equity [Line Items] | |
| Summary Of Share Based Compensation Arrangement Activity | The following table summarizes PSU activity during the period: Number of PSUs Outstanding as at January 1, 2017 2,068,174 Granted 542,788 Vested and issued (279,515 ) Forfeited (464,289 ) Outstanding as at September 30, 2017 1,867,158 |
| Restricted Stock [Member] | |
| Shareholders' Equity [Line Items] | |
| Summary Of Share Based Compensation Arrangement Activity | The following table summarizes restricted share activity during the period: Number of Restricted Shares Outstanding at January 1, 2017 38,000 Granted 43,635 Vested (38,000 ) Outstanding at September 30, 2017 43,635 |
Business Segment Information (T
| Business Segment Information (Tables) | 9 Months Ended |
| Sep. 30, 2017 | |
| Segment Reporting [Abstract] | |
| Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table shows information by reportable business segments for the three and nine month periods ended September 30, 2017. Three Months Ended Pulp Wood Products Corporate and Other Elimination Adjustment Consolidated Revenues from external customers $ 272,358 $ 33,140 $ — $ — $ 305,498 Revenues from other segments $ 1,056 $ 5,753 $ — $ (6,809 ) $ — Operating income (loss) $ 40,609 $ 2,983 $ (2,303 ) $ — $ 41,289 Depreciation and amortization $ 21,149 $ 1,419 $ 105 $ — $ 22,673 Purchase of property, plant and equipment $ 13,654 $ 665 $ 23 $ — $ 14,342 Nine Months Ended Pulp Wood Products Corporate and Other Elimination Adjustment Consolidated Revenues from external customers $ 781,028 $ 50,431 $ — $ — $ 831,459 Revenues from other segments $ 1,056 $ 8,739 $ — $ (9,795 ) $ — Operating income (loss) $ 103,302 $ 3,064 $ (5,604 ) $ — $ 100,762 Depreciation and amortization $ 59,652 $ 2,553 $ 314 $ — $ 62,519 Purchase of property, plant and equipment $ 39,714 $ 2,510 $ 25 $ — $ 42,249 Total assets $ 1,247,761 $ 116,522 $ 21,599 $ — $ 1,385,882 |
| Schedule Of Revenue By Product [Table Text Block] | The Company's revenues from external customers by product are as follows : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Pulp $ 247,314 $ 215,835 $ 712,810 $ 644,519 Lumber 27,851 — 41,444 — Other wood residuals 2,173 — 3,226 — Energy and chemical 28,160 22,106 73,979 65,410 Total revenues $ 305,498 $ 237,941 $ 831,459 $ 709,929 |
| Schedule Of Net Sales To External Customers By Geographic Area Based On Location Of The Customer | The following table presents revenues from external customers by geographic area based on location of the customer: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Germany $ 130,943 $ 101,506 $ 344,042 $ 305,078 China 60,604 54,504 194,280 165,550 Other European Union countries 64,907 46,453 171,308 133,039 Italy 12,506 12,686 36,991 42,012 Other Asia 12,648 7,398 38,270 24,201 U.S. 15,734 9,644 26,852 26,427 Other countries 8,156 5,750 19,716 13,622 Total revenues $ 305,498 $ 237,941 $ 831,459 $ 709,929 |
Fair Value Measurement and Di31
| Fair Value Measurement and Disclosure (Tables) | 9 Months Ended |
| Sep. 30, 2017 | |
| 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, 2017 using: Description Level 1 Level 2 Level 3 Total Interest rate derivative liability $ — $ 3,109 $ — $ 3,109 Debt Revolving credit facility — 29,515 — 29,515 2022 Senior Notes and 2024 Senior Notes — 685,125 — 685,125 $ — $ 717,749 $ — $ 717,749 Fair value measurements as at December 31, 2016 using: Description Level 1 Level 2 Level 3 Total Interest rate derivative liability $ — $ 6,522 $ — $ 6,522 2019 Senior Notes and 2022 Senior Notes — 654,378 — 654,378 $ — $ 660,900 $ — $ 660,900 |
Acquisition Acquisition (Detail
| Acquisition Acquisition (Details) - USD ($) $ in Thousands | Apr. 12, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
| Business Acquisition [Line Items] | |||||
| Inventories | $ 6,917 | ||||
| Property, plant, and equipment | 37,392 | ||||
| Amortizable intangible assets | 17,780 | ||||
