Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 01, 2019 | |
Document and Entity Information | ||
Entity Registrant Name | MERCER INTERNATIONAL INC. | |
Entity Central Index Key | 0001333274 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Trading Symbol | merc | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 65,651,056 | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
INTERIM CONSOLIDATED STATEMENTS
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Revenues | $ 483,950 | $ 367,903 |
Costs and expenses | ||
Cost of sales, excluding depreciation and amortization | 343,033 | 254,285 |
Cost of sales depreciation and amortization | 30,136 | 23,209 |
Selling, general and administrative expenses | 17,229 | 14,361 |
Operating income | 93,552 | 76,048 |
Other income (expenses) | ||
Interest expense | (18,551) | (12,115) |
Loss on settlement of debt (Note 5(a)) | 0 | (21,515) |
Legal cost award | 0 | (6,951) |
Other income (expenses) | 1,039 | (237) |
Total other expenses, net | (17,512) | (40,818) |
Income before provision for income taxes | 76,040 | 35,230 |
Provision for income taxes | (24,424) | (9,581) |
Net income | $ 51,616 | $ 25,649 |
Net income per common share | ||
Basic | $ 0.79 | $ 0.39 |
Diluted | 0.78 | 0.39 |
Dividends declared per common share | $ 0.125 | $ 0.125 |
INTERIM CONSOLIDATED STATEMEN_2
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 51,616 | $ 25,649 |
Other comprehensive income (loss), net of taxes | ||
Foreign currency translation adjustment | (3,851) | 16,285 |
Change in unrecognized losses and prior service costs related to defined benefit pension plans, net of taxes of $6 (2018 - $nil) | 60 | (154) |
Change in unrealized gains/losses on marketable securities, net of taxes of $nil in all periods | (21) | 1 |
Other comprehensive income (loss), net of taxes | (3,812) | 16,132 |
Total comprehensive income | $ 47,804 | $ 41,781 |
INTERIM CONSOLIDATED STATEMEN_3
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustment, tax effect | $ 0 | $ 0 |
Change in unrecognized losses and prior service costs related to defined benefit plan, tax effect | (6) | 0 |
Change in unrealized gains/losses on marketable securities, tax effect | $ 0 | $ 0 |
INTERIM CONSOLIDATED BALANCE SH
INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 233,234 | $ 240,491 |
Accounts receivable | 308,573 | 252,692 |
Inventories | 282,308 | 303,813 |
Prepaid expenses and other | 19,636 | 13,703 |
Total current assets | 843,751 | 810,699 |
Property, plant and equipment, net | 1,021,957 | 1,029,257 |
Investment in joint ventures | 56,049 | 62,574 |
Intangible assets, net | 55,721 | 53,927 |
Operating lease right-of-use assets | 14,581 | 0 |
Other long-term assets | 19,985 | 17,904 |
Deferred income tax | 1,351 | 1,374 |
Total assets | 2,013,395 | 1,975,735 |
Current liabilities | ||
Accounts payable and other | 211,377 | 194,484 |
Pension and other post-retirement benefit obligations | 879 | 904 |
Total current liabilities | 212,256 | 195,388 |
Debt | 1,007,774 | 1,041,389 |
Pension and other post-retirement benefit obligations | 26,052 | 25,829 |
Finance lease liabilities | 23,604 | 24,669 |
Operating lease liabilities | 12,145 | 0 |
Other long-term liabilities | 14,118 | 13,924 |
Deferred income tax | 96,764 | 93,107 |
Total liabilities | 1,392,713 | 1,394,306 |
Shareholders' equity | ||
Common shares | 65,620 | 65,171 |
Additional paid-in capital | 341,644 | 342,438 |
Retained earnings | 345,400 | 301,990 |
Accumulated other comprehensive loss | (131,982) | (128,170) |
Total shareholders' equity | 620,682 | 581,429 |
Total liabilities and shareholders' equity | 2,013,395 | 1,975,735 |
Commitments and contingencies (Note 14) |
INTERIM CONSOLIDATED BALANCE _2
INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 65,651,000 | 65,202,000 |
Common Stock, Shares, Outstanding | 65,651,000 | 65,202,000 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
INTERIM CONSOLIDATED STATEMEN_4
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Shares [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Total shareholders' equity | $ 550,666 | $ 64,974 | $ 338,695 | $ 205,998 | $ (59,001) |
Balance (in shares) at Dec. 31, 2017 | 65,017 | ||||
Shares issued on grants of performance share units | 0 | $ 153 | (153) | 0 | 0 |
Shares issued on grants of performance share units (in shares) | 153 | ||||
Stock compensation expense (recovery) | 193 | $ 0 | 193 | 0 | 0 |
Net income | 25,649 | 0 | 0 | 25,649 | 0 |
Dividends declared | (8,146) | 0 | 0 | (8,146) | 0 |
Other comprehensive income (loss) | 16,132 | $ 0 | 0 | 0 | 16,132 |
Balance (in shares) at Mar. 31, 2018 | 65,170 | ||||
Total shareholders' equity | 584,494 | $ 65,127 | 338,735 | 223,501 | (42,869) |
Total shareholders' equity | $ 581,429 | $ 65,171 | 342,438 | 301,990 | (128,170) |
Balance (in shares) at Dec. 31, 2018 | 65,202 | 65,202 | |||
Shares issued on grants of performance share units | $ 0 | $ 449 | (449) | 0 | 0 |
Shares issued on grants of performance share units (in shares) | 449 | ||||
Stock compensation expense (recovery) | (345) | $ 0 | (345) | 0 | 0 |
Net income | 51,616 | 0 | 0 | 51,616 | 0 |
Dividends declared | (8,206) | 0 | 0 | (8,206) | 0 |
Other comprehensive income (loss) | $ (3,812) | $ 0 | 0 | 0 | (3,812) |
Balance (in shares) at Mar. 31, 2019 | 65,651 | 65,651 | |||
Total shareholders' equity | $ 620,682 | $ 65,620 | $ 341,644 | $ 345,400 | $ (131,982) |
INTERIM CONSOLIDATED STATEMEN_5
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from (used in) operating activities | ||
Net income | $ 51,616 | $ 25,649 |
Adjustments to reconcile net income to cash flows from operating activities | ||
Depreciation and amortization | 30,247 | 23,319 |
Deferred income tax provision | 3,639 | 4,812 |
Loss on settlement of debt | 0 | 21,515 |
Defined benefit pension plans and other post-retirement benefit plan expense | 856 | 439 |
Stock compensation expense (recovery) | (345) | 193 |
Other | 441 | 820 |
Defined benefit pension plans and other post-retirement benefit plan contributions | (1,158) | (45) |
Changes in working capital | ||
Accounts receivable | (56,353) | (5,132) |
Inventories | 21,141 | (6,822) |
Accounts payable and accrued expenses | (173) | 18,027 |
Other | (7,725) | (6,398) |
Net cash from (used in) operating activities | 42,186 | 76,377 |
Cash flows from (used in) investing activities | ||
Purchase of property, plant and equipment | (19,389) | (16,184) |
Purchase of intangible assets | (316) | (167) |
Other | (261) | 0 |
Net cash from (used in) investing activities | (19,966) | (16,351) |
Cash flows from (used in) financing activities | ||
Redemption of senior notes | 0 | (317,439) |
Proceeds from (repayment of) revolving credit facilities, net | (33,672) | 20,071 |
Dividend payments | 0 | (8,127) |
Payment of debt issuance costs | (509) | (1,390) |
Proceeds from government grants | 6,320 | 0 |
Other | (862) | (848) |
Net cash from (used in) financing activities | (28,723) | (307,733) |
Effect of exchange rate changes on cash and cash equivalents | (754) | 535 |
Net increase (decrease) in cash and cash equivalents | (7,257) | (247,172) |
Cash and cash equivalents, beginning of period | 240,491 | 460,738 |
Cash and cash equivalents, end of period | 233,234 | 213,566 |
Supplemental cash flow disclosure | ||
Cash paid for interest | 16,983 | 11,272 |
Cash paid for income taxes | $ 23,613 | $ 1,478 |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions Disclosure [Text Block] | Acquisition of Mercer Peace River ("MPR") On December 10, 2018, the Company acquired all of the issued and outstanding shares of MPR for cash consideration of $344,588 , subject to certain customary working capital adjustments. The acquisition results in 100% ownership of a bleached kraft pulp mill in Peace River, Alberta, a 50% joint venture interest in the Cariboo Pulp and Paper Company ("CPP"), an NBSK pulp mill, in Quesnel, British Columbia, and a 50% interest in a logging and chipping operation for the areas underlying MPR's forest management agreements and timber allocations. The acquisition of MPR expands the Company's presence in Asia and adds northern bleached hardwood kraft to its product mix. The following summarizes the Company's allocation of the preliminary purchase price to the fair value of the assets acquired and liabilities assumed from MPR at the acquisition date: Purchase Price Allocation Current assets $ 135,305 Property, plant and equipment 212,894 Investment in joint ventures 54,697 Amortizable intangible assets, timber cutting rights (a) 37,634 Other long-term assets 392 Total assets acquired 440,922 Current liabilities 35,578 Pension obligations 9,747 Deferred income tax 47,912 Other long-term liabilities 3,097 Total liabilities assumed 96,334 Net assets acquired $ 344,588 (a) The timber cutting rights are being amortized on a straight line basis over 30 years. The fair value of the timber cutting rights was determined through the market approach utilizing comparable market data. The values were then discounted at a rate of 12% for 30 years to arrive at the fair value. The purchase price allocation was based on a preliminary valuation and may be revised as a result of additional information obtained regarding the assets acquired and liabilities assumed, and revisions of provisional estimates of fair value, including, but not limited to, the completion of valuations related to property, plant and equipment and the identification of intangible assets. During the three month period ended March 31, 2019 immaterial adjustments were made to the purchase price allocation to reflect the most current valuations of the assets. The purchase price will be finalized during the 12-month measurement period following the acquisition date. |
The Company And Summary Of Sign
The Company And Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
The Company And Summary Of Significant Accounting Policies | The Company and Summary of Significant Accounting Policies Nature of Operations and Basis of Presentation The Interim Consolidated Financial Statements contained herein include the accounts of Mercer International Inc. (“Mercer Inc.”) and all of its subsidiaries (collectively the “Company”). The Company’s shares of common stock are quoted and listed for trading on the NASDAQ Global Market. The Interim Consolidated Financial Statements have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). The year-end Consolidated Balance Sheet data was derived from audited financial statements. The footnote disclosure included herein has been prepared in accordance with accounting principles generally accepted for interim financial statements in the United States (“GAAP”). The unaudited Interim Consolidated Financial Statements should be read together with the audited Consolidated Financial Statements and accompanying notes included in the Company’s latest Annual Report on Form 10‑K for the fiscal year ended December 31, 2018. In the opinion of the Company, the unaudited Interim Consolidated Financial Statements contained herein contain all adjustments necessary for a fair statement of the results of the interim periods included. The results for the periods included herein may not be indicative of the results for the entire year. In these Interim Consolidated Financial Statements, unless otherwise indicated, all amounts are expressed in United States dollars (“U.S. dollars” or “$”). The symbol “€” refers to euros and the symbol “C$” refers to Canadian dollars. Use of Estimates Preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant management judgment is required in determining the accounting for, among other things, pension and other post-retirement benefit obligations, deferred income taxes (valuation allowance and permanent reinvestment), depreciation and amortization, future cash flows associated with impairment testing for long-lived assets, the allocation of the purchase price in a business combination to the assets acquired and liabilities assumed, legal liabilities and contingencies. Actual results could differ materially from these estimates, and changes in these estimates are recorded when known. New Accounting Pronouncements Accounting Pronouncements Implemented In February 2016, the Financial Accounting Standards Board ("FASB") established Topic 842, Leases, by issuing Accounting Standards Update ("ASU") 2016-02, Leases, which requires lessees to recognize virtually all leases on the balance sheet, by recording a right-of-use asset and corresponding liability. Additionally, the update also requires additional disclosures in regards to the nature, timing and uncertainty of cash flows arising from leases. Topic 842 was subsequently amended by ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU 2018-10, Codification Improvements to Topic 842, Leases; and ASU 2018-11, Leases: Targeted Improvements. These updates are effective for financial statements issued for fiscal years beginning after December 15, 2018. The Company adopted these updates on January 1, 2019 using the modified retrospective method and used the effective date as the date of initial application. Consequently, financial information will not be updated before January 1, 2019. The new standard provides a number of optional practical expedients in transition and the Company elected to use all of them on adoption. Adoption of the standard resulted in recognition of right-of-use assets and lease liabilities for operating leases of $14,581 as at March 31, 2019. The standard did not impact the Interim Consolidated Statements of Operations or the Interim Consolidated Statements of Cash Flows. The Company's lease disclosure has been included in the Lease Commitments Note. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventory, Net [Abstract] | |
