Loading...
Docoh

Rayonier Advanced Materials (RYAM)

Cover Page

Cover Page - shares9 Months Ended
Sep. 25, 2021Nov. 01, 2021
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateSep. 25,
2021
Document Transition Reportfalse
Entity File Number001-36285
Entity Registrant NameRAYONIER ADVANCED MATERIALS INC.
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number46-4559529
Entity Address, Address Line One1301 RIVERPLACE BOULEVARD
Entity Address, Address Line TwoSUITE 2300
Entity Address, City or TownJACKSONVILLE
Entity Address, State or ProvinceFL
Entity Address, Postal Zip Code32207
City Area Code904
Local Phone Number357-4600
Title of 12(b) SecurityCommon Stock, $0.01 par value
Trading SymbolRYAM
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryAccelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding63,737,353
Entity Central Index Key0001597672
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ3
Amendment Flagfalse

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 25, 2021Sep. 26, 2020Sep. 25, 2021Sep. 26, 2020
Income Statement [Abstract]
Net Sales $ 374,014 $ 323,483 $ 1,033,712 $ 972,128
Cost of Sales(354,678)(301,913)(971,672)(919,741)
Gross Margin19,336 21,570 62,040 52,387
Selling, general and administrative expenses(17,473)(18,322)(51,548)(57,389)
Foreign exchange gains (losses)3,315 (1,079)582 79
Other operating expense, net(2,352)(3,279)(7,345)(8,514)
Operating Income (Loss)2,826 (1,110)3,729 (13,437)
Interest expense(17,185)(13,739)(49,003)(40,554)
Interest income and other, net2,113 (2,700)379 (3,263)
Other components of pension and OPEB, excluding service costs803 1,900 1,545 1,293
Unrealized loss on GreenFirst equity securities(7,955)0 (7,955)0
Gain on debt extinguishment2,326 0 2,326 0
Loss from Continuing Operations Before Income Taxes(17,072)(15,649)(48,979)(55,961)
Income tax benefit (Note 16)4,101 28,270 28,665 47,090
Equity in loss of equity method investment(423)0 (994)0
Income (Loss) from Continuing Operations(13,394)12,621 (21,308)(8,871)
Income from discontinued operations, net of taxes (Note 2)8,636 16,239 111,751 741
Net Income (Loss) $ (4,758) $ 28,860 $ 90,443 $ (8,130)
Basic Earnings (Loss) Per Common Share (Note 13)
Income (loss) from continuing operations (in dollars per share) $ (0.21) $ 0.20 $ (0.33) $ (0.14)
Income (loss) from discontinued operations (in dollars per share)0.140.261.760.01
Net income (loss) per common share-basic (in dollars per share)(0.07)0.461.43(0.13)
Diluted Earnings (Loss) Per Common Share (Note 13)
Income (loss) from continuing operations (in dollars per share)(0.21)0.20(0.33)(0.14)
Income (loss) from discontinued operations (in dollars per share)0.140.251.760.01
Net income (loss) per common share-diluted (in dollars per share) $ (0.07) $ 0.45 $ 1.43 $ (0.13)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 25, 2021Sep. 26, 2020Sep. 25, 2021Sep. 26, 2020
Statement of Comprehensive Income [Abstract]
Net Income (Loss) $ (4,758) $ 28,860 $ 90,443 $ (8,130)
Other Comprehensive Income (Loss), net of tax (Note 11):
Foreign currency translation adjustments(4,336)10,572 (10,558)9,989
Unrealized gain (loss) on derivative instruments86 7,589 (2,767)(2,942)
Net gain from pension and postretirement plans6,177 2,733 12,842 12,047
Total other comprehensive income (loss)1,927 20,894 (483)19,094
Comprehensive Income (Loss) $ (2,831) $ 49,754 $ 89,960 $ 10,964

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in ThousandsSep. 25, 2021Dec. 31, 2020
Current Assets
Cash and cash equivalents $ 279,156 $ 93,653
Accounts receivable, net (Note 3)203,932 179,208
Inventory (Note 4)206,209 170,647
Income tax receivable28,921 58,657
Investment in GreenFirst equity securities (Note 2)34,204 0
Prepaid and other current assets54,155 58,845
Assets of discontinued operations-held for sale (Note 2)0 72,562
Total current assets806,577 633,572
Property, Plant and Equipment (net of accumulated depreciation of $1,637,866 at September 25, 2021 and $1,578,140 at December 31, 2020)1,133,277 1,177,791
Deferred Tax Assets340,736 382,959
Intangible Assets, net33,184 38,441
Other Assets160,763 156,399
Assets of discontinued operations-held for sale (Note 2)0 140,703
Total Assets2,474,537 2,529,865
Current Liabilities
Accounts payable143,889 156,721
Accrued and other current liabilities (Note 6)138,118 109,715
Debt due within one year (Note 7)22,482 17,100
Current environmental liabilities (Note 8)8,685 8,684
Liabilities of discontinued operations-held for sale (Note 2)0 780
Total current liabilities313,174 293,000
Long-Term Debt (Note 7)924,040 1,066,837
Long-Term Environmental Liabilities (Note 8)161,547 162,995
Pension and Other Postretirement Benefits239,733 251,391
Deferred Tax Liabilities21,803 24,462
Other Long-Term Liabilities28,996 24,279
Liabilities of Discontinued Operations-Held for Sale (Note 2)0 11,814
Commitments and Contingencies (Note 18)
Stockholders’ Equity
Common stock, 140,000,000 shares authorized at $0.01 par value, 63,737,356 and 63,359,839 issued and outstanding, as of September 25, 2021 and December 31, 2020, respectively637 633
Additional paid-in capital405,354 405,161
Retained earnings513,371 422,928
Accumulated other comprehensive income (loss) (Note 11)(134,118)(133,635)
Total Stockholders’ Equity785,244 695,087
Total Liabilities and Stockholders’ Equity $ 2,474,537 $ 2,529,865

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in ThousandsSep. 25, 2021Dec. 31, 2020
Statement of Financial Position [Abstract]
Accumulated deprecation $ 1,637,866 $ 1,578,140
Common stock, shares authorized (in shares)140,000,000 140,000,000
Common stock, par value (in USD per share) $ 0.01 $ 0.01
Common stock, shares issued (in shares)63,737,356 63,359,839
Common stock, shares outstanding (in shares)63,737,356 63,359,839

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands9 Months Ended
Sep. 25, 2021Sep. 26, 2020
Operating Activities
Net income (loss) $ 90,443 $ (8,130)
Income from discontinued operations(111,751)(741)
Adjustments to reconcile income (loss) from continuing operations to cash provided by operating activities:
Depreciation and amortization101,284 101,285
Stock-based incentive compensation expense1,620 6,714
Deferred income tax expense (benefit)(29,569)9,316
Gain on debt extinguishment(2,326)0
Unrealized loss on GreenFirst equity securities7,955 0
Net periodic benefit cost of pension and other postretirement plans7,338 6,495
Unrealized loss (gain) on derivative instruments(3,787)3,049
Unrealized loss (gain) from foreign currency(1,304)(1,482)
Other6,615 5,102
Changes in operating assets and liabilities:
Receivables(36,264)16,113
Inventories(33,560)(5,958)
Accounts payable(2,903)(2,203)
Accrued liabilities25,858 16,560
All other operating activities30,263 (82,075)
Contributions to pension and other postretirement plans(5,243)(7,433)
Cash Provided by Operating Activities-continuing operations44,669 56,612
Cash Provided by Operating Activities-discontinued operations162,230 6,463
Cash Provided by Operating Activities206,899 63,075
Investing Activities
Capital expenditures, net(61,029)(35,416)
Investment in equity method investment(4,142)0
Cash Used for Investing Activities-continuing operations(65,171)(35,416)
Cash Provided by (Used for) Investing Activities-discontinued operations182,690 (7,403)
Cash Provided by (Used for) Investing Activities117,519 (42,819)
Financing Activities
Revolving credit facility and other borrowings0 22,887
Repayments of revolving credit and other facilities0 (17,000)
Repayment of long-term debt(131,171)(4,209)
Short-term financing, net(4,492)0
Common stock repurchased(1,422)(456)
Debt issue costs(636)(3,378)
Cash Used for Financing Activities(137,721)(2,156)
Cash and Cash Equivalents
Change in cash and cash equivalents186,697 18,100
Net effect of foreign exchange on cash and cash equivalents(1,194)764
Balance, beginning of year93,653 64,025
Balance, end of period $ 279,156 $ 82,889

Basis of Presentation and New A

Basis of Presentation and New Accounting Pronouncements9 Months Ended
Sep. 25, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and New Accounting PronouncementsBasis of Presentation and New Accounting Pronouncements Basis of Presentation The unaudited consolidated financial statements and notes thereto of Rayonier Advanced Materials Inc. (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these consolidated financial statements and notes reflect all adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the consolidated financial statements and supplementary data included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on March 1, 2021. On August 28, 2021, the Company completed the previously announced sale of its lumber and newsprint facilities and certain related assets (the “Purchased Assets”) located in Ontario and Québec Canada to GreenFirst Forest Products, Inc. (“GreenFirst”). As a result of the sale, the lumber and newsprint assets and operations have been presented as discontinued operations and the Company has reclassified certain prior year amounts to conform to this presentation. Unless otherwise stated, information in these notes to consolidated financial statements relates to continuing operations. The Company presents businesses that represent components as discontinued operations when they meet the criteria for held for sale or are sold, and their disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results. See Note 2 — Discontinued Operations for additional information. Coronavirus Pandemic During 2020, the Company’s businesses were significantly impacted by the coronavirus ("COVID-19") pandemic. While market demand and pricing for certain of the Company’s products began to recover towards the end of 2020 and have continued to improve throughout 2021, the Company's operations remain vulnerable to a reversal of these trends or other continuing negative effects caused by COVID-19. In its operating facilities and work spaces, the Company continues to maintain protocols previously implemented to reduce the potential spread of COVID-19 and ensure the safety of its employees and continuity of operations. New or Recently Adopted Accounting Pronouncements There have been no new or recently adopted accounting pronouncements impacting the Company’s unaudited consolidated interim financial statements. Subsequent Events Events and transactions subsequent to the consolidated balance sheets date have been evaluated for potential recognition and disclosure through the date of issuance of these Consolidated Financial Statements. The following subsequent events warranting disclosure were identified: On October 7, 2021, pursuant to a notice previously provided to the trustee under the indenture governing its 7.625% Senior Secured Notes due 2026 (the “Secured Notes”), the Company redeemed $25 million of the Secured Notes at a redemption price of 103 percent.

Discontinued Operations

Discontinued Operations9 Months Ended
Sep. 25, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued OperationsDiscontinued Operations On August 28, 2021, the Company completed the previously announced sale of its lumber and newsprint facilities and certain related assets (the “Purchased Assets”) located in Ontario and Québec Canada, to GreenFirst for $232 million. At closing, the Company received $193 million in cash, approximately 28.7 million shares of GreenFirst’s common stock with a deemed fair value of $42 million and a credit note issued to the Company by GreenFirst in the amount of CDN $8 million (approximately $5 million after present value discount). The credit note may be offset against amounts owed by the Company to GreenFirst in the future for wood chip purchases, equally over the next 5 years. The GreenFirst shares will be held for a minimum of six months and accounted for at fair value, with changes in fair value recorded in the consolidated statement of income. See Note 10 — Fair Value Measurements for additional information. The cash received at closing was preliminary and subject to final purchase price adjustments to be completed within 90 days following the close of the transaction. Driven primarily by lower inventory balances, the Company currently estimates the cash portion of the purchase price will be reduced by $8 million, from $193 million to $185 million. However, concurrently with purchase price adjustments, the Company and GreenFirst will settle other adjustments resulting from events related to the sale, expected to result in a net cash outflow by the Company of approximately $2 million to $3 million. As of August 28, 2021, the carrying value of the Purchased Assets was $215 million. The Purchased Assets included six lumber facilities, a newsprint facility, inventory and certain real property, machinery, permits, leases, licenses, pension assets and liabilities and other related assets associated with the successful operations of these businesses. Other assets and liabilities, including accounts receivable, accounts payable, certain retained inventory and rights and obligations to softwood lumber duties, generated or incurred through the closing date, are excluded. Since 2017, the Company has paid a total of $112 million in duties. In connection with the sale, the Company recorded a preliminary gain on sale of $6 million, net of tax, inclusive of currently estimated purchase price adjustments. The preliminary net gain is included in the results of discontinued operations. In connection with the transaction, the Company entered into a 20-year wood chip and residual fiber supply agreement with GreenFirst, securing supply for the Company’s operations at the Temiscaming plant. Additionally, the parties entered into a Transition Services Agreement ("TSA") whereby the Company will provide certain transitional services to GreenFirst, for a period of time following the closing of the transaction, not to exceed twelve months from such date. The TSA includes support related to information technology, accounting, treasury, human resources and payroll, tax, supply chain and procurement functions. Costs incurred by the Company associated with the TSA will be reimbursed by GreenFirst. Income (loss) from discontinued operations is comprised of the following: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Net sales (a) $ 83,994 $ 100,440 $ 442,833 $ 258,356 Cost of sales (68,224) (72,040) (237,912) (230,098) Gross margin 15,770 28,400 204,921 28,258 Selling, general and administrative expenses and other (7,571) (9,901) (26,465) (24,860) Operating income (loss) 8,199 18,499 178,456 3,398 Interest expense (b) (1,973) (2,162) (7,290) (6,333) Other non-operating income 254 711 967 1,969 Income (loss) from discontinued operations before income taxes 6,480 17,048 172,133 (966) Income tax benefit (expense) (4,239) (793) (66,777) 952 Income (loss) from discontinued operations, net of taxes $ 2,241 $ 16,255 $ 105,356 $ (14) Gain from sale of discontinued operations, pre-tax 9,217 — 9,217 956 Income tax expense on gain (2,822) (17) (2,822) (200) Gain from sale of discontinued operations, net of tax (c) 6,395 (17) 6,395 756 Income from Discontinued Operations $ 8,636 $ 16,238 $ 111,751 $ 742 (a) Net of intercompany sales of $8 million and $10 million for three months ended September 25, 2021 and September 26, 2020, respectively, and $31 million and $33 million for the nine months ended September 25, 2021 and September 26, 2020, respectively. (b) The Company has allocated interest expense to discontinued operations based on the total portion of debt not attributable to other operations repaid as a result of the transaction. (c) Also included in income from discontinued operations for the three and nine months ended September 26, 2020 is income/ (expense) of $(17) thousand and $756 thousand, respectively, from working capital adjustments that arose following the closing of the November 2019 sale of the Company’s Matane, Quebec pulp mill. Other discontinued operations information is as follows: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Depreciation and amortization $ — $ 3,477 $ 3,172 $ 9,259 Capital expenditures $ 2,119 $ 3,976 $ 7,933 $ 7,403 The following table presents the major classes of assets and liabilities of discontinued operations that are classified as held for sale: September 25, 2021 December 31, 2020 Inventory $ — $ 62,837 Prepaid and other current assets — 9,725 Total current assets — 72,562 Property, plant and equipment, net — 97,151 Other assets — 43,552 Total assets $ — $ 213,265 Accrued and other current liabilities $ — $ 780 Total current liabilities — 780 Pension and Other Postretirement Benefits — 9,316 Other long-term liabilities — 2,498 Total liabilities $ — $ 12,594