| Total assets acquired | 62,089 | ||||
| Liabilities assumed - accounts payable and other | 462 | ||||
| Net assets acquired | 61,627 | ||||
| Business Acquisition, Pro Forma Revenue | $ 305,498 | $ 276,647 | $ 872,367 | $ 826,048 | |
| Business Acquisition, Pro Forma Net Income | 21,143 | 13,566 | 31,466 | 20,506 | |
| Acquisition costs | 868 | 868 | |||
| Revenues | 305,498 | 237,941 | 831,459 | 709,929 | |
| Net income | 21,143 | $ 11,926 | 28,765 | $ 16,454 | |
| Friesau Facility [Member] | |||||
| Business Acquisition [Line Items] | |||||
| Revenues | 33,140 | 50,431 | |||
| Net income | $ 930 | $ 157 | |||
| Friesau Facility [Member] | Computer Software [Member] | |||||
| Business Acquisition [Line Items] | |||||
| Amortizable intangible assets | $ 1,810 | ||||
| Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||
| Friesau Facility [Member] | EEG Contract [Member] | |||||
| Business Acquisition [Line Items] | |||||
| Amortizable intangible assets | $ 15,970 | ||||
| Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years |
Inventories (Details)
| Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
| Inventory, Net [Abstract] | ||
| Raw materials | $ 50,337 | $ 50,056 |
| Finished goods | 49,775 | 33,510 |
| Spare parts and other | 64,262 | 49,885 |
| Inventories | $ 164,374 | $ 133,451 |
Accounts Payable and Other (Det
| Accounts Payable and Other (Details) $ in Thousands, € in Millions | Sep. 30, 2017EUR (€) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
| Payables and Accruals [Abstract] | |||
| Trade payables | $ 37,357 | $ 28,815 | |
| Accrued expenses | 72,947 | 39,903 | |
| Interest payable | 13,568 | 3,916 | |
| Interest rate derivative liability | € 2.6 | 3,109 | 6,522 |
| Dividends payable | 7,477 | 7,440 | |
| Other | 7,743 | 5,537 | |
| Accounts payable and other | $ 142,201 | $ 92,133 |
Debt (Schedule Of Debt) (Detail
| Debt (Schedule Of Debt) (Details) $ in Thousands, € in Millions, CAD in Millions | Sep. 30, 2017CAD | Sep. 30, 2017EUR (€) | Sep. 30, 2017USD ($) | Mar. 16, 2017USD ($) | Feb. 03, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 26, 2014USD ($) |
| Debt Instrument [Line Items] | |||||||
| Debt | $ 669,012 | $ 617,545 | |||||
| 2022 Senior Notes [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Debt, face amount | 400,000 | ||||||
| Debt | 394,288 | 393,460 | |||||
| 2024 Senior Notes [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Debt, face amount | 250,000 | $ 25,000 | $ 225,000 | ||||
| Debt | 245,209 | $ 24,471 | $ 220,240 | 0 | |||
| 2019 Senior Notes [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Debt, face amount | $ 250,000 | ||||||
| Debt | 0 | 224,085 | |||||
| Stendal Credit Facility - EUR 75.0 Million [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Line of credit, maximum borrowing capacity | € | € 75 | ||||||
| Debt | 0 | 0 | |||||
| Celgar Credit Facility - C$40.0 Million [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Line of credit, maximum borrowing capacity | CAD | CAD 40 | ||||||
| Debt | 0 | 0 | |||||
| Rosenthal Credit Facility - EUR 70.0 Million [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Line of credit, maximum borrowing capacity | € | 70 | ||||||
| Debt | 25 | 29,515 | 0 | ||||
| Rosenthal Credit Facility - EUR 5.0 Million [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Line of credit, maximum borrowing capacity | € | € 5 | ||||||
| Debt | $ 0 | $ 0 |
Debt (Schedule of Debt Footnote
| Debt (Schedule of Debt Footnotes) (Details) $ in Thousands, € in Millions, CAD in Millions | Apr. 12, 2017EUR (€) | Mar. 16, 2017USD ($) | Nov. 26, 2014USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017CAD | Sep. 30, 2017EUR (€) | Sep. 30, 2017USD ($) | Feb. 03, 2017USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2016USD ($) |
| Debt Instrument [Line Items] | |||||||||||||
| Debt | $ 669,012 | $ 617,545 | |||||||||||
| Loss on settlement of debt | $ 0 | $ 0 | $ 10,696 | $ 454 | |||||||||