Inventories | Inventories March 31, December 31, 2019 2018 Raw materials $ 89,126 $ 103,983 Finished goods 103,370 114,304 Spare parts and other 89,812 85,526 $ 282,308 $ 303,813 |
Accounts Payable and Other
Accounts Payable and Other | 3 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Other | Accounts Payable and Other March 31, December 31, 2019 2018 Trade payables $ 39,579 $ 36,333 Accrued expenses 106,103 95,936 Interest payable 17,170 16,861 Income tax payable 28,799 29,818 Legal cost award payable — 6,951 Dividends payable 8,206 — Other 11,520 8,585 $ 211,377 $ 194,484 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt March 31, December 31, 2019 2018 2022 Senior Notes, principal amount, $100,000 (a) $ 98,987 $ 98,918 2024 Senior Notes, principal amount, $250,000 (a) 246,344 246,154 2025 Senior Notes, principal amount, $350,000 (a) 342,969 342,761 2026 Senior Notes, principal amount, $300,000 (a) 294,779 294,588 Credit arrangements €200 million joint revolving credit facility (b) — 58,968 C$60 million revolving credit facility (c) 24,695 C$40 million revolving credit facility (d) — — €2.6 million demand loan (e) — — $ 1,007,774 $ 1,041,389 As at March 31, 2019, the maturities of the principal portion of debt were as follows: 2019 $ — 2020 — 2021 — 2022 100,000 2023 — Thereafter 924,695 $ 1,024,695 Certain of the Company’s debt instruments were issued under agreements which, among other things, may limit the ability to make certain payments, including dividends. These limitations are subject to specific exceptions. As at March 31, 2019, the Company was in compliance with the terms of its debt agreements. (a) In 2018, the Company issued $350,000 in aggregate principal amount of 7.375% senior notes which mature on January 15, 2025 ("2025 Senior Notes"). The 2025 Senior Notes were issued at a price of 100% of their principal amount. The net proceeds of the offerings were $342,682 after deducting the underwriter's discount and offering expenses. The net proceeds, together with cash on hand, were used to finance the acquisition of MPR. In 2017, the Company issued $300,000 in aggregate principal amount of 5.50% senior notes which mature on January 15, 2026 ("2026 Senior Notes"). The 2026 Senior Notes were issued at a price of 100% of their principal amount. The net proceeds of the offering were $293,795 , after deducting the underwriter's discount and offering expenses. In 2018, the Company used the net proceeds of the 2026 Senior Notes, together with cash on hand, to purchase $300,000 in aggregate principal amount of 2022 Senior Notes (herein defined below). In connection with this redemption the Company recorded a loss on settlement of debt of $21,515 in the Interim Consolidated Statement of Operations. In 2017, the Company issued $250,000 in aggregate principal amount of 6.50% senior notes which mature on February 1, 2024 ("2024 Senior Notes"). The 2024 Senior Notes were issued at a price of 100% of their principal amount. The net proceeds of the offerings were $244,711 , after deducting the underwriter's discount and offering expenses. The net proceeds, together with cash on hand, were used to redeem $227,000 of remaining aggregate principal amount of outstanding senior notes due 2019, to finance the acquisition of the Friesau sawmill and for general working capital purposes. In 2014, the Company issued $400,000 in aggregate principal amount of 7.75% senior notes which mature on December 1, 2022 ("2022 Senior Notes" and collectively with the 2024 Senior Notes, 2025 Senior Notes and 2026 Senior Notes, the “Senior Notes”). The Senior Notes are general unsecured senior obligations of the Company. They rank equal in right of payment with all existing and future unsecured senior indebtedness of the Company and are senior in right of payment to any current or future subordinated indebtedness of the Company. The Senior Notes are effectively junior in right of payment to all existing and future secured indebtedness, to the extent of the assets securing such indebtedness, and all indebtedness and liabilities of the Company’s subsidiaries. The Company may redeem all or a part of the 2025 Senior Notes or 2026 Senior Notes, upon not less than 10 days ’ or more than 60 days ’ notice and the Company may redeem all or a part of the 2024 Senior Notes or 2022 Senior Notes, upon not less than 30 days ’ or more than 60 days ’ notice at the redemption price plus accrued and unpaid interest to (but not including) the applicable redemption date. The following table presents the redemption prices (expressed as percentages of principal amount) and the redemption periods: 2022 Senior Notes 2024 Senior Notes 2025 Senior Notes 2026 Senior Notes 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage December 1, 2018 103.875 % February 1, 2020 103.250 % January 15, 2021 103.688 % January 15, 2021 102.750 % December 1, 2019 101.938 % February 1, 2021 101.625 % January 15, 2022 101.844 % January 15, 2022 101.375 % December 1, 2020 and thereafter 100.000 % February 1, 2022 and thereafter 100.000 % January 15, 2023 and thereafter 100.000 % January 15, 2023 and thereafter 100.000 % (b) A €200.0 million joint revolving credit facility with all of the Company’s German mills that matures in December 2023. Borrowings under the facility are unsecured and bear interest at Euribor plus a variable margin ranging from 1.05% to 2.00% dependent on conditions including but not limited to a prescribed leverage ratio. As at March 31, 2019, approximately €11.6 million ( $13,057 ) of this facility was supporting bank guarantees leaving approximately €188.4 million ( $211,643 ) available. (c) In 2019, MPR entered into a C$60.0 million revolving credit facility that matures in February 2024. The facility is available by way of: (i) Canadian denominated advances, which bear interest at a designated prime rate per annum; (ii) banker's acceptance equivalent loans, which bear interest at the applicable Canadian dollar banker's acceptance plus 1.25% to 1.50% per annum; (iii) dollar denominated base rate advances at the greater of the federal funds rate plus 0.50% , a designated LIBOR rate plus 1.00% and the bank’s applicable reference rate for U.S. dollar loans ; and (iv) dollar LIBOR advances, which bear interest at LIBOR plus 1.25% to 1.50% per annum. The facility is secured by, among other things, the mill’s inventories and receivables. As at March 31, 2019, approximately C$33.0 million ( $24,695 ) of this facility was drawn and accruing interest at a rate of 3.23% and approximately C$0.9 million ( $657 ) was supporting letters of credit leaving approximately C$26.1 million ( $19,548 ) available. (d) A C$40.0 million revolving credit facility at the Celgar mill that matures in July 2023. Borrowings under the facility are collateralized by the mill’s inventory, accounts receivable, general intangibles and capital assets and are restricted by a borrowing base calculated on the mill’s inventory and accounts receivable. When the borrowing capacity is less than 25% of the total facility the Canadian dollar denominated amounts bear interest at bankers acceptance plus 1.50% or Canadian prime and the U.S. dollar denominated amounts bear interest at LIBOR plus 1.50% or U.S. base . When the borrowing capacity is greater than or equal to 25% of the total facility, the respective bankers acceptance or LIBOR margins are reduced by 0.25% and the Canadian Prime or U.S. base margins are reduced by 0.125% . As at March 31, 2019 , approximately C$1.7 million ( $1,271 ) was supporting letters of credit leaving approximately C$38.3 million ( $28,662 ) available. (e) A €2.6 million demand loan at the Rosenthal mill that does not have a maturity date. Borrowings under this facility are unsecured and bear interest at the rate of the three-month Euribor plus 2.50% . As at March 31, 2019 , approximately €2.6 million ( $2,867 ) of this facility was supporting bank guarantees leaving approximately $ nil available. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefit Obligations | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure | Pension and Other Post-Retirement Benefit Obligations Defined Benefit Plans Included in pension and other post-retirement benefit obligations are amounts related to Celgar and from the date of acquisition MPR. Pension benefits are based on employees’ earnings and years of service. The defined benefit plans are funded by contributions from the Company based on actuarial estimates and statutory requirements. The components of the net benefit costs for the three month periods ended March 31, 2019 and 2018 were as follows: Three Months Ended March 31, 2019 2018 Pension Other Post- Pension Other Post- Service cost $ 716 $ 68 $ 26 $ 120 Interest cost 877 137 323 182 Expected return on plan assets (1,002 ) — (393 ) — Amortization of unrecognized items 215 (155 ) 234 (53 ) Net benefit costs $ 806 $ 50 $ 190 $ 249 Defined Contribution Plans Effective December 31, 2008, the defined benefit plans at the Celgar mill were closed to new members. In addition, the related defined benefit service accrual ceased on December 31, 2008, and members began to receive pension benefits, at a fixed contractual rate, under a new defined contribution plan effective January 1, 2009. MPR also has defined contribution plans available to most of its employees. During the three month period ended March 31, 2019 , the Company made contributions of $448 ( 2018 – $218 ). Multiemployer Plan The Company participates in a multiemployer plan for the hourly-paid employees at the Celgar mill. The contributions to the plan are determined based on a percentage of pensionable earnings pursuant to a collective bargaining agreement. The Company has no current or future contribution obligations in excess of the contractual contributions. Contributions during the three month period ended March 31, 2019 totaled $323 ( 2018 – $487 ). |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Differences between the U.S. Federal statutory and the Company’s effective rates for the three months ended March 31, 2019 and 2018, were as follows: Three Months Ended Mar ch 31, 2019 2018 U.S. Federal statutory rate 21% 21% U.S. Federal statutory rate on income before provision for income taxes $ (15,968 ) $ (7,398 ) Tax differential on foreign income (5,916 ) (4,589 ) Effect of foreign earnings (1) (11,887 ) (2,717 ) Valuation allowance 8,341 18,245 Adjustment to uncertain tax position — (16,677 ) Tax benefit of partnership structure 958 897 Non-taxable foreign subsidies 368 756 True-up of prior year taxes 1,275 2,610 Other (1,595 ) (708 ) $ (24,424 ) $ (9,581 ) Comprised of: Current income tax provision $ (20,785 ) $ (4,769 ) Deferred income tax provision (3,639 ) (4,812 ) $ (24,424 ) $ (9,581 ) (1) Includes the impact of the global intangible low-taxed income provision in the Tax Cuts and Jobs Act of 2017. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Dividends In February 2019 , the Company’s board of directors declared a quarterly dividend of $0.125 per common share. Payment of the dividend was made on April 3, 2019 to all shareholders of record on March 27, 2019 . In May 2019 , the Company’s board of directors declared a quarterly dividend of $0.1375 per common share. Payment of the dividend will be made on July 3, 2019 to all shareholders of record on June 24, 2019 . Future dividends are subject to approval by the board of directors and may be adjusted as business and industry conditions warrant. Common Stock Repurchase Program In May 2019, the Company's board of directors authorized a common stock repurchase program under which the Company may repurchase up to $50,000 of its shares over the next 12 months. Stock Based Compensation The Company has a stock incentive plan which provides for options, restricted stock rights, restricted shares, performance shares, performance share units ("PSUs") and stock appreciation rights to be awarded to employees, consultants and non-employee directors. During the three month period ended March 31, 2019, there were no issued and outstanding options, restricted stock rights, performance shares or stock appreciation rights. As at March 31, 2019, after factoring in all allocated shares, there remain approximately 2.6 million common shares available for grant. PSUs PSUs comprise rights to receive common shares at a future date that are contingent on the Company and the grantee achieving certain performance objectives. The performance objective period is generally three years. For the three month period ended March 31, 2019, the Company recognized a recovery of $475 related to PSUs ( 2018 expense – $64 ). The following table summarizes PSU activity during the period: Number of PSUs Outstanding as at January 1, 2019 2,036,008 Granted 641,206 Vested and issued (449,395 ) Forfeited (462,843 ) Outstanding as at March 31, 2019 1,764,976 Restricted Shares Restricted shares generally vest at the end of one year. Expense recognized for the three month period ended March 31, 2019 was $130 ( 2018 – $129 ). As at March 31, 2019, the total remaining unrecognized compensation cost related to restricted shares amounted to approximately $87 which will be amortized over the remaining vesting periods. |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income Per Common Share Three Months Ended March 31, 2019 2018 Net income Basic and diluted $ 51,616 $ 25,649 Net income per common share Basic $ 0.79 $ 0.39 Diluted $ 0.78 $ 0.39 Weighted average number of common shares outstanding: Basic (1) 65,400,222 65,050,275 Effect of dilutive shares: PSUs 490,814 492,031 Restricted shares 20,102 32,515 Diluted 65,911,138 65,574,821 (1) For the three month period ended March 31, 2019, the basic weighted average number of common shares outstanding excludes 31,130 restricted shares which have been issued, but have not vested as at March 31, 2019 ( 2018 – 43,635 restricted shares). The calculation of diluted net income per common share does not assume the exercise of any instruments that would have an anti-dilutive effect on net income per common share. There were no anti-dilutive instruments for the three month periods ended March 31, 2019 and 2018. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The change in the accumulated other comprehensive loss by component (net of tax) was as follows: Foreign Currency Translation Adjustment Defined Benefit Pension and Other Post-Retirement Benefit Items Unrealized Gains / Losses on Marketable Securities Total Balance as at January 1, 2019 $ (127,003 ) $ (1,170 ) $ 3 $ (128,170 ) Other comprehensive loss before reclassifications (3,851 ) — (21 ) (3,872 ) Amounts reclassified from accumulated other comprehensive loss — 60 — 60 Other comprehensive income (loss) (3,851 ) 60 (21 ) (3,812 ) Balance as at March 31, 2019 $ (130,854 ) $ (1,110 ) $ (18 ) $ (131,982 ) |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information The Company is managed based on the primary products it manufactures: pulp and wood products. Accordingly, the Company's four pulp mills and its 50% interest in the CPP mill are aggregated into the pulp business segment, and the Friesau sawmill is a separate reportable business segment, wood products. The Company's sandalwood business is included in Corporate and Other as it does not meet the criteria to be reported as a separate segment. None of the income or loss items following operating income in the Company's Interim Consolidated Statement of Operations are allocated to the segments, as those items are reviewed separately by management. Information about certain segment data for the three month periods ended March 31, 2019 and 2018, was as follows: Three Months Ended March 31, 2019 Pulp Wood Products Corporate and Other Consolidated Revenues from external customers $ 436,474 $ 44,439 $ 3,037 $ 483,950 Operating income (loss) $ 93,520 $ 1,620 $ (1,588 ) $ 93,552 Depreciation and amortization $ 28,023 $ 1,911 $ 313 $ 30,247 Total assets (1) $ 1,782,453 $ 81,397 $ 149,545 $ 2,013,395 Revenues by major products Pulp $ 413,313 $ — $ — $ 413,313 Lumber — 39,163 — 39,163 Energy and chemicals 23,161 2,666 3,037 28,864 Wood residuals — 2,610 — 2,610 Total revenues $ 436,474 $ 44,439 $ 3,037 $ 483,950 Revenues by geographical markets U.S. $ 54,568 $ 13,292 $ — $ 67,860 Germany 132,189 14,916 — 147,105 China 115,319 — — 115,319 Other countries 134,398 16,231 3,037 153,666 Total revenues $ 436,474 $ 44,439 $ 3,037 $ 483,950 (1) Total assets for the pulp segment includes the Company's $56,049 investment in joint ventures, primarily for the CPP mill. Three Months Ended March 31, 2018 Pulp Wood Products Corporate and Other Consolidated Revenues from external customers $ 314,235 $ 53,668 $ — $ 367,903 Operating income (loss) $ 74,054 $ 2,982 $ (988 ) $ 76,048 Depreciation and amortization $ 21,523 $ 1,686 $ 110 $ 23,319 Revenues by major products Pulp $ 290,551 $ — $ — $ 290,551 Lumber — 48,168 — 48,168 Energy and chemicals 23,684 2,781 — 26,465 Wood residuals — 2,719 — 2,719 Total revenues $ 314,235 $ 53,668 $ — $ 367,903 Revenues by geographical markets U.S. $ 5,650 $ 16,405 $ — $ 22,055 Germany 124,738 21,766 — 146,504 China 84,481 — — 84,481 Other countries 99,366 15,497 — 114,863 Total revenues $ 314,235 $ 53,668 $ — $ 367,903 As at December 31, 2018, the Company had total assets of $1,698,071 in the pulp segment, $131,754 in the wood products segment and $145,910 in corporate and other. Revenues between segments are accounted for at prices that approximate fair value. These include revenues from the sale of residual fiber from the wood products segment to the pulp segment for use in the pulp production process and from the sale of residual fuel from the pulp segment to the wood products segment for use in energy production. For the three month period ended March 31, 2019, the pulp segment sold $256 of residual fuel to the wood products segment (2018 – $354 ) and the wood products segment sold $5,407 of residual fiber to the pulp segment (2018 – $4,949 ). The Company purchases and sells pulp produced by the 50% owned CPP mill. The pulp purchases are transacted at the CPP mill's cost. For the three month period ended March 31, 2019, the Company purchased $24,633 of pulp (2018 - $ nil ) and as at March 31, 2019 had a balance owing to the CPP mill of $2,653 (December 31, 2018 - $1,347 ). The Company also purchases fiber from its 50% owned logging operation. For the three month period ended March 31, 2019, the Company purchased $5,794 of fiber (2018 - $ nil ) and as at March 31, 2019 had a balance owing to the logging operation of $2,884 (December 31, 2018 - $2,343 ). |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurement | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurement | Financial Instruments and Fair Value Measurement Due to their short-term maturity, the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable and other approximates their fair value. The carrying value of the revolving credit facilities classified as Level 2 approximates their fair value as the variable interest rates reflect current interest rates for financial instruments with similar characteristics and maturities. The fair value of the Senior Notes classified as Level 2 was determined using quoted prices in a dealer market, or using recent market transactions. The following tables present a summary of the Company’s outstanding financial instruments and their estimated fair values under the fair value hierarchy: Fair value measurements as at March 31, 2019 using: Description Level 1 Level 2 Level 3 Total Revolving credit facility $ — $ 24,695 $ — $ 24,695 Senior notes — 1,021,125 — 1,021,125 $ — $ 1,045,820 $ — $ 1,045,820 Fair value measurements as at December 31, 2018 using: Description Level 1 Level 2 Level 3 Total Revolving credit facility $ — $ 58,968 $ — $ 58,968 Senior notes — 965,000 — 965,000 $ — $ 1,023,968 $ — $ 1,023,968 Credit Risk The Company’s credit risk is primarily attributable to cash held in bank accounts and accounts receivable. The Company maintains cash balances in foreign financial institutions in excess of insured limits. The Company limits its credit exposure on cash held in bank accounts by periodically investing cash in excess of short-term operating requirements and debt obligations in low risk government bonds, or similar debt instruments. The Company’s credit risk associated with the sale of pulp, lumber and other wood residuals is managed through setting credit limits, the purchase of credit insurance and for certain customers a letter of credit is received prior to shipping the product. Concentrations of credit risk on the sale of pulp, lumber and other wood residuals are with customers and agents based primarily in Germany, China and Italy. The carrying amount of cash and cash equivalents of $233,234 and accounts receivable of $308,573 recorded in the Interim Consolidated Balance Sheet, net of any allowances for losses, represents the Company’s maximum exposure to credit risk. |
Lease Commitments