Accounts Receivable, Net

Accounts Receivable, Net9 Months Ended
Sep. 25, 2021
Receivables [Abstract]
Accounts Receivable, NetAccounts Receivable, Net The Company’s accounts receivable included the following: September 25, 2021 December 31, 2020 Accounts receivable, trade $ 163,022 $ 140,036 Accounts receivable, other (a) 41,646 39,659 Allowance for expected credit losses (736) (487) Total accounts receivable, net $ 203,932 $ 179,208 (a) Accounts receivable, other consists primarily of value added/consumption taxes, grants receivable and accrued billings due from government agencies.

Inventory

Inventory9 Months Ended
Sep. 25, 2021
Inventory Disclosure [Abstract]
InventoryInventory The Company’s inventory included the following: September 25, 2021 December 31, 2020 Finished goods $ 152,411 $ 119,549 Work-in-progress 4,885 2,242 Raw materials 43,672 43,697 Manufacturing and maintenance supplies 5,241 5,159 Total inventory $ 206,209 $ 170,647

Leases

Leases9 Months Ended
Sep. 25, 2021
Leases [Abstract]
LeasesLeases The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of September 25, 2021, the Company’s leases have remaining lease terms of 1 year to 7.4 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the term of the lease, which are not included in the Right of Use (“ROU”) assets as it is not reasonably certain that the Company will exercise such options. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company uses its incremental borrowing rate in determining the present value of lease payments unless the lease provides an implicit or explicit interest rate. The weighted average discount rate used in determining the operating lease ROU assets and liabilities as of September 25, 2021 and December 31, 2020 was 7.9 percent and 6.1 percent, respectively. The weighted average discount rate used in determining the finance lease ROU assets and liabilities as of September 25, 2021 and December 31, 2020 was 7.0 percent. The Company’s operating and finance lease cost is as follows: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Operating Leases Operating lease expense $ 1,416 $ 1,419 $ 4,254 $ 4,411 Finance Leases Amortization of ROU assets 89 83 262 244 Interest 40 46 125 142 Total $ 1,545 $ 1,548 $ 4,641 $ 4,797 As of September 25, 2021, the weighted average remaining lease term is 4.3 years and 5.2 years for operating leases and financing leases, respectively. As of December 31, 2020, the weighted average remaining lease term is 3.5 years and 5.9 years for operating leases and finance leases, respectively. Cash provided by operating activities includes approximately $5 million and $4 million from operating lease payments made during the nine months ended September 25, 2021 and September 26, 2020, respectively. Finance lease cash flows were immaterial during the nine months ended September 25, 2021 and September 26, 2020. As of September 25, 2021 and December 31, 2020, assets acquired under finance leases of $2 million and $2 million, respectively, are reflected in Property, Plant and Equipment, net. The Company’s finance leases are included as debt and the maturities for the remainder of 2021 and the next four years and thereafter are included in Note 7 — Debt and Finance Leases . The Company’s consolidated balance sheet includes the following operating lease assets and liabilities: Balance Sheet Classification September 25, 2021 December 31, 2020 Right-of-use assets Other assets $ 12,865 $ 15,847 Lease liabilities, current Accrued and other current liabilities $ 5,256 $ 4,886 Lease liabilities, non-current Other long-term liabilities $ 8,430 $ 11,974 As of September 25, 2021, operating lease maturities for the remainder of 2021 through 2025 and thereafter are as follows: September 25, 2021 Remainder of 2021 $ 1,484 2022 5,875 2023 4,998 2024 1,481 2025 648 Thereafter 462 Total minimum lease payments $ 14,948 Less: imputed interest (1,262) Present value of future minimum lease payments $ 13,686
LeasesLeases The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of September 25, 2021, the Company’s leases have remaining lease terms of 1 year to 7.4 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the term of the lease, which are not included in the Right of Use (“ROU”) assets as it is not reasonably certain that the Company will exercise such options. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company uses its incremental borrowing rate in determining the present value of lease payments unless the lease provides an implicit or explicit interest rate. The weighted average discount rate used in determining the operating lease ROU assets and liabilities as of September 25, 2021 and December 31, 2020 was 7.9 percent and 6.1 percent, respectively. The weighted average discount rate used in determining the finance lease ROU assets and liabilities as of September 25, 2021 and December 31, 2020 was 7.0 percent. The Company’s operating and finance lease cost is as follows: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Operating Leases Operating lease expense $ 1,416 $ 1,419 $ 4,254 $ 4,411 Finance Leases Amortization of ROU assets 89 83 262 244 Interest 40 46 125 142 Total $ 1,545 $ 1,548 $ 4,641 $ 4,797 As of September 25, 2021, the weighted average remaining lease term is 4.3 years and 5.2 years for operating leases and financing leases, respectively. As of December 31, 2020, the weighted average remaining lease term is 3.5 years and 5.9 years for operating leases and finance leases, respectively. Cash provided by operating activities includes approximately $5 million and $4 million from operating lease payments made during the nine months ended September 25, 2021 and September 26, 2020, respectively. Finance lease cash flows were immaterial during the nine months ended September 25, 2021 and September 26, 2020. As of September 25, 2021 and December 31, 2020, assets acquired under finance leases of $2 million and $2 million, respectively, are reflected in Property, Plant and Equipment, net. The Company’s finance leases are included as debt and the maturities for the remainder of 2021 and the next four years and thereafter are included in Note 7 — Debt and Finance Leases . The Company’s consolidated balance sheet includes the following operating lease assets and liabilities: Balance Sheet Classification September 25, 2021 December 31, 2020 Right-of-use assets Other assets $ 12,865 $ 15,847 Lease liabilities, current Accrued and other current liabilities $ 5,256 $ 4,886 Lease liabilities, non-current Other long-term liabilities $ 8,430 $ 11,974 As of September 25, 2021, operating lease maturities for the remainder of 2021 through 2025 and thereafter are as follows: September 25, 2021 Remainder of 2021 $ 1,484 2022 5,875 2023 4,998 2024 1,481 2025 648 Thereafter 462 Total minimum lease payments $ 14,948 Less: imputed interest (1,262) Present value of future minimum lease payments $ 13,686

Accrued and Other Current Liabi

Accrued and Other Current Liabilities9 Months Ended
Sep. 25, 2021
Payables and Accruals [Abstract]
Accrued and Other Current LiabilitiesAccrued and Other Current Liabilities The Company’s accrued and other current liabilities included the following: September 25, 2021 December 31, 2020 Accrued customer incentives and prepayments $ 27,660 $ 29,387 Accrued payroll and benefits 22,354 21,500 Accrued interest 14,934 3,230 Accrued income taxes 5,697 5,052 Accrued stumpage 2,608 10,045 Accrued property and other taxes 9,951 3,995 Deferred revenue (a) 20,463 721 Other current liabilities 34,451 35,785 Total accrued and other current liabilities $ 138,118 $ 109,715

Debt and Finance Leases

Debt and Finance Leases9 Months Ended
Sep. 25, 2021
Debt Disclosure [Abstract]
Debt and Finance LeasesDebt and Finance Leases The Company’s debt and finance leases included the following: September 25, 2021 December 31, 2020 ABL Credit Facility due 2025, $76 million available, bearing interest 0.25% LIBOR floor plus 2.50%, interest rate of 2.75% at September 25, 2021 $ — $ — Senior Secured Notes due 2026 at a fixed interest rate of 7.625% 500,000 500,000 Senior Notes due 2024 at a fixed interest rate of 5.5% 369,185 495,647 Canadian dollar, fixed interest rate term loans with rates ranging from 5.5% to 6.86% and maturity dates ranging from July 2022 through April 2028, secured by certain assets of the Temiscaming mill 68,332 73,791 Other loans (a) 15,574 18,193 Short-term factoring facility-France 597 5,089 Finance lease obligation 2,228 2,489 Total debt principal payments due 955,916 1,095,209 Less: Debt premium, original issue discount and issuance costs, net (9,394) (11,272) Total debt 946,522 1,083,937 Less: Debt due within one year (22,482) (17,100) Long-term debt $ 924,040 $ 1,066,837 (a) Primarily loans for energy projects in France. During the third quarter, the Company repurchased approximately $127 million of its 5.50% Senior Notes due 2024 (the “Unsecured Notes”) through open-market transactions and retired such Unsecured Notes for approximately $124 million in cash. In connection with the repurchases, the Company wrote off $1 million of deferred financing costs associated with the Unsecured Notes. The net gain of $2 million is recorded in Gain on debt extinguishment in the Consolidated Statement of Income. As of September 25, 2021, debt and finance lease payments due during the remainder of 2021, the next four years and thereafter are as follows: Finance Lease Payments Debt Principal Payments Remainder of 2021 $ 129 $ 4,703 2022 515 30,115 2023 515 10,232 2024 515 379,338 2025 515 10,195 Thereafter 472 519,105 Total principal payments $ 2,661 $ 953,688 Less: Imputed interest 433 Present value minimum finance lease payments $ 2,228

Environmental Liabilities

Environmental Liabilities9 Months Ended
Sep. 25, 2021
Environmental Remediation Obligations [Abstract]
Environmental LiabilitiesEnvironmental Liabilities An analysis of liabilities for the nine months ended September 25, 2021 is as follows: Balance, December 31, 2020 $ 171,679 Increase in liabilities 2,972 Payments (4,456) Foreign currency adjustments 37 Balance, September 25, 2021 170,232 Less: Current portion (8,685) Long-term environmental liabilities $ 161,547 In addition to the estimated liabilities, the Company is subject to the risk of reasonably possible additional liabilities in excess of the established reserves due to potential changes in circumstances and future events, including, without limitation, changes to current laws and regulations; changes in governmental agency personnel, direction, philosophy and/or enforcement policies; developments in remediation technologies; increases in the cost of remediation, operation, maintenance and monitoring of its environmental liability sites; changes in the volume, nature or extent of contamination to be remediated or monitoring to be undertaken; the outcome of negotiations with governmental agencies and non-governmental parties; and changes in accounting rules or interpretations. Based on information available as of September 25, 2021, the Company estimates this exposure could range up to approximately $78 million, although no assurances can be given that this amount will not be exceeded given the factors described above. These potential additional costs are attributable to several sites and other applicable liabilities. Further, this estimate excludes reasonably possible liabilities which are not currently estimable primarily due to the factors discussed above. Subject to the previous paragraph, the Company believes established liabilities are sufficient for probable costs expected to be incurred over the next 20 years with respect to its environmental liabilities. However, no assurances are given they will be sufficient for the reasons described above, and additional liabilities could have a material adverse effect on the Company’s financial position, results of operations and cash flows.