| Senior Notes 2019 and 2022 [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, offering date | Nov. 26, 2014 | ||||||||||||
| Debt, face amount | $ 650,000 | ||||||||||||
| Debt, issued price percentage of principal amount | 100.00% | ||||||||||||
| Debt | $ 635,949 | ||||||||||||
| Debt, issuance costs | $ 14,051 | ||||||||||||
| Senior Notes 2022 and 2024 [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Senior Notes, redemption notice minimum days | 30 days | ||||||||||||
| Senior Notes, redemption notice maximum days | 60 days | ||||||||||||
| 2019 Senior Notes [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, maturity date | Dec. 1, 2019 | ||||||||||||
| Debt, face amount | $ 250,000 | ||||||||||||
| Debt, interest rate | 7.00% | ||||||||||||
| Debt | 0 | 224,085 | |||||||||||
| Debt, repurchase date | Mar. 7, 2016 | ||||||||||||
| Debt, repurchase amount | $ 23,000 | 23,000 | 227,000 | ||||||||||
| Loss on settlement of debt | $ 10,696 | $ 454 | |||||||||||
| 2022 Senior Notes [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, maturity date | Dec. 1, 2022 | ||||||||||||
| Debt, face amount | 400,000 | ||||||||||||
| Debt, interest rate | 7.75% | ||||||||||||
| Debt | 394,288 | 393,460 | |||||||||||
| 2024 Senior Notes [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, offering date | Mar. 16, 2017 | Feb. 3, 2017 | |||||||||||
| Debt, maturity date | Feb. 1, 2024 | ||||||||||||
| Debt, face amount | $ 25,000 | 250,000 | $ 225,000 | ||||||||||
| Debt, interest rate | 6.50% | ||||||||||||
| Debt, issued price percentage of principal amount | 100.00% | 100.00% | |||||||||||
| Debt | $ 24,471 | 245,209 | $ 220,240 | 0 | |||||||||
| Stendal Credit Facility - EUR 75.0 Million [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, maturity date | Oct. 1, 2019 | ||||||||||||
| Debt | 0 | 0 | |||||||||||
| Debt, description of variable basis spread | Euribor | ||||||||||||
| Debt, variable basis spread | 3.50% | ||||||||||||
| Line of credit, maximum borrowing capacity | € | € 75 | ||||||||||||
| Line of credit, remaining borrowing capacity | € 75 | 88,545 | |||||||||||
| Credit Agreement For Celgar Mill [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, maturity date | May 1, 2019 | ||||||||||||
| Debt | 0 | 0 | |||||||||||
| Line of credit, maximum borrowing capacity | CAD | CAD 40 | ||||||||||||
| Line of credit, letters of credit outstanding, amount | 1.7 | 1,361 | |||||||||||
| Line of credit, remaining borrowing capacity | CAD 38.3 | $ 30,690 | |||||||||||
| Credit Agreement For Celgar Mill [Member] | Canadian Dollar Borrowings Rate Option 1 [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, description of variable basis spread | bankers acceptance | ||||||||||||
| Debt, variable basis spread | 1.50% | ||||||||||||
| Credit Agreement For Celgar Mill [Member] | Canadian Dollar Borrowings Rate Option 2 [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, description of variable basis spread | Canadian prime | ||||||||||||
| Credit Agreement For Celgar Mill [Member] | US Dollar Borrowings Rate Option 1 [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, description of variable basis spread | LIBOR | ||||||||||||
| Debt, variable basis spread | 1.50% | ||||||||||||
| Credit Agreement For Celgar Mill [Member] | US Dollar Borrowings Rate Option 2 [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, description of variable basis spread | U.S. base | ||||||||||||
| Rosenthal Credit Facility - EUR 25.0 Million [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Line of credit, maximum borrowing capacity | € | € 25 | ||||||||||||
| Rosenthal Credit Facility - EUR 70.0 Million [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, maturity date | Apr. 1, 2022 | ||||||||||||
| Debt, interest rate | 2.95% | 2.95% | 2.95% | ||||||||||
| Debt | € 25 | $ 29,515 | 0 | ||||||||||
