Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | MERCER INTERNATIONAL INC. | |
Entity Central Index Key | 0001333274 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Trading Symbol | merc | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 65,629,582 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity File Number | 000-51826 | |
Entity Tax Identification Number | 470956945 | |
Entity Address, Address Line One | Suite 1120, 700 West Pender Street | |
Entity Address, City or Town | Vancouver | |
Entity Address, State or Province | British Columbia | |
Entity Address, Country | Canada | |
Entity Address, Postal Zip Code | V6C 1G8 | |
City Area Code | 604 | |
Local Phone Number | 684-1099 |
INTERIM CONSOLIDATED STATEMENTS
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenues | $ 425,753 | $ 346,532 | $ 909,703 | $ 714,435 |
Costs and expenses | ||||
Cost of sales, excluding depreciation and amortization | 336,433 | 271,134 | 679,466 | 525,419 |
Cost of sales depreciation and amortization | 32,038 | 22,906 | 62,174 | 46,115 |
Selling, general and administrative expenses | 19,472 | 15,016 | 36,701 | 29,377 |
Operating income | 37,810 | 37,476 | 131,362 | 113,524 |
Other income (expenses) | ||||
Interest expense | (18,369) | (12,128) | (36,920) | (24,243) |
Loss on settlement of debt (Note 5(a)) | 0 | 0 | 0 | (21,515) |
Legal cost award | 0 | 0 | 0 | (6,951) |
Other income (expenses) | 1,251 | (132) | 2,290 | (369) |
Total other expenses, net | (17,118) | (12,260) | (34,630) | (53,078) |
Income before provision for income taxes | 20,692 | 25,216 | 96,732 | 60,446 |
Provision for income taxes | (10,433) | (8,461) | (34,857) | (18,042) |
Net income | $ 10,259 | $ 16,755 | $ 61,875 | $ 42,404 |
Net income per common share | ||||
Basic and diluted | $ 0.16 | $ 0.26 | $ 0.94 | $ 0.65 |
Dividends declared per common share | $ 0.1375 | $ 0.1250 | $ 0.2625 | $ 0.2500 |
INTERIM CONSOLIDATED STATEMEN_2
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 10,259 | $ 16,755 | $ 61,875 | $ 42,404 |
Other comprehensive income (loss), net of taxes | ||||
Foreign currency translation adjustment | 24,088 | (55,807) | 20,237 | (39,522) |
Change in unrecognized losses and prior service costs related to defined benefit pension plans, net of tax of $30 and $36, respectively (2018 - $nil) | 35 | (574) | 95 | (728) |
Change in unrealized gains/losses on marketable securities, net of taxes of $nil in all periods. | 37 | 26 | 16 | 27 |
Other comprehensive income (loss), net of taxes | 24,160 | (56,355) | 20,348 | (40,223) |
Total comprehensive income (loss) | $ 34,419 | $ (39,600) | $ 82,223 | $ 2,181 |
INTERIM CONSOLIDATED STATEMEN_3
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Change in unrecognized losses and prior service costs related to defined benefit plan, tax effect | $ 30 | $ 0 | $ 36 | $ 0 |
Change in unrealized gains/losses on marketable securities, tax effect | $ 0 | $ 0 | $ 0 | $ 0 |
INTERIM CONSOLIDATED BALANCE SH
INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 257,322 | $ 240,491 |
Accounts receivable | 273,502 | 252,692 |
Inventories | 286,839 | 303,813 |
Prepaid expenses and other | 20,229 | 13,703 |
Total current assets | 837,892 | 810,699 |
Property, plant and equipment, net | 1,031,696 | 1,029,257 |
Investment in joint ventures | 57,659 | 62,574 |
Intangible assets, net | 55,795 | 53,927 |
Operating lease right-of-use assets | 14,087 | |
Other long-term assets | 31,183 | 17,904 |
Deferred income tax | 1,465 | 1,374 |
Total assets | 2,029,777 | 1,975,735 |
Current liabilities | ||
Accounts payable and other | 222,272 | 194,484 |
Pension and other post-retirement benefit obligations | 831 | 904 |
Total current liabilities | 223,103 | 195,388 |
Debt | 983,644 | 1,041,389 |
Pension and other post-retirement benefit obligations | 26,291 | 25,829 |
Finance lease liabilities | 23,229 | 24,669 |
Operating lease liabilities | 11,610 | |
Other long-term liabilities | 14,394 | 13,924 |
Deferred income tax | 100,981 | 93,107 |
Total liabilities | 1,383,252 | 1,394,306 |
Shareholders’ equity | ||
Common shares $1 par value; 200,000,000 authorized; 65,629,000 issued and outstanding (2018 – 65,202,000) | 65,598 | 65,171 |
Additional paid-in capital | 342,815 | 342,438 |
Retained earnings | 345,934 | 301,990 |
Accumulated other comprehensive loss | (107,822) | (128,170) |
Total shareholders’ equity | 646,525 | 581,429 |
Total liabilities and shareholders’ equity | 2,029,777 | 1,975,735 |
Commitments and contingencies (Note 14) |
INTERIM CONSOLIDATED BALANCE _2
INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 65,629,000 | 65,202,000 |
Common Stock, Shares, Outstanding | 65,629,000 | 65,202,000 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
INTERIM CONSOLIDATED STATEMEN_4
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Total shareholders' equity at Dec. 31, 2017 | $ 550,666 | $ 64,974 | $ 338,695 | $ 205,998 | $ (59,001) |
Balance (in shares) at Dec. 31, 2017 | 65,017 | ||||
Shares issued on grants of restricted shares | 0 | $ 43 | (43) | 0 | 0 |
Shares issued on grants of restricted shares (in shares) | 31 | ||||
Shares issued on grants of performance share units | 0 | $ 154 | (154) | 0 | 0 |
Shares issued on grants of performance share units (in shares) | 154 | ||||
Stock compensation expense | 1,952 | $ 0 | 1,952 | 0 | 0 |
Net income | 42,404 | 0 | 0 | 42,404 | 0 |
Dividends declared | (16,297) | 0 | 0 | (16,297) | 0 |
Other comprehensive income (loss) | (40,223) | 0 | 0 | 0 | (40,223) |
Total shareholders' equity at Jun. 30, 2018 | 538,502 | $ 65,171 | 340,450 | 232,105 | (99,224) |
Balance (in shares) at Jun. 30, 2018 | 65,202 | ||||
Total shareholders' equity at Mar. 31, 2018 | 584,494 | $ 65,128 | 338,734 | 223,501 | (42,869) |
Balance (in shares) at Mar. 31, 2018 | 65,171 | ||||
Shares issued on grants of restricted shares | 0 | $ 43 | (43) | 0 | 0 |
Shares issued on grants of restricted shares (in shares) | 31 | ||||
Stock compensation expense | 1,759 | $ 0 | 1,759 | 0 | 0 |
Net income | 16,755 | 0 | 0 | 16,755 | 0 |
Dividends declared | (8,151) | 0 | 0 | (8,151) | 0 |
Other comprehensive income (loss) | (56,355) | 0 | 0 | 0 | (56,355) |
Total shareholders' equity at Jun. 30, 2018 | 538,502 | $ 65,171 | 340,450 | 232,105 | (99,224) |
Balance (in shares) at Jun. 30, 2018 | 65,202 | ||||
Total shareholders' equity at Dec. 31, 2018 | $ 581,429 | $ 65,171 | 342,438 | 301,990 | (128,170) |
Balance (in shares) at Dec. 31, 2018 | 65,202 | 65,202 | |||
Dividends declared | $ (8,206) | ||||
Total shareholders' equity at Mar. 31, 2019 | 620,682 | $ 65,620 | 341,644 | 345,400 | (131,982) |
Balance (in shares) at Mar. 31, 2019 | 65,651 | ||||
Total shareholders' equity at Dec. 31, 2018 | $ 581,429 | $ 65,171 | 342,438 | 301,990 | (128,170) |
Balance (in shares) at Dec. 31, 2018 | 65,202 | 65,202 | |||
Shares issued on grants of restricted shares | $ 0 | $ 31 | (31) | 0 | 0 |
Shares issued on grants of restricted shares (in shares) | 31 | ||||
Shares issued on grants of performance share units | 0 | $ 449 | (449) | 0 | 0 |
Shares issued on grants of performance share units (in shares) | 449 | ||||
Stock compensation expense | 857 | $ 0 | 857 | 0 | 0 |
Net income | 61,875 | 0 | 0 | 61,875 | 0 |
Dividends declared | (17,230) | 0 | 0 | (17,230) | 0 |
Repurchase of common shares | (754) | $ (53) | 0 | (701) | 0 |
Repurchase of common shares (in shares) | (53) | ||||
Other comprehensive income (loss) | 20,348 | $ 0 | 0 | 0 | 20,348 |
Total shareholders' equity at Jun. 30, 2019 | $ 646,525 | $ 65,598 | 342,815 | 345,934 | (107,822) |
Balance (in shares) at Jun. 30, 2019 | 65,629 | 65,629 | |||
Total shareholders' equity at Mar. 31, 2019 | $ 620,682 | $ 65,620 | 341,644 | 345,400 | (131,982) |
Balance (in shares) at Mar. 31, 2019 | 65,651 | ||||
Shares issued on grants of restricted shares | 0 | $ 31 | (31) | 0 | 0 |
Shares issued on grants of restricted shares (in shares) | 31 | ||||
Stock compensation expense | 1,202 | $ 0 | 1,202 | 0 | 0 |
Net income | 10,259 | 0 | 0 | 10,259 | 0 |
Dividends declared | (9,024) | 0 | 0 | (9,024) | 0 |
Repurchase of common shares | (754) | $ (53) | 0 | (701) | 0 |
Repurchase of common shares (in shares) | (53) | ||||
Other comprehensive income (loss) | 24,160 | $ 0 | 0 | 0 | 24,160 |
Total shareholders' equity at Jun. 30, 2019 | $ 646,525 | $ 65,598 | $ 342,815 | $ 345,934 | $ (107,822) |
Balance (in shares) at Jun. 30, 2019 | 65,629 | 65,629 |
INTERIM CONSOLIDATED STATEMEN_5
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from (used in) operating activities | ||||
Net income | $ 10,259 | $ 16,755 | $ 61,875 | $ 42,404 |
Adjustments to reconcile net income to cash flows from operating activities | ||||
Depreciation and amortization | 32,148 | 23,014 | 62,395 | 46,333 |
Deferred income tax provision | 426 | 1,204 | 4,065 | 6,016 |
Loss on settlement of debt | 0 | 0 | 0 | 21,515 |
Defined benefit pension plans and other post-retirement benefit plan expense | 860 | 432 | 1,716 | 871 |
Stock compensation expense | 1,202 | 1,759 | 857 | 1,952 |
Foreign exchange transaction losses | 9,505 | 347 | 9,242 | 524 |
Other | 7,640 | 964 | 8,344 | 1,607 |
Defined benefit pension plans and other post-retirement benefit plan contributions | (270) | (60) | (1,428) | (105) |
Changes in working capital | ||||
Accounts receivable | 32,204 | 13,475 | (24,149) | 8,343 |
Inventories | (7,769) | (12,221) | 13,372 | (19,043) |
Accounts payable and accrued expenses | 4,197 | 36,906 | 4,024 | 54,933 |
Other | (1,681) | 3,170 | (9,406) | (3,228) |
Net cash from (used in) operating activities | 88,721 | 85,745 | 130,907 | 162,122 |
Cash flows from (used in) investing activities | ||||
Purchase of property, plant and equipment | (24,979) | (28,655) | (44,368) | (44,839) |
Purchase of intangible assets | (179) | (153) | (495) | (320) |
Other | (82) | 67 | (343) | 67 |
Net cash from (used in) investing activities | (25,240) | (28,741) | (45,206) | (45,092) |
Cash flows from (used in) financing activities | ||||
Redemption of senior notes | 0 | 0 | 0 | (317,439) |
Proceeds from (repayment of) revolving credit facilities, net | (24,732) | 17,665 | (58,404) | 37,736 |
Dividend payments | (8,206) | (8,147) | (8,206) | (16,274) |
Repurchase of common shares | (754) | 0 | (754) | 0 |
Payment of debt issuance costs | (248) | 0 | (757) | (1,390) |
Proceeds from government grants | 0 | 0 | 6,320 | 0 |
Other | (6,067) | (771) | (6,929) | (1,619) |
Net cash from (used in) financing activities | (40,007) | 8,747 | (68,730) | (298,986) |
Effect of exchange rate changes on cash and cash equivalents | 614 | (9,835) | (140) | (9,300) |
Net increase (decrease) in cash and cash equivalents | 24,088 | 55,916 | 16,831 | (191,256) |
Cash and cash equivalents, beginning of period | 233,234 | 213,566 | 240,491 | 460,738 |
Cash and cash equivalents, end of period | 257,322 | 269,482 | 257,322 | 269,482 |
Supplemental cash flow disclosure | ||||
Cash paid for interest | 5,902 | 4,424 | 22,885 | 15,696 |
Cash paid for income taxes | 15,124 | 2,742 | 38,737 | 4,220 |
Supplemental schedule of non-cash investing and financing activities: | ||||
Leased production equipment | $ 0 | $ 12,126 | $ 0 | $ 12,126 |
The Company And Summary Of Sign
The Company And Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