Derivatives Instruments

Derivatives Instruments9 Months Ended
Sep. 25, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives InstrumentsDerivative Instruments The Company’s earnings and cash flows are subject to fluctuations due to changes in interest rates and foreign currency exchange rates. The Company allows for the use of derivative financial instruments to manage interest rate and foreign currency exchange rate exposure but does not allow derivatives to be used for speculative purposes. All derivative instruments are recognized on the consolidated balance sheets at their fair value and are either designated as a hedge of a forecasted transaction or undesignated. Changes in the fair value of a derivative designated as a hedge are recorded in other comprehensive income until earnings are affected by the hedged transaction and are then reported in current earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in current earnings. In December 2020, the Company terminated all outstanding derivative instruments, which had been previously designated as hedging instruments and had various maturity dates through 2028. Accumulated gains and losses associated with these instruments were deferred as a component of accumulated other comprehensive income (loss), totaling a net after tax gain of $2 million as of December 31, 2020, to be recognized in earnings as the underlying hedged transactions occur and affect earnings. During the three and nine months ended September 25, 2021, the Company recognized after-tax gains of $86 thousand and $2.8 million, respectively, associated with the deferred component in accumulated other comprehensive income (loss) related to these settlements. A $0.9 million net after-tax loss remains deferred within accumulated other comprehensive income (loss) as of September 25, 2021, which will be recognized in earnings as the underlying hedged transactions occur and affect earnings. Interest Rate Risk The Company’s current debt obligations are primarily fixed and therefore not materially exposed to variability in interest payments due to changes in interest rates. The Company previously entered into interest rate swap agreements to reduce the volatility of interest expense, achieve a desired proportion of fixed-rate versus floating-rate debt and to hedge the variability in cash flows attributable to interest rate risks caused by changes in the LIBOR benchmark. The Company had designated the swaps as cash flow hedges and assesses their effectiveness using the hypothetical derivative method in conjunction with regression. Effective gains and losses deferred to AOCI are reclassified into earnings over the life of the associated hedge. Ineffective gains and losses are classified to earnings immediately. There was no hedge ineffectiveness during 2020. Foreign Currency Exchange Rate Risk Foreign currency fluctuations affect investments in foreign subsidiaries and foreign currency cash flows related to third party purchases, product shipments, and foreign-denominated debt. The Company is also exposed to the translation of foreign currency earnings to the U.S. dollar. Management may use foreign currency forward contracts to selectively hedge its foreign currency cash flows exposure and manage risk associated with changes in currency exchange rates. The Company’s principal foreign currency exposure is to the Canadian dollar, and to a lesser extent, the euro. The effects of derivatives designated as hedging instruments, the related changes in AOCI and the gains and losses in income is as follows: Three Months Ended September 25, 2021 Derivatives Designated as Hedging Instruments Gain (Loss) Recognized in OCI on Derivative Gain (Loss) Reclassified from AOCI into Income Location on Statement of Income Foreign exchange forward contracts $ — $ (99) Interest income and other, net Three Months Ended September 26, 2020 Gain (Loss) Recognized in OCI on Derivative Gain (Loss) Reclassified from AOCI into Income Location on Statement of Income Interest rate swaps $ 273 $ (595) Interest expense Foreign exchange forward contracts $ 2,176 $ 223 Other operating income (expense), net Foreign exchange forward contracts $ 3,197 $ (3,197) Cost of sales Foreign exchange forward contracts $ 1,992 $ 1,316 Interest income and other, net Nine Months Ended September 25, 2021 Derivatives Designated as Hedging Instruments Gain (Loss) Recognized in OCI on Derivative Gain (Loss) Reclassified from AOCI into Income Location on Statement of Income Foreign exchange forward contracts $ — $ 4,088 Cost of sales Foreign exchange forward contracts $ — $ (301) Interest income and other, net Nine Months Ended September 26, 2020 Derivatives Designated as Hedging Instruments Gain (Loss) Recognized in OCI on Derivative Gain (Loss) Reclassified from AOCI into Income Location on Statement of Income Interest rate swaps $ (1,709) $ (1,431) Interest expense Foreign exchange forward contracts $ (18,442) $ (771) Other operating income (expense), net Foreign exchange forward contracts $ 6,666 $ (6,666) Cost of sales Foreign exchange forward contracts $ (2,718) $ (3,281) Interest income and other, net The effects of derivative instruments not designated as hedging instruments on the consolidated statement of income were as follows: Three Months Ended Nine Months Ended Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Foreign exchange forward contracts Other operating income (expense), net $ — $ — $ — $ (703) The after-tax amounts of unrealized gains (losses) in AOCI related to hedge derivatives are presented below: September 25, 2021 December 31, 2020 Foreign exchange cash flow hedges $ (934) $ 1,834

Fair Value Measurements

Fair Value Measurements9 Months Ended
Sep. 25, 2021
Fair Value Disclosures [Abstract]
Fair Value MeasurementsFair Value Measurements The following table presents the carrying amount, estimated fair values and categorization under the fair value hierarchy for financial instruments held by the Company, using market information and what management believes to be appropriate valuation methodologies: September 25, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value Assets: Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $ 279,156 $ 279,156 $ — $ 93,653 $ 93,653 $ — Investment in GreenFirst equity securities $ 34,204 $ — $ 34,204 $ — $ — $ — Liabilities (a): Fixed-rate long-term debt 943,697 — 989,112 1,076,359 — 1,050,287 (a) Liabilities exclude finance lease obligation. The Company uses the following methods and assumptions in estimating the fair value of its financial instruments: Cash and cash equivalents — The carrying amount is equal to fair market value. Investment in GreenFirst shares — The fair value of the shares of common stock received in connection with the sale of the lumber and newsprint assets to GreenFirst reflects a discount for lack of marketability (“DLOM”) given the restriction on sale by the Company for a minimum of six months following the close of the transaction. The primary inputs in the fair value estimate are expected term, dividend yield, volatility and risk-free rate. All inputs to the DLOM are obvservable. GreenFirst is based in Canada and currently does not pay a dividend. The following are the key inputs at each measurement date: At closing of transaction At period end Expected Term 0.5 years 0.425 years Risk-free rate 0.20 % 0.15 % Dividend yield — — Volatility 92.04 % 88.79 % DLOM 14.38 % 12.90 % Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)9 Months Ended
Sep. 25, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss) The components of AOCI are as follows: Nine Months Ended September 25, 2021 September 26, 2020 Unrecognized components of employee benefit plans, net of tax: Balance, beginning of year $ (146,614) $ (126,638) Other comprehensive gain (loss) before reclassifications (236) 4,781 Income tax on other comprehensive loss 61 (1,238) Reclassifications to earnings: (a) Pension settlement loss 226 — Amortization of losses 12,258 10,143 Amortization of prior service costs 413 422 Income tax on reclassifications (2,853) (2,061) Plans included in sale of assets to GreenFirst 4,012 — Income Tax on plans included in sale of assets to GreenFirst (1,039) — Net comprehensive gain on employee benefit plans, net of tax 12,842 12,047 Balance, end of period (133,772) (114,591) Unrealized gain (loss) on derivative instruments, net of tax: Balance, beginning of year 1,834 1,290 Other comprehensive gain (loss) before reclassifications — (16,203) Income tax on other comprehensive income — 3,778 Reclassifications to earnings: (b) Interest rate contracts — 1,431 Foreign exchange contracts (3,787) 10,718 Income tax on reclassifications 1,020 (2,666) Net comprehensive loss on derivative instruments, net of tax (2,767) (2,942) Balance, end of period (933) (1,652) Foreign currency translation adjustments: Balance, beginning of year 11,145 (13,879) Foreign currency translation adjustment, net of tax of $0 and $0 (10,558) 9,989 Balance, end of period 587 (3,890) Accumulated other comprehensive income (loss), end of period $ (134,118) $ (120,133) (a) The AOCI components for defined benefit pension and post-retirement plans are included in the computation of net periodic benefit cost. See Note 15— Employee Benefit Plans for additional information. (b) Reclassifications of interest rate contracts are recorded in interest expense. Reclassifications of foreign currency exchange contracts are recorded in cost of sales, other operating income or non-operating income as appropriate. See Note 9 — Derivative Instruments

Stockholders' Equity

Stockholders' Equity9 Months Ended
Sep. 25, 2021
Equity [Abstract]
Stockholders' EquityStockholders' Equity An analysis of stockholders’ equity is shown below (share amounts not in thousands): Common Stock Additional Paid in Capital Retained Accumulated Other Comprehensive Loss Total Stockholders’ Shares Par Value For the nine months ended September 25, 2021 Balance, January 1, 2021 63,359,839 $ 633 $ 405,161 $ 422,928 $ (133,635) $ 695,087 Net income (loss) — — — 90,443 — 90,443 Other comprehensive income (loss), net of tax — — — — (483) (483) Issuance of common stock under incentive stock plans 509,713 5 (5) — — — Stock-based compensation — — 1,619 — — 1,619 Repurchase of common shares (a) (132,196) (1) (1,421) — — (1,422) Balance September 25, 2021 63,737,356 $ 637 $ 405,354 $ 513,371 $ (134,118) $ 785,244 For the three months ended September 25, 2021 Balance, June 26, 2021 63,737,356 $ 637 $ 404,120 $ 518,129 $ (136,045) $ 786,841 Net income (loss) — — — (4,758) — (4,758) Other comprehensive income (loss), net of tax — — — — 1,927 1,927 Issuance of common stock under incentive stock plans — — — — — — Stock-based compensation — — 1,234 — — 1,234 Repurchase of common shares (a) — — — — — — Balance, September 25, 2021 63,737,356 $ 637 $ 405,354 $ 513,371 $ (134,118) $ 785,244 For the nine months ended September 26, 2020 Balance, January 1, 2020 63,136,129 $ 632 $ 399,020 $ 422,373 $ (139,227) $ 682,798 Net income (loss) — — — (8,130) — (8,130) Other comprehensive income (loss), net of tax — — — — 19,094 19,094 Issuance of common stock under incentive stock plans 390,448 4 (4) — — — Stock-based compensation — — 6,839 — — 6,839 Repurchase of common shares (a) (191,659) (3) (454) — — (457) Balance, September 26, 2020 63,334,918 $ 633 $ 405,401 $ 414,243 $ (120,133) $ 700,144 For the three months ended September 26, 2020 Balance, June 27, 2020 63,347,326 $ 633 $ 403,737 $ 385,383 $ (141,027) $ 648,726 Net income (loss) — — — 28,860 — 28,860 Other comprehensive income (loss), net of tax — — — — 20,894 20,894 Issuance of common stock under incentive stock plans (6,305) — — — — — Stock-based compensation — — 1,682 — — 1,682 Repurchase of common shares (a) (6,103) — (18) — — (18) Balance, September 26, 2020 63,334,918 $ 633 $ 405,401 $ 414,243 $ (120,133) $ 700,144 (a) Repurchased to satisfy the tax withholding requirements related to the issuance of stock under the Rayonier Advanced Materials Incentive Stock Plan. Common Stock Buyback On January 29, 2018, the Board of Directors authorized a share buyback program pursuant to which the Company may, from time to time, purchase shares of its common stock with an aggregate purchase price of up to $100 million. During the three and nine months ended September 25, 2021 and September 26, 2020, the Company did not repurchase any common shares under this buyback program. As of September 25, 2021, there was approximately $60 million of share repurchase authorization remaining under the program. The Company does not expect to utilize any further authorization in the near future.

Earnings Per Share of Common St

Earnings Per Share of Common Stock9 Months Ended
Sep. 25, 2021
Earnings Per Share [Abstract]
Earnings Per Share of Common StockEarnings Per Share of Common Stock The following table provides details of the calculations of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Income (loss) from continuing operations $ (13,394) $ 12,621 $ (21,308) $ (8,871) Income from discontinued operations 8,636 16,239 111,751 741 Net income (loss) available for common stockholders $ (4,758) $ 28,860 $ 90,443 $ (8,130) Shares used for determining basic earnings per share of common stock 63,737,355 63,310,689 63,610,710 63,178,342 Dilutive effect of: Stock options — — — — Performance and restricted stock — 605,553 — — Shares used for determining diluted earnings per share of common stock 63,737,355 63,916,242 63,610,710 63,178,342 Basic per share amounts Income (loss) from continuing operations $ (0.21) $ 0.20 $ (0.33) $ (0.14) Income from discontinued operations 0.14 0.26 1.76 0.01 Net income (loss) $ (0.07) $ 0.46 $ 1.43 $ (0.13) Diluted per share amounts Income (loss) from continuing operations $ (0.21) $ 0.20 $ (0.33) $ (0.14) Income from discontinued operations 0.14 0.25 1.76 0.01 Net income (loss) $ (0.07) $ 0.45 $ 1.43 $ (0.13) Anti-dilutive instruments excluded from the computation of diluted earnings per share: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Stock options 115,973 152,281 115,973 152,281 Performance and restricted stock 2,390,153 564,425 2,390,153 2,676,002 Total anti-dilutive instruments 2,506,126 716,706 2,506,126 2,828,283

Incentive Stock Plans

Incentive Stock Plans9 Months Ended
Sep. 25, 2021
Share-based Payment Arrangement [Abstract]
Incentive Stock PlansIncentive Stock PlansThe Company’s total stock-based compensation expense for the three months ended September 25, 2021 and September 26, 2020 was $1 million and $2 million, respectively. Stock-based compensation expense for the nine months ended September 25, 2021 and September 26, 2020 was $2 million and $7 million, respectively. The Company made new grants of restricted stock units and performance-based stock units to certain employees during the first nine months of 2021. The 2021 restricted stock unit awards cliff vest after three years. The 2021 performance-based stock unit awards measure total shareholder return (“TSR”) on an absolute basis and relative to peers. Participants can earn between 0 and 200 percent of the target award. Performance below the threshold for the absolute TSR would result in a 0 payout for the TSR metric. There is a performance-based stock award and cash unit stock award that will be measured using the same objectives but paid and accounted for separately. As required by Accounting Standards Codification 718, Compensation-Stock Compensation, the portion of the award to be settled in cash is classified as a liability and remeasured to fair value at the end of each reporting period until settlement. In March 2021, the performance-based share units granted in 2018 were settled at an average of 60 percent of the performance-based stock units awarded, resulting in the issuance of 182,811 shares of common stock. The following table summarizes the activity on the Company’s incentive stock awards for the nine months ended September 25, 2021: Stock Options Restricted Stock Units Performance-Based Stock Units Options Weighted Average Exercise Price Awards Weighted Average Grant Date Fair Value Awards Weighted Average Grant Date Fair Value Outstanding at January 1, 2021 152,281 $ 38.26 828,955 $ 10.27 1,821,402 $ 8.77 Granted — — 561,025 9.71 267,086 17.61 Forfeited — — (132,713) 10.81 (326,256) 22.76 Exercised or settled — — (326,830) 13.50 (302,516) 8.81 Expired or cancelled (36,308) 34.52 — — — — Outstanding at September 25, 2021 115,973 $ 39.43 930,437 $ 8.72 1,459,716 $ 7.48

Employee Benefit Plans

Employee Benefit Plans9 Months Ended
Sep. 25, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Employee Benefit PlansEmployee Benefit Plans The Company has defined benefit pension and other long-term and postretirement benefit plans covering certain union and non-union employees, primarily in the U.S., Canada and France. The defined benefit pension plans are closed to new participants. The liabilities for these plans are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. During 2019, the Company settled certain Canadian pension liabilities through the purchase of annuity contracts with an insurance company. The settlement received final government approval, resulting in the recognition of a $1 million loss during the nine months ended September 25, 2021. The settlement was recognized in “Other components of net periodic benefit costs” in our Consolidated Statement of Income and Comprehensive Income for the nine months ended September 25, 2021. The components of net periodic benefit costs from these plans that have been recorded are shown in the following table: Pension Postretirement Three Months Ended Three Months Ended Components of Net Periodic Benefit Cost September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Service cost $ 2,619 $ 2,293 $ 358 $ 340 Interest cost 4,287 5,875 179 (2,012) Expected return on plan assets (9,586) (9,284) — — Amortization of prior service cost 176 179 (38) (38) Amortization of losses 4,084 3,428 5 (47) Pension settlement loss (gain) 90 — — — Total net periodic benefit cost $ 1,670 $ 2,491 $ 504 $ (1,757) Pension Postretirement Nine Months Ended Nine Months Ended Components of Net Periodic Benefit Cost September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Service cost $ 7,800 $ 6,774 $ 1,083 $ 1,013 Interest cost 13,138 17,621 530 (1,583) Expected return on plan assets (28,865) (27,896) — — Amortization of prior service cost 527 537 (115) (115) Amortization of losses 12,247 10,282 11 (138) Pension settlement loss (gain) 980 — — — Total net periodic benefit cost $ 5,828 $ 7,318 $ 1,510 $ (823) Service cost is included in cost of sales and selling, general and administrative expenses in the statements of income, as appropriate. Interest cost, expected return on plan assets, amortization of prior service cost and amortization of losses are included in other components of pension and OPEB, excluding service cost on the consolidated statement of income.

Income Taxes

Income Taxes9 Months Ended
Sep. 25, 2021
Income Tax Disclosure [Abstract]
Income TaxesIncome Taxes The Company’s effective tax benefit rate from continuing operations for the three and nine months ended September 25, 2021 was 24 percent and 59 percent, respectively, compared with a benefit rate of 181 percent and 84 percent for the three and nine months ended September 26, 2020, respectively. The year to date September 25, 2021 effective rate differs from the federal statutory rate of 21 percent primarily due to a tax benefit recognized by remeasuring the Company’s Canadian deferred tax assets at a higher Canadian blended statutory tax rate. The statutory tax rate is higher as a result of changing the allocation of income between the Canadian provinces as a result of the sale of FPG and Newsprint. Other factors impacting the effective benefit rate are return to accrual adjustments and tax credits, partially offset by nondeductible interest expense in the U.S. and lower tax deductions on vested stock compensation. The effective tax rate benefit for the period ended September 26, 2020 differs from the federal statutory rate primarily due to the release of certain valuation allowances related to nondeductible interest expense, benefits from the CARES Act, return to accrual adjustments and tax credits, partially offset by nondeductible interest expense in the U.S., taxable income generated from the 2020 credit agreement amendment, increases to uncertain tax position reserves, nondeductible executive compensation, and lower tax deductions on vested stock compensation.

Segment and Geographical Inform

Segment and Geographical Information9 Months Ended
Sep. 25, 2021
Segment Reporting [Abstract]
Segment and Geographical InformationSegment and Geographical Information As a result of the announced sale of the Company’s lumber and newsprint assets, the Company operates in the following business segments: High Purity Cellulose, Paperboard, High-Yield Pulp and Corporate. The Corporate operations consist primarily of senior management, accounting, information systems, human resources, treasury, tax and legal administrative functions that provide support services to the operating business units. The Company allocates a portion of the cost of maintaining these support functions to its operating units. The Company evaluates the performance of its segments based on operating income. Intersegment sales consist primarily of High-Yield Pulp sales to Paperboard. Intersegment sales prices are at rates that approximate market for the respective operating area. Net sales, disaggregated by product-line, was comprised of the following: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 High Purity Cellulose Cellulose Specialties $ 186,029 $ 168,549 $ 521,442 $ 489,859 Commodity Products 74,577 64,916 195,894 206,867 Other sales (a) 26,902 19,243 74,532 60,614 Total High Purity Cellulose 287,508 252,708 791,868 757,341 Paperboard Paperboard 52,188 46,862 156,799 140,492 High-Yield Pulp High-Yield Pulp 41,877 29,622 106,207 91,444 Eliminations (7,559) (5,709) (21,163) (17,148) Total net sales $ 374,014 $ 323,483 $ 1,033,712 $ 972,128 (a) Other sales include sales of electricity, lignin and other by-products to third-parties Operating income (loss) by segment was comprised of the following: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 High Purity Cellulose $ 1,852 $ 7,752 $ 18,903 $ 9,615 Paperboard 1,978 3,380 10,174 14,315 High-Yield Pulp 7,612 973 8,150 497 Corporate (8,616) (13,215) (33,498) (37,864) Total operating income (loss) $ 2,826 $ (1,110) $ 3,729 $ (13,437) Identifiable assets by segment were as follows: September 25, 2021 December 31, 2020 High Purity Cellulose $ 1,534,149 $ 1,528,929 Paperboard 116,721 129,871 High-Yield Pulp 43,708 33,259 Corporate and other (a) 779,959 624,541 Assets Held for Sale — 213,265 Total identifiable assets $ 2,474,537 $ 2,529,865

Commitments and Contingencies

Commitments and Contingencies9 Months Ended
Sep. 25, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesCommitments and Contingencies Commitments The Company has no material changes to the purchase obligations presented in Note 22 — Commitments and Contingencies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on March 1, 2021, that are outside the normal course of business for the nine months ended September 25, 2021. The Company’s purchase obligations continue to primarily consist of commitments for the purchase of natural gas, steam energy and electricity contracts entered into within the normal course of business. The Company leases certain buildings, machinery and equipment under various operating leases. See Note 5 — Leases , for additional information. Litigation and Contingencies Final Settlement Reached in Dispute with IESO Relating to Investigation of the Kapuskasing Newsprint Facility. From the period from 2014 to early 2021, the Market Assessment and Compliance Division (“MACD”) branch of the Independent Electricity System Operator (“IESO”), the governmental agency responsible for operating the wholesale electricity market and directing the operation of the bulk electrical system in the province of Ontario, Canada, had been engaged in reviewing the Company's compliance with the published rules that govern the operation of the wholesale electricity market in Ontario, Canada. The inquiry was focused primarily on payments made by IESO to the Company between 2010 and 2019 under market rules in connection with multiple planned, extended and unplanned forced outages that caused extensive downtime, in full or in part, of the Company’s Kapuskasing, Ontario newsprint facility. In May 2020, MACD finalized two of its four investigations into the Company’s electricity management practices at its Kapuskasing newsprint facility and issued orders asserting penalties of CAD $25 million. These orders called for the Company to pay penalties of CAD $3 million immediately and CAD $12 million over a 10 year period, with the remaining CAD $10 million to be deferred and ultimately forgiven assuming the Company otherwise complied with the orders’ remaining terms. The Company, which maintained it had complied in all material respects with the published rules, vigorously contested IESO’s orders, including through the filing of judicial review proceedings with the divisional Court (Superior Court of Justice) of Ontario seeking invalidation of the orders. At the time these orders were issued, the remaining two investigations remained open, subjecting the Company to the risk that MACD may in the future issue additional orders upon finalization of these additional investigations. On April 19, 2021, the Company and IESO entered into Minutes of Settlement (“MOS”) pursuant to which the parties agreed to fully and finally settle all claims relating to all four of the investigations (whether completed or not) and related orders, the judicial review proceedings and underlying disputes. As part of the settlement, the Company agreed to a fixed obligation to pay a sum of CAD $12 million over a period of 5 years comprised of a CAD $4.5 million up-front payment and a CAD $7.5 million payment to be spread (on a front-weighted basis) over the next 5 anniversaries of the MOS, without interest. In addition to the foregoing, the MOS provides that a “suspended” sum of CAD $10.4 million would become due and payable in the event the Company fails to comply with any of the terms and conditions of the MOS or commits an event of default, as defined under the applicable market rules, unless such breach or event of default is remedied on a timely basis. This contingent “suspended” sum decreases annually as the scheduled fixed, or non-contingent, payments are made under the MOS. Assuming no uncured event of default or breach occurs during the repayment period, upon full payment of the CAD $12 million, the entire "suspended" sum shall be extinguished and RYAM shall be released from any payment obligation with respect thereto. Given the parties’ finalization of and entry into the MOS, the Company considers this matter concluded (subject only to the parties’ obligations yet to be performed under the MOS). Duties on Canadian softwood lumber sold to the U.S . The Company operated six softwood lumber mills in Ontario and Quebec, Canada and exported softwood lumber into the United States from Canada. In 2017, anti-dumping and countervailing duties were assessed by the United States Department of Commerce (“USDOC”) on lumber exported into the United States, with the Company being assigned an anti-dumping duty rate of 6 percent and a countervailing duty rate of 14 percent. In December 2020, following its administrative review of the period of April 28, 2017 through December 31, 2018, USDOC determined revised rates for anti-dumping and countervailing duties. As such, from December 2020 through the closing of the sale of the lumber assets on August 28, 2021, the Company was subject to an anti-dumping duty rate of approximately 1.6 percent and a countervailing duty rate of approximately 7.4 percent. Canada’s legal challenge to the USDOC’s assessment of duties continues in spite of the recent revision in rates. The Company paid approximately $112 million in lumber duties through August 28, 2021, recorded as expense in the periods incurred. The Company currently has a $20 million long-term receivable associated with the December 2020 determination of the revised rates for the 2017 and 2018 periods. Cash is not expected to return to the Company until final resolution of the softwood lumber dispute, which remains subject to legal challenges and to USDOC further administrative review processes covering periods after December 31, 2018. As part of the sale of its lumber assets, the Company retains all rights and obligations to softwood lumber duties, generated or incurred through the closing date of the transaction. Other . In addition to the above, the Company is engaged in various legal and regulatory actions and proceedings, and has been named as a defendant in various lawsuits and claims arising in the ordinary course of its business. While the Company has procured reasonable and customary insurance covering risks normally occurring in connection with its businesses, the Company has in certain cases retained some risk through the operation of self-insurance, primarily in the areas of workers’ compensation, property insurance and general liability. These other lawsuits and claims, either individually or in aggregate, are not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. Guarantees and Other The Company provides financial guarantees as required by creditors, insurance programs and various governmental agencies. As of September 25, 2021, the Company had net exposure of $40 million from various standby letters of credit, primarily for financial assurance relating to environmental remediation, credit support for natural gas and electricity purchases, and guarantees related to foreign retirement plan obligations. These standby letters of credit represent a contingent liability. The Company would only be liable upon its default on the related payment obligations. The letters of credit have various expiration dates and will be renewed as required. The Company had surety bonds of $86 million as of September 25, 2021, primarily to comply with financial assurance requirements relating to environmental remediation and post closure care, to provide collateral for the Company’s workers’ compensation program, and to guarantee taxes and duties for products shipped internationally. These surety bonds expire at various dates and are expected to be renewed annually as required. LignoTech Florida (“LTF”) is a venture in which the Company owns 45 percent and its partner Borregaard ASA owns 55 percent. The Company is a guarantor of LTF’s financing agreements and, in the event of default, expects it would only be liable for its proportional share of any repayment under the agreements. The Company’s proportion of the LTF financing agreement guarantee was $32 million at September 25, 2021. The Company has not recorded any liabilities for these financial guarantees in its consolidated balance sheets, either because the Company has recorded the underlying liability associated with the guarantee or the guarantee is dependent on the Company’s own performance and, therefore, is not subject to the measurement requirements or because the Company has calculated the estimated fair value of the guarantee and determined it to be immaterial based upon the current facts and circumstances that would trigger a payment obligation. It is not possible to determine the maximum potential amount of the liability under these potential obligations due to the unique set of facts and circumstances likely to be involved with each provision. As of September 25, 2021, all of the Company’s collective bargaining agreements covering its unionized employees are current.

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flows Information9 Months Ended
Sep. 25, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flows InformationSupplemental Disclosures of Cash Flow Information Supplemental disclosures of cash flows information were comprised of the following for the nine months ended: September 25, 2021 September 26, 2020 Interest paid $ 34,852 $ 29,350 Income taxes paid (received) $ (27,268) $ 1,086 Capital assets purchased on account $ 9,609 $ 11,442

Basis of Presentation and New_2

Basis of Presentation and New Accounting Pronouncements (Policies)9 Months Ended
Sep. 25, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of PresentationBasis of Presentation The unaudited consolidated financial statements and notes thereto of Rayonier Advanced Materials Inc. (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these consolidated financial statements and notes reflect all adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the consolidated financial statements and supplementary data included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on March 1, 2021.
New or Recently Adopted Accounting PronouncementsNew or Recently Adopted Accounting Pronouncements There have been no new or recently adopted accounting pronouncements impacting the Company’s unaudited consolidated interim financial statements.
Subsequent EventsSubsequent Events Events and transactions subsequent to the consolidated balance sheets date have been evaluated for potential recognition and disclosure through the date of issuance of these Consolidated Financial Statements.
Fair Value MeasurementsThe Company uses the following methods and assumptions in estimating the fair value of its financial instruments: Cash and cash equivalents — The carrying amount is equal to fair market value.

Discontinued Operations (Tables

Discontinued Operations (Tables)9 Months Ended
Sep. 25, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued OperationsIncome (loss) from discontinued operations is comprised of the following: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Net sales (a) $ 83,994 $ 100,440 $ 442,833 $ 258,356 Cost of sales (68,224) (72,040) (237,912) (230,098) Gross margin 15,770 28,400 204,921 28,258 Selling, general and administrative expenses and other (7,571) (9,901) (26,465) (24,860) Operating income (loss) 8,199 18,499 178,456 3,398 Interest expense (b) (1,973) (2,162) (7,290) (6,333) Other non-operating income 254 711 967 1,969 Income (loss) from discontinued operations before income taxes 6,480 17,048 172,133 (966) Income tax benefit (expense) (4,239) (793) (66,777) 952 Income (loss) from discontinued operations, net of taxes $ 2,241 $ 16,255 $ 105,356 $ (14) Gain from sale of discontinued operations, pre-tax 9,217 — 9,217 956 Income tax expense on gain (2,822) (17) (2,822) (200) Gain from sale of discontinued operations, net of tax (c) 6,395 (17) 6,395 756 Income from Discontinued Operations $ 8,636 $ 16,238 $ 111,751 $ 742 (a) Net of intercompany sales of $8 million and $10 million for three months ended September 25, 2021 and September 26, 2020, respectively, and $31 million and $33 million for the nine months ended September 25, 2021 and September 26, 2020, respectively. (b) The Company has allocated interest expense to discontinued operations based on the total portion of debt not attributable to other operations repaid as a result of the transaction. (c) Also included in income from discontinued operations for the three and nine months ended September 26, 2020 is income/ (expense) of $(17) thousand and $756 thousand, respectively, from working capital adjustments that arose following the closing of the November 2019 sale of the Company’s Matane, Quebec pulp mill. Other discontinued operations information is as follows: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Depreciation and amortization $ — $ 3,477 $ 3,172 $ 9,259 Capital expenditures $ 2,119 $ 3,976 $ 7,933 $ 7,403 September 25, 2021 December 31, 2020 Inventory $ — $ 62,837 Prepaid and other current assets — 9,725 Total current assets — 72,562 Property, plant and equipment, net — 97,151 Other assets — 43,552 Total assets $ — $ 213,265 Accrued and other current liabilities $ — $ 780 Total current liabilities — 780 Pension and Other Postretirement Benefits — 9,316 Other long-term liabilities — 2,498 Total liabilities $ — $ 12,594

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)9 Months Ended
Sep. 25, 2021
Receivables [Abstract]
Schedule of Accounts ReceivableThe Company’s accounts receivable included the following: September 25, 2021 December 31, 2020 Accounts receivable, trade $ 163,022 $ 140,036 Accounts receivable, other (a) 41,646 39,659 Allowance for expected credit losses (736) (487) Total accounts receivable, net $ 203,932 $ 179,208 (a) Accounts receivable, other consists primarily of value added/consumption taxes, grants receivable and accrued billings due from government agencies.

Inventory (Tables)

Inventory (Tables)9 Months Ended
Sep. 25, 2021
Inventory Disclosure [Abstract]
Schedule of InventoryThe Company’s inventory included the following: September 25, 2021 December 31, 2020 Finished goods $ 152,411 $ 119,549 Work-in-progress 4,885 2,242 Raw materials 43,672 43,697 Manufacturing and maintenance supplies 5,241 5,159 Total inventory $ 206,209 $ 170,647

Leases (Tables)

Leases (Tables)9 Months Ended
Sep. 25, 2021
Leases [Abstract]
Components of Lease ExpenseThe Company’s operating and finance lease cost is as follows: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Operating Leases Operating lease expense $ 1,416 $ 1,419 $ 4,254 $ 4,411 Finance Leases Amortization of ROU assets 89 83 262 244 Interest 40 46 125 142 Total $ 1,545 $ 1,548 $ 4,641 $ 4,797
Balance Sheet ComponentsThe Company’s consolidated balance sheet includes the following operating lease assets and liabilities: Balance Sheet Classification September 25, 2021 December 31, 2020 Right-of-use assets Other assets $ 12,865 $ 15,847 Lease liabilities, current Accrued and other current liabilities $ 5,256 $ 4,886 Lease liabilities, non-current Other long-term liabilities $ 8,430 $ 11,974
Operating Lease MaturityAs of September 25, 2021, operating lease maturities for the remainder of 2021 through 2025 and thereafter are as follows: September 25, 2021 Remainder of 2021 $ 1,484 2022 5,875 2023 4,998 2024 1,481 2025 648 Thereafter 462 Total minimum lease payments $ 14,948 Less: imputed interest (1,262) Present value of future minimum lease payments $ 13,686

Accrued and Other Current Lia_2

Accrued and Other Current Liabilities (Tables)9 Months Ended
Sep. 25, 2021
Payables and Accruals [Abstract]
Schedule of Accrued and Other Current LiabilitiesThe Company’s accrued and other current liabilities included the following: September 25, 2021 December 31, 2020 Accrued customer incentives and prepayments $ 27,660 $ 29,387 Accrued payroll and benefits 22,354 21,500 Accrued interest 14,934 3,230 Accrued income taxes 5,697 5,052 Accrued stumpage 2,608 10,045 Accrued property and other taxes 9,951 3,995 Deferred revenue (a) 20,463 721 Other current liabilities 34,451 35,785 Total accrued and other current liabilities $ 138,118 $ 109,715

Debt and Finance Leases (Tables

Debt and Finance Leases (Tables)9 Months Ended
Sep. 25, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt InstrumentsThe Company’s debt and finance leases included the following: September 25, 2021 December 31, 2020 ABL Credit Facility due 2025, $76 million available, bearing interest 0.25% LIBOR floor plus 2.50%, interest rate of 2.75% at September 25, 2021 $ — $ — Senior Secured Notes due 2026 at a fixed interest rate of 7.625% 500,000 500,000 Senior Notes due 2024 at a fixed interest rate of 5.5% 369,185 495,647 Canadian dollar, fixed interest rate term loans with rates ranging from 5.5% to 6.86% and maturity dates ranging from July 2022 through April 2028, secured by certain assets of the Temiscaming mill 68,332 73,791 Other loans (a) 15,574 18,193 Short-term factoring facility-France 597 5,089 Finance lease obligation 2,228 2,489 Total debt principal payments due 955,916 1,095,209 Less: Debt premium, original issue discount and issuance costs, net (9,394) (11,272) Total debt 946,522 1,083,937 Less: Debt due within one year (22,482) (17,100) Long-term debt $ 924,040 $ 1,066,837 (a) Primarily loans for energy projects in France.
Schedule of Maturities of Long-term DebtAs of September 25, 2021, debt and finance lease payments due during the remainder of 2021, the next four years and thereafter are as follows: Finance Lease Payments Debt Principal Payments Remainder of 2021 $ 129 $ 4,703 2022 515 30,115 2023 515 10,232 2024 515 379,338 2025 515 10,195 Thereafter 472 519,105 Total principal payments $ 2,661 $ 953,688 Less: Imputed interest 433 Present value minimum finance lease payments $ 2,228

Environmental Liabilities (Tabl

Environmental Liabilities (Tables)9 Months Ended
Sep. 25, 2021
Environmental Remediation Obligations [Abstract]
Schedule of Liabilities for Disposed OperationsAn analysis of liabilities for the nine months ended September 25, 2021 is as follows: Balance, December 31, 2020 $ 171,679 Increase in liabilities 2,972 Payments (4,456) Foreign currency adjustments 37 Balance, September 25, 2021 170,232 Less: Current portion (8,685) Long-term environmental liabilities $ 161,547

Derivatives Instruments (Tables

Derivatives Instruments (Tables)9 Months Ended
Sep. 25, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, LocationThe effects of derivatives designated as hedging instruments, the related changes in AOCI and the gains and losses in income is as follows: Three Months Ended September 25, 2021 Derivatives Designated as Hedging Instruments Gain (Loss) Recognized in OCI on Derivative Gain (Loss) Reclassified from AOCI into Income Location on Statement of Income Foreign exchange forward contracts $ — $ (99) Interest income and other, net Three Months Ended September 26, 2020 Gain (Loss) Recognized in OCI on Derivative Gain (Loss) Reclassified from AOCI into Income Location on Statement of Income Interest rate swaps $ 273 $ (595) Interest expense Foreign exchange forward contracts $ 2,176 $ 223 Other operating income (expense), net Foreign exchange forward contracts $ 3,197 $ (3,197) Cost of sales Foreign exchange forward contracts $ 1,992 $ 1,316 Interest income and other, net Nine Months Ended September 25, 2021 Derivatives Designated as Hedging Instruments Gain (Loss) Recognized in OCI on Derivative Gain (Loss) Reclassified from AOCI into Income Location on Statement of Income Foreign exchange forward contracts $ — $ 4,088 Cost of sales Foreign exchange forward contracts $ — $ (301) Interest income and other, net Nine Months Ended September 26, 2020 Derivatives Designated as Hedging Instruments Gain (Loss) Recognized in OCI on Derivative Gain (Loss) Reclassified from AOCI into Income Location on Statement of Income Interest rate swaps $ (1,709) $ (1,431) Interest expense Foreign exchange forward contracts $ (18,442) $ (771) Other operating income (expense), net Foreign exchange forward contracts $ 6,666 $ (6,666) Cost of sales Foreign exchange forward contracts $ (2,718) $ (3,281) Interest income and other, net
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, LocationThe effects of derivative instruments not designated as hedging instruments on the consolidated statement of income were as follows: Three Months Ended Nine Months Ended Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Foreign exchange forward contracts Other operating income (expense), net $ — $ — $ — $ (703)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)The after-tax amounts of unrealized gains (losses) in AOCI related to hedge derivatives are presented below: September 25, 2021 December 31, 2020 Foreign exchange cash flow hedges $ (934) $ 1,834

Fair Value Measurements (Tables

Fair Value Measurements (Tables)9 Months Ended
Sep. 25, 2021
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring BasisThe following table presents the carrying amount, estimated fair values and categorization under the fair value hierarchy for financial instruments held by the Company, using market information and what management believes to be appropriate valuation methodologies: September 25, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value Assets: Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $ 279,156 $ 279,156 $ — $ 93,653 $ 93,653 $ — Investment in GreenFirst equity securities $ 34,204 $ — $ 34,204 $ — $ — $ — Liabilities (a): Fixed-rate long-term debt 943,697 — 989,112 1,076,359 — 1,050,287 (a) Liabilities exclude finance lease obligation.
Fair Value Measurement Inputs and Valuation TechniquesThe following are the key inputs at each measurement date: At closing of transaction At period end Expected Term 0.5 years 0.425 years Risk-free rate 0.20 % 0.15 % Dividend yield — — Volatility 92.04 % 88.79 % DLOM 14.38 % 12.90 %