| Debt, description of variable basis spread | Euribor | ||||||||||||
| Debt, variable basis spread | 2.95% | ||||||||||||
| Line of credit, maximum borrowing capacity | € | 70 | ||||||||||||
| Line of credit, remaining borrowing capacity | 36.6 | 43,244 | |||||||||||
| Debt, amount of debt supporting bank guarantees | 8.4 | 9,883 | |||||||||||
| Rosenthal Credit Facility - EUR 5.0 Million [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, maturity date | Dec. 1, 2018 | ||||||||||||
| Debt | 0 | $ 0 | |||||||||||
| Debt, description of variable basis spread | three-month Euribor | ||||||||||||
| Debt, variable basis spread | 2.50% | ||||||||||||
| Line of credit, maximum borrowing capacity | € | 5 | ||||||||||||
| Line of credit, remaining borrowing capacity | 1.7 | 1,993 | |||||||||||
| Debt, amount of debt supporting bank guarantees | € 3.3 | $ 3,910 | |||||||||||
| Twelve month period beginning December 1, 2017 [Member] | 2022 Senior Notes [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, redemption price, percentage | 105.813% | ||||||||||||
| Twelve month period beginning December 1, 2018 [Member] | 2022 Senior Notes [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, redemption price, percentage | 103.875% | ||||||||||||
| Twelve month period beginning December 1, 2019 [Member] | 2022 Senior Notes [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, redemption price, percentage | 101.938% | ||||||||||||
| Twelve month period beginning December 1, 2020 and thereafter [Member] | 2022 Senior Notes [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, redemption price, percentage | 100.00% | ||||||||||||
| Twelve month period beginning February 1, 2020 [Member] | 2024 Senior Notes [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, redemption price, percentage | 103.25% | ||||||||||||
| Twelve month period beginning February 1, 2021 [Member] | 2024 Senior Notes [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, redemption price, percentage | 101.625% | ||||||||||||
| Twelve month period beginning February 1, 2022 and thereafter [Member] | 2024 Senior Notes [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt, redemption price, percentage | 100.00% | ||||||||||||
| Mercer Timber [Member] | Rosenthal Credit Facility - EUR 70.0 Million [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Line of credit, maximum borrowing capacity | € | € 45 |
Debt (Principal Maturities Of D
| Debt (Principal Maturities Of Debt) (Details) $ in Thousands | Sep. 30, 2017USD ($) |
| Debt Disclosure [Abstract] | |
| 2,017 | $ 0 |
| 2,018 | 0 |
| 2,019 | 0 |
| 2,020 | 0 |
| 2,021 | 0 |
| Thereafter | 679,515 |
| Total debt | $ 679,515 |
Pension And Other Post-Retire38
| Pension And Other Post-Retirement Benefit Obligations (Plan Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
| Pension Plan [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Service cost | $ 25 | $ 23 | $ 71 | $ 68 |
| Interest cost | 346 | 259 | 998 | 756 |
| Expected return on plan assets | (520) | (489) | (1,499) | (1,448) |
| Amortization of unrecognized items | 265 | 335 | 792 | 1,002 |
| Net benefit costs | 116 | 128 | 362 | 378 |
| Other Postretirement Benefits Plan [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Service cost | 151 | 122 | 435 | 363 |
| Interest cost | 245 | 240 | 706 | 711 |
| Expected return on plan assets | 0 | 0 | 0 | 0 |
| Amortization of unrecognized items | 37 | (44) | 112 | (132) |
| Net benefit costs | $ 433 | $ 318 | $ 1,253 | $ 942 |
Pension and Other Post-Retire39
| Pension and Other Post-Retirement Benefit Obligations Pension and Other Post-Retirement Benefit Obligations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
| Multiemployer Plans [Line Items] | ||||
| Multiemployer Plan, Contributions by Employer | $ 493 | $ 384 | $ 1,539 | $ 1,167 |
| Defined Contribution Plan Disclosure [Line Items] | ||||
| Defined Contribution Plan, Contributions | $ 213 | $ 200 | $ 672 | $ 509 |
