QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol | Name of exchange on which registered | ||||||||||||
Securities to be registered pursuant to Section 12(g) of the Act: None |
Large accelerated filer | o | x | ||||||||||||
Non-accelerated filer | o | Smaller reporting company | ||||||||||||
Emerging growth company |
Page | |||||
Part I. Financial Information | |||||
Part II. Other Information | |||||
2022 Form 10-K | RYAM Annual Report on Form 10-K for the year ended December 31, 2022 | ||||
2024 Notes | $550 million original aggregate principal amount of 5.50 percent senior unsecured notes due 2024, issued May 2014 | ||||
2026 Notes | $500 million original aggregate principal amount of 7.625 percent senior secured notes due 2026, issued December 2020 | ||||
2027 Term Loan | $250 million original aggregate principal amount of variable rate term loan maturing July 2027, entered into July 2023 | ||||
2G | Second generation | ||||
ABL Credit Facility | 5-year senior secured asset-based revolving credit facility due December 2025 | ||||
AOCI | Accumulated other comprehensive income (loss) | ||||
CAD | Canadian dollar | ||||
CEWS | Canada Emergency Wage Subsidy | ||||
DTA | Deferred tax asset | ||||
EBITDA | Earnings before interest, taxes, depreciation and amortization | ||||
Exchange Act | Securities Exchange Act of 1934, as amended | ||||
Financial Statements | Consolidated financial statements included in Part I Item 1 of this Quarterly Report on Form 10-Q | ||||
GAAP | United States generally accepted accounting principles | ||||
GreenFirst | GreenFirst Forest Products, Inc. | ||||
LTF | LignoTech Florida LLC | ||||
MT | Metric ton | ||||
OPEB | Other post-employment benefits | ||||
Purchase Right | Board-declared dividend of one preferred share purchase right for each outstanding share of RYAM common stock | ||||
ROU | Right-of-use | ||||
RYAM, the Company, our, we, us | Rayonier Advanced Materials Inc. and its consolidated subsidiaries | ||||
SEC | United States Securities and Exchange Commission | ||||
SG&A | Selling, general and administrative expense | ||||
SOFR | Secured Overnight Financing Rate | ||||
TSR | Total shareholder return | ||||
U.S. | United States of America | ||||
USD | United States of America dollar | ||||
USDOC | United States Department of Commerce |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | ( | ( | ( | ( | |||||||||||||||||||
Gross margin | |||||||||||||||||||||||
Selling, general and administrative expense | ( | ( | ( | ( | |||||||||||||||||||
Foreign exchange gain (loss) | ( | ||||||||||||||||||||||
Other operating expense, net | ( | ( | ( | ( | |||||||||||||||||||
Operating income (loss) | ( | ( | |||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other components of pension and OPEB, excluding service costs (Note 14) | ( | ||||||||||||||||||||||
Gain on GreenFirst equity securities (Note 2) | |||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | ( | ( | ( | ||||||||||||||||||||
Income tax (expense) benefit (Note 15) | ( | ||||||||||||||||||||||
Equity in loss of equity method investment | ( | ( | ( | ( | |||||||||||||||||||
Income (loss) from continuing operations | ( | ( | ( | ||||||||||||||||||||
Income from discontinued operations, net of taxes (Note 2) | |||||||||||||||||||||||
Net income (loss) | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Basic earnings per common share (Note 12) | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Income from discontinued operations | |||||||||||||||||||||||
Net income (loss) per common share-basic | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Diluted earnings per common share (Note 12) | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Income from discontinued operations | |||||||||||||||||||||||
Net income (loss) per common share-diluted | $ | ( | $ | $ | ( | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | ||||||||||||||||||||
Net income (loss) | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Other comprehensive loss, net of tax (Note 10) | |||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | ( | |||||||||||||||||||
Unrealized gain on derivative instruments | |||||||||||||||||||||||
Net gain (loss) on employee benefit plans | ( | ( | |||||||||||||||||||||
Total other comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income (loss) | $ | ( | $ | $ | ( | $ | ( |
September 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net (Note 3) | |||||||||||
Inventory (Note 4) | |||||||||||
Prepaid and other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment (net of accumulated depreciation of $ | |||||||||||
Deferred tax assets | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued and other current liabilities (Note 6) | |||||||||||
Debt due within one year (Note 7) | |||||||||||
Current environmental liabilities (Note 8) | |||||||||||
Total current liabilities | |||||||||||
Long-term debt (Note 7) | |||||||||||
Non-current environmental liabilities (Note 8) | |||||||||||
Pension and other postretirement benefits (Note 14) | |||||||||||
Deferred tax liabilities | |||||||||||
Other liabilities | |||||||||||
Commitments and contingencies (Note 17) | |||||||||||
Stockholders’ Equity | |||||||||||
Common stock: | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss (Note 10) | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Par Value | ||||||||||||||||||||||||||||||||||
Three months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
Balance at July 1, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Three months ended September 24, 2022 | |||||||||||||||||||||||||||||||||||
Balance at June 25, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at September 24, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net loss | — | — | ( | — | ( | ||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Issuance of common stock under incentive stock plans | ( | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchase of common stock(a) | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Nine months ended September 24, 2022 | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Issuance of common stock under incentive stock plans | ( | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchase of common stock(a) | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||
Balance at September 24, 2022 | $ | $ | $ | $ | ( | $ |
Nine Months Ended | |||||||||||
September 30, 2023 | September 24, 2022 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to cash provided by operating activities: | |||||||||||
Income from discontinued operations | ( | ( | |||||||||
Depreciation and amortization | |||||||||||
Stock-based compensation expense | |||||||||||
Deferred income tax expense (benefit) | ( | ||||||||||
Gain on GreenFirst equity securities | ( | ||||||||||
Net periodic benefit cost of pension and other postretirement plans | |||||||||||
Unrealized (gain) loss on foreign currency | ( | ||||||||||
(Gain) loss on disposal of property, plant and equipment | ( | ||||||||||
Other | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Inventories | ( | ||||||||||
Accounts payable | ( | ||||||||||
Accrued liabilities | ( | ||||||||||
Other | ( | ( | |||||||||
Contributions to pension and other postretirement plans | ( | ( | |||||||||