The Company And Summary Of Significant Accounting Policies | Note 1. The Company and Summary of Significant Accounting Policies Nature of Operations and Basis of Presentation The Interim Consolidated Financial Statements contained herein include the accounts of Mercer International Inc. ("Mercer Inc.") and all of its subsidiaries (collectively the "Company"). The Company's shares of common stock are quoted and listed for trading on the NASDAQ Global Market. The Interim Consolidated Financial Statements have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). The 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, 2018. 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 inventory and 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 February 2016, the Financial Accounting Standards Board ("FASB") established Topic 842, Leases, by issuing Accounting Standards Update ("ASU") 2016-02, Leases, which requires lessees to recognize virtually all leases on the balance sheet, by recording a right-of-use asset and corresponding liability. Additionally, the update also requires additional disclosures in regards to the nature, timing and uncertainty of cash flows arising from leases. Topic 842 was subsequently amended by ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU 2018-10, Codification Improvements to Topic 842, Leases; and ASU 2018-11, Leases: Targeted Improvements. These updates were effective for financial statements issued for fiscal years beginning after December 15, 2018. The Company adopted these updates on January 1, 2019 using the modified retrospective method and used the effective date as the date of initial application. Consequently, financial information was not updated before January 1, 2019. The new standard provides a number of optional practical expedients in transition and the Company elected to use all of them on adoption. Adoption of the standard resulted in recognition of right-of-use assets and lease liabilities for operating leases of $14,700 as at January 1, 2019. The standard did not impact the Interim Consolidated Statements of Operations or the Interim Consolidated Statements of Cash Flows. The Company's lease disclosure has been included in the Lease Commitments Note. |
Acquisition of Mercer Peace Riv
Acquisition of Mercer Peace River ("MPR") | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisition of Mercer Peace River ("MPR") | Note 2. Acquisition of Mercer Peace River ("MPR") On December 10, 2018, the Company acquired all of the issued and outstanding shares of MPR. The purchase price was cash consideration of $344,030, after certain customary working capital adjustments. The acquisition results in 100% ownership of a bleached kraft pulp mill in Peace River, Alberta, a 50% joint venture interest in the Cariboo Pulp and Paper Company ("CPP"), an NBSK pulp mill, in Quesnel, British Columbia, and a 50% interest in a logging and chipping operation for the areas underlying MPR's forest management agreements and timber allocations. The acquisition of MPR expands the Company's presence in Asia and adds northern bleached hardwood kraft to its product mix. The following summarizes the Company's preliminary allocation of the purchase price to the fair value of the assets acquired and liabilities assumed from MPR at the acquisition date: Purchase Price Allocation Current assets $ 134,748 Property, plant and equipment 214,260 Investment in joint ventures 55,325 Amortizable intangible assets, timber cutting rights (a) 37,634 Other long term-assets 392 Total assets acquired 442,359 Current liabilities 35,578 Pension obligations 9,747 Deferred income tax 49,907 Other long-term liabilities 3,097 Total liabilities assumed 98,329 Net assets acquired $ 344,030 (a) The timber cutting rights are being amortized on a straight line basis over 30 years. The fair value of the timber cutting rights was determined through the market approach utilizing comparable market data. The values were then discounted at a rate of 12% for 30 years to arrive at the fair value. The purchase price allocation was based on a preliminary valuation and may be revised as a result of additional information obtained regarding the 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 the identification of intangible assets. During the three and six month periods ended June 30, 2019 immaterial adjustments were made to the purchase price allocation to reflect the most current valuations of the assets. The purchase price allocation will be finalized during the 12-month measurement period following the acquisition date. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Net [Abstract] | |
Inventories | Note 3. Inventories June 30, December 31, 2019 2018 Raw materials $ 81,281 $ 103,983 Finished goods 109,874 114,304 Spare parts and other 95,684 85,526 $ 286,839 $ 303,813 |
Accounts Payable and Other
Accounts Payable and Other | 6 Months Ended |
Jun. 30, 2019 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Other | Note 4. Accounts Payable and Other June 30, December 31, 2019 2018 Trade payables $ 38,645 $ 36,333 Accrued expenses 106,377 95,936 Interest payable 29,866 16,861 Income tax payable 24,234 29,818 Legal cost award payable — 6,951 Dividends payable 9,024 — Other 14,126 8,585 $ 222,272 $ 194,484 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Note 5. Debt June 30, December 31, 2019 2018 2022 Senior Notes, principal amount $100,000 (a) $ 99,056 $ 98,918 2024 Senior Notes, principal amount $250,000 (a) 246,533 246,154 2025 Senior Notes, principal amount $350,000 (a) 343,083 342,761 2026 Senior Notes, principal amount $300,000 (a) 294,972 294,588 Credit arrangements €200 million joint revolving credit facility (b) — 58,968 C$60 million revolving credit facility (c) — C$40 million revolving credit facility (d) — — €2.6 million demand loan (e) — — $ 983,644 $ 1,041,389 As at June 30, 2019, the maturities of the principal portion of debt were as follows: 2019 $ — 2020 — 2021 — 2022 100,000 2023 — Thereafter 900,000 $ 1,000,000 Certain of the Company's debt instruments were issued under agreements which, among other things, may limit the ability to make certain payments, including dividends. These limitations are subject to specific exceptions. As at June 30, 2019, the Company was in compliance with the terms of its debt agreements. (a) In 2018, the Company issued $350,000 in aggregate principal amount of 7.375% senior notes which mature on January 15, 2025 ("2025 Senior Notes"). The 2025 Senior Notes were issued at a price of 100% of their principal amount. The net proceeds of the offerings were $342,682 after deducting the underwriter's discount and offering expenses. The net proceeds, together with cash on hand, were used to finance the acquisition of MPR. In 2017, the Company issued $300,000 in aggregate principal amount of 5.50% senior notes which mature on January 15, 2026 ("2026 Senior Notes"). The 2026 Senior Notes were issued at a price of 100% of their principal amount. The net proceeds of the offering were $293,795, after deducting the underwriter's discount and offering expenses. Note 5. Debt (continued) In 2018, the Company used the net proceeds of the 2026 Senior Notes, together with cash on hand, to purchase $300,000 in aggregate principal amount of 2022 Senior Notes (herein defined below). In connection with this redemption the Company recorded a loss on settlement of debt of $21,515 in the Interim Consolidated Statement of Operations. In 2017, the Company issued $250,000 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 offerings were $244,711, after deducting the underwriter's discount and offering expenses. The net proceeds, together with cash on hand, were used to redeem $227,000 of remaining aggregate principal amount of outstanding senior notes due 2019, to finance the acquisition of the Friesau sawmill and for general working capital purposes. In 2014, the Company issued $400,000 in aggregate principal amount of 7.75% senior notes which mature on December 1, 2022 ("2022 Senior Notes" and collectively with the 2024 Senior Notes, 2025 Senior Notes and 2026 Senior Notes, the "Senior Notes"). The Senior Notes are general unsecured senior obligations of the Company. They rank equal in right of payment with all existing and future unsecured senior indebtedness of the Company and are senior in right of payment to any current or future subordinated indebtedness of the Company. The Senior Notes are effectively junior in right of payment to all existing and future secured indebtedness, to the extent of the assets securing such indebtedness, and all indebtedness and liabilities of the Company's subsidiaries. The Company may redeem all or a part of the 2025 Senior Notes or 2026 Senior Notes, upon not less than 10 days' or more than 60 days' notice and the Company may redeem all or a part of the 2024 Senior Notes or 2022 Senior Notes, upon not less than 30 days' or more than 60 days' notice at the redemption price plus accrued and unpaid interest to (but not including) the applicable redemption date. The following table presents the redemption prices (expressed as percentages of principal amount) and the redemption periods: 2022 Senior Notes 2024 Senior Notes 2025 Senior Notes 2026 Senior Notes 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage December 1, 2018 103.875 % February 1, 2020 103.250 % January 15, 2021 103.688 % January 15, 2021 102.750 % December 1, 2019 101.938 % February 1, 2021 101.625 % January 15, 2022 101.844 % January 15, 2022 101.375 % December 1, 2020 and thereafter 100.000 % February 1, 2022 and thereafter 100.000 % January 15, 2023 and thereafter 100.000 % January 15, 2023 and thereafter 100.000 % (b) A €200.0 million joint revolving credit facility with all of the Company's German mills that matures in December 2023. Borrowings under the facility are unsecured and bear interest at Euribor plus a variable margin ranging from 1.05% to 2.00% dependent on conditions including but not limited to a prescribed leverage ratio. As at June 30, 2019, approximately €11.1 million ($12,628) of this facility was supporting bank guarantees leaving approximately €188.9 million ($214,972) available. (c) In 2019, MPR entered into a C$60.0 million revolving credit facility that matures in February 2024. The facility is available by way of: (i) Canadian denominated advances, which bear interest at a designated prime rate per annum; (ii) banker's acceptance equivalent loans, which bear interest at the applicable Canadian dollar banker's acceptance plus 1.25% to 1.50% per annum; (iii) dollar denominated base rate advances at the greater of the federal funds rate plus 0.50%, a designated LIBOR rate plus 1.00% and the bank's applicable reference rate for U.S. dollar loans; and (iv) dollar LIBOR advances, which bear interest at LIBOR plus 1.25% to 1.50% per annum. The facility is secured by, among other things, the mill's inventories and receivables. As at June 30, 2019, Note 5. Debt (continued) (d) A C$40.0 million revolving credit facility at the Celgar mill that matures in July 2023. Borrowings under the facility are collateralized by the mill's inventory, accounts receivable, general intangibles and capital assets and are restricted by a borrowing base calculated on the mill's inventory and accounts receivable. When the borrowing capacity is less than 25% of the total facility the Canadian dollar denominated amounts bear interest at bankers acceptance plus 1.50% or Canadian prime and the U.S. dollar denominated amounts bear interest at LIBOR plus 1.50% or U.S. base. When the borrowing capacity is greater than or equal to 25% of the total facility, the respective bankers acceptance or LIBOR margins are reduced by 0.25% and the Canadian Prime or U.S. base margins are reduced by 0.125%. As at June 30, 2019, approximately C$1.7 million ($1,298) was supporting letters of credit leaving approximately C$38.3 million ($29,266) available. (e) A €2.6 million demand loan at the Rosenthal mill that does not have a maturity date. Borrowings under this facility are unsecured and bear interest at the rate of the three-month Euribor plus 2.50%. As at June 30, 2019, approximately €2.6 million ($2,904) of this facility was supporting bank guarantees leaving approximately $nil available. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefit Obligations | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Other Post-Retirement Benefit Obligations | Note 6. Pension and Other Post-Retirement Benefit Obligations Defined Benefit Plans Included in pension and other post-retirement benefit obligations are amounts related to Celgar and from the date of acquisition MPR. Pension benefits are based on employees' earnings and years of service. The defined benefit plans are funded by contributions from the Company based on actuarial estimates and statutory requirements. The components of the net benefit costs for the three and six month periods ended June 30, 2019 and 2018 were as follows: Three Months Ended June 30, 2019 2018 Pension Other Post- Retirement Benefits Pension Other Post- Retirement Benefits Service cost $ 711 $ 67 $ 26 $ 117 Interest cost 872 136 317 178 Expected return on plan assets (997 ) — (384 ) — Amortization of unrecognized items 253 (182 ) 230 (52 ) Net benefit costs $ 839 $ 21 $ 189 $ 243 Six Months Ended June 30, 2019 2018 Pension Other Post- Retirement Benefits Pension Other Post- Retirement Benefits Service cost $ 1,427 $ 135 $ 52 $ 237 Interest cost 1,749 273 640 360 Expected return on plan assets (1,999 ) — (777 ) — Amortization of unrecognized items 468 (337 ) 464 (105 ) Net benefit costs $ 1,645 $ 71 $ 379 $ 492 Note 6. Pension and Other Post-Retirement Benefit Obligations (continued) The components of the net benefit costs other than service cost are recorded in other income (expenses) in the Interim Consolidated Statement of Operations. Defined Contribution Plan Effective December 31, 2008, the defined benefit plans at the Celgar mill were closed to new members. In addition, the related 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 six month periods ended June 30, 2019, the Company made contributions of $298 and $746, respectively (2018 – $217 and $435). Multiemployer Plan The Company participates in a multiemployer plan for the hourly-paid employees at the Celgar mill. The contributions to the plan are determined based on a percentage of pensionable earnings pursuant to a collective bargaining agreement. The Company has no current or future contribution obligations in excess of the contractual contributions. Contributions during the three and six month periods ended June 30, 2019 totaled $648 and $971, respectively (2018 – $658 and $1,145). |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7. Income Taxes Differences between the U.S. Federal statutory and the Company's effective rates for the three and six month periods ended June 30, 2019 and 2018, were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 U.S. Federal statutory rate 21% 21% 21% 21% U.S. Federal statutory rate on income before provision for income taxes $ (4,346 ) $ (5,296 ) $ (20,314 ) $ (12,694 ) Tax differential on foreign income (2,446 ) (2,639 ) (8,362 ) (7,228 ) Effect of foreign earnings (a) (153 ) (5,740 ) (12,040 ) (8,457 ) Valuation allowance (4,580 ) 3,773 3,761 22,018 Tax benefit of partnership structure 963 1,380 1,921 2,277 Non-taxable foreign subsidies 1,026 732 1,394 1,488 True-up of prior year taxes (2,396 ) (426 ) (1,121 ) (14,493 ) Other 1,499 (245 ) (96 ) (953 ) $ (10,433 ) $ (8,461 ) $ (34,857 ) $ (18,042 ) Comprised of: Current income tax provision $ (10,007 ) $ (7,257 ) $ (30,792 ) $ (12,026 ) Deferred income tax provision (426 ) (1,204 ) (4,065 ) (6,016 ) $ (10,433 ) $ (8,461 ) $ (34,857 ) $ (18,042 ) (a) Includes the impact of the global intangible low-taxed income provision in the Tax Cuts and Jobs Act of 2017. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Note 8. Shareholders' Equity Dividends During the six month period ended June 30, 2019, the Company’s Board of Directors declared the following quarterly dividends: Date Declared Dividend Per Common Share Amount February 14, 2019 $ 0.1250 $ 8,206 May 2, 2019 0.1375 9,024 $ 0.2625 $ 17,230 In August 2019, the Company's Board of Directors declared a quarterly dividend of $0.1375 per common share. Payment of the dividend will be made on October 2, 2019 to all shareholders of record on September 25, 2019. Future dividends are subject to approval by the Board of Directors and may be adjusted as business and industry conditions warrant. Share Repurchase Program In May 2019, the Company’s board of directors authorized a common stock repurchase program under which the Company may repurchase up to $50,000 of its shares until May 2020. Repurchases may be made from time to time under the program through open market or in privately negotiated transactions, through block trades or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The repurchase program is subject to market conditions, applicable legal requirements and other factors and will comply with Rule 10b-18 of the Securities and Exchange Commission. During the three and six month periods ended June 30, 2019, the Company paid $754 to acquire 52,879 common shares at an average repurchase price of $14.25. The shares were retired upon repurchase. Stock Based Compensation The Company has a stock incentive plan which provides for options, restricted stock rights, restricted shares, performance shares, performance share units ("PSUs") and stock appreciation rights to be awarded to employees, consultants and non-employee directors. During the three and six month periods ended June 30, 2019, there were no issued and outstanding options, restricted stock rights, performance shares or stock appreciation rights. As at June 30, 2019, after factoring in all allocated shares, there remain approximately 2.6 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 six month periods ended June 30, 2019, the Company recognized an expense of $1,078 and $603, respectively related to PSUs (2018 – $1,630 and $1,694). Note 8. Shareholders' Equity (continued) The following table summarizes PSU activity during the period: Number of PSUs Outstanding as at January 1, 2019 2,036,008 Granted 641,206 Vested and issued (449,395 ) Forfeited (462,843 ) Outstanding as at June 30, 2019 1,764,976 Restricted Shares Restricted shares generally vest at the end of one year. For the three and six month periods June 30, 2019, the Company recognized an expense of $124 and $254, respectively related to restricted shares (2018 - $129 and $258). As at June 30, 2019, the total remaining unrecognized compensation cost related to restricted shares amounted to approximately $413 which will be amortized over the remaining vesting periods. The following table summarizes restricted share activity during the period: Number of Restricted Shares Outstanding as at January 1, 2019 31,130 Granted 31,405 Vested (31,130 ) Outstanding as at June 30, 2019 31,405 |
Net Income Per Common Share
Net Income Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Note 9. Net Income Per Common Share Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income Basic and diluted $ 10,259 $ 16,755 $ 61,875 $ 42,404 Net income per common share Basic and diluted $ 0.16 $ 0.26 $ 0.94 $ 0.65 Weighted average number of common shares outstanding: Basic (a) 65,611,484 65,140,802 65,507,469 65,095,788 Effect of dilutive instruments: PSUs 213,243 520,920 352,029 506,475 Restricted shares 17,012 20,959 18,557 26,737 Diluted 65,841,739 65,682,681 65,878,055 65,629,000 (a) For the three and six month periods ended June 30, 2019, the basic weighted average number of common shares outstanding excludes 31,405 restricted shares which have been issued, but have not vested as at June 30, 2019 (2018 – 31,130 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 six month periods ended June 30, 2019 and 2018. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 10. Accumulated Other Comprehensive Loss The change in the accumulated other comprehensive loss by component (net of tax) was 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, 2019 $ (127,003 ) $ (1,170 ) $ 3 $ (128,170 ) Other comprehensive income before reclassifications 20,237 — 16 20,253 Amounts reclassified from accumulated other comprehensive loss — 95 — 95 Other comprehensive income, net of taxes 20,237 95 16 20,348 Balance as at June 30, 2019 $ (106,766 ) $ (1,075 ) $ 19 $ (107,822 ) |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 11. Business Segment Information The Company is managed based on the primary products it manufactures: pulp and wood products. Accordingly, the Company's four pulp mills and its 50% interest in the CPP mill are aggregated into the pulp business segment, and the Friesau sawmill is a separate reportable business segment, wood products. The Company's sandalwood business is included in Corporate and Other as it does not meet the criteria to be reported as a separate segment. None of the income or loss items following operating income in the Company's Interim Consolidated Statement of Operations are allocated to the segments, as those items are reviewed separately by management. Information about certain segment data for the three and six month periods ended June 30, 2019 and 2018, was as follows: Three Months Ended June 30, 2019 Pulp Wood Products Corporate and Other Consolidated Revenues from external customers $ 384,799 $ 39,452 $ 1,502 $ 425,753 Operating income (loss) $ 42,251 $ (89 ) $ (4,352 ) $ 37,810 Depreciation and amortization $ 29,849 $ 2,010 $ 289 $ 32,148 Revenues by major products Pulp $ 359,205 $ — $ — $ 359,205 Lumber — 35,322 — 35,322 Energy and chemicals 25,594 2,788 1,502 29,884 Wood residuals — 1,342 — 1,342 Total revenues $ 384,799 $ 39,452 $ 1,502 $ 425,753 Revenues by geographical markets U.S. $ 38,778 $ 12,678 $ — $ 51,456 Germany 109,150 14,029 — 123,179 China 118,335 — — 118,335 Other countries 118,536 12,745 1,502 132,783 Total revenues $ 384,799 $ 39,452 $ 1,502 $ 425,753 Three Months Ended June 30, 2018 Pulp Wood Products Corporate and Other Consolidated Revenues from external customers $ 291,632 $ 54,900 $ — $ 346,532 Operating income (loss) $ 36,976 $ 4,322 $ (3,822 ) $ 37,476 Depreciation and amortization $ 21,127 $ 1,779 $ 108 $ 23,014 Revenues by major products Pulp $ 279,939 $ — $ — $ 279,939 Lumber — 48,991 — 48,991 Energy and chemicals 11,693 3,255 — 14,948 Wood residuals — 2,654 — 2,654 Total revenues $ 291,632 $ 54,900 $ — $ 346,532 Revenues by geographical markets U.S. $ 5,653 $ 15,249 $ — $ 20,902 Germany 116,205 22,094 — 138,299 China 75,356 — — 75,356 Other countries 94,418 17,557 — 111,975 Total revenues $ 291,632 $ 54,900 $ — $ 346,532 Six Months Ended June 30, 2019 Pulp Wood Products Corporate and Other Consolidated Revenues from external customers $ 821,273 $ 83,891 $ 4,539 $ 909,703 Operating income (loss) $ 135,771 $ 1,531 $ (5,940 ) $ 131,362 Depreciation and amortization $ 57,872 $ 3,921 $ 602 $ 62,395 Total assets (a) $ 1,804,629 $ 83,751 $ 141,397 $ 2,029,777 Revenues by major products Pulp $ 772,518 $ — $ — $ 772,518 Lumber — 74,485 — 74,485 Energy and chemicals 48,755 5,454 4,539 58,748 Wood residuals — 3,952 — 3,952 Total revenues $ 821,273 $ 83,891 $ 4,539 $ 909,703 Revenues by geographical markets U.S. $ 93,346 $ 25,970 $ — $ 119,316 Germany 241,339 28,945 — 270,284 China 233,654 — — 233,654 Other countries 252,934 28,976 4,539 286,449 Total revenues $ 821,273 $ 83,891 $ 4,539 $ 909,703 (a) Total assets for the pulp segment includes the Company's $57,659 investment in joint ventures, primarily for the CPP mill. Six Months Ended June 30, 2018 Pulp Wood Products Corporate and Other Consolidated Revenues from external customers $ 605,867 $ 108,568 $ — $ 714,435 Operating income (loss) $ 111,030 $ 7,304 $ (4,810 ) $ 113,524 Depreciation and amortization $ 42,650 $ 3,465 $ 218 $ 46,333 Revenues by major products Pulp $ 570,490 $ — $ — $ 570,490 Lumber — 97,159 — 97,159 Energy and chemicals 35,377 6,036 — 41,413 Wood residuals — 5,373 — 5,373 Total revenues $ 605,867 $ 108,568 $ — $ 714,435 Revenues by geographical markets U.S. $ 11,303 $ 31,654 $ — $ 42,957 Germany 240,943 43,860 — 284,803 China 159,837 — — 159,837 Other countries 193,784 33,054 — 226,838 Total revenues $ 605,867 $ 108,568 $ — $ 714,435 As at December 31, 2018, the Company had total assets of $1,698,071 in the pulp segment, $131,754 in the wood products segment and $145,910 in corporate and other. 