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)9 Months Ended
Sep. 25, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive LossThe components of AOCI are as follows: Nine Months Ended September 25, 2021 September 26, 2020 Unrecognized components of employee benefit plans, net of tax: Balance, beginning of year $ (146,614) $ (126,638) Other comprehensive gain (loss) before reclassifications (236) 4,781 Income tax on other comprehensive loss 61 (1,238) Reclassifications to earnings: (a) Pension settlement loss 226 — Amortization of losses 12,258 10,143 Amortization of prior service costs 413 422 Income tax on reclassifications (2,853) (2,061) Plans included in sale of assets to GreenFirst 4,012 — Income Tax on plans included in sale of assets to GreenFirst (1,039) — Net comprehensive gain on employee benefit plans, net of tax 12,842 12,047 Balance, end of period (133,772) (114,591) Unrealized gain (loss) on derivative instruments, net of tax: Balance, beginning of year 1,834 1,290 Other comprehensive gain (loss) before reclassifications — (16,203) Income tax on other comprehensive income — 3,778 Reclassifications to earnings: (b) Interest rate contracts — 1,431 Foreign exchange contracts (3,787) 10,718 Income tax on reclassifications 1,020 (2,666) Net comprehensive loss on derivative instruments, net of tax (2,767) (2,942) Balance, end of period (933) (1,652) Foreign currency translation adjustments: Balance, beginning of year 11,145 (13,879) Foreign currency translation adjustment, net of tax of $0 and $0 (10,558) 9,989 Balance, end of period 587 (3,890) Accumulated other comprehensive income (loss), end of period $ (134,118) $ (120,133) (a) The AOCI components for defined benefit pension and post-retirement plans are included in the computation of net periodic benefit cost. See Note 15— Employee Benefit Plans for additional information. (b) Reclassifications of interest rate contracts are recorded in interest expense. Reclassifications of foreign currency exchange contracts are recorded in cost of sales, other operating income or non-operating income as appropriate. See Note 9 — Derivative Instruments

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)9 Months Ended
Sep. 25, 2021
Equity [Abstract]
Schedule of Stockholders' Equity (Deficit)An analysis of stockholders’ equity is shown below (share amounts not in thousands): Common Stock Additional Paid in Capital Retained Accumulated Other Comprehensive Loss Total Stockholders’ Shares Par Value For the nine months ended September 25, 2021 Balance, January 1, 2021 63,359,839 $ 633 $ 405,161 $ 422,928 $ (133,635) $ 695,087 Net income (loss) — — — 90,443 — 90,443 Other comprehensive income (loss), net of tax — — — — (483) (483) Issuance of common stock under incentive stock plans 509,713 5 (5) — — — Stock-based compensation — — 1,619 — — 1,619 Repurchase of common shares (a) (132,196) (1) (1,421) — — (1,422) Balance September 25, 2021 63,737,356 $ 637 $ 405,354 $ 513,371 $ (134,118) $ 785,244 For the three months ended September 25, 2021 Balance, June 26, 2021 63,737,356 $ 637 $ 404,120 $ 518,129 $ (136,045) $ 786,841 Net income (loss) — — — (4,758) — (4,758) Other comprehensive income (loss), net of tax — — — — 1,927 1,927 Issuance of common stock under incentive stock plans — — — — — — Stock-based compensation — — 1,234 — — 1,234 Repurchase of common shares (a) — — — — — — Balance, September 25, 2021 63,737,356 $ 637 $ 405,354 $ 513,371 $ (134,118) $ 785,244 For the nine months ended September 26, 2020 Balance, January 1, 2020 63,136,129 $ 632 $ 399,020 $ 422,373 $ (139,227) $ 682,798 Net income (loss) — — — (8,130) — (8,130) Other comprehensive income (loss), net of tax — — — — 19,094 19,094 Issuance of common stock under incentive stock plans 390,448 4 (4) — — — Stock-based compensation — — 6,839 — — 6,839 Repurchase of common shares (a) (191,659) (3) (454) — — (457) Balance, September 26, 2020 63,334,918 $ 633 $ 405,401 $ 414,243 $ (120,133) $ 700,144 For the three months ended September 26, 2020 Balance, June 27, 2020 63,347,326 $ 633 $ 403,737 $ 385,383 $ (141,027) $ 648,726 Net income (loss) — — — 28,860 — 28,860 Other comprehensive income (loss), net of tax — — — — 20,894 20,894 Issuance of common stock under incentive stock plans (6,305) — — — — — Stock-based compensation — — 1,682 — — 1,682 Repurchase of common shares (a) (6,103) — (18) — — (18) Balance, September 26, 2020 63,334,918 $ 633 $ 405,401 $ 414,243 $ (120,133) $ 700,144 (a) Repurchased to satisfy the tax withholding requirements related to the issuance of stock under the Rayonier Advanced Materials Incentive Stock Plan.

Earnings Per Share of Common _2

Earnings Per Share of Common Stock (Tables)9 Months Ended
Sep. 25, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and DilutedThe following table provides details of the calculations of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Income (loss) from continuing operations $ (13,394) $ 12,621 $ (21,308) $ (8,871) Income from discontinued operations 8,636 16,239 111,751 741 Net income (loss) available for common stockholders $ (4,758) $ 28,860 $ 90,443 $ (8,130) Shares used for determining basic earnings per share of common stock 63,737,355 63,310,689 63,610,710 63,178,342 Dilutive effect of: Stock options — — — — Performance and restricted stock — 605,553 — — Shares used for determining diluted earnings per share of common stock 63,737,355 63,916,242 63,610,710 63,178,342 Basic per share amounts Income (loss) from continuing operations $ (0.21) $ 0.20 $ (0.33) $ (0.14) Income from discontinued operations 0.14 0.26 1.76 0.01 Net income (loss) $ (0.07) $ 0.46 $ 1.43 $ (0.13) Diluted per share amounts Income (loss) from continuing operations $ (0.21) $ 0.20 $ (0.33) $ (0.14) Income from discontinued operations 0.14 0.25 1.76 0.01 Net income (loss) $ (0.07) $ 0.45 $ 1.43 $ (0.13)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per ShareAnti-dilutive instruments excluded from the computation of diluted earnings per share: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Stock options 115,973 152,281 115,973 152,281 Performance and restricted stock 2,390,153 564,425 2,390,153 2,676,002 Total anti-dilutive instruments 2,506,126 716,706 2,506,126 2,828,283

Incentive Stock Plans (Tables)

Incentive Stock Plans (Tables)9 Months Ended
Sep. 25, 2021
Share-based Payment Arrangement [Abstract]
Summary of Activity for Incentive Stock AwardsThe following table summarizes the activity on the Company’s incentive stock awards for the nine months ended September 25, 2021: Stock Options Restricted Stock Units Performance-Based Stock Units Options Weighted Average Exercise Price Awards Weighted Average Grant Date Fair Value Awards Weighted Average Grant Date Fair Value Outstanding at January 1, 2021 152,281 $ 38.26 828,955 $ 10.27 1,821,402 $ 8.77 Granted — — 561,025 9.71 267,086 17.61 Forfeited — — (132,713) 10.81 (326,256) 22.76 Exercised or settled — — (326,830) 13.50 (302,516) 8.81 Expired or cancelled (36,308) 34.52 — — — — Outstanding at September 25, 2021 115,973 $ 39.43 930,437 $ 8.72 1,459,716 $ 7.48

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)9 Months Ended
Sep. 25, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Net Pension and Postretirement Benefit CostsThe components of net periodic benefit costs from these plans that have been recorded are shown in the following table: Pension Postretirement Three Months Ended Three Months Ended Components of Net Periodic Benefit Cost September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Service cost $ 2,619 $ 2,293 $ 358 $ 340 Interest cost 4,287 5,875 179 (2,012) Expected return on plan assets (9,586) (9,284) — — Amortization of prior service cost 176 179 (38) (38) Amortization of losses 4,084 3,428 5 (47) Pension settlement loss (gain) 90 — — — Total net periodic benefit cost $ 1,670 $ 2,491 $ 504 $ (1,757) Pension Postretirement Nine Months Ended Nine Months Ended Components of Net Periodic Benefit Cost September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Service cost $ 7,800 $ 6,774 $ 1,083 $ 1,013 Interest cost 13,138 17,621 530 (1,583) Expected return on plan assets (28,865) (27,896) — — Amortization of prior service cost 527 537 (115) (115) Amortization of losses 12,247 10,282 11 (138) Pension settlement loss (gain) 980 — — — Total net periodic benefit cost $ 5,828 $ 7,318 $ 1,510 $ (823)

Segment and Geographical Info_2

Segment and Geographical Information (Tables)9 Months Ended
Sep. 25, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by SegmentNet sales, disaggregated by product-line, was comprised of the following: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 High Purity Cellulose Cellulose Specialties $ 186,029 $ 168,549 $ 521,442 $ 489,859 Commodity Products 74,577 64,916 195,894 206,867 Other sales (a) 26,902 19,243 74,532 60,614 Total High Purity Cellulose 287,508 252,708 791,868 757,341 Paperboard Paperboard 52,188 46,862 156,799 140,492 High-Yield Pulp High-Yield Pulp 41,877 29,622 106,207 91,444 Eliminations (7,559) (5,709) (21,163) (17,148) Total net sales $ 374,014 $ 323,483 $ 1,033,712 $ 972,128 (a) Other sales include sales of electricity, lignin and other by-products to third-parties Operating income (loss) by segment was comprised of the following: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 High Purity Cellulose $ 1,852 $ 7,752 $ 18,903 $ 9,615 Paperboard 1,978 3,380 10,174 14,315 High-Yield Pulp 7,612 973 8,150 497 Corporate (8,616) (13,215) (33,498) (37,864) Total operating income (loss) $ 2,826 $ (1,110) $ 3,729 $ (13,437) Identifiable assets by segment were as follows: September 25, 2021 December 31, 2020 High Purity Cellulose $ 1,534,149 $ 1,528,929 Paperboard 116,721 129,871 High-Yield Pulp 43,708 33,259 Corporate and other (a) 779,959 624,541 Assets Held for Sale — 213,265 Total identifiable assets $ 2,474,537 $ 2,529,865

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flows Information (Tables)9 Months Ended
Sep. 25, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental DisclosuresSupplemental disclosures of cash flows information were comprised of the following for the nine months ended: September 25, 2021 September 26, 2020 Interest paid $ 34,852 $ 29,350 Income taxes paid (received) $ (27,268) $ 1,086 Capital assets purchased on account $ 9,609 $ 11,442

Basis of Presentation and New_3

Basis of Presentation and New Accounting Pronouncements (Details) - Senior Secured Notes due 2026 at a fixed interest rate of 7.625% - Senior Notes - USD ($) $ in MillionsOct. 07, 2021Sep. 25, 2021
Subsequent Event [Line Items]
Fixed interest rate7.625%
Subsequent Event
Subsequent Event [Line Items]
Fixed interest rate7.625%
Repayment of Secured Notes $ 25
Debt instrument, redemption price, percentage103.00%

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - Lumber and Newsprint Facilities shares in Millions, $ in Millions, $ in MillionsAug. 28, 2021USD ($)facilitysharesAug. 28, 2021CAD ($)facilitysharesNov. 27, 2021USD ($)Sep. 25, 2021USD ($)employee
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business $ 193
Equity interests to be received (in shares) | shares28.7 28.7
Equity interests to be received $ 42
Credit note to be issued, receivable $ 5 $ 8
Credit note to be issued, term which can be offset against amounts owed5 years5 years
Number of facilities disposed | facility6 6
Rights to duty refunds $ 112
Gain (Loss) on Disposition of Business $ 6
Supply term20 years20 years
Number of employees covered by collective bargaining agreements | employee40
Discontinued Operations, Disposed of by Sale | Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Decrease in consideration $ 8
Discontinued Operations, Disposed of by Sale | Maximum | Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business193
Net cash outflow from other adjustment settlements3
Discontinued Operations, Disposed of by Sale | Minimum | Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business185
Net cash outflow from other adjustment settlements $ 2
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross purchase price $ 232

Discontinued Operations - Incom

Discontinued Operations - Income (Loss) from Discontinued Operations (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 25, 2021Sep. 26, 2020Sep. 25, 2021Sep. 26, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations $ 8,636 $ 16,239 $ 111,751 $ 741
Discontinued Operations, Disposed of by Sale | Lumber and Newsprint Facilities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales83,994 100,440 442,833 258,356
Cost of sales(68,224)(72,040)(237,912)(230,098)
Gross margin15,770 28,400 204,921 28,258
Selling, general and administrative expenses and other(7,571)(9,901)(26,465)(24,860)
Operating income (loss)8,199 18,499 178,456 3,398
Interest expense(1,973)(2,162)(7,290)(6,333)
Other non-operating income254 711 967 1,969
Income (loss) from discontinued operations before income taxes6,480 17,048 172,133 (966)
Income tax benefit (expense)(4,239)(793)(66,777)952
Income (loss) from discontinued operations, net of taxes2,241 16,255 105,356 (14)
Gain from sale of discontinued operations, pre-tax9,217 0 9,217 956
Income tax expense on gain(2,822)(17)(2,822)(200)
Income from discontinued operations8,636 16,238 111,751 742
Discontinued Operations, Disposed of by Sale | Lumber and Newsprint Facilities | Intersegment Sales
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales8,000 10,000 31,000 33,000
Discontinued Operations, Disposed of by Sale | Matane Plant
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain from sale of discontinued operations, net of tax $ 6,395 $ (17) $ 6,395 $ 756

Discontinued Operations - Other

Discontinued Operations - Other Discontinued Operations Information (Details) - Discontinued Operations, Disposed of by Sale - Lumber and Newsprint Facilities - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 25, 2021Sep. 26, 2020Sep. 25, 2021Sep. 26, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization $ 0 $ 3,477 $ 3,172 $ 9,259
Capital expenditures $ 2,119 $ 3,976 $ 7,933 $ 7,403