Cash provided by operating activities | |||||||||||
Investing activities | |||||||||||
Capital expenditures, net | ( | ( | |||||||||
Investment in equity method investment | ( | ||||||||||
Cash used in investing activities-continuing operations | ( | ( | |||||||||
Cash provided by investing activities-discontinued operations | |||||||||||
Cash used in investing activities | ( | ( | |||||||||
Financing activities | |||||||||||
Borrowings of long-term debt | |||||||||||
Repayments of long-term debt | ( | ( | |||||||||
Short-term financing, net | ( | ( | |||||||||
Debt issuance costs | ( | ||||||||||
Repurchase of common stock | ( | ( | |||||||||
Cash used in financing activities | ( | ( | |||||||||
Net decrease in cash and cash equivalents | ( | ( | |||||||||
Net effect of foreign exchange on cash and cash equivalents | ( | ||||||||||
Balance, beginning of period | |||||||||||
Balance, end of period | $ | $ | |||||||||
Supplemental cash flow information: | |||||||||||
Interest paid | $ | ( | $ | ( | |||||||
Income taxes refunded (paid), net | ( | ||||||||||
Capital assets purchased on account |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | ||||||||||||||||||||
Cost of sales | $ | $ | $ | $ | |||||||||||||||||||
Gross margin | |||||||||||||||||||||||
Selling, general and administrative expense and other operating income, net | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Non-operating expense | ( | ( | |||||||||||||||||||||
Income from discontinued operations before income taxes | |||||||||||||||||||||||
Income tax expense | ( | ( | ( | ( | |||||||||||||||||||
Income from discontinued operations, net of taxes | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Accounts receivable, trade | $ | $ | |||||||||
Accounts receivable, other(a) | |||||||||||
Allowance for credit loss | ( | ( | |||||||||
Accounts receivable, net | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Finished goods | $ | $ | |||||||||
Work-in-progress | |||||||||||
Raw materials | |||||||||||
Manufacturing and maintenance supplies | |||||||||||
Inventory | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | ||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Finance lease cost | |||||||||||||||||||||||
Amortization of ROU assets | |||||||||||||||||||||||
Interest | |||||||||||||||||||||||
Total lease cost | $ | $ | $ | $ |
Balance Sheet Classification | September 30, 2023 | December 31, 2022 | |||||||||||||||
Operating leases | |||||||||||||||||
ROU assets | $ | $ | |||||||||||||||
Lease liabilities, current | |||||||||||||||||
Lease liabilities, non-current | |||||||||||||||||
Finance leases | |||||||||||||||||
ROU assets | |||||||||||||||||
Lease liabilities |
Nine Months Ended | |||||||||||
September 30, 2023 | September 24, 2022 | ||||||||||
Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities | $ | $ | |||||||||
Operating lease ROU assets obtained in exchange for lease liabilities |
September 30, 2023 | December 31, 2022 | ||||||||||
Operating leases | |||||||||||
Weighted average remaining lease term (in years) | |||||||||||
Weighted average discount rate | % | % | |||||||||
Finance leases | |||||||||||
Weighted average remaining lease term (in years) | |||||||||||
Weighted average discount rate | % | % |
September 30, 2023 | December 31, 2022 | ||||||||||
Accrued customer incentives | $ | $ | |||||||||
Accrued payroll and benefits | |||||||||||
Accrued interest | |||||||||||
Accrued income taxes | |||||||||||
Accrued property and other taxes | |||||||||||
Deferred revenue(a) | |||||||||||
Other current liabilities(b) | |||||||||||
Accrued and other current liabilities | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
ABL Credit Facility due 2025: $ | $ | $ | |||||||||
Term Loan due 2027: bearing interest of | |||||||||||
Other loans(a) | |||||||||||
Short-term factoring facility-France | |||||||||||
Finance lease obligations | |||||||||||
Total principal payments due | |||||||||||
Less: unamortized debt premium, discount and issuance costs | ( | ( | |||||||||
Total debt | |||||||||||
Less: debt due within one year | ( | ( | |||||||||
Long-term debt | $ | $ |
Remainder of 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total debt principal payments | $ |
Balance at December 31, 2022 | $ | ||||
Increase in liabilities | |||||
Payments | ( | ||||
Foreign currency adjustments | |||||
Balance at September 30, 2023 | |||||
( | |||||
Non-current environmental liabilities | $ |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||||||||||
Cash | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Money market and similar funds | |||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Fixed-rate long-term debt(a) | $ | $ | $ | $ | $ | $ |
Nine Months Ended | |||||||||||
September 30, 2023 | September 24, 2022 | ||||||||||
Unrecognized components of employee benefit plans, net of tax | |||||||||||
Balance, beginning of period | $ | ( | $ | ( | |||||||
Other comprehensive loss before reclassifications | ( | ||||||||||
Income tax on other comprehensive loss | |||||||||||
Reclassifications to earnings(a) | |||||||||||
Amortization of (gain) loss | ( | ||||||||||
Amortization of prior service cost | |||||||||||
Income tax on reclassifications | ( | ||||||||||
Net comprehensive gain (loss) on employee benefit plans, net of tax | ( | ||||||||||
Balance, end of period | ( | ( | |||||||||
Unrealized gain (loss) on derivative instruments, net of tax | |||||||||||
Balance, beginning of period | ( | ( | |||||||||
Reclassifications to earnings - foreign currency exchange contracts(b) | |||||||||||
Income tax on reclassifications | ( | ( | |||||||||
Net comprehensive gain on derivative instruments, net of tax | |||||||||||
Balance, end of period | ( | ( | |||||||||
Foreign currency translation | |||||||||||
Balance, beginning of period | ( | ( | |||||||||
Foreign currency translation adjustment, net of tax(c) | ( | ( | |||||||||
Balance, end of period | ( | ( | |||||||||
Accumulated other comprehensive loss, end of period | $ | ( | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | ||||||||||||||||||||
Income (loss) from continuing operations | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Income from discontinued operations | |||||||||||||||||||||||
Net income (loss) available for common stockholders | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Shares used for determining basic earnings per share of common stock | |||||||||||||||||||||||
Dilutive effect of: | |||||||||||||||||||||||
Performance and restricted stock | |||||||||||||||||||||||
Shares used for determining diluted earnings per share of common stock | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | ||||||||||||||||||||
Stock options | |||||||||||||||||||||||
Performance and restricted stock | |||||||||||||||||||||||
Total anti-dilutive instruments |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | ||||||||||||||||||||
Stock-based compensation expense | $ | $ | $ | $ |
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 December 31, 2022 | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | |||||||||||||||||||||||||||||||||||
Forfeited | ( | ( | |||||||||||||||||||||||||||||||||
Exercised or settled | ( | ( | |||||||||||||||||||||||||||||||||