Income Taxes (Reconciliation Of
| Income Taxes (Reconciliation Of Effective Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
| 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 | $ (9,722) | $ (5,962) | $ (17,732) | $ (12,472) |
| Tax differential on foreign income | 2,701 | 1,719 | 5,668 | 3,353 |
| Effect of foreign earnings | 0 | 1,750 | 0 | (1,750) |
| Change in undistributed earnings | (450) | 0 | (5,915) | 0 |
| Valuation Allowance | (1,823) | (3,805) | (11,177) | (15,223) |
| Tax benefit of partnership structure | 1,246 | 1,304 | 3,692 | 3,867 |
| Non-taxable foreign subsidies | 608 | 575 | 1,717 | 1,693 |
| True-up of prior year taxes | (169) | (78) | (279) | (138) |
| Foreign exchange on valuation allowance | 1,241 | (329) | 2,404 | 1,347 |
| Foreign exchange on settlement of debt | 0 | 0 | 550 | 870 |
| Other | (264) | (283) | (825) | (728) |
| Total income tax provision | (6,632) | (5,109) | (21,897) | (19,181) |
| Current income tax provision | (2,448) | (1,766) | (9,308) | (6,891) |
| Deferred income tax provision | $ (4,184) | $ (3,343) | $ (12,589) | $ (12,290) |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
| Net Income Per Common Share Basic And Diluted [Line Items] | ||||
| Net income - basic and diluted | $ 21,143 | $ 11,926 | $ 28,765 | $ 16,454 |
| Net income per common share, basic | $ 0.33 | $ 0.18 | $ 0.44 | $ 0.25 |
| Net income per common share, diluted | $ 0.32 | $ 0.18 | $ 0.44 | $ 0.25 |
| Weighted Average Number of Shares Outstanding, Basic | 64,973,653 | 64,656,138 | 64,896,511 | 64,623,215 |
| Weighted Average Number of Shares Outstanding, Diluted | 65,393,916 | 65,155,154 | 65,343,759 | 65,041,021 |
| Performance Share Units [Member] | ||||
| Net Income Per Common Share Basic And Diluted [Line Items] | ||||
| Effect of dilutive instruments | 412,995 | 495,663 | 429,801 | 397,447 |
| Restricted Stock [Member] | ||||
| Net Income Per Common Share Basic And Diluted [Line Items] | ||||
| Effect of dilutive instruments | 7,268 | 3,353 | 17,447 | 20,359 |
| Contingently issuable shares excluded from the basic weighted average shares outstanding | 43,635 | 38,000 | 43,635 | 38,000 |
Net Income Per Common Share (An
| Net Income Per Common Share (Anti-dilutive Instruments) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Shareholders' Equity (Narrative
| Shareholders' Equity (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
| Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Common shares available for grant | 3,200,000 | 3,200,000 | |||
| Number of additional shares authorized | 2,300,000 | ||||
| Gross Proceeds From Short Swing Profits Exchange Act 16b | $ 3,000 | ||||
| Net Proceeds From Short Swing Profits Exchange Act 16b | $ 2,450 | ||||
| Restricted Stock Rights [Member] | |||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Shares granted | 0 | ||||
| Shares outstanding | 0 | 0 | |||
| Performance Share [Member] | |||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Shares granted | 0 | ||||
| Shares outstanding | 0 | 0 | |||
| Performance Share Units [Member] | |||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Shares granted | 542,788 | ||||
| Shares outstanding | 1,867,158 | 1,867,158 | 2,068,174 | ||
| Vesting period | 3 years | ||||
| Expense recognized | $ 646 | $ 882 | $ 1,201 | $ 2,268 | |
| Restricted Stock [Member] | |||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Shares granted | 43,635 | ||||
| Shares outstanding | 43,635 | 43,635 | 38,000 | ||
| Vesting period | 1 year | ||||
| Expense recognized | $ 128 | $ 90 | $ 324 | $ 359 | |
| Unrecognized compensation cost | $ 343 | $ 343 | |||
| Stock Options [Member] | |||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Shares granted | 0 | ||||
| Shares outstanding | 0 | 0 | |||
| Stock Appreciation Rights (SARs) [Member] | |||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Shares granted | 0 | ||||
| Shares outstanding | 0 | 0 | |||