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 six month periods ended June 30, 2019, the pulp segment sold $108 and $364, respectively of residual fuel to the wood products segment (2018 – $556 and $910) and the wood products segment sold $3,946 and $9,353, respectively of residual fiber to the pulp segment (2018 – $5,096 and $10,045). The Company purchases and sells pulp produced by the 50% owned CPP mill. The pulp purchases are transacted at the CPP mill's cost. For the three and six month periods ended June 30, 2019, the Company purchased $30,523 and $55,156, respectively of pulp (2018 - $nil) and as at June 30, 2019 had a balance owing to the CPP mill of $788 (December 31, 2018 - $1,347). The Company also purchases fiber from its 50% owned logging operation. For the three and six month periods ended June 30, 2019, the Company purchased $3,055 and $8,849, respectively of fiber (2018 - $nil) and as at June 30, 2019 had a balance owing to the logging operation of $1,565 (December 31, 2018 - $2,343). |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurement | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurement | Note 12. Financial Instruments and Fair Value Measurement Due to their short-term maturity, the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable and other approximates their fair value. The carrying value of the revolving credit facilities classified as Level 2 approximates their fair value as the variable interest rates reflect current interest rates for financial instruments with similar characteristics and maturities. The fair value of the Senior Notes classified as Level 2 was determined using quoted prices in a dealer market, or using recent market transactions. Note 12. Financial Instruments and Fair Value Measurement (continued) 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 at June 30, 2019 using: Description Level 1 Level 2 Level 3 Total Senior notes $ — $ 1,032,875 $ — $ 1,032,875 Fair value measurements at December 31, 2018 using: Description Level 1 Level 2 Level 3 Total Revolving credit facility $ — $ 58,968 $ — $ 58,968 Senior notes — 965,000 — 965,000 $ — $ 1,023,968 $ — $ 1,023,968 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, the U.S. and Italy. The carrying amount of cash and cash equivalents of $257,322 and accounts receivable of $273,502 recorded in the Interim Consolidated Balance Sheet, net of any allowances for losses, represents the Company's maximum exposure to credit risk. |
Lease Commitments
Lease Commitments | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lease Commitments | Note 13. Lease Commitments The Company has finance leases primarily for rail cars and production equipment. The rail cars primarily have a remaining lease term of nine years with annual renewal options thereafter. The production equipment has a remaining lease term of eight years. The Company has operating leases primarily for land to support the sandalwood tree plantations and for offices. The land leases have remaining terms of six to 13 years with options to renew for up to six years. The office leases have remaining terms of four to eight years with options to renew primarily for an additional five years. A majority of the operating leases are subject to annual changes to the Consumer Price Index ("CPI"). Changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. A 100-basis-point increase in CPI would not have a material impact on lease costs. Note 13. Lease Commitments (continued) The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Lease cost: Operating lease cost $ 891 $ 598 $ 1,823 $ 1,448 Finance lease cost: Amortization of right-of-use assets 856 887 1,737 1,740 Interest on lease liabilities 352 272 718 506 Total lease cost $ 2,099 $ 1,757 $ 4,278 $ 3,694 Supplemental cash flow information related to leases were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 891 $ 598 $ 1,823 $ 1,448 Operating cash flows from finance leases $ 352 $ 272 $ 718 $ 506 Financing cash flows from finance leases $ 831 $ 784 $ 1,693 $ 1,632 Other information related to leases is as follows: Six Months Ended June 30, 2019 2018 Weighted average remaining lease term: Operating leases 7 years 6 years Finance leases 9 years 10 years Weighted average discount rate: Operating leases 6 % Finance leases 5 % 5 % The discount rates used to calculate the present value of the minimum lease payments is the incremental borrowing rate that the subsidiary entering into the lease would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Note 13. Lease Commitments (continued) Supplemental balance sheet information related to leases were as follows: June 30, December 31, 2019 2018 Operating Leases Operating lease right-of-use assets $ 14,087 Other current liabilities $ 2,477 Operating lease liabilities 11,610 Total operating lease liabilities $ 14,087 Finance Leases Property and equipment, gross $ 44,089 $ 44,756 Accumulated depreciation (17,330 ) (15,963 ) Property and equipment, net $ 26,759 $ 28,793 Other current liabilities $ 4,408 $ 4,911 Finance lease liabilities 23,229 24,669 Total finance lease liabilities $ 27,637 $ 29,580 As at June 30, 2019, maturities of lease liabilities were as follows: Finance Leases Operating Leases 2019 $ 3,818 $ 1,788 2020 3,560 3,197 2021 3,429 2,914 2022 3,258 2,726 2023 3,389 2,044 Thereafter 16,923 4,749 Total lease payments 34,377 17,418 Less: imputed interest (6,740 ) (3,331 ) Total lease liability $ 27,637 $ 14,087 As at December 31, 2018, minimum lease payments under non-cancellable finance and operating leases were as follows: Finance Leases Operating Leases 2019 $ 6,302 $ 3,309 2020 3,601 2,963 2021 3,441 2,717 2022 3,278 2,557 2023 3,410 2,057 Thereafter 17,025 5,360 Total lease payments 37,057 $ 18,963 Less: imputed interest (7,477 ) Total lease liability $ 29,580 Note 13. Lease Commitments (continued) As at June 30, 2019, the Company has additional finance leases for rail cars that have not yet commenced. The leases have a term of 12 years with annual renewal options thereafter. The total payments over the term of the leases will be approximately $19,600. The leases will commence in 2019. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14. 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 Si_2
The Company And Summary Of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
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 the NASDAQ Global Market. The Interim Consolidated Financial Statements have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). The 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, 2018. 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 inventory and 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 February 2016, the Financial Accounting Standards Board ("FASB") established Topic 842, Leases, by issuing Accounting Standards Update ("ASU") 2016-02, Leases, which requires lessees to recognize virtually all leases on the balance sheet, by recording a right-of-use asset and corresponding liability. Additionally, the update also requires additional disclosures in regards to the nature, timing and uncertainty of cash flows arising from leases. Topic 842 was subsequently amended by ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU 2018-10, Codification Improvements to Topic 842, Leases; and ASU 2018-11, Leases: Targeted Improvements. These updates were effective for financial statements issued for fiscal years beginning after December 15, 2018. The Company adopted these updates on January 1, 2019 using the modified retrospective method and used the effective date as the date of initial application. Consequently, financial information was not updated before January 1, 2019. The new standard provides a number of optional practical expedients in transition and the Company elected to use all of them on adoption. Adoption of the standard resulted in recognition of right-of-use assets and lease liabilities for operating leases of $14,700 as at January 1, 2019. The standard did not impact the Interim Consolidated Statements of Operations or the Interim Consolidated Statements of Cash Flows. The Company's lease disclosure has been included in the Lease Commitments Note. |
Acquisition of Mercer Peace R_2
Acquisition of Mercer Peace River ("MPR") (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Allocation | The following summarizes the Company's preliminary allocation of the purchase price to the fair value of the assets acquired and liabilities assumed from MPR at the acquisition date: Purchase Price Allocation Current assets $ 134,748 Property, plant and equipment 214,260 Investment in joint ventures 55,325 Amortizable intangible assets, timber cutting rights (a) 37,634 Other long term-assets 392 Total assets acquired 442,359 Current liabilities 35,578 Pension obligations 9,747 Deferred income tax 49,907 Other long-term liabilities 3,097 Total liabilities assumed 98,329 Net assets acquired $ 344,030 (a) The timber cutting rights are being amortized on a straight line basis over 30 years. The fair value of the timber cutting rights was determined through the market approach utilizing comparable market data. The values were then discounted at a rate of 12% for 30 years to arrive at the fair value. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Net [Abstract] | |
Components of Inventory | June 30, December 31, 2019 2018 Raw materials $ 81,281 $ 103,983 Finished goods 109,874 114,304 Spare parts and other 95,684 85,526 $ 286,839 $ 303,813 |
Accounts Payable and Other (Tab
Accounts Payable and Other (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable and Other | June 30, December 31, 2019 2018 Trade payables $ 38,645 $ 36,333 Accrued expenses 106,377 95,936 Interest payable 29,866 16,861 Income tax payable 24,234 29,818 Legal cost award payable — 6,951 Dividends payable 9,024 — Other 14,126 8,585 $ 222,272 $ 194,484 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | June 30, December 31, 2019 2018 2022 Senior Notes, principal amount $100,000 (a) $ 99,056 $ 98,918 2024 Senior Notes, principal amount $250,000 (a) 246,533 246,154 2025 Senior Notes, principal amount $350,000 (a) 343,083 342,761 2026 Senior Notes, principal amount $300,000 (a) 294,972 294,588 Credit arrangements €200 million joint revolving credit facility (b) — 58,968 C$60 million revolving credit facility (c) — C$40 million revolving credit facility (d) — — €2.6 million demand loan (e) — — $ 983,644 $ 1,041,389 In 2014, the Company issued $400,000 in aggregate principal amount of 7.75% senior notes which mature on December 1, 2022 ("2022 Senior Notes" and collectively with the 2024 Senior Notes, 2025 Senior Notes and 2026 Senior Notes, the "Senior Notes"). The Senior Notes are general unsecured senior obligations of the Company. They rank equal in right of payment with all existing and future unsecured senior indebtedness of the Company and are senior in right of payment to any current or future subordinated indebtedness of the Company. The Senior Notes are effectively junior in right of payment to all existing and future secured indebtedness, to the extent of the assets securing such indebtedness, and all indebtedness and liabilities of the Company's subsidiaries. The Company may redeem all or a part of the 2025 Senior Notes or 2026 Senior Notes, upon not less than 10 days' or more than 60 days' notice and the Company may redeem all or a part of the 2024 Senior Notes or 2022 Senior Notes, upon not less than 30 days' or more than 60 days' notice at the redemption price plus accrued and unpaid interest to (but not including) the applicable redemption date. The following table presents the redemption prices (expressed as percentages of principal amount) and the redemption periods: 2022 Senior Notes 2024 Senior Notes 2025 Senior Notes 2026 Senior Notes 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage December 1, 2018 103.875 % February 1, 2020 103.250 % January 15, 2021 103.688 % January 15, 2021 102.750 % December 1, 2019 101.938 % February 1, 2021 101.625 % January 15, 2022 101.844 % January 15, 2022 101.375 % December 1, 2020 and thereafter 100.000 % February 1, 2022 and thereafter 100.000 % January 15, 2023 and thereafter 100.000 % January 15, 2023 and thereafter 100.000 % (b) A €200.0 million joint revolving credit facility with all of the Company's German mills that matures in December 2023. Borrowings under the facility are unsecured and bear interest at Euribor plus a variable margin ranging from 1.05% to 2.00% dependent on conditions including but not limited to a