Expired or cancelled | ( | ||||||||||||||||||||||||||||||||||
Outstanding at September 30, 2023 | $ | $ | $ |
Pension | Postretirement | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Amortization of prior service cost (credit) | ( | ( | |||||||||||||||||||||
Amortization of (gain) loss | ( | ( | |||||||||||||||||||||
Pension settlement loss | ( | ||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ | |||||||||||||||||||
Pension | Postretirement | ||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Amortization of prior service cost (credit) | ( | ( | |||||||||||||||||||||
Amortization of (gain) loss | ( | ( | |||||||||||||||||||||
Pension settlement loss | |||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | ||||||||||||||||||||
Income (loss) from continuing operations | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Effective tax rate | % | ( | % | % | ( | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | ||||||||||||||||||||
High Purity Cellulose | |||||||||||||||||||||||
Cellulose Specialties | $ | $ | $ | $ | |||||||||||||||||||
Commodity Products | |||||||||||||||||||||||
Other sales(a) | |||||||||||||||||||||||
Total High Purity Cellulose | |||||||||||||||||||||||
Paperboard | |||||||||||||||||||||||
High-Yield Pulp | |||||||||||||||||||||||
Eliminations | ( | ( | ( | ( | |||||||||||||||||||
Net sales | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | ||||||||||||||||||||
High Purity Cellulose | $ | ( | $ | $ | $ | ||||||||||||||||||
Paperboard | |||||||||||||||||||||||
High-Yield Pulp | ( | ||||||||||||||||||||||
Corporate | ( | ( | ( | ( | |||||||||||||||||||
Operating income (loss) | $ | ( | $ | $ | ( | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
High Purity Cellulose | $ | $ | |||||||||
Paperboard | |||||||||||
High-Yield Pulp | |||||||||||
Corporate | |||||||||||
Total assets | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(in millions, except percentages) | September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | |||||||||||||||||||
Net sales | $ | 369 | $ | 466 | $ | 1,221 | $ | 1,217 | |||||||||||||||
Cost of sales | (360) | (419) | (1,160) | (1,138) | |||||||||||||||||||
Gross margin | 9 | 47 | 61 | 79 | |||||||||||||||||||
Selling, general and administrative expense | (22) | (20) | (59) | (68) | |||||||||||||||||||
Foreign exchange gain (loss) | 1 | 3 | (1) | 4 | |||||||||||||||||||
Other operating expense, net | (2) | (1) | (5) | (5) | |||||||||||||||||||
Operating income (loss) | (14) | 29 | (4) | 10 | |||||||||||||||||||
Interest expense | (21) | (16) | (52) | (49) | |||||||||||||||||||
Other components of pension and OPEB, excluding service costs | — | 1 | (1) | 2 | |||||||||||||||||||
Gain on GreenFirst equity securities | — | — | — | 5 | |||||||||||||||||||
Other income, net | 4 | 3 | 7 | 6 | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | (31) | 17 | (50) | (26) | |||||||||||||||||||
Income tax (expense) benefit | 5 | 2 | 11 | (3) | |||||||||||||||||||
Equity in loss of equity method investment | (1) | (1) | (2) | (2) | |||||||||||||||||||
Income (loss) from continuing operations | (27) | 18 | (41) | (31) | |||||||||||||||||||
Income from discontinued operations, net of taxes | 2 | 12 | 1 | 12 | |||||||||||||||||||
Net income (loss) | $ | (25) | $ | 30 | $ | (40) | $ | (19) | |||||||||||||||
Gross margin % | 2.4 | % | 10.1 | % | 5.0 | % | 6.5 | % | |||||||||||||||
Operating margin % | (3.8) | % | 6.2 | % | (0.3) | % | 0.8 | % | |||||||||||||||
Effective tax rate | 17.0 | % | (10.6) | % | 22.4 | % | (12.6) | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(in millions) | September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | |||||||||||||||||||
High Purity Cellulose | $ | 292 | $ | 369 | $ | 966 | $ | 952 | |||||||||||||||
Paperboard | 57 | 66 | 164 | 183 | |||||||||||||||||||
High-Yield Pulp | 25 | 40 | 111 | 102 | |||||||||||||||||||
Eliminations | (5) | (9) | (20) | (20) | |||||||||||||||||||
Net sales | $ | 369 | $ | 466 | $ | 1,221 | $ | 1,217 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(in millions) | September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | |||||||||||||||||||
High Purity Cellulose | $ | (6) | $ | 22 | $ | 7 | $ | 21 | |||||||||||||||
Paperboard | 13 | 12 | 29 | 28 | |||||||||||||||||||
High-Yield Pulp | (6) | 6 | 2 | 4 | |||||||||||||||||||
Corporate | (15) | (11) | (42) | (43) | |||||||||||||||||||
Operating income (loss) | $ | (14) | $ | 29 | $ | (4) | $ | 10 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(in millions, except where otherwise stated) | September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | |||||||||||||||||||
Net sales | $ | 292 | $ | 369 | $ | 966 | $ | 952 | |||||||||||||||
Operating income (loss) | $ | (6) | $ | 22 | $ | 7 | $ | 21 | |||||||||||||||
Average sales prices ($ per MT) | $ | 1,215 | $ | 1,402 | $ | 1,282 | $ | 1,329 | |||||||||||||||
Sales volumes (thousands of MTs) | 217 | 240 | 696 | 653 |
Three Months Ended September 24, 2022 | Changes Attributable to: | Three Months Ended September 30, 2023 | |||||||||||||||||||||
(in millions) | Price | Volume/Mix/Other | |||||||||||||||||||||
Cellulose specialties | $ | 243 | $ | 9 | $ | (87) | $ | 165 | |||||||||||||||
Commodity products | 93 | (23) | 29 | 99 | |||||||||||||||||||
Other sales(a) | 33 | — | (5) | 28 | |||||||||||||||||||
Net sales | $ | 369 | $ | (14) | $ | (63) | $ | 292 |
Nine Months Ended September 24, 2022 | Changes Attributable to: | Nine Months Ended September 30, 2023 | |||||||||||||||||||||
(in millions) | Price | Volume/Mix/Other | |||||||||||||||||||||
Cellulose specialties | $ | 645 | $ | 59 | $ | (133) | $ | 571 | |||||||||||||||
Commodity products | 223 | (21) | 120 | 322 | |||||||||||||||||||
Other sales(a) | 84 | — | (11) | 73 | |||||||||||||||||||
Net sales | $ | 952 | $ | 38 | $ | (24) | $ | 966 |
Three Months Ended September 24, 2022 | Gross Margin Changes Attributable to: | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||
(in millions, except percentages) | Sales Price | Sales Volume/Mix/Other(a) | Cost | SG&A and other | |||||||||||||||||||||||||||||||
Operating income (loss) | $ | 22 | $ | (14) | $ | (32) | $ | 19 | $ | (1) | $ | (6) | |||||||||||||||||||||||
Operating margin % | 6.0 | % | (3.7) | % | (10.5) | % | 6.5 | % | (0.4) | % | (2.1) | % |
Nine Months Ended September 24, 2022 | Gross Margin Changes Attributable to: | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||
(in millions, except percentages) | Sales Price | Sales Volume/Mix/Other(a) | Cost | SG&A and other | |||||||||||||||||||||||||||||||
Operating income | $ | 21 | $ | 38 | $ | (16) | $ | (39) | $ | 3 | $ | 7 | |||||||||||||||||||||||
Operating margin % | 2.2 | % | 3.7 | % | (1.5) | % | (4.0) | % | 0.3 | % | 0.7 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(in millions, except where otherwise stated) | September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | |||||||||||||||||||
Net sales | $ | 57 | $ | 66 | $ | 164 | $ | 183 | |||||||||||||||
Operating income | $ | 13 | $ | 12 | $ | 29 | $ | 28 | |||||||||||||||
Average sales prices ($ per MT) | $ | 1,459 | $ | 1,587 | $ | 1,508 | $ | 1,450 | |||||||||||||||
Sales volumes (thousands of MTs) | 39 | 41 | 109 | 126 |