Shareholders' Equity (Summary o
| Shareholders' Equity (Summary of Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 26, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
| Dividends Payable [Line Items] | |||||||
| Dividends Payable, Date Declared | Jul. 27, 2017 | Apr. 27, 2017 | Feb. 9, 2017 | ||||
| Common Stock, Dividends, Per Share, Declared | $ 0.115 | $ 0.115 | $ 0.115 | $ 0.115 | $ 0.345 | $ 0.345 | |
| Cash dividends declared | $ 7,477 | $ 7,477 | $ 7,472 | $ 22,426 | |||
| Dividend Declared [Member] | Subsequent Event [Member] | |||||||
| Dividends Payable [Line Items] | |||||||
| Dividends Payable, Date Declared | Oct. 26, 2017 | ||||||
| Common Stock, Dividends, Per Share, Declared | $ 0.125 | ||||||
| Dividends Payable, Date of Record | Dec. 27, 2017 | ||||||
| Dividends Payable, Date to be Paid | Jan. 4, 2018 |
Shareholders' Equity (Summary45
| Shareholders' Equity (Summary Of Share Activity - PSU's) (Details) - Performance Share Units [Member] | 9 Months Ended |
| Sep. 30, 2017shares | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Outstanding - Beginning | 2,068,174 |
| Granted | 542,788 |
| Vested and issued | (279,515) |
| Forfeited | (464,289) |
| Outstanding - Ending | 1,867,158 |
Shareholders' Equity (Summary46
| Shareholders' Equity (Summary Of Share Activity - Restricted Shares) (Details) - Restricted Stock [Member] | 9 Months Ended |
| Sep. 30, 2017shares | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Outstanding - Beginning | 38,000 |
| Granted | 43,635 |
| Vested | (38,000) |
| Outstanding - Ending | 43,635 |
Shareholders' Equity Shareholde
| Shareholders' Equity Shareholders' Equity (Retained Earnings Roll Forward) (Details) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
| Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
| Retained Earnings [Roll Forward] | ||||||
| Retained earnings at January 1, 2017 | $ 166,068 | $ 166,068 | ||||
| Net income | $ 21,143 | $ 11,926 | 28,765 | $ 16,454 | ||
| Cash dividends declared | (7,477) | $ (7,477) | $ (7,472) | (22,426) | ||
| Retained earnings at June 30, 2017 | $ 172,407 | $ 172,407 | ||||
Shareholders' Equity Sharehol48
| Shareholders' Equity Shareholders' Equity (Accumulated Other Comprehensive Income) (Details) (Details) $ in Thousands | 9 Months Ended |
| Sep. 30, 2017USD ($) | |
| Accumulated Other Comprehensive Income [Line Items] | |
| Accumulated other comprehensive loss, beginning balance | $ (185,269) |
| Other comprehensive income before reclassifications | 107,655 |
| Amounts reclassified from accumulated other comprehensive loss | 904 |
| Other comprehensive income, net of taxes | 108,559 |
| Accumulated other comprehensive loss, ending balance | (76,710) |
| Foreign Currency Translation Adjustment | |
| Accumulated Other Comprehensive Income [Line Items] | |
| Accumulated other comprehensive loss, beginning balance | (170,592) |
| Other comprehensive income before reclassifications | 107,597 |
| Amounts reclassified from accumulated other comprehensive loss | 0 |
| Other comprehensive income, net of taxes | 107,597 |
| Accumulated other comprehensive loss, ending balance | (62,995) |
| Defined Benefit Pension and Other Post-Retirement Benefit Items | |
| Accumulated Other Comprehensive Income [Line Items] | |
| Accumulated other comprehensive loss, beginning balance | (14,663) |
| Other comprehensive income before reclassifications | 0 |
| Amounts reclassified from accumulated other comprehensive loss | 904 |
| Other comprehensive income, net of taxes | 904 |
| Accumulated other comprehensive loss, ending balance | (13,759) |
| Unrealized Gains / Losses on Marketable Securities | |
| Accumulated Other Comprehensive Income [Line Items] | |
| Accumulated other comprehensive loss, beginning balance | (14) |
| Other comprehensive income before reclassifications | 58 |
| Amounts reclassified from accumulated other comprehensive loss | 0 |