prescribed leverage ratio. As at June 30, 2019, approximately €11.1 million ($12,628) of this facility was supporting bank guarantees leaving approximately €188.9 million ($214,972) available. (c) In 2019, MPR entered into a C$60.0 million revolving credit facility that matures in February 2024. The facility is available by way of: (i) Canadian denominated advances, which bear interest at a designated prime rate per annum; (ii) banker's acceptance equivalent loans, which bear interest at the applicable Canadian dollar banker's acceptance plus 1.25% to 1.50% per annum; (iii) dollar denominated base rate advances at the greater of the federal funds rate plus 0.50%, a designated LIBOR rate plus 1.00% and the bank's applicable reference rate for U.S. dollar loans; and (iv) dollar LIBOR advances, which bear interest at LIBOR plus 1.25% to 1.50% per annum. The facility is secured by, among other things, the mill's inventories and receivables. As at June 30, 2019, Note 5. Debt (continued) (d) A C$40.0 million revolving credit facility at the Celgar mill that matures in July 2023. Borrowings under the facility are collateralized by the mill's inventory, accounts receivable, general intangibles and capital assets and are restricted by a borrowing base calculated on the mill's inventory and accounts receivable. When the borrowing capacity is less than 25% of the total facility the Canadian dollar denominated amounts bear interest at bankers acceptance plus 1.50% or Canadian prime and the U.S. dollar denominated amounts bear interest at LIBOR plus 1.50% or U.S. base. When the borrowing capacity is greater than or equal to 25% of the total facility, the respective bankers acceptance or LIBOR margins are reduced by 0.25% and the Canadian Prime or U.S. base margins are reduced by 0.125%. As at June 30, 2019, approximately C$1.7 million ($1,298) was supporting letters of credit leaving approximately C$38.3 million ($29,266) available. (e) A €2.6 million demand loan at the Rosenthal mill that does not have a maturity date. Borrowings under this facility are unsecured and bear interest at the rate of the three-month Euribor plus 2.50%. As at June 30, 2019, approximately €2.6 million ($2,904) of this facility was supporting bank guarantees leaving approximately $nil available. |
Principal Maturities of Debt | As at June 30, 2019, the maturities of the principal portion of debt were as follows: 2019 $ — 2020 — 2021 — 2022 100,000 2023 — Thereafter 900,000 $ 1,000,000 |
Debt Redemption Period for Senior Notes | The following table presents the redemption prices (expressed as percentages of principal amount) and the redemption periods: 2022 Senior Notes 2024 Senior Notes 2025 Senior Notes 2026 Senior Notes 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage December 1, 2018 103.875 % February 1, 2020 103.250 % January 15, 2021 103.688 % January 15, 2021 102.750 % December 1, 2019 101.938 % February 1, 2021 101.625 % January 15, 2022 101.844 % January 15, 2022 101.375 % December 1, 2020 and thereafter 100.000 % February 1, 2022 and thereafter 100.000 % January 15, 2023 and thereafter 100.000 % January 15, 2023 and thereafter 100.000 % |
Pension And Other Post-Retire_2
Pension And Other Post-Retirement Benefit Obligations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | The components of the net benefit costs for the three and six month periods ended June 30, 2019 and 2018 were as follows: Three Months Ended June 30, 2019 2018 Pension Other Post- Retirement Benefits Pension Other Post- Retirement Benefits Service cost $ 711 $ 67 $ 26 $ 117 Interest cost 872 136 317 178 Expected return on plan assets (997 ) — (384 ) — Amortization of unrecognized items 253 (182 ) 230 (52 ) Net benefit costs $ 839 $ 21 $ 189 $ 243 Six Months Ended June 30, 2019 2018 Pension Other Post- Retirement Benefits Pension Other Post- Retirement Benefits Service cost $ 1,427 $ 135 $ 52 $ 237 Interest cost 1,749 273 640 360 Expected return on plan assets (1,999 ) — (777 ) — Amortization of unrecognized items 468 (337 ) 464 (105 ) Net benefit costs $ 1,645 $ 71 $ 379 $ 492 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Effective Tax Rate | Differences between the U.S. Federal statutory and the Company's effective rates for the three and six month periods ended June 30, 2019 and 2018, were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 U.S. Federal statutory rate 21% 21% 21% 21% U.S. Federal statutory rate on income before provision for income taxes $ (4,346 ) $ (5,296 ) $ (20,314 ) $ (12,694 ) Tax differential on foreign income (2,446 ) (2,639 ) (8,362 ) (7,228 ) Effect of foreign earnings (a) (153 ) (5,740 ) (12,040 ) (8,457 ) Valuation allowance (4,580 ) 3,773 3,761 22,018 Tax benefit of partnership structure 963 1,380 1,921 2,277 Non-taxable foreign subsidies 1,026 732 1,394 1,488 True-up of prior year taxes (2,396 ) (426 ) (1,121 ) (14,493 ) Other 1,499 (245 ) (96 ) (953 ) $ (10,433 ) $ (8,461 ) $ (34,857 ) $ (18,042 ) Comprised of: Current income tax provision $ (10,007 ) $ (7,257 ) $ (30,792 ) $ (12,026 ) Deferred income tax provision (426 ) (1,204 ) (4,065 ) (6,016 ) $ (10,433 ) $ (8,461 ) $ (34,857 ) $ (18,042 ) (a) Includes the impact of the global intangible low-taxed income provision in the Tax Cuts and Jobs Act of 2017. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity [Line Items] | |
Summary of Dividends Declared | During the six month period ended June 30, 2019, the Company’s Board of Directors declared the following quarterly dividends: Date Declared Dividend Per Common Share Amount February 14, 2019 $ 0.1250 $ 8,206 May 2, 2019 0.1375 9,024 $ 0.2625 $ 17,230 |
Performance Share Units | |
Stockholders' Equity [Line Items] | |
Summary of Share Activity | Note 8. Shareholders' Equity (continued) The following table summarizes PSU activity during the period: Number of PSUs Outstanding as at January 1, 2019 2,036,008 Granted 641,206 Vested and issued (449,395 ) Forfeited (462,843 ) Outstanding as at June 30, 2019 1,764,976 |
Restricted Stock | |
Stockholders' Equity [Line Items] | |
Summary of Share Activity | The following table summarizes restricted share activity during the period: Number of Restricted Shares Outstanding as at January 1, 2019 31,130 Granted 31,405 Vested (31,130 ) Outstanding as at June 30, 2019 31,405 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income Basic and diluted $ 10,259 $ 16,755 $ 61,875 $ 42,404 Net income per common share Basic and diluted $ 0.16 $ 0.26 $ 0.94 $ 0.65 Weighted average number of common shares outstanding: Basic (a) 65,611,484 65,140,802 65,507,469 65,095,788 Effect of dilutive instruments: PSUs 213,243 520,920 352,029 506,475 Restricted shares 17,012 20,959 18,557 26,737 Diluted 65,841,739 65,682,681 65,878,055 65,629,000 (a) For the three and six month periods ended June 30, 2019, the basic weighted average number of common shares outstanding excludes 31,405 restricted shares which have been issued, but have not vested as at June 30, 2019 (2018 – 31,130 restricted shares). |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The change in the accumulated other comprehensive loss by component (net of tax) was 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, 2019 $ (127,003 ) $ (1,170 ) $ 3 $ (128,170 ) Other comprehensive income before reclassifications 20,237 — 16 20,253 Amounts reclassified from accumulated other comprehensive loss — 95 — 95 Other comprehensive income, net of taxes 20,237 95 16 20,348 Balance as at June 30, 2019 $ (106,766 ) $ (1,075 ) $ 19 $ (107,822 ) |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Information about certain segment data for the three and six month periods ended June 30, 2019 and 2018, was as follows: Three Months Ended June 30, 2019 Pulp Wood Products Corporate and Other Consolidated Revenues from external customers $ 384,799 $ 39,452 $ 1,502 $ 425,753 Operating income (loss) $ 42,251 $ (89 ) $ (4,352 ) $ 37,810 Depreciation and amortization $ 29,849 $ 2,010 $ 289 $ 32,148 Revenues by major products Pulp $ 359,205 $ — $ — $ 359,205 Lumber — 35,322 — 35,322 Energy and chemicals 25,594 2,788 1,502 29,884 Wood residuals — 1,342 — 1,342 Total revenues $ 384,799 $ 39,452 $ 1,502 $ 425,753 Revenues by geographical markets U.S. $ 38,778 $ 12,678 $ — $ 51,456 Germany 109,150 14,029 — 123,179 China 118,335 — — 118,335 Other countries 118,536 12,745 1,502 132,783 Total revenues $ 384,799 $ 39,452 $ 1,502 $ 425,753 Three Months Ended June 30, 2018 Pulp Wood Products Corporate and Other Consolidated Revenues from external customers $ 291,632 $ 54,900 $ — $ 346,532 Operating income (loss) $ 36,976 $ 4,322 $ (3,822 ) $ 37,476 Depreciation and amortization $ 21,127 $ 1,779 $ 108 $ 23,014 Revenues by major products Pulp $ 279,939 $ — $ — $ 279,939 Lumber — 48,991 — 48,991 Energy and chemicals 11,693 3,255 — 14,948 Wood residuals — 2,654 — 2,654 Total revenues $ 291,632 $ 54,900 $ — $ 346,532 Revenues by geographical markets U.S. $ 5,653 $ 15,249 $ — $ 20,902 Germany 116,205 22,094 — 138,299 China 75,356 — — 75,356 Other countries 94,418 17,557 — 111,975 Total revenues $ 291,632 $ 54,900 $ — $ 346,532 Six Months Ended June 30, 2019 Pulp Wood Products Corporate and Other Consolidated Revenues from external customers $ 821,273 $ 83,891 $ 4,539 $ 909,703 Operating income (loss) $ 135,771 $ 1,531 $ (5,940 ) $ 131,362 Depreciation and amortization $ 57,872 $ 3,921 $ 602 $ 62,395 Total assets (a) $ 1,804,629 $ 83,751 $ 141,397 $ 2,029,777 Revenues by major products Pulp $ 772,518 $ — $ — $ 772,518 Lumber — 74,485 — 74,485 Energy and chemicals 48,755 5,454 4,539 58,748 Wood residuals — 3,952 — 3,952 Total revenues $ 821,273 $ 83,891 $ 4,539 $ 909,703 Revenues by geographical markets U.S. $ 93,346 $ 25,970 $ — $ 119,316 Germany 241,339 28,945 — 270,284 China 233,654 — — 233,654 Other countries 252,934 28,976 4,539 286,449 Total revenues $ 821,273 $ 83,891 $ 4,539 $ 909,703 (a) Total assets for the pulp segment includes the Company's $57,659 investment in joint ventures, primarily for the CPP mill. Six Months Ended June 30, 2018 Pulp Wood Products Corporate and Other Consolidated Revenues from external customers $ 605,867 $ 108,568 $ — $ 714,435 Operating income (loss) $ 111,030 $ 7,304 $ (4,810 ) $ 113,524 Depreciation and amortization $ 42,650 $ 3,465 $ 218 $ 46,333 Revenues by major products Pulp $ 570,490 $ — $ — $ 570,490 Lumber — 97,159 — 97,159 Energy and chemicals 35,377 6,036 — 41,413 Wood residuals — 5,373 — 5,373 Total revenues $ 605,867 $ 108,568 $ — $ 714,435 Revenues by geographical markets U.S. $ 11,303 $ 31,654 $ — $ 42,957 Germany 240,943 43,860 — 284,803 China 159,837 — — 159,837 Other countries 193,784 33,054 — 226,838 Total revenues $ 605,867 $ 108,568 $ — $ 714,435 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 at June 30, 2019 using: Description Level 1 Level 2 Level 3 Total Senior notes $ — $ 1,032,875 $ — $ 1,032,875 Fair value measurements at December 31, 2018 using: Description Level 1 Level 2 Level 3 Total Revolving credit facility $ — $ 58,968 $ — $ 58,968 Senior notes — 965,000 — 965,000 $ — $ 1,023,968 $ — $ 1,023,968 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Lease cost: Operating lease cost $ 891 $ 598 $ 1,823 $ 1,448 Finance lease cost: Amortization of right-of-use assets 856 887 1,737 1,740 Interest on lease liabilities 352 272 718 506 Total lease cost $ 2,099 $ 1,757 $ 4,278 $ 3,694 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 891 $ 598 $ 1,823 $ 1,448 Operating cash flows from finance leases $ 352 $ 272 $ 718 $ 506 Financing cash flows from finance leases $ 831 $ 784 $ 1,693 $ 1,632 |
Other Information Related to Leases | Other information related to leases is as follows: Six Months Ended June 30, 2019 2018 Weighted average remaining lease term: Operating leases 7 years 6 years Finance leases 9 years 10 years Weighted average discount rate: Operating leases 6 % Finance leases 5 % 5 % |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases were as follows: June 30, December 31, 2019 2018 Operating Leases Operating lease right-of-use assets $ 14,087 Other current liabilities $ 2,477 Operating lease liabilities 11,610 Total operating lease liabilities $ 14,087 Finance Leases Property and equipment, gross $ 44,089 $ 44,756 Accumulated depreciation (17,330 ) (15,963 ) Property and equipment, net $ 26,759 $ 28,793 Other current liabilities $ 4,408 $ 4,911 Finance lease liabilities 23,229 24,669 Total finance lease liabilities $ 27,637 $ 29,580 |
Schedule of Maturities of Leases Liabilities | As at June 30, 2019, maturities of lease liabilities were as follows: Finance Leases Operating Leases 2019 $ 3,818 $ 1,788 2020 3,560 3,197 2021 3,429 2,914 2022 3,258 2,726 2023 3,389 2,044 Thereafter 16,923 4,749 Total lease payments 34,377 17,418 Less: imputed interest (6,740 ) (3,331 ) Total lease liability $ 27,637 $ 14,087 |
Minimum Lease Payments Under Non-cancellable Finance and Operating Leases | As at December 31, 2018, minimum lease payments under non-cancellable finance and operating leases were as follows: Finance Leases Operating Leases 2019 $ 6,302 $ 3,309 2020 3,601 2,963 2021 3,441 2,717 2022 3,278 2,557 2023 3,410 2,057 Thereafter 17,025 5,360 Total lease payments 37,057 $ 18,963 Less: imputed interest (7,477 ) Total lease liability $ 29,580 |
The Company and Summary of Si_3
The Company and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Accounting Policies [Abstract] | ||
Operating lease right-of-use assets | $ 14,087 | $ 14,700 |
Acquisition of Mercer Peace R_3
Acquisition of Mercer Peace River ("MPR") - Additional Information (Details) - USD ($) $ in Thousands | Dec. 10, 2018 | Jun. 30, 2019 |
Acquisitions MPR (Narrative) [Line Items] | ||
Discount rate used to value timber cutting rights | 12.00% | |
Time period timber cutting rights discounted | 30 years | |
Timber cutting rights | ||
Acquisitions MPR (Narrative) [Line Items] | ||
Intangible assets, useful life | 30 years | |
MPR | ||
Acquisitions MPR (Narrative) [Line Items] | ||
Acquisitions, Consideration Transferred | $ 344,030 | |
MPR - Peace River | ||
Acquisitions MPR (Narrative) [Line Items] | ||
Acquisitions, Percentage of Voting Interests Acquired | 100.00% | |
MPR - CPP | ||
Acquisitions MPR (Narrative) [Line Items] | ||
Acquisitions, Percentage of Voting Interests Acquired | 50.00% | 50.00% |
MPR - PRLLP | ||
Acquisitions MPR (Narrative) [Line Items] | ||
Acquisitions, Percentage of Voting Interests Acquired | 50.00% |
Acquisition of Mercer Peace R_4
Acquisition of Mercer Peace River ("MPR") - Schedule of Purchase Price Allocation - (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 10, 2018 |
MPR Purchase Price Allocation [Line Items] | |||
Investment in joint ventures | $ 57,659 | $ 62,574 | |
MPR | |||
MPR Purchase Price Allocation [Line Items] | |||
Current assets | $ 134,748 | ||
Property, plant and equipment | 214,260 | ||
Investment in joint ventures | 55,325 | ||
Amortizable intangible assets, timber cutting rights | 37,634 | ||
Other long term-assets | 392 | ||
Total assets acquired | 442,359 | ||
Current liabilities | 35,578 | ||
Pension obligations | 9,747 | ||
Deferred income tax | 49,907 | ||
Other long-term liabilities | 3,097 | ||
Total liabilities assumed | 98,329 | ||
Net assets acquired | $ 344,030 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Net [Abstract] | ||
Raw materials | $ 81,281 | $ 103,983 |
Finished goods | 109,874 | 114,304 |
Spare parts and other | 95,684 | 85,526 |
Inventories | $ 286,839 | $ 303,813 |
Accounts Payable and Other - Sc
Accounts Payable and Other - Schedule of Accounts Payable and Other (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Trade payables | $ 38,645 | $ 36,333 |
Accrued expenses | 106,377 | 95,936 |
Interest payable | 29,866 | 16,861 |
Income tax payable | 24,234 | 29,818 |
Legal cost award payable | 0 | 6,951 |
Dividends payable | 9,024 | 0 |
Other | 14,126 | 8,585 |
Accounts payable and other | $ 222,272 | $ 194,484 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total debt | $ 983,644 | $ 1,041,389 |
Senior Notes 2022 | ||
Debt Instrument [Line Items] | ||
Total debt | 99,056 | 98,918 |
2024 Senior Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 246,533 | 246,154 |
2025 Senior Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 343,083 | 342,761 |
2026 Senior Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 294,972 | 294,588 |
German Joint RCF - EUR 200 Million | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 58,968 |
MPR Credit Facility - C$60 Million | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | |
Celgar Credit Facility - C$40.0 Million | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 0 |
Rosenthal Credit Facility - EUR 2.6 Million | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | $ 0 |
Debt - Schedule of Debt (Parent
Debt - Schedule of Debt (Parenthetical) (Details) | Dec. 07, 2018USD ($) | Jan. 05, 2018USD ($) | Dec. 20, 2017USD ($) | Feb. 03, 2017USD ($) | Nov. 26, 2014USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019EUR (€) | Jun. 30, 2019CAD ($) | Dec. 31, 2018USD ($) | Mar. 16, 2017USD ($) |
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | $ 983,644,000 | $ 983,644,000 | $ 1,041,389,000 | ||||||||||
Loss on settlement of debt | 0 | $ 0 | $ 0 | $ 21,515,000 | |||||||||
Senior Notes 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, maturity date | Dec. 1, 2022 | Dec. 1, 2022 | |||||||||||
Debt, face amount | $ 400,000,000 | 100,000,000 | $ 100,000,000 | ||||||||||
Debt, interest rate | 7.75% | ||||||||||||
Debt, repurchase amount | $ 300,000,000 | ||||||||||||
Loss on settlement of debt | $ 21,515,000 | ||||||||||||
2024 Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, maturity date | Feb. 1, 2024 | ||||||||||||
Debt, face amount | 250,000,000 | $ 250,000,000 | |||||||||||
2025 Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, maturity date | Jan. 15, 2025 | Jan. 15, 2025 | |||||||||||
Debt, face amount | $ 350,000,000 | 350,000,000 | $ 350,000,000 | ||||||||||
Debt, interest rate | 7.375% | ||||||||||||
Debt, issued price percentage of principal amount | 100.00% | ||||||||||||
Long-term Debt | $ 342,682,000 | ||||||||||||
2026 Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, maturity date | Jan. 15, 2026 | Jan. 15, 2026 | |||||||||||
Debt, face amount | $ 300,000,000 | 300,000,000 | $ 300,000,000 | ||||||||||
Debt, interest rate | 5.50% | ||||||||||||
Debt, issued price percentage of principal amount | 100.00% | ||||||||||||
Long-term Debt | $ 293,795,000 | ||||||||||||
German Joint RCF - EUR 200 Million | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit, maximum borrowing capacity | € | € 200,000,000 | ||||||||||||
Long-term Debt | 0 | $ 0 | 58,968,000 | ||||||||||
Debt, description of variable basis spread | Euribor | ||||||||||||
Debt, amount of debt supporting bank guarantees | 12,628,000 | $ 12,628,000 | 11,100,000 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 214,972,000 | $ 214,972,000 | 188,900,000 | ||||||||||
German Joint RCF - EUR 200 Million | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, variable basis spread | 1.05% | ||||||||||||
German Joint RCF - EUR 200 Million | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, variable basis spread | 2.00% | ||||||||||||
MPR Credit Facility - C$60 Million | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit, maximum borrowing capacity | $ 60,000,000 | ||||||||||||
Long-term Debt | 0 | $ 0 | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 45,215,000 | 45,215,000 | 59,200,000 | ||||||||||
Line of credit, letters of credit outstanding, amount | 631,000 | $ 631,000 | 800,000 | ||||||||||
MPR Credit Facility - C$60 Million | Canadian Dollar Borrowings Rate Option 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, description of variable basis spread | designated prime rate | ||||||||||||
MPR Credit Facility - C$60 Million | Canadian Dollar Borrowings Rate Option 1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, description of variable basis spread | banker's acceptance | ||||||||||||
MPR Credit Facility - C$60 Million | US Dollar Borrowings Rate Option 1a | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, description of variable basis spread | federal funds rate | ||||||||||||
Debt, variable basis spread | 0.50% | ||||||||||||
MPR Credit Facility - C$60 Million | US Dollar Borrowings Rate Option 1b | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, description of variable basis spread | LIBOR | ||||||||||||
Debt, variable basis spread | 1.00% | ||||||||||||
MPR Credit Facility - C$60 Million | US Dollar Borrowings Rate Option 1c | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, description of variable basis spread | bank's applicable reference rate for U.S. dollar loans | ||||||||||||
MPR Credit Facility - C$60 Million | US Dollar Borrowings Rate Option 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, description of variable basis spread | LIBOR | ||||||||||||
MPR Credit Facility - C$60 Million | Minimum | Canadian Dollar Borrowings Rate Option 1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, variable basis spread | 1.25% | ||||||||||||
MPR Credit Facility - C$60 Million | Minimum | US Dollar Borrowings Rate Option 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, variable basis spread | 1.25% | ||||||||||||
MPR Credit Facility - C$60 Million | Maximum | Canadian Dollar Borrowings Rate Option 1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, variable basis spread | 1.50% | ||||||||||||
MPR Credit Facility - C$60 Million | Maximum | US Dollar Borrowings Rate Option 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, variable basis spread | 1.50% | ||||||||||||
Celgar Credit Facility - C$40.0 Million | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit, maximum borrowing capacity | 40,000,000 | ||||||||||||
Long-term Debt | 0 | $ 0 | 0 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 29,266,000 | 29,266,000 | 38,300,000 | ||||||||||
Line of credit, letters of credit outstanding, amount | 1,298,000 | $ 1,298,000 | $ 1,700,000 | ||||||||||
Required available borrowing capacity | 25.00% | ||||||||||||
Celgar Credit Facility - C$40.0 Million | Canadian Dollar Borrowings Rate Option 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, description of variable basis spread | Canadian prime | ||||||||||||
Celgar Credit Facility - C$40.0 Million | Canadian Dollar Borrowings Rate Option 1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, description of variable basis spread | bankers acceptance | ||||||||||||
Debt, variable basis spread | 1.50% | ||||||||||||
Celgar Credit Facility - C$40.0 Million | US Dollar Borrowings Rate Option 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, description of variable basis spread | U.S. base | ||||||||||||
Celgar Credit Facility - C$40.0 Million | U S Dollar Borrowings Rate Option1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, description of variable basis spread | LIBOR | ||||||||||||
Debt, variable basis spread | 1.50% | ||||||||||||
Celgar Credit Facility - C$40.0 Million | Canadian U S Dollar Borrowings Rate Option1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.25% | ||||||||||||
Celgar Credit Facility - C$40.0 Million | Canadian & US Dollar Borrowings Rate Option 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.125% | ||||||||||||
Rosenthal Credit Facility - EUR 2.6 Million | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit, maximum borrowing capacity | € | 2,600,000 | ||||||||||||
Long-term Debt | 0 | $ 0 | $ 0 | ||||||||||
Debt, description of variable basis spread | three-month Euribor | ||||||||||||
Debt, variable basis spread | 2.50% | ||||||||||||
Debt, amount of debt supporting bank guarantees | 2,904,000 | $ 2,904,000 | € 2,600,000 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | $ 0 | |||||||||||
Senior Notes 2024 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, maturity date | Feb. 1, 2024 | ||||||||||||
Debt, face amount | $ 250,000,000 | ||||||||||||
Debt, interest rate | 6.50% | ||||||||||||
Debt, issued price percentage of principal amount | 100.00% | ||||||||||||
Long-term Debt | $ 244,711,000 | ||||||||||||
