Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 27, 2024 | Jul. 01, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-36285 | ||
Entity Registrant Name | RAYONIER ADVANCED MATERIALS INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 46-4559529 | ||
Entity Address, Address Line One | 1301 Riverplace Boulevard | ||
Entity Address, Address Line Two | Suite 2300 | ||
Entity Address, City or Town | Jacksonville | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 32207 | ||
City Area Code | 904 | ||
Local Phone Number | 357-4600 | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Trading Symbol | RYAM | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 270,254,732 | ||
Entity Common Stock, Shares Outstanding | 65,398,056 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for the 2024 annual meeting of the stockholders, which is expected to be filed with the Securities and Exchange Commission within 120 days after December 31, 2023, are incorporated by reference into Part III of this 2023 Form 10-K. | ||
Entity Central Index Key | 0001597672 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 248 |
Auditor Name | GRANT THORNTON LLP |
Auditor Location | Jacksonville, Florida |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 1,643,330 | $ 1,717,267 | $ 1,407,558 |
Cost of sales | (1,555,176) | (1,594,184) | (1,332,836) |
Gross margin | 88,154 | 123,083 | 74,722 |
Selling, general and administrative expense | (75,712) | (91,475) | (75,789) |
Foreign exchange gain (loss) | (2,999) | 4,726 | 875 |
Asset impairment | (62,300) | 0 | 0 |
Other operating expense, net (Note 18) | (12,407) | (10,199) | (10,253) |
Operating income (loss) | (65,264) | 26,135 | (10,445) |
Interest expense | (73,810) | (66,183) | (66,394) |
Components of pension and OPEB, excluding service costs (Note 17) | 98 | 4,960 | (4,337) |
Gain (loss) on GreenFirst equity securities (Note 3) | 0 | 5,197 | (3,597) |
Other income, net | 6,502 | 6,069 | 1,901 |
Loss from continuing operations before income tax | (132,474) | (23,822) | (82,872) |
Income tax (expense) benefit (Note 19) | 32,311 | (902) | 34,688 |
Equity in loss of equity method investment | (1,984) | (2,653) | (1,585) |
Loss from continuing operations | (102,147) | (27,377) | (49,769) |
Income from discontinued operations, net of tax (Note 3) | 312 | 12,458 | 116,183 |
Net income (loss) | $ (101,835) | $ (14,919) | $ 66,414 |
Basic and Diluted earnings per common share (Note 15) | |||
Loss from continuing operations-basic (in dollars per share) | $ (1.57) | $ (0.42) | $ (0.78) |
Loss from continuing operations-diluted (in dollars per share) | (1.57) | (0.42) | (0.78) |
Income from discontinued operations-basic (in dollars per share) | 0 | 0.19 | 1.83 |
Income from discontinued operations-diluted (in dollars per share) | 0 | 0.19 | 1.83 |
Net income (loss)-basic (in dollars per share) | (1.57) | (0.23) | 1.05 |
Net income (loss)-diluted (in dollars per share) | $ (1.57) | $ (0.23) | $ 1.05 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (101,835) | $ (14,919) | $ 66,414 |
Other comprehensive income (loss), net of tax (Note 14) | |||
Foreign currency translation adjustment | 7,530 | (12,763) | (17,919) |
Unrealized gain (loss) on derivative instruments | 194 | 280 | (2,681) |
Net gain on employee benefit plans | 10,157 | 33,155 | 69,765 |
Total other comprehensive income (loss) | 17,881 | 20,672 | 49,165 |
Comprehensive income (loss) | $ (83,954) | $ 5,753 | $ 115,579 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 75,768 | $ 151,803 |
Accounts receivable, net (Note 5) | 197,457 | 211,526 |
Inventory (Note 6) | 207,474 | 265,334 |
Income tax receivable (Note 19) | 19,455 | 1,196 |
Prepaid and other current assets | 74,904 | 59,671 |
Total current assets | 575,058 | 689,530 |
Property, plant and equipment, net (Note 7) | 1,075,105 | 1,151,268 |
Deferred tax assets (Note 19) | 345,181 | 322,164 |
Intangible assets, net (Note 2) | 17,414 | 24,423 |
Other assets | 169,942 | 160,143 |
Total assets | 2,182,700 | 2,347,528 |
Current liabilities | ||
Accounts payable | 186,226 | 163,962 |
Accrued and other current liabilities (Note 8) | 154,488 | 164,369 |
Debt due within one year (Note 9) | 25,283 | 14,617 |
Current environmental liabilities (Note 10) | 9,833 | 10,732 |
Total current liabilities | 375,830 | 353,680 |
Long-term debt (Note 9) | 752,174 | 838,508 |
Non-current environmental liabilities (Note 10) | 160,458 | 159,949 |
Pension and other postretirement benefits (Note 17) | 101,493 | 119,571 |
Deferred tax liabilities (Note 19) | 15,190 | 17,021 |
Other liabilities | 31,108 | 29,486 |
Commitments and contingencies (Note 21) | ||
Stockholders’ equity (Note 13) | ||
Common stock: 140,000,000 shares authorized at $0.01 par value, 65,393,014 and 64,020,761 issued and outstanding, respectively | 654 | 640 |
Additional paid-in capital | 419,122 | 418,048 |
Retained earnings | 372,588 | 474,423 |
Accumulated other comprehensive loss (Note 14) | (45,917) | (63,798) |
Total stockholders’ equity | 746,447 | 829,313 |
Total liabilities and stockholders’ equity | $ 2,182,700 | $ 2,347,528 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common shares, authorized (in shares) | 140,000,000 | 140,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, issued (in shares) | 65,393,014 | 64,020,761 |
Common shares, outstanding (in shares) | 65,393,014 | 64,020,761 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | |
Beginning balance (in shares) at Dec. 31, 2020 | 63,359,839 | |||||
Beginning balance at Dec. 31, 2020 | $ 695,087 | $ 633 | $ 405,161 | $ 422,928 | $ (133,635) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 66,414 | 66,414 | ||||
Other comprehensive income, net of tax | 49,165 | 49,165 | ||||
Issuance of common stock under incentive stock plans (in shares) | 509,713 | |||||
Issuance of common stock under incentive stock plans | 0 | $ 5 | (5) | |||
Stock-based compensation | 5,099 | 5,099 | ||||
Repurchase of common stock (in shares) | [1] | (131,143) | ||||
Repurchase of common stock | [1] | (1,422) | $ (1) | (1,421) | ||
Ending balance (in shares) at Dec. 31, 2021 | 63,738,409 | |||||
Ending balance at Dec. 31, 2021 | 814,343 | $ 637 | 408,834 | 489,342 | (84,470) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (14,919) | (14,919) | ||||
Other comprehensive income, net of tax | 20,672 | 20,672 | ||||
Issuance of common stock under incentive stock plans (in shares) | 360,495 | |||||
Issuance of common stock under incentive stock plans | 0 | $ 4 | (4) | |||
Stock-based compensation | 9,650 | 9,650 | ||||
Repurchase of common stock (in shares) | [1] | (78,143) | ||||
Repurchase of common stock | [1] | $ (433) | $ (1) | (432) | ||
Ending balance (in shares) at Dec. 31, 2022 | 64,020,761 | 64,020,761 | ||||
Ending balance at Dec. 31, 2022 | $ 829,313 | $ 640 | 418,048 | 474,423 | (63,798) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (101,835) | (101,835) | ||||
Other comprehensive income, net of tax | 17,881 | 17,881 | ||||
Issuance of common stock under incentive stock plans (in shares) | 2,032,375 | |||||
Issuance of common stock under incentive stock plans | 0 | $ 20 | (20) | |||
Stock-based compensation | 6,507 | 6,507 | ||||
Repurchase of common stock (in shares) | [1] | (660,122) | ||||
Repurchase of common stock | [1] | $ (5,419) | $ (6) | (5,413) | ||
Ending balance (in shares) at Dec. 31, 2023 | 65,393,014 | 65,393,014 | ||||
Ending balance at Dec. 31, 2023 | $ 746,447 | $ 654 | $ 419,122 | $ 372,588 | $ (45,917) | |
[1]Repurchased to satisfy tax withholding requirements related to the issuance of stock under the Company’s incentive stock plans |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net income (loss) | $ (101,835) | $ (14,919) | $ 66,414 |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
Income from discontinued operations | (312) | (12,458) | (116,183) |
Depreciation and amortization | 139,983 | 134,576 | 138,299 |
Asset impairment | 62,300 | 0 | 0 |
Stock-based compensation expense | 6,507 | 9,650 | 5,099 |
Amortization of debt discount and issuance costs | 6,050 | 4,033 | 3,802 |
Deferred income tax benefit | (27,713) | (3,948) | (37,094) |
Increase in environmental liabilities | 4,764 | 4,595 | 6,099 |
(Gain) loss on GreenFirst equity securities | 0 | (5,197) | 3,597 |
Net periodic benefit cost of pension and postretirement plans | 3,578 | 5,290 | 16,095 |
Unrealized (gain) loss on foreign currency | 1,900 | (5,666) | 3,978 |
Loss on disposal of property, plant and equipment | 731 | 3,742 | 1,010 |
Other | (361) | (651) | (5,556) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 19,979 | (33,824) | (11,518) |
Inventories | 58,949 | (35,113) | (58,310) |
Income tax receivable | (7,137) | 19,795 | 32,915 |
Accounts payable | 13,757 | (8,266) | 7,376 |
Accrued liabilities | (12,219) | 27,909 | 23,900 |
Other | (15,729) | (8,359) | 8,871 |
Contributions to pension and other postretirement plans | (11,533) | (7,915) | (8,552) |
Expenditures for environmental liabilities | (5,385) | (4,461) | (6,556) |
Cash provided by operating activities-continuing operations | 136,274 | 68,813 | 73,686 |
Cash provided by operating activities-discontinued operations | 0 | 0 | 159,538 |
Cash provided by operating activities | 136,274 | 68,813 | 233,224 |
Investing activities | |||
Capital expenditures, net of proceeds | (127,670) | (138,223) | (93,217) |
Investment in equity method investment | (780) | (379) | (4,142) |
Cash used in investing activities-continuing operations | (128,450) | (138,602) | (97,359) |
Cash provided by investing activities-discontinued operations | 1,169 | 44,428 | 182,750 |
Cash provided by (used in) investing activities | (127,281) | (94,174) | 85,391 |
Financing activities | |||
Borrowings of long-term debt | 465,030 | 5,721 | 4,393 |
Repayments of long-term debt | (537,845) | (75,250) | (161,025) |
Short-term financing, net | 1,369 | (3,153) | 2,028 |
Debt issuance costs | (10,082) | 0 | (636) |
Repurchase of common stock | (5,419) | (433) | (1,422) |
Cash used in financing activities | (86,947) | (73,115) | (156,662) |
Net increase (decrease) in cash and cash equivalents | (77,954) | (98,476) | 161,953 |
Net effect of foreign exchange on cash and cash equivalents | 1,919 | (3,028) | (2,299) |
Balance, beginning of period | 151,803 | 253,307 | 93,653 |
Balance, end of period | 75,768 | 151,803 | 253,307 |
Supplemental cash flow information: | |||
Interest paid | (51,017) | (58,053) | (46,770) |
Income taxes refunded (paid), net | (7,239) | 15,200 | 34,715 |
Capital assets purchased on account | $ 37,363 | $ 29,726 | $ 25,580 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. Nature of Operations and Basis of Presentation Nature of Operations The Company is a leading manufacturer of high purity cellulose, paperboard and high-yield pulp products and operates in the following business segments: High Purity Cellulose, Paperboard and High-Yield Pulp. High Purity Cellulose The Company, through its four production facilities located in the U.S., Canada and France, manufactures and markets high purity cellulose, which is sold as either cellulose specialties or commodity products. Cellulose specialties are primarily used in dissolving chemical applications that require a highly purified form of cellulose. Commodity products are used for absorbent materials and viscose pulp applications. Absorbent materials, typically referred to as fluff fibers, are used as an absorbent medium in consumer products. Commodity viscose pulp is a raw material required for the manufacture of viscose staple fibers which are used in woven and non-woven applications. Sales of chemicals and energy, a majority of which are by-products of the manufacturing process, are also included in the High Purity Cellulose segment. Paperboard The Company, through its production facility in Canada, manufactures and markets lightweight multi-ply paperboard products. Paperboard is used for packaging, printing documents, brochures, promotional materials, paperback book and catalog covers, file folders, tags and lottery tickets. High-Yield Pulp The Company, through its production facility in Canada, manufactures and markets bulky high-yield pulp. High-yield pulp is used by paper manufacturers to produce paperboard, packaging, printing and writing papers and a variety of other paper products. Basis of Presentation The Financial Statements include the accounts and operations of the Company and its wholly owned, majority owned and controlled subsidiaries. The Company applies the equity method of accounting for investments in which it has an ownership interest from 20 percent to 50 percent or exercises significant influence over the related investee operations. All intercompany accounts and transactions are eliminated in consolidation. Certain amounts in prior periods have been reclassified to conform with current period presentation. The Financial Statements are prepared in accordance with GAAP and the rules and regulations of the SEC. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and disclosures of contingent assets and liabilities. Because of the inherent uncertainties in using estimates, actual results could differ from those expected as of the reporting date. Management believes that the estimates and assumptions used are reasonable. The Company’s fiscal year end is the last day of the calendar year. For interim reporting periods, the Company uses the last Saturday of the fiscal quarter. Discontinued Operations As a result of the sale of its lumber and newsprint assets in August 2021, the Company presents the results for those operations and any associated impacts as discontinued operations. Unless otherwise stated, information in these notes to consolidated financial statements relates to continuing operations. See Note 3—Discontinued Operations for further information. Subsequent Events Term Loan Amendment In January 2024, the Company amended the 2027 Term Loan to increase the maximum consolidated secured net leverage ratio that it must maintain in the fourth quarter of 2023 and through its 2024 fiscal year. See Note 9—Debt and Finance Leases for further information. |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Developments | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Recent Accounting Developments | 2. Significant Accounting Policies and Recent Accounting Developments Significant Accounting Policies Translation of Foreign Currency Assets and liabilities of consolidated subsidiaries whose functional currency is other than the USD are translated into USD using currency exchange rates at the balance sheet date. Revenues and expenses are translated using the average currency exchange rates during the period. Foreign currency translation gains and losses are reported as a component of AOCI. Realized and unrealized gains and losses resulting from foreign currency transactions are included in operating results as incurred. Cash and Cash Equivalents Cash and cash equivalents include time deposits and other investments that are highly liquid with original maturities of three months or less. Accounts Receivable and Allowance for Credit Loss Trade accounts receivable are stated at the net amount expected to be collected. All customers are granted credit on a short-term basis and related credit risks are considered minimal. The Company maintains an allowance for expected credit losses resulting from the inability of its customers to make required payments. The Company’s allowance is established based on historical patterns of accounts receivable collections and expected losses, including consideration of general economic conditions. Outstanding accounts receivable balances are reviewed quarterly or more frequently when circumstances indicate a review is warranted, such as a significant change in the aging of the Company’s receivables or a customer’s financial condition. Write-offs are recorded at the time a customer receivable is deemed uncollectible and collection efforts have been exhausted. Inventory Finished goods, work-in-process and raw materials inventories are valued at the lower of cost, as determined on the first-in first-out basis, and net realizable value. Manufacturing and maintenance supplies are valued at average cost. Inventory costs include material, labor and manufacturing overhead. The need for a provision for estimated losses from obsolete, excess or slow-moving inventories is reviewed periodically. Property, Plant and Equipment Depreciation Property, plant and equipment are recorded at cost, including applicable freight, interest, construction and installation costs. High purity cellulose, paperboard and high-yield pulp production-related plant and equipment are depreciated using the units-of-production method. The total units of production used to calculate depreciation expense is determined by factoring annual production days, based on normal production conditions, by the economic useful life of the asset involved. Production-related assets under finance leases are depreciated using the straight-line method over the related lease term. The Company depreciates its non-production assets, including office, lab and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively. Impairment Long-lived assets are reviewed for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Property, plant and equipment are primarily grouped at the combined plant level, the lowest level for which independent cash flows are identifiable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying value exceeds the fair value of the assets, which is based on a discounted cash flows model. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less cost to sell. In the fourth quarter of 2023, in conjunction with the optimization and realignment of High Purity Cellulose assets, the Company recorded a non-cash impairment of $62 million related to certain assets at the Temiscaming and Jesup facilities. See Note 7—Property, Plant and Equipment, Net for further details of this impairment. Asset Retirement Obligations The Company is obligated to close out its operating sites’ landfills in accordance with certain legal requirements and records a liability for these obligations when the fair value can be reasonably estimated. In connection with these obligations, asset retirement liabilities are initially estimated and recorded based on discounted expected cash flows with a corresponding asset, capitalized as part of the related long-lived asset. Initial cost estimates are updated whenever events and circumstances indicate a new estimate is more appropriate. The asset is depreciated on a straight-line basis over the remaining useful life of the related asset. Accretion expense in connection with the discounted liability is also recognized over the same time period. As of December 31, 2023 and 2022, the Company had accrued $12 million and $11 million, respectively, for asset retirement obligations in “other liabilities.” Related depreciation and accretion expenses are included in “other operating expense, net” in the consolidated statements of operations. During 2023, no obligations were incurred or settled: the change in balance was due to $1 million of accretion. Accretion expense during the years ended December 31, 2022 and 2021 was immaterial. Capitalized Software The Company capitalizes certain costs in connection with obtaining software for internal use. These costs are generally amortized over a period of 5 years, once the assets are ready for their intended use. As of December 31, 2023 and 2022, the Company had $40 million and $22 million, respectively, of capitalized software included in “other assets” in the consolidated balance sheets. Accumulated amortization was $23 million and $16 million at December 31, 2023 and 2022, respectively. Amortization expense for capitalized software is recorded in “cost of sales” and “selling, general and administrative expense” in the consolidated statements of operations and totaled $4 million, $4 million and $7 million for the years ended December 31, 2023, 2022 and 2021, respectively. Maintenance Costs The Company performs scheduled inspections and major repairs and maintenance of plant machinery and equipment at the Company’s manufacturing facilities during a full plant shutdown. Costs associated with these planned outage periods are referred to as shutdown costs and are incurred to ensure the long-term reliability and safety of the manufacturing operations. Major maintenance shutdown costs are accounted for by the deferral method, under which expenditures related to shutdown are capitalized when incurred and amortized to production cost on a straight-line basis over the period benefited or the period of time until the next scheduled major maintenance shutdown, which generally ranges from one year to 18 months. Shutdown costs are classified as operating activities in the consolidated statements of cash flows. As of December 31, 2023 and 2022, the Company had $34 million and $23 million, respectively, in deferred major maintenance shutdown costs recorded in “prepaid and other current assets” in the consolidated balance sheets. Emissions Allowances The Company is subject to numerous international, federal and state-level rules, initiatives and proposals that address domestic and global climate issues, including those governing emissions. In order to comply with certain of these regulations and ordinances, the Company is allotted certain allowances or credits by governing authorities to offset the obligations created by the Company’s operations. There is no value assigned to the government-allotted emissions allowances in the consolidated balance sheets. Income or expense from the sale or purchase of emission allowances are recognized within “cost of sales” in the consolidated statements of operations. During the years ended December 31, 2023, 2022 and 2021, the Company recorded $11 million, $12 million and $12 million, respectively, of sales of excess emission allowances associated with its Tartas, France operations. Research and Development Expense R&D capabilities and activities are primarily focused on the High Purity Cellulose segment. These efforts are directed at further developing products and technologies, including improving the quality of cellulose fiber grades, improving manufacturing efficiency and environmental controls and reducing fossil fuel consumption. R&D expense was $6 million, $7 million and $7 million for the years ended December 31, 2023, 2022 and 2021, respectively. Intangible Assets The Company has definite-life intangible assets that it acquired through a business combination. The definite-life intangible assets consist of customer lists and trade names and are amortized over their estimated useful lives for periods generally ranging from 8 to 15 years. The Company evaluates the recoverability of its definite-life intangible assets by comparing the net carrying value of the asset group to the undiscounted net cash flows expected to be generated from the use and eventual disposition of that asset group when events or changes in circumstances indicate that its carrying amount may not be recoverable. If the carrying amount of the asset group is not recoverable, the fair value of the asset group is measured, and, if the carrying amount exceeds the fair value, an impairment loss is recognized. The Company’s definite-lived intangible assets were as follows: December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Customer lists $ 51,680 $ (39,348) $ 12,332 1.9 years Trade names 8,604 (3,522) 5,082 8.9 years Total definite-lived intangibles $ 60,284 $ (42,870) $ 17,414 4.0 years December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Customer lists $ 51,680 $ (32,914) $ 18,766 2.9 years Trade names 8,604 (2,947) 5,657 9.9 years Total definite-lived intangibles $ 60,284 $ (35,861) $ 24,423 4.5 years Total amortization expense related to definite-lived intangible assets was $7 million for each of the years ended December 31, 2023, 2022 and 2021. Estimated future amortization expense related to intangible assets held as of December 31, 2023 was as follows: 2024 $ 7,009 2025 6,473 2026 575 2027 575 2028 575 Thereafter 2,207 Total $ 17,414 Equity Method Investments Anomera, Inc . The Company is an investor in Anomera, a Canadian start-up corporation headquartered in Montreal, Quebec. Anomera manufactures CNC, a patented, biodegradable product, with uses in the cosmetics industry and various other industrial applications, including concrete, inks and pigments, polymer composites, coatings and adhesives industries. Anomera has a product development lab in Mississauga, Ontario and a production facility on the Company’s Temiscaming site that was constructed during 2021. In exchange for voting and non-voting interests, the Company has invested a total of $12 million in Anomera through December 31, 2023. The Company and Anomera have entered into various service, leasing and supply agreements to support Anomera’s operations at the production facility. There are no financing agreements at Anomera for which the Company is liable. The Company has a 44 percent voting interest in Anomera and is able to exercise significant influence, but not control, as it does not have the ability to direct the decisions that most significantly impact its economic performance. The Company has evaluated this investment and has concluded it is not a variable interest entity. The Company accounts for this investment under the equity method of accounting and records its share of net earnings and losses on the investment in “equity in loss of equity method investment” in the consolidated statements of operations. During the years ended December 31, 2023, 2022 and 2021, the Company recorded losses of $2 million, $3 million and $2 million, respectively, on its equity investment in Anomera. LignoTech Florida LLC The Company holds a 45 percent interest in LTF, a joint venture accounted for under the equity method of accounting. Borregaard ASA, a public company in Norway traded on the Oslo Exchange, owns the remaining 55 percent interest. LTF purchases sulfite liquor from the Company’s Fernandina Beach, Florida plant and converts it to purified lignins and lignosulfonates, which are used in concrete, textile dyes, pesticides, batteries and other products. The Company recorded $14 million, $20 million and $14 million of lignin sales to the LTF joint venture during the years ended December 31, 2023, 2022 and 2021, respectively. The Company records its share of net earnings and losses on the investment in “other operating expense, net” in the consolidated statements of operations. The Company recorded immaterial income on its equity investment in LTF during the year ended December 31, 2023. During the years ended December 31, 2022 and 2021, the Company recorded losses of $3 million and $2 million, respectively. See Note 18—Other Operating Expense, Net for further information. The Company is liable for certain financing agreements related to LTF. See Note 21—Commitments and Contingencies for further information. Revenue Recognition and Measurement Revenue is recognized when the performance obligations under a customer contract are satisfied. The Company’s customer contracts have a single performance obligation to transfer products. Accordingly, it recognizes revenue when control has been transferred to the customer. Generally, control passes upon delivery to a location in accordance with terms and conditions of the sale. Changes in customer contract terms and conditions, as well as the timing of orders and shipments, may have an impact on the timing of revenue recognition. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring its products and is generally based upon contractual arrangements with customers or published indices. The Company sells its products both directly to customers and through distributors and agents typically under agreements with payment terms less than 90 days. The Company elected to account for shipping and handling as activities to fulfill the promise to transfer the goods. As such, shipping and handling costs incurred are recorded in cost of sales. In addition, the Company has excluded from net sales any value-add, sales and other taxes which are collected concurrent with its revenue-producing activities. The nature of the Company’s contracts may give rise to variable consideration, which may be constrained, including sales volume-based rebates to customers. The Company estimates the level of sales volumes based on anticipated purchases at the beginning of the period and records a rebate accrual for each purchase toward the requisite rebate volume. These estimated rebates are included in the transaction price as a reduction to net sales. The Company has certain contracts that contain performance obligations that are not significant in the context of the customer contract and has elected not to assess whether these promised goods or services are performance obligations. The Company did not have any material contract assets or contract liabilities as of December 31, 2023 or 2022. Environmental Costs The Company has established liabilities to assess, remediate, maintain and monitor sites related to disposed operations from which no current or future benefit is discernible. These obligations are established based on projected spending over the next 20 years and require significant estimates to determine the proper amount at any point in time. The projected period, from 2024 through 2044, reflects the time during which potential future costs are both estimable and probable. As new information becomes available, these cost estimates are updated and the recorded liabilities are adjusted appropriately. Environmental liabilities are accounted for on an undiscounted basis and are reflected in “current environmental liabilities” and “non-current environmental liabilities” in the consolidated balance sheets. Employee Benefit Plans The determination of expense and funding requirements for the Company’s defined benefit pension and postretirement health care and life insurance plans are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, salary increases, health care cost trends, mortality rates and service lives of employees. The components of periodic pension and postretirement costs, other than service costs, are presented separately, outside of operating income, in “components of pension and OPEB, excluding service costs” in the consolidated statements of operations. The service cost component of net periodic benefit cost is presented in “cost of sales” and “selling, general and administrative expense,” which correlates with the related employee compensation costs arising from services rendered during the period. Only the service cost component of the net periodic benefit cost is eligible for capitalization. Changes in the funded status of the Company’s plans are recorded through comprehensive income in the year in which the changes occur. Actuarial gains and losses, which occur when actual experience differs from actuarial assumptions, are reflected net of taxes in stockholders’ equity. If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities, the Company amortizes them over the average future service period. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement asset and liability carrying amounts and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The Company records a valuation allowance to reduce the carrying amounts of its DTAs if it is more likely than not that such DTAs will not be realized, with the exception of DTAs for suspended U.S. interest deductions, which do not have a full valuation allowance in accordance with specific AICPA guidance. See Note 19—Income Taxes for further information. The Company’s income tax returns are subject to audit by U.S. federal and state taxing authorities as well as foreign jurisdictions, including Canada and France. In evaluating the tax benefits associated with various tax filing positions, the Company records a tax benefit for an uncertain tax position if it is more likely than not to be realized upon ultimate settlement of the issue. The Company records a liability or an offset to the corresponding DTA for any uncertain tax position that does not meet this criterion. The Company adjusts its liabilities for unrecognized tax benefits in the period in which it is determined the issue is settled with the taxing authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new information becomes available. Interest expense and penalties, if applicable, related to unrecognized tax benefits are recorded in “income tax (expense) benefit” in the consolidated statements of operations. Recent Accounting Developments In August 2023, the FASB issued ASU 2023-05 “Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement,” which provides specific guidance on how a joint venture, upon formation, should recognize and initially measure assets contributed and liabilities assumed. This ASU should be applied on a prospective basis to all joint ventures with a formation date on or after January 1, 2025. Early adoption is permitted and joint ventures formed prior to adoption date may elect to apply the new guidance retrospectively back to their original formation date. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires disclosures about significant segment expenses and other segment items on an interim and annual basis. ASU 2023-07 should be applied retrospective to all prior periods presented in the financial statements and is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its disclosures, with no impact expected to its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires enhanced income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 should be applied on a prospective basis and is effective for annual periods beginning after December 15, 2024. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact of this standard on its disclosures, with no impact expected to its consolidated financial statements. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 3. Discontinued Operations In August 2021, the Company completed the sale of its lumber and newsprint facilities and certain related assets located in Canada to GreenFirst for $232 million, including cash of $193 million, 28.7 million shares of GreenFirst common stock with a deemed fair value of $42 million and a credit note issued to the Company by GreenFirst in the amount of CAD $8 million (USD $5 million after present value discount), which may be offset equally over the next 5 years against future amounts owed by the Company to GreenFirst for wood chip purchases. The Company recorded a net-of-tax gain on the sale of $4 million. In the second quarter of 2022, the Company sold the GreenFirst common shares for $43 million. Prior to the sale of shares, the GreenFirst common shares were accounted for at fair value, with changes in fair value recorded in the consolidated statements of operations. In connection with the sale, GreenFirst and the Company entered into a 20-year assignable wood chip and residual fiber supply agreement, securing supply for the Company’s operations at the Temiscaming plant. Additionally, the parties entered into a TSA whereby the Company provided certain transitional services to GreenFirst following the sale closing and through its termination in the second quarter of 2022. The TSA included support related to information technology, accounting, treasury, human resources and payroll, tax, supply chain and procurement functions. Costs incurred by the Company in connection with the TSA were reimbursed by GreenFirst. As part of the sale of the lumber assets, the Company retained all rights and obligations to softwood duties generated or incurred through the closing date of the sale. In total, the Company paid $112 million in softwood lumber duties from 2017 through August 2021, and expects to receive the vast majority of these duties upon final resolution of the dispute between the USDOC and Canada. During the third quarter of 2023, the USDOC completed its fourth administrative review of duties applied to Canadian softwood lumber exports to the U.S. during 2021 and reduced rates applicable to the Company to a combined 8.05 percent. In connection with this development, the Company recorded a pre-tax gain of $2 million in “income from discontinued operations, net of taxes.” During the third quarter of 2022, the USDOC completed its third administrative review of duties applied to Canadian softwood lumber exports during 2020 and reduced applicable rates to a combined 8.6 percent, for which the Company recorded a pre-tax gain of $16 million. As of December 31, 2023 , the Company had a $40 million long-term receivable associated with the USDOC’s determinations of revised rates for the 2017, 2018, 2019, 2020 and 2021 periods. During the second quarter of 2023, the Company incurred a $2 million loss related to the settlement of a claim pursuant to the representations and warranties in the asset purchase agreement. The lumber and newsprint assets sold were previously reported within the Forest Products and Pulp and Newsprint segments, respectively. Income from discontinued operations was comprised of the following: Year Ended December 31, 2023 2022 2021 Net sales (a) $ — $ — $ 442,583 Cost of sales — 155 (236,670) Gross margin — 155 205,913 Selling, general and administrative expense and other operating income, net 424 16,808 (27,119) Operating income 424 16,963 178,794 Interest expense (b) — (13) (7,294) Other non-operating income — — 967 Income from discontinued operations before income tax 424 16,950 172,467 Income tax expense (112) (4,492) (60,400) Income from discontinued operations, net of tax 312 12,458 112,067 Gain on sale of discontinued operations — — 8,751 Income tax expense on gain on sale of discontinued operations — — (4,635) Gain on sale of discontinued operations, net of tax — — 4,116 Income from discontinued operations, net of tax $ 312 $ 12,458 $ 116,183 (a) Net of intercompany sales of $31 million in 2021. (b) Allocated based on the total portion of debt not attributable to other operations repaid as a result of the transaction. Other discontinued operations information included the following: Year Ended December 31, 2023 2022 2021 Depreciation and amortization $ — $ — $ 3,172 Capital expenditures — — 9,607 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 4. Leases The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of December 31, 2023, the Company’s leases have remaining lease terms of less than one year to 12.8 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the term of the lease, which are not included in the ROU assets, as it is not reasonably certain that the Company will exercise such options. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. The Company uses its incremental borrowing rate in determining the present value of lease payments unless the lease provides an implicit or explicit interest rate. Financial and other information related to the Company’s operating and finance leases follow: Year Ended December 31, 2023 2022 2021 Operating lease cost $ 7,441 $ 7,751 $ 6,049 Finance lease cost Amortization of ROU assets 405 377 352 Interest 110 138 163 Total lease cost $ 7,956 $ 8,266 $ 6,564 December 31, Balance Sheet Location 2023 2022 Operating leases ROU assets Other assets $ 17,475 $ 15,623 Lease liabilities, current Accrued and other current liabilities 4,499 4,741 Lease liabilities, non-current Other liabilities 14,666 11,399 Finance leases ROU assets Property, plant and equipment, net 1,078 1,448 Lease liabilities Long-term debt 1,355 1,760 Year Ended December 31, 2023 2022 2021 Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities $ 6,996 $ 7,694 $ 6,391 Operating lease ROU assets obtained in exchange for lease liabilities 7,676 2,975 6,774 Finance lease cash flows were immaterial during the years ended December 31, 2023, 2022 and 2021. December 31, 2023 2022 Operating leases Weighted average remaining lease term (in years) 5.5 5.8 Weighted average discount rate 8.3 % 8.9 % Finance leases Weighted average remaining lease term (in years) 2.8 3.8 Weighted average discount rate 7.0 % 7.0 % Operating lease maturities as of December 31, 2023 were as follows: 2024 $ 5,828 2025 5,109 2026 4,289 2027 3,192 2028 1,947 Thereafter 4,133 Total minimum lease payments 24,498 Less: imputed interest (5,333) Present value of future minimum lease payments $ 19,165 |
Leases | 4. Leases The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of December 31, 2023, the Company’s leases have remaining lease terms of less than one year to 12.8 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the term of the lease, which are not included in the ROU assets, as it is not reasonably certain that the Company will exercise such options. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. The Company uses its incremental borrowing rate in determining the present value of lease payments unless the lease provides an implicit or explicit interest rate. Financial and other information related to the Company’s operating and finance leases follow: Year Ended December 31, 2023 2022 2021 Operating lease cost $ 7,441 $ 7,751 $ 6,049 Finance lease cost Amortization of ROU assets 405 377 352 Interest 110 138 163 Total lease cost $ 7,956 $ 8,266 $ 6,564 December 31, Balance Sheet Location 2023 2022 Operating leases ROU assets Other assets $ 17,475 $ 15,623 Lease liabilities, current Accrued and other current liabilities 4,499 4,741 Lease liabilities, non-current Other liabilities 14,666 11,399 Finance leases ROU assets Property, plant and equipment, net 1,078 1,448 Lease liabilities Long-term debt 1,355 1,760 Year Ended December 31, 2023 2022 2021 Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities $ 6,996 $ 7,694 $ 6,391 Operating lease ROU assets obtained in exchange for lease liabilities 7,676 2,975 6,774 Finance lease cash flows were immaterial during the years ended December 31, 2023, 2022 and 2021. December 31, 2023 2022 Operating leases Weighted average remaining lease term (in years) 5.5 5.8 Weighted average discount rate 8.3 % 8.9 % Finance leases Weighted average remaining lease term (in years) 2.8 3.8 Weighted average discount rate 7.0 % 7.0 % Operating lease maturities as of December 31, 2023 were as follows: 2024 $ 5,828 2025 5,109 2026 4,289 2027 3,192 2028 1,947 Thereafter 4,133 Total minimum lease payments 24,498 Less: imputed interest (5,333) Present value of future minimum lease payments $ 19,165 |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts Receivable, Net | 5. Accounts Receivable, Net Accounts receivable, net included the following: December 31, 2023 2022 Accounts receivable, trade $ 166,137 $ 171,144 Accounts receivable, other (a) 31,973 41,446 Allowance for credit loss (653) (1,064) Accounts receivable, net $ 197,457 $ 211,526 (a) Consists primarily of value-added/consumption taxes, grants receivable and accrued billings due from government agencies. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | 6. Inventory Inventory included the following: December 31, 2023 2022 Finished goods $ 147,930 $ 198,931 Work-in-progress 6,987 5,230 Raw materials 46,120 52,967 Manufacturing and maintenance supplies 6,437 8,206 Inventory $ 207,474 $ 265,334 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | 7. Property, Plant and Equipment, Net Property, plant and equipment, net included the following: December 31, 2023 2022 Land and land improvements $ 35,837 $ 37,346 Buildings 251,196 257,592 Machinery and equipment 2,501,882 2,515,827 Other 4,929 5,265 Construction in progress 78,790 57,136 Property, plant and equipment 2,872,634 2,873,166 Accumulated depreciation (1,797,529) (1,721,898) Property, plant and equipment, net $ 1,075,105 $ 1,151,268 Depreciation expense recorded in the consolidated statements of operations was $129 million, $124 million and $125 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company received proceeds from the sale of assets of $3 million, $0 million and $2 million during the years ended December 31, 2023, 2022 and 2021, respectively. Asset Impairment In the fourth quarter of 2023, the Company began efforts towards the optimization and realignment of its High Purity Cellulose assets that included the consolidation of commodity viscose production into the Temiscaming plant and fluff production into the Jesup plant’s C Line. This realignment reflects a strategic decision expected to reduce commodity exposure and earnings volatility and allow the Company to better manage excess capacity of cellulose specialties by operating assets based on current demand for each end market. The realignment materially impacts the way the assets have been and will be managed, which resulted in the need for an impairment analysis and, ultimately, the recognition of a non-cash impairment of $62 million. The impairment was recorded to “asset impairment” in the consolidated statements of operations and was comprised of the amount by which the Temiscaming plant’s net carrying value exceeded its estimated fair value and the write-off of certain assets at the Jesup plant that are no longer expected to be used. Determining the fair value of an asset group is judgmental in nature and involves the use of significant estimates and assumptions. The Company determined the fair value of the Temiscaming plant asset group using discounted cash flows under the income approach, which required the use of key assumptions and significant estimates. See Note 12—Fair Value Measurements for further information on the fair value measurement of the Temiscaming plant asset group. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued and Other Current Liabilities | 8. Accrued and Other Current Liabilities Accrued and other current liabilities included the following: December 31, 2023 2022 Accrued customer incentives $ 30,036 $ 28,702 Accrued payroll and benefits 13,552 13,763 Accrued interest 32,256 18,877 Accrued income taxes 4,605 9,321 Accrued property and other taxes 2,547 3,065 Deferred revenue (a) 24,061 21,645 Other current liabilities (b) 47,431 68,996 Accrued and other current liabilities $ 154,488 $ 164,369 (a) Included at both December 31, 2023 and 2022 was CAD $25 million (USD $19 million) associated with funds received in 2021 for the CEWS. All CEWS claims are subject to mandatory audit. The Company will recognize amounts from these claims in income at the time there is sufficient evidence that it will not be required to repay such amounts. (b) Included at December 31, 2023 and 2022 was $13 million and $30 million, respectively, of energy-related payables associated with Tartas facility operations. |
Debt and Finance Leases
Debt and Finance Leases | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Finance Leases | 9. Debt and Finance Leases Debt and finance leases included the following: December 31, 2023 2022 ABL Credit Facility due December 2025: $118 million net availability, bearing interest of 7.45% (5.45% adjusted SOFR plus 2.00% margin) at December 31, 2023 $ — $ — Term Loan due July 2027: bearing interest of 13.33% (5.33% three-month Term SOFR plus 8.00% margin) at December 31, 2023 250,000 — 7.625% Senior Secured Notes due January 2026 464,640 475,000 5.50% Senior Unsecured Notes due June 2024 — 322,675 5.50% CAD-based term loan due April 2028 30,479 36,585 Other loans (a) 44,754 19,598 Short-term factoring facility 5,292 3,773 Finance lease obligations 1,355 1,760 Total principal payments due 796,520 859,391 Less: unamortized premium, discount and issuance costs (19,063) (6,266) Total debt 777,457 853,125 Less: debt due within one year (25,283) (14,617) Long-term debt $ 752,174 $ 838,508 (a) Consist of loans for energy and other loans intended for use in biomaterials projects in France. Future debt and finance lease payments as of December 31, 2023 included: Finance Lease Minimum Lease Payments Interest Net Present Value Debt Principal Payments 2024 $ 515 $ 81 $ 434 $ 24,849 2025 515 50 465 17,394 2026 472 16 456 482,658 2027 — — — 244,584 2028 — — — 9,410 Thereafter — — — 16,270 Total debt and finance lease payments due $ 1,502 $ 147 $ 1,355 $ 795,165 ABL Credit Facility The Company’s $200 million ABL Credit Facility matures in December 2025 and is secured by certain U.S. and Canadian assets, including a first priority lien on inventory, accounts receivable and bank accounts, and a second priority lien on certain of the assets securing the 2026 Notes. Availability under the ABL Credit Facility fluctuates based on eligible accounts receivable and inventory levels. As of December 31, 2023, the Company had $151 million of gross availability under the ABL Credit Facility and net available borrowings of $118 million after taking into account $33 million outstanding letters of credit. Additionally, the Company is subject to cash dominion if net availability falls below a certain threshold, currently $25 million. The credit agreement governing the ABL Credit Facility does not contain an ongoing financial maintenance covenant. However, the agreement requires the Company to meet a fixed charge coverage ratio of not less than 1.0 if net availability falls below a certain threshold, currently $25 million. The agreement also contains various customary covenants that limit the ability of the Company and its restricted subsidiaries, as defined by the ABL Credit Facility, to take certain specified actions, subject to certain exceptions, including: creating liens, incurring indebtedness, making investments and acquisitions, engaging in mergers and other fundamental changes, making dispositions, making restricted payments, including dividends and distributions, and consummating transactions with affiliates. Additionally, the ABL Credit Facility contains customary affirmative covenants and customary events of default (subject, in certain cases, to customary grace or cure periods), including, without limitation, late payment, breach of covenant, bankruptcy, judgment and defaults under certain other indebtedness and changes in control. At December 31, 2023, the Company was in compliance with all covenants under the ABL Credit Facility. 2027 Term Loan In July 2023, the Company secured term loan financing of $250 million in aggregate principal amount and received net proceeds of $243 million after a non-cash original issue discount of $7 million. In addition, the Company incurred issuance costs of $10 million, which, together with the original issue discount, were recorded in “long-term debt” in the consolidated balance sheets and will be amortized to “interest expense” in the consolidated statements of operations over the term of the loan. The net proceeds, together with cash on hand, were used to redeem the 2024 Notes and pay transaction costs. The 2027 Term Loan matures in July 2027, requires quarterly principal payments of $1.25 million, bears interest at an annual rate equal to three-month Term SOFR (or, if greater, 3.00 percent) plus 8.00 percent and had an effective interest rate of 14.4 percent at December 31, 2023. The Company may voluntarily make prepayments at any time, subject to customary breakage costs and, if within the first three anniversaries of closing, an additional make-whole premium. The agreement governing the 2027 Term Loan contains various customary covenants that limit the ability of the Company and its restricted subsidiaries, as defined by the term loan agreement and in particular the Company’s French subsidiaries, to take certain specified actions, subject to stated exceptions, including: incurring debt or liens, making investments, entering into mergers, consolidations, and acquisitions, paying dividends and making other restricted payments. Additionally, the 2027 Term Loan contains customary affirmative covenants and customary events of default (subject, in certain cases, to customary grace or cure periods), including, without limitation, late payment, breach of covenant, bankruptcy, judgment and defaults under certain other indebtedness and changes in control. In January 2024, the Company amended the 2027 Term Loan to increase the maximum consolidated secured net leverage ratio that it must maintain in the fourth quarter of 2023 and through its 2024 fiscal year (see below). In addition, should the Company exceed the 4.50 to 1.00 maximum ratio established by the original agreement in any of these quarters, it will incur a fee of 0.25% of the principal balance outstanding at the end of the applicable quarter. The Company incurred total fees of $3 million related to this amendment, including $1 million in legal and advisory fees recorded to “selling, general and administrative expense” in the consolidated statements of operations in the fourth quarter of 2023, and $2 million in lender fees that will be recorded as deferred financing costs in the first quarter of 2024 and amortized to “interest expense” over the remaining term of the loan. The Company is required to maintain various financial covenants, including a consolidated secured net leverage ratio, based on covenant EBITDA, as follows: • 5.25 to 1.00 for the fourth quarter of 2023 through the second quarter of 2024; • 5.00 to 1.00 for the third fiscal quarter of 2024; • 4.75 to 1.00 for the fourth fiscal quarter of 2024; and • 4.50 to 1.00 for each fiscal quarter thereafter. At December 31, 2023, the Company was in compliance with all covenants under the 2027 Term Loan Agreement. Senior Notes 2026 Notes In December 2020, the Company issued $500 million aggregate principal amount of 7.625 percent senior secured notes due January 2026, at an offering price of 100 percent. The notes had an effective interest rate of 8.3 percent at December 31, 2023. The 2026 Notes were issued and sold in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act and non-U.S. persons pursuant to Regulation S under the Securities Act. The lenders under the 2026 Notes have a first priority security interest in substantially all of the Company’s current and future U.S. and Canadian material assets, while the 2026 Notes have a second priority lien on certain of the assets securing the ABL Credit Facility. In April 2023, the Company repurchased $10 million of the 2026 Notes through open-market transactions and retired the notes for cash of $9 million. A gain on extinguishment of $1 million for the repurchase was recorded to “other income, net” in the consolidated statements of operations. During the third quarter of 2021, the Company repurchased $25 million of the 2026 Notes at a redemption price of 103 percent and recorded a loss on extinguishment of $1 million to “other income, net” in the consolidated statements of operations. The indenture governing the 2026 Notes contains various customary covenants that limit the ability of the Company and its restricted subsidiaries, as defined by the 2026 Notes, to take certain specified actions, subject to certain exceptions, including: creating liens, incurring indebtedness, making investments and acquisitions, engaging in mergers and other fundamental changes, making dispositions, making restricted payments, including dividends and distributions, and consummating transactions with affiliates. Additionally, the 2026 Notes contain customary affirmative covenants and customary events of default (subject, in certain cases, to customary grace or cure periods), including, without limitation, late payment, breach of covenant, bankruptcy, judgment and defaults under certain other indebtedness and changes in control. At December 31, 2023, the Company was in compliance with all covenants under the 2026 Notes. 2024 Notes In May 2014, the Company issued $550 million aggregate principal amount of 5.50 percent senior unsecured notes due June 2024. The 2024 Notes were issued and sold in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act and non-U.S. persons pursuant to Regulation S under the Securities Act. In August 2023, the Company redeemed the $318 million outstanding principal balance and accrued interest of $4 million of the 2024 Notes. A loss on extinguishment of $1 million related to the redemption was recorded to “other income, net” in the consolidated statements of operations. At the time of the full redemption, the Company was in compliance with all covenants under the 2024 Notes. Prior to the full redemption of its 2024 Notes, in March 2023, the Company repurchased $5 million of the 2024 Notes through open-market transactions and retired the notes for cash of $5 million. An immaterial gain on extinguishment for the repurchase was recorded to “other income, net.” During 2022, the Company repurchased a total $47 million of the 2024 Notes through open-market transactions and recorded a net gain on extinguishment of $1 million to “other income, net” for the repurchases. During 2021, the Company repurchased a total $127 million of the 2024 Notes through open-market transactions and recorded a net gain on extinguishment of $2 million to “other income, net” for the repurchases. Short-term Factoring Facility The Company’s subsidiary in France entered into a factoring agreement with BNP pursuant to which it submits the value of eligible receivables up to USD $3 million and euro €24 million for immediate payment. Eligibility of receivables is based on invoices issued to the Company’s subsidiary from customers previously approved by BNP. Upon collection of these receivables, on average no longer than 60 days, amounts outstanding under this agreement are paid off. The Company pays interest on a monthly basis for these borrowings based on the value of factored invoices at the Euribor 3-month rate, with floor at zero percent, plus 0.55 percent. The weighted average interest rate on total short-term borrowings associated with this agreement at December 31, 2023 and 2022 was 4.2 percent and 0.9 percent, respectively. Other Loans The Company has fixed rate loans with various financial institutions primarily related to energy projects in France. The weighted average interest rate on the loans outstanding at December 31, 2023 and 2022 was 2.6 percent and 0.8 percent, respectively. |
Environmental Liabilities