| Other comprehensive income, net of taxes | 58 |
| Accumulated other comprehensive loss, ending balance | $ 44 |
Business Segment Information (N
| Business Segment Information (Narrative) (Details) | 3 Months Ended | 9 Months Ended |
| Sep. 30, 2017item | Sep. 30, 2017item | |
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Number of pulp mills | 3 | 3 |
| Number of reportable segments | 1 | 1 |
Business Segment Information Bu
| Business Segment Information Business Segment Information (Schedule of Results by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
| Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
| Segment Reporting Information [Line Items] | |||||
| Revenues from external customers | $ 305,498 | $ 237,941 | $ 831,459 | $ 709,929 | |
| Revenues from other segments | 0 | 0 | |||
| Operating income (loss) | 41,289 | 29,821 | 100,762 | 74,698 | |
| Depreciation and amortization | 22,673 | 18,031 | 62,519 | 53,212 | |
| Purchase of property, plant and equipment | 14,342 | 8,562 | 42,249 | 28,977 | |
| Assets | 1,385,882 | 1,385,882 | $ 1,158,708 | ||
| Market Pulp [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenues from external customers | 272,358 | 781,028 | |||
| Revenues from other segments | 1,056 | 1,056 | |||
| Operating income (loss) | 40,609 | 103,302 | |||
| Depreciation and amortization | 21,149 | 59,652 | |||
| Purchase of property, plant and equipment | 13,654 | 39,714 | |||
| Assets | 1,247,761 | 1,247,761 | |||
| Wood Products [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenues from external customers | 33,140 | 50,431 | |||
| Revenues from other segments | 5,753 | 8,739 | |||
| Operating income (loss) | 2,983 | 3,064 | |||
| Depreciation and amortization | 1,419 | 2,553 | |||
| Purchase of property, plant and equipment | 665 | 2,510 | |||
| Assets | 116,522 | 116,522 | |||
| Corporate and Other [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenues from external customers | 0 | 0 | |||
| Revenues from other segments | 0 | 0 | |||
| Operating income (loss) | (2,303) | $ (1,491) | (5,604) | $ (5,281) | |
| Depreciation and amortization | 105 | 314 | |||
| Purchase of property, plant and equipment | 23 | 25 | |||
| Assets | 21,599 | 21,599 | |||
| Intersegment Eliminations [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenues from external customers | 0 | 0 | |||
| Revenues from other segments | (6,809) | (9,795) | |||
| Operating income (loss) | 0 | 0 | |||
| Depreciation and amortization | 0 | 0 | |||
| Purchase of property, plant and equipment | 0 | 0 | |||
| Assets | $ 0 | $ 0 | |||
Business Segment Information (S
| Business Segment Information (Schedule Of Net Sales To External Customers By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Revenues | $ 305,498 | $ 237,941 | $ 831,459 | $ 709,929 |
| Germany | ||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Revenues | 130,943 | 101,506 | 344,042 | 305,078 |
| China | ||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Revenues | 60,604 | 54,504 | 194,280 | 165,550 |
| Other European Union Countries [Member] | ||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Revenues | 64,907 | 46,453 | 171,308 | 133,039 |
| Italy | ||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Revenues | 12,506 | 12,686 | 36,991 | 42,012 |
| Other Asia [Member] | ||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Revenues | 12,648 | 7,398 | 38,270 | 24,201 |
| U.S. [Member] | ||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Revenues | 15,734 | 9,644 | 26,852 | 26,427 |
| Other Countries [Member] | ||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Revenues | $ 8,156 | $ 5,750 | $ 19,716 | $ 13,622 |
Business Segment Information 52
| Business Segment Information Business Segment Information (Schedule of Revenue by Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
| Segment Reporting Information [Line Items] | ||||
| Revenues | $ 305,498 | $ 237,941 | $ 831,459 | $ 709,929 |