2019 Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, repurchase amount | $ 227,000,000 | ||||||||||||
Senior Notes 2025 and 2026 | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Senior Notes, redemption notice minimum days | 10 days | ||||||||||||
Senior Notes 2025 and 2026 | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Senior Notes, redemption notice minimum days | 60 days | ||||||||||||
Senior Notes 2022 and 2024 | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Senior Notes, redemption notice minimum days | 30 days | ||||||||||||
Senior Notes 2022 and 2024 | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Senior Notes, redemption notice minimum days | 60 days |
Debt - Principal Maturities of
Debt - Principal Maturities of Debt (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2019 | $ 0 |
2020 | 0 |
2021 | 0 |
2022 | 100,000 |
2023 | 0 |
Thereafter | 900,000 |
Total debt | $ 1,000,000 |
Debt Redemption Period for Seni
Debt Redemption Period for Senior Notes (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Senior Notes 2022 | Debt Instrument, Redemption, Period One | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 103.875% |
Senior Notes 2022 | Debt Instrument, Redemption, Period Two | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.938% |
Senior Notes 2022 | Debt Instrument, Redemption, Period Three | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
2024 Senior Notes | Debt Instrument, Redemption, Period Four | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 103.25% |
2024 Senior Notes | Debt Instrument, Redemption, Period Five | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.625% |
2024 Senior Notes | Debt Instrument, Redemption, Period Six | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
2025 Senior Notes | Debt Instrument Redemption Period Seven | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 103.688% |
2025 Senior Notes | Debt Instrument Redemption Period Eight | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.844% |
2025 Senior Notes | Debt Instrument Redemption Period Nine | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
2026 Senior Notes | Debt Instrument Redemption Period Ten | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 102.75% |
2026 Senior Notes | Debt Instrument, Redemption, Period Eleven | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.375% |
2026 Senior Notes | Debt Instrument, Redemption, Period Twelve | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Pension And Other Post-Retire_3
Pension And Other Post-Retirement Benefit Obligations - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 711 | $ 26 | $ 1,427 | $ 52 |
Interest cost | 872 | 317 | 1,749 | 640 |
Expected return on plan assets | (997) | (384) | (1,999) | (777) |
Amortization of unrecognized items | 253 | 230 | 468 | 464 |
Net benefit costs | 839 | 189 | 1,645 | 379 |
Other Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 67 | 117 | 135 | 237 |
Interest cost | 136 | 178 | 273 | 360 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of unrecognized items | (182) | (52) | (337) | (105) |
Net benefit costs | $ 21 | $ 243 | $ 71 | $ 492 |
Pension and Other Post-Retire_4
Pension and Other Post-Retirement Benefit Obligations - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 298 | $ 217 | $ 746 | $ 435 |
Multiemployer Plan, Contributions by Employer | $ 648 | $ 658 | $ 971 | $ 1,145 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Effective Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | ||||
U.S. Federal statutory rate | 21.00% | 21.00% | 21.00% | 21.00% |
U.S. Federal statutory rate on income before provision for income taxes | $ (4,346) | $ (5,296) | $ (20,314) | $ (12,694) |
Tax differential on foreign income | (2,446) | (2,639) | (8,362) | (7,228) |
Effect of foreign earnings | (153) | (5,740) | (12,040) | (8,457) |
Valuation allowance | (4,580) | 3,773 | 3,761 | 22,018 |
Tax benefit of partnership structure | 963 | 1,380 | 1,921 | 2,277 |
Non-taxable foreign subsidies | 1,026 | 732 | 1,394 | 1,488 |
True-up of prior year taxes | (2,396) | (426) | (1,121) | (14,493) |
Other | 1,499 | (245) | (96) | (953) |
Total income tax provision | (10,433) | (8,461) | (34,857) | (18,042) |
Current income tax provision | (10,007) | (7,257) | (30,792) | (12,026) |
Deferred income tax provision | $ (426) | $ (1,204) | $ (4,065) | $ (6,016) |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Equity [Abstract] | |||||
Date Declared | May 2, 2019 | Feb. 14, 2019 | |||
Dividends declared per common share | $ 0.1375 | $ 0.1250 | $ 0.1250 | $ 0.2625 | $ 0.2500 |
Dividends, Common Stock, Cash | $ 9,024 | $ 8,206 | $ 8,151 | $ 17,230 | $ 16,297 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 01, 2019 | May 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Dividends declared per common share | $ 0.1375 | $ 0.1250 | $ 0.1250 | $ 0.2625 | $ 0.2500 | |||
Payments for repurchase of common stock | $ 754 | $ 0 | $ 754 | $ 0 | ||||
Common shares available for grant | 2,600,000 | 2,600,000 | ||||||
Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 0 | 0 | ||||||
Shares outstanding | 0 | 0 | ||||||
Restricted Stock Rights | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 0 | 0 | ||||||
Shares outstanding | 0 | 0 | ||||||
Performance Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 0 | 0 | ||||||
Shares outstanding | 0 | 0 | ||||||
Stock Appreciation Rights (SARs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 0 | 0 | ||||||
Shares outstanding | 0 | 0 | ||||||
Performance Share Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 641,206 | |||||||
Shares outstanding | 1,764,976 | 1,764,976 | 2,036,008 | |||||
Vesting period | 3 years | |||||||
Expense recognized | $ 1,078 | 1,630 | $ 603 | 1,694 | ||||
Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 31,405 | |||||||
Shares outstanding | 31,405 | 31,405 | 31,130 | |||||
Vesting period | 1 year | |||||||
Expense recognized | $ 124 | $ 129 | $ 254 | $ 258 | ||||
Unrecognized compensation cost | 413 | 413 | ||||||
Share Repurchase Program | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Maximum Amount Of Stock Which Can Be Repurchased, Value | $ 50,000 | |||||||
Payments for repurchase of common stock | $ 754 | $ 754 | ||||||
Stock repurchased during period, shares | 52,879 | 52,879 | ||||||
Average repurchase price per share | $ 14.25 | $ 14.25 | ||||||
Dividend Declared | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Dividends Payable, Date to be Paid | Oct. 2, 2019 | |||||||
Dividends Payable, Date of Record | Sep. 25, 2019 | |||||||
Dividend Declared | Subsequent Event | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Dividends declared per common share | $ 0.1375 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Share Activity - PSU's (Details) - Performance Share Units | 6 Months Ended |
Jun. 30, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding - Beginning | 2,036,008 |
Granted | 641,206 |
Vested and issued (in shares) | (449,395) |
Forfeited (in shares) | (462,843) |
Outstanding - Ending | 1,764,976 |
Shareholders' Equity - Summar_3
Shareholders' Equity - Summary of Share Activity - Restricted Shares (Details) - Restricted Stock | 6 Months Ended |
Jun. 30, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding - Beginning | 31,130 |
Granted | 31,405 |
Vested | (31,130) |
Outstanding - Ending | 31,405 |
Net Income Per Common Share - S
Net Income Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net Income Per Common Share Basic And Diluted [Line Items] | ||||
Net income - basic and diluted | $ 10,259 | $ 16,755 | $ 61,875 | $ 42,404 |
Net income per common share, basic and diluted | $ 0.16 | $ 0.26 | $ 0.94 | $ 0.65 |
Basic, Weighted average number of common shares outstanding | 65,611,484 | 65,140,802 | 65,507,469 | 65,095,788 |
Diluted, Weighted average number of common shares outstanding | 65,841,739 | 65,682,681 | 65,878,055 | 65,629,000 |
Performance Share Units | ||||
Net Income Per Common Share Basic And Diluted [Line Items] | ||||
Effect of dilutive instruments (in shares) | 213,243 | 520,920 | 352,029 | 506,475 |
Restricted Stock | ||||
Net Income Per Common Share Basic And Diluted [Line Items] | ||||
Effect of dilutive instruments (in shares) | 17,012 | 20,959 | 18,557 | 26,737 |
Net Income Per Common Share -_2
Net Income Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Parenthetical) (Details) - shares | Jun. 30, 2019 | Jun. 30, 2018 |
Restricted Stock | ||
Net Income Per Common Share Basic And Diluted [Line Items] | ||
Contingently issuable shares excluded from the basic weighted average shares outstanding | 31,405 | 31,130 |
Net Income Per Common Share - A
Net Income Per Common Share - Additional Information (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 | 0 | 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Total shareholders' equity | $ 581,429 |
Other comprehensive income before reclassifications | 20,253 |
Amounts reclassified from accumulated other comprehensive loss | 95 |
Other comprehensive income, net of taxes | 20,348 |
Total shareholders' equity | 646,525 |
Foreign Currency Translation Adjustment | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Total shareholders' equity | (127,003) |
Other comprehensive income before reclassifications | 20,237 |
Amounts reclassified from accumulated other comprehensive loss | 0 |
Other comprehensive income, net of taxes | 20,237 |
Total shareholders' equity | (106,766) |
Defined Benefit Pension and Other Post-Retirement Benefit Items | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Total shareholders' equity | (1,170) |
Other comprehensive income before reclassifications | 0 |
Amounts reclassified from accumulated other comprehensive loss | 95 |
Other comprehensive income, net of taxes | 95 |
Total shareholders' equity | (1,075) |
Unrealized Gains / Losses on Marketable Securities | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Total shareholders' equity | 3 |
Other comprehensive income before reclassifications | 16 |
Amounts reclassified from accumulated other comprehensive loss | 0 |
Other comprehensive income, net of taxes | 16 |
Total shareholders' equity | 19 |
Accumulated Other Comprehensive Income (Loss) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Total shareholders' equity | (128,170) |
Total shareholders' equity | $ (107,822) |
Business Segment Information -
Business Segment Information - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($)mill | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)mill | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 10, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Number of pulp mills | mill | 4 | 4 | ||||
Assets | $ 2,029,777 | $ 2,029,777 | $ 1,975,735 | |||
Revenues | 425,753 | $ 346,532 | 909,703 | $ 714,435 | ||
Operating Segments | Market Pulp | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Assets | 1,804,629 | 1,804,629 | 1,698,071 | |||
Revenues | 384,799 | 291,632 | 821,273 | 605,867 | ||
Operating Segments | Wood Products | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Assets | 83,751 | 83,751 | 131,754 | |||
Revenues | 39,452 | 54,900 | 83,891 | 108,568 | ||
Corporate, Non-Segment | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Assets | 141,397 | 141,397 | 145,910 | |||
Revenues | 1,502 | 0 | 4,539 | 0 | ||
Intersegment Eliminations | Market Pulp | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenues | 108 | 556 | 364 | 910 | ||
Intersegment Eliminations | Wood Products | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenues | $ 3,946 | $ 5,096 | $ 9,353 | 10,045 | ||
MPR - CPP | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Acquisitions, Percentage of Voting Interests Acquired | 50.00% | 50.00% | 50.00% | |||
Related party transaction, purchases from related party | $ 30,523 | $ 55,156 | 0 | |||
Accounts payable, related parties | 788 | 788 | 1,347 | |||
MPR - logging JV | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Acquisitions, Percentage of Voting Interests Acquired | 50.00% | |||||
Related party transaction, purchases from related party | 3,055 | 8,849 | $ 0 | |||