Environmental Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Liabilities | 10. Environmental Liabilities The Company’s environmental liabilities relate to sawmills, pulp, paper and wood treating plants which have ceased operations other than environmental investigation and remediation activities. The Company owns or has liability for approximately 20 sites that are subject to various federal, state or provincial statutes, including but not limited to RCRA, CERCLA and the Environmental Protection Act in the U.S., and similar laws in Canada and France, related to the investigation and remediation of environmentally-impacted sites. The Company estimates its environmental liabilities based on its current interpretation of environmental laws and regulations when it is probable a liability has been incurred and the amount of such liability is estimable. The Company calculates estimates based on a number of factors, including the application and interpretation of current environmental laws, regulations and other requirements; reports and advice of internal and third-party environmental specialists; and management’s knowledge and experience with these and similar types of environmental matters. These estimates include potential costs for investigation, assessment, remediation, ongoing operation and maintenance (where applicable) and post-remediation monitoring of the sites, as well as the cost of legally-required financial assurance related to the Company’s obligations on an undiscounted basis, generally for a period of 20 years. These environmental liabilities do not include potential third-party recoveries to which the Company may be entitled unless they are probable and estimable. The following table presents the activity of the Company’s environmental liabilities, including those of specific sites where current estimates exceed 10 percent of the total liabilities for disposed operations at December 31, 2023, 2022 or 2021: December 31, 2021 Liability Payments Increase (Decrease) to Liability (a) December 31, 2022 Liability Payments Increase (Decrease) to Liability (a) December 31, 2023 Liability Port Angeles, Washington $ 52,564 $ (558) $ 648 $ 52,654 $ (484) $ 498 $ 52,668 Augusta, Georgia 21,120 (1,069) 1,051 21,102 (777) 2,330 22,655 Baldwin, Florida 16,362 (431) 256 16,187 (733) 437 15,891 East Point, Georgia 17,259 (889) 1,699 18,069 (1,168) 2,811 19,712 All other sites 63,917 (1,514) 266 62,669 (2,223) (1,081) 59,365 Total environmental liabilities 171,222 $ (4,461) $ 3,920 170,681 $ (5,385) $ 4,995 170,291 Current environmental liabilities (11,303) (10,732) (9,833) Non-current environmental liabilities $ 159,919 $ 159,949 $ 160,458 (a) Included in the increase (decrease) to liability during the year ended December 31, 2022 was an increase of $1 million due to foreign currency fluctuations. The liability as of December 31, 2023 was not materially impacted by foreign currency fluctuations. Port Angeles, Washington The Company operated a pulp mill at this site from 1930 until 1997. The site and the adjacent marine areas (a portion of Port Angeles harbor) have been in various stages of the assessment process under the Washington MTCA since 2000, and several voluntary interim soil clean-up actions have been performed during this time. In addition, the Company may be liable under CERCLA for “natural resource damages” caused by releases from the site. As a result of an agreed order with Washington Ecology, the remainder of the Washington MTCA regulatory process will be completed on a set timetable, subject to approval of all reports and studies by Washington Ecology. Upon completion of all work required under the agreed order and negotiation of an approved remedy, additional remedial measures for the site and off-site areas may be necessary and, as a result, current cost estimates and the corresponding liability could change. During 2023 and 2022, the estimated liability was relatively unchanged. Augusta, Georgia The Company operated a wood treatment plant at this site from 1928 to 1988. This site operates under a 10-year hazardous waste permit renewed and issued pursuant to RCRA in 2015. Ongoing remediation activities currently consist primarily of groundwater recovery and treatment. Current cost estimates and the corresponding liability could vary if recovery or discharge volumes change or if changes to current remediation activities are required in the future. During 2022, the estimated liability was relatively unchanged as payments approximated the increase in estimated costs related to the site’s operation and maintenance. During 2023, the estimated liability increased primarily due to changes in estimates related to site operations and maintenance. Baldwin, Florida The Company operated a wood treatment plant at this site from 1954 to 1987. This site operates under a 10-year hazardous waste permit renewed and issued pursuant to RCRA in 2017. Ongoing remediation activities currently consist primarily of groundwater recovery and treatment. Additional remedial activities may be necessary in the future that may result in changes to current cost estimates and the corresponding liability. During 2023 and 2022, the estimated liability was relatively unchanged. East Point, Georgia The Company operated a wood treatment plant at this site from 1920 to 1984. Current site activities are governed by a 2009 Consent Order that will conclude with a new 10-year RCRA permit, which will replace the current 1996 permit. Onsite remediation activities consist primarily of groundwater recovery and treatment. Current cost estimates and the corresponding liability could vary if changes to current remediation activities are required in the future. During 2022, the reserve increased primarily due to an increase in cost estimates related to the remediation activities. During 2023, the reserve increased primarily due to increases in financial assurance rates and estimates related to site operations and maintenance. In addition to these estimated liabilities, the Company is subject to the risk of reasonably possible additional liabilities in excess of the established liabilities due to potential changes in circumstances and future events, including, without limitation, changes to current laws and regulations; changes in governmental agency personnel, direction, philosophy or enforcement policies; developments in remediation technologies; increases in the cost of remediation, operation, maintenance and monitoring of its environmental liability sites; changes in the volume, nature or extent of contamination to be remediated or monitoring to be undertaken; the outcome of negotiations with governmental agencies or non-governmental parties; and changes in accounting rules or interpretations. Based on information available as of December 31, 2023, the Company estimates this exposure could range up to approximately $85 million, although no assurances can be given that this amount will not be exceeded given the factors described above. These potential additional costs are attributable to several of the above sites and other applicable liabilities. This estimate excludes liabilities that would otherwise be considered reasonably possible but for the fact that they are not currently estimable primarily due to the factors discussed above. Subject to the previous paragraph, the Company believes its estimates of liabilities are sufficient for probable costs expected to be incurred over the next 20 years with respect to its disposed operations. However, no assurance is given that these estimates will be sufficient for the reasons described above and additional liabilities could have a material adverse effect on the Company’s financial position, results of operations and cash flows. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 11. Derivative Instruments The Company’s earnings and cash flows are subject to fluctuations due to changes in interest rates and foreign currency exchange rates. The Company has used derivative financial instruments to manage interest rate and foreign currency exchange rate exposure. The Company does not use derivatives for trading or speculative purposes. Derivative instruments are recognized on the consolidated balance sheets at their fair value and are either designated as a hedge of a forecasted transaction or are undesignated. Changes in the fair value of a derivative designated as a hedge are recorded in other comprehensive income (loss) until earnings are affected by the hedged transaction and are then reported in current earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in current earnings. In December 2020, the Company terminated all its outstanding derivative instruments, which had been previously designated as hedging instruments and had various maturity dates through 2028. Accumulated gains and losses associated with these instruments were deferred as a component of AOCI to be recognized in earnings as the underlying hedged transactions occur and affect earnings. The effect of derivative instruments designated as cash flow hedges, the related changes in AOCI and the gains and losses in income were as follows: December 31, 2021 Derivatives Designated as Gain (Loss) Recognized in OCI Gain (Loss) Reclassified from AOCI into Income Location on Statements of Operations Foreign currency contracts $ — $ — Other operating expense, net Foreign currency contracts — 4,088 Cost of sales Foreign currency contracts — (397) Other income, net Losses reclassified from AOCI into income were immaterial during the years ended December 31, 2023 and 2022. The unrealized loss in AOCI related to hedge derivatives is presented below: December 31, 2023 2022 Foreign exchange cash flow hedges, net of tax $ 373 $ 567 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 12. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy prioritizes the inputs used to measure fair value as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flows methodologies and similar techniques that use significant unobservable inputs. Assets Measured at Fair Value on a Nonrecurring Basis Asset Impairment In the fourth quarter of 2023, the Company recorded a $25 million non-cash impairment related to the Temiscaming plant asset group. The fair value of the Temiscaming plant assets was determined using discounted cash flows under the income approach from the perspective of a market participant assuming the highest and best use of the asset group. Discounted cash flows were estimated using key assumptions regarding production levels, price levels, profit margins, capital expenditures and discount rate, which are Level 3 measurements. See Note 7—Property, Plant and Equipment, Net for further information on this impairment. Financial Instruments The carrying amounts of the Company’s cash, receivables and payables approximate fair value due to the short-term nature of those instruments. The carrying amount of borrowings outstanding under the ABL Credit Facility, 2027 Term Loan and short-term factoring facility approximate fair value due to their variable interest rates. The fair value of the Company’s fixed rate debt is estimated using quoted market prices for debt with similar terms and maturities, which are Level 2 inputs, and was as follows: December 31, 2023 2022 Carrying amount of fixed rate debt (a) $ 536,393 $ 847,591 Fair value of fixed rate debt 497,563 838,502 (a) Excludes finance lease obligations. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 13. Stockholders’ Equity Common Stock Buyback On January 29, 2018, the Board of Directors authorized a share buyback program pursuant to which the Company may, from time to time, purchase shares of its common stock with an aggregate purchase price of up to $100 million. No shares were repurchased in connection with the program during the years ended December 31, 2023, 2022 and 2021. The Company does not expect to utilize any further authorization in the near future. Stockholder Rights Plan In March 2022, the Company adopted a stockholder rights plan whereby a significant penalty is imposed upon any person or group which acquires beneficial ownership of 10% or more of the Company’s common stock without the approval of the Board of Directors. On the same date, the Board of Directors declared a dividend of one preferred share Purchase Right for each outstanding share of common stock of the Company, par value $0.01 per share, which was paid to Company stockholders of record as of March 31, 2022. On March 20, 2023, the Purchase Rights expired . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 14. Accumulated Other Comprehensive Loss Year Ended December 31, 2023 2022 2021 Unrecognized components of employee benefit plans, net of tax Balance, beginning of year $ (43,694) $ (76,849) $ (146,614) Other comprehensive gain before reclassifications 12,859 38,105 63,147 Income tax on other comprehensive gain (2,283) (9,229) (13,365) Reclassifications to earnings (a) Pension settlement loss (b) — — 7,618 Amortization of (gain) loss (705) 5,534 15,491 Amortization of prior service cost 196 25 550 Income tax on reclassifications (e) 90 (1,280) (6,649) Plans included in sale of assets to GreenFirst — — 4,012 Income tax on plans included in sale of assets to GreenFirst — — (1,039) Net comprehensive gain on employee benefit plans, net of tax 10,157 33,155 69,765 Balance, end of year (33,537) (43,694) (76,849) Unrealized gain (loss) on derivative instruments, net of tax Balance, beginning of year (567) (847) 1,834 Reclassifications to earnings - foreign currency exchange contracts (c) 224 323 (3,691) Income tax on reclassifications (e) (30) (43) 1,010 Net comprehensive gain (loss) on derivative instruments, net of tax 194 280 (2,681) Balance, end of year (c) (373) (567) (847) Foreign currency translation Balance, beginning of year (19,537) (6,774) 11,145 Foreign currency translation adjustment, net of tax (d) 7,530 (12,763) (17,919) Balance, end of year (12,007) (19,537) (6,774) Accumulated other comprehensive loss, end of year $ (45,917) $ (63,798) $ (84,470) (a) The AOCI components for defined benefit pension and post-retirement plans are included in the computation of net periodic benefit cost. See Note 17—Employee Benefit Plans for further information. (b) During 2021, the Company purchased annuity contracts from a third-party insurance company who assumed responsibility for future pension benefits for certain participants in its U.S. defined benefit plan and recorded a loss of $6 million on the settlement and de-recognition of the projected benefit obligation. Additionally, the Company continued the process of winding up certain Canadian pension plans and as a result recorded a settlement loss of $2 million. See Note 17—Employee Benefit Plans for further information. (c) Reclassifications of foreign currency exchange contracts are recorded in “cost of sales,” “other operating expense, net” or “other income, net,” as appropriate. See Note 11—Derivative Instruments for further information. (d) Foreign currency translation is net of tax effects of $0 for all periods presented, as the French operations are taxed on the foreign functional currency, not the translated reporting currency. (e) Income tax effects are released from AOCI in the period in which the underlying item is realized in earnings. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | 15. Earnings per Common Share Basic earnings per share is calculated by dividing net income available for common stockholders by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding adjusted by the potentially dilutive effect of outstanding stock options, performance-based stock and restricted stock. The following table provides the inputs to the calculations of basic and diluted earnings per common share (share amounts not in thousands): Year Ended December 31, 2023 2022 2021 Loss from continuing operations $ (102,147) $ (27,377) $ (49,769) Income from discontinued operations, net of tax 312 12,458 116,183 Net income (loss) available for common stockholders $ (101,835) $ (14,919) $ 66,414 Shares used in determining basic earnings per common share 65,108,397 63,910,010 63,645,245 Dilutive effect of: Stock options — — — Performance and restricted stock — — — Shares used in determining diluted earnings per common share 65,108,397 63,910,010 63,645,245 Anti-dilutive instruments excluded from the computation of diluted earnings per share included (not in thousands): Year Ended December 31, 2023 2022 2021 Stock options 46,798 77,767 111,124 Performance and restricted stock 3,257,295 3,654,506 2,387,272 Total anti-dilutive instruments 3,304,093 3,732,273 2,498,396 |
Incentive Stock Plans
Incentive Stock Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Incentive Stock Plans | 16. Incentive Stock Plans As of December 31, 2023, the Company had four stock-based incentive plans. The Prior Incentive Stock Plans provided for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, performance stock, restricted stock and restricted stock units, subject to certain limitations. The Company no longer issues shares under the Prior Incentive Stock Plans. The 2023 Plan provides for up to 3.9 million shares to be granted for stock options, non-qualified stock options, stock appreciation rights, performance shares, restricted stock and restricted stock units. Under the 2023 Plan, shares available for issuance may be increased by any shares of common stock subject to awards under the Prior Incentive Stock Plans that, in whole or in part, are forfeited, terminated or expire unexercised, settled in cash in lieu of stock, or released from a reserve for failure to meet the maximum payout under a program. At December 31, 2023, approximately 3 million shares were available for future grants under the 2023 Plan. The Company recognizes stock-based compensation expense on a straight-line basis, net of forfeitures, over the service period of the award. The Company does not estimate a forfeiture rate for non-vested shares. Forfeitures are recognized and reduce stock-based compensation expense during the period in which they occur. Stock-based compensation expense was as follows: Year Ended December 31, 2023 2022 2021 Stock-based compensation expense $ 6,507 $ 9,650 $ 5,099 Non-Qualified Employee Stock Option Awards Stock option awards include RYAM awards held by employees of its former parent Rayonier Inc. Stock options are granted with an exercise price equal to the market value of the underlying stock on the grant date. They generally vest ratably over three years and have a maximum term of 10 years and two days from the grant date. The Company’s employee stock option compensation program generally provides accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time of their retirement. Stock-based compensation expense for stock option awards is recognized over the shorter of: (1) the service period (i.e., the stated period of time required to earn the award) or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement. The fair value of each option grant is estimated on the grant date using the Black-Scholes option-pricing model. The Company has elected to value each grant in total and recognize the expense for stock options on a straight-line basis over three years. The fair value of options vested at December 31, 2023, 2022 and 2021 was zero. No options were granted or exercised during the years ended December 31, 2023, 2022 and 2021. The outstanding options at December 31, 2023 expired in January 2024. A summary of the Company’s stock option activity follows: (not in thousands) Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2022 77,767 $ 39.98 Forfeited — — Exercised — — Expired (30,969) 43.32 Outstanding at December 31, 2023 46,798 $ 37.77 — $ — Options vested and expected to vest 46,798 $ 37.77 — $ — Options exercisable at December 31, 2023 46,798 $ 37.77 — $ — Restricted Stock and Stock Unit Awards Restricted stock and stock units granted in connection with the Company’s performance share plan generally vest upon completion of periods ranging from one year to three years. The 2023 restricted stock unit awards cliff vest after three years. The fair value of each share granted is equal to the share price of the underlying stock on the date of grant. The following table summarizes the details of the restricted stock and stock units granted to employees: Year Ended December 31, 2023 2022 2021 Restricted stock and stock units granted (not in thousands) 992,830 1,328,931 561,025 Weighted average price of restricted stock or stock units granted (not in thousands) $ 5.27 $ 5.50 $ 9.71 Intrinsic value of restricted stock and stock units outstanding $ 7,641 $ 16,297 $ 5,296 Fair value of restricted stock and stock units vested $ 4,264 $ 3,772 $ 4,412 The following table summarizes the 2023 restricted stock and stock units activity: (not in thousands) Restricted Stock and Stock Unit Awards Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 1,697,587 $ 6.21 Granted 992,830 5.27 Forfeited (28,363) 5.95 Vested (775,360) 5.50 Outstanding at December 31, 2023 1,886,694 $ 6.01 As of December 31, 2023, there was $5 million of unrecognized compensation cost related to the Company’s outstanding restricted stock that is expected to be recognized over a weighted average period of 1.6 years. Performance-Based Stock Unit and Cash Awards The Company’s performance-based awards generally vest upon completion of a three-year period. The performance-based stock unit award payout is calculated using a combination of Company-specific performance metrics and TSR, which is measured on an absolute basis as well as relative to a peer group of companies. Performance-based cash awards are measured using the same objectives as the performance-based stock unit awards but are classified as a liability and remeasured to fair value at the end of each reporting period until settlement. The 2021, 2022 and 2023 performance-based awards cliff vest after three years and are based equally on TSR relative to peers and adjusted EBITDA. Participants of the 2021 and 2023 awards can earn between 0 and 200 percent of the target award. Participants of the 2022 award can earn between 0 and 250 percent of the target award. Performance below the threshold for the TSR would result in zero payout for the TSR metric for all years’ awards. The performance-based stock unit awards that are measured against a market condition or incorporate market conditions are valued using a Monte Carlo simulation model. The model generates the fair value of the market-based award or market-based portion of the award at the grant date. The related expense is then amortized over the award’s vesting period. Expected volatility is based on representative price returns using the stock price of several peer companies. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The following table provides a tabular overview of the weighted average assumptions used in calculating the fair value of the awards granted: Year Ended December 31, 2023 2022 2021 Expected volatility 77.6 % 75.0 % 93.0 % Risk-free rate 4.1 % 4.3 % 0.3 % The following table summarizes the details of the performance-based stock units awarded to employees: Year Ended December 31, 2023 2022 2021 Common shares of stock reserved for performance-based stock units (not in thousands) 611,528 2,861,963 534,172 Weighted average fair value of performance-based stock units granted (not in thousands) $ 9.09 $ 6.21 $ 12.29 Intrinsic value of outstanding performance-based stock units $ 5,551 $ 18,786 $ 8,335 The following table summarizes the 2023 performance-based stock unit award activity: (not in thousands) Performance-Based Stock Unit Awards Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 1,956,919 $ 6.79 Granted 305,764 9.09 Forfeited (5,433) 4.73 Vested (886,649) 5.95 Outstanding at December 31, 2023 1,370,601 $ 7.83 In March 2023, the performance-based stock units granted in 2020 were settled with the issuance of 1,257,015 shares of common stock, including incremental shares of 370,366, based on performance results. In March 2022, the performance-based stock units granted in 2019 vested without meeting the performance thresholds, resulting in no stock units being awarded. In March 2021, the performance-based stock units granted in 2018 were settled at an average of 60 percent of the performance-based stock units awarded, resulting in the issuance of 182,811 shares of common stock. As of December 31, 2023, there was $4 million of unrecognized compensation cost related to the Company’s performance-based stock unit awards that is expected to be recognized over a weighted average period of 1.7 years. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 17. Employee Benefit Plans Defined Benefit Plans The Company has defined benefit pension and other postretirement plans covering certain union and non-union employees, primarily in the U.S. and Canada. The defined benefit pension plans are closed to new participants. Certain Canadian plans were included with the sale of the Company’s lumber and newsprint assets. In 2021, the Company purchased annuity contracts from a third-party insurance company that assumed responsibility for future pension benefits for certain participants in its U.S. defined benefit plan and recorded a loss of $6 million on the settlement and de-recognition of the projected benefit obligation. Additionally, the Company continued the process of winding up certain Canadian pension plans and as a result recorded a settlement loss of $2 million. During 2022, the Company recorded a $1 million loss related to the final asset surplus distribution to the plan participants of the wound-up Canadian pension plans mentioned above. In addition, in the fourth quarter of 2022, the Company adopted a full freeze on future benefits for salaried participants in the U.S. defined benefit plans. The impact of the curtailment reduced the benefit obligation and the accumulated net loss within other comprehensive income by $8 million. During the first quarter of 2023, the Company recorded a $2 million loss related to the final asset surplus distribution to the plan participants of certain other wound-up Canadian pension plans. These settlements were recognized in “components of pension and OPEB, excluding service costs” in the consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021. Defined benefit pension and other postretirement plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information and certain assumptions about future events. The following tables present the changes in the projected benefit obligation and plan assets and reconciles funded status and the defined benefit pension and postretirement plan amounts recognized in the consolidated balance sheets: Pension Postretirement 2023 2022 2023 2022 Projected benefit obligation at beginning of year $ 594,455 $ 784,426 $ 29,944 $ 36,525 Service cost 4,877 7,906 1,116 1,516 Interest cost 28,724 21,028 1,351 818 Actuarial (gain) loss 21,015 (157,828) (7,198) (7,617) Participant contributions 700 723 115 133 Benefits paid (41,059) (40,220) (1,559) (1,334) Settlement 2,982 — — — Curtailment — (8,000) — — Effects of foreign currency exchange rates 4,424 (13,580) 95 (97) Projected benefit obligation at end of year $ 616,118 $ 594,455 $ 23,864 $ 29,944 Fair value of plan assets at beginning of year $ 507,270 $ 658,177 $ — $ — Actual return on plan assets 63,682 (101,914) — — Employer contributions (a) 1,923 3,811 1,430 1,201 Participant contributions 700 723 115 133 Benefits paid (41,059) (40,152) (1,545) (1,334) Settlement (2,317) (964) — — Effects of foreign currency exchange rates 2,444 (12,411) — — Fair value of plan assets at end of year $ 532,643 $ 507,270 $ — $ — Funded Status at end of year $ (83,475) $ (87,185) $ (23,864) $ (29,944) (a) The Company received cash of $6 million and $3 million in 2023 and 2022, respectively, related to surplus assets of unwound pension plans. Pension Postretirement 2023 2022 2023 2022 Non-current assets $ — $ 8,742 $ — $ — Current liabilities (4,474) (4,513) (1,372) (1,787) Non-current liabilities (79,001) (91,414) (22,492) (28,157) Net amount recognized $ (83,475) $ (87,185) $ (23,864) $ (29,944) The projected benefit obligation increased during the year ended December 31, 2023 primarily due to the settlements of certain Canadian pension plans, actuarial losses resulting from a decrease in the discount rate assumed and foreign currency exchange rates. Net gain (loss) recognized in other comprehensive income for the three years ended December 31 was as follows: Pension Postretirement 2023 2022 2021 2023 2022 2021 Net gain (loss) $ 9,202 $ 30,531 $ 64,173 $ 6,639 $ 7,574 $ (1,025) Prior service costs $ (2,982) $ — $ — $ — $ — $ — Net gain (loss) and prior service cost (credit) reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 were as follows: Pension Postretirement 2023 2022 2021 2023 2022 2021 Pension settlement loss (a) $ — $ — $ 7,618 $ — $ — $ — Amortization of (gain) loss (490) 5,462 15,471 (215) 72 20 Amortization of prior service cost (credit) 294 147 703 (98) (122) (153) (a) During 2021, the Company completed the wind-up of certain Canadian pension plans and began the process of winding up additional Canadian plans, recognizing a loss. Also in 2021, the Company purchased annuity contracts from a third-party insurance company that assumed responsibility for future pension benefits for certain participants in the Company’s U.S. defined benefit plans and recognized a loss on the settlement and derecognition of the projected benefit obligation. Net gain (loss), prior service cost (credit) and plan amendments that have not yet been included in pension and postretirement expense and have been recognized as a component of AOCI for the three years ended December 31 were as follows: Pension Postretirement 2023 2022 2021 2023 