Discontinued Operations - Asset

Discontinued Operations - Assets and Liabilities Held for Sale (Details) - USD ($) $ in ThousandsSep. 25, 2021Aug. 28, 2021Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total current assets $ 0 $ 72,562
Total current liabilities0 780
Discontinued Operations, Disposed of by Sale | Lumber and Newsprint Facilities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventory0 62,837
Prepaid and other current assets0 9,725
Total current assets0 72,562
Property, plant and equipment, net0 97,151
Other assets0 43,552
Total assets0 $ 215,000 213,265
Accrued and other current liabilities0 780
Total current liabilities0 780
Pension and Other Postretirement Benefits0 9,316
Other long-term liabilities0 2,498
Total liabilities $ 0 $ 12,594

Accounts Receivable, Net - Sche

Accounts Receivable, Net - Schedule of Accounts Receivable (Details) - USD ($) $ in ThousandsSep. 25, 2021Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for expected credit losses $ (736) $ (487)
Total accounts receivable, net203,932 179,208
Accounts receivable, trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, gross163,022 140,036
Accounts receivable, other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, gross $ 41,646 $ 39,659

Inventory (Details)

Inventory (Details) - USD ($) $ in ThousandsSep. 25, 2021Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods $ 152,411 $ 119,549
Work-in-progress4,885 2,242
Raw materials43,672 43,697
Manufacturing and maintenance supplies5,241 5,159
Total inventory $ 206,209 $ 170,647

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions9 Months Ended
Sep. 25, 2021Sep. 26, 2020Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease, weighted average discount rate7.90%6.10%
Finance lease, weighted average discount rate7.00%7.00%
Weighted average remaining lease term, operating leases4 years 3 months 18 days3 years 6 months
Weighted average remaining lease term, finance leases5 years 2 months 12 days5 years 10 months 24 days
Operating lease payments $ 5 $ 4
Assets acquired under finance leases $ 2 $ 2
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term7 years 4 months 24 days

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 25, 2021Sep. 26, 2020Sep. 25, 2021Sep. 26, 2020
Operating Leases
Operating lease expense $ 1,416 $ 1,419 $ 4,254 $ 4,411
Finance Leases
Amortization of ROU assets89 83 262 244
Interest40 46 125 142
Total $ 1,545 $ 1,548 $ 4,641 $ 4,797

Leases - Balance Sheet Componen

Leases - Balance Sheet Components (Details) - USD ($) $ in ThousandsSep. 25, 2021Dec. 31, 2020
Leases [Abstract]
Right-of-use assets $ 12,865 $ 15,847
Lease liabilities, current5,256 4,886
Lease liabilities, non-current $ 8,430 $ 11,974
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]Other AssetsOther Assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]Accrued and other current liabilities (Note 6)Accrued and other current liabilities (Note 6)
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]Other Long-Term LiabilitiesOther Long-Term Liabilities

Leases - Lease Maturity (Detail

Leases - Lease Maturity (Details) $ in ThousandsSep. 25, 2021USD ($)
Leases [Abstract]
Remainder of 2021 $ 1,484
20225,875
20234,998
20241,481
2025648
Thereafter462
Total minimum lease payments14,948
Less: imputed interest(1,262)
Present value of future minimum lease payments $ 13,686

Accrued and Other Current Lia_3

Accrued and Other Current Liabilities (Details) $ in ThousandsSep. 25, 2021USD ($)Jan. 31, 2021CAD ($)Dec. 31, 2020USD ($)
Payables and Accruals [Abstract]
Accrued customer incentives and prepayments $ 27,660 $ 29,387
Accrued payroll and benefits22,354 21,500
Accrued interest14,934 3,230
Accrued income taxes5,697 5,052
Accrued stumpage2,608 10,045
Accrued property and other taxes9,951 3,995
Deferred revenue (a)20,463 721
Other current liabilities34,451 35,785
Total accrued and other current liabilities $ 138,118 $ 109,715
CEWS applied for $ 25,000,000

Debt and Finance Leases - Summa

Debt and Finance Leases - Summary of Debt (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 25, 2021Sep. 26, 2020Sep. 25, 2021Sep. 26, 2020Dec. 31, 2020
Debt Instrument [Line Items]
Finance lease obligation $ 2,228 $ 2,228 $ 2,489
Total debt principal payments due955,916 955,916 1,095,209
Less: Debt premium, original issue discount and issuance costs, net(9,394)(9,394)(11,272)
Total debt946,522 946,522 1,083,937
Less: Debt due within one year(22,482)(22,482)(17,100)
Long-term debt924,040 924,040 1,066,837
Gain on debt extinguishment2,326 $ 0 2,326 $ 0
Short-term factoring facility-France | Credit Facility
Debt Instrument [Line Items]
Short-term debt, gross597 597 5,089
Credit Facility | ABL Credit Facility due 2025, $76 million available, bearing interest 0.25% LIBOR floor plus 2.50%, interest rate of 2.75% at September 25, 2021
Debt Instrument [Line Items]
Long-term debt, gross0 0 0
Credit Facility | ABL Credit Facility due 2025, $76 million available, bearing interest 0.25% LIBOR floor plus 2.50%, interest rate of 2.75% at September 25, 2021 | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity available $ 76,000 $ 76,000
Credit Facility | ABL Credit Facility due 2025, $76 million available, bearing interest 0.25% LIBOR floor plus 2.50%, interest rate of 2.75% at September 25, 2021 | LIBOR
Debt Instrument [Line Items]
Rate floor0.25%
Basis spread2.50%
Interest rate2.75%2.75%
Senior Notes | Senior Secured Notes due 2026 at a fixed interest rate of 7.625%
Debt Instrument [Line Items]
Fixed interest rate7.625%7.625%
Long-term debt, gross $ 500,000 $ 500,000 500,000
Senior Notes | Senior Notes due 2024 at a fixed interest rate of 5.5%
Debt Instrument [Line Items]
Fixed interest rate5.50%5.50%
Long-term debt, gross $ 369,185 $ 369,185 495,647
Gain on debt extinguishment2,000
Loans | Canadian dollar, fixed interest rate term loans with rates ranging from 5.5% to 6.86% and maturity dates ranging from July 2022 through April 2028, secured by certain assets of the Temiscaming mill
Debt Instrument [Line Items]
Long-term debt, gross68,332 68,332 73,791
Loans | Other loans
Debt Instrument [Line Items]
Long-term debt, gross $ 15,574 $ 15,574 $ 18,193
Minimum | Loans | Canadian dollar, fixed interest rate term loans with rates ranging from 5.5% to 6.86% and maturity dates ranging from July 2022 through April 2028, secured by certain assets of the Temiscaming mill
Debt Instrument [Line Items]
Fixed interest rate5.50%5.50%
Maximum | Loans | Canadian dollar, fixed interest rate term loans with rates ranging from 5.5% to 6.86% and maturity dates ranging from July 2022 through April 2028, secured by certain assets of the Temiscaming mill
Debt Instrument [Line Items]
Fixed interest rate6.86%6.86%

Debt and Finance Leases - Narra

Debt and Finance Leases - Narrative (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 25, 2021Sep. 26, 2020Sep. 25, 2021Sep. 26, 2020
Debt Instrument [Line Items]
Gain on debt extinguishment $ 2,326 $ 0 $ 2,326 $ 0
Senior Notes due 2024 at a fixed interest rate of 5.5% | Senior Notes
Debt Instrument [Line Items]
Repayment of Secured Notes $ 127,000
Fixed interest rate5.50%5.50%
Retirement of Senior Notes, amount $ 124,000
Write-off of deferred financing costs1,000
Gain on debt extinguishment $ 2,000

Debt and Finance Leases - Sched

Debt and Finance Leases - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in ThousandsSep. 25, 2021Dec. 31, 2020
Finance Lease Payments
Remainder of 2021 $ 129
2022515
2023515
2024515
2025515
Thereafter472
Total principal payments2,661
Less: Imputed interest433
Present value minimum finance lease payments2,228 $ 2,489
Debt Principal Payments
Remainder of 20214,703
202230,115
202310,232
2024379,338
202510,195
Thereafter519,105
Total principal payments $ 953,688

Environmental Liabilities - Ana

Environmental Liabilities - Analysis of Activity (Details) - USD ($) $ in Thousands9 Months Ended
Sep. 25, 2021Dec. 31, 2020
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance, December 31, 2020 $ 171,679
Increase in liabilities2,972
Payments(4,456)
Foreign currency adjustments37
Balance, September 25, 2021170,232
Less: Current portion(8,685) $ (8,684)
Long-term environmental liabilities $ 161,547 $ 162,995

Environmental Liabilities - Nar

Environmental Liabilities - Narrative (Details) $ in Millions9 Months Ended
Sep. 25, 2021USD ($)
Environmental Remediation Obligations [Abstract]
Loss exposure in excess of accrual, high estimate $ 78
Probable costs expected to be incurred, term20 years

Derivatives Instruments - Narra

Derivatives Instruments - Narrative (Details) - Foreign exchange forward contracts - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 25, 2021Sep. 25, 2021Dec. 31, 2020
Derivative [Line Items]
Net after-tax gain (loss) deferred as a component of accumulated other comprehensive income (loss) $ (900) $ (900) $ 2,000
Gain recognized out of accumulated other comprehensive income (loss) $ 86,000 $ 2,800

Derivatives Instruments - Deriv

Derivatives Instruments - Derivative Instruments Classified as Cash Flow Hedges (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 25, 2021Sep. 26, 2020Sep. 25, 2021Sep. 26, 2020
Interest expense | Interest rate swaps
Derivative [Line Items]
Gain (Loss) Recognized in OCI on Derivative $ 273 $ (1,709)
Gain (Loss) Reclassified from AOCI into Income(595)(1,431)
Other operating income (expense), net | Foreign exchange forward contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI on Derivative2,176 (18,442)
Gain (Loss) Reclassified from AOCI into Income223 (771)
Cost of sales | Foreign exchange forward contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI on Derivative3,197 $ 0 6,666
Gain (Loss) Reclassified from AOCI into Income(3,197)4,088 (6,666)
Interest income and other, net | Foreign exchange forward contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI on Derivative $ 0 1,992 0 (2,718)
Gain (Loss) Reclassified from AOCI into Income $ (99) $ 1,316 $ (301) $ (3,281)

Derivatives Instruments - Der_2

Derivatives Instruments - Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 25, 2021Sep. 26, 2020Sep. 25, 2021Sep. 26, 2020
Other operating income (expense), net | Foreign exchange forward contracts
Derivative [Line Items]
Gain (loss) recognized in income on derivative $ 0 $ 0 $ 0 $ (703)

Derivatives Instruments - After

Derivatives Instruments - After-tax Amounts of Unrealized Gain in AOCL Related to Hedge Derivatives (Details) - USD ($) $ in ThousandsSep. 25, 2021Jun. 26, 2021Dec. 31, 2020Sep. 26, 2020Jun. 27, 2020Dec. 31, 2019
Derivative [Line Items]
Foreign exchange cash flow hedges $ 785,244 $ 786,841 $ 695,087 $ 700,144 $ 648,726 $ 682,798
Unrealized gain on derivative
Derivative [Line Items]
Foreign exchange cash flow hedges(933)1,834 $ (1,652) $ 1,290
Cash Flow Hedging | Unrealized gain on derivative | Foreign exchange forward contracts
Derivative [Line Items]
Foreign exchange cash flow hedges $ (934) $ 1,834

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in ThousandsSep. 25, 2021Dec. 31, 2020
Assets
Investment in GreenFirst equity securities $ 34,204 $ 0
Carrying Amount
Assets
Cash and cash equivalents279,156 93,653
Investment in GreenFirst equity securities34,204 0
Liabilities:
Fixed-rate long-term debt943,697 1,076,359
Fair Value | Level 1
Assets
Cash and cash equivalents279,156 93,653
Investment in GreenFirst equity securities0 0
Liabilities:
Fixed-rate long-term debt0 0
Fair Value | Level 2
Assets
Cash and cash equivalents0 0
Investment in GreenFirst equity securities34,204 0
Liabilities:
Fixed-rate long-term debt $ 989,112 $ 1,050,287

Fair Value Measurements - Measu

Fair Value Measurements - Measurement Inputs (Details)Sep. 25, 2021Aug. 28, 2021
Expected Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input of investment in GreenFirst Shares0.425 0.5
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input of investment in GreenFirst Shares0.0015 0.0020
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input of investment in GreenFirst Shares0 0
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input of investment in GreenFirst Shares0.8879 0.9204
DLOM
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input of investment in GreenFirst Shares0.1290 0.1438