Accounts payable, related parties | $ 1,565 | $ 1,565 | $ 2,343 |
Business Segment Information _2
Business Segment Information - Schedule of Results by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 425,753 | $ 346,532 | $ 909,703 | $ 714,435 | |
Operating income (loss) | 37,810 | 37,476 | 131,362 | 113,524 | |
Depreciation and amortization | 32,148 | 23,014 | 62,395 | 46,333 | |
Total assets | 2,029,777 | 2,029,777 | $ 1,975,735 | ||
Pulp | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 359,205 | 279,939 | 772,518 | 570,490 | |
Lumber | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 35,322 | 48,991 | 74,485 | 97,159 | |
Energy and Chemicals | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 29,884 | 14,948 | 58,748 | 41,413 | |
Wood Residuals | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 1,342 | 2,654 | 3,952 | 5,373 | |
Operating Segments | Market Pulp | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 384,799 | 291,632 | 821,273 | 605,867 | |
Operating income (loss) | 42,251 | 36,976 | 135,771 | 111,030 | |
Depreciation and amortization | 29,849 | 21,127 | 57,872 | 42,650 | |
Total assets | 1,804,629 | 1,804,629 | 1,698,071 | ||
Operating Segments | Wood Products | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 39,452 | 54,900 | 83,891 | 108,568 | |
Operating income (loss) | (89) | 4,322 | 1,531 | 7,304 | |
Depreciation and amortization | 2,010 | 1,779 | 3,921 | 3,465 | |
Total assets | 83,751 | 83,751 | 131,754 | ||
Operating Segments | Pulp | Market Pulp | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 359,205 | 279,939 | 772,518 | 570,490 | |
Operating Segments | Pulp | Wood Products | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 0 | 0 | 0 | 0 | |
Operating Segments | Lumber | Market Pulp | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 0 | 0 | 0 | 0 | |
Operating Segments | Lumber | Wood Products | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 35,322 | 48,991 | 74,485 | 97,159 | |
Operating Segments | Energy and Chemicals | Market Pulp | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 25,594 | 11,693 | 48,755 | 35,377 | |
Operating Segments | Energy and Chemicals | Wood Products | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 2,788 | 3,255 | 5,454 | 6,036 | |
Operating Segments | Wood Residuals | Market Pulp | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 0 | 0 | 0 | 0 | |
Operating Segments | Wood Residuals | Wood Products | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 1,342 | 2,654 | 3,952 | 5,373 | |
Corporate, Non-Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 1,502 | 0 | 4,539 | 0 | |
Operating income (loss) | (4,352) | (3,822) | (5,940) | (4,810) | |
Depreciation and amortization | 289 | 108 | 602 | 218 | |
Total assets | 141,397 | 141,397 | $ 145,910 | ||
Corporate, Non-Segment | Pulp | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 0 | 0 | 0 | 0 | |
Corporate, Non-Segment | Lumber | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 0 | 0 | 0 | 0 | |
Corporate, Non-Segment | Energy and Chemicals | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 1,502 | 0 | 4,539 | 0 | |
Corporate, Non-Segment | Wood Residuals | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 0 | 0 | 0 | 0 | |
United States | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 51,456 | 20,902 | 119,316 | 42,957 | |
United States | Operating Segments | Market Pulp | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 38,778 | 5,653 | 93,346 | 11,303 | |
United States | Operating Segments | Wood Products | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 12,678 | 15,249 | 25,970 | 31,654 | |
United States | Corporate, Non-Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 0 | 0 | 0 | 0 | |
Germany | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 123,179 | 138,299 | 270,284 | 284,803 | |
Germany | Operating Segments | Market Pulp | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 109,150 | 116,205 | 241,339 | 240,943 | |
Germany | Operating Segments | Wood Products | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 14,029 | 22,094 | 28,945 | 43,860 | |
Germany | Corporate, Non-Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 0 | 0 | 0 | 0 | |
China | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 118,335 | 75,356 | 233,654 | 159,837 | |
China | Operating Segments | Market Pulp | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 118,335 | 75,356 | 233,654 | 159,837 | |
China | Operating Segments | Wood Products | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 0 | 0 | 0 | 0 | |
China | Corporate, Non-Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 0 | 0 | 0 | 0 | |
Other Countries | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 132,783 | 111,975 | 286,449 | 226,838 | |
Other Countries | Operating Segments | Market Pulp | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 118,536 | 94,418 | 252,934 | 193,784 | |
Other Countries | Operating Segments | Wood Products | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 12,745 | 17,557 | 28,976 | 33,054 | |
Other Countries | Corporate, Non-Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 1,502 | $ 0 | $ 4,539 | $ 0 |
Business Segment Information _3
Business Segment Information - Schedule of Results by Segment (Parenthetical) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Segment Reporting [Abstract] | ||
Investment in joint ventures | $ 57,659 | $ 62,574 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurement - Outstanding Financial Instruments And Estimated Fair Values (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 1,023,968 | |
Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | |
Fair Value, Significant Other Observable Inputs (Level 2) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 1,023,968 | |
Fair Value, Significant unobservable inputs (Level 3) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | |
Revolving credit facility | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 58,968 | |
Revolving credit facility | Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | |
Revolving credit facility | Fair Value, Significant Other Observable Inputs (Level 2) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 58,968 | |
Revolving credit facility | Fair Value, Significant unobservable inputs (Level 3) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | |
Senior notes | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 1,032,875 | 965,000 |
Senior notes | Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Senior notes | Fair Value, Significant Other Observable Inputs (Level 2) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 1,032,875 | 965,000 |
Senior notes | Fair Value, Significant unobservable inputs (Level 3) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 0 | $ 0 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurement - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Accounts receivable | $ 273,502 | $ 252,692 |
Cash and cash equivalents | $ 257,322 | $ 240,491 |
Lease Commitments - Additional
Lease Commitments - Additional Information (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
Consumer Price Index Basis Point Change | 1.00% |
Lessee, Finance Lease, Lease Not yet Commenced, Term of Contract | 12 years |
Unrecorded Unconditional Purchase Obligation | $ 19,600 |
Land | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Renewal Term | 6 years |
Equipment | |
Lessee, Lease, Description [Line Items] | |
Lessee, Finance Lease, Term of Contract | 8 years |
Railroad Transportation Equipment | |
Lessee, Lease, Description [Line Items] | |
Lessee, Finance Lease, Term of Contract | 9 years |
Office Building | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Renewal Term | 5 years |
Minimum | Land | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 6 years |
Minimum | Office Building | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 4 years |
Maximum | Land | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 13 years |
Maximum | Office Building | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 8 years |
Lease Commitments - Components
Lease Commitments - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Leases [Abstract] | ||||
Operating lease cost | $ 891 | $ 598 | $ 1,823 | $ 1,448 |
Finance lease, amortization of right-of-use assets | 856 | 887 | 1,737 | 1,740 |
Finance lease, interest on lease liabilities | 352 | 272 | 718 | 506 |
Total lease cost | $ 2,099 | $ 1,757 | $ 4,278 | $ 3,694 |
Lease Commitments - Supplementa
Lease Commitments - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Leases [Abstract] | ||||
Operating cash flows from operating leases | $ 891 | $ 598 | $ 1,823 | $ 1,448 |
Operating cash flows from finance leases | 352 | 272 | 718 | 506 |
Financing cash flows from finance leases | $ 831 | $ 784 | $ 1,693 | $ 1,632 |
Lease Commitments - Other Infor
Lease Commitments - Other Information Related To Leases (Details) | Jun. 30, 2019 | Jun. 30, 2018 |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 6 years |
Finance Lease, Weighted Average Remaining Lease Term | 9 years | 10 years |
Operating Lease, Weighted Average Discount Rate, Percent | 6.00% | |
Finance Lease, Weighted Average Discount Rate, Percent | 5.00% | 5.00% |
Lease Commitments - Supplemen_2
Lease Commitments - Supplemental Balance Sheet Information Related To Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating lease right-of-use assets | $ 14,087 | $ 14,700 | |
Operating Lease, other current liabilities | $ 2,477 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherCurrentLiabilitiesMember | ||
Operating lease liabilities | $ 11,610 | ||
Operating lease liabilities, total | 14,087 | ||
Property and equipment, gross | 44,089 | $ 44,756 | |
Less: accumulated depreciation | (17,330) | (15,963) | |
Finance Lease, property, plant and equipment | $ 26,759 | $ 28,793 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | us-gaap:PropertyPlantAndEquipmentNet | |
Other current liabilities | $ 4,408 | $ 4,911 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherCurrentLiabilitiesMember | us-gaap:OtherCurrentLiabilitiesMember | |
Finance lease liabilities | $ 23,229 | $ 24,669 | |
Total finance lease liabilities | $ 27,637 | $ 29,580 |
Lease Commitments - Schedule of
Lease Commitments - Schedule of Maturities of Leases Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Finance Lease Liabilities, Payments, Due [Abstract] | ||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | $ 3,818 | |
Finance Lease, Liability, Payments, Due Year Two | 3,560 | |
Finance Lease, Liability, Payments, Due Year Three | 3,429 | |
Finance Lease, Liability, Payments, Due Year Four | 3,258 | |
Finance Lease, Liability, Payments, Due Year Five | 3,389 | |
Finance Lease, Liability, Payments, Due after Year Five | 16,923 | |
Finance Lease, Liability, Payments, Due | 34,377 | |
Finance Lease, Liability, Undiscounted Excess Amount | (6,740) | |
Finance Lease, Liability | 27,637 | $ 29,580 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 1,788 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 3,197 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2,914 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 2,726 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 2,044 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 4,749 | |
Lessee, Operating Lease, Liability, Payments, Due | 17,418 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (3,331) | |
Operating lease liabilities, total | $ 14,087 |
Lease Commitments - Minimum Lea
Lease Commitments - Minimum Lease Payments Under Non-cancellable Finance and Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Finance Leases | |
2019 | $ 6,302 |
2020 | 3,601 |
2021 | 3,441 |
2022 | 3,278 |
2023 | 3,410 |
Thereafter | 17,025 |
Total lease payments | 37,057 |
Less: imputed interest | (7,477) |
Total lease liability | 29,580 |
Operating Leases | |
2019 | 3,309 |
2020 | 2,963 |
2021 | 2,717 |
2022 | 2,557 |
2023 | 2,057 |
Thereafter | 5,360 |
Total lease payments | $ 18,963 |