2022 2021 Prior service cost (credit) $ (3,852) $ (1,204) $ (1,455) $ 659 $ 757 $ 879 Net gain (loss) (50,796) (67,770) (95,470) 10,343 3,920 (3,547) Curtailment — 8,000 — — — — Deferred income tax (expense) benefit 12,630 13,750 22,243 (2,521) (1,147) 501 Accumulated other comprehensive income (loss) $ (42,018) $ (47,224) $ (74,682) $ 8,481 $ 3,530 $ (2,167) For defined benefit pension plans, the projected and accumulated benefit obligations and the fair value of plan assets were as follows: December 31, 2023 2022 Projected benefit obligation $ 616,118 $ 594,455 Accumulated benefit obligation 606,072 585,404 Fair value of plan assets 532,643 507,270 For pension plans with a projected benefit obligation exceeding plan assets, the projected benefit obligation and fair value of plan assets were $587 million and $502 million, respectively, at December 31, 2023, and $566 million and $467 million, respectively, at December 31, 2022. For pension plans with an accumulated benefit obligation exceeding plan assets, the accumulated benefit obligation and fair value of plan assets were $577 million and $502 million, respectively, at December 31, 2023 and $557 million and $467 million, respectively, at December 31, 2022. The following table presents the components of net periodic benefit cost of the plans: Pension Postretirement 2023 2022 2021 2023 2022 2021 Service cost $ 4,877 $ 7,906 $ 10,322 $ 1,116 $ 1,516 $ 1,437 Interest cost 28,724 21,028 17,331 1,351 818 650 Expected return on plan assets (31,425) (32,419) (37,255) — — — Amortization of prior service cost (credit) 294 147 703 (98) (122) (153) Amortization of (gain) loss (490) 5,553 15,471 (215) 72 20 Pension settlement loss 2,317 964 7,618 — — — Other — — — (556) (173) (49) Net periodic benefit cost (a) $ 4,297 $ 3,179 $ 14,190 $ 1,598 $ 2,111 $ 1,905 (a) Service cost is included in “cost of sales” or “selling, general and administrative expense” in the consolidated statements of operations, as appropriate. Interest cost, expected return on plan assets, amortization of prior service cost (credit) and amortization of (gain) loss are included in “components of pension and OPEB, excluding service costs” on the consolidated statements of operations. The Company uses the spot rate approach method to determine the service and interest cost components of net periodic benefit cost. Under this method, individual spot rates along the yield curve that correspond with the timing of each benefit payment will be used. The Company believes this provides a more precise measurement of service and interest costs by improving the correlation between projected cash outflows and corresponding spot rates on the yield curve. The following table presents the weighted average principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement plans: Pension Postretirement 2023 2022 2021 2023 2022 2021 Assumptions used to determine benefit obligations at December 31: Discount rate 4.71 % 4.95 % 2.82 % 4.72 % 4.93 % 2.77 % Rate of compensation increase 2.50 % 2.66 % 2.65 % 3.11 % 3.53 % 3.90 % Assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 4.97 % 4.21 % 2.57 % 4.94 % 4.94 % 2.42 % Expected long-term return on plan assets 5.92 % 5.88 % 5.93 % N/A N/A N/A Rate of compensation increase 2.50 % 2.66 % 2.65 % 3.11 % 3.53 % 3.90 % The estimated return on plan assets is based on historical and expected long-term rates of return on broad equity and bond indices and consideration of the actual annualized rate of return. The Company, with the assistance of external consultants, utilizes this information in developing assumptions for returns, risks and correlation of asset classes, which are then used to establish the asset allocation ranges. Assumed health care cost trends have a significant effect on the amounts reported for the postretirement benefit plans. The following table sets forth the assumed health care cost trend rates as of period end: Postretirement 2023 2022 U.S. Canada U.S. Canada Health care cost trend rate assumed for next year 6.80 % 5.93 % 6.60 % 6.00 % Rate to which cost trend is assumed to decline (ultimate trend rate) 4.00 % 5.00 % 3.70 % 5.00 % Year that ultimate trend rate is reached 2031 2037 2074 2037 Investment of Plan Assets The Company’s Pension and Savings Plan Committee and the Audit Committee of the Board of Directors oversee the defined benefit pension plans’ investment program. The investment approach of each defined benefit pension plan is designed to maximize returns and provide sufficient liquidity to meet each plans obligations while maintaining acceptable risk levels. For certain defined benefit plans, investment target allocation percentages for equity securities can range up to 65 percent. In other more well-funded plans, 100 percent is allocated to fixed income securities. All plans were within their respective targeted ranges at December 31, 2023. The Company’s weighted average defined benefit pension plan asset allocations at December 31, by asset category, were as follows: Percentage of Plan Assets 2023 2022 U.S. equity securities 23 % 21 % International equity securities 22 % 24 % U.S. fixed income securities 32 % 26 % International fixed income securities 18 % 18 % Other (a) 5 % 11 % Total 100 % 100 % (a) Includes cash balances related to the timing of portfolio management activities. Investments within the equity categories may include large capitalization, small capitalization and emerging market securities, while the international fixed income portfolio may include emerging markets debt. Pension assets did not include a direct investment in RYAM common stock at December 31, 2023 or 2022. Fair Value Measurements The following tables present, by level within the fair value hierarchy (see Note 12—Fair Value Measurements), the assets of the plans: December 31, 2023 Level 1 Level 2 Level 3 Total Mutual funds and collective trusts $ 141,043 $ — $ — $ 141,043 Corporate bonds — 96,069 — 96,069 U.S. government securities — 78,652 — 78,652 Derivative instruments — 421 — 421 Investments at net asset value: Common collective trust funds 216,458 Total assets at fair value $ 532,643 December 31, 2022 Level 1 Level 2 Level 3 Total Mutual funds and collective trusts $ 126,188 $ — $ — $ 126,188 Corporate bonds — 65,326 — 65,326 U.S. government securities — 36,162 — 36,162 Investments at net asset value: Common collective trust funds 279,594 Total assets at fair value $ 507,270 The valuation methodologies used for measuring the fair value of these asset categories were as follows: Mutual funds and collective trusts — Net asset value in an observable market. Corporate bonds — Valued using pricing models that maximize the use of observable inputs for similar securities, including basing value on yields currently available on comparable securities of issuers with similar credit ratings. U.S. government securities — Valued using pricing models that maximize the use of observable inputs for similar securities. Common collective trust funds — Measured at net asset value per share, as a practical expedient for fair value, as provided by the Plan trustee. The net asset value is calculated by determining the fair value of the fund’s underlying assets, deducting its liabilities, and dividing by the units outstanding as of the valuation date. These funds are not publicly traded; however, in the majority of cases, the unit price calculation is based on observable market inputs of the funds’ underlying assets. There were no changes in the methodology used during the years ended December 31, 2023 and 2022. Cash Flows Expected benefit payments for the next ten years were as follows: Pension Postretirement 2024 $ 39,581 $ 1,563 2025 40,167 1,628 2026 40,765 1,799 2027 41,227 1,782 2028 41,485 1,829 2029 — 2033 206,156 8,804 The Company has mandatory pension contribution requirements of $3 million in 2024 and may make additional discretionary contributions. Defined Contribution Plans The Company provides defined contribution plans to all of its hourly and salaried employees. The Company’s contributions charged to expense for these plans were $6 million, $7 million and $8 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
Other Operating Expense, Net
Other Operating Expense, Net | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Operating Expense, Net | 18. Other Operating Expense, Net Other operating expense, net was comprised of the following: Year Ended December 31, 2023 2022 2021 Environmental liability expense (a) $ (5,784) $ (4,903) $ (6,709) Loss on disposal of property, plant and equipment (2,872) (3,742) (1,010) Equity in income (loss) of joint venture 204 (2,737) (2,048) Miscellaneous income (expense) (3,955) 1,183 (486) Other operating expense, net $ (12,407) $ (10,199) $ (10,253) (a) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 19. Income Taxes Loss from continuing operations before income tax consisted of the following: Year Ended December 31, 2023 2022 2021 United States $ (65,413) $ (53,012) $ (64,645) Foreign (67,061) 29,190 (18,227) Loss from continuing operations before income tax $ (132,474) $ (23,822) $ (82,872) Income Tax (Expense) Benefit from Continuing Operations Income tax (expense) benefit from continuing operations consisted of the following: Year Ended December 31, 2023 2022 2021 Current tax (expense) benefit: Federal $ 1,623 $ 2,815 $ 2,676 Foreign 3,119 (7,511) (4,924) State and other (144) (154) (158) Total current 4,598 (4,850) (2,406) Deferred tax (expense) benefit: Federal 15,542 6,635 (5,241) Foreign 12,028 (2,842) 41,962 State and other 143 155 373 Total deferred 27,713 3,948 37,094 Income tax (expense) benefit $ 32,311 $ (902) $ 34,688 The following table reconciles the effective income tax rate on continuing operations to the U.S. federal statutory rate: Year Ended December 31, 2023 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Change in valuation allowance (7.7) (38.2) (3.6) Adjustment to previously filed tax returns 2.0 11.3 5.2 Tax credits (excluding foreign tax credit) 5.4 17.8 2.1 Nondeductible compensation for executives and share-based awards 0.5 (10.5) (3.0) Net changes in uncertain tax positions (0.1) (5.6) (2.2) Difference in foreign statutory rates 2.1 (8.2) 1.0 U.S. tax on foreign earnings (GILTI and Subpart F, net of FTC) (0.1) (0.9) (2.2) Change in blended statutory rate (a) — — 23.2 Interest on tax payments/receipts 0.6 10.1 — Other 0.7 (0.6) 0.4 Effective income tax rate on continuing operations 24.4 % (3.8) % 41.9 % (a) In 2021, the Company recorded a tax benefit on the remeasurement of the Company’s Canadian DTAs at a higher Canadian blended statutory tax rate. The Canadian statutory rate is higher as a result of changing the allocation of income between the Canadian provinces after the sale of the lumber and newsprint assets. Less significantly, France enacted scheduled decreases to the federal statutory tax rate between 2021 and 2022. The annual impact of remeasuring the French deferred tax liabilities to the scheduled statutory tax rates is also included here. Deferred Taxes Deferred income taxes result from recording revenue and expense in different periods for financial reporting versus tax reporting. The nature of these temporary differences and the resulting net deferred tax balances follow: December 31, 2023 2022 Deferred tax assets: Net operating losses (a) $ 116,353 $ 117,939 Canadian pool of SR&ED (a) 96,113 95,483 Property, plant and equipment basis differences 123,521 110,092 Tax credit carryforwards (a) 71,741 72,238 Pension, postretirement and other employee benefits 25,114 26,533 Environmental liabilities 39,258 38,069 Deferred U.S. interest deductions (a) 33,188 25,731 Deferred foreign interest deductions (a) 3,290 — Other compensation 5,412 5,206 State net operating losses (a) 3,536 3,431 Capitalized costs 19,868 9,677 Other deferred tax assets 21,003 21,047 Total gross deferred tax assets 558,397 525,446 Valuation allowance (a) (78,858) (71,353) Total deferred tax assets, net of valuation allowance (b) 479,539 454,093 Deferred tax liabilities: Property, plant and equipment basis differences (115,315) (118,072) Intangible assets (4,377) (7,069) Prepaid expenses (19,253) (15,847) Other deferred tax liabilities (10,603) (7,962) Total deferred tax liabilities (149,548) (148,950) Net deferred tax asset $ 329,991 $ 305,143 Net deferred tax asset as reflected in consolidated balance sheets: Deferred tax assets $ 345,181 $ 322,164 Deferred tax liabilities (15,190) (17,021) $ 329,991 $ 305,143 (a) Further detail of these items as of December 31, 2023 follows: Gross Amount Tax Effected Valuation Allowance Expiration Foreign R&D credit carryforwards $ 35,842 $ 35,842 $ (35,842) 2024-2042 U.S. tax credit carryforwards 41,017 35,899 (19,256) 2024-2033 State net operating losses 74,832 3,536 (1,790) 2024-2043 Canada non-capital losses 476,808 102,039 — 2025-2037 Canada pool of SR&ED 416,679 96,113 — None U.S. interest limitation carryforward 150,854 33,188 (18,680) None U.S. federal net operating losses 50,104 10,522 — None Foreign interest limitation carryforward 13,192 3,290 (3,290) None France net operating losses 13,285 3,792 — None At December 31, 2023 and 2022, the Company’s net DTA included $15 million and $17 million, respectively, of disallowed U.S. interest deductions that the Company does not believe will be realized. In strict compliance with the AICPA’s Technical Questions and Answers 3300.01-02, which asserts that certain material evidence regarding the realizability of disallowed U.S. interest deductions should be ignored when assessing the need for a valuation allowance, the Company has not recognized a valuation allowance on this portion of the DTA generated from disallowed interest. Unrecognized Tax Benefits The Company recognizes the impact of a tax position if it is more likely than not to prevail, based on technical merit, in the case of an audit. As of December 31, 2023, there were several positions resulting in unrecognized tax benefits that, if recognized, would affect income tax expense. A reconciliation of beginning and ending unrecognized tax benefits balances follows: Year Ended December 31, 2023 2022 2021 Balance at beginning of period $ 11,015 $ 12,073 $ 11,438 Decreases related to prior year tax positions (1,612) (255) (1,330) Increases related to prior year tax positions 2,804 440 1,019 Decreases related to current year tax positions — (2,386) — Increases related to current year tax positions 1,373 1,143 946 Balance at end of period $ 13,580 $ 11,015 $ 12,073 For the year ended December 31, 2023, all unrecognized tax benefits would impact the effective tax rate if recognized. For the year ended December 31, 2022, $13 million of the Company’s unrecognized tax benefits would impact the effective tax rate if recognized as a result of a $2 million reduction in unrecognized tax benefits that would impact only the timing of tax deductions and would not impact the tax rate. Total interest and penalties recorded in unrecognized tax benefits were $1 million for each of the years presented. As of December 31, 2023, it is reasonably possible that the Company’s unrecognized tax position will change within a range of a decrease of $7 million and an increase of $3 million due to conclusions of tax audits or the expiration of statute of limitations. Tax Statutes In the normal course of business, the Company is regularly audited by tax authorities and is currently under audit in the U.S. and Canada. The following table provides the tax years that remain open to examination by significant taxing jurisdictions: Open Tax Years U.S. 2015-2023 France 2020-2023 Canada 2019-2023 Other Tax Items Several provisions passed in 2017 as part of the Tax Cuts and Jobs Act went into effect in 2022. Certain of these provisions negatively impact the Company’s U.S. cash taxes in present and future years. The most impactful of these provisions is the further limitation of U.S. interest deductibility under Internal Revenue Code §163(j). Under this section, companies may only deduct U.S. interest expenses up to a portion of ATI. Beginning in 2022, ATI was reduced from a tax EBITDA measurement to tax EBIT, which resulted in a significant decrease in U.S. interest deductibility. Additional provisions that impact the Company’s U.S. taxes include the requirement to capitalize and amortize research expenditures and the phase-out of immediate expensing of U.S. capital asset additions. |
Segment and Geographical Inform
Segment and Geographical Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment and Geographical Information | 20. Segment and Geographical Information After the 2021 sale of the lumber and newsprint assets, the Company operates in the following business segments: High Purity Cellulose, Paperboard and High-Yield Pulp. All prior period amounts presented herein have been reclassified to conform to this segment structure. See Note 3—Discontinued Operations for further information on the sale of the lumber and newsprint assets. See also Note 1—Nature of Operations and Basis of Presentation for a description of the operating businesses. Corporate consists primarily of senior management, accounting, information systems, human resources, treasury, tax and legal administrative functions that provide support services to the operating business units. The Company allocates a portion of the cost of maintaining these support functions to its operating units. The Company evaluates the performance of its segments based on operating income (loss). Intersegment sales consist primarily of High-Yield Pulp sales to Paperboard and are eliminated in consolidation. Intersegment sales prices are at rates that approximate market for the respective operating area. One customer in the High Purity Cellulose segment represented 10 percent of total sales for the year ended December 31, 2023. No single customer accounted for 10 percent or more of total sales during the years ended December 31, 2022 and 2021. Net sales, disaggregated by product line, was comprised of the following: Year Ended December 31, 2023 2022 2021 High Purity Cellulose Cellulose Specialties $ 783,424 $ 866,225 $ 711,574 Commodity Products 431,902 354,612 279,307 Other sales (a) 97,438 115,009 100,268 Total High Purity Cellulose 1,312,764 1,335,846 1,091,149 Paperboard 219,408 250,167 208,332 High-Yield Pulp 135,954 159,704 135,676 Eliminations (24,796) (28,450) (27,599) Net sales $ 1,643,330 $ 1,717,267 $ 1,407,558 (a) Include sales of bioelectricity, lignosulfonates and other by-products to third parties. Operating income (loss) by segment was comprised of the following: Year Ended December 31, 2023 2022 2021 High Purity Cellulose (a) $ (41,567) $ 31,498 $ 19,738 Paperboard 37,160 37,158 13,379 High-Yield Pulp (3,155) 16,199 6,686 Corporate (57,702) (58,720) (50,248) Operating income (loss) $ (65,264) $ 26,135 $ (10,445) (a) In 2023, included a $62 million non-cash impairment recorded during the fourth quarter related to an asset realignment. See Note 7—Property, Plant and Equipment, Net for further details. Identifiable assets by segment were as follows: December 31, 2023 2022 High Purity Cellulose (a) $ 1,510,076 $ 1,654,214 Paperboard 105,804 112,757 High-Yield Pulp 43,811 50,947 Corporate 523,009 529,610 Total assets $ 2,182,700 $ 2,347,528 (a) In 2023, included a $62 million non-cash impairment recorded during the fourth quarter related to an asset realignment. See Note 7—Property, Plant and Equipment, Net for further details. Long-life assets by country were as follows: December 31, 2023 2022 United States $ 710,896 $ 747,110 Canada 683,468 723,133 France 213,180 187,645 Other 98 110 Total long-life assets $ 1,607,642 $ 1,657,998 Depreciation and amortization and capital expenditures by segment were as follows: Year Ended December 31, 2023 2022 2021 Depreciation and amortization: High Purity Cellulose $ 122,925 $ 117,017 $ 116,757 Paperboard 12,933 13,130 14,320 High-Yield Pulp 2,025 2,364 2,544 Corporate 2,100 2,065 4,678 Total depreciation and amortization $ 139,983 $ 134,576 $ 138,299 Capital expenditures: (a) High Purity Cellulose $ 118,665 $ 136,866 $ 110,092 Paperboard 776 3,413 2,160 High-Yield Pulp 1,421 2,210 2,215 Corporate (b) 12,281 3,790 205 Total capital expenditures $ 133,143 $ 146,279 $ 114,672 (a) Amounts exclude the impact of changes in capital assets purchased on account and government grants. (b) Reflects expenditures associated with the Company’s ERP transformation project. The project is expected to be completed at the end of 2024. Net sales geographical distribution was as follows: Year Ended December 31, 2023 % 2022 % 2021 % United States $ 544,864 33 $ 569,265 33 $ 472,440 34 China 473,778 29 346,026 20 295,515 21 Europe 222,778 13 343,058 20 283,685 20 Japan 158,106 10 149,373 9 118,443 9 Other Asia 126,072 8 181,952 11 130,189 9 Canada 62,657 4 72,510 4 72,490 5 All other 44,002 3 31,197 2 15,916 1 Latin America 11,073 — 23,886 1 18,880 1 Net sales $ 1,643,330 100 $ 1,717,267 100 $ 1,407,558 100 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 21. Commitments and Contingencies Commitments The Company leases certain buildings, machinery and equipment under various operating and finance leases. Total rental expense for operating and finance leases amounted to $8 million, $8 million, and $7 million in 2023, 2022 and 2021, respectively. See Note 4—Leases and Note 9—Debt and Finance Leases for further information. At December 31, 2023, future minimum payments under purchase obligations were as follows: 2024 $ 112,007 2025 81,975 2026 72,636 2027 67,156 2028 63,348 Thereafter 331,284 Total (a) $ 728,406 (a) Primarily consist of commitments for the purchase of natural gas, steam energy and wood chips. These obligations are estimates and may vary based on changes in actual price and volume terms. Remaining purchase obligations under the 20-year wood chip and residual fiber supply agreement with GreenFirst total approximately $333 million, or annual payments of approximately $19 million through the duration of the agreement to 2041. Total required purchase volumes of wood chips and residual fiber are dependent on sawmill production. Litigation and Contingencies Duties on Canadian Softwood Lumber Sold to the U.S. The Company previously operated six softwood lumber mills in Ontario and Quebec, Canada, and exported softwood lumber into the U.S. from Canada . In connection with these exports, the Company paid approximately $112 million of softwood lumber duties between 2017 and August 2021, including $1 million of ancillary fees, which were recorded as expense in the periods incurred. As part of the sale, the Company retained all rights and obligations to softwood duties generated or incurred through the closing date of the sale. As of December 31, 2023 , the Company had a $40 million long-term receivable associated with the USDOC’s determinations of the revised rates for the 2017, 2018, 2019, 2020 and 2021 periods. This amount does not include interest, which will be due on any amounts refunded. The Company estimates that interest earned on the total amount of softwood lumber duties paid will exceed $10 million. Cash is not expected to return to the Company until final resolution of the softwood lumber dispute, which remains subject to legal challenges. Other In addition to the above, the Company is engaged in various legal and regulatory actions and proceedings and has been named as a defendant in various lawsuits and claims arising in the ordinary course of business. While the Company has procured reasonable and customary insurance covering risks normally occurring in connection with its businesses, the Company has, in certain cases, retained some risk through the operation of self-insurance, primarily in the areas of workers’ compensation, property insurance, business interruption and general liability. These other lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. Guarantees and Other The Company provides financial guarantees as required by creditors, insurance programs and various governmental agencies. As of December 31, 2023, the Company had net exposure of $35 million from various standby letters of credit, primarily for financial assurance relating to environmental remediation, credit support for natural gas and electricity purchases and guarantees related to foreign retirement plan obligations. These standby letters of credit represent a contingent liability; the Company would only be liable upon its default on the related payment obligations. The standby letters of credit have various expiration dates and are expected to be renewed as required. The Company had surety bonds of $90 million as of December 31, 2023, primarily to comply with financial assurance requirements relating to environmental remediation and post-closure care, to provide collateral for the Company’s workers’ compensation program and to guarantee taxes and duties for products shipped internationally. These surety bonds expire at various dates and are expected to be renewed annually as required. LTF is a venture in which the Company owns 45 percent and its partner, Borregaard ASA, owns 55 percent. The Company is a guarantor of LTF’s financing agreements and, in the event of default, expects it would only be liable for its proportional share of any repayment under the agreements. The Company’s proportion of the LTF financing agreement guarantee was $28 million at December 31, 2023. The Company has not recorded any liabilities for these financial guarantees in its consolidated balance sheets, either because the Company has recorded the underlying liability associated with the guarantee or the guarantee is dependent on the Company’s own performance and, therefore, is not subject to the measurement requirements or because the Company has calculated the estimated fair value of the guarantee and determined it to be immaterial based upon the current facts and circumstances that would trigger a payment obligation. It is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved with each provision. As of December 31, 2023, the Company employed approximately 2,800 people in the U.S., Canada and France, of which 61 percent were unionized. The Company is required to negotiate wages, benefits and other terms with unionized employees collectively. At December 31, 2022, a collective bargaining agreement covering approximately 575 unionized employees was expired. The employees continued to work under the terms of the expired contract until negotiations concluded in the second quarter of 2023 and final agreement with the union was reached. As of December 31, 2023, all of the Company’s collective bargaining agreements covering its unionized employees were current. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Additions Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Allowance for credit losses December 31, 2023 $ 1,064 $ 105 $ — $ (516) $ 653 December 31, 2022 $ 774 $ 747 $ 27 $ (484) $ 1,064 December 31, 2021 $ 487 $ 346 $ 2 $ (61) $ 774 Allowance for sales returns December 31, 2023 $ 782 $ — $ (191) $ — $ 591 December 31, 2022 $ 737 $ — $ 45 $ — $ 782 December 31, 2021 $ 759 $ (15) $ — $ (7) $ 737 Deferred tax asset valuation allowance December 31, 2023 $ 71,353 $ 7,505 $ — $ — $ 78,858 December 31, 2022 $ 67,644 $ 3,709 $ — $ — $ 71,353 December 31, 2021 $ 81,133 $ (13,489) $ — $ — $ 67,644 Self-insurance liabilities December 31, 2023 $ 478 $ 448 $ — $ (377) $ 549 December 31, 2022 $ 982 $ (168) $ — $ (336) $ 478 December 31, 2021 $ 1,028 $ 273 $ — $ (319) $ 982 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income (loss) | $ (101,835) | $ (14,919) | $ 66,414 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Significant Accounting Polici_2
Significant Accounting Policies and Recent Accounting Developments (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Financial Statements include the accounts and operations of the Company and its wholly owned, majority owned and controlled subsidiaries. The Company applies the equity method of accounting for investments in which it has an ownership interest from 20 percent to 50 percent or exercises significant influence over the related investee operations. All intercompany accounts and transactions are eliminated in consolidation. Certain amounts in prior periods have been reclassified to conform with current period presentation. The Financial Statements are prepared in accordance with GAAP and the rules and regulations of the SEC. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and disclosures of contingent assets and liabilities. Because of the inherent uncertainties in using estimates, actual results could differ from those expected as of the reporting date. Management believes that the estimates and assumptions used are reasonable. |
Fiscal Year | The Company’s fiscal year end is the last day of the calendar year. For interim reporting periods, the Company uses the last Saturday of the fiscal quarter. |
Discontinued Operations | Discontinued Operations As a result of the sale of its lumber and newsprint assets in August 2021, the Company presents the results for those operations and any associated impacts as discontinued operations. Unless otherwise stated, information in these notes to consolidated financial statements relates to continuing operations. See Note 3—Discontinued Operations for further information. |