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 25, 2021Sep. 26, 2020Sep. 25, 2021Sep. 26, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance $ 786,841 $ 648,726 $ 695,087 $ 682,798
Total other comprehensive income (loss)1,927 20,894 (483)19,094
Ending balance785,244 700,144 785,244 700,144
Tax effects of foreign translation adjustment0 0
Unrecognized components of employee benefit plans, net of tax
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance(146,614)(126,638)
Other comprehensive gain (loss) before reclassifications(236)4,781
Income tax on other comprehensive income (loss)61 (1,238)
Income tax on reclassifications(2,853)(2,061)
Total other comprehensive income (loss)12,842 12,047
Ending balance(133,772)(114,591)(133,772)(114,591)
Pension settlement loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Reclassifications to earnings226 0
Amortization of losses
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Reclassifications to earnings12,258 10,143
Amortization of prior service costs
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Reclassifications to earnings413 422
Plans included in sale of assets to GreenFirst
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Reclassifications to earnings4,012 0
Income tax on reclassifications(1,039)0
Unrealized gain (loss) on derivative instruments, net of tax
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance1,834 1,290
Other comprehensive gain (loss) before reclassifications0 (16,203)
Income tax on other comprehensive income (loss)0 3,778
Income tax on reclassifications1,020 (2,666)
Total other comprehensive income (loss)(2,767)(2,942)
Ending balance(933)(1,652)(933)(1,652)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance11,145 (13,879)
Total other comprehensive income (loss)(10,558)9,989
Ending balance587 (3,890)587 (3,890)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance(136,045)(141,027)(133,635)(139,227)
Total other comprehensive income (loss)1,927 20,894 (483)19,094
Ending balance $ (134,118) $ (120,133)(134,118)(120,133)
Interest rate swaps | Unrealized gain (loss) on derivative instruments, net of tax
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Reclassifications to earnings0 1,431
Foreign exchange forward contracts | Unrealized gain (loss) on derivative instruments, net of tax
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Reclassifications to earnings $ (3,787) $ 10,718

Stockholders' Equity - Stockhol

Stockholders' Equity - Stockholders' Equity (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 25, 2021Sep. 26, 2020Sep. 25, 2021Sep. 26, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance $ 786,841 $ 648,726 $ 695,087 $ 682,798
Net income (loss)(4,758)28,860 90,443 (8,130)
Other comprehensive income (loss), net of tax1,927 20,894 (483)19,094
Issuance of common stock under incentive stock plans0 0
Stock-based compensation1,234 1,682 1,619 6,839
Repurchase of common shares[1](18)(1,422)(457)
Ending balance $ 785,244 $ 700,144 $ 785,244 $ 700,144
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)63,737,356 63,347,326 63,359,839 63,136,129
Beginning balance $ 637 $ 633 $ 633 $ 632
Issuance of common stock under incentive stock plans (in shares)(6,305)509,713 390,448
Issuance of common stock under incentive stock plans $ 5 $ 4
Repurchase of common shares (in shares)[1](6,103)(132,196)(191,659)
Repurchase of common shares[1] $ (1) $ (3)
Ending balance (in shares)63,737,356 63,334,918 63,737,356 63,334,918
Ending balance $ 637 $ 633 $ 637 $ 633
Additional Paid in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance404,120 403,737 405,161 399,020
Issuance of common stock under incentive stock plans(5)(4)
Stock-based compensation1,234 1,682 1,619 6,839
Repurchase of common shares[1](18)(1,421)(454)
Ending balance405,354 405,401 405,354 405,401
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance518,129 385,383 422,928 422,373
Net income (loss)(4,758)28,860 90,443 (8,130)
Ending balance513,371 414,243 513,371 414,243
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance(136,045)(141,027)(133,635)(139,227)
Other comprehensive income (loss), net of tax1,927 20,894 (483)19,094
Ending balance $ (134,118) $ (120,133) $ (134,118) $ (120,133)
[1](a) Repurchased to satisfy the tax withholding requirements related to the issuance of stock under the Rayonier Advanced Materials Incentive Stock Plan.

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)Sep. 25, 2021Jan. 29, 2018
Equity [Abstract]
Amount authorized under share repurchase program $ 100,000,000
Amount available under share repurchase program $ 60,000,000

Earnings Per Share of Common _3

Earnings Per Share of Common Stock - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended9 Months Ended
Sep. 25, 2021Sep. 26, 2020Sep. 25, 2021Sep. 26, 2020
Earnings Per Share [Abstract]
Income (loss) from continuing operations $ (13,394) $ 12,621 $ (21,308) $ (8,871)
Income from discontinued operations8,636 16,239 111,751 741
Net income (loss) available for common stockholders $ (4,758) $ 28,860 $ 90,443 $ (8,130)
Shares used for determining basic earnings per share of common stock (in shares)63,737,355 63,310,689 63,610,710 63,178,342
Dilutive effect of:
Stock options (in shares)0 0 0 0
Performance and restricted stock (in shares)0 605,553 0 0
Shares used for determining diluted earnings per share of common stock (in shares)63,737,355 63,916,242 63,610,710 63,178,342
Basic per share amounts
Income (loss) from continuing operations (in dollars per share) $ (0.21) $ 0.20 $ (0.33) $ (0.14)
Income (loss) from discontinued operations (in dollars per share)0.140.261.760.01
Net income (loss) per common share-basic (in dollars per share)(0.07)0.461.43(0.13)
Diluted per share amounts
Income (loss) from continuing operations (in dollars per share)(0.21)0.20(0.33)(0.14)
Income (loss) from discontinued operations (in dollars per share)0.140.251.760.01
Net income (loss) per common share-diluted (in dollars per share) $ (0.07) $ 0.45 $ 1.43 $ (0.13)

Earnings Per Share of Common _4

Earnings Per Share of Common Stock - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares3 Months Ended9 Months Ended
Sep. 25, 2021Sep. 26, 2020Sep. 25, 2021Sep. 26, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive instruments (in shares)2,506,126 716,706 2,506,126 2,828,283
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive instruments (in shares)115,973 152,281 115,973 152,281
Performance and restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive instruments (in shares)2,390,153 564,425 2,390,153 2,676,002

Incentive Stock Plans - Narrati

Incentive Stock Plans - Narrative (Details) - USD ($) $ in Millions1 Months Ended3 Months Ended9 Months Ended
Mar. 31, 2021Sep. 25, 2021Sep. 26, 2020Sep. 25, 2021Sep. 26, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense $ 1 $ 2 $ 2 $ 7
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period3 years
Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Settlement percentage60.00%
Shares issued (in shares)182,811
Performance-Based Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target payout percentage0.00%
Performance-Based Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target payout percentage200.00%

Incentive Stock Plans - Schedul

Incentive Stock Plans - Schedule of Outstanding Awards (Details)9 Months Ended
Sep. 25, 2021$ / sharesshares
Stock Options
Stock Options, Options
Beginning Balance (in shares) | shares152,281
Granted (in shares) | shares0
Forfeited (in shares) | shares0
Exercised or settled (in shares) | shares0
Expired or cancelled (in shares) | shares(36,308)
Ending Balance (in shares) | shares115,973
Stock Options, Weighted Average Exercise Price
Beginning balance (in dollars per share) | $ / shares $ 38.26
Granted (in dollars per share) | $ / shares0
Forfeited (in dollars per share) | $ / shares0
Exercised or settled (in dollars per share) | $ / shares0
Expired or cancelled (in dollars per share) | $ / shares34.52
Ending balance (in dollars per share) | $ / shares $ 39.43
Restricted Stock Units
Awards Other than Options, Awards
Beginning Balance (in shares) | shares828,955
Granted (in shares) | shares561,025
Forfeited (in shares) | shares(132,713)
Exercised or settled (in shares) | shares(326,830)
Expired or cancelled (in shares) | shares0
Ending Balance (in shares) | shares930,437
Awards Other than Options, Weighted Average Grant Date Fair Value
Beginning balances (in dollars per share) | $ / shares $ 10.27
Granted (in dollars per share) | $ / shares9.71
Forfeited (in dollars per share) | $ / shares10.81
Exercised or settled (in dollars per share) | $ / shares13.50
Expired or cancelled (in dollars per share) | $ / shares0
Ending balances (in dollars per share) | $ / shares $ 8.72
Performance-Based Stock Units
Awards Other than Options, Awards
Beginning Balance (in shares) | shares1,821,402
Granted (in shares) | shares267,086
Forfeited (in shares) | shares(326,256)
Exercised or settled (in shares) | shares(302,516)
Expired or cancelled (in shares) | shares0
Ending Balance (in shares) | shares1,459,716
Awards Other than Options, Weighted Average Grant Date Fair Value
Beginning balances (in dollars per share) | $ / shares $ 8.77
Granted (in dollars per share) | $ / shares17.61
Forfeited (in dollars per share) | $ / shares22.76
Exercised or settled (in dollars per share) | $ / shares8.81
Expired or cancelled (in dollars per share) | $ / shares0
Ending balances (in dollars per share) | $ / shares $ 7.48

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 25, 2021Sep. 26, 2020Sep. 25, 2021Sep. 26, 2020
Pension
Defined Benefit Plans Disclosure [Line Items]
Service cost $ 2,619 $ 2,293 $ 7,800 $ 6,774
Interest cost4,287 5,875 13,138 17,621
Expected return on plan assets(9,586)(9,284)(28,865)(27,896)
Amortization of prior service cost176 179 527 537
Amortization of losses4,084 3,428 12,247 10,282
Pension settlement loss (gain)90 0 980 0
Total net periodic benefit cost1,670 2,491 5,828 7,318
Postretirement
Defined Benefit Plans Disclosure [Line Items]
Service cost358 340 1,083 1,013
Interest cost179 (2,012)530 (1,583)
Expected return on plan assets0 0 0 0
Amortization of prior service cost(38)(38)(115)(115)
Amortization of losses5 (47)11 (138)
Pension settlement loss (gain)0 0 0 0
Total net periodic benefit cost $ 504 $ (1,757) $ 1,510 $ (823)

Income Taxes (Details)

Income Taxes (Details)3 Months Ended9 Months Ended
Sep. 25, 2021Sep. 26, 2020Sep. 25, 2021Sep. 26, 2020
Income Tax Disclosure [Abstract]
Effective rate (percentage)24.00%181.00%59.00%84.00%

Segment and Geographical Info_3

Segment and Geographical Information - Segment Information (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 25, 2021Sep. 26, 2020Sep. 25, 2021Sep. 26, 2020Dec. 31, 2020
Segment Reporting Information [Line Items]
Net sales $ 374,014 $ 323,483 $ 1,033,712 $ 972,128
Operating income (loss)2,826 (1,110)3,729 (13,437)
Total identifiable assets2,474,537 2,474,537 $ 2,529,865
Operating Segments | High Purity Cellulose
Segment Reporting Information [Line Items]
Net sales287,508 252,708 791,868 757,341
Operating income (loss)1,852 7,752 18,903 9,615
Total identifiable assets1,534,149 1,534,149 1,528,929
Operating Segments | Paperboard
Segment Reporting Information [Line Items]
Operating income (loss)1,978 3,380 10,174 14,315
Total identifiable assets116,721 116,721 129,871
Operating Segments | High-Yield Pulp
Segment Reporting Information [Line Items]
Operating income (loss)7,612 973 8,150 497
Total identifiable assets43,708 43,708 33,259
Operating Segments | Corporate
Segment Reporting Information [Line Items]
Operating income (loss)(8,616)(13,215)(33,498)(37,864)
Operating Segments | Corporate and other
Segment Reporting Information [Line Items]
Total identifiable assets779,959 779,959 624,541
Eliminations
Segment Reporting Information [Line Items]
Net sales(7,559)(5,709)(21,163)(17,148)
Assets Held for Sale
Segment Reporting Information [Line Items]
Total identifiable assets0 0 $ 213,265
Cellulose Specialties | Operating Segments | High Purity Cellulose
Segment Reporting Information [Line Items]
Net sales186,029 168,549 521,442 489,859
Commodity Products | Operating Segments | High Purity Cellulose
Segment Reporting Information [Line Items]
Net sales74,577 64,916 195,894 206,867
Other sales | Operating Segments | High Purity Cellulose
Segment Reporting Information [Line Items]
Net sales26,902 19,243 74,532 60,614
Paperboard | Operating Segments | Paperboard
Segment Reporting Information [Line Items]
Net sales52,188 46,862 156,799 140,492
High-Yield Pulp | Operating Segments | High-Yield Pulp
Segment Reporting Information [Line Items]
Net sales $ 41,877 $ 29,622 $ 106,207 $ 91,444

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions, $ in MillionsApr. 19, 2021CAD ($)May 31, 2020CAD ($)Sep. 25, 2021USD ($)sawmillAug. 28, 2021USD ($)Dec. 31, 2017
Guarantor Obligations [Line Items]
Number of lumbar mills | sawmill6
Anti-dumping duty160.00%600.00%
Countervailing duty740.00%1400.00%
Rights to duty refunds $ 112
Duties receivable $ 20
IESO Investigation of the Kapuskasing Facility
Guarantor Obligations [Line Items]
Penalty $ 25
Penalty due immediately3
Penalty due over time $ 12
Penalty payment period (years)10 years
Penalty deferred $ 10
Settlement $ 12
Settlement payment period (years)5 years
Settlement due immediately $ 4.5
Settlement due over time7.5
Settlement suspended $ 10.4
LignoTech Florida
Guarantor Obligations [Line Items]
Ownership percentage45.00%
Borregaard ASA | LignoTech Florida
Guarantor Obligations [Line Items]
Ownership percentage55.00%
Financial Standby Letter of Credit
Guarantor Obligations [Line Items]
Letters of credit $ 40
Surety Bond
Guarantor Obligations [Line Items]
Guarantees86
Contract Guarantee
Guarantor Obligations [Line Items]
Guarantees $ 32

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flows Information (Details) - USD ($) $ in Thousands9 Months Ended
Sep. 25, 2021Sep. 26, 2020
Supplemental Cash Flow Elements [Abstract]
Interest paid $ 34,852 $ 29,350
Income taxes paid (received)(27,268)1,086
Capital assets purchased on account $ 9,609 $ 11,442