Lease Commitments | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Lease Commitments The Company has finance leases primarily for rail cars and production equipment. The rail cars primarily have a remaining lease term of nine years with annual renewal options thereafter. The production equipment has a remaining lease term of eight years . The Company has operating leases primarily for land to support the sandalwood tree plantations and for offices. The land leases have remaining terms of six to 13 years with options to renew for up to six years . The office leases have remaining terms of four to eight years with options to renew primarily for an additional five years . A majority of the operating leases are subject to annual changes to the Consumer Price Index ("CPI"). Changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. A 100 -basis-point increase in CPI would not have a material impact on lease costs. The components of lease expense were as follows: Three Months Ended March 31, 2019 2018 Lease cost: Operating lease cost $ 932 $ 850 Finance lease cost: Amortization of right-of-use assets 881 853 Interest on lease liabilities 366 234 Total lease cost $ 2,179 $ 1,937 Supplemental cash flow information related to leases were as follows: Three Months Ended March 31, 2019 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 932 $ 850 Operating cash flows from finance leases $ 366 $ 234 Financing cash flows from finance leases $ 862 $ 848 Other information related to leases is as follows: Three Months Ended March 31, 2019 2018 Weighted average remaining lease term: Operating leases 7 years 5 years Finance leases 9 years 10 years Weighted average discount rate: Operating leases 6 % Finance leases 5 % 5 % The discount rates used to calculate the present value of the minimum lease payments is the incremental borrowing rate that the subsidiary entering into the lease would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Supplemental balance sheet information related to leases were as follows: March 31, December 31, 2019 2018 Operating Leases Operating lease right-of-use assets $ 14,581 Other current liabilities $ 2,436 Operating lease liabilities 12,145 Total operating lease liabilities $ 14,581 Finance Leases Property and equipment, gross $ 43,625 $ 44,756 Accumulated depreciation (16,223 ) (15,963 ) Property and equipment, net $ 27,402 $ 28,793 Other current liabilities $ 4,597 $ 4,911 Finance lease liabilities 23,604 24,669 Total finance lease liabilities $ 28,201 $ 29,580 As at March 31, 2019, maturities of lease liabilities were as follows: Finance Operating Leases 2019 $ 4,943 $ 2,683 2020 3,512 3,197 2021 3,383 2,919 2022 3,216 2,734 2023 3,346 2,054 Thereafter 16,707 4,777 Total lease payments 35,107 18,364 Less: imputed interest (6,906 ) (3,783 ) Total lease liability $ 28,201 $ 14,581 As at March 31, 2019, the Company has additional finance leases for rail cars that have not yet commenced. The leases have a term of 12 years with annual renewal options thereafter. The total payments over the term of the leases will be approximately $19,600 . The leases will commence in 2019. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) The Company is involved in legal actions and claims arising in the ordinary course of business. While the outcome of any legal actions and claims cannot be predicted with certainty, it is the opinion of management that the outcome of any such claims which are pending or threatened, either individually or on a combined basis, will not have a material adverse effect on the consolidated financial condition, results of operations or liquidity of the Company. (b) The Company is subject to regulations that require the handling and disposal of asbestos in a prescribed manner if a property undergoes a major renovation or demolition. Otherwise, the Company is not required to remove asbestos from its facilities. Generally asbestos is found on steam and condensate piping systems as well as certain cladding on buildings and in building insulation throughout older facilities. The Company’s obligation for the proper removal and disposal of asbestos products from the Company’s mills is a conditional asset retirement obligation. As a result of the longevity of the Company’s mills, due in part to the maintenance procedures and the fact that the Company does not have plans for major changes that require the removal of asbestos, the timing of the asbestos removal is indeterminate. As a result, the Company is currently unable to reasonably estimate the fair value of its asbestos removal and disposal obligation. The Company will recognize a liability in the period in which sufficient information is available to reasonably estimate its fair value. |
The Company And Summary Of Si_2
The Company And Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates Preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant management judgment is required in determining the accounting for, among other things, pension and other post-retirement benefit obligations, deferred income taxes (valuation allowance and permanent reinvestment), depreciation and amortization, future cash flows associated with impairment testing for long-lived assets, the allocation of the purchase price in a business combination to the assets acquired and liabilities assumed, legal liabilities and contingencies. Actual results could differ materially from these estimates, and changes in these estimates are recorded when known. |
Nature of Operations | Nature of Operations and Basis of Presentation The Interim Consolidated Financial Statements contained herein include the accounts of Mercer International Inc. (“Mercer Inc.”) and all of its subsidiaries (collectively the “Company”). The Company’s shares of common stock are quoted and listed for trading on the NASDAQ Global Market. The Interim Consolidated Financial Statements have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). The year-end Consolidated Balance Sheet data was derived from audited financial statements. The footnote disclosure included herein has been prepared in accordance with accounting principles generally accepted for interim financial statements in the United States (“GAAP”). The unaudited Interim Consolidated Financial Statements should be read together with the audited Consolidated Financial Statements and accompanying notes included in the Company’s latest Annual Report on Form 10‑K for the fiscal year ended December 31, 2018. In the opinion of the Company, the unaudited Interim Consolidated Financial Statements contained herein contain all adjustments necessary for a fair statement of the results of the interim periods included. The results for the periods included herein may not be indicative of the results for the entire year. In these Interim Consolidated Financial Statements, unless otherwise indicated, all amounts are expressed in United States dollars (“U.S. dollars” or “$”). The symbol “€” refers to euros and the symbol “C$” refers to Canadian dollars. |
New Accounting Pronouncements | New Accounting Pronouncements Accounting Pronouncements Implemented In February 2016, the Financial Accounting Standards Board ("FASB") established Topic 842, Leases, by issuing Accounting Standards Update ("ASU") 2016-02, Leases, which requires lessees to recognize virtually all leases on the balance sheet, by recording a right-of-use asset and corresponding liability. Additionally, the update also requires additional disclosures in regards to the nature, timing and uncertainty of cash flows arising from leases. Topic 842 was subsequently amended by ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU 2018-10, Codification Improvements to Topic 842, Leases; and ASU 2018-11, Leases: Targeted Improvements. These updates are effective for financial statements issued for fiscal years beginning after December 15, 2018. The Company adopted these updates on January 1, 2019 using the modified retrospective method and used the effective date as the date of initial application. Consequently, financial information will not be updated before January 1, 2019. The new standard provides a number of optional practical expedients in transition and the Company elected to use all of them on adoption. Adoption of the standard resulted in recognition of right-of-use assets and lease liabilities for operating leases of $14,581 as at March 31, 2019. The standard did not impact the Interim Consolidated Statements of Operations or the Interim Consolidated Statements of Cash Flows. The Company's lease disclosure has been included in the Lease Commitments Note. |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Purchase Price Allocations | The following summarizes the Company's allocation of the preliminary purchase price to the fair value of the assets acquired and liabilities assumed from MPR at the acquisition date: Purchase Price Allocation Current assets $ 135,305 Property, plant and equipment 212,894 Investment in joint ventures 54,697 Amortizable intangible assets, timber cutting rights (a) 37,634 Other long-term assets 392 Total assets acquired 440,922 Current liabilities 35,578 Pension obligations 9,747 Deferred income tax 47,912 Other long-term liabilities 3,097 Total liabilities assumed 96,334 Net assets acquired $ 344,588 (a) The timber cutting rights are being amortized on a straight line basis over 30 years. The fair value of the timber cutting rights was determined through the market approach utilizing comparable market data. The values were then discounted at a rate of 12% for 30 years to arrive at the fair value. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory, Net [Abstract] | |
Components of Inventory | March 31, December 31, 2019 2018 Raw materials $ 89,126 $ 103,983 Finished goods 103,370 114,304 Spare parts and other 89,812 85,526 $ 282,308 $ 303,813 |
Accounts Payable and Other (Tab
Accounts Payable and Other (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Other | March 31, December 31, 2019 2018 Trade payables $ 39,579 $ 36,333 Accrued expenses 106,103 95,936 Interest payable 17,170 16,861 Income tax payable 28,799 29,818 Legal cost award payable — 6,951 Dividends payable 8,206 — Other 11,520 8,585 $ 211,377 $ 194,484 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | (a) In 2018, the Company issued $350,000 in aggregate principal amount of 7.375% senior notes which mature on January 15, 2025 ("2025 Senior Notes"). The 2025 Senior Notes were issued at a price of 100% of their principal amount. The net proceeds of the offerings were $342,682 after deducting the underwriter's discount and offering expenses. The net proceeds, together with cash on hand, were used to finance the acquisition of MPR. In 2017, the Company issued $300,000 in aggregate principal amount of 5.50% senior notes which mature on January 15, 2026 ("2026 Senior Notes"). The 2026 Senior Notes were issued at a price of 100% of their principal amount. The net proceeds of the offering were $293,795 , after deducting the underwriter's discount and offering expenses. In 2018, the Company used the net proceeds of the 2026 Senior Notes, together with cash on hand, to purchase $300,000 in aggregate principal amount of 2022 Senior Notes (herein defined below). In connection with this redemption the Company recorded a loss on settlement of debt of $21,515 in the Interim Consolidated Statement of Operations. In 2017, the Company issued $250,000 in aggregate principal amount of 6.50% senior notes which mature on February 1, 2024 ("2024 Senior Notes"). The 2024 Senior Notes were issued at a price of 100% of their principal amount. The net proceeds of the offerings were $244,711 , after deducting the underwriter's discount and offering expenses. The net proceeds, together with cash on hand, were used to redeem $227,000 of remaining aggregate principal amount of outstanding senior notes due 2019, to finance the acquisition of the Friesau sawmill and for general working capital purposes. In 2014, the Company issued $400,000 in aggregate principal amount of 7.75% senior notes which mature on December 1, 2022 ("2022 Senior Notes" and collectively with the 2024 Senior Notes, 2025 Senior Notes and 2026 Senior Notes, the “Senior Notes”). The Senior Notes are general unsecured senior obligations of the Company. They rank equal in right of payment with all existing and future unsecured senior indebtedness of the Company and are senior in right of payment to any current or future subordinated indebtedness of the Company. The Senior Notes are effectively junior in right of payment to all existing and future secured indebtedness, to the extent of the assets securing such indebtedness, and all indebtedness and liabilities of the Company’s subsidiaries. The Company may redeem all or a part of the 2025 Senior Notes or 2026 Senior Notes, upon not less than 10 days ’ or more than 60 days ’ notice and the Company may redeem all or a part of the 2024 Senior Notes or 2022 Senior Notes, upon not less than 30 days ’ or more than 60 days ’ notice at the redemption price plus accrued and unpaid interest to (but not including) the applicable redemption date. The following table presents the redemption prices (expressed as percentages of principal amount) and the redemption periods: 2022 Senior