Subsequent Events | Subsequent Events Term Loan Amendment In January 2024, the Company amended the 2027 Term Loan to increase the maximum consolidated secured net leverage ratio that it must maintain in the fourth quarter of 2023 and through its 2024 fiscal year. See Note 9—Debt and Finance Leases for further information. |
Translation of Foreign Currency | Translation of Foreign Currency Assets and liabilities of consolidated subsidiaries whose functional currency is other than the USD are translated into USD using currency exchange rates at the balance sheet date. Revenues and expenses are translated using the average currency exchange rates during the period. Foreign currency translation gains and losses are reported as a component of AOCI. Realized and unrealized gains and losses resulting from foreign currency transactions are included in operating results as incurred. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include time deposits and other investments that are highly liquid with original maturities of three months or less. |
Accounts Receivable and Allowance for Credit Loss | Accounts Receivable and Allowance for Credit Loss Trade accounts receivable are stated at the net amount expected to be collected. All customers are granted credit on a short-term basis and related credit risks are considered minimal. The Company maintains an allowance for expected credit losses resulting from the inability of its customers to make required payments. The Company’s allowance is established based on historical patterns of accounts receivable collections and expected losses, including consideration of general economic conditions. Outstanding accounts receivable balances are reviewed quarterly or more frequently when circumstances indicate a review is warranted, such as a significant change in the aging of the Company’s receivables or a customer’s financial condition. Write-offs are recorded at the time a customer receivable is deemed uncollectible and collection efforts have been exhausted. |
Inventory | Inventory Finished goods, work-in-process and raw materials inventories are valued at the lower of cost, as determined on the first-in first-out basis, and net realizable value. Manufacturing and maintenance supplies are valued at average cost. Inventory costs include material, labor and manufacturing overhead. The need for a provision for estimated losses from obsolete, excess or slow-moving inventories is reviewed periodically. |
Property, Plant and Equipment | Property, Plant and Equipment Depreciation Property, plant and equipment are recorded at cost, including applicable freight, interest, construction and installation costs. High purity cellulose, paperboard and high-yield pulp production-related plant and equipment are depreciated using the units-of-production method. The total units of production used to calculate depreciation expense is determined by factoring annual production days, based on normal production conditions, by the economic useful life of the asset involved. Production-related assets under finance leases are depreciated using the straight-line method over the related lease term. The Company depreciates its non-production assets, including office, lab and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively. Impairment Long-lived assets are reviewed for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Property, plant and equipment are primarily grouped at the combined plant level, the lowest level for which independent cash flows are identifiable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying value exceeds the fair value of the assets, which is based on a discounted cash flows model. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less cost to sell. In the fourth quarter of 2023, in conjunction with the optimization and realignment of High Purity Cellulose assets, the Company recorded a non-cash impairment of $62 million related to certain assets at the Temiscaming and Jesup facilities. See Note 7—Property, Plant and Equipment, Net for further details of this impairment. |
Asset Retirement Obligations | Asset Retirement Obligations The Company is obligated to close out its operating sites’ landfills in accordance with certain legal requirements and records a liability for these obligations when the fair value can be reasonably estimated. In connection with these obligations, asset retirement liabilities are initially estimated and recorded based on discounted expected cash flows with a corresponding asset, capitalized as part of the related long-lived asset. Initial cost estimates are updated whenever events and circumstances indicate a new estimate is more appropriate. The asset is depreciated on a straight-line basis over the remaining useful life of the related asset. Accretion expense in connection with the discounted liability is also recognized over the same time period. As of December 31, 2023 and 2022, the Company had accrued $12 million and $11 million, respectively, for asset retirement obligations in “other liabilities.” Related depreciation and accretion expenses are included in “other operating expense, net” in the consolidated statements of operations. During 2023, no obligations were incurred or settled: the change in balance was due to $1 million of accretion. Accretion expense during the years ended December 31, 2022 and 2021 was immaterial. |
Capitalized Software | Capitalized Software The Company capitalizes certain costs in connection with obtaining software for internal use. These costs are generally amortized over a period of 5 years, once the assets are ready for their intended use. As of December 31, 2023 and 2022, the Company had $40 million and $22 million, respectively, of capitalized software included in “other assets” in the consolidated balance sheets. Accumulated amortization was $23 million and $16 million at December 31, 2023 and 2022, respectively. Amortization expense for capitalized software is recorded in “cost of sales” and “selling, general and administrative expense” in the consolidated statements of operations and totaled $4 million, $4 million and $7 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
Maintenance Costs | Maintenance Costs The Company performs scheduled inspections and major repairs and maintenance of plant machinery and equipment at the Company’s manufacturing facilities during a full plant shutdown. Costs associated with these planned outage periods are referred to as shutdown costs and are incurred to ensure the long-term reliability and safety of the manufacturing operations. Major maintenance shutdown costs are accounted for by the deferral method, under which expenditures related to shutdown are capitalized when incurred and amortized to production cost on a straight-line basis over the period benefited or the period of time until the next scheduled major maintenance shutdown, which generally ranges from one year to 18 months. Shutdown costs are classified as operating activities in the consolidated statements of cash flows. As of December 31, 2023 and 2022, the Company had $34 million and $23 million, respectively, in deferred major maintenance shutdown costs recorded in “prepaid and other current assets” in the consolidated balance sheets. |
Emission Allowances | Emissions Allowances The Company is subject to numerous international, federal and state-level rules, initiatives and proposals that address domestic and global climate issues, including those governing emissions. In order to comply with certain of these regulations and ordinances, the Company is allotted certain allowances or credits by governing authorities to offset the obligations created by the Company’s operations. There is no value assigned to the government-allotted emissions allowances in the consolidated balance sheets. Income or expense from the sale or purchase of emission allowances are recognized within “cost of sales” in the consolidated statements of operations. During the years ended December 31, 2023, 2022 and 2021, the Company recorded $11 million, $12 million and $12 million, respectively, of sales of excess emission allowances associated with its Tartas, France operations. |
Research and Development Expense | Research and Development Expense R&D capabilities and activities are primarily focused on the High Purity Cellulose segment. These efforts are directed at further developing products and technologies, including improving the quality of cellulose fiber grades, improving manufacturing efficiency and environmental controls and reducing fossil fuel consumption. R&D expense was $6 million, $7 million and $7 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
Intangible Assets | Intangible Assets The Company has definite-life intangible assets that it acquired through a business combination. The definite-life intangible assets consist of customer lists and trade names and are amortized over their estimated useful lives for periods generally ranging from 8 to 15 years. The Company evaluates the recoverability of its definite-life intangible assets by comparing the net carrying value of the asset group to the undiscounted net cash flows expected to be generated from the use and eventual disposition of that asset group when events or changes in circumstances indicate that its carrying amount may not be recoverable. If the carrying amount of the asset group is not recoverable, the fair value of the asset group is measured, and, if the carrying amount exceeds the fair value, an impairment loss is recognized. |
Equity Method Investments | Equity Method Investments Anomera, Inc . The Company is an investor in Anomera, a Canadian start-up corporation headquartered in Montreal, Quebec. Anomera manufactures CNC, a patented, biodegradable product, with uses in the cosmetics industry and various other industrial applications, including concrete, inks and pigments, polymer composites, coatings and adhesives industries. Anomera has a product development lab in Mississauga, Ontario and a production facility on the Company’s Temiscaming site that was constructed during 2021. In exchange for voting and non-voting interests, the Company has invested a total of $12 million in Anomera through December 31, 2023. The Company and Anomera have entered into various service, leasing and supply agreements to support Anomera’s operations at the production facility. There are no financing agreements at Anomera for which the Company is liable. The Company has a 44 percent voting interest in Anomera and is able to exercise significant influence, but not control, as it does not have the ability to direct the decisions that most significantly impact its economic performance. The Company has evaluated this investment and has concluded it is not a variable interest entity. The Company accounts for this investment under the equity method of accounting and records its share of net earnings and losses on the investment in “equity in loss of equity method investment” in the consolidated statements of operations. During the years ended December 31, 2023, 2022 and 2021, the Company recorded losses of $2 million, $3 million and $2 million, respectively, on its equity investment in Anomera. LignoTech Florida LLC The Company holds a 45 percent interest in LTF, a joint venture accounted for under the equity method of accounting. Borregaard ASA, a public company in Norway traded on the Oslo Exchange, owns the remaining 55 percent interest. LTF purchases sulfite liquor from the Company’s Fernandina Beach, Florida plant and converts it to purified lignins and lignosulfonates, which are used in concrete, textile dyes, pesticides, batteries and other products. The Company recorded $14 million, $20 million and $14 million of lignin sales to the LTF joint venture during the years ended December 31, 2023, 2022 and 2021, respectively. The Company records its share of net earnings and losses on the investment in “other operating expense, net” in the consolidated statements of operations. The Company recorded immaterial income on its equity investment in LTF during the year ended December 31, 2023. During the years ended December 31, 2022 and 2021, the Company recorded losses of $3 million and $2 million, respectively. See Note 18—Other Operating Expense, Net for further information. The Company is liable for certain financing agreements related to LTF. See Note 21—Commitments and Contingencies for further information. |
Revenue Recognition and Measurement | Revenue Recognition and Measurement Revenue is recognized when the performance obligations under a customer contract are satisfied. The Company’s customer contracts have a single performance obligation to transfer products. Accordingly, it recognizes revenue when control has been transferred to the customer. Generally, control passes upon delivery to a location in accordance with terms and conditions of the sale. Changes in customer contract terms and conditions, as well as the timing of orders and shipments, may have an impact on the timing of revenue recognition. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring its products and is generally based upon contractual arrangements with customers or published indices. The Company sells its products both directly to customers and through distributors and agents typically under agreements with payment terms less than 90 days. The Company elected to account for shipping and handling as activities to fulfill the promise to transfer the goods. As such, shipping and handling costs incurred are recorded in cost of sales. In addition, the Company has excluded from net sales any value-add, sales and other taxes which are collected concurrent with its revenue-producing activities. The nature of the Company’s contracts may give rise to variable consideration, which may be constrained, including sales volume-based rebates to customers. The Company estimates the level of sales volumes based on anticipated purchases at the beginning of the period and records a rebate accrual for each purchase toward the requisite rebate volume. These estimated rebates are included in the transaction price as a reduction to net sales. The Company has certain contracts that contain performance obligations that are not significant in the context of the customer contract and has elected not to assess whether these promised goods or services are performance obligations. The Company did not have any material contract assets or contract liabilities as of December 31, 2023 or 2022. |
Environmental Costs | Environmental Costs The Company has established liabilities to assess, remediate, maintain and monitor sites related to disposed operations from which no current or future benefit is discernible. These obligations are established based on projected spending over the next 20 years and require significant estimates to determine the proper amount at any point in time. The projected period, from 2024 through 2044, reflects the time during which potential future costs are both estimable and probable. As new information becomes available, these cost estimates are updated and the recorded liabilities are adjusted appropriately. Environmental liabilities are accounted for on an undiscounted basis and are reflected in “current environmental liabilities” and “non-current environmental liabilities” in the consolidated balance sheets. |
Employee Benefit Plans | Employee Benefit Plans The determination of expense and funding requirements for the Company’s defined benefit pension and postretirement health care and life insurance plans are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, salary increases, health care cost trends, mortality rates and service lives of employees. The components of periodic pension and postretirement costs, other than service costs, are presented separately, outside of operating income, in “components of pension and OPEB, excluding service costs” in the consolidated statements of operations. The service cost component of net periodic benefit cost is presented in “cost of sales” and “selling, general and administrative expense,” which correlates with the related employee compensation costs arising from services rendered during the period. Only the service cost component of the net periodic benefit cost is eligible for capitalization. Changes in the funded status of the Company’s plans are recorded through comprehensive income in the year in which the changes occur. Actuarial gains and losses, which occur when actual experience differs from actuarial assumptions, are reflected net of taxes in stockholders’ equity. If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities, the Company amortizes them over the average future service period. |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement asset and liability carrying amounts and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The Company records a valuation allowance to reduce the carrying amounts of its DTAs if it is more likely than not that such DTAs will not be realized, with the exception of DTAs for suspended U.S. interest deductions, which do not have a full valuation allowance in accordance with specific AICPA guidance. See Note 19—Income Taxes for further information. |
Recent Accounting Developments | Recent Accounting Developments In August 2023, the FASB issued ASU 2023-05 “Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement,” which provides specific guidance on how a joint venture, upon formation, should recognize and initially measure assets contributed and liabilities assumed. This ASU should be applied on a prospective basis to all joint ventures with a formation date on or after January 1, 2025. Early adoption is permitted and joint ventures formed prior to adoption date may elect to apply the new guidance retrospectively back to their original formation date. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires disclosures about significant segment expenses and other segment items on an interim and annual basis. ASU 2023-07 should be applied retrospective to all prior periods presented in the financial statements and is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its disclosures, with no impact expected to its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires enhanced income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 should be applied on a prospective basis and is effective for annual periods beginning after December 15, 2024. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact of this standard on its disclosures, with no impact expected to its consolidated financial statements. |
Fair Value Measurements | Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy prioritizes the inputs used to measure fair value as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flows methodologies and similar techniques that use significant unobservable inputs. The valuation methodologies used for measuring the fair value of these asset categories were as follows: Mutual funds and collective trusts — Net asset value in an observable market. Corporate bonds — Valued using pricing models that maximize the use of observable inputs for similar securities, including basing value on yields currently available on comparable securities of issuers with similar credit ratings. U.S. government securities — Valued using pricing models that maximize the use of observable inputs for similar securities. Common collective trust funds — Measured at net asset value per share, as a practical expedient for fair value, as provided by the Plan trustee. The net asset value is calculated by determining the fair value of the fund’s underlying assets, deducting its liabilities, and dividing by the units outstanding as of the valuation date. These funds are not publicly traded; however, in the majority of cases, the unit price calculation is based on observable market inputs of the funds’ underlying assets. |
Financial Instruments | Financial Instruments |
Significant Accounting Polici_3
Significant Accounting Policies and Recent Accounting Developments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Definite-Lived Intangible Assets | The Company’s definite-lived intangible assets were as follows: December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Customer lists $ 51,680 $ (39,348) $ 12,332 1.9 years Trade names 8,604 (3,522) 5,082 8.9 years Total definite-lived intangibles $ 60,284 $ (42,870) $ 17,414 4.0 years December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Customer lists $ 51,680 $ (32,914) $ 18,766 2.9 years Trade names 8,604 (2,947) 5,657 9.9 years Total definite-lived intangibles $ 60,284 $ (35,861) $ 24,423 4.5 years |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated future amortization expense related to intangible assets held as of December 31, 2023 was as follows: 2024 $ 7,009 2025 6,473 2026 575 2027 575 2028 575 Thereafter 2,207 Total $ 17,414 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | Income from discontinued operations was comprised of the following: Year Ended December 31, 2023 2022 2021 Net sales (a) $ — $ — $ 442,583 Cost of sales — 155 (236,670) Gross margin — 155 205,913 Selling, general and administrative expense and other operating income, net 424 16,808 (27,119) Operating income 424 16,963 178,794 Interest expense (b) — (13) (7,294) Other non-operating income — — 967 Income from discontinued operations before income tax 424 16,950 172,467 Income tax expense (112) (4,492) (60,400) Income from discontinued operations, net of tax 312 12,458 112,067 Gain on sale of discontinued operations — — 8,751 Income tax expense on gain on sale of discontinued operations — — (4,635) Gain on sale of discontinued operations, net of tax — — 4,116 Income from discontinued operations, net of tax $ 312 $ 12,458 $ 116,183 (a) Net of intercompany sales of $31 million in 2021. (b) Allocated based on the total portion of debt not attributable to other operations repaid as a result of the transaction. Other discontinued operations information included the following: Year Ended December 31, 2023 2022 2021 Depreciation and amortization $ — $ — $ 3,172 Capital expenditures — — 9,607 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | Financial and other information related to the Company’s operating and finance leases follow: Year Ended December 31, 2023 2022 2021 Operating lease cost $ 7,441 $ 7,751 $ 6,049 Finance lease cost Amortization of ROU assets 405 377 352 Interest 110 138 163 Total lease cost $ 7,956 $ 8,266 $ 6,564 Year Ended December 31, 2023 2022 2021 Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities $ 6,996 $ 7,694 $ 6,391 Operating lease ROU assets obtained in exchange for lease liabilities 7,676 2,975 6,774 December 31, 2023 2022 Operating leases Weighted average remaining lease term (in years) 5.5 5.8 Weighted average discount rate 8.3 % 8.9 % Finance leases Weighted average remaining lease term (in years) 2.8 3.8 Weighted average discount rate 7.0 % 7.0 % |
Schedule of Balance Sheet Components | December 31, Balance Sheet Location 2023 2022 Operating leases ROU assets Other assets $ 17,475 $ 15,623 Lease liabilities, current Accrued and other current liabilities 4,499 4,741 Lease liabilities, non-current Other liabilities 14,666 11,399 Finance leases ROU assets Property, plant and equipment, net 1,078 1,448 Lease liabilities Long-term debt 1,355 1,760 |
Schedule of Operating Lease Maturity | Operating lease maturities as of December 31, 2023 were as follows: 2024 $ 5,828 2025 5,109 2026 4,289 2027 3,192 2028 1,947 Thereafter 4,133 Total minimum lease payments 24,498 Less: imputed interest (5,333) Present value of future minimum lease payments $ 19,165 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable, net included the following: December 31, 2023 2022 Accounts receivable, trade $ 166,137 $ 171,144 Accounts receivable, other (a) 31,973 41,446 Allowance for credit loss (653) (1,064) Accounts receivable, net $ 197,457 $ 211,526 (a) Consists primarily of value-added/consumption taxes, grants receivable and accrued billings due from government agencies. |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory included the following: December 31, 2023 2022 Finished goods $ 147,930 $ 198,931 Work-in-progress 6,987 5,230 Raw materials 46,120 52,967 Manufacturing and maintenance supplies 6,437 8,206 Inventory $ 207,474 $ 265,334 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net included the following: December 31, 2023 2022 Land and land improvements $ 35,837 $ 37,346 Buildings 251,196 257,592 Machinery and equipment 2,501,882 2,515,827 Other 4,929 5,265 Construction in progress 78,790 57,136 Property, plant and equipment 2,872,634 2,873,166 Accumulated depreciation (1,797,529) (1,721,898) Property, plant and equipment, net $ 1,075,105 $ 1,151,268 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities included the following: December 31, 2023 2022 Accrued customer incentives $ 30,036 $ 28,702 Accrued payroll and benefits 13,552 13,763 Accrued interest 32,256 18,877 Accrued income taxes 4,605 9,321 Accrued property and other taxes 2,547 3,065 Deferred revenue (a) 24,061 21,645 Other current liabilities (b) 47,431 68,996 Accrued and other current liabilities $ 154,488 $ 164,369 (a) Included at both December 31, 2023 and 2022 was CAD $25 million (USD $19 million) associated with funds received in 2021 for the CEWS. All CEWS claims are subject to mandatory audit. The Company will recognize amounts from these claims in income at the time there is sufficient evidence that it will not be required to repay such amounts. (b) Included at December 31, 2023 and 2022 was $13 million and $30 million, respectively, of energy-related payables associated with Tartas facility operations. |
Debt and Finance Leases (Tables
Debt and Finance Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt and finance leases included the following: December 31, 2023 2022 ABL Credit Facility due December 2025: $118 million net availability, bearing interest of 7.45% (5.45% adjusted SOFR plus 2.00% margin) at December 31, 2023 $ — $ — Term Loan due July 2027: bearing interest of 13.33% (5.33% three-month Term SOFR plus 8.00% margin) at December 31, 2023 250,000 — 7.625% Senior Secured Notes due January 2026 464,640 475,000 5.50% Senior Unsecured Notes due June 2024 — 322,675 5.50% CAD-based term loan due April 2028 30,479 36,585 Other loans (a) 44,754 19,598 Short-term factoring facility 5,292 3,773 Finance lease obligations 1,355 1,760 Total principal payments due 796,520 859,391 Less: unamortized premium, discount and issuance costs (19,063) (6,266) Total debt 777,457 853,125 Less: debt due within one year (25,283) (14,617) Long-term debt $ 752,174 $ 838,508 (a) Consist of loans for energy and other loans intended for use in biomaterials projects in France. |
Schedule of Debt and Finance Lease Payments | Future debt and finance lease payments as of December 31, 2023 included: Finance Lease Minimum Lease Payments Interest Net Present Value Debt Principal Payments 2024 $ 515 $ 81 $ 434 $ 24,849 2025 515 50 465 17,394 2026 472 16 456 482,658 2027 — — — 244,584 2028 — — — 9,410 Thereafter — — — 16,270 Total debt and finance lease payments due $ 1,502 $ 147 $ 1,355 $ 795,165 |
Environmental Liabilities (Tabl
Environmental Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Activity for Environmental Liabilities | The following table presents the activity of the Company’s environmental liabilities, including those of specific sites where current estimates exceed 10 percent of the total liabilities for disposed operations at December 31, 2023, 2022 or 2021: December 31, 2021 Liability Payments Increase (Decrease) to Liability (a) December 31, 2022 Liability Payments Increase (Decrease) to Liability (a) December 31, 2023 Liability Port Angeles, Washington $ 52,564 $ (558) $ 648 $ 52,654 $ (484) $ 498 $ 52,668 Augusta, Georgia 21,120 (1,069) 1,051 21,102 (777) 2,330 22,655 Baldwin, Florida 16,362 (431) 256 16,187 (733) 437 15,891 East Point, Georgia 17,259 (889) 1,699 18,069 (1,168) 2,811 19,712 All other sites 63,917 (1,514) 266 62,669 (2,223) (1,081) 59,365 Total environmental liabilities 171,222 $ (4,461) $ 3,920 170,681 $ (5,385) $ 4,995 170,291 Current environmental liabilities (11,303) (10,732) (9,833) Non-current environmental liabilities $ 159,919 $ 159,949 $ 160,458 (a) Included in the increase (decrease) to liability during the year ended December 31, 2022 was an increase of $1 million due to foreign currency fluctuations. The liability as of December 31, 2023 was not materially impacted by foreign currency fluctuations. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Hedging Instruments, Statements of Operations | The effect of derivative instruments designated as cash flow hedges, the related changes in AOCI and the gains and losses in income were as follows: December 31, 2021 Derivatives Designated as Gain (Loss) Recognized in OCI Gain (Loss) Reclassified from AOCI into Income Location on Statements of Operations Foreign currency contracts $ — $ — Other operating expense, net Foreign currency contracts — 4,088 Cost of sales Foreign currency contracts — (397) Other income, net |
Schedule of Unrealized Gain (Loss) in AOCI | The unrealized loss in AOCI related to hedge derivatives is presented below: December 31, 2023 2022 Foreign exchange cash flow hedges, net of tax $ 373 $ 567 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, by Balance Sheet Grouping | The fair value of the Company’s fixed rate debt is estimated using quoted market prices for debt with similar terms and maturities, which are Level 2 inputs, and was as follows: December 31, 2023 2022 Carrying amount of fixed rate debt (a) $ 536,393 $ 847,591 Fair value of fixed rate debt 497,563 838,502 (a) Excludes finance lease obligations. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Year Ended December 31, 2023 2022 2021 Unrecognized components of employee benefit plans, net of tax Balance, beginning of year $ (43,694) $ (76,849) $ (146,614) Other comprehensive gain before reclassifications 12,859 38,105 63,147 Income tax on other comprehensive gain (2,283) (9,229) (13,365) Reclassifications to earnings (a) Pension settlement loss (b) — — 7,618 Amortization of (gain) loss (705) 5,534 15,491 Amortization of prior service cost 196 25 550 Income tax on reclassifications (e) 90 (1,280) (6,649) Plans included in sale of assets to GreenFirst — — 4,012 Income tax on plans included in sale of assets to GreenFirst — — (1,039) Net comprehensive gain on employee benefit plans, net of tax 10,157 33,155 69,765 Balance, end of year (33,537) (43,694) (76,849) Unrealized gain (loss) on derivative instruments, net of tax Balance, beginning of year (567) (847) 1,834 Reclassifications to earnings - foreign currency exchange contracts (c) 224 323 (3,691) Income tax on reclassifications (e) (30) (43) 1,010 Net comprehensive gain (loss) on derivative instruments, net of tax 194 280 (2,681) Balance, end of year (c) (373) (567) (847) Foreign currency translation Balance, beginning of year (19,537) (6,774) 11,145 Foreign currency translation adjustment, net of tax (d) 7,530 (12,763) (17,919) Balance, end of year (12,007) (19,537) (6,774) Accumulated other comprehensive loss, end of year $ (45,917) $ (63,798) $ (84,470) (a) The AOCI components for defined benefit pension and post-retirement plans are included in the computation of net periodic benefit cost. See Note 17—Employee Benefit Plans for further information. (b) During 2021, the Company purchased annuity contracts from a third-party insurance company who assumed responsibility for future pension benefits for certain participants in its U.S. defined benefit plan and recorded a loss of $6 million on the settlement and de-recognition of the projected benefit obligation. Additionally, the Company continued the process of winding up certain Canadian pension plans and as a result recorded a settlement loss of $2 million. See Note 17—Employee Benefit Plans for further information. (c) Reclassifications of foreign currency exchange contracts are recorded in “cost of sales,” “other operating expense, net” or “other income, net,” as appropriate. See Note 11—Derivative Instruments for further information. (d) Foreign currency translation is net of tax effects of $0 for all periods presented, as the French operations are taxed on the foreign functional currency, not the translated reporting currency. (e) Income tax effects are released from AOCI in the period in which the underlying item is realized in earnings. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table provides the inputs to the calculations of basic and diluted earnings per common share (share amounts not in thousands): Year Ended December 31, 2023 2022 2021 Loss from continuing operations $ (102,147) $ (27,377) $ (49,769) Income from discontinued operations, net of tax 312 12,458 116,183 Net income (loss) available for common stockholders $ (101,835) $ (14,919) $ 66,414 Shares used in determining basic earnings per common share 65,108,397 63,910,010 63,645,245 Dilutive effect of: Stock options — — — Performance and restricted stock — — — Shares used in determining diluted earnings per common share 65,108,397 63,910,010 63,645,245 |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share | Anti-dilutive instruments excluded from the computation of diluted earnings per share included (not in thousands): Year Ended December 31, 2023 2022 2021 Stock options 46,798 77,767 111,124 Performance and restricted stock 3,257,295 3,654,506 2,387,272 Total anti-dilutive instruments 3,304,093 3,732,273 2,498,396 |
Incentive Stock Plans (Tables)
Incentive Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount | Stock-based compensation expense was as follows: Year Ended December 31, 2023 2022 2021 Stock-based compensation expense $ 6,507 $ 9,650 $ 5,099 |
Schedule of Stock Option Activity | A summary of the Company’s stock option activity follows: (not in thousands) Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2022 77,767 $ 39.98 Forfeited — — Exercised — — Expired (30,969) 43.32 Outstanding at December 31, 2023 46,798 $ 37.77 — $ — Options vested and expected to vest 46,798 $ 37.77 — $ — Options exercisable at December 31, 2023 46,798 $ 37.77 — $ — |
Schedule of Activity for Restricted Shares Granted to Employees | The following table summarizes the details of the restricted stock and stock units granted to employees: Year Ended December 31, 2023 2022 2021 Restricted stock and stock units granted (not in thousands) 992,830 1,328,931 561,025 Weighted average price of restricted stock or stock units granted (not in thousands) $ 5.27 $ 5.50 $ 9.71 Intrinsic value of restricted stock and stock units outstanding $ 7,641 $ 16,297 $ 5,296 Fair value of restricted stock and stock units vested $ 4,264 $ 3,772 $ 4,412 |
Schedule of Restricted Stock Activity | The following table summarizes the 2023 restricted stock and stock units activity: (not in thousands) Restricted Stock and Stock Unit Awards Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 1,697,587 $ 6.21 Granted 992,830 5.27 Forfeited (28,363) 5.95 Vested (775,360) 5.50 Outstanding at December 31, 2023 1,886,694 $ 6.01 |
Schedule of Assumptions Used in Fair Value Calculation | The following table provides a tabular overview of the weighted average assumptions used in calculating the fair value of the awards granted: Year Ended December 31, 2023 2022 2021 Expected volatility 77.6 % 75.0 % 93.0 % Risk-free rate 4.1 % 4.3 % 0.3 % |
Schedule of Activity for Performance Shares Granted to Employees | The following table summarizes the details of the performance-based stock units awarded to employees: Year Ended December 31, 2023 2022 2021 Common shares of stock reserved for performance-based stock units (not in thousands) 611,528 2,861,963 534,172 Weighted average fair value of performance-based stock units granted (not in thousands) $ 9.09 $ 6.21 $ 12.29 Intrinsic value of outstanding performance-based stock units $ 5,551 $ 18,786 $ 8,335 |
Schedule of Performance Share Activity | The following table summarizes the 2023 performance-based stock unit award activity: (not in thousands) Performance-Based Stock Unit Awards Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 1,956,919 $ 6.79 Granted 305,764 9.09 Forfeited (5,433) 4.73 Vested (886,649) 5.95 Outstanding at December 31, 2023 1,370,601 $ 7.83 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Changes in Projected Benefit Obligation | The following tables present the changes in the projected benefit obligation and plan assets and reconciles funded status and the defined benefit pension and postretirement plan amounts recognized in the consolidated balance sheets: Pension Postretirement 2023 2022 2023 2022 Projected benefit obligation at beginning of year $ 594,455 $ 784,426 $ 29,944 $ 36,525 Service cost 4,877 7,906 1,116 1,516 Interest cost 28,724 21,028 1,351 818 Actuarial (gain) loss 21,015 (157,828) (7,198) (7,617) Participant contributions 700 723 115 133 Benefits paid (41,059) (40,220) (1,559) (1,334) Settlement 2,982 — — — Curtailment — (8,000) — — Effects of foreign currency exchange rates 4,424 (13,580) 95 (97) Projected benefit obligation at end of year $ 616,118 $ 594,455 $ 23,864 $ 29,944 Fair value of plan assets at beginning of year $ 507,270 $ 658,177 $ — $ — Actual return on plan assets 63,682 (101,914) — — Employer contributions (a) 1,923 3,811 1,430 1,201 Participant contributions 700 723 115 133 Benefits paid (41,059) (40,152) (1,545) (1,334) Settlement (2,317) (964) — — Effects of foreign currency exchange rates 2,444 (12,411) — — Fair value of plan assets at end of year $ 532,643 $ 507,270 $ — $ — Funded Status at end of year $ (83,475) $ (87,185) $ (23,864) $ (29,944) (a) The Company received cash of $6 million and $3 million in 2023 and 2022, respectively, related to surplus assets of unwound pension plans. |
Schedule of Changes in Fair Value of Plan Assets | The following tables present the changes in the projected benefit obligation and plan assets and reconciles funded status and the defined benefit pension and postretirement plan amounts recognized in the consolidated balance sheets: Pension Postretirement 2023 2022 2023 2022 Projected benefit obligation at beginning of year $ 594,455 $ 784,426 $ 29,944 $ 36,525 Service cost 4,877 7,906 1,116 1,516 Interest cost 28,724 21,028 1,351 818 Actuarial (gain) loss 21,015 (157,828) (7,198) (7,617) Participant contributions 700 723 115 133 Benefits paid (41,059) (40,220) (1,559) (1,334) Settlement 2,982 — — — Curtailment — (8,000) — — Effects of foreign currency exchange rates 4,424 (13,580) 95 (97) Projected benefit obligation at end of year $ 616,118 $ 594,455 $ 23,864 $ 29,944 Fair value of plan assets at beginning of year $ 507,270 $ 658,177 $ — $ — Actual return on plan assets 63,682 (101,914) — — Employer contributions (a) 1,923 3,811 1,430 1,201 Participant contributions 700 723 115 133 Benefits paid (41,059) (40,152) (1,545) (1,334) Settlement (2,317) (964) — — Effects of foreign currency exchange rates 2,444 (12,411) — — Fair value of plan assets at end of year $ 532,643 $ 507,270 $ — $ — Funded Status at end of year $ (83,475) $ (87,185) $ (23,864) $ (29,944) (a) The Company received cash of $6 million and $3 million in 2023 and 2022, respectively, related to surplus assets of unwound pension plans. |
Schedule of Funded Status | The following tables present the changes in the projected benefit obligation and plan assets and reconciles funded status and the defined benefit pension and postretirement plan amounts recognized in the consolidated balance sheets: Pension Postretirement 2023 2022 2023 2022 Projected benefit obligation at beginning of year $ 594,455 $ 784,426 $ 29,944 $ 36,525 Service cost 4,877 7,906 1,116 1,516 Interest cost 28,724 21,028 1,351 818 Actuarial (gain) loss 21,015 (157,828) (7,198) (7,617) Participant contributions 700 723 115 133 Benefits paid (41,059) (40,220) (1,559) (1,334) Settlement 2,982 — — — Curtailment — (8,000) — — Effects of foreign currency exchange rates 4,424 (13,580) 95 (97) Projected benefit obligation at end of year $ 616,118 $ 594,455 $ 23,864 $ 29,944 Fair value of plan assets at beginning of year $ 507,270 $ 658,177 $ — $ — Actual return on plan assets 63,682 (101,914) — — Employer contributions (a) 1,923 3,811 1,430 1,201 Participant contributions 700 723 115 133 Benefits paid (41,059) (40,152) (1,545) (1,334) Settlement (2,317) (964) — — Effects of foreign currency exchange rates 2,444 (12,411) — — Fair value of plan assets at end of year $ 532,643 $ 507,270 $ — $ — Funded Status at end of year $ (83,475) $ (87,185) $ (23,864) $ (29,944) (a) The Company received cash of $6 million and $3 million in 2023 and 2022, respectively, related to surplus assets of unwound pension plans. |
Schedule of Amounts Recognized in Consolidated Balance Sheet | Pension Postretirement 2023 2022 2023 2022 Non-current assets $ — $ 8,742 $ — $ — Current liabilities (4,474) (4,513) (1,372) (1,787) Non-current liabilities (79,001) (91,414) (22,492) (28,157) Net amount recognized $ (83,475) $ (87,185) $ (23,864) $ (29,944) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Net gain (loss) recognized in other comprehensive income for the three years ended December 31 was as follows: Pension Postretirement 2023 2022 2021 2023 2022 2021 Net gain (loss) $ 9,202 $ 30,531 $ 64,173 $ 6,639 $ 7,574 $ (1,025) Prior service costs $ (2,982) $ — $ — $ — $ — $ — Net gain (loss) and prior service cost (credit) reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 were as follows: Pension Postretirement 2023 2022 2021 2023 2022 2021 Pension settlement loss (a) $ — $ — $ 7,618 $ — $ — $ — Amortization of (gain) loss (490) 5,462 15,471 (215) 72 20 Amortization of prior service cost (credit) 294 147 703 (98) (122) (153) (a) During 2021, the Company completed the wind-up of certain Canadian pension plans and began the process of winding up additional Canadian plans, recognizing a loss. Also in 2021, the Company purchased annuity contracts from a third-party insurance company that assumed responsibility for future pension benefits for certain participants in the Company’s U.S. defined benefit plans and recognized a loss on the settlement and derecognition of the projected benefit obligation. |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Net gain (loss), prior service cost (credit) and plan amendments that have not yet been included in pension and postretirement expense and have been recognized as a component of AOCI for the three years ended December 31 were as follows: Pension Postretirement 2023 2022 2021 2023 2022 2021 Prior service cost (credit) $ (3,852) $ (1,204) $ (1,455) $ 659 $ 757 $ 879 Net gain (loss) (50,796) (67,770) (95,470) 10,343 3,920 (3,547) Curtailment — 8,000 — — — — Deferred income tax (expense) benefit 12,630 13,750 22,243 (2,521) (1,147) 501 Accumulated other comprehensive income (loss) $ (42,018) $ (47,224) $ (74,682) $ 8,481 $ 3,530 $ (2,167) |
Schedule of Accumulated and Projected Benefit Obligations | For defined benefit pension plans, the projected and accumulated benefit obligations and the fair value of plan assets were as follows: December 31, 2023 2022 Projected benefit obligation $ 616,118 $ 594,455 Accumulated benefit obligation 606,072 585,404 Fair value of plan assets 532,643 507,270 |
Schedule of Net Benefit Costs | The following table presents the components of net periodic benefit cost of the plans: Pension Postretirement 2023 2022 2021 2023 2022 2021 Service cost $ 4,877 $ 7,906 $ 10,322 $ 1,116 $ 1,516 $ 1,437 Interest cost 28,724 21,028 17,331 1,351 818 650 Expected return on plan assets (31,425) (32,419) (37,255) — — — Amortization of prior service cost (credit) 294 147 703 (98) (122) (153) Amortization of (gain) loss (490) 5,553 15,471 (215) 72 20 Pension settlement loss 2,317 964 7,618 — — — Other — — — (556) (173) (49) Net periodic benefit cost (a) $ 4,297 $ 3,179 $ 14,190 $ 1,598 $ 2,111 $ 1,905 (a) Service cost is included in “cost of sales” or “selling, general and administrative expense” in the consolidated statements of operations, as appropriate. Interest cost, expected return on plan assets, amortization of prior service cost (credit) and amortization of (gain) loss are included in “components of pension and OPEB, excluding service costs” on the consolidated statements of operations. |
Schedule of Assumptions Used | The following table presents the weighted average principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement plans: Pension Postretirement 2023 2022 2021 2023 2022 2021 Assumptions used to determine benefit obligations at December 31: Discount rate 4.71 % 4.95 % 2.82 % 4.72 % 4.93 % 2.77 % Rate of compensation increase 2.50 % 2.66 % 2.65 % 3.11 % 3.53 % 3.90 % Assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 4.97 % 4.21 % 2.57 % 4.94 % 4.94 % 2.42 % Expected long-term return on plan assets 5.92 % 5.88 % 5.93 % N/A N/A N/A Rate of compensation increase 2.50 % 2.66 % 2.65 % 3.11 % 3.53 % 3.90 % |
Schedule of Health Care Cost Trend Rates | The following table sets forth the assumed health care cost trend rates as of period end: Postretirement 2023 2022 U.S. Canada U.S. Canada Health care cost trend rate assumed for next year 6.80 % 5.93 % 6.60 % 6.00 % Rate to which cost trend is assumed to decline (ultimate trend rate) 4.00 % 5.00 % 3.70 % 5.00 % Year that ultimate trend rate is reached 2031 2037 2074 2037 |
Schedule of Allocation of Plan Assets | The Company’s weighted average defined benefit pension plan asset allocations at December 31, by asset category, were as follows: Percentage of Plan Assets 2023 2022 U.S. equity securities 23 % 21 % International equity securities 22 % 24 % U.S. fixed income securities 32 % 26 % International fixed income securities 18 % 18 % Other (a) 5 % 11 % Total 100 % 100 % (a) Includes cash balances related to the timing of portfolio management activities. The following tables present, by level within the fair value hierarchy (see Note 12—Fair Value Measurements), the assets of the plans: December 31, 2023 Level 1 Level 2 Level 3 Total Mutual funds and collective trusts $ 141,043 $ — $ — $ 141,043 Corporate bonds — 96,069 — 96,069 U.S. government securities — 78,652 — 78,652 Derivative instruments — 421 — 421 Investments at net asset value: Common collective trust funds 216,458 Total assets at fair value $ 532,643 December 31, 2022 Level 1 Level 2 Level 3 Total Mutual funds and collective trusts $ 126,188 $ — $ — $ 126,188 Corporate bonds — 65,326 — 65,326 U.S. government securities — 36,162 — 36,162 Investments at net asset value: Common collective trust funds 279,594 Total assets at fair value $ 507,270 |
Schedule of Expected Benefit Payments | Expected benefit payments for the next ten years were as follows: Pension Postretirement 2024 $ 39,581 $ 1,563 2025 40,167 1,628 2026 40,765 1,799 2027 41,227 1,782 2028 41,485 1,829 2029 — 2033 206,156 8,804 |
Other Operating Expense, Net (T
Other Operating Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Expense, Net | Other operating expense, net was comprised of the following: Year Ended December 31, 2023 2022 2021 Environmental liability expense (a) $ (5,784) $ (4,903) $ (6,709) Loss on disposal of property, plant and equipment (2,872) (3,742) (1,010) Equity in income (loss) of joint venture 204 (2,737) (2,048) Miscellaneous income (expense) (3,955) 1,183 (486) Other operating expense, net $ (12,407) $ (10,199) $ (10,253) (a) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income from Continuing Operations before Income Tax | Loss from continuing operations before income tax consisted of the following: Year Ended December 31, 2023 2022 2021 United States $ (65,413) $ (53,012) $ (64,645) Foreign (67,061) 29,190 (18,227) Loss from continuing operations before income tax $ (132,474) $ (23,822) $ (82,872) |
Schedule of Provision for Income Taxes | Income Tax (Expense) Benefit from Continuing Operations Income tax (expense) benefit from continuing operations consisted of the following: Year Ended December 31, 2023 2022 2021 Current tax (expense) benefit: Federal $ 1,623 $ 2,815 $ 2,676 Foreign 3,119 (7,511) (4,924) State and other (144) (154) (158) Total current 4,598 (4,850) (2,406) Deferred tax (expense) benefit: Federal 15,542 6,635 (5,241) Foreign 12,028 (2,842) 41,962 State and other 143 155 373 Total deferred 27,713 3,948 37,094 Income tax (expense) benefit $ 32,311 $ (902) $ 34,688 |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles the effective income tax rate on continuing operations to the U.S. federal statutory rate: Year Ended December 31, 2023 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Change in valuation allowance (7.7) (38.2) (3.6) Adjustment to previously filed tax returns 2.0 11.3 5.2 Tax credits (excluding foreign tax credit) 5.4 17.8 2.1 Nondeductible compensation for executives and share-based awards 0.5 (10.5) (3.0) Net changes in uncertain tax positions (0.1) (5.6) (2.2) Difference in foreign statutory rates 2.1 (8.2) 1.0 U.S. tax on foreign earnings (GILTI and Subpart F, net of FTC) (0.1) (0.9) (2.2) Change in blended statutory rate (a) — — 23.2 Interest on tax payments/receipts 0.6 10.1 — Other 0.7 (0.6) 0.4 Effective income tax rate on continuing operations 24.4 % (3.8) % 41.9 % (a) In 2021, the Company recorded a tax benefit on the remeasurement of the Company’s Canadian DTAs at a higher Canadian blended statutory tax rate. The Canadian statutory rate is higher as a result of changing the allocation of income between the Canadian provinces after the sale of the lumber and newsprint assets. Less significantly, France enacted scheduled decreases to the federal statutory tax rate between 2021 and 2022. The annual impact of remeasuring the French deferred tax liabilities to the scheduled statutory tax rates is also included here. |
Schedule of Temporary Differences and Resulting Deferred Tax Liability | The nature of these temporary differences and the resulting net deferred tax balances follow: December 31, 2023 2022 Deferred tax assets: Net operating losses (a) $ 116,353 $ 117,939 Canadian pool of SR&ED (a) 96,113 95,483 Property, plant and equipment basis differences 123,521 110,092 Tax credit carryforwards (a) 71,741 72,238 Pension, postretirement and other employee benefits 25,114 26,533 Environmental liabilities 39,258 38,069 Deferred U.S. interest deductions (a) 33,188 25,731 Deferred foreign interest deductions (a) 3,290 — Other compensation 5,412 5,206 State net operating losses (a) 3,536 3,431 Capitalized costs 19,868 9,677 Other deferred tax assets 21,003 21,047 Total gross deferred tax assets 558,397 525,446 Valuation allowance (a) (78,858) (71,353) Total deferred tax assets, net of valuation allowance (b) 479,539 454,093 Deferred tax liabilities: Property, plant and equipment basis differences (115,315) (118,072) Intangible assets (4,377) (7,069) Prepaid expenses (19,253) (15,847) Other deferred tax liabilities (10,603) (7,962) Total deferred tax liabilities (149,548) (148,950) Net deferred tax asset $ 329,991 $ 305,143 Net deferred tax asset as reflected in consolidated balance sheets: Deferred tax assets $ 345,181 $ 322,164 Deferred tax liabilities (15,190) (17,021) $ 329,991 $ 305,143 (a) Further detail of these items as of December 31, 2023 follows: Gross Amount Tax Effected Valuation Allowance Expiration Foreign R&D credit carryforwards $ 35,842 $ 35,842 $ (35,842) 2024-2042 U.S. tax credit carryforwards 41,017 35,899 (19,256) 2024-2033 State net operating losses 74,832 3,536 (1,790) 2024-2043 Canada non-capital losses 476,808 102,039 — 2025-2037 Canada pool of SR&ED 416,679 96,113 — None U.S. interest limitation carryforward 150,854 33,188 (18,680) None U.S. federal net operating losses 50,104 10,522 — None Foreign interest limitation carryforward 13,192 3,290 (3,290) None France net operating losses 13,285 3,792 — None |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of beginning and ending unrecognized tax benefits balances follows: Year Ended December 31, 2023 2022 2021 Balance at beginning of period $ 11,015 $ 12,073 $ 11,438 Decreases related to prior year tax positions (1,612) (255) (1,330) Increases related to prior year tax positions 2,804 440 1,019 Decreases related to current year tax positions — (2,386) — Increases related to current year tax positions 1,373 1,143 946 Balance at end of period $ 13,580 $ 11,015 $ 12,073 |
Schedule of Income Tax Examinations | The following table provides the tax years that remain open to examination by significant taxing jurisdictions: Open Tax Years U.S. 2015-2023 France 2020-2023 Canada 2019-2023 |
Segment and Geographical Info_2
Segment and Geographical Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Reconciliation of Net Sales by Product Line | Net sales, disaggregated by product line, was comprised of the following: Year Ended December 31, 2023 2022 2021 High Purity Cellulose Cellulose Specialties $ 783,424 $ 866,225 $ 711,574 Commodity Products 431,902 354,612 279,307 Other sales (a) 97,438 115,009 100,268 Total High Purity Cellulose 1,312,764 1,335,846 1,091,149 Paperboard 219,408 250,167 208,332 High-Yield Pulp 135,954 159,704 135,676 Eliminations (24,796) (28,450) (27,599) Net sales $ 1,643,330 $ 1,717,267 $ 1,407,558 (a) Include sales of bioelectricity, lignosulfonates and other by-products to third parties. |
Schedule of Reconciliation of Operating Income (Loss) | Operating income (loss) by segment was comprised of the following: Year Ended December 31, 2023 2022 2021 High Purity Cellulose (a) $ (41,567) $ 31,498 $ 19,738 Paperboard 37,160 37,158 13,379 High-Yield Pulp (3,155) 16,199 6,686 Corporate (57,702) (58,720) (50,248) Operating income (loss) $ (65,264) $ 26,135 $ (10,445) (a) |
Schedule of Reconciliation of Identifiable Assets | Identifiable assets by segment were as follows: December 31, 2023 2022 High Purity Cellulose (a) $ 1,510,076 $ 1,654,214 Paperboard 105,804 112,757 High-Yield Pulp 43,811 50,947 Corporate 523,009 529,610 Total assets $ 2,182,700 $ 2,347,528 (a) |
Schedule of Long-lived Assets by Country | Long-life assets by country were as follows: December 31, 2023 2022 United States $ 710,896 $ 747,110 Canada 683,468 723,133 France 213,180 187,645 Other 98 110 Total long-life assets $ 1,607,642 $ 1,657,998 |
Schedule of Segment Reporting Information, by Segment | Depreciation and amortization and capital expenditures by segment were as follows: Year Ended December 31, 2023 2022 2021 Depreciation and amortization: High Purity Cellulose $ 122,925 $ 117,017 $ 116,757 Paperboard 12,933 13,130 14,320 High-Yield Pulp 2,025 2,364 2,544 Corporate 2,100 2,065 4,678 Total depreciation and amortization $ 139,983 $ 134,576 $ 138,299 Capital expenditures: (a) High Purity Cellulose $ 118,665 $ 136,866 $ 110,092 Paperboard 776 3,413 2,160 High-Yield Pulp 1,421 2,210 2,215 Corporate (b) 12,281 3,790 205 Total capital expenditures $ 133,143 $ 146,279 $ 114,672 (a) Amounts exclude the impact of changes in capital assets purchased on account and government grants. (b) Reflects expenditures associated with the Company’s ERP transformation project. The project is expected to be completed at the end of 2024. |
Schedule of Geographical Distribution of the Company's Sales | Net sales geographical distribution was as follows: Year Ended December 31, 2023 % 2022 % 2021 % United States $ 544,864 33 $ 569,265 33 $ 472,440 34 China 473,778 29 346,026 20 295,515 21 Europe 222,778 13 343,058 20 283,685 20 Japan 158,106 10 149,373 9 118,443 9 Other Asia 126,072 8 181,952 11 130,189 9 Canada 62,657 4 72,510 4 72,490 5 All other 44,002 3 31,197 2 15,916 1 Latin America 11,073 — 23,886 1 18,880 1 Net sales $ 1,643,330 100 $ 1,717,267 100 $ 1,407,558 100 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Purchase Obligations | At December 31, 2023, future minimum payments under purchase obligations were as follows: 2024 $ 112,007 2025 81,975 2026 72,636 2027 67,156 2028 63,348 Thereafter 331,284 Total (a) $ 728,406 (a) Primarily consist of commitments for the purchase of natural gas, steam energy and wood chips. These obligations are estimates and may vary based on changes in actual price and volume terms. Remaining purchase obligations under the 20-year wood chip and residual fiber supply agreement with GreenFirst total approximately $333 million, or annual payments of approximately $19 million through the duration of the agreement to 2041. Total required purchase volumes of wood chips and residual fiber are dependent on sawmill production. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Details) | Dec. 31, 2023 facility |
High Purity Cellulose | |
Segment Reporting Information [Line Items] | |
Number of production facilities | 4 |
Significant Accounting Polici_4
Significant Accounting Policies and Recent Accounting Developments - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Asset impairment | $ 62,000 | $ 62,300 | $ 0 | $ 0 |
Non-production Assets | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 3 years | 3 years | ||
Non-production Assets | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 25 years | 25 years | ||
Buildings | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 15 years | 15 years | ||
Buildings | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 35 years | 35 years | ||
Land Improvements | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 5 years | 5 years | ||
Land Improvements | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 30 years | 30 years |
Significant Accounting Polici_5
Significant Accounting Policies and Recent Accounting Developments - Asset Retirement Obligations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
Asset retirement obligation, noncurrent | $ 12,000,000 | $ 11,000,000 |
Asset retirement obligation, liabilities incurred | 0 | |
Asset retirement obligation, liabilities settled | 0 | |
Asset retirement obligation, accretion (less than) | $ 1,000,000 |
Significant Accounting Polici_6
Significant Accounting Policies and Recent Accounting Developments - Capitalized Software (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Capitalized software, amortization period | 5 years | ||
Capitalized software, gross | $ 40 | $ 22 | |
Capitalized software, accumulated amortization | 23 | 16 | |
Capitalized software, amortization | $ 4 | $ 4 | $ 7 |
Significant Accounting Polici_7
Significant Accounting Policies and Recent Accounting Developments - Maintenance Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Capitalized shutdown costs | $ 34 | $ 23 |
Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized shutdown costs, amortization period | 1 year | |
Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized shutdown costs, amortization period | 18 months |
Significant Accounting Polici_8
Significant Accounting Policies and Recent Accounting Developments - Emission Allowances (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Sales of excess emission allowances | $ 11 | $ 12 | $ 12 |
Significant Accounting Polici_9
Significant Accounting Policies and Recent Accounting Developments - Research and Development Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Research and development expense | $ 6 | $ 7 | $ 7 |
Significant Accounting Polic_10
Significant Accounting Policies and Recent Accounting Developments - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense of definite-life intangibles | $ 7,000 | $ 7,000 | $ 7,000 |
Gross Carrying Amount | 60,284 | 60,284 | |
Accumulated Amortization | (42,870) | (35,861) | |
Net Carrying Amount | $ 17,414 | $ 24,423 | |
Weighted Average Remaining Life | 4 years | 4 years 6 months | |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 8 years | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 15 years | ||
Customer lists | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 51,680 | $ 51,680 | |
Accumulated Amortization | (39,348) | (32,914) | |
Net Carrying Amount | $ 12,332 | $ 18,766 | |
Weighted Average Remaining Life | 1 year 10 months 24 days | 2 years 10 months 24 days | |
Trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 8,604 | $ 8,604 | |
Accumulated Amortization | (3,522) | (2,947) | |
Net Carrying Amount | $ 5,082 | $ 5,657 | |
Weighted Average Remaining Life | 8 years 10 months 24 days | 9 years 10 months 24 days |
Significant Accounting Polic_11
Significant Accounting Policies and Recent Accounting Developments - Schedule of Intangible Assets Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
2024 | $ 7,009 | |
2025 | 6,473 | |
2026 | 575 | |
2027 | 575 | |
2028 | 575 | |
Thereafter | 2,207 | |
Net Carrying Amount | $ 17,414 | $ 24,423 |
Significant Accounting Polic_12
Significant Accounting Policies and Recent Accounting Developments - Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from equity method investments | $ (1,984) | $ (2,653) | $ (1,585) |
Net sales | 1,643,330 | 1,717,267 | 1,407,558 |
Anomera, Inc. | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in equity method investment | $ 12,000 | ||
Ownership percentage | 44% | ||
Income (loss) from equity method investments | $ (2,000) | (3,000) | (2,000) |
LTF | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 45% | ||
Income (loss) from equity method investments | $ 0 | (3,000) | (2,000) |
Net sales | $ 14,000 | $ 20,000 | $ 14,000 |
LTF | Borregaard | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 55% |
Significant Accounting Polic_13
Significant Accounting Policies and Recent Accounting Developments - Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Typical payment terms (less than) | 90 days |
Significant Accounting Polic_14
Significant Accounting Policies and Recent Accounting Developments - Environmental Costs (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Environmental loss contingencies term | 20 years |
Significant Accounting Polic_15
Significant Accounting Policies and Recent Accounting Developments - Employee Benefit Plans (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Threshold for amortization of actuarial gains (losses) | 10% |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) shares in Millions, $ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | |||||
Aug. 31, 2021 USD ($) shares | Aug. 31, 2021 CAD ($) shares | Sep. 30, 2023 USD ($) | Jul. 01, 2023 USD ($) | Sep. 24, 2022 USD ($) | Jun. 25, 2022 USD ($) | Dec. 31, 2023 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Duties payable, combined rate | 8.05% | 8.60% | |||||
Duties receivable | $ 40 | ||||||
Lumber and Newsprint Facilities | Discontinued Operations, Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gross purchase price | $ 232 | ||||||
Proceeds from sale of business | $ 193 | ||||||
Equity interests to be received (in shares) | shares | 28.7 | 28.7 | |||||
Equity interests to be received | $ 42 | ||||||
Credit note to be issued, receivable | $ 5 | $ 8 | |||||
Credit note to be issued, term which can be offset against amounts owed | 5 years | 5 years | |||||
Net-of-tax gain on sale | $ 4 | ||||||
Supply term | 20 years | 20 years | |||||
Rights to duty refunds | $ 112 | ||||||
Pre tax gain (loss) | $ 2 | $ (2) | $ 16 | ||||
Lumber and Newsprint Facilities | Discontinued Operations, Disposed of by Sale | GreenFirst | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Sale of common shares | $ 43 |
Discontinued Operations - Incom
Discontinued Operations - Income from Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income from discontinued operations, net of tax | $ 312 | $ 12,458 | $ 116,183 |
Discontinued Operations, Disposed of by Sale | Lumber and Newsprint Facilities | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | 0 | 0 | 442,583 |
Cost of sales | 0 | 155 | (236,670) |
Gross margin | 0 | 155 | 205,913 |
Selling, general and administrative expense and other operating income, net | 424 | 16,808 | (27,119) |
Operating income | 424 | 16,963 | 178,794 |
Interest expense | 0 | (13) | (7,294) |
Other non-operating income | 0 | 0 | 967 |
Income from discontinued operations before income tax | 424 | 16,950 | 172,467 |
Income tax expense | (112) | (4,492) | (60,400) |
Income from discontinued operations, net of tax | 312 | 12,458 | 112,067 |
Gain on sale of discontinued operations | 0 | 0 | 8,751 |
Income tax expense on gain on sale of discontinued operations | 0 | 0 | (4,635) |
Gain on sale of discontinued operations, net of tax | 0 | 0 | 4,116 |
Income from discontinued operations, net of tax | $ 312 | $ 12,458 | 116,183 |
Discontinued Operations, Disposed of by Sale | Lumber and Newsprint Facilities | Eliminations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | $ 31,000 |
Discontinued Operations - Other
Discontinued Operations - Other Information (Details) - Lumber and Newsprint Facilities - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Depreciation and amortization | $ 0 | $ 0 | $ 3,172 |
Capital expenditures | $ 0 | $ 0 | $ 9,607 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 12 years 9 months 18 days |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating lease cost | |||
Operating lease cost | $ 7,441 | $ 7,751 | $ 6,049 |
Finance lease cost | |||
Amortization of ROU assets | 405 | 377 | 352 |
Interest | 110 | 138 | 163 |
Total lease cost | $ 7,956 | $ 8,266 | $ 6,564 |
Leases - Balance Sheet Componen
Leases - Balance Sheet Components (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating leases | ||
ROU assets | $ 17,475 | $ 15,623 |
Lease liabilities, current | 4,499 | 4,741 |
Lease liabilities, non-current | $ 14,666 | $ 11,399 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued and other current liabilities (Note 8) | Accrued and other current liabilities (Note 8) |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Finance leases | ||
ROU assets | $ 1,078 | $ 1,448 |
Lease liabilities | $ 1,355 | $ 1,760 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net (Note 7) | Property, plant and equipment, net (Note 7) |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt | Long-term debt |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities | $ 6,996 | $ 7,694 | $ 6,391 |
Operating lease ROU assets obtained in exchange for lease liabilities | $ 7,676 | $ 2,975 | $ 6,774 |
Operating leases | |||
Weighted average remaining lease term | 5 years 6 months | 5 years 9 months 18 days | |
Weighted average discount rate | 8.30% | 8.90% | |
Finance leases | |||
Weighted average remaining lease term | 2 years 9 months 18 days | 3 years 9 months 18 days | |
Weighted average discount rate | 7% | 7% |
Leases - Lease Maturity (Detail
Leases - Lease Maturity (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 5,828 |
2025 | 5,109 |
2026 | 4,289 |
2027 | 3,192 |
2028 | 1,947 |
Thereafter | 4,133 |
Total minimum lease payments | 24,498 |
Less: imputed interest | (5,333) |
Present value of future minimum lease payments | $ 19,165 |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for credit loss | $ (653) | $ (1,064) |
Accounts receivable, net | 197,457 | 211,526 |
Accounts receivable, trade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 166,137 | 171,144 |
Accounts receivable, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 31,973 | $ 41,446 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 147,930 | $ 198,931 |
Work-in-progress | 6,987 | 5,230 |
Raw materials | 46,120 | 52,967 |
Manufacturing and maintenance supplies | 6,437 | 8,206 |
Inventory | $ 207,474 | $ 265,334 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment | $ 2,872,634 | $ 2,872,634 | $ 2,873,166 | |
Accumulated depreciation | (1,797,529) | (1,797,529) | (1,721,898) | |
Property, plant and equipment, net | 1,075,105 | 1,075,105 | 1,151,268 | |
Depreciation | 129,000 | 124,000 | $ 125,000 | |
Proceeds from sale of assets | 3,000 | 0 | 2,000 | |
Asset impairment | 62,000 | 62,300 | 0 | $ 0 |
Land and land improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment | 35,837 | 35,837 | 37,346 | |
Buildings | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment | 251,196 | 251,196 | 257,592 | |
Machinery and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment | 2,501,882 | 2,501,882 | 2,515,827 | |
Other | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment | 4,929 | 4,929 | 5,265 | |
Construction in progress | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment | $ 78,790 | $ 78,790 | $ 57,136 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities (Details) $ in Thousands, $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) |
Payables and Accruals [Abstract] | ||||
Accrued customer incentives | $ 30,036 | $ 28,702 | ||
Accrued payroll and benefits | 13,552 | 13,763 | ||
Accrued interest | 32,256 | 18,877 | ||
Accrued income taxes | 4,605 | 9,321 | ||
Accrued property and other taxes | 2,547 | 3,065 | ||
Deferred revenue | 24,061 | 21,645 | ||
Other current liabilities | 47,431 | 68,996 | ||
Accrued and other current liabilities | 154,488 | 164,369 | ||
CEWS applied | 19,000 | $ 25 | 19,000 | $ 25 |
Accrued energy payable | $ 13,000 | $ 30,000 |
Debt and Finance Leases - Summa
Debt and Finance Leases - Summary of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | May 31, 2014 | |
Debt Instrument [Line Items] | ||||
Finance lease obligations | $ 1,355 | $ 1,760 | ||
Total principal payments due | 796,520 | 859,391 | ||
Less: unamortized premium, discount and issuance costs | (19,063) | (6,266) | ||
Total debt | 777,457 | 853,125 | ||
Less: debt due within one year | (25,283) | (14,617) | ||
Long-term debt | 752,174 | 838,508 | ||
Line of credit | Short-term factoring facility | ||||
Debt Instrument [Line Items] | ||||
Short-term factoring facility | 5,292 | 3,773 | ||
Line of credit | ABL Credit Facility due December 2025: $118 million net availability, bearing interest of 7.45% (5.45% adjusted SOFR plus 2.00% margin) at December 31, 2023 | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity available | $ 118,000 | |||
Interest rate | 7.45% | |||
Long-term debt, gross | $ 0 | 0 | ||
Line of credit | ABL Credit Facility due December 2025: $118 million net availability, bearing interest of 7.45% (5.45% adjusted SOFR plus 2.00% margin) at December 31, 2023 | SOFR | ||||
Debt Instrument [Line Items] | ||||
Variable rate | 5.45% | |||
Variable rate, basis spread | 2% | |||
Secured Debt | Term Loan due July 2027: bearing interest of 13.33% (5.33% three-month Term SOFR plus 8.00% margin) at December 31, 2023 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 13.33% | |||
Long-term debt, gross | $ 250,000 | 0 | ||
Secured Debt | Term Loan due July 2027: bearing interest of 13.33% (5.33% three-month Term SOFR plus 8.00% margin) at December 31, 2023 | SOFR | ||||
Debt Instrument [Line Items] | ||||
Variable rate | 5.33% | |||
Variable rate, basis spread | 8% | |||
Senior Notes | 7.625% Senior Secured Notes due January 2026 | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate | 7.625% | 7.625% | ||
Long-term debt, gross | $ 464,640 | 475,000 | ||
Senior Notes | 5.50% Senior Unsecured Notes due June 2024 | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate | 5.50% | 5.50% | ||
Long-term debt, gross | $ 0 | 322,675 | ||
Loans | 5.50% CAD-based term loan due April 2028 | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate | 5.50% | |||
Long-term debt, gross | $ 30,479 | 36,585 | ||
Loans | Other loans | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 44,754 | $ 19,598 |
Debt and Finance Leases - Sched
Debt and Finance Leases - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Minimum Lease Payments | ||
2024 | $ 515 | |
2025 | 515 | |
2026 | 472 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Total debt and finance lease payments due | 1,502 | |
Interest | ||
2024 | 81 | |
2025 | 50 | |
2026 | 16 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Total debt and finance lease payments due | 147 | |
Net Present Value | ||
2024 | 434 | |
2025 | 465 | |
2026 | 456 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Total debt and finance lease payments due | 1,355 | $ 1,760 |
Debt Principal Payments | ||
2024 | 24,849 | |
2025 | 17,394 | |
2026 | 482,658 | |
2027 | 244,584 | |
2028 | 9,410 | |
Thereafter | 16,270 | |
Total debt and finance lease payments due | $ 795,165 |
Debt and Finance Leases - ABL C
Debt and Finance Leases - ABL Credit Facility due 2025 (Details) - Line of credit - ABL Credit Facility due 2025 | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 200,000,000 |
Gross borrowing capacity | 151,000,000 |
Borrowing capacity available | 118,000,000 |
Amount of letters of credit outstanding | 33,000,000 |
Cash dominion availability threshold | $ 25,000,000 |
Fixed charge coverage ratio | 1 |
Availability threshold | $ 25,000,000 |
Debt and Finance Leases - 2027
Debt and Finance Leases - 2027 Term Loan (Details) | 1 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2024 | Sep. 28, 2024 | Jun. 29, 2024 | Mar. 30, 2024 USD ($) | Jan. 31, 2024 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Net proceeds | $ 465,030,000 | $ 5,721,000 | $ 4,393,000 | ||||||
2027 Term Loan | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount | $ 250,000,000 | ||||||||
Net proceeds | 243,000,000 | ||||||||
Debt original issue discount | 7,000,000 | ||||||||
Issuance costs | $ 10,000,000 | ||||||||
Quarterly payments | $ 1,250,000 | ||||||||
Interest rate | 14.40% | ||||||||
Maximum consolidated secured net leverage ratio | 5.25 | ||||||||
2027 Term Loan | Secured Debt | Selling, General and Administrative Expenses | |||||||||
Debt Instrument [Line Items] | |||||||||
Fee amount | $ 1,000,000 | ||||||||
2027 Term Loan | Secured Debt | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Consolidated secured net leverage ratio, maximum before fee | 4.50 | ||||||||
Fee percentage | 0.25% | ||||||||
Fee amount | $ 3,000,000 | ||||||||
Maximum consolidated secured net leverage ratio | 4.50 | ||||||||
2027 Term Loan | Secured Debt | Forecast | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum consolidated secured net leverage ratio | 4.75 | 5 | 5.25 | 5.25 | |||||
2027 Term Loan | Secured Debt | Forecast | Interest Expense | |||||||||
Debt Instrument [Line Items] | |||||||||
Fee amount | $ 2,000,000 | ||||||||
2027 Term Loan | Secured Debt | SOFR | |||||||||
Debt Instrument [Line Items] | |||||||||
Alternative base rate | 3% | ||||||||
Variable rate, basis spread | 8% |
Debt and Finance Leases - 2026
Debt and Finance Leases - 2026 Notes (Details) - 2026 Notes - Senior Notes - USD ($) | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2023 | Sep. 25, 2021 | Dec. 31, 2023 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||
Face amount | $ 500,000,000 | |||
Fixed interest rate | 7.625% | 7.625% | ||
Offering price | 100% | |||
Interest rate | 8.30% | |||
Debt repurchased | $ 10,000,000 | $ 25,000,000 | ||
Gain (loss) on debt extinguishment | 1,000,000 | $ (1,000,000) | ||
Cash repayments of senior notes | $ 9,000,000 | |||
Redemption price, percentage | 103% |
Debt and Finance Leases - 2024
Debt and Finance Leases - 2024 Notes (Details) - Senior Notes - 2024 Notes - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | May 31, 2014 | |
Debt Instrument [Line Items] | ||||||
Face amount | $ 550,000,000 | |||||
Interest rate | 5.50% | 5.50% | ||||
Debt repurchased | $ 318,000,000 | $ 5,000,000 | $ 47,000,000 | $ 127,000,000 | ||
Accrued interest | 4,000,000 | |||||
Gain (loss) on debt extinguishment | $ (1,000,000) | $ 1,000,000 | $ 2,000,000 | |||
Cash repayments of senior notes | $ 5,000,000 |
Debt and Finance Leases - Short
Debt and Finance Leases - Short-term Factoring Facility-France (Details) - Line of credit - Short-term factoring facility | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 3,000,000 | € 24,000,000 | |
Average term | 60 days | ||
Weighted-average interest rate | 4.20% | 4.20% | 0.90% |
Euribor | |||
Line of Credit Facility [Line Items] | |||
Basis spread floor | 0% | ||
Variable rate, basis spread | 0.55% |
Debt and Finance Leases - Other
Debt and Finance Leases - Other Loans (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Other loans | Loans | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.60% | 0.80% |
Environmental Liabilities - Nar
Environmental Liabilities - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) site | |
Site Contingency [Line Items] | |
Number of sites | site | 20 |
Environmental loss contingencies term | 20 years |
Loss exposure in excess of accrual | $ | $ 85 |
Augusta, Georgia | |
Site Contingency [Line Items] | |
Term for hazardous waste permit | 10 years |
Baldwin, Florida | |
Site Contingency [Line Items] | |
Term for hazardous waste permit | 10 years |
East Point, Georgia | |
Site Contingency [Line Items] | |
Term for hazardous waste permit | 10 years |
Environmental Liabilities - Sit
Environmental Liabilities - Site Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Site Contingency [Line Items] | |||
Current estimate threshold of total liabilities for disposed operations | 10% | ||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||
Beginning balance | $ 170,681 | $ 171,222 | |
Payments | (5,385) | (4,461) | |
Increase (Decrease) to Liability | 4,995 | 3,920 | |
Ending balance | 170,291 | 170,681 | |
Current environmental liabilities | (9,833) | (10,732) | $ (11,303) |
Non-current environmental liabilities | $ 160,458 | 159,949 | $ 159,919 |
Increase (decrease) in liabilities from foreign currency translation gains | $ 1,000 | ||
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Current environmental liabilities, Non-current environmental liabilities | Current environmental liabilities, Non-current environmental liabilities | |
Port Angeles, Washington | |||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||
Beginning balance | $ 52,654 | $ 52,564 | |
Payments | (484) | (558) | |
Increase (Decrease) to Liability | 498 | 648 | |
Ending balance | 52,668 | 52,654 | |
Augusta, Georgia | |||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||
Beginning balance | 21,102 | 21,120 | |
Payments | (777) | (1,069) | |
Increase (Decrease) to Liability | 2,330 | 1,051 | |
Ending balance | 22,655 | 21,102 | |
Baldwin, Florida | |||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||
Beginning balance | 16,187 | 16,362 | |
Payments | (733) | (431) | |
Increase (Decrease) to Liability | 437 | 256 | |
Ending balance | 15,891 | 16,187 | |
East Point, Georgia | |||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||
Beginning balance | 18,069 | 17,259 | |
Payments | (1,168) | (889) | |
Increase (Decrease) to Liability | 2,811 | 1,699 | |
Ending balance | 19,712 | 18,069 | |
All other sites | |||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||
Beginning balance | 62,669 | 63,917 | |
Payments | (2,223) | (1,514) | |
Increase (Decrease) to Liability | (1,081) | 266 | |
Ending balance | $ 59,365 | $ 62,669 |
Derivative Instruments - Instru
Derivative Instruments - Instruments Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument - Foreign currency contracts $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Other operating expense, net | |
Derivative [Line Items] | |
Gain (Loss) Recognized in OCI | $ 0 |
Gain (Loss) Reclassified from AOCI into Income | 0 |
Cost of sales | |
Derivative [Line Items] | |
Gain (Loss) Recognized in OCI | 0 |
Gain (Loss) Reclassified from AOCI into Income | 4,088 |
Other income, net | |
Derivative [Line Items] | |
Gain (Loss) Recognized in OCI | 0 |
Gain (Loss) Reclassified from AOCI into Income | $ (397) |
Derivative Instruments - Unreal
Derivative Instruments - Unrealized Loss in AOCI (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||||
Foreign exchange cash flow hedges, net of tax | $ (746,447) | $ (829,313) | $ (814,343) | $ (695,087) |
Unrealized gain on derivative | ||||
Derivative [Line Items] | ||||
Foreign exchange cash flow hedges, net of tax | 373 | 567 | $ 847 | $ (1,834) |
Cash Flow Hedging | Unrealized gain on derivative | Foreign currency contracts | ||||
Derivative [Line Items] | ||||
Foreign exchange cash flow hedges, net of tax | $ 373 | $ 567 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Asset impairment | $ 62,000 | $ 62,300 | $ 0 | $ 0 |
Temiscaming | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Asset impairment | 25,000 | |||
Carrying value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fixed-rate long-term debt | 536,393 | 536,393 | 847,591 | |
Fair value | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fixed-rate long-term debt | $ 497,563 | $ 497,563 | $ 838,502 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | 12 Months Ended | ||||
Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 shares | Mar. 31, 2022 $ / shares shares | Jan. 29, 2018 USD ($) | |
Stockholders' Equity Note [Abstract] | |||||
Amount authorized under share repurchase program | $ | $ 100,000,000 | ||||
Shares repurchased and retired (in shares) | 0 | 0 | 0 | ||
Beneficial ownership threshold | 0.10 | ||||
Number of preferred share purchase rights issued per common stock (in shares) | 1 | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 829,313 | $ 829,313 | $ 814,343 | $ 695,087 |
Total other comprehensive income (loss) | 17,881 | 20,672 | 49,165 | |
Ending balance | 746,447 | 829,313 | 814,343 | |
Tax effects of foreign translation adjustment | 0 | 0 | 0 | |
Pension | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Pension settlement gain (loss), reclassification adjustment before tax | (2,317) | (964) | (7,618) | |
U.S. | Pension | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Pension settlement gain (loss), reclassification adjustment before tax | (6,000) | |||
Canada | Pension | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Pension settlement gain (loss), reclassification adjustment before tax | (2,000) | (1,000) | (2,000) | |
Unrecognized components of employee benefit plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (43,694) | (43,694) | (76,849) | (146,614) |
Other comprehensive gain before reclassifications | 12,859 | 38,105 | 63,147 | |
Income tax on other comprehensive gain | (2,283) | (9,229) | (13,365) | |
Total other comprehensive income (loss) | 10,157 | 33,155 | 69,765 | |
Ending balance | (33,537) | (43,694) | (76,849) | |
Pension settlement loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Reclassifications to earnings | 0 | 0 | 7,618 | |
Amortization of (gain) loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Reclassifications to earnings | (705) | 5,534 | 15,491 | |
Amortization of prior service cost | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Reclassifications to earnings | 196 | 25 | 550 | |
Income on tax reclassifications | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Income tax on reclassifications | 90 | (1,280) | (6,649) | |
Plans included in sale of assets to GreenFirst | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Reclassifications to earnings | 0 | 0 | 4,012 | |
Income tax on reclassifications | 0 | 0 | (1,039) | |
Unrealized gain (loss) on derivative instruments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (567) | (567) | (847) | 1,834 |
Reclassifications to earnings | 224 | 323 | (3,691) | |
Income tax on reclassifications | (30) | (43) | 1,010 | |
Total other comprehensive income (loss) | 194 | 280 | (2,681) | |
Ending balance | (373) | (567) | (847) | |
Foreign currency translation | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (19,537) | (19,537) | (6,774) | 11,145 |
Total other comprehensive income (loss) | 7,530 | (12,763) | (17,919) | |
Ending balance | (12,007) | (19,537) | (6,774) | |
Accumulated Other Comprehensive Loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ (63,798) | (63,798) | (84,470) | (133,635) |
Total other comprehensive income (loss) | 17,881 | 20,672 | 49,165 | |
Ending balance | $ (45,917) | $ (63,798) | $ (84,470) |
Earnings per Common Share - Sch
Earnings per Common Share - Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Loss from continuing operations | $ (102,147) | $ (27,377) | $ (49,769) |
Income from discontinued operations, net of tax | 312 | 12,458 | 116,183 |
Net income (loss) available for common stockholders (Basic) | (101,835) | (14,919) | 66,414 |
Net income (loss) available for common stockholders (Diluted) | $ (101,835) | $ (14,919) | $ 66,414 |
Shares used in determining basic earnings per common share (in shares) | 65,108,397 | 63,910,010 | 63,645,245 |
Dilutive effect of: | |||
Stock options (in shares) | 0 | 0 | 0 |
Performance and restricted shares (in shares) | 0 | 0 | 0 |
Shares used in determining diluted earnings per common share (in shares) | 65,108,397 | 63,910,010 | 63,645,245 |
Earnings per Common Share - S_2
Earnings per Common Share - Schedule of Antidilutive Securities (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive instruments (in shares) | 3,304,093 | 3,732,273 | 2,498,396 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive instruments (in shares) | 46,798 | 77,767 | 111,124 |
Performance and restricted stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive instruments (in shares) | 3,257,295 | 3,654,506 | 2,387,272 |
Incentive Stock Plans - Narrati
Incentive Stock Plans - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 shares | Mar. 31, 2022 shares | Mar. 31, 2021 shares | Dec. 31, 2023 USD ($) plans shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of plans | plans | 4 | |||||
Number of shares authorized (in shares) | 3,900,000 | |||||
Number of shares available for future grant (in shares) | 3,000,000 | |||||
Fair value of options vested | $ | $ 0 | $ 0 | $ 0 | |||
Number of options granted (in shares) | 0 | 0 | 0 | |||
Number of options exercised (in shares) | 0 | 0 | 0 | |||
Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Performance-Based Stock Unit Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Unrecognized compensation cost | $ | $ 4,000,000 | |||||
Period for recognition | 1 year 8 months 12 days | |||||
Shares issued (in shares) | 1,257,015 | 0 | 182,811 | |||
Incremental shares issued (in shares) | 370,366 | 0 | ||||
Settlement percentage | 60% | |||||
Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Maximum term | 10 years 2 days | |||||
Period for recognition on a straight-line basis | 3 years | |||||
Restricted Stock and Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ | $ 5,000,000 | |||||
Period for recognition | 1 year 7 months 6 days | |||||
Minimum | Performance-Based Stock Unit Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Target payout percentage | 0% | 0% | 0% | |||
Minimum | Restricted Stock and Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 1 year | |||||
Maximum | Performance-Based Stock Unit Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Target payout percentage | 200% | 250% | 200% | |||
Maximum | Restricted Stock and Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years |
Incentive Stock Plans - Stock-b
Incentive Stock Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Stock-based compensation expense | $ 6,507 | $ 9,650 | $ 5,099 |
Incentive Stock Plans - Stock O
Incentive Stock Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Options | |||
Beginning balance (in shares) | 77,767 | ||
Forfeited (in shares) | 0 | ||
Exercised (in shares) | 0 | 0 | 0 |
Expired (in shares) | (30,969) | ||
Ending balance (in shares) | 46,798 | 77,767 | |
Options vested and expected to vest (in shares) | 46,798 | ||
Options exercisable (in shares) | 46,798 | ||
Weighted Average Exercise Price | |||
Beginning balance (in dollars per share) | $ 39.98 | ||
Forfeited (in dollars per share) | 0 | ||
Exercised (in dollars per share) | 0 | ||
Expired (in dollars per share) | 43.32 | ||
Ending balance (in dollars per share) | 37.77 | $ 39.98 | |
Options vested and expected to vest (in dollars per share) | 37.77 | ||
Options exercisable (in dollars per share) | $ 37.77 | ||
Additional Disclosures | |||
Aggregate Intrinsic Value, Outstanding | $ 0 | ||
Aggregate Intrinsic Value, Options vested and expected to vest | 0 | ||
Aggregate Intrinsic Value, Options exercisable | $ 0 |
Incentive Stock Plans - Activit