| Pulp [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Revenues | 247,314 | 215,835 | 712,810 | 644,519 |
| Lumber [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Revenues | 27,851 | 0 | 41,444 | 0 |
| Other wood residuals [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Revenues | 2,173 | 0 | 3,226 | 0 |
| Energy and chemicals [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Revenues | $ 28,160 | $ 22,106 | $ 73,979 | $ 65,410 |
Derivative Transactions (Narrat
| Derivative Transactions (Narrative) (Details) $ in Thousands, € in Millions | 3 Months Ended | ||
| Sep. 30, 2017EUR (€) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
| Derivative [Line Items] | |||
| Aggregate notional amount of interest rate swap | € 94.3 | ||
| Derivative fixed interest rate | 5.28% | 5.28% | |
| Interest rate derivative liability, total | € 2.6 | $ 3,109 | $ 6,522 |
| Percentage of fair value of interest rate swap collaterized | 67.00% | 67.00% | |
| Maximum amount of collateral for interest rate swap | € 8.5 | ||
| Cash and cash equivalents, at carrying value | $ | $ 157,217 | 136,569 | |
| Restricted cash and cash equivalents | € 1.8 | 2,125 | 4,327 |
| Accounts receivable, at carrying value | $ | $ 181,062 | $ 123,892 | |
| Derivative, Maturity Date | Oct. 1, 2017 | ||
| Stendal Credit Facility - EUR 75.0 Million [Member] | |||
| Derivative [Line Items] | |||
| Line of credit, maximum borrowing capacity | € 75 |
Fair Value Measurement and Di54
| Fair Value Measurement and Disclosure (Outstanding Financial Instruments and Estimated Fair Value) (Details) $ in Thousands, € in Millions | Sep. 30, 2017EUR (€) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Interest rate derivative liability | € 2.6 | $ 3,109 | $ 6,522 |
| Debt | 654,378 | ||
| Financial and Nonfinancial Liabilities, Fair Value Disclosure | 717,749 | 660,900 | |
| Rosenthal Credit Facility - EUR 70.0 Million [Member] | |||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Debt | 29,515 | ||
| Senior Notes 2022 and 2024 [Member] | |||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Debt | 685,125 | ||
| Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Interest rate derivative liability | 0 | 0 | |
| Debt | 0 | ||
| Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
| Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Rosenthal Credit Facility - EUR 70.0 Million [Member] | |||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Debt | 0 | ||
| Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Senior Notes 2022 and 2024 [Member] | |||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Debt | 0 | ||
| Fair Value, Significant Other Observable Inputs (Level 2) [Member] | |||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Interest rate derivative liability | 3,109 | 6,522 | |
| Debt | 654,378 | ||
| Financial and Nonfinancial Liabilities, Fair Value Disclosure | 717,749 | 660,900 | |
| Fair Value, Significant Other Observable Inputs (Level 2) [Member] | Rosenthal Credit Facility - EUR 70.0 Million [Member] | |||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Debt | 29,515 | ||
| Fair Value, Significant Other Observable Inputs (Level 2) [Member] | Senior Notes 2022 and 2024 [Member] | |||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Debt | 685,125 | ||
| Fair Value, Significant unobservable inputs (Level 3) [Member] | |||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Interest rate derivative liability | 0 | 0 | |
| Debt | 0 | ||
| Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | $ 0 | |
| Fair Value, Significant unobservable inputs (Level 3) [Member] | Rosenthal Credit Facility - EUR 70.0 Million [Member] | |||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Debt | 0 | ||
| Fair Value, Significant unobservable inputs (Level 3) [Member] | Senior Notes 2022 and 2024 [Member] | |||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Debt | $ 0 |