Notes 2024 Senior Notes 2025 Senior Notes 2026 Senior Notes 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage December 1, 2018 103.875 % February 1, 2020 103.250 % January 15, 2021 103.688 % January 15, 2021 102.750 % December 1, 2019 101.938 % February 1, 2021 101.625 % January 15, 2022 101.844 % January 15, 2022 101.375 % December 1, 2020 and thereafter 100.000 % February 1, 2022 and thereafter 100.000 % January 15, 2023 and thereafter 100.000 % January 15, 2023 and thereafter 100.000 % (b) A €200.0 million joint revolving credit facility with all of the Company’s German mills that matures in December 2023. Borrowings under the facility are unsecured and bear interest at Euribor plus a variable margin ranging from 1.05% to 2.00% dependent on conditions including but not limited to a prescribed leverage ratio. As at March 31, 2019, approximately €11.6 million ( $13,057 ) of this facility was supporting bank guarantees leaving approximately €188.4 million ( $211,643 ) available. (c) In 2019, MPR entered into a C$60.0 million revolving credit facility that matures in February 2024. The facility is available by way of: (i) Canadian denominated advances, which bear interest at a designated prime rate per annum; (ii) banker's acceptance equivalent loans, which bear interest at the applicable Canadian dollar banker's acceptance plus 1.25% to 1.50% per annum; (iii) dollar denominated base rate advances at the greater of the federal funds rate plus 0.50% , a designated LIBOR rate plus 1.00% and the bank’s applicable reference rate for U.S. dollar loans ; and (iv) dollar LIBOR advances, which bear interest at LIBOR plus 1.25% to 1.50% per annum. The facility is secured by, among other things, the mill’s inventories and receivables. As at March 31, 2019, approximately C$33.0 million ( $24,695 ) of this facility was drawn and accruing interest at a rate of 3.23% and approximately C$0.9 million ( $657 ) was supporting letters of credit leaving approximately C$26.1 million ( $19,548 ) available. (d) A C$40.0 million revolving credit facility at the Celgar mill that matures in July 2023. Borrowings under the facility are collateralized by the mill’s inventory, accounts receivable, general intangibles and capital assets and are restricted by a borrowing base calculated on the mill’s inventory and accounts receivable. When the borrowing capacity is less than 25% of the total facility the Canadian dollar denominated amounts bear interest at bankers acceptance plus 1.50% or Canadian prime and the U.S. dollar denominated amounts bear interest at LIBOR plus 1.50% or U.S. base . When the borrowing capacity is greater than or equal to 25% of the total facility, the respective bankers acceptance or LIBOR margins are reduced by 0.25% and the Canadian Prime or U.S. base margins are reduced by 0.125% . As at March 31, 2019 , approximately C$1.7 million ( $1,271 ) was supporting letters of credit leaving approximately C$38.3 million ( $28,662 ) available. (e) A €2.6 million demand loan at the Rosenthal mill that does not have a maturity date. Borrowings under this facility are unsecured and bear interest at the rate of the three-month Euribor plus 2.50% . As at March 31, 2019 , approximately €2.6 million ( $2,867 ) of this facility was supporting bank guarantees leaving approximately $ nil available. March 31, December 31, 2019 2018 2022 Senior Notes, principal amount, $100,000 (a) $ 98,987 $ 98,918 2024 Senior Notes, principal amount, $250,000 (a) 246,344 246,154 2025 Senior Notes, principal amount, $350,000 (a) 342,969 342,761 2026 Senior Notes, principal amount, $300,000 (a) 294,779 294,588 Credit arrangements €200 million joint revolving credit facility (b) — 58,968 C$60 million revolving credit facility (c) 24,695 C$40 million revolving credit facility (d) — — €2.6 million demand loan (e) — — $ 1,007,774 $ 1,041,389 |
Debt Instrument Redemption | The following table presents the redemption prices (expressed as percentages of principal amount) and the redemption periods: 2022 Senior Notes 2024 Senior Notes 2025 Senior Notes 2026 Senior Notes 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage 12 Month Period Beginning Percentage December 1, 2018 103.875 % February 1, 2020 103.250 % January 15, 2021 103.688 % January 15, 2021 102.750 % December 1, 2019 101.938 % February 1, 2021 101.625 % January 15, 2022 101.844 % January 15, 2022 101.375 % December 1, 2020 and thereafter 100.000 % February 1, 2022 and thereafter 100.000 % January 15, 2023 and thereafter 100.000 % January 15, 2023 and thereafter 100.000 % |
Principal Maturities Of Debt | As at March 31, 2019, the maturities of the principal portion of debt were as follows: 2019 $ — 2020 — 2021 — 2022 100,000 2023 — Thereafter 924,695 $ 1,024,695 |
Pension And Other Post-Retire_2
Pension And Other Post-Retirement Benefit Obligations (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The components of the net benefit costs for the three month periods ended March 31, 2019 and 2018 were as follows: Three Months Ended March 31, 2019 2018 Pension Other Post- Pension Other Post- Service cost $ 716 $ 68 $ 26 $ 120 Interest cost 877 137 323 182 Expected return on plan assets (1,002 ) — (393 ) — Amortization of unrecognized items 215 (155 ) 234 (53 ) Net benefit costs $ 806 $ 50 $ 190 $ 249 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Effective Tax Rate | Differences between the U.S. Federal statutory and the Company’s effective rates for the three months ended March 31, 2019 and 2018, were as follows: Three Months Ended Mar ch 31, 2019 2018 U.S. Federal statutory rate 21% 21% U.S. Federal statutory rate on income before provision for income taxes $ (15,968 ) $ (7,398 ) Tax differential on foreign income (5,916 ) (4,589 ) Effect of foreign earnings (1) (11,887 ) (2,717 ) Valuation allowance 8,341 18,245 Adjustment to uncertain tax position — (16,677 ) Tax benefit of partnership structure 958 897 Non-taxable foreign subsidies 368 756 True-up of prior year taxes 1,275 2,610 Other (1,595 ) (708 ) $ (24,424 ) $ (9,581 ) Comprised of: Current income tax provision $ (20,785 ) $ (4,769 ) Deferred income tax provision (3,639 ) (4,812 ) $ (24,424 ) $ (9,581 ) (1) Includes the impact of the global intangible low-taxed income provision in the Tax Cuts and Jobs Act of 2017. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Performance Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Share Based Compensation Arrangement Activity | The following table summarizes PSU activity during the period: Number of PSUs Outstanding as at January 1, 2019 2,036,008 Granted 641,206 Vested and issued (449,395 ) Forfeited (462,843 ) Outstanding as at March 31, 2019 1,764,976 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended March 31, 2019 2018 Net income Basic and diluted $ 51,616 $ 25,649 Net income per common share Basic $ 0.79 $ 0.39 Diluted $ 0.78 $ 0.39 Weighted average number of common shares outstanding: Basic (1) 65,400,222 65,050,275 Effect of dilutive shares: PSUs 490,814 492,031 Restricted shares 20,102 32,515 Diluted 65,911,138 65,574,821 (1) For the three month period ended March 31, 2019, the basic weighted average number of common shares outstanding excludes 31,130 restricted shares which have been issued, but have not vested as at March 31, 2019 ( 2018 – 43,635 restricted shares). |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The change in the accumulated other comprehensive loss by component (net of tax) was as follows: Foreign Currency Translation Adjustment Defined Benefit Pension and Other Post-Retirement Benefit Items Unrealized Gains / Losses on Marketable Securities Total Balance as at January 1, 2019 $ (127,003 ) $ (1,170 ) $ 3 $ (128,170 ) Other comprehensive loss before reclassifications (3,851 ) — (21 ) (3,872 ) Amounts reclassified from accumulated other comprehensive loss — 60 — 60 Other comprehensive income (loss) (3,851 ) 60 (21 ) (3,812 ) Balance as at March 31, 2019 $ (130,854 ) $ (1,110 ) $ (18 ) $ (131,982 ) |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Information about certain segment data for the three month periods ended March 31, 2019 and 2018, was as follows: Three Months Ended March 31, 2019 Pulp Wood Products Corporate and Other Consolidated Revenues from external customers $ 436,474 $ 44,439 $ 3,037 $ 483,950 Operating income (loss) $ 93,520 $ 1,620 $ (1,588 ) $ 93,552 Depreciation and amortization $ 28,023 $ 1,911 $ 313 $ 30,247 Total assets (1) $ 1,782,453 $ 81,397 $ 149,545 $ 2,013,395 Revenues by major products Pulp $ 413,313 $ — $ — $ 413,313 Lumber — 39,163 — 39,163 Energy and chemicals 23,161 2,666 3,037 28,864 Wood residuals — 2,610 — 2,610 Total revenues $ 436,474 $ 44,439 $ 3,037 $ 483,950 Revenues by geographical markets U.S. $ 54,568 $ 13,292 $ — $ 67,860 Germany 132,189 14,916 — 147,105 China 115,319 — — 115,319 Other countries 134,398 16,231 3,037 153,666 Total revenues $ 436,474 $ 44,439 $ 3,037 $ 483,950 (1) Total assets for the pulp segment includes the Company's $56,049 investment in joint ventures, primarily for the CPP mill. Three Months Ended March 31, 2018 Pulp Wood Products Corporate and Other Consolidated Revenues from external customers $ 314,235 $ 53,668 $ — $ 367,903 Operating income (loss) $ 74,054 $ 2,982 $ (988 ) $ 76,048 Depreciation and amortization $ 21,523 $ 1,686 $ 110 $ 23,319 Revenues by major products Pulp $ 290,551 $ — $ — $ 290,551 Lumber — 48,168 — 48,168 Energy and chemicals 23,684 2,781 — 26,465 Wood residuals — 2,719 — 2,719 Total revenues $ 314,235 $ 53,668 $ — $ 367,903 Revenues by geographical markets U.S. $ 5,650 $ 16,405 $ — $ 22,055 Germany 124,738 21,766 — 146,504 China 84,481 — — 84,481 Other countries 99,366 15,497 — 114,863 Total revenues $ 314,235 $ 53,668 $ — $ 367,903 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Outstanding Financial Instruments And Estimated Fair Values | The following tables present a summary of the Company’s outstanding financial instruments and their estimated fair values under the fair value hierarchy: Fair value measurements as at March 31, 2019 using: Description Level 1 Level 2 Level 3 Total Revolving credit facility $ — $ 24,695 $ — $ 24,695 Senior notes — 1,021,125 — 1,021,125 $ — $ 1,045,820 $ — $ 1,045,820 Fair value measurements as at December 31, 2018 using: Description Level 1 Level 2 Level 3 Total Revolving credit facility $ — $ 58,968 $ — $ 58,968 Senior notes — 965,000 — 965,000 $ — $ 1,023,968 $ — $ 1,023,968 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense were as follows: Three Months Ended March 31, 2019 2018 Lease cost: Operating lease cost $ 932 $ 850 Finance lease cost: Amortization of right-of-use assets 881 853 Interest on lease liabilities 366 234 Total lease cost $ 2,179 $ 1,937 |
Schedule Of Supplemental Cash Flow Information Related To Leases [Table Text Block] | Supplemental cash flow information related to leases were as follows: Three Months Ended March 31, 2019 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 932 $ 850 Operating cash flows from finance leases $ 366 $ 234 Financing cash flows from finance leases $ 862 $ 848 |
Schedule Of Weighted Average Lease Terms And Discount Rates For Operating And Finance Leases [Table Text Block] | Other information related to leases is as follows: Three Months Ended March 31, 2019 2018 Weighted average remaining lease term: Operating leases 7 years 5 years Finance leases 9 years 10 years Weighted average discount rate: Operating leases 6 % Finance leases 5 % 5 % |
Schedule Of Supplemental Balance Sheet Information Related To Leases [Table Text Block] | Supplemental balance sheet information related to leases were as follows: March 31, December 31, 2019 2018 Operating Leases Operating lease right-of-use assets $ 14,581 Other current liabilities $ 2,436 Operating lease liabilities 12,145 Total operating lease liabilities $ 14,581 Finance Leases Property and equipment, gross $ 43,625 $ 44,756 Accumulated depreciation (16,223 ) (15,963 ) Property and equipment, net $ 27,402 $ 28,793 Other current liabilities $ 4,597 $ 4,911 Finance lease liabilities 23,604 24,669 Total finance lease liabilities $ 28,201 $ 29,580 |