Incentive Stock Plans - Activity of Restricted Shares Granted to Employees (Details) - Restricted Stock and Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and stock units granted (in shares) | 992,830 | 1,328,931 | 561,025 |
Weighted average price of restricted stock or stock units granted (in dollars per share) | $ 5.27 | $ 5.50 | $ 9.71 |
Intrinsic value of restricted stock and stock units outstanding | $ 7,641 | $ 16,297 | $ 5,296 |
Fair value of restricted stock and stock units vested | $ 4,264 | $ 3,772 | $ 4,412 |
Incentive Stock Plans - Summary
Incentive Stock Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock and Restricted Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock and Stock Unit Awards | |||
Beginning balance (in shares) | 1,697,587 | ||
Granted (in shares) | 992,830 | 1,328,931 | 561,025 |
Forfeited (in shares) | (28,363) | ||
Vested (in shares) | (775,360) | ||
Ending balance (in shares) | 1,886,694 | 1,697,587 | |
Weighted Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | $ 6.21 | ||
Granted (in dollars per share) | 5.27 | $ 5.50 | $ 9.71 |
Forfeited (in dollars per share) | 5.95 | ||
Vested (in dollars per share) | 5.50 | ||
Ending balance (in dollars per share) | $ 6.01 | $ 6.21 |
Incentive Stock Plans - Assumpt
Incentive Stock Plans - Assumptions Used in Fair Value Calculation for Awards Granted (Details) - Performance-Based Stock Unit Awards | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 77.60% | 75% | 93% |
Risk-free rate | 4.10% | 4.30% | 0.30% |
Incentive Stock Plans - Activ_2
Incentive Stock Plans - Activity of Performance Shares Granted to Employees (Details) - Performance-Based Stock Unit Awards - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares of stock reserved for performance-based stock units (in shares) | 611,528 | 2,861,963 | 534,172 |
Weighted average price of restricted stock or stock units granted (in dollars per share) | $ 9.09 | $ 6.21 | $ 12.29 |
Intrinsic value of outstanding performance-based stock units | $ 5,551 | $ 18,786 | $ 8,335 |
Incentive Stock Plans - Summa_2
Incentive Stock Plans - Summary of Performance Share Activity (Details) - Performance-Based Stock Unit Awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Performance-Based Stock Unit Awards | |||
Beginning balance (in shares) | 1,956,919 | ||
Granted (in shares) | 305,764 | ||
Forfeited (in shares) | (5,433) | ||
Vested (in shares) | (886,649) | ||
Ending balance (in shares) | 1,370,601 | 1,956,919 | |
Weighted Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | $ 6.79 | ||
Granted (in dollars per share) | 9.09 | $ 6.21 | $ 12.29 |
Forfeited (in dollars per share) | 4.73 | ||
Vested (in dollars per share) | 5.95 | ||
Ending balance (in dollars per share) | $ 7.83 | $ 6.79 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Apr. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Curtailment | $ 8,000 | ||||
Accumulated net loss within other comprehensive income | 8,000 | ||||
Defined contribution plan expense | $ 6,000 | $ 7,000 | $ 8,000 | ||
Lower Funded Plan | Equity | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target asset allocation (up to) | 65% | ||||
Higher Funded Plan | Fixed Income | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target asset allocation (up to) | 100% | ||||
Pension | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Curtailment | $ 0 | 8,000 | |||
Pension settlement gain (loss) | (2,317) | (964) | (7,618) | ||
Projected benefit obligation exceeding plan assets, projected benefit obligation | 566,000 | 587,000 | 566,000 | ||
Projected benefit obligation exceeding plan assets, plan assets | 467,000 | 502,000 | 467,000 | ||
Accumulated benefit obligation exceeding plan assets, accumulated benefit obligation | 557,000 | 577,000 | 557,000 | ||
Accumulated benefit obligation exceeding plan assets, plan assets | $ 467,000 | 502,000 | 467,000 | ||
Expected employer contributions next fiscal year | $ 3,000 | ||||
Pension | U.S. | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension settlement gain (loss) | (6,000) | ||||
Pension | Canada | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension settlement gain (loss) | $ (2,000) | $ (1,000) | $ (2,000) |
Employee Benefit Plans - Change
Employee Benefit Plans - Changes in Projected Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Curtailment | $ (8,000) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | $ 507,270 | |||
Fair value of plan assets at end of year | 507,270 | 532,643 | $ 507,270 | |
Pension | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Projected benefit obligation at beginning of year | 594,455 | 784,426 | ||
Service cost | 4,877 | 7,906 | $ 10,322 | |
Interest cost | 28,724 | 21,028 | 17,331 | |
Actuarial (gain) loss | 21,015 | (157,828) | ||
Participant contributions | 700 | 723 | ||
Benefits paid | (41,059) | (40,220) | ||
Settlement | 2,982 | 0 | ||
Curtailment | 0 | (8,000) | ||
Effects of foreign currency exchange rates | 4,424 | (13,580) | ||
Projected benefit obligation at end of year | 594,455 | 616,118 | 594,455 | 784,426 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 507,270 | 658,177 | ||
Actual return on plan assets | 63,682 | (101,914) | ||
Employer contributions | 1,923 | 3,811 | ||
Participant contributions | 700 | 723 | ||
Benefits paid | (41,059) | (40,152) | ||
Settlement | (2,317) | (964) | ||
Effects of foreign currency exchange rates | 2,444 | (12,411) | ||
Fair value of plan assets at end of year | 507,270 | 532,643 | 507,270 | 658,177 |
Funded Status at end of year | (87,185) | (83,475) | (87,185) | |
Cash received due to surplus assets of unwound plans | 6,000 | 3,000 | ||
Postretirement | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Projected benefit obligation at beginning of year | 29,944 | 36,525 | ||
Service cost | 1,116 | 1,516 | 1,437 | |
Interest cost | 1,351 | 818 | 650 | |
Actuarial (gain) loss | (7,198) | (7,617) | ||
Participant contributions | 115 | 133 | ||
Benefits paid | (1,559) | (1,334) | ||
Settlement | 0 | 0 | ||
Curtailment | 0 | 0 | ||
Effects of foreign currency exchange rates | 95 | (97) | ||
Projected benefit obligation at end of year | 29,944 | 23,864 | 29,944 | 36,525 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Employer contributions | 1,430 | 1,201 | ||
Participant contributions | 115 | 133 | ||
Benefits paid | (1,545) | (1,334) | ||
Settlement | 0 | 0 | ||
Effects of foreign currency exchange rates | 0 | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | 0 | $ 0 |
Funded Status at end of year | $ (29,944) | $ (23,864) | $ (29,944) |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current liabilities | $ (101,493) | $ (119,571) |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current assets | 0 | 8,742 |
Current liabilities | (4,474) | (4,513) |
Non-current liabilities | (79,001) | (91,414) |
Net amount recognized | (83,475) | (87,185) |
Postretirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current assets | 0 | 0 |
Current liabilities | (1,372) | (1,787) |
Non-current liabilities | (22,492) | (28,157) |
Net amount recognized | $ (23,864) | $ (29,944) |
Employee Benefit Plans - Amou_2
Employee Benefit Plans - Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension | |||
Net gains or losses recognized in other comprehensive income | |||
Net gain (loss) | $ 9,202 | $ 30,531 | $ 64,173 |
Prior service costs | (2,982) | 0 | 0 |
Net gains or losses and prior service costs or credits reclassified from other comprehensive income | |||
Pension settlement loss | 0 | 0 | 7,618 |
Amortization of (gain) loss | (490) | 5,462 | 15,471 |
Amortization of prior service cost (credit) | 294 | 147 | 703 |
Postretirement | |||
Net gains or losses recognized in other comprehensive income | |||
Net gain (loss) | 6,639 | 7,574 | (1,025) |
Prior service costs | 0 | 0 | 0 |
Net gains or losses and prior service costs or credits reclassified from other comprehensive income | |||
Pension settlement loss | 0 | 0 | 0 |
Amortization of (gain) loss | (215) | 72 | 20 |
Amortization of prior service cost (credit) | $ (98) | $ (122) | $ (153) |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Benefit Cost Not yet Recognized (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost (credit) | $ (3,852) | $ (1,204) | $ (1,455) |
Net gain (loss) | (50,796) | (67,770) | (95,470) |
Curtailment | 0 | 8,000 | 0 |
Deferred income tax (expense) benefit | 12,630 | 13,750 | 22,243 |
Accumulated other comprehensive income (loss) | (42,018) | (47,224) | (74,682) |
Postretirement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost (credit) | 659 | 757 | 879 |
Net gain (loss) | 10,343 | 3,920 | (3,547) |
Curtailment | 0 | 0 | 0 |
Deferred income tax (expense) benefit | (2,521) | (1,147) | 501 |
Accumulated other comprehensive income (loss) | $ 8,481 | $ 3,530 | $ (2,167) |
Employee Benefit Plans - Benefi
Employee Benefit Plans - Benefit Obligations and Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 532,643 | $ 507,270 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 616,118 | 594,455 | $ 784,426 |
Accumulated benefit obligation | 606,072 | 585,404 | |
Fair value of plan assets | $ 532,643 | $ 507,270 | $ 658,177 |
Employee Benefit Plans - Net _2
Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 4,877 | $ 7,906 | $ 10,322 |
Interest cost | 28,724 | 21,028 | 17,331 |
Expected return on plan assets | (31,425) | (32,419) | (37,255) |
Amortization of prior service cost (credit) | 294 | 147 | 703 |
Amortization of (gain) loss | (490) | 5,553 | 15,471 |
Pension settlement loss | 2,317 | 964 | 7,618 |
Other | 0 | 0 | 0 |
Net periodic benefit cost | 4,297 | 3,179 | 14,190 |
Postretirement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,116 | 1,516 | 1,437 |
Interest cost | 1,351 | 818 | 650 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (98) | (122) | (153) |
Amortization of (gain) loss | (215) | 72 | 20 |
Pension settlement loss | 0 | 0 | 0 |
Other | (556) | (173) | (49) |
Net periodic benefit cost | $ 1,598 | $ 2,111 | $ 1,905 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension | |||
Assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 4.71% | 4.95% | 2.82% |
Rate of compensation increase | 2.50% | 2.66% | 2.65% |
Assumptions used to determine net periodic benefit cost for years ended December 31: | |||
Discount rate | 4.97% | 4.21% | 2.57% |
Expected long-term return on plan assets | 5.92% | 5.88% | 5.93% |
Rate of compensation increase | 2.50% | 2.66% | 2.65% |
Postretirement | |||
Assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 4.72% | 4.93% | 2.77% |
Rate of compensation increase | 3.11% | 3.53% | 3.90% |
Assumptions used to determine net periodic benefit cost for years ended December 31: | |||
Discount rate | 4.94% | 4.94% | 2.42% |
Rate of compensation increase | 3.11% | 3.53% | 3.90% |
Employee Benefit Plans - Health
Employee Benefit Plans - Health Care Cost Trend Rates (Details) - Postretirement | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for next year | 6.80% | 6.60% |
Rate to which cost trend is assumed to decline (ultimate trend rate) | 4% | 3.70% |
Canada | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for next year | 5.93% | 6% |
Rate to which cost trend is assumed to decline (ultimate trend rate) | 5% | 5% |
Employee Benefit Plans - Invest
Employee Benefit Plans - Investment of Plan Assets (Details) - Pension | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 100% | 100% |
U.S. equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 23% | 21% |
International equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 22% | 24% |
U.S. fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 32% | 26% |
International fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 18% | 18% |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 5% | 11% |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | $ 532,643 | $ 507,270 |
Investments at Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 216,458 | 279,594 |
Mutual funds and collective trusts | Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 141,043 | 126,188 |
Mutual funds and collective trusts | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 141,043 | 126,188 |
Mutual funds and collective trusts | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
Mutual funds and collective trusts | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
Corporate bonds | Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 96,069 | 65,326 |
Corporate bonds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
Corporate bonds | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 96,069 | 65,326 |
Corporate bonds | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
U.S. government securities | Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 78,652 | 36,162 |
U.S. government securities | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
U.S. government securities | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 78,652 | 36,162 |
U.S. government securities | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | $ 0 |
Derivative instruments | Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 421 | |
Derivative instruments | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | |
Derivative instruments | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 421 | |
Derivative instruments | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | $ 0 |
Employee Benefit Plans - Expect
Employee Benefit Plans - Expected Benefit Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 39,581 |
2025 | 40,167 |
2026 | 40,765 |
2027 | 41,227 |
2028 | 41,485 |
2029 — 2033 | 206,156 |
Postretirement | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 1,563 |
2025 | 1,628 |
2026 | 1,799 |
2027 | 1,782 |
2028 | 1,829 |
2029 — 2033 | $ 8,804 |
Other Operating Expense, Net (D
Other Operating Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||
Environmental liability expense | $ (5,784) | $ (4,903) | $ (6,709) |
Loss on disposal of property, plant and equipment | (2,872) | (3,742) | (1,010) |
Equity in income (loss) of joint venture | 204 | (2,737) | (2,048) |
Miscellaneous income (expense) | (3,955) | 1,183 | (486) |
Other operating expense, net | $ (12,407) | $ (10,199) | $ (10,253) |
Environmental loss contingencies term | 20 years |
Income Taxes - Loss From Contin
Income Taxes - Loss From Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (65,413) | $ (53,012) | $ (64,645) |
Foreign | (67,061) | 29,190 | (18,227) |
Loss from continuing operations before income tax | $ (132,474) | $ (23,822) | $ (82,872) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax (expense) benefit: | |||
Federal | $ 1,623 | $ 2,815 | $ 2,676 |
Foreign | 3,119 | (7,511) | (4,924) |
State and other | (144) | (154) | (158) |
Total current | 4,598 | (4,850) | (2,406) |
Deferred tax (expense) benefit: | |||
Federal | 15,542 | 6,635 | (5,241) |
Foreign | 12,028 | (2,842) | 41,962 |
State and other | 143 | 155 | 373 |
Total deferred | 27,713 | 3,948 | 37,094 |
Income tax (expense) benefit | $ 32,311 | $ (902) | $ 34,688 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 21% | 21% | 21% |
Change in valuation allowance | (7.70%) | (38.20%) | (3.60%) |
Adjustment to previously filed tax returns | 2% | 11.30% | 5.20% |
Tax credits (excluding foreign tax credit) | 5.40% | 17.80% | 2.10% |
Nondeductible compensation for executives and share-based awards | 0.50% | (10.50%) | (3.00%) |
Net changes in uncertain tax positions | (0.10%) | (5.60%) | (2.20%) |
Difference in foreign statutory rates | 2.10% | (8.20%) | 1% |
U.S. tax on foreign earnings (GILTI and Subpart F, net of FTC) | (0.10%) | (0.90%) | (2.20%) |
Change in blended statutory rate | 0% | 0% | 23.20% |
Interest on tax payments/receipts | 0.60% | 10.10% | 0% |
Other | 0.70% | (0.60%) | 0.40% |
Effective income tax rate on continuing operations | 24.40% | (3.80%) | 41.90% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating losses | $ 116,353 | $ 117,939 |
Canadian pool of SR&ED | 96,113 | 95,483 |
Property, plant and equipment basis differences | 123,521 | 110,092 |
Tax credit carryforwards | 71,741 | 72,238 |
Pension, postretirement and other employee benefits | 25,114 | 26,533 |
Environmental liabilities | 39,258 | 38,069 |
Other compensation | 5,412 | 5,206 |
State net operating losses | 3,536 | 3,431 |
Capitalized costs | 19,868 | 9,677 |
Other deferred tax assets | 21,003 | 21,047 |
Total gross deferred tax assets | 558,397 | 525,446 |
Less: Valuation allowance | (78,858) | (71,353) |
Total deferred tax assets, net of valuation allowance | 479,539 | 454,093 |
Deferred tax liabilities: | ||
Property, plant and equipment basis differences | (115,315) | (118,072) |
Intangible assets | (4,377) | (7,069) |
Prepaid expenses | (19,253) | (15,847) |
Other deferred tax liabilities | (10,603) | (7,962) |
Total deferred tax liabilities | (149,548) | (148,950) |
Net deferred tax asset | 329,991 | 305,143 |
Deferred tax assets | 345,181 | 322,164 |
Deferred tax liabilities | (15,190) | (17,021) |
Federal | ||
Deferred tax assets: | ||
Tax credit carryforwards | 35,899 | |
Deferred interest deductions | 33,188 | 25,731 |
Foreign | ||
Deferred tax assets: | ||
Canadian pool of SR&ED | 96,113 | |
Tax credit carryforwards | 35,842 | |
Deferred interest deductions | $ 3,290 | $ 0 |
Income Taxes - Summary of Tax C
Income Taxes - Summary of Tax Credit Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards, Tax Effected | $ 71,741 | $ 72,238 |
Canadian pool of SR&ED, Tax Effected | 96,113 | 95,483 |
Foreign | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards, Gross Amount | 35,842 | |
Tax credit carryforwards, Tax Effected | 35,842 | |
Tax credit carryforwards, Valuation Allowance | (35,842) | |
Canadian pool of SR&ED, Gross Amount | 416,679 | |
Canadian pool of SR&ED, Tax Effected | 96,113 | |
Canadian pool of SR&ED, Valuation Allowance | 0 | |
Interest limitation carryforwards, Gross Amount | 13,192 | |
Interest limitation carryforwards, Tax Effected | 3,290 | 0 |
Interest limitation carryforwards, Valuation Allowance | (3,290) | |
Foreign | Canada non-capital losses | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating losses, Gross Amount | 476,808 | |
Net operating losses, Tax Effected | 102,039 | |
Net operating losses, Valuation Allowance | 0 | |
Foreign | France net operating losses | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating losses, Gross Amount | 13,285 | |
Net operating losses, Tax Effected | 3,792 | |
Net operating losses, Valuation Allowance | 0 | |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards, Gross Amount | 41,017 | |
Tax credit carryforwards, Tax Effected | 35,899 | |
Tax credit carryforwards, Valuation Allowance | (19,256) | |
Net operating losses, Gross Amount | 50,104 | |
Net operating losses, Tax Effected | 10,522 | |
Net operating losses, Valuation Allowance | 0 | |
Interest limitation carryforwards, Gross Amount | 150,854 | |
Interest limitation carryforwards, Tax Effected | 33,188 | $ 25,731 |
Interest limitation carryforwards, Valuation Allowance | (18,680) | |
State | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating losses, Gross Amount | 74,832 | |
Net operating losses, Tax Effected | 3,536 | |
Net operating losses, Valuation Allowance | $ (1,790) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Valuation Allowance [Line Items] | |||
Deferred tax assets | $ 329,991,000 | $ 305,143,000 | |
Deferred tax assets, valuation allowance | 78,858,000 | 71,353,000 | |
Unrecognized tax benefits, if recognized would impact effective tax | 13,000,000 | ||
Unrecognized tax benefits, if recognized would impact timing of tax deductions | 2,000,000 | ||
Interest and penalties accrued | 1,000,000 | 1,000,000 | $ 1,000,000 |
Decrease in unrecognized tax benefits is reasonably possible | 7,000,000 | ||
Increase in unrecognized tax benefits is reasonably possible | 3,000,000 | ||
Federal | Disallowed Interest Deductions | |||
Valuation Allowance [Line Items] | |||
Deferred tax assets | 15,000,000 | $ 17,000,000 | |
Deferred tax assets, valuation allowance | $ 0 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 11,015 | $ 12,073 | $ 11,438 |
Decreases related to prior year tax positions | (1,612) | (255) | (1,330) |
Increases related to prior year tax positions | 2,804 | 440 | 1,019 |
Decreases related to current year tax positions | 0 | (2,386) | 0 |
Increases related to current year tax positions | 1,373 | 1,143 | 946 |
Balance at end of period | $ 13,580 | $ 11,015 | $ 12,073 |
Segment and Geographical Info_3
Segment and Geographical Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
One Customer | Sales | Customer Concentration Risk | High Purity Cellulose | |
Product Information [Line Items] | |
Concentration risk percentage | 10% |
Segment and Geographical Info_4
Segment and Geographical Information - Net Sales and Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Product Information [Line Items] | ||||
Net sales | $ 1,643,330 | $ 1,717,267 | $ 1,407,558 | |
Operating income (loss) | (65,264) | 26,135 | (10,445) | |
Asset impairment | $ 62,000 | 62,300 | 0 | 0 |
Operating Segments | High Purity Cellulose | ||||
Product Information [Line Items] | ||||
Net sales | 1,312,764 | 1,335,846 | 1,091,149 | |
Operating income (loss) | (41,567) | 31,498 | 19,738 | |
Operating Segments | High Purity Cellulose | Cellulose Specialties | ||||
Product Information [Line Items] | ||||
Net sales | 783,424 | 866,225 | 711,574 | |
Operating Segments | High Purity Cellulose | Commodity Products | ||||
Product Information [Line Items] | ||||
Net sales | 431,902 | 354,612 | 279,307 | |
Operating Segments | High Purity Cellulose | Other sales | ||||
Product Information [Line Items] | ||||
Net sales | 97,438 | 115,009 | 100,268 | |
Operating Segments | Paperboard | ||||
Product Information [Line Items] | ||||
Net sales | 219,408 | 250,167 | 208,332 | |
Operating income (loss) | 37,160 | 37,158 | 13,379 | |
Operating Segments | High-Yield Pulp | ||||
Product Information [Line Items] | ||||
Net sales | 135,954 | 159,704 | 135,676 | |
Operating income (loss) | (3,155) | 16,199 | 6,686 | |
Eliminations | ||||
Product Information [Line Items] | ||||
Net sales | (24,796) | (28,450) | (27,599) | |
Corporate | ||||
Product Information [Line Items] | ||||
Operating income (loss) | $ (57,702) | $ (58,720) | $ (50,248) |
Segment and Geographical Info_5
Segment and Geographical Information - Schedule of Identifiable Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||||
Total assets | $ 2,182,700 | $ 2,182,700 | $ 2,347,528 | |
Asset impairment | 62,000 | 62,300 | 0 | $ 0 |
Operating Segments | High Purity Cellulose | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 1,510,076 | 1,510,076 | 1,654,214 | |
Operating Segments | Paperboard | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 105,804 | 105,804 | 112,757 | |
Operating Segments | High-Yield Pulp | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 43,811 | 43,811 | 50,947 | |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | $ 523,009 | $ 523,009 | $ 529,610 |
Segment and Geographical Info_6
Segment and Geographical Information - Long-lived Assets by Country (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-life assets | $ 1,607,642 | $ 1,657,998 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-life assets | 710,896 | 747,110 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-life assets | 683,468 | 723,133 |
France | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-life assets | 213,180 | 187,645 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-life assets | $ 98 | $ 110 |
Segment and Geographical Info_7
Segment and Geographical Information - Schedule of Depreciation and Amortization and Capital Expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 139,983 | $ 134,576 | $ 138,299 |
Capital expenditures | 133,143 | 146,279 | 114,672 |
Operating Segments | High Purity Cellulose | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 122,925 | 117,017 | 116,757 |
Capital expenditures | 118,665 | 136,866 | 110,092 |
Operating Segments | Paperboard | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 12,933 | 13,130 | 14,320 |
Capital expenditures | 776 | 3,413 | 2,160 |
Operating Segments | High-Yield Pulp | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 2,025 | 2,364 | 2,544 |
Capital expenditures | 1,421 | 2,210 | 2,215 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 2,100 | 2,065 | 4,678 |
Capital expenditures | $ 12,281 | $ 3,790 | $ 205 |
Segment and Geographical Info_8
Segment and Geographical Information - Sales by Destination (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 1,643,330 | $ 1,717,267 | $ 1,407,558 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 544,864 | 569,265 | 472,440 |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 473,778 | 346,026 | 295,515 |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 222,778 | 343,058 | 283,685 |
Japan | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 158,106 | 149,373 | 118,443 |
Other Asia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 126,072 | 181,952 | 130,189 |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 62,657 | 72,510 | 72,490 |
All other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 44,002 | 31,197 | 15,916 |
Latin America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 11,073 | $ 23,886 | $ 18,880 |
Sales | Geographic Concentration Risk | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
% | 100% | 100% | 100% |
Sales | Geographic Concentration Risk | United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
% | 33% | 33% | 34% |
Sales | Geographic Concentration Risk | China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
% | 29% | 20% | 21% |
Sales | Geographic Concentration Risk | Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
% | 13% | 20% | 20% |
Sales | Geographic Concentration Risk | Japan | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
% | 10% | 9% | 9% |
Sales | Geographic Concentration Risk | Other Asia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
% | 8% | 11% | 9% |
Sales | Geographic Concentration Risk | Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
% | 4% | 4% | 5% |
Sales | Geographic Concentration Risk | All other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
% | 3% | 2% | 1% |
Sales | Geographic Concentration Risk | Latin America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
% | 0% | 1% | 1% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) employee | Dec. 31, 2022 USD ($) employee | Dec. 31, 2021 USD ($) | Aug. 31, 2021 mill | |
Guarantor Obligations [Line Items] | ||||
Rental expense for operating and finance leases | $ 7,956 | $ 8,266 | $ 6,564 | |
Number of mills | mill | 6 | |||
Duties receivable | $ 40,000 | |||
Number of employees | employee | 2,800 | |||
Number of unionized employees, covered under expired contract | employee | 575 | |||
Unionized Employees Concentration Risk | Number of Employees | ||||
Guarantor Obligations [Line Items] | ||||
Concentration risk percentage | 61% | |||
Standby letters of credit | ||||
Guarantor Obligations [Line Items] | ||||
Amount of letters of credit outstanding | $ 35,000 | |||
Surety Bond | ||||
Guarantor Obligations [Line Items] | ||||
Guarantee | 90,000 | |||
LTF project | ||||
Guarantor Obligations [Line Items] | ||||
Guarantee | $ 28,000 | |||
LTF | ||||
Guarantor Obligations [Line Items] | ||||
Ownership percentage | 45% | |||
LTF | Borregaard | ||||
Guarantor Obligations [Line Items] | ||||
Ownership percentage | 55% | |||
Discontinued Operations, Disposed of by Sale | Lumber and Newsprint Facilities | ||||
Guarantor Obligations [Line Items] | ||||
Rights to duty refunds | $ 112,000 | |||
Ancillary fees | 1,000 | |||
Interest earned | $ 10,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Purchase Obligations (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2024 | $ 112,007 |
2025 | 81,975 |
2026 | 72,636 |
2027 | 67,156 |
2028 | 63,348 |
Thereafter | 331,284 |
Total purchase obligation | 728,406 |
Wood Chip and Residual Fiber Supply Agreements | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Total purchase obligation | $ 333,000 |
Supply term | 20 years |
Expected yearly payments | $ 19,000 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for credit losses | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 1,064 | $ 774 | $ 487 |
Charged to Costs and Expenses | 105 | 747 | 346 |
Charged to Other Accounts | 0 | 27 | 2 |
Deductions | (516) | (484) | (61) |
Balance at End of Period | 653 | 1,064 | 774 |
Allowance for sales returns | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 782 | 737 | 759 |
Charged to Costs and Expenses | 0 | 0 | (15) |
Charged to Other Accounts | (191) | 45 | 0 |
Deductions | 0 | 0 | (7) |
Balance at End of Period | 591 | 782 | 737 |
Deferred tax asset valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 71,353 | 67,644 | 81,133 |
Charged to Costs and Expenses | 7,505 | 3,709 | (13,489) |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance at End of Period | 78,858 | 71,353 | 67,644 |
Self-insurance liabilities | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 478 | 982 | 1,028 |
Charged to Costs and Expenses | 448 | (168) | 273 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | (377) | (336) | (319) |
Balance at End of Period | $ 549 | $ 478 | $ 982 |