Mercer International (MERC) 10-Q 30 Apr 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 29, 2020
Cover [Abstract]
Entity Registrant Name	MERCER INTERNATIONAL INC.
Entity Central Index Key	0001333274
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Trading Symbol	MERC
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		65,799,946
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity File Number	000-51826
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	47-0956945
Entity Address, Address Line One	Suite 1120
Entity Address, Address Line Two	700 West Pender Street
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Country	CA
Entity Address, Postal Zip Code	V6C 1G8
City Area Code	604
Local Phone Number	684-1099
Title of 12(b) Security	Common Stock, par value $1.00 per share
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

INTERIM CONSOLIDATED STATEMENTS

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenues	$ 350,599	$ 483,950
Costs and expenses
Cost of sales, excluding depreciation and amortization	276,056	343,033
Cost of sales depreciation and amortization	32,911	30,136
Selling, general and administrative expenses	17,570	17,229
Operating income	24,062	93,552
Other income (expenses)
Interest expense	(20,084)	(18,551)
Other income (expenses)	(2,026)	1,039
Total other expenses, net	(22,110)	(17,512)
Income before provision for income taxes	1,952	76,040
Provision for income taxes	(5,344)	(24,424)
Net income (loss)	$ (3,392)	$ 51,616
Net income (loss) per common share
Basic	$ (0.05)	$ 0.79
Diluted	(0.05)	0.78
Dividends declared per common share	$ 0.1375	$ 0.1250

INTERIM CONSOLIDATED STATEMEN_2

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (3,392)	$ 51,616
Other comprehensive income (loss), net of taxes
Foreign currency translation adjustment	(74,994)	(3,872)
Change in unrecognized losses and prior service costs related to defined benefit pension plans, net of tax of $nil (2019 - $6)	6	60
Other comprehensive loss, net of taxes	(74,988)	(3,812)
Total comprehensive income (loss)	$ (78,380)	$ 47,804

INTERIM CONSOLIDATED STATEMEN_3

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Change in unrecognized losses and prior service costs related to defined benefit pension plans, tax	$ 0	$ 6

INTERIM CONSOLIDATED BALANCE SH

INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 286,526	$ 351,085
Accounts receivable, net	221,921	208,740
Inventories	269,812	272,599
Prepaid expenses and other	10,294	12,273
Total current assets	788,553	844,697
Property, plant and equipment, net	1,020,345	1,074,242
Investment in joint ventures	48,188	53,122
Amortizable intangible assets, net	48,957	53,371
Operating lease right-of-use assets	11,866	13,004
Other long-term assets	32,848	26,038
Deferred income tax	1,232	1,246
Total assets	1,951,989	2,065,720
Current liabilities
Accounts payable and other	184,447	255,544
Pension and other post-retirement benefit obligations	696	768
Total current liabilities	185,143	256,312
Debt	1,136,454	1,087,932
Pension and other post-retirement benefit obligations	23,157	25,489
Finance lease liabilities	37,537	31,103
Operating lease liabilities	9,436	10,520
Other long-term liabilities	13,323	14,114
Deferred income tax	84,171	89,847
Total liabilities	1,489,221	1,515,317
Shareholders’ equity
Common shares $1 par value; 200,000,000 authorized; 65,800,000 issued and outstanding (2019 – 65,629,000)	65,769	65,598
Additional paid-in capital	344,753	344,994
Retained earnings	243,794	256,371
Accumulated other comprehensive loss	(191,548)	(116,560)
Total shareholders’ equity	462,768	550,403
Total liabilities and shareholders’ equity	1,951,989	2,065,720
Commitments and contingencies (Note 13)

INTERIM CONSOLIDATED BALANCE _2

INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	65,800,000	65,629,000
Common Stock, Shares, Outstanding	65,800,000	65,629,000
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 Loss
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
Shares issued on grants of performance share units		$ 449	(449)
Shares issued on grants of performance share units (in shares)		449
Stock compensation recovery	(345)		(345)
Net income (loss)	51,616			51,616
Dividends declared	(8,206)			(8,206)
Other comprehensive loss	(3,812)				(3,812)
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, 2019	$ 550,403	$ 65,598	344,994	256,371	(116,560)
Balance (in shares) at Dec. 31, 2019	65,629	65,629
Shares issued on grants of performance share units		$ 195	(195)
Shares issued on grants of performance share units (in shares)		195
Stock compensation recovery	$ (46)		(46)
Net income (loss)	(3,392)			(3,392)
Dividends declared	(9,047)			(9,047)
Repurchase of common shares	(162)	$ (24)		(138)
Repurchase of common shares, shares		(24)
Other comprehensive loss	(74,988)				(74,988)
Total shareholders' equity at Mar. 31, 2020	$ 462,768	$ 65,769	$ 344,753	$ 243,794	$ (191,548)
Balance (in shares) at Mar. 31, 2020	65,800	65,800

INTERIM CONSOLIDATED STATEMEN_5

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from (used in) operating activities
Net income (loss)	$ (3,392)	$ 51,616
Adjustments to reconcile net income (loss) to cash flows from operating activities
Depreciation and amortization	32,946	30,247
Deferred income tax provision (benefit)	(1,331)	3,639
Inventory impairment	5,734	0
Defined benefit pension plans and other post-retirement benefit plan expense	762	856
Stock compensation recovery	(46)	(345)
Foreign exchange transaction gains	(6,144)	(263)
Other	(497)	704
Defined benefit pension plans and other post-retirement benefit plan contributions	(915)	(1,158)
Changes in working capital
Accounts receivable	(20,926)	(56,353)
Inventories	(18,120)	21,141
Accounts payable and accrued expenses	(57,660)	(173)
Other	(253)	(7,725)
Net cash from (used in) operating activities	(69,842)	42,186
Cash flows from (used in) investing activities
Purchase of property, plant and equipment	(23,018)	(19,389)
Purchase of amortizable intangible assets	(438)	(316)
Other	51	(261)
Net cash from (used in) investing activities	(23,405)	(19,966)
Cash flows from (used in) financing activities
Proceeds from (repayment of) revolving credit facilities, net	51,260	(33,672)
Dividend payments	(9,047)	0
Repurchase of common shares	(162)	0
Payment of debt issuance costs	0	(509)
Proceeds from government grants	0	6,320
Other	(9,801)	(862)
Net cash from (used in) financing activities	32,250	(28,723)
Effect of exchange rate changes on cash and cash equivalents	(3,562)	(754)
Net decrease in cash and cash equivalents	(64,559)	(7,257)
Cash and cash equivalents, beginning of period	351,085	240,491
Cash and cash equivalents, end of period	286,526	233,234
Supplemental cash flow disclosure
Cash paid for interest	37,278	16,983
Cash paid for income taxes	12,974	23,613
Supplemental schedule of non-cash investing and financing activities:
Leased production equipment	$ 8,994	$ 0

The Company and Summary of Sign

The Company and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
The Company and Summary of Significant Accounting Policies	Note 1. The Company and Summary of Significant Accounting Policies Nature of Operations and Basis of Presentation The Interim Consolidated Financial Statements contained herein include the accounts of Mercer International Inc. ("Mercer Inc.") and all of its subsidiaries (collectively the "Company"). Mercer Inc. owns 100% of the economic interest in its subsidiaries with the exception of the 50% joint venture interest in the Cariboo mill with West Fraser Mills Ltd., which is accounted for using the equity method. The Company's shares of common stock are quoted and listed for trading on the NASDAQ Global 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, 2019. In the opinion of the Company, the unaudited Interim Consolidated Financial Statements contained herein have been prepared on a consistent basis (except for the change in policy referred to below) 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, 2019 and contain all adjustments necessary for a fair statement of the results of the interim periods included. The results for the periods included herein may not be indicative of the results for the entire year. In these Interim Consolidated Financial Statements, unless otherwise indicated, all amounts are expressed in United States dollars ("U.S. dollars" or "$"). The symbol "€" refers to euros and the symbol "C$" refers to Canadian dollars. Use of Estimates Preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant management judgment is required in determining the accounting for, among other things, pension and other post-retirement benefit obligations, deferred income taxes (valuation allowance and permanent reinvestment), depreciation and amortization, future cash flows associated with impairment testing for long-lived assets, the allocation of the purchase price in a business combination to the assets acquired and liabilities assumed, legal liabilities and contingencies. Actual results could differ materially from these estimates, and changes in these estimates are recorded when known. Impact of COVID-19 Pandemic The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company's business is highly uncertain and difficult to predict, as the response to the pandemic is in its early stages and information is rapidly evolving. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that it could cause a local and/or global economic recession. Such economic disruption could have a material adverse effect on our business. The severity of the impact of the COVID-19 pandemic on the Company's business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company's customers, all of which are uncertain and cannot be predicted. The Company's future results of operations and liquidity could be adversely impacted by delays in payments of outstanding receivable amounts beyond normal payment terms, supply chain disruptions and uncertain demand, and the impact of any initiatives or programs that the Company may undertake to address financial and operational challenges faced by its customers. As of the date of issuance of these Interim Consolidated Financial Statements, the extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity, or results of operations is uncertain. Note 1. The Company and Summary of Significant Accounting Policies (continued) New Accounting Pronouncements Accounting Pronouncements Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the current incurred loss impairment method with a method that reflects expected credit losses. In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief, which provides entities with targeted transition relief that is intended to increase comparability of financial statement information for some entities that otherwise would have measured similar financial instruments using different measurement methodologies. These updates were effective for financial statements issued after December 15, 2019. The Company adopted these updates on January 1, 2020 using the modified-retrospective approach. The adoption of these updates did not have an impact on the Interim Consolidated Financial Statements as the Company’s credit risk associated with its sales is currently managed through the purchase of credit insurance, letters of credit and setting credit limits prior to the sale. The Company reviews new customers’ credit history before granting credit and conducts regular reviews of existing customers’ credit performance. The Company is exposed to credit risk in the event of non-performance by counterparties to its financial instruments. The Company attempts to minimize this exposure by entering into contracts with counterparties that are believed to be of high credit quality. The Company’s exposure to credit losses may increase if its customers are adversely affected by the COVID-19 pandemic. Although the Company has historically not experienced significant credit losses, it is possible that there could be a material adverse impact from potential adjustments of the carrying amount of trade receivables if the cash flows of the Company’s customers are adversely impacted by the COVID-19 pandemic. Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes, which removes certain exceptions for investments, intraperiod tax allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. This update is effective for financial statements issued for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact of this update but believes it will not have a significant impact on the consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating its contracts and the optional expedients provided by the new standard.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
Inventory Net [Abstract]
Inventories	Note 2. Inventories Inventories as of March 31, 2020 and December 31, 2019, were comprised of the following: March 31, December 31, 2020 2019 Raw materials $ 86,198 $ 99,754 Finished goods 88,915 77,815 Spare parts and other 94,699 95,030 $ 269,812 $ 272,599 For the three months ended March 31, 2020, as a result of low pulp prices and high fiber costs for the Canadian mills, the Company recorded inventory impairment charges of $5,734 at certain Canadian mills (2019 – $nil). These charges were recorded in “Cost of sales, excluding depreciation and amortization” in the Interim Consolidated Statements of Operations. As of March 31, 2020, $3,681 of the write-down was recorded in raw materials inventory and $2,053 of the write-down was recorded in finished goods inventory. As of December 31, 2019, the Company recorded a $3,500 write-down in raw materials inventory and a $5,700 write-down in finished goods inventory.

Accounts Payable and Other

Accounts Payable and Other	3 Months Ended
	Mar. 31, 2020
Payables And Accruals [Abstract]
Accounts Payable and Other	Note 3. Accounts Payable and Other Accounts payable and other as of March 31, 2020 and December 31, 2019, was comprised of the following: March 31, December 31, 2020 2019 Trade payables $ 62,652 $ 73,721 Accrued expenses 87,091 111,696 Interest payable 14,902 33,198 Income tax payable 10,337 28,080 Other 9,465 8,849 $ 184,447 $ 255,544

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Note 4. Debt Debt as of March 31, 2020 and December 31, 2019, was comprised of the following: March 31, December 31, 2020 2019 2024 Senior Notes, principal amount $250,000 (a) $ 247,100 $ 246,911 2025 Senior Notes, principal amount $550,000 (a) 545,875 545,665 2026 Senior Notes, principal amount $300,000 (a) 295,548 295,356 Credit arrangements €200 million joint revolving credit facility (b) — — C$60 million revolving credit facility (c) 23,261 — C$40 million revolving credit facility (d) 24,670 — €2.6 million demand loan (e) — — $ 1,136,454 $ 1,087,932 Note 4. Debt (continued) The maturities of the principal portion of debt as of March 31, 2020 were as follows: 2020 $ — 2021 — 2022 — 2023 24,670 2024 273,261 Thereafter 850,000 $ 1,147,931 Certain of the Company’s debt instruments were issued under agreements which, among other things, may limit its ability and the ability of its subsidiaries to make certain payments, including dividends. These limitations are subject to specific exceptions. As of March 31, 2020, 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 (the “2025 Senior Notes”). The 2025 Senior Notes were issued at a price of 100% of their principal amount. The net proceeds of the offering 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 Mercer Peace River Pulp Ltd. (“MPR”). In October 2019, the Company issued an additional $200,000 in aggregate principal amount of 2025 Senior Notes at a price of 102.75% of their principal amount for a yield to worst of 6.435%. The net proceeds of the offering were $202,063 after deducting the underwriter’s discount and offering expenses. The net proceeds were used to redeem $100,000 of remaining aggregate principal amount of outstanding senior notes due 2022 (the "2022 Notes") and for general corporate purposes. In 2017, the Company issued $300,000 in aggregate principal amount of 5.50% senior notes which mature on January 15, 2026 (the “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. In 2018, the net proceeds, together with cash on hand, were used to redeem $300,000 in aggregate principal amount of the 2022 Senior Notes. In 2017, the Company issued $250,000 in aggregate principal amount of 6.50% senior notes which mature on February 1, 2024 (the “2024 Senior Notes” and collectively with the 2025 Senior Notes and 2026 Senior Notes, the “Senior Notes”). The 2024 Senior Notes were issued at a price of 100% of their principal amount. The net proceeds of the offering 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 mill and for general working capital purposes. 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, 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. Note 4. Debt (continued) The following table presents the redemption prices (expressed as percentages of principal amount) and the redemption periods of the outstanding 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 February 1, 2020 103.250 % January 15, 2021 103.688 % January 15, 2021 102.750 % February 1, 2021 101.625 % January 15, 2022 101.844 % January 15, 2022 101.375 % 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 of March 31, 2020, approximately €9.0 million ($9,846) of this facility was supporting bank guarantees leaving approximately €191.0 million ($209,274) available. (c) A C$60.0 million revolving credit facility for MPR 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. Borrowings under the facility are collateralized by, among other things, the mill’s inventories and accounts receivable. As of March 31, 2020, approximately C$33.0 million ($23,261) of this facility was drawn and accruing interest at a rate of 2.80% and approximately C$1.0 million ($690) was supporting letters of credit leaving approximately C$26.0 million ($18,341) available. (d) A C$40.0 million revolving credit facility for the Celgar mill that matures in July 2023. Borrowings under the facility are collateralized by the mill's inventories, accounts receivable, general intangibles and capital assets and are restricted by a borrowing base calculated on the mill's inventories 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 of March 31, 2020, approximately C$35.0 million ($24,670) of this facility was drawn and accruing interest at a rate of 2.68% and approximately C$1.7 million ($1,197) was supporting letters of credit leaving approximately C$3.3 million ($2,327) 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 of March 31, 2020, approximately €2.6 million ($2,796) of this facility was supporting bank guarantees leaving approximately $nil available.

Pension and Other Post-Retireme

Pension and Other Post-Retirement Benefit Obligations	3 Months Ended
	Mar. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Pension and Other Post-Retirement Benefit Obligations	Note 5. Pension and Other Post-Retirement Benefit Obligations Defined Benefit Plans Pension benefits are based on employees' earnings and years of service. The defined benefit plans are funded by contributions from the Company based on actuarial estimates and statutory requirements. The components of the net benefit costs for the Celgar and MPR defined benefit plans, in aggregate for the three month periods ended March 31, 2020 and 2019 were as follows: Three Months Ended March 31, 2020 2019 Pension Other Post- Retirement Benefits Pension Other Post- Retirement Benefits Service cost $ 849 $ 64 $ 716 $ 68 Interest cost 840 96 877 137 Expected return on plan assets (1,093 ) — (1,002 ) — Amortization of unrecognized items 228 (222 ) 215 (155 ) Net benefit costs $ 824 $ (62 ) $ 806 $ 50 The components of the net benefit costs other than service cost are recorded in “Other income (expenses)” in the Interim Consolidated Statements of Operations. The amortization of unrecognized items relates to net actuarial losses and prior service costs. 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 month period ended March 31, 2020, the Company made contributions of $413 (2019 – $448), to this plan. Multiemployer Plan The Company participates in a multiemployer plan for the hourly-paid employees at the Celgar mill. The contributions to the plan are determined based on a percentage of pensionable earnings pursuant to a collective bargaining agreement. The Company has no current or future contribution obligations in excess of the contractual contributions. During the three month period ended March 31, 2020, the Company made contributions of $451 (2019 – $323), to this plan.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 6. Income Taxes Differences between the U.S. Federal statutory and the Company's effective rates for the three month periods ended March 31, 2020 and 2019, were as follows: Three Months Ended March 31, 2020 2019 U.S. Federal statutory rate 21% 21% U.S. Federal statutory rate on income before provision for income taxes $ (410 ) $ (15,968 ) Tax differential on foreign income (1,219 ) (5,916 ) Effect of foreign earnings (a) (1,575 ) (11,887 ) Valuation allowance 4 8,341 Tax benefit of partnership structure 935 958 Non-taxable foreign subsidies 686 368 True-up of prior year taxes (1,222 ) 1,275 Other (2,543 ) (1,595 ) $ (5,344 ) $ (24,424 ) Comprised of: Current income tax provision $ (6,675 ) $ (20,785 ) Deferred income tax benefit (provision) 1,331 (3,639 ) $ (5,344 ) $ (24,424 ) (a) Primarily due to the impact of the global intangible low-taxed income provision in the Tax Cuts and Jobs Act of 2017.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Shareholders' Equity	Note 7. Shareholders' Equity Dividends In February 2020, the Company's board of directors declared a quarterly dividend of $0.1375 per common share. Payment of the dividend was made on April 1, 2020 to all shareholders of record on March 25, 2020. In April 2020, the Company's board of directors declared a quarterly dividend of $0.065 per common share. Payment of the dividend will be made on July 7, 2020 to all shareholders of record on June 25, 2020. 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. During the three month period ended March 31, 2020, the Company paid $162 to acquire 23,584 common shares at an average repurchase price of $6.84. The shares were retired upon repurchase. Note 7. Shareholders' Equity (continued) Stock Based Compensation In June 2010, the Company adopted 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 month period ended March 31, 2020, there were no issued and outstanding options, restricted stock rights, performance shares or stock appreciation rights. As of March 31, 2020, after factoring in all allocated shares, there remain approximately 1.8 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 month period ended March 31, 2020, the Company recognized a recovery of $159 related to PSUs (2019 – a recovery of $475). The following table summarizes PSU activity during the period: Number of PSUs Outstanding as of January 1, 2020 1,764,976 Granted 1,140,834 Vested and issued (194,948 ) Forfeited (301,686 ) Outstanding as of March 31, 2020 2,409,176 Restricted Shares Restricted shares generally vest at the end of one year. For the three month period ended March 31, 2020, the Company recognized an expense of $113 related to restricted shares (2019 - $130). As of March 31, 2020, the total remaining unrecognized compensation cost related to restricted shares amounted to approximately $75 which will be amortized over the remaining vesting periods.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	Note 8. Net Income (Loss) Per Common Share The reconciliation of basic and diluted net income (loss) per common share for the three month periods ended March 31, 2020 and 2019 was as follows: Three Months Ended March 31, 2020 2019 Net income (loss) Basic and diluted $ (3,392 ) $ 51,616 Net income (loss) per common share Basic $ (0.05 ) $ 0.79 Diluted $ (0.05 ) $ 0.78 Weighted average number of common shares outstanding: Basic (a) 65,694,460 65,400,222 Effect of dilutive instruments: PSUs — 490,814 Restricted shares — 20,102 Diluted 65,694,460 65,911,138 (a) For the three month period ended March 31, 2020, the basic weighted average number of common shares outstanding excludes 31,405 restricted shares which have been issued, but have not vested as of March 31, 2020 (2019 – 31,130 restricted shares). The calculation of diluted net income (loss) per common share does not assume the exercise of any instruments that would have an anti-dilutive effect on net income (loss) per common share. Instruments excluded from the calculation of net income (loss) per common share because they were anti-dilutive for the three month periods ended March 31, 2020 and 2019 were as follows: Three Months Ended March 31, 2020 2019 PSUs 2,409,176 — Restricted shares 31,405 —

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2020
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Loss	Note 9. Accumulated Other Comprehensive Loss The change in the accumulated other comprehensive loss by component (net of tax) for the three month period ended March 31, 2020 was as follows: Foreign Currency Translation Adjustment Defined Benefit Pension and Other Post- Retirement Benefit Items Total Balance as of January 1, 2020 $ (114,709 ) $ (1,851 ) $ (116,560 ) Other comprehensive loss before reclassifications (74,994 ) — (74,994 ) Amounts reclassified from accumulated other comprehensive loss — 6 6 Other comprehensive income (loss), net of taxes (74,994 ) 6 (74,988 ) Balance as of March 31, 2020 $ (189,703 ) $ (1,845 ) $ (191,548 )

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 10. Related Party Transactions The Company enters into related party transactions with its joint ventures. For the three month period ended March 31, 2020, pulp purchases from the Company’s 50% owned Cariboo mill, which are transacted at the Cariboo mill’s cost, were $19,594 (2019 – – –

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 31, 2020
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 Cariboo 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 Statements of Operations are allocated to the segments, as those items are reviewed separately by management. Information about certain segment data for the three month periods ended March 31, 2020 and 2019, was as follows: Three Months Ended March 31, 2020 Pulp Wood Products Corporate and Other Consolidated Revenues from external customers $ 303,605 $ 45,778 $ 1,216 $ 350,599 Operating income (loss) $ 21,439 $ 5,555 $ (2,932 ) $ 24,062 Depreciation and amortization $ 30,371 $ 2,377 $ 198 $ 32,946 Total assets (a) $ 1,716,808 $ 93,288 $ 141,893 $ 1,951,989 Revenues by major products Pulp $ 278,948 $ — $ — $ 278,948 Lumber — 40,986 — 40,986 Energy and chemicals 24,657 2,631 1,216 28,504 Wood residuals — 2,161 — 2,161 Total revenues $ 303,605 $ 45,778 $ 1,216 $ 350,599 Revenues by geographical markets (b) U.S. $ 33,867 $ 17,622 $ — $ 51,489 Germany 89,672 14,903 — 104,575 China 85,548 — — 85,548 Other countries 94,518 13,253 1,216 108,987 Total revenues $ 303,605 $ 45,778 $ 1,216 $ 350,599 (a) Total assets for the pulp segment includes the Company's $48,188 investment in joint ventures, primarily for the Cariboo mill. (b) Sales are attributed to countries based on the ship-to location provided by the customer. Note 11. Business Segment Information (continued) Three Months Ended March 31, 2019 Pulp Wood Products Corporate and Other Consolidated Revenues from external customers $ 436,474 $ 44,439 $ 3,037 $ 483,950 Operating income (loss) $ 93,520 $ 1,620 $ (1,588 ) $ 93,552 Depreciation and amortization $ 28,023 $ 1,911 $ 313 $ 30,247 Revenues by major products Pulp $ 413,313 $ — $ — $ 413,313 Lumber — 39,163 — 39,163 Energy and chemicals 23,161 2,666 3,037 28,864 Wood residuals — 2,610 — 2,610 Total revenues $ 436,474 $ 44,439 $ 3,037 $ 483,950 Revenues by geographical markets (a) U.S. $ 54,568 $ 13,292 $ — $ 67,860 Germany 132,189 14,916 — 147,105 China 115,319 — — 115,319 Other countries 134,398 16,231 3,037 153,666 Total revenues $ 436,474 $ 44,439 $ 3,037 $ 483,950 (a) Sales are attributed to countries based on the ship-to location provided by the customer. As of December 31, 2019, the Company had total assets of $1,782,105 in the pulp segment, $83,102 in the wood products segment and $200,513 in corporate and other. Total assets for the pulp segment includes the Company's $53,122 investment in joint ventures, primarily for the Cariboo mill. 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 month period ended March 31, 2020, the pulp segment sold $182 of residual fuel to the wood products segment (2019 – $256) and the wood products segment sold $3,836 of residual fiber to the pulp segment (2019 – $5,407).

Financial Instruments and Fair

Financial Instruments and Fair Value Measurement	3 Months Ended
	Mar. 31, 2020
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 estimated fair values of the Company’s outstanding debt under the fair value hierarchy as of March 31, 2020 and December 31, 2019 were as follows: Fair value measurements as of March 31, 2020 using: Description Level 1 Level 2 Level 3 Total Revolving credit facilities $ — $ 47,931 $ — $ 47,931 Senior Notes — 898,336 — 898,336 $ — $ 946,267 $ — $ 946,267 Fair value measurements as of December 31, 2019 using: Description Level 1 Level 2 Level 3 Total Senior Notes $ — $ 1,156,673 $ — $ 1,156,673 The carrying value of the revolving credit facilities classified as Level 2 approximates the fair value as the variable interest rates reflect current interest rates for financial instruments with similar characteristics and maturities. The fair value of the Senior Notes classified as Level 2 was determined using quoted prices in a dealer market, or using recent market transactions. The Company’s Senior Notes are not carried at fair value on the Interim Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019. However, fair value disclosure is required. The carrying value of the Company’s Senior Notes, net of note issuance costs and premium is $1,088,523 as of March 31, 2020 (December 31, 2019 – 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. The Company reviews new customers’ credit history before granting credit and conducts regular reviews of existing customers’ credit performance. 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 Company’s exposure to credit losses may increase if its customers are adversely affected by the COVID-19 pandemic. Although the Company has historically not experienced significant credit losses, it is possible that there could be a material adverse impact from potential adjustments of the carrying amount of trade receivables if the cash flows of the Company’s customers are adversely impacted by the COVID-19 pandemic. The carrying amount of cash and cash equivalents of $286,526 and accounts receivable of $221,921 recorded in the Interim Consolidated Balance Sheet, net of any allowances for losses, represents the Company's maximum exposure to credit risk.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13. 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.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Event	Note 14. Subsequent Event On April 20, 2020, the Company’s 50% owned joint venture Cariboo pulp mill announced approximately four weeks

The Company and Summary of Si_2

The Company and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation The Interim Consolidated Financial Statements contained herein include the accounts of Mercer International Inc. ("Mercer Inc.") and all of its subsidiaries (collectively the "Company"). Mercer Inc. owns 100% of the economic interest in its subsidiaries with the exception of the 50% joint venture interest in the Cariboo mill with West Fraser Mills Ltd., which is accounted for using the equity method. The Company's shares of common stock are quoted and listed for trading on the NASDAQ Global 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, 2019. In the opinion of the Company, the unaudited Interim Consolidated Financial Statements contained herein have been prepared on a consistent basis (except for the change in policy referred to below) 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, 2019 and contain all adjustments necessary for a fair statement of the results of the interim periods included. The results for the periods included herein may not be indicative of the results for the entire year. In these Interim Consolidated Financial Statements, unless otherwise indicated, all amounts are expressed in United States dollars ("U.S. dollars" or "$"). The symbol "€" refers to euros and the symbol "C$" refers to Canadian dollars.
Use of Estimates	Use of Estimates Preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant management judgment is required in determining the accounting for, among other things, pension and other post-retirement benefit obligations, deferred income taxes (valuation allowance and permanent reinvestment), depreciation and amortization, future cash flows associated with impairment testing for long-lived assets, the allocation of the purchase price in a business combination to the assets acquired and liabilities assumed, legal liabilities and contingencies. Actual results could differ materially from these estimates, and changes in these estimates are recorded when known.
Impact of COVID-19 Pandemic	Impact of COVID-19 Pandemic The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company's business is highly uncertain and difficult to predict, as the response to the pandemic is in its early stages and information is rapidly evolving. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that it could cause a local and/or global economic recession. Such economic disruption could have a material adverse effect on our business. The severity of the impact of the COVID-19 pandemic on the Company's business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company's customers, all of which are uncertain and cannot be predicted. The Company's future results of operations and liquidity could be adversely impacted by delays in payments of outstanding receivable amounts beyond normal payment terms, supply chain disruptions and uncertain demand, and the impact of any initiatives or programs that the Company may undertake to address financial and operational challenges faced by its customers. As of the date of issuance of these Interim Consolidated Financial Statements, the extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity, or results of operations is uncertain.
New Accounting Pronouncements	Note 1. The Company and Summary of Significant Accounting Policies (continued) New Accounting Pronouncements Accounting Pronouncements Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the current incurred loss impairment method with a method that reflects expected credit losses. In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief, which provides entities with targeted transition relief that is intended to increase comparability of financial statement information for some entities that otherwise would have measured similar financial instruments using different measurement methodologies. These updates were effective for financial statements issued after December 15, 2019. The Company adopted these updates on January 1, 2020 using the modified-retrospective approach. The adoption of these updates did not have an impact on the Interim Consolidated Financial Statements as the Company’s credit risk associated with its sales is currently managed through the purchase of credit insurance, letters of credit and setting credit limits prior to the sale. The Company reviews new customers’ credit history before granting credit and conducts regular reviews of existing customers’ credit performance. The Company is exposed to credit risk in the event of non-performance by counterparties to its financial instruments. The Company attempts to minimize this exposure by entering into contracts with counterparties that are believed to be of high credit quality. The Company’s exposure to credit losses may increase if its customers are adversely affected by the COVID-19 pandemic. Although the Company has historically not experienced significant credit losses, it is possible that there could be a material adverse impact from potential adjustments of the carrying amount of trade receivables if the cash flows of the Company’s customers are adversely impacted by the COVID-19 pandemic. Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes, which removes certain exceptions for investments, intraperiod tax allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. This update is effective for financial statements issued for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact of this update but believes it will not have a significant impact on the consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating its contracts and the optional expedients provided by the new standard.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Net [Abstract]
Components of Inventories	Inventories as of March 31, 2020 and December 31, 2019, were comprised of the following: March 31, December 31, 2020 2019 Raw materials $ 86,198 $ 99,754 Finished goods 88,915 77,815 Spare parts and other 94,699 95,030 $ 269,812 $ 272,599

Accounts Payable and Other (Tab

Accounts Payable and Other (Tables)	3 Months Ended
	Mar. 31, 2020
Payables And Accruals [Abstract]
Schedule of Accounts Payable and Other	Accounts payable and other as of March 31, 2020 and December 31, 2019, was comprised of the following: March 31, December 31, 2020 2019 Trade payables $ 62,652 $ 73,721 Accrued expenses 87,091 111,696 Interest payable 14,902 33,198 Income tax payable 10,337 28,080 Other 9,465 8,849 $ 184,447 $ 255,544

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	Debt as of March 31, 2020 and December 31, 2019, was comprised of the following: March 31, December 31, 2020 2019 2024 Senior Notes, principal amount $250,000 (a) $ 247,100 $ 246,911 2025 Senior Notes, principal amount $550,000 (a) 545,875 545,665 2026 Senior Notes, principal amount $300,000 (a) 295,548 295,356 Credit arrangements €200 million joint revolving credit facility (b) — — C$60 million revolving credit facility (c) 23,261 — C$40 million revolving credit facility (d) 24,670 — €2.6 million demand loan (e) — — $ 1,136,454 $ 1,087,932 (a) In 2018, the Company issued $350,000 in aggregate principal amount of 7.375% senior notes which mature on January 15, 2025 (the “2025 Senior Notes”). The 2025 Senior Notes were issued at a price of 100% of their principal amount. The net proceeds of the offering 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 Mercer Peace River Pulp Ltd. (“MPR”). In October 2019, the Company issued an additional $200,000 in aggregate principal amount of 2025 Senior Notes at a price of 102.75% of their principal amount for a yield to worst of 6.435%. The net proceeds of the offering were $202,063 after deducting the underwriter’s discount and offering expenses. The net proceeds were used to redeem $100,000 of remaining aggregate principal amount of outstanding senior notes due 2022 (the "2022 Notes") and for general corporate purposes. In 2017, the Company issued $300,000 in aggregate principal amount of 5.50% senior notes which mature on January 15, 2026 (the “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. In 2018, the net proceeds, together with cash on hand, were used to redeem $300,000 in aggregate principal amount of the 2022 Senior Notes. In 2017, the Company issued $250,000 in aggregate principal amount of 6.50% senior notes which mature on February 1, 2024 (the “2024 Senior Notes” and collectively with the 2025 Senior Notes and 2026 Senior Notes, the “Senior Notes”). The 2024 Senior Notes were issued at a price of 100% of their principal amount. The net proceeds of the offering 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 mill and for general working capital purposes. 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, 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. Note 4. Debt (continued) The following table presents the redemption prices (expressed as percentages of principal amount) and the redemption periods of the outstanding 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 February 1, 2020 103.250 % January 15, 2021 103.688 % January 15, 2021 102.750 % February 1, 2021 101.625 % January 15, 2022 101.844 % January 15, 2022 101.375 % 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 of March 31, 2020, approximately €9.0 million ($9,846) of this facility was supporting bank guarantees leaving approximately €191.0 million ($209,274) available. (c) A C$60.0 million revolving credit facility for MPR 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. Borrowings under the facility are collateralized by, among other things, the mill’s inventories and accounts receivable. As of March 31, 2020, approximately C$33.0 million ($23,261) of this facility was drawn and accruing interest at a rate of 2.80% and approximately C$1.0 million ($690) was supporting letters of credit leaving approximately C$26.0 million ($18,341) available. (d) A C$40.0 million revolving credit facility for the Celgar mill that matures in July 2023. Borrowings under the facility are collateralized by the mill's inventories, accounts receivable, general intangibles and capital assets and are restricted by a borrowing base calculated on the mill's inventories 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 of March 31, 2020, approximately C$35.0 million ($24,670) of this facility was drawn and accruing interest at a rate of 2.68% and approximately C$1.7 million ($1,197) was supporting letters of credit leaving approximately C$3.3 million ($2,327) 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 of March 31, 2020, approximately €2.6 million ($2,796) of this facility was supporting bank guarantees leaving approximately $nil available.
Principal Maturities of Debt	The maturities of the principal portion of debt as of March 31, 2020 were as follows: 2020 $ — 2021 — 2022 — 2023 24,670 2024 273,261 Thereafter 850,000 $ 1,147,931
Debt Redemption Period for Outstanding Senior Notes	The following table presents the redemption prices (expressed as percentages of principal amount) and the redemption periods of the outstanding 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 February 1, 2020 103.250 % January 15, 2021 103.688 % January 15, 2021 102.750 % February 1, 2021 101.625 % January 15, 2022 101.844 % January 15, 2022 101.375 % 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)	3 Months Ended
	Mar. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Schedule of Net Benefit Costs	The components of the net benefit costs for the Celgar and MPR defined benefit plans, in aggregate for the three month periods ended March 31, 2020 and 2019 were as follows: Three Months Ended March 31, 2020 2019 Pension Other Post- Retirement Benefits Pension Other Post- Retirement Benefits Service cost $ 849 $ 64 $ 716 $ 68 Interest cost 840 96 877 137 Expected return on plan assets (1,093 ) — (1,002 ) — Amortization of unrecognized items 228 (222 ) 215 (155 ) Net benefit costs $ 824 $ (62 ) $ 806 $ 50

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2020
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 month periods ended March 31, 2020 and 2019, were as follows: Three Months Ended March 31, 2020 2019 U.S. Federal statutory rate 21% 21% U.S. Federal statutory rate on income before provision for income taxes $ (410 ) $ (15,968 ) Tax differential on foreign income (1,219 ) (5,916 ) Effect of foreign earnings (a) (1,575 ) (11,887 ) Valuation allowance 4 8,341 Tax benefit of partnership structure 935 958 Non-taxable foreign subsidies 686 368 True-up of prior year taxes (1,222 ) 1,275 Other (2,543 ) (1,595 ) $ (5,344 ) $ (24,424 ) Comprised of: Current income tax provision $ (6,675 ) $ (20,785 ) Deferred income tax benefit (provision) 1,331 (3,639 ) $ (5,344 ) $ (24,424 ) (a) Primarily due to 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)	3 Months Ended
	Mar. 31, 2020
Performance Share Units
Stockholders Equity [Line Items]
Summary of Share Activity	The following table summarizes PSU activity during the period: Number of PSUs Outstanding as of January 1, 2020 1,764,976 Granted 1,140,834 Vested and issued (194,948 ) Forfeited (301,686 ) Outstanding as of March 31, 2020 2,409,176

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Net Income (Loss) Per Common Share	The reconciliation of basic and diluted net income (loss) per common share for the three month periods ended March 31, 2020 and 2019 was as follows: Three Months Ended March 31, 2020 2019 Net income (loss) Basic and diluted $ (3,392 ) $ 51,616 Net income (loss) per common share Basic $ (0.05 ) $ 0.79 Diluted $ (0.05 ) $ 0.78 Weighted average number of common shares outstanding: Basic (a) 65,694,460 65,400,222 Effect of dilutive instruments: PSUs — 490,814 Restricted shares — 20,102 Diluted 65,694,460 65,911,138 (a) For the three month period ended March 31, 2020, the basic weighted average number of common shares outstanding excludes 31,405 restricted shares which have been issued, but have not vested as of March 31, 2020 (2019 – 31,130 restricted shares).
Anti-Dilutive Instruments Excluded from Calculation of Net Income (Loss) Per Common Share	Instruments excluded from the calculation of net income (loss) per common share because they were anti-dilutive for the three month periods ended March 31, 2020 and 2019 were as follows: Three Months Ended March 31, 2020 2019 PSUs 2,409,176 — Restricted shares 31,405 —

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2020
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Schedule of Change in Accumulated Other Comprehensive Loss by Components	The change in the accumulated other comprehensive loss by component (net of tax) for the three month period ended March 31, 2020 was as follows: Foreign Currency Translation Adjustment Defined Benefit Pension and Other Post- Retirement Benefit Items Total Balance as of January 1, 2020 $ (114,709 ) $ (1,851 ) $ (116,560 ) Other comprehensive loss before reclassifications (74,994 ) — (74,994 ) Amounts reclassified from accumulated other comprehensive loss — 6 6 Other comprehensive income (loss), net of taxes (74,994 ) 6 (74,988 ) Balance as of March 31, 2020 $ (189,703 ) $ (1,845 ) $ (191,548 )

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Information about certain segment data for the three month periods ended March 31, 2020 and 2019, was as follows: Three Months Ended March 31, 2020 Pulp Wood Products Corporate and Other Consolidated Revenues from external customers $ 303,605 $ 45,778 $ 1,216 $ 350,599 Operating income (loss) $ 21,439 $ 5,555 $ (2,932 ) $ 24,062 Depreciation and amortization $ 30,371 $ 2,377 $ 198 $ 32,946 Total assets (a) $ 1,716,808 $ 93,288 $ 141,893 $ 1,951,989 Revenues by major products Pulp $ 278,948 $ — $ — $ 278,948 Lumber — 40,986 — 40,986 Energy and chemicals 24,657 2,631 1,216 28,504 Wood residuals — 2,161 — 2,161 Total revenues $ 303,605 $ 45,778 $ 1,216 $ 350,599 Revenues by geographical markets (b) U.S. $ 33,867 $ 17,622 $ — $ 51,489 Germany 89,672 14,903 — 104,575 China 85,548 — — 85,548 Other countries 94,518 13,253 1,216 108,987 Total revenues $ 303,605 $ 45,778 $ 1,216 $ 350,599 (a) Total assets for the pulp segment includes the Company's $48,188 investment in joint ventures, primarily for the Cariboo mill. (b) Sales are attributed to countries based on the ship-to location provided by the customer. Note 11. Business Segment Information (continued) Three Months Ended March 31, 2019 Pulp Wood Products Corporate and Other Consolidated Revenues from external customers $ 436,474 $ 44,439 $ 3,037 $ 483,950 Operating income (loss) $ 93,520 $ 1,620 $ (1,588 ) $ 93,552 Depreciation and amortization $ 28,023 $ 1,911 $ 313 $ 30,247 Revenues by major products Pulp $ 413,313 $ — $ — $ 413,313 Lumber — 39,163 — 39,163 Energy and chemicals 23,161 2,666 3,037 28,864 Wood residuals — 2,610 — 2,610 Total revenues $ 436,474 $ 44,439 $ 3,037 $ 483,950 Revenues by geographical markets (a) U.S. $ 54,568 $ 13,292 $ — $ 67,860 Germany 132,189 14,916 — 147,105 China 115,319 — — 115,319 Other countries 134,398 16,231 3,037 153,666 Total revenues $ 436,474 $ 44,439 $ 3,037 $ 483,950 (a) Sales are attributed to countries based on the ship-to location provided by the customer.

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Estimated Fair Values of the Outstanding Debt	The estimated fair values of the Company’s outstanding debt under the fair value hierarchy as of March 31, 2020 and December 31, 2019 were as follows: Fair value measurements as of March 31, 2020 using: Description Level 1 Level 2 Level 3 Total Revolving credit facilities $ — $ 47,931 $ — $ 47,931 Senior Notes — 898,336 — 898,336 $ — $ 946,267 $ — $ 946,267 Fair value measurements as of December 31, 2019 using: Description Level 1 Level 2 Level 3 Total Senior Notes $ — $ 1,156,673 $ — $ 1,156,673

The Company and Summary of Si_3

The Company and Summary of Significant Accounting Policies - Additional Information (Details)	Mar. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Economic interest percentage in subsidiaries	100.00%
MPR - Cariboo Mill
Summary Of Significant Accounting Policies [Line Items]
Ownership percentage	50.00%

Inventories - Components of Inv

Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Net [Abstract]
Raw materials	$ 86,198	$ 99,754
Finished goods	88,915	77,815
Spare parts and other	94,699	95,030
Inventories	$ 269,812	$ 272,599

Inventories - Additional Inform

Inventories - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Inventory [Line Items]
Inventory impairment charges	$ 5,734	$ 0
Raw Materials
Inventory [Line Items]
Inventory write-down	3,681		$ 3,500
Finished Goods Inventory
Inventory [Line Items]
Inventory write-down	2,053		$ 5,700
Canadian Pulp Mills
Inventory [Line Items]
Inventory impairment charges	$ 5,734	$ 0

Accounts Payable and Other - Sc

Accounts Payable and Other - Schedule of Accounts Payable and Other (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Trade payables	$ 62,652	$ 73,721
Accrued expenses	87,091	111,696
Interest payable	14,902	33,198
Income tax payable	10,337	28,080
Other	9,465	8,849
Accounts payable and other	$ 184,447	$ 255,544

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) $ in Thousands, $ in Millions	Mar. 31, 2020USD ($)	Mar. 31, 2020CAD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Total debt	$ 1,136,454		$ 1,087,932
2024 Senior Notes
Debt Instrument [Line Items]
Total debt	247,100		246,911
2025 Senior Notes
Debt Instrument [Line Items]
Total debt	545,875		545,665
2026 Senior Notes
Debt Instrument [Line Items]
Total debt	295,548		295,356
German Joint RCF - EUR 200 Million
Debt Instrument [Line Items]
Total debt	0		0
MPR Credit Facility - C$60 Million
Debt Instrument [Line Items]
Total debt	23,261	$ 33	0
Celgar Credit Facility - C$40.0 Million
Debt Instrument [Line Items]
Total debt	24,670	$ 35	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)	Oct. 31, 2019USD ($)	Dec. 20, 2017USD ($)	Feb. 03, 2017USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2020EUR (€)	Mar. 31, 2020CAD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Long-term Debt				$ 1,136,454,000				$ 1,087,932,000
2024 Senior Notes
Debt Instrument [Line Items]
Debt, maturity date				Feb. 1, 2024
Debt, face amount				$ 250,000,000
2024 Senior Notes | Minimum
Debt Instrument [Line Items]
Senior Notes, redemption notice days				30 days
2024 Senior Notes | Maximum
Debt Instrument [Line Items]
Senior Notes, redemption notice days				60 days
2025 Senior Notes
Debt Instrument [Line Items]
Debt, maturity date				Jan. 15, 2025	Jan. 15, 2025
Debt, face amount	$ 200,000,000			$ 550,000,000	$ 350,000,000
Debt, interest rate					7.375%
Debt, issued price percentage of principal amount	102.75%				100.00%
Long-term Debt	$ 202,063,000				$ 342,682,000
Debt instrument, yield to worst percentage	6.435%
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
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
Debt, description of variable basis spread				Euribor
Debt, amount of debt supporting bank guarantees				$ 9,846,000		9,000,000
Line of credit facility, remaining borrowing capacity				$ 209,274,000		€ 191,000,000
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
Debt, interest rate				2.80%		2.80%	2.80%
Long-term Debt				$ 23,261,000			$ 33,000,000	0
Line of credit facility, remaining borrowing capacity				18,341,000			26,000,000
Line of credit, letters of credit outstanding, amount				$ 690,000			1,000,000
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
Debt, interest rate				2.68%		2.68%	2.68%
Long-term Debt				$ 24,670,000			$ 35,000,000	0
Line of credit facility, remaining borrowing capacity				2,327,000			3,300,000
Line of credit, letters of credit outstanding, amount				$ 1,197,000			$ 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
Debt, description of variable basis spread				three-month Euribor
Debt, variable basis spread				2.50%
Debt, amount of debt supporting bank guarantees				$ 2,796,000		€ 2,600,000
Line of credit facility, remaining borrowing capacity				$ 0
Senior Notes 2022
Debt Instrument [Line Items]
Debt, redemption value	$ 100,000,000				$ 300,000,000
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 days				10 days
Senior Notes 2025 and 2026 | Maximum
Debt Instrument [Line Items]
Senior Notes, redemption notice days				60 days

Debt - Principal Maturities of

Debt - Principal Maturities of Debt (Details) $ in Thousands	Mar. 31, 2020USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2020	$ 0
2021	0
2022	0
2023	24,670
2024	273,261
Thereafter	850,000
Total debt	$ 1,147,931

Debt Redemption Period for Seni

Debt Redemption Period for Senior Notes (Details)	3 Months Ended
	Mar. 31, 2020
2024 Senior Notes | February 1, 2020
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	103.25%
2024 Senior Notes | February 1, 2021
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	101.625%
2024 Senior Notes | February 1, 2022 and thereafter
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%
2025 Senior Notes | January 15, 2021
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	103.688%
2025 Senior Notes | January 15, 2022
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	101.844%
2025 Senior Notes | January 15, 2023 and thereafter
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%
2026 Senior Notes | January 15, 2021
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	102.75%
2026 Senior Notes | January 15, 2022
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	101.375%
2026 Senior Notes | January 15, 2023 and thereafter
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
	Mar. 31, 2020	Mar. 31, 2019
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 849	$ 716
Interest cost	840	877
Expected return on plan assets	(1,093)	(1,002)
Amortization of unrecognized items	228	215
Net benefit costs	824	806
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	64	68
Interest cost	96	137
Expected return on plan assets	0	0
Amortization of unrecognized items	(222)	(155)
Net benefit costs	$ (62)	$ 50

Pension and Other Post-Retire_4

Pension and Other Post-Retirement Benefit Obligations - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Compensation And Retirement Disclosure [Abstract]
Defined contribution plan, employer discretionary contribution amount	$ 413	$ 448
Multiemployer plan, contributions by employer	$ 451	$ 323

Income Taxes - Reconciliation O

Income Taxes - Reconciliation Of Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract]
U.S. Federal statutory rate	21.00%	21.00%
U.S. Federal statutory rate on income before provision for income taxes	$ (410)	$ (15,968)
Tax differential on foreign income	(1,219)	(5,916)
Effect of foreign earnings	(1,575)	(11,887)
Valuation allowance	4	8,341
Tax benefit of partnership structure	935	958
Non-taxable foreign subsidies	686	368
True-up of prior year taxes	(1,222)	1,275
Other	(2,543)	(1,595)
Total income tax provision	(5,344)	(24,424)
Current income tax provision	(6,675)	(20,785)
Deferred income tax benefit (provision)	$ 1,331	$ (3,639)

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended
	Apr. 30, 2020	Feb. 29, 2020	May 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share				$ 0.1375	$ 0.1250
Payments for repurchase of common stock				$ 162	$ 0
Common shares available for grant				1,800,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted				0
Shares outstanding				0
Restricted Stock Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted				0
Shares outstanding				0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted				0
Shares outstanding				0
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted				0
Shares outstanding				0
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted				1,140,834
Shares outstanding				2,409,176		1,764,976
Vesting period				3 years
Expense (recovery) recognized				$ (159)	(475)
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year
Expense (recovery) recognized				$ 113	$ 130
Unrecognized compensation cost				75
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				$ 162
Stock repurchased during period, shares				23,584
Average repurchase price per share				$ 6.84
Dividend Declared
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share		$ 0.1375
Dividends Payable, Date to be Paid		Apr. 1, 2020
Dividends Payable, Date of Record		Mar. 25, 2020
Dividend Declared | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share	$ 0.065
Dividends Payable, Date to be Paid	Jul. 7, 2020
Dividends Payable, Date of Record	Jun. 25, 2020

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Share Activity - PSU's (Details) - Performance Share Units	3 Months Ended
	Mar. 31, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding - Beginning	1,764,976
Granted	1,140,834
Vested and issued (in shares)	(194,948)
Forfeited (in shares)	(301,686)
Outstanding - Ending	2,409,176

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share - Reconciliation of Basic and Diluted Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net Income Per Common Share Basic And Diluted [Line Items]
Net income (loss) - basic and diluted	$ (3,392)	$ 51,616
Net income (loss) per common share, basic	$ (0.05)	$ 0.79
Net income (loss) per common share, diluted	$ (0.05)	$ 0.78
Basic, Weighted average number of common shares outstanding	65,694,460	65,400,222
Diluted, Weighted average number of common shares outstanding	65,694,460	65,911,138
Performance Share Units
Net Income Per Common Share Basic And Diluted [Line Items]
Effect of dilutive instruments (in shares)		490,814
Restricted Stock
Net Income Per Common Share Basic And Diluted [Line Items]
Effect of dilutive instruments (in shares)		20,102

Net Income (Loss) Per Common _4

Net Income (Loss) Per Common Share - Reconciliation of Basic and Diluted Net Income (Loss) Per Common Share (Parenthetical) (Details) - shares	Mar. 31, 2020	Mar. 31, 2019
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 (Loss) Per Common _5

Net Income (Loss) Per Common Share - Anti-Dilutive Instruments Excluded from Calculation of Net Income (Loss) Per Common Share (Details)	3 Months Ended
	Mar. 31, 2020shares
Performance Share Units
Net Income Per Common Share Basic And Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per common share	2,409,176
Restricted Stock
Net Income Per Common Share Basic And Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per common share	31,405

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of Change in Accumulated Other Comprehensive Loss by Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total shareholders' equity	$ 550,403	$ 581,429
Other comprehensive loss before reclassifications	(74,994)
Amounts reclassified from accumulated other comprehensive loss	6
Other comprehensive loss, net of taxes	(74,988)	(3,812)
Total shareholders' equity	462,768	620,682
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total shareholders' equity	(114,709)
Other comprehensive loss before reclassifications	(74,994)
Amounts reclassified from accumulated other comprehensive loss	0
Other comprehensive loss, net of taxes	(74,994)
Total shareholders' equity	(189,703)
Defined Benefit Pension and Other Post-Retirement Benefit Items
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total shareholders' equity	(1,851)
Other comprehensive loss before reclassifications	0
Amounts reclassified from accumulated other comprehensive loss	6
Other comprehensive loss, net of taxes	6
Total shareholders' equity	(1,845)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total shareholders' equity	(116,560)	(128,170)
Other comprehensive loss, net of taxes	(74,988)	(3,812)
Total shareholders' equity	$ (191,548)	$ (131,982)

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
MPR - Cariboo Mill
Related Party Transaction [Line Items]
Ownership percentage	50.00%
Related party transaction, purchases from related party	$ 19,594	$ 24,633
Accounts payable, related parties	$ 1,725
Receivable balance from related party			$ 3,462
MPR - logging JV
Related Party Transaction [Line Items]
Ownership percentage	50.00%
Related party transaction, purchases from related party	$ 6,543	$ 5,794
Accounts payable, related parties	$ 3,383		$ 1,151

Business Segment Information -

Business Segment Information - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)mill	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of pulp mills | mill	4
Assets	$ 1,951,989		$ 2,065,720
Investment in joint ventures	48,188		53,122
Revenues	350,599	$ 483,950
Operating Segments | Market Pulp
Segment Reporting Information [Line Items]
Assets	1,716,808		1,782,105
Revenues	303,605	436,474
Operating Segments | Wood Products
Segment Reporting Information [Line Items]
Assets	93,288		83,102
Revenues	45,778	44,439
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Assets	141,893		$ 200,513
Revenues	1,216	3,037
Intersegment Eliminations | Market Pulp
Segment Reporting Information [Line Items]
Revenues	182	256
Intersegment Eliminations | Wood Products
Segment Reporting Information [Line Items]
Revenues	$ 3,836	$ 5,407
MPR - Cariboo Mill
Segment Reporting Information [Line Items]
Ownership percentage	50.00%

Business Segment Information _2

Business Segment Information - Schedule of Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 350,599	$ 483,950
Operating income (loss)	24,062	93,552
Depreciation and amortization	32,946	30,247
Total assets	1,951,989		$ 2,065,720
Pulp
Segment Reporting Information [Line Items]
Total revenues	278,948	413,313
Lumber
Segment Reporting Information [Line Items]
Total revenues	40,986	39,163
Energy and Chemicals
Segment Reporting Information [Line Items]
Total revenues	28,504	28,864
Wood Residuals
Segment Reporting Information [Line Items]
Total revenues	2,161	2,610
Operating Segments | Market Pulp
Segment Reporting Information [Line Items]
Total revenues	303,605	436,474
Operating income (loss)	21,439	93,520
Depreciation and amortization	30,371	28,023
Total assets	1,716,808		1,782,105
Operating Segments | Wood Products
Segment Reporting Information [Line Items]
Total revenues	45,778	44,439
Operating income (loss)	5,555	1,620
Depreciation and amortization	2,377	1,911
Total assets	93,288		83,102
Operating Segments | Pulp | Market Pulp
Segment Reporting Information [Line Items]
Total revenues	278,948	413,313
Operating Segments | Pulp | Wood Products
Segment Reporting Information [Line Items]
Total revenues	0	0
Operating Segments | Lumber | Market Pulp
Segment Reporting Information [Line Items]
Total revenues	0	0
Operating Segments | Lumber | Wood Products
Segment Reporting Information [Line Items]
Total revenues	40,986	39,163
Operating Segments | Energy and Chemicals | Market Pulp
Segment Reporting Information [Line Items]
Total revenues	24,657	23,161
Operating Segments | Energy and Chemicals | Wood Products
Segment Reporting Information [Line Items]
Total revenues	2,631	2,666
Operating Segments | Wood Residuals | Market Pulp
Segment Reporting Information [Line Items]
Total revenues	0	0
Operating Segments | Wood Residuals | Wood Products
Segment Reporting Information [Line Items]
Total revenues	2,161	2,610
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total revenues	1,216	3,037
Operating income (loss)	(2,932)	(1,588)
Depreciation and amortization	198	313
Total assets	141,893		$ 200,513
Corporate, Non-Segment | Pulp
Segment Reporting Information [Line Items]
Total revenues	0	0
Corporate, Non-Segment | Lumber
Segment Reporting Information [Line Items]
Total revenues	0	0
Corporate, Non-Segment | Energy and Chemicals
Segment Reporting Information [Line Items]
Total revenues	1,216	3,037
Corporate, Non-Segment | Wood Residuals
Segment Reporting Information [Line Items]
Total revenues	0	0
United States
Segment Reporting Information [Line Items]
Total revenues	51,489	67,860
United States | Operating Segments | Market Pulp
Segment Reporting Information [Line Items]
Total revenues	33,867	54,568
United States | Operating Segments | Wood Products
Segment Reporting Information [Line Items]
Total revenues	17,622	13,292
United States | Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total revenues	0	0
Germany
Segment Reporting Information [Line Items]
Total revenues	104,575	147,105
Germany | Operating Segments | Market Pulp
Segment Reporting Information [Line Items]
Total revenues	89,672	132,189
Germany | Operating Segments | Wood Products
Segment Reporting Information [Line Items]
Total revenues	14,903	14,916
Germany | Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total revenues	0	0
China
Segment Reporting Information [Line Items]
Total revenues	85,548	115,319
China | Operating Segments | Market Pulp
Segment Reporting Information [Line Items]
Total revenues	85,548	115,319
China | Operating Segments | Wood Products
Segment Reporting Information [Line Items]
Total revenues	0	0
China | Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total revenues	0	0
Other Countries
Segment Reporting Information [Line Items]
Total revenues	108,987	153,666
Other Countries | Operating Segments | Market Pulp
Segment Reporting Information [Line Items]
Total revenues	94,518	134,398
Other Countries | Operating Segments | Wood Products
Segment Reporting Information [Line Items]
Total revenues	13,253	16,231
Other Countries | Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total revenues	$ 1,216	$ 3,037

Business Segment Information _3

Business Segment Information - Schedule of Results by Segment (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Investment in joint ventures	$ 48,188	$ 53,122

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurement - Estimated Fair Values of Outstanding Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$ 946,267
Revolving credit facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	47,931
Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	898,336	$ 1,156,673
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, Quoted Prices In Active Markets For Identical Assets (Level 1) | Revolving credit facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	0
Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) | Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	0	0
Fair Value, Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	946,267
Fair Value, Significant Other Observable Inputs (Level 2) | Revolving credit facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	47,931
Fair Value, Significant Other Observable Inputs (Level 2) | Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	898,336	1,156,673
Fair Value, Significant unobservable inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	0
Fair Value, Significant unobservable inputs (Level 3) | Revolving credit facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	0
Fair Value, Significant unobservable inputs (Level 3) | Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$ 0	$ 0

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurement - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value of senior notes, net of note issuance costs and premium	$ 1,136,454	$ 1,087,932
Accounts receivable	221,921	208,740
Cash and cash equivalents	286,526	351,085
Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value of senior notes, net of note issuance costs and premium	$ 1,088,523	$ 1,087,932

Subsequent Event - Additional I

Subsequent Event - Additional Information (Details) - t	Apr. 20, 2020	Mar. 31, 2020
MPR - CPP
Subsequent Event [Line Items]
Ownership percentage		50.00%
Subsequent Event | MPR - CPP
Subsequent Event [Line Items]
Downtime period	28 days
Reduction of NBSK production due to downtime	30,000
Subsequent Event | MPR - CPP
Subsequent Event [Line Items]
Reduction of NBSK production due to downtime	15,000