Schedule Of Maturities Of Operating And Finance Leases [Table Text Block] | aturities of lease liabilities were as follows: Finance Operating Leases 2019 $ 4,943 $ 2,683 2020 3,512 3,197 2021 3,383 2,919 2022 3,216 2,734 2023 3,346 2,054 Thereafter 16,707 4,777 Total lease payments 35,107 18,364 Less: imputed interest (6,906 ) (3,783 ) Total lease liability $ 28,201 $ 14,581 |
Acquisitions Acquisitions MPR P
Acquisitions Acquisitions MPR PPA (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Dec. 10, 2018 | |
MPR Purchase Price Allocation [Line Items] | |||
Investment in joint ventures | $ 56,049 | $ 62,574 | |
Discount rate used to value timber cutting rights | 12.00% | ||
Time period timber cutting rights discounted | 30 years | ||
MPR | |||
MPR Purchase Price Allocation [Line Items] | |||
Current assets | $ 135,305 | ||
Property, plant and equipment | 212,894 | ||
Investment in joint ventures | 54,697 | ||
Amortizable intangible assets, timber cutting rights (a) | 37,634 | ||
Other long-term assets | 392 | ||
Total assets acquired | 440,922 | ||
Current liabilities | 35,578 | ||
Pension obligations | 9,747 | ||
Deferred income tax | 47,912 | ||
Other long-term liabilities | 3,097 | ||
Total liabilities assumed | 96,334 | ||
Net assets acquired | $ 344,588 | ||
Timber cutting rights [Domain] | |||
MPR Purchase Price Allocation [Line Items] | |||
Intangible assets, useful life | 30 years |
The Company And Summary Of Si_3
The Company And Summary Of Significant Accounting Policies (Details) $ in Thousands | Mar. 31, 2019USD ($)mill | Dec. 31, 2018USD ($) | Dec. 10, 2018 |
Summary of Significant Accounting Policies [Line Items] | |||
Number Of Pulp Mills | mill | 4 | ||
Operating lease right-of-use assets | $ | $ 14,581 | $ 0 | |
MPR - Peace River | |||
Summary of Significant Accounting Policies [Line Items] | |||
Acquisitions, Percentage of Voting Interests Acquired | 100.00% | ||
MPR - CPP | |||
Summary of Significant Accounting Policies [Line Items] | |||
Acquisitions, Percentage of Voting Interests Acquired | 50.00% | 50.00% |
Acquisitions Acquisitions MPR (
Acquisitions Acquisitions MPR (Narrative) (Details) - USD ($) $ in Thousands | Dec. 10, 2018 | Mar. 31, 2019 |
MPR | ||
Acquisitions MPR (Narrative) [Line Items] | ||
Acquisitions, Consideration Transferred | $ 344,588 | |
MPR - Peace River | ||
Acquisitions MPR (Narrative) [Line Items] | ||
Acquisitions, Percentage of Voting Interests Acquired | 100.00% | |
MPR - CPP | ||
Acquisitions MPR (Narrative) [Line Items] | ||
Acquisitions, Percentage of Voting Interests Acquired | 50.00% | 50.00% |
MPR - PRLLP | ||
Acquisitions MPR (Narrative) [Line Items] | ||
Acquisitions, Percentage of Voting Interests Acquired | 50.00% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory, Net [Abstract] | ||
Raw materials | $ 89,126 | $ 103,983 |
Finished goods | 103,370 | 114,304 |
Spare parts and other | 89,812 | 85,526 |
Inventories | $ 282,308 | $ 303,813 |
Accounts Payable and Other (Det
Accounts Payable and Other (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 39,579 | $ 36,333 |
Accrued expenses | 106,103 | 95,936 |
Interest payable | 17,170 | 16,861 |
Income tax payable | 28,799 | 29,818 |
Legal cost award payable (Note 17(c)) | 0 | 6,951 |
Dividends payable | 8,206 | 0 |
Other | 11,520 | 8,585 |
Accounts payable and other | $ 211,377 | $ 194,484 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) | 3 Months Ended | ||||||||
Mar. 31, 2019CAD ($) | Mar. 31, 2019EUR (€) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 07, 2018USD ($) | Dec. 20, 2017USD ($) | Mar. 16, 2017USD ($) | Feb. 03, 2017USD ($) | Nov. 26, 2014USD ($) | |
Debt Instrument [Line Items] | |||||||||
Total debt | $ 1,007,774,000 | $ 1,041,389,000 | |||||||
2026 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt | 294,779,000 | 294,588,000 | |||||||
2025 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt | 342,969,000 | 342,761,000 | |||||||
2024 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt | 246,344,000 | 246,154,000 | |||||||
Senior Notes 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt | 98,987,000 | 98,918,000 | |||||||
German Joint RCF - EUR 200 Million [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, description of variable basis spread | Euribor | ||||||||
Total debt | 0 | 58,968,000 | |||||||
Line of credit, maximum borrowing capacity | € 200,000,000 | 200,000,000 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | € 188,400,000 | $ 211,643,000 | |||||||
MPR Credit Facility - C$60 Million [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, interest rate | 3.00% | 3.00% | 3.00% | ||||||
Total debt | $ 33,000,000 | $ 24,695,000 | |||||||
Debt, face amount | 24,695,000 | ||||||||
Line of credit, maximum borrowing capacity | 60,000,000 | 60,000,000 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 26,100,000 | 19,548,000 | |||||||
Celgar Credit Facility - C$40.0 Million [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt | 0 | 0 | |||||||
Line of credit, maximum borrowing capacity | 40,000,000 | 40,000,000 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 38,300,000 | 28,662,000 | |||||||
Rosenthal Credit Facility - EUR 2.6 Million [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, description of variable basis spread | three-month Euribor | ||||||||
Total debt | 0 | $ 0 | |||||||
Line of credit, maximum borrowing capacity | € 2,600,000 | 2,600,000 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 0 | ||||||||
Senior Notes 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, interest rate | 6.50% | ||||||||
Total debt | $ 244,711,000 | ||||||||
Debt, face amount | $ 250,000,000 | ||||||||
Senior Notes 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, interest rate | 7.75% | ||||||||
Debt, face amount | 100,000,000 | $ 400,000,000 | |||||||
2024 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, face amount | 250,000,000 | ||||||||
2025 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, interest rate | 7.375% | ||||||||
Total debt | $ 342,682,000 | ||||||||
Debt, face amount | 350,000,000 | $ 350,000,000 | |||||||
2026 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, interest rate | 5.50% | ||||||||
Total debt | $ 293,795,000 | ||||||||
Debt, face amount | $ 300,000,000 | $ 300,000,000 | |||||||
Debt Instrument, Redemption, Period One [Member] | Senior Notes 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 103.875% | ||||||||
Debt Instrument, Redemption, Period Two [Member] | Senior Notes 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 101.938% | ||||||||
Debt Instrument, Redemption, Period Five [Member] | Senior Notes 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 101.625% | ||||||||
Debt Instrument Redemption Period Nine [Member] | 2025 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Debt Instrument Redemption Period Seven [Member] | 2025 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 103.688% | ||||||||
Debt Instrument Redemption Period Ten [Member] | 2026 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 102.75% | ||||||||
Debt Instrument Redemption Period 12 [Domain] | 2026 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Debt Instrument, Redemption, Period Four [Member] | Senior Notes 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 103.25% | ||||||||
Debt Instrument Redemption Period Eight [Member] | 2025 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 101.844% | ||||||||
Debt Instrument Redemption Period 11 [Domain] | 2026 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 101.375% | ||||||||
Debt Instrument, Redemption, Period Three [Member] | Senior Notes 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Debt Instrument Redemption Period Six [Member] | Senior Notes 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
US Dollar Borrowings Rate Option 1b [Member] | MPR Credit Facility - C$60 Million [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, description of variable basis spread | LIBOR |
Debt (Schedule of Debt Footnote
Debt (Schedule of Debt Footnotes) (Details) | Dec. 07, 2018USD ($) | Jan. 05, 2018USD ($) | Dec. 20, 2017USD ($) | Feb. 03, 2017USD ($) | Nov. 26, 2014USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2019EUR (€) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 16, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 1,007,774,000 | $ 1,041,389,000 | ||||||||||
Loss on settlement of debt | $ 0 | $ 21,515,000 | ||||||||||
MPR Credit Facility - C$60 Million [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, face amount | $ 24,695,000 | |||||||||||
Debt, interest rate | 3.00% | 3.00% | 3.00% | |||||||||
Long-term Debt | $ 33,000,000 | $ 24,695,000 | ||||||||||
Line of credit, maximum borrowing capacity | 60,000,000 | 60,000,000 | ||||||||||
Line of credit, letters of credit outstanding, amount | 900,000 | 657,000 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 26,100,000 | 19,548,000 | ||||||||||
MPR Credit Facility - C$60 Million [Member] | Canadian Dollar Borrowings Rate Option 1 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, description of variable basis spread | banker's acceptance | |||||||||||
MPR Credit Facility - C$60 Million [Member] | US Dollar Borrowings Rate Option 1a [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, description of variable basis spread | federal funds rate | |||||||||||
Debt, variable basis spread | 0.50% | |||||||||||
MPR Credit Facility - C$60 Million [Member] | US Dollar Borrowings Rate Option 1b [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, description of variable basis spread | LIBOR | |||||||||||
Debt, variable basis spread | 1.00% | |||||||||||
MPR Credit Facility - C$60 Million [Member] | US Dollar Borrowings Rate Option 1c [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, description of variable basis spread | bank’s applicable reference rate for U.S. dollar loans | |||||||||||
MPR Credit Facility - C$60 Million [Member] | Canadian Dollar Borrowings Rate Option 2 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, description of variable basis spread | designated prime rate | |||||||||||
MPR Credit Facility - C$60 Million [Member] | US Dollar Borrowings Rate Option 2 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, description of variable basis spread | LIBOR | |||||||||||
German Joint RCF - EUR 200 Million [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | 0 | 58,968,000 | ||||||||||
Debt, description of variable basis spread | Euribor | |||||||||||
Line of credit, maximum borrowing capacity | € 200,000,000 | 200,000,000 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 188,400,000 | 211,643,000 | ||||||||||
Debt, amount of debt supporting bank guarantees | 11,600,000 | 13,057,000 | ||||||||||
Celgar Credit Facility - C$40.0 Million [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | 0 | 0 | ||||||||||
Line of credit, maximum borrowing capacity | 40,000,000 | 40,000,000 | ||||||||||
Required available borrowing capacity | 25.00% | |||||||||||
Line of credit, letters of credit outstanding, amount | 1,700,000 | 1,271,000 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 38,300,000 | 28,662,000 | ||||||||||
Celgar Credit Facility - C$40.0 Million [Member] | Canadian & US Dollar Borrowings Rate Option 2 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.125%) | |||||||||||
Celgar Credit Facility - C$40.0 Million [Member] | Canadian Dollar Borrowings Rate Option 1 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, description of variable basis spread | bankers acceptance | |||||||||||
Debt, variable basis spread | 1.50% | |||||||||||
Celgar Credit Facility - C$40.0 Million [Member] | Canadian Dollar Borrowings Rate Option 2 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, description of variable basis spread | Canadian prime | |||||||||||
Celgar Credit Facility - C$40.0 Million [Member] | US Dollar Borrowings Rate Option 1 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, description of variable basis spread | LIBOR | |||||||||||
Debt, variable basis spread | 1.50% | |||||||||||
Celgar Credit Facility - C$40.0 Million [Member] | US Dollar Borrowings Rate Option 2 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, description of variable basis spread | U.S. base | |||||||||||
Celgar Credit Facility - C$40.0 Million [Member] | Canadian & US Dollar Borrowings Rate Option 1 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.25%) | |||||||||||
Rosenthal Credit Facility - EUR 2.6 Million [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | 0 | $ 0 | ||||||||||
Debt, description of variable basis spread | three-month Euribor | |||||||||||
Debt, variable basis spread | 2.50% | |||||||||||
Line of credit, maximum borrowing capacity | 2,600,000 | 2,600,000 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 0 | |||||||||||
Debt, amount of debt supporting bank guarantees | € 2,600,000 | 2,867,000 | ||||||||||
2025 Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, face amount | $ 350,000,000 | 350,000,000 | ||||||||||
Debt, maturity date | Jan. 15, 2025 | |||||||||||
Debt, interest rate | 7.375% | |||||||||||
Debt, issued price percentage of principal amount | 100.00% | |||||||||||
Long-term Debt | $ 342,682,000 | |||||||||||
2026 Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, face amount | $ 300,000,000 | 300,000,000 | ||||||||||
Debt, maturity date | Jan. 15, 2026 | |||||||||||
Debt, interest rate | 5.50% | |||||||||||
Debt, issued price percentage of principal amount | 100.00% | |||||||||||
Long-term Debt | $ 293,795,000 | |||||||||||
Senior Notes 2024 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, face amount | $ 250,000,000 | |||||||||||
Debt, maturity date | Feb. 1, 2024 | |||||||||||
Debt, interest rate | 6.50% | |||||||||||
Debt, issued price percentage of principal amount | 100.00% | |||||||||||
Long-term Debt | $ 244,711,000 | |||||||||||
Senior Notes 2022 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, face amount | $ 400,000,000 | $ 100,000,000 | ||||||||||
Debt, maturity date | Dec. 1, 2022 | |||||||||||
Debt, interest rate | 7.75% | |||||||||||
Debt, repurchase amount | $ 300,000,000 | |||||||||||
Loss on settlement of debt | $ 21,515,000 | |||||||||||
2019 Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, repurchase amount | $ 227,000,000 | |||||||||||
Senior Notes 2025 and 2026 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior Notes, redemption notice minimum days | 10 days | |||||||||||
Senior Notes, redemption notice maximum days | 60 days | |||||||||||
Senior Notes 2022 and 2024 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior Notes, redemption notice minimum days | 30 days | |||||||||||
Senior Notes, redemption notice maximum days | 60 days | |||||||||||
Maximum [Member] | MPR Credit Facility - C$60 Million [Member] | Canadian Dollar Borrowings Rate Option 1 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, variable basis spread | 1.50% | |||||||||||
Maximum [Member] | MPR Credit Facility - C$60 Million [Member] | US Dollar Borrowings Rate Option 2 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, variable basis spread | 1.50% | |||||||||||
Maximum [Member] | German Joint RCF - EUR 200 Million [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, variable basis spread | 2.00% | |||||||||||
Minimum [Member] | MPR Credit Facility - C$60 Million [Member] | Canadian Dollar Borrowings Rate Option 1 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, variable basis spread | 1.25% | |||||||||||
Minimum [Member] | MPR Credit Facility - C$60 Million [Member] | US Dollar Borrowings Rate Option 2 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, variable basis spread | 1.25% | |||||||||||
Minimum [Member] | German Joint RCF - EUR 200 Million [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, variable basis spread | 1.05% |
Debt (Principal Maturities Of D
Debt (Principal Maturities Of Debt) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2019 | $ 0 |
2020 | 0 |
2021 | 0 |
2022 | 100,000 |
2023 | 0 |
Thereafter | 924,695 |
Total debt | $ 1,024,695 |
Debt Redemption period for Seni
Debt Redemption period for Senior Notes (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Senior Notes 2022 [Member] | Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 103.875% |
Senior Notes 2022 [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.938% |
Senior Notes 2022 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes 2024 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 103.25% |
Senior Notes 2024 [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.625% |
Senior Notes 2024 [Member] | Debt Instrument Redemption Period Six [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
2025 Senior Notes [Member] | Debt Instrument Redemption Period Seven [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 103.688% |
2025 Senior Notes [Member] | Debt Instrument Redemption Period Eight [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.844% |
2025 Senior Notes [Member] | Debt Instrument Redemption Period Nine [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
2026 Senior Notes [Member] | Debt Instrument Redemption Period Ten [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 102.75% |
2026 Senior Notes [Member] | Debt Instrument Redemption Period 11 [Domain] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.375% |
2026 Senior Notes [Member] | Debt Instrument Redemption Period 12 [Domain] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Pension And Other Post-Retire_3
Pension And Other Post-Retirement Benefit Obligations (Plan Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 716 | $ 26 |
Interest cost | 877 | 323 |
Expected return on plan assets | (1,002) | (393) |
Amortization of unrecognized items | 215 | 234 |
Net benefit costs | 806 | 190 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 68 | 120 |
Interest cost | 137 | 182 |
Expected return on plan assets | 0 | 0 |
Amortization of unrecognized items | (155) | (53) |
Net benefit costs | $ 50 | $ 249 |
Pension and Other Post-Retire_4
Pension and Other Post-Retirement Benefit Obligations Pension and Other Post-Retirement Benefit Obligations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Contribution Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 448 | $ 218 |
Multiemployer Plan, Contributions by Employer | $ 323 | $ 487 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Effective Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
U.S. Federal statutory rate | 21.00% | 21.00% |
U.S. Federal statutory rate on income before provision for income taxes | $ (15,968) | $ (7,398) |
Tax differential on foreign income | (5,916) | (4,589) |
Effect of foreign earnings | (11,887) | (2,717) |
Valuation allowance | 8,341 | 18,245 |
Unrecognized Tax Benefits, Period Increase (Decrease) | 0 | (16,677) |
Tax benefit of partnership structure | 958 | 897 |
Non-taxable foreign subsidies | 368 | 756 |
True-up of prior year taxes | 1,275 | 2,610 |
Other | (1,595) | (708) |
Total income tax provision | (24,424) | (9,581) |
Current income tax provision | (20,785) | (4,769) |
Deferred income tax provision | $ (3,639) | $ (4,812) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividends Payable, Date Declared | Feb. 14, 2019 | ||
Dividends Payable, Date to be Paid | Apr. 3, 2019 | ||
Dividends Payable, Date of Record | Mar. 27, 2019 | ||
Common shares available for grant | 2,600,000 | ||
Restricted Stock Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 0 | ||
Shares outstanding | 0 | ||
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 641,206 | ||
Shares outstanding | 1,764,976 | 2,036,008 | |
Vesting period | 3 years | ||
Expense recognized | $ (475) | $ 64 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 0 | ||
Shares outstanding | 0 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Expense recognized | $ 130 | $ 129 | |
Unrecognized compensation cost | $ 87 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 0 | ||
Shares outstanding | 0 | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 0 | ||
Shares outstanding | 0 |
Shareholders' Equity (Summary o
Shareholders' Equity (Summary of Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands | May 02, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Dividends Payable [Line Items] | |||
Dividends declared per common share | $ 0.125 | $ 0.125 | |
Dividends Payable, Date Declared | Feb. 14, 2019 | ||
Dividends, Common Stock, Cash | $ 8,206 | $ 8,146 | |
Dividends Payable, Date of Record | Mar. 27, 2019 | ||
Dividends Payable, Date to be Paid | Apr. 3, 2019 | ||
Dividend Declared [Member] | Subsequent Event [Member] | |||
Dividends Payable [Line Items] | |||
Dividends declared per common share | $ 0.1375 | ||
Dividends Payable, Date Declared | May 2, 2019 | ||
Dividends Payable, Date of Record | Jun. 24, 2019 | ||
Dividends Payable, Date to be Paid | Jul. 3, 2019 |
Shareholders' Equity (Summary_2
Shareholders' Equity (Summary Of Share Activity - PSU's) (Details) - Performance Share Units [Member] | 3 Months Ended |
Mar. 31, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding - Beginning | 2,036,008 |
Granted | 641,206 |
Vested and issued (in shares) | (449,395) |
Forfeited (in shares) | (462,843) |
Outstanding - Ending | 1,764,976 |
Shareholders' Equity (Summary_3
Shareholders' Equity (Summary Of Share Activity - Restricted Shares) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $ 130 | $ 129 |
Shareholders' Equity Shareholde
Shareholders' Equity Shareholders' Equity (Share Buy-Back) (Details) $ in Thousands | May 02, 2019USD ($) |
Subsequent Event [Member] | |
Class of Stock [Line Items] | |
Maximum Amount Of Stock Which Can Be Repurchased, Value | $ 50,000 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net Income Per Common Share Basic And Diluted [Line Items] | ||
Net income - basic and diluted | $ 51,616 | $ 25,649 |
Net income per common share, basic | $ 0.79 | $ 0.39 |
Net income per common share, diluted | $ 0.78 | $ 0.39 |
Basic, Weighted average number of common shares outstanding | 65,400,222 | 65,050,275 |
Diluted, Weighted average number of common shares outstanding | 65,911,138 | 65,574,821 |
Performance Share Units [Member] | ||
Net Income Per Common Share Basic And Diluted [Line Items] | ||
Effect of dilutive instruments (in shares) | 490,814 | 492,031 |
Restricted Stock [Member] | ||
Net Income Per Common Share Basic And Diluted [Line Items] | ||
Effect of dilutive instruments (in shares) | 20,102 | 32,515 |
Contingently issuable shares excluded from the basic weighted average shares outstanding | 31,130 | 43,635 |
Net Income Per Share Attributab
Net Income Per Share Attributable to Common Shareholders (Anti-dilutive Instruments) (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | $ (3,872) | |||
Amounts reclassified from accumulated other comprehensive loss | 60 | |||
Other comprehensive income (loss), net of taxes | (3,812) | |||
Accumulated other comprehensive loss, ending balance | (131,982) | |||
Total shareholders' equity | 620,682 | $ 581,429 | $ 584,494 | $ 550,666 |
Foreign Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | (3,851) | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Other comprehensive income (loss), net of taxes | (3,851) | |||
Total shareholders' equity | (130,854) | (127,003) | ||
Defined Benefit Pension and Other Post-Retirement Benefit Items | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | 0 | |||
Amounts reclassified from accumulated other comprehensive loss | 60 | |||
Other comprehensive income (loss), net of taxes | 60 | |||
Total shareholders' equity | (1,110) | (1,170) | ||
Unrealized Gains / Losses on Marketable Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | (21) | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Other comprehensive income (loss), net of taxes | (21) | |||
Total shareholders' equity | (18) | 3 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total shareholders' equity | $ (131,982) | $ (128,170) | $ (42,869) | $ (59,001) |
Business Segment Information Bu
Business Segment Information Business Segment Information (Schedule of Results by Segment) (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 10, 2018 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 483,950,000 | $ 367,903,000 | ||
Investment in joint ventures | 56,049,000 | $ 62,574,000 | ||
Operating income (loss) | 93,552,000 | 76,048,000 | ||
Depreciation and amortization | 30,247,000 | 23,319,000 | ||
Purchase of property, plant and equipment | 19,389,000 | 16,184,000 | ||
Assets | 2,013,395,000 | 1,975,735,000 | ||
Pulp [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 413,313,000 | 290,551,000 | ||
Lumber [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 39,163,000 | 48,168,000 | ||
Energy and chemicals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 28,864,000 | 26,465,000 | ||
Wood residuals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 2,610,000 | 2,719,000 | ||
United States | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 67,860,000 | 22,055,000 | ||
Germany | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 147,105,000 | 146,504,000 | ||
China | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 115,319,000 | 84,481,000 | ||
Other countries [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 153,666,000 | 114,863,000 | ||
Operating Segments [Member] | Market Pulp [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 436,474,000 | 314,235,000 | ||
Operating income (loss) | 93,520,000 | 74,054,000 | ||
Depreciation and amortization | 28,023,000 | 21,523,000 | ||
Assets | 1,782,453,000 | 1,698,071 | ||
Operating Segments [Member] | Market Pulp [Member] | Pulp [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 413,313,000 | 290,551,000 | ||
Operating Segments [Member] | Market Pulp [Member] | Lumber [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | ||
Operating Segments [Member] | Market Pulp [Member] | Energy and chemicals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 23,161,000 | 23,684,000 | ||
Operating Segments [Member] | Market Pulp [Member] | Wood residuals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | ||
Operating Segments [Member] | Market Pulp [Member] | United States | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 54,568,000 | 5,650,000 | ||
Operating Segments [Member] | Market Pulp [Member] | Germany | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 132,189,000 | 124,738,000 | ||
Operating Segments [Member] | Market Pulp [Member] | China | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 115,319,000 | 84,481,000 | ||
Operating Segments [Member] | Market Pulp [Member] | Other countries [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 134,398,000 | 99,366,000 | ||
Operating Segments [Member] | Wood Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 44,439,000 | 53,668,000 | ||
Operating income (loss) | 1,620,000 | 2,982,000 | ||
Depreciation and amortization | 1,911,000 | 1,686,000 | ||
Assets | 81,397,000 | 131,754 | ||
Operating Segments [Member] | Wood Products [Member] | Pulp [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | ||
Operating Segments [Member] | Wood Products [Member] | Lumber [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 39,163,000 | 48,168,000 | ||
Operating Segments [Member] | Wood Products [Member] | Energy and chemicals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 2,666,000 | 2,781,000 | ||
Operating Segments [Member] | Wood Products [Member] | Wood residuals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 2,610,000 | 2,719,000 | ||
Operating Segments [Member] | Wood Products [Member] | United States | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 13,292,000 | 16,405,000 | ||
Operating Segments [Member] | Wood Products [Member] | Germany | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 14,916,000 | 21,766,000 | ||
Operating Segments [Member] | Wood Products [Member] | China | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | ||
Operating Segments [Member] | Wood Products [Member] | Other countries [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 16,231,000 | 15,497,000 | ||
Intersegment Eliminations [Member] | Market Pulp [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment sales | 256,000 | 354,000 | ||
Intersegment Eliminations [Member] | Wood Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment sales | 5,407,000 | 4,949,000 | ||
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 3,037,000 | 0 | ||
Operating income (loss) | (1,588,000) | (988,000) | ||
Depreciation and amortization | 313,000 | 110,000 | ||
Assets | 149,545,000 | $ 145,910 | ||
Corporate, Non-Segment [Member] | Pulp [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | ||
Corporate, Non-Segment [Member] | Lumber [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | ||
Corporate, Non-Segment [Member] | Energy and chemicals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 3,037,000 | 0 | ||
Corporate, Non-Segment [Member] | Wood residuals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | ||
Corporate, Non-Segment [Member] | United States | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | ||
Corporate, Non-Segment [Member] | Germany | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | ||
Corporate, Non-Segment [Member] | China | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | ||
Corporate, Non-Segment [Member] | Other countries [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 3,037,000 | $ 0 | ||
MPR - CPP | ||||
Segment Reporting Information [Line Items] | ||||
Acquisitions, Percentage of Voting Interests Acquired | 50.00% | 50.00% |
Business Segment Information (N
Business Segment Information (Narrative) (Details) | 3 Months Ended | |||
Mar. 31, 2019USD ($)mill | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 10, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Investment in joint ventures | $ 56,049,000 | $ 62,574,000 | ||
Number of pulp mills | mill | 4 | |||
MPR - CPP | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Acquisitions, Percentage of Voting Interests Acquired | 50.00% | 50.00% | ||
Related Party Transaction, Purchases from Related Party | $ 24,633,000 | $ 0 | ||
Accounts Payable, Related Parties | 2,653,000 | 1,347,000 | ||
MPR - logging JV [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Acquisitions, Percentage of Voting Interests Acquired | 50.00% | |||
Related Party Transaction, Purchases from Related Party | 5,794,000 | $ 0 | ||
Accounts Payable, Related Parties | $ 2,884,000 | $ 2,343 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurement (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 1,045,820 | $ 1,023,968 |
Accounts receivable | 308,573 | 252,692 |
Cash and cash equivalents | 233,234 | 240,491 |
Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Fair Value, Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 1,045,820 | 1,023,968 |
Fair Value, Significant unobservable inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Revolving credit facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 24,695 | 58,968 |
Revolving credit facility [Member] | Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Revolving credit facility [Member] | Fair Value, Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 24,695 | 58,968 |
Revolving credit facility [Member] | Fair Value, Significant unobservable inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Senior notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 1,021,125 | 965,000 |
Senior notes [Member] | Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Senior notes [Member] | Fair Value, Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 1,021,125 | 965,000 |
Senior notes [Member] | Fair Value, Significant unobservable inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 0 | $ 0 |
Lease Commitments Supplemental
Lease Commitments Supplemental Lease Information (Details) | Mar. 31, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
Lessee, Finance Lease, Lease Not yet Commenced, Term of Contract | 12 years |
Unrecorded Unconditional Purchase Obligation | $ 19,600,000 |
Consumer Price Index Basis Point Change | 100.00% |
Land [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Renewal Term | 6 years |
Equipment [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Finance Lease, Term of Contract | 8 years |
Railroad Transportation Equipment [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Finance Lease, Term of Contract | 9 years |
Office Building [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Renewal Term | 5 years |
Maximum [Member] | Land [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 13 years |
Maximum [Member] | Office Building [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 8 years |
Minimum [Member] | Land [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 6 years |
Minimum [Member] | Office Building [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 4 years |
Lease Commitments Components of
Lease Commitments Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Leases [Abstract] | ||
Operating lease cost | $ 932 | $ 850 |
Finance lease, amortization of right-of-use assets | 881 | 853 |
Finance lease, interest on lease liabilities | 366 | 234 |
Total lease cost | $ 2,179 | $ 1,937 |
Lease Commitments Supplementa_2
Lease Commitments Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 932 | $ 850 |
Operating cash flows from finance leases | 366 | 234 |
Financing cash flows from finance leases | $ 862 | $ 848 |
Lease Commitments Other Informa
Lease Commitments Other Information Related To Leases (Details) | Mar. 31, 2019 | Mar. 31, 2018 |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 5 years |
Finance Lease, Weighted Average Remaining Lease Term | 9 years | 10 years |
Operating Lease, Weighted Average Discount Rate, Percent | 6.00% | |
Finance Lease, Weighted Average Discount Rate, Percent | 5.00% | 5.00% |
Lease Commitments Supplementa_3
Lease Commitments Supplemental Balance Sheet Information Related To Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | $ 14,581 | $ 0 |
Operating Lease, other current liabilities | 2,436 | |
Operating lease liabilities | 12,145 | 0 |
Operating lease liabilities, total | 14,581 | |
Finance Lease, property, plant and equipment | 27,402 | 28,793 |
Other current liabilities | 4,597 | 4,911 |
Finance lease liabilities | 23,604 | 24,669 |
Total finance lease liabilities | 28,201 | 29,580 |
Finance Lease [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Property, plant and equipment, gross | 43,625 | 44,756 |
Less: accumulated depreciation | $ (16,223) | $ (15,963) |
Lease Commitments (Details)
Lease Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Finance Lease, Liability, Payments, Due Next Twelve Months | $ 4,943 | |
Finance Lease, Liability, Payments, Due Year Two | 3,512 | |
Finance Lease, Liability, Payments, Due Year Three | 3,383 | |
Finance Lease, Liability, Payments, Due Year Four | 3,216 | |
Finance Lease, Liability, Payments, Due Year Five | 3,346 | |
Finance Lease, Liability, Payments, Due after Year Five | 16,707 | |
Finance Lease, Liability, Payments, Due | 35,107 | |
Finance Lease, Liability, Undiscounted Excess Amount | (6,906) | |
Finance Lease, Liability | 28,201 | $ 29,580 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 2,683 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 3,197 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2,919 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 2,734 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 2,054 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 4,777 | |
Lessee, Operating Lease, Liability, Payments, Due | 18,364 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (3,783) | |
Operating lease liabilities, total | $ 14,581 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Legal cost award | $ 0 | $ 6,951 |