Three Months Ended September 24, 2022 | Changes Attributable to: | Three Months Ended September 30, 2023 | |||||||||||||||||||||
(in millions) | Price | Volume/Mix | |||||||||||||||||||||
Net sales | $ | 66 | $ | (6) | $ | (3) | $ | 57 |
Nine Months Ended September 24, 2022 | Changes Attributable to: | Nine Months Ended September 30, 2023 | |||||||||||||||||||||
(in millions) | Price | Volume/Mix | |||||||||||||||||||||
Net sales | $ | 183 | $ | 6 | $ | (25) | $ | 164 |
Three Months Ended September 24, 2022 | Gross Margin Changes Attributable to: | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||
(in millions, except percentages) | Sales Price | Sales Volume/Mix(a) | Cost | SG&A and other | |||||||||||||||||||||||||||||||
Operating income | $ | 12 | $ | (6) | $ | (1) | $ | 8 | $ | — | $ | 13 | |||||||||||||||||||||||
Operating margin % | 18.2 | % | (8.2) | % | (1.2) | % | 14.0 | % | — | % | 22.8 | % |
Nine Months Ended September 24, 2022 | Gross Margin Changes Attributable to: | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||
(in millions, except percentages) | Sales Price | Sales Volume/Mix(a) | Cost | SG&A and other | |||||||||||||||||||||||||||||||
Operating income | $ | 28 | $ | 6 | $ | (10) | $ | 5 | $ | — | $ | 29 | |||||||||||||||||||||||
Operating margin % | 15.3 | % | 2.7 | % | (3.3) | % | 3.0 | % | — | % | 17.7 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(in millions, except where otherwise stated) | September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | |||||||||||||||||||
Net sales | $ | 25 | $ | 40 | $ | 111 | $ | 102 | |||||||||||||||
Operating income (loss) | $ | (6) | $ | 6 | $ | 2 | $ | 4 | |||||||||||||||
Average sales prices ($ per MT)(a) | $ | 489 | $ | 712 | $ | 635 | $ | 630 | |||||||||||||||
Sales volumes (thousands of MTs)(a) | 39 | 45 | 142 | 130 |
Three Months Ended September 24, 2022 | Changes Attributable to: | Three Months Ended September 30, 2023 | |||||||||||||||||||||
(in millions) | Price | Volume/Mix | |||||||||||||||||||||
Net sales | $ | 40 | $ | (11) | $ | (4) | $ | 25 |
Nine Months Ended September 24, 2022 | Changes Attributable to: | Nine Months Ended September 30, 2023 | |||||||||||||||||||||
(in millions) | Price | Volume/Mix | |||||||||||||||||||||
Net sales | $ | 102 | $ | 1 | $ | 8 | $ | 111 |
Three Months Ended September 24, 2022 | Gross Margin Changes Attributable to: | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||
(in millions, except percentages) | Sales Price | Sales Volume/Mix(a) | Cost | SG&A and other | |||||||||||||||||||||||||||||||
Operating income (loss) | $ | 6 | $ | (11) | $ | (2) | $ | 1 | $ | — | $ | (6) | |||||||||||||||||||||||
Operating margin % | 15.0 | % | (32.2) | % | (10.8) | % | 4.0 | % | — | % | (24.0) | % |
Nine Months Ended September 24, 2022 | Gross Margin Changes Attributable to: | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||
(in millions, except percentages) | Sales Price | Sales Volume/Mix(a) | Cost | SG&A and other | |||||||||||||||||||||||||||||||
Operating income | $ | 4 | $ | 1 | $ | 3 | $ | (6) | $ | — | $ | 2 | |||||||||||||||||||||||
Operating margin % | 3.9 | % | 0.9 | % | 2.4 | % | (5.4) | % | — | % | 1.8 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(in millions) | September 30, 2023 | September 24, 2022 | September 30, 2023 | September 24, 2022 | |||||||||||||||||||
Operating loss | $ | (15) | $ | (11) | $ | (42) | $ | (43) |
(in millions, except ratios) | September 30, 2023 | December 31, 2022 | |||||||||
Cash and cash equivalents(a) | $ | 27 | $ | 152 | |||||||
Availability under the ABL Credit Facility(b) | 112 | 130 | |||||||||
Total debt(c) | 749 | 853 | |||||||||
Stockholders’ equity | 786 | 829 | |||||||||
Total capitalization (total debt plus stockholders’ equity) | 1,535 | 1,682 | |||||||||
Debt to capital ratio | 49 | % | 51 | % |
Nine Months Ended | |||||||||||
(in millions) | September 30, 2023 | September 24, 2022 | |||||||||
Cash flows provided by (used in): | |||||||||||
Operating activities | $ | 82 | $ | 7 | |||||||
Investing activities-continuing operations | (95) | (114) | |||||||||
Investing activities-discontinued operations | — | 44 | |||||||||
Financing activities | (112) | (51) |
(in millions) | High Purity Cellulose | Paperboard | High-Yield Pulp | Corporate | Total | ||||||||||||||||||||||||
Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (5) | $ | 14 | $ | (6) | $ | (30) | $ | (27) | |||||||||||||||||||
Depreciation and amortization | 32 | 3 | 1 | — | 36 | ||||||||||||||||||||||||
Interest expense, net | — | — | — | 19 | 19 | ||||||||||||||||||||||||
Income tax benefit | — | — | — | (5) | (5) | ||||||||||||||||||||||||
EBITDA-continuing operations | 27 | 17 | (5) | (16) | 23 | ||||||||||||||||||||||||
Loss on debt extinguishment | — | — | — | 1 | 1 | ||||||||||||||||||||||||
Adjusted EBITDA-continuing operations | $ | 27 | $ | 17 | $ | (5) | $ | (15) | $ | 24 | |||||||||||||||||||
Three Months Ended September 24, 2022 | |||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 23 | $ | 12 | $ | 6 | $ | (23) | $ | 18 | |||||||||||||||||||
Depreciation and amortization | 30 | 3 | — | 2 | 35 | ||||||||||||||||||||||||
Interest expense, net | — | — | — | 17 | 17 | ||||||||||||||||||||||||
Income tax benefit | — | — | — | (2) | (2) | ||||||||||||||||||||||||
EBITDA and Adjusted EBITDA-continuing operations | $ | 53 | $ | 15 | $ | 6 | $ | (6) | $ | 68 | |||||||||||||||||||
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 8 | $ | 30 | $ | 2 | $ | (81) | $ | (41) | |||||||||||||||||||
Depreciation and amortization | 91 | 10 | 2 | 1 | 104 | ||||||||||||||||||||||||
Interest expense, net | — | — | — | 48 | 48 | ||||||||||||||||||||||||
Income tax benefit | — | — | — | (11) | (11) | ||||||||||||||||||||||||
EBITDA-continuing operations | 99 | 40 | 4 | (43) | 100 | ||||||||||||||||||||||||
Pension settlement loss | — | — | — | 2 | 2 | ||||||||||||||||||||||||
Adjusted EBITDA-continuing operations | $ | 99 | $ | 40 | $ | 4 | $ | (41) | $ | 102 | |||||||||||||||||||
Nine Months Ended September 24, 2022 | |||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 22 | $ | 29 | $ | 5 | $ | (87) | $ | (31) | |||||||||||||||||||
Depreciation and amortization | 83 | 10 | 1 | 2 | 96 | ||||||||||||||||||||||||
Interest expense, net | — | — | — | 49 | 49 | ||||||||||||||||||||||||
Income tax expense | — | — | — | 3 | 3 | ||||||||||||||||||||||||
EBITDA-continuing operations | 105 | 39 | 6 | (33) | 117 | ||||||||||||||||||||||||
Pension settlement loss | — | — | — | 1 | 1 | ||||||||||||||||||||||||
Severance | — | — | — | 4 | 4 | ||||||||||||||||||||||||
Adjusted EBITDA-continuing operations | $ | 105 | $ | 39 | $ | 6 | $ | (28) | $ | 122 |
Nine Months Ended | |||||||||||
(in millions) | September 30, 2023 | September 24, 2022 | |||||||||
Cash provided by operating activities-continuing operations | $ | 82 | $ | 7 | |||||||
Capital expenditures, net(a) | (55) | (92) | |||||||||
Adjusted free cash flows-continuing operations | $ | 27 | $ | (85) |
Total Number of Shares Purchased(a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Dollar Value of Shares That May Yet be Purchased Under the Publicly Announced Plans or Programs(b) | ||||||||||||||||||||
July 2 to August 5 | — | $ | — | — | $ | 60,294,000 | |||||||||||||||||
August 6 to September 2 | — | $ | — | — | $ | 60,294,000 | |||||||||||||||||
September 3 to September 30 | — | $ | — | — | $ | 60,294,000 | |||||||||||||||||
Total | — | — |
Exhibit No. | Description | Location | ||||||||||||
Amended and Restated Certificate of Incorporation of Rayonier Advanced Materials Inc. | Incorporated herein by reference to Exhibit 3.1 to the Registrant’s Form 8-K filed on June 30, 2014 | |||||||||||||
Certificate of Designations of 8.00% Series A Mandatory Convertible Preferred Stock of Rayonier Advanced Materials Inc., filed with the Secretary of State of the State of Delaware and effective August 10, 2016 | Incorporated herein by reference to Exhibit 3.1 to the Registrant’s Form 8-K filed on August 10, 2016 | |||||||||||||
Certificate of Designations of Series A Junior Participating Preferred Stock | Incorporated herein by reference to Exhibit 3.1 to the Registrant’s Form 8-K filed on March 21, 2022 | |||||||||||||
Amended and Restated Bylaws of Rayonier Advanced Materials Inc., effective October 19, 2022 | Incorporated herein by reference to Exhibit 3.1 to the Registrant’s Form 8-K filed on October 19, 2022 | |||||||||||||
Chief Executive Officer’s Certification Pursuant to Rule 13a-14(a)/15d-14(a) and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||||||||||||
Chief Financial Officer’s Certification Pursuant to Rule 13a-14(a)/15d-14(a) and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||||||||||||
Certification of Periodic Financial Reports Under Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished herewith | |||||||||||||
101 | Interactive data files (formatted in Inline XBRL) pursuant to Rule 405 of Regulation S-T | Filed herewith | ||||||||||||
104 | Cover page interactive data file (formatted in Inline XBRL and contained in Exhibit 101) pursuant to Rule 406 of Regulation S-T | Filed herewith |
Rayonier Advanced Materials Inc. | ||||||||
By: | /s/ MARCUS J. MOELTNER | |||||||
Marcus J. Moeltner Chief Financial Officer and Senior Vice President, Finance (Principal Financial Officer) | ||||||||
Date: November 8, 2023 |
/s/ DE LYLE W. BLOOMQUIST | |||||
De Lyle W. Bloomquist | |||||
President and Chief Executive Officer | |||||
Rayonier Advanced Materials Inc. |
/s/ MARCUS J. MOELTNER | |||||
Marcus J. Moeltner | |||||
Chief Financial Officer and Senior Vice President, Finance | |||||
Rayonier Advanced Materials Inc. |
/s/ DE LYLE W. BLOOMQUIST | /s/ MARCUS J. MOELTNER | |||||||
De Lyle W. Bloomquist | Marcus J. Moeltner | |||||||
President and Chief Executive Officer | Chief Financial Officer and Senior Vice President, Finance | |||||||
Rayonier Advanced Materials Inc. | Rayonier Advanced Materials Inc. |
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Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 24, 2022 |
Sep. 30, 2023 |
Sep. 24, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (25,100) | $ 29,607 | $ (40,243) | $ (18,511) |
Other comprehensive loss, net of tax (Note 10) | ||||
Foreign currency translation adjustment | (5,212) | (14,697) | (1,109) | (30,561) |
Unrealized gain on derivative instruments | 47 | 67 | 150 | 224 |
Net gain (loss) on employee benefit plans | (65) | 1,948 | (2,432) | 5,844 |
Total other comprehensive loss | (5,230) | (12,682) | (3,391) | (24,493) |
Comprehensive income (loss) | $ (30,330) | $ 16,925 | $ (43,634) | $ (43,004) |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accumulated deprecation | $ 1,792,607 | $ 1,721,898 |
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) | 65,343,418 | 64,020,761 |
Common stock, shares outstanding (in shares) | 65,343,418 | 64,020,761 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 24, 2022 |
|
Operating activities | ||
Net loss | $ (40,243) | $ (18,511) |
Adjustments to reconcile net loss to cash provided by operating activities: | ||
Income from discontinued operations | (312) | (12,458) |
Depreciation and amortization | 104,073 | 96,294 |
Stock-based compensation expense | 5,361 | 8,687 |
Deferred income tax expense (benefit) | (8,130) | 372 |
Gain on GreenFirst equity securities | 0 | (5,197) |
Net periodic benefit cost of pension and other postretirement plans | 3,060 | 4,489 |
Unrealized (gain) loss on foreign currency | 564 | (6,853) |
(Gain) loss on disposal of property, plant and equipment | (1,085) | 2,917 |
Other | 6,133 | 5,389 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 42,865 | (41,599) |
Inventories | 22,301 | (41,504) |
Accounts payable | 5,545 | (2,393) |
Accrued liabilities | (31,732) | 23,620 |
Other | (17,493) | (338) |
Contributions to pension and other postretirement plans | (8,768) | (5,467) |
Cash provided by operating activities | 82,139 | 7,448 |
Investing activities | ||
Capital expenditures, net | (95,203) | (114,159) |
Investment in equity method investment | (415) | 0 |
Cash used in investing activities-continuing operations | (95,618) | (114,159) |
Cash provided by investing activities-discontinued operations | 0 | 44,428 |
Cash used in investing activities | (95,618) | (69,731) |
Financing activities | ||
Borrowings of long-term debt | 303,217 | 5,721 |
Repayments of long-term debt | (397,087) | (51,410) |
Short-term financing, net | (2,457) | (4,990) |
Debt issuance costs | (10,082) | 0 |
Repurchase of common stock | (5,363) | (303) |
Cash used in financing activities | (111,772) | (50,982) |
Net decrease in cash and cash equivalents | (125,251) | (113,265) |
Net effect of foreign exchange on cash and cash equivalents | 575 | (8,369) |
Balance, beginning of period | 151,803 | 253,307 |
Balance, end of period | 27,127 | 131,673 |
Supplemental cash flow information: | ||
Interest paid | (50,306) | (48,384) |
Income taxes refunded (paid), net | (7,215) | 16,484 |
Capital assets purchased on account | $ 31,706 | $ 16,316 |
Basis of Presentation |
9 Months Ended |
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Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The unaudited consolidated financial statements and notes thereto of the Company have been prepared in accordance with GAAP for interim financial information and in accordance with the rules and regulations of the SEC. In the opinion of management, these consolidated financial statements and notes reflect all adjustments, including all 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 2022 Form 10-K. As a result of the sale of its lumber and newsprint assets in August 2021, the Company presents the results for those operations and any associated impacts as discontinued operations. Unless otherwise stated, information in these notes to consolidated financial statements relates to continuing operations. See Note 2—Discontinued Operations for further information on the sale. Recent Accounting Developments There have been no new or recently adopted accounting pronouncements impacting the Company’s consolidated interim financial statements. Subsequent Events The Company recently began plans towards a realignment of its High Purity Cellulose assets to optimize production mix, including a consolidation of its commodity products production into the Temiscaming plant. The Company is currently evaluating the potential impact of this realignment on its consolidated financial statements and disclosures.
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Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | 2. Discontinued Operations In August 2021, the Company completed the sale of its lumber and newsprint facilities and certain related assets located in Canada to GreenFirst for $232 million, which included 28.7 million shares of GreenFirst common stock with a deemed fair value of $42 million. In the second quarter of 2022, the Company sold the GreenFirst common shares for $43 million. Prior to the sale of shares, the GreenFirst common shares were accounted for at fair value, with changes in fair value recorded in the consolidated statements of operations. The shares sale agreement contains a purchase price protection clause whereby the Company is entitled to participate in further share price appreciation under certain circumstances until December 2023. As part of the sale of the lumber assets, the Company retained all rights and obligations to softwood duties generated or incurred through the closing date of the sale. In total, the Company paid $112 million in softwood lumber duties from 2017 through August 2021, and expects to receive all or the vast majority of these duties upon final resolution of the dispute between the USDOC and Canada. During the third quarter of 2023, the USDOC completed its fourth administrative review of duties applied to Canada softwood lumber exports to the U.S. during 2021 and reduced rates applicable to the Company to a combined 8.05 percent. In connection with this development, the Company recorded a pre-tax gain of $2 million in “income from discontinued operations, net of taxes” and increased the long-term receivable related to USDOC administrative reviews to $40 million. During the third quarter of 2022, the USDOC completed its third administrative review of duties applied to Canada softwood lumber exports during 2020 and reduced applicable rates to a combined 8.6 percent, for which the Company recorded a pre-tax gain of $16 million. During the nine months ended September 30, 2023, the Company incurred a $2 million loss related to the settlement of a claim pursuant to the representations and warranties in the asset purchase agreement. Income from discontinued operations was comprised of the following:
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Accounts Receivable, Net |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net | 3. Accounts Receivable, Net Accounts receivable, net included the following:
(a)Consists primarily of value-added/consumption taxes, grants receivable and accrued billings due from government agencies.
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Inventory |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | 4. Inventory Inventory included the following:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | 5. Leases The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of September 30, 2023, the Company’s leases have remaining lease terms of less than one year to 13.1 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the term of the lease, which are not included in the ROU assets, as it is not reasonably certain that the Company will exercise such options. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. The Company uses its incremental borrowing rate in determining the present value of lease payments unless the lease provides an implicit or explicit interest rate. Financial and other information related to the Company’s operating and finance leases follow:
Finance lease cash flows were immaterial during each of the three and nine months ended September 30, 2023 and September 24, 2022.
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Leases | 5. Leases The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of September 30, 2023, the Company’s leases have remaining lease terms of less than one year to 13.1 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the term of the lease, which are not included in the ROU assets, as it is not reasonably certain that the Company will exercise such options. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. The Company uses its incremental borrowing rate in determining the present value of lease payments unless the lease provides an implicit or explicit interest rate. Financial and other information related to the Company’s operating and finance leases follow:
Finance lease cash flows were immaterial during each of the three and nine months ended September 30, 2023 and September 24, 2022.
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Accrued and Other Current Liabilities |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued and Other Current Liabilities | 6. Accrued and Other Current Liabilities Accrued and other current liabilities included the following:
(a)Included at both September 30, 2023 and December 31, 2022 was CAD $25 million (USD $19 million) associated with funds received in 2021 for CEWS. All CEWS claims are subject to mandatory audit. The Company will recognize amounts from these claims in income at the time there is sufficient evidence that it will not be required to repay such amounts. (b)Included at September 30, 2023 and December 31, 2022 was $17 million and $30 million, respectively, of energy-related payables associated with Tartas facility operations.
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Debt and Finance Leases |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Finance Leases | 7. Debt and Finance Leases Debt and finance leases included the following:
(a)Consist of loans for energy and bioethanol projects in France. Term Loan In July 2023, the Company secured term loan financing of $250 million in aggregate principal amount and received net proceeds of $243 million after original issue discount. In addition, the Company incurred issuance costs of $10 million, which, together with the original issue discount, were recorded in “long-term debt” in the consolidated balance sheets and will be amortized to “interest expense” in the consolidated statements of operations over the term of the loan. The net proceeds, together with cash on hand, were used to redeem the 2024 Notes and pay transaction costs. The 2027 Term Loan matures in July 2027, bears interest at an annual rate equal to three-month Term SOFR (or, if greater, 3.00 percent) plus 8.00 percent and requires quarterly principal payments of $1.25 million. The Company may voluntarily make prepayments at any time, subject to customary breakage costs and, if within the first three anniversaries of closing, an additional make-whole premium. The agreement governing the 2027 Term Loan contains various customary covenants that limit the ability of the Company and its restricted subsidiaries, as defined by the term loan agreement and in particular the Company’s French subsidiaries, to take certain specified actions, subject to stated exceptions, including: incurring debt or liens, making investments, entering into mergers, consolidations, and acquisitions, paying dividends and making other restricted payments. The Company will be required to maintain a consolidated secured net leverage ratio, based on covenant EBITDA, of no greater than 4.50 to 1.00. Additionally, the 2027 Term Loan contains customary affirmative covenants and customary events of default (subject, in certain cases, to customary grace or cure periods), including, without limitation, late payment, breach of covenant, bankruptcy, judgment and defaults under certain other indebtedness and changes in control. Senior Notes 2026 Notes In April 2023, the Company repurchased $10 million of its 2026 Notes through open-market transactions and retired the notes for cash of $9 million. A gain on extinguishment of $1 million for the repurchase was recorded to “other income, net” in the consolidated statements of operations. 2024 Notes In August 2023, the Company redeemed the $318 million principal balance and accrued interest of $4 million of the 2024 Notes. A loss on extinguishment of $1 million related to the redemption was recorded to “other income, net” in the consolidated statements of operations. Prior to the full redemption of its 2024 Notes, in March 2023, the Company repurchased $5 million of the 2024 Notes through open-market transactions and retired the notes for cash of $5 million. An immaterial gain on extinguishment for the repurchase was recorded to “other income, net” in the consolidated statements of operations. As of September 30, 2023, the Company’s debt principal payments, excluding finance lease obligations, were due as follows:
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Environmental Liabilities |
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Environmental Liabilities | 8. Environmental Liabilities The Company’s environmental liabilities balance changed as follows during the nine months ended September 30, 2023:
In addition to these 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 or enforcement policies; developments in remediation technologies; increases in the cost of remediation, operation, maintenance and monitoring of its environmental liability sites; changes in the volume, nature or extent of contamination to be remediated or monitoring to be undertaken; the outcome of negotiations with governmental agencies or non-governmental parties; and changes in accounting rules or interpretations. Based on information available as of September 30, 2023, the Company estimates this exposure could range up to approximately $85 million, although no assurances can be given that this amount will not be exceeded given the factors described above. These potential additional costs are attributable to several sites and other applicable liabilities. This estimate excludes liabilities that would otherwise be considered reasonably possible but for the fact that they are not currently estimable, primarily due to the factors discussed above. Subject to the previous paragraph, the Company believes its estimates of liabilities are sufficient for probable costs expected to be incurred over the next 20 years with respect to its environmental liabilities. However, no assurances are given that these estimates will be sufficient for the reasons described above and additional liabilities could have a material adverse effect on the Company’s financial position, results of operations and cash flows.
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Fair Value Measurements |
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Fair Value Measurements | 9. Fair 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:
(a)Excludes finance lease obligations. The Company uses the following methods and assumptions in estimating the fair value of its financial instruments: Cash and cash equivalents — Cash and cash equivalents are highly liquid investments purchased with an original or remaining maturity of three months or less at the date of purchase and the carrying amount is equal to fair market value. The Company measures its investments in money market and similar funds using level 1 inputs. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. Variable rate debt adjusts with changes in the market rate and so carrying value approximates fair value.
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Accumulated Other Comprehensive Loss |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | 10. Accumulated Other Comprehensive Loss
(a)The AOCI components for defined benefit pension and post-retirement plans are included in the computation of net periodic benefit cost. See Note 14—Employee Benefit Plans for further information. (b)Reclassifications of foreign currency exchange contracts are recorded in “cost of sales,” “other operating expense, net” or “other income, net,” as appropriate. (c)Foreign currency translation is net of tax effects of $0 for all periods presented, as the French operations are taxed on the foreign functional currency, not the translated reporting currency.
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Stockholders' Equity |
9 Months Ended |
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Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 11. Stockholders’ Equity Stockholder Rights Plan In March 2022, the Company adopted a stockholder rights plan whereby a significant penalty is imposed upon any person or group which acquires beneficial ownership of 10% or more of the Company’s common stock without the approval of the Board of Directors. On the same date, the Board of Directors declared a dividend of one preferred share Purchase Right for each outstanding share of common stock of the Company, par value $0.01 per share, which was paid to Company stockholders of record as of March 31, 2022. On March 20, 2023, the Purchase Rights expired.
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Earnings Per Common Share |
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Earnings Per Common Share | 12. Earnings Per Common Share The following table provides the inputs to the calculations of basic and diluted earnings per common share (share amounts not in thousands):
Anti-dilutive instruments excluded from the computation of diluted earnings per share included (not in thousands):
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Incentive Stock Plans |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incentive Stock Plans | 13. Incentive Stock Plans Stock-based compensation expense was as follows:
The Company made new grants of restricted stock units, performance-based stock units and performance-based cash awards during the first and second quarters of 2023. The 2023 restricted stock unit awards cliff vest after three years. The 2023 performance-based awards cliff vest after three years and are based equally on TSR relative to peers and three-year cumulative adjusted EBITDA. Participants can earn between 0 and 200 percent of the target award. Performance below the threshold for the TSR would result in zero payout for the TSR metric. The performance-based cash award is measured using the same objectives as the performance-based stock unit award but is paid and accounted for separately. Performance-based cash awards are classified as a liability and remeasured to fair value at the end of each reporting period until settlement. In March 2023, the performance-based stock units granted in 2020 were settled with the issuance of 1,257,015 shares of common stock, including incremental shares of 370,366, based on performance results. The following table summarizes the 2023 activity of the Company’s incentive stock awards:
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Employee Benefit Plans |
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | 14. Employee Benefit Plans Defined 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. and Canada. 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 and certain assumptions about future events. During the nine months ended September 24, 2022, the Company recorded a $1 million loss related to the final asset surplus distribution to the plan participants of certain wound-up Canadian pension plans. During the nine months ended September 30, 2023, the Company recorded a $2 million loss related to the final asset surplus distribution to the plan participants of certain other wound-up Canadian pension plans. The settlements were recognized in “other components of pension and OPEB, excluding service costs” in the Company’s consolidated statements of operations. The following tables present the components of net periodic benefit costs of these plans:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | 15. Income Taxes Effective Tax Rate The Company’s effective tax rates were as follows:
The 2023 effective tax rates differed from the federal statutory rate of 21 percent primarily due to disallowed interest deductions in the U.S. and nondeductible executive compensation, offset by U.S. tax credits, return-to-accrual adjustments related to previously filed tax returns, changes in the valuation allowance on disallowed interest deductions and interest received on overpayments of tax from prior years. The effective tax rate for the nine-month period was also impacted by an excess tax benefit on vested stock compensation. The effective tax rate for the three months ended September 24, 2022 differed from the federal statutory rate of 21 percent primarily due to changes in the valuation allowance on disallowed interest deductions in the U.S. and interest received on overpayments of tax from prior years, partially offset by unfavorable tax return-to-accrual adjustments. The effective tax rate for the nine months ended September 24, 2022 differed from the federal statutory rate primarily due to changes in the valuation allowance on disallowed interest deductions in the U.S. and nondeductible executive compensation, partially offset by interest received on overpayments of tax from prior years, U.S. tax credits and favorable tax return-to-accrual adjustments. Deferred Taxes As of both September 30, 2023 and December 31, 2022, the Company’s net DTA included $17 million of disallowed U.S. interest deductions that the Company does not believe will be realized. In strict compliance with the American Institute of Certified Public Accountants’ Technical Questions and Answers 3300.01-02, which asserts that certain material evidence regarding the realizability of disallowed U.S. interest deductions should be ignored when assessing the need for a valuation allowance, the Company has not recognized a valuation allowance on this portion of the net DTA generated from disallowed interest.
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Segments | 16. Segments The Company operates in the following business segments: High Purity Cellulose, Paperboard and High-Yield Pulp. Corporate consists primarily of senior management, accounting, information systems, human resources, treasury, tax and legal administrative functions that provide support services to the operating business units. The Company allocates a portion of the cost of maintaining these support functions to its operating units. The Company evaluates the performance of its segments based on operating income (loss). Intersegment sales consist primarily of High-Yield Pulp sales to Paperboard. 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:
(a)Include sales of bioelectricity, lignosulfonates and other by-products to third parties. Operating income (loss) by segment was comprised of the following:
Identifiable assets by segment were as follows:
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies Commitments The Company had no material changes to the purchase obligations presented in its 2022 Form 10-K that were outside the normal course of business during the nine months ended September 30, 2023. The Company’s purchase obligations continue to primarily consist of commitments for the purchase of natural gas, steam energy and wood chips. The Company leases certain buildings, machinery and equipment under various operating and finance leases. See Note 5—Leases for further information. Litigation and Contingencies Duties on Canadian Softwood Lumber Sold to the U.S. The Company previously operated six softwood lumber mills in Ontario and Quebec, Canada, and exported softwood lumber into the U.S. from Canada. In connection with these exports, the Company paid approximately $112 million for softwood lumber duties between 2017 and August 28, 2021, including $1 million of ancillary fees, which were recorded as expense in the periods incurred. As part of the sale of its lumber assets, the Company retained all rights and obligations to softwood duties generated or incurred through the closing date of the sale. As of September 30, 2023, the Company had a $40 million long-term receivable associated with the USDOC’s determinations of the revised rates for the 2017, 2018, 2019, 2020 and 2021 periods. This amount does not include interest, which will be due on any amounts refunded. The Company estimates interest earned on the total amount of softwood lumber duties paid to be approximately $6 million. Cash is not expected to return to the Company until final resolution of the softwood lumber dispute, which remains subject to legal challenges. Other In addition to the above, the Company is engaged in various legal and regulatory actions and proceedings and has been named as a defendant in various lawsuits and claims arising in the ordinary course of business. While the Company has procured reasonable and customary insurance covering risks normally occurring in connection with its businesses, the Company has, in certain cases, retained some risk through the operation of self-insurance, primarily in the areas of workers’ compensation, property insurance, business interruption and general liability. These other lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. Guarantees and Other The Company provides financial guarantees as required by creditors, insurance programs and various governmental agencies. As of September 30, 2023, the Company had net exposure of $34 million from various standby letters of credit, primarily for financial assurance relating to environmental remediation, credit support for natural gas and electricity purchases and guarantees related to foreign retirement plan obligations. These standby letters of credit represent a contingent liability; the Company would only be liable upon its default on the related payment obligations. The standby letters of credit have various expiration dates and are expected to be renewed as required. The Company had surety bonds of $90 million as of September 30, 2023, primarily to comply with financial assurance requirements relating to environmental remediation and post closure care, to provide collateral for the Company’s workers’ compensation program and to guarantee taxes and duties for products shipped internationally. These surety bonds expire at various dates and are expected to be renewed annually as required. LTF is a venture in which the Company owns 45 percent and its partner, Borregaard ASA, owns 55 percent. The Company is a guarantor of LTF’s financing agreements and, in the event of default, expects it would only be liable for its proportional share of any repayment under the agreements. The Company’s proportion of the LTF financing agreement guarantee was $29 million at September 30, 2023. The Company has not recorded any liabilities for these financial guarantees in its consolidated balance sheets, either because the Company has recorded the underlying liability associated with the guarantee or the guarantee is dependent on the Company’s own performance and, therefore, is not subject to the measurement requirements or because the Company has calculated the estimated fair value of the guarantee and determined it to be immaterial based upon the current facts and circumstances that would trigger a payment obligation. It is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved with each provision. As of December 31, 2022, a collective bargaining agreement covering approximately 575 unionized employees was expired. The employees continued to work under the terms of the expired contract until negotiations concluded in the second quarter of 2023 and final agreement with the union was reached. As of September 30, 2023, all of the Company’s collective bargaining agreements covering its unionized employees were current.
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Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The unaudited consolidated financial statements and notes thereto of the Company have been prepared in accordance with GAAP for interim financial information and in accordance with the rules and regulations of the SEC. In the opinion of management, these consolidated financial statements and notes reflect all adjustments, including all 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 2022 Form 10-K. As a result of the sale of its lumber and newsprint assets in August 2021, the Company presents the results for those operations and any associated impacts as discontinued operations. Unless otherwise stated, information in these notes to consolidated financial statements relates to continuing operations. See Note 2—Discontinued Operations for further information on the sale.
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Recent Accounting Developments | Recent Accounting Developments There have been no new or recently adopted accounting pronouncements impacting the Company’s consolidated interim financial statements.
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Subsequent Events | Subsequent Events The Company recently began plans towards a realignment of its High Purity Cellulose assets to optimize production mix, including a consolidation of its commodity products production into the Temiscaming plant. The Company is currently evaluating the potential impact of this realignment on its consolidated financial statements and disclosures.
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Fair Value Measurements | The Company uses the following methods and assumptions in estimating the fair value of its financial instruments: Cash and cash equivalents — Cash and cash equivalents are highly liquid investments purchased with an original or remaining maturity of three months or less at the date of purchase and the carrying amount is equal to fair market value. The Company measures its investments in money market and similar funds using level 1 inputs. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. Variable rate debt adjusts with changes in the market rate and so carrying value approximates fair value.
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Discontinued Operations (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Discontinued Operations | Income from discontinued operations was comprised of the following:
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Accounts Receivable, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable | Accounts receivable, net included the following:
(a)Consists primarily of value-added/consumption taxes, grants receivable and accrued billings due from government agencies.
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Inventory (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventory included the following:
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Leases (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Lease Expense | Financial and other information related to the Company’s operating and finance leases follow:
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Balance Sheet Components |
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Accrued and Other Current Liabilities (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities included the following:
(a)Included at both September 30, 2023 and December 31, 2022 was CAD $25 million (USD $19 million) associated with funds received in 2021 for CEWS. All CEWS claims are subject to mandatory audit. The Company will recognize amounts from these claims in income at the time there is sufficient evidence that it will not be required to repay such amounts. (b)Included at September 30, 2023 and December 31, 2022 was $17 million and $30 million, respectively, of energy-related payables associated with Tartas facility operations.
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Debt and Finance Leases (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Debt and finance leases included the following:
(a)Consist of loans for energy and bioethanol projects in France.
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Schedule of Maturities of Long-term Debt | As of September 30, 2023, the Company’s debt principal payments, excluding finance lease obligations, were due as follows:
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Environmental Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Liabilities for Disposed Operations | The Company’s environmental liabilities balance changed as follows during the nine months ended September 30, 2023:
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, by Balance Sheet Grouping | 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:
(a)Excludes finance lease obligations.
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Accumulated Other Comprehensive Loss (Tables) |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss |
(a)The AOCI components for defined benefit pension and post-retirement plans are included in the computation of net periodic benefit cost. See Note 14—Employee Benefit Plans for further information. (b)Reclassifications of foreign currency exchange contracts are recorded in “cost of sales,” “other operating expense, net” or “other income, net,” as appropriate. (c)Foreign currency translation is net of tax effects of $0 for all periods presented, as the French operations are taxed on the foreign functional currency, not the translated reporting currency.
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Earnings Per Common Share (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table provides the inputs to the calculations of basic and diluted earnings per common share (share amounts not in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Anti-dilutive instruments excluded from the computation of diluted earnings per share included (not in thousands):
|
Incentive Stock Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock-Based Compensation Expense | Stock-based compensation expense was as follows:
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Summary of Activity for Incentive Stock Awards | The following table summarizes the 2023 activity of the Company’s incentive stock awards:
|
Employee Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Pension and Postretirement Benefit Costs | The following tables present the components of net periodic benefit costs of these plans:
|
Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | The Company’s effective tax rates were as follows:
|
Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Net Sales by Product Line | Net sales, disaggregated by product line, was comprised of the following:
(a)Include sales of bioelectricity, lignosulfonates and other by-products to third parties.
|
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Reconciliation of Operating Income (Loss) | Operating income (loss) by segment was comprised of the following:
|
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Reconciliation of Identifiable Assets | Identifiable assets by segment were as follows:
|
Discontinued Operations - Narrative (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Aug. 28, 2021 |
Sep. 30, 2023 |
Sep. 24, 2022 |
Jun. 25, 2022 |
Sep. 30, 2023 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Canadian softwood lumber export, combined rate | 8.05% | 8.60% | 8.05% | ||
Lumber and Newsprint Facilities | Discontinued Operations, Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gross purchase price | $ 232 | ||||
Equity interests to be received (in shares) | 28.7 | ||||
Equity interests to be received | $ 42 | ||||
Rights to duty refunds | $ 112 | $ 112 | |||
Pre tax gain (loss) | 2 | $ 16 | (2) | ||
Duties receivable | $ 40 | $ 40 | |||
Lumber and Newsprint Facilities | Discontinued Operations, Disposed of by Sale | GreenFirst | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sale of common shares | $ 43 |
Discontinued Operations - Income (Loss) from Discontinued Operations (Details) - Discontinued Operations, Disposed of by Sale - Lumber and Newsprint Facilities - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 24, 2022 |
Sep. 30, 2023 |
Sep. 24, 2022 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cost of sales | $ 0 | $ 0 | $ 0 | $ 155 |
Gross margin | 0 | 0 | 0 | 155 |
Selling, general and administrative expense and other operating income, net | 1,957 | 15,313 | 424 | 16,808 |
Operating income | 1,957 | 15,313 | 424 | 16,963 |
Non-operating expense | 0 | (4) | 0 | (13) |
Income from discontinued operations before income taxes | 1,957 | 15,309 | 424 | 16,950 |
Income tax expense | (517) | (4,057) | (112) | (4,492) |
Income from discontinued operations, net of taxes | $ 1,440 | $ 11,252 | $ 312 | $ 12,458 |
Accounts Receivable, Net (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for credit loss | $ (685) | $ (1,064) |
Accounts receivable, net | 175,814 | 211,526 |
Accounts receivable, trade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable, gross | 141,998 | 171,144 |
Accounts receivable, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable, gross | $ 34,501 | $ 41,446 |
Inventory (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 182,209 | $ 198,931 |
Work-in-progress | 5,816 | 5,230 |
Raw materials | 47,421 | 52,967 |
Manufacturing and maintenance supplies | 7,245 | 8,206 |
Inventory | $ 242,691 | $ 265,334 |
Leases - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 13 years 1 month 6 days |
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 24, 2022 |
Sep. 30, 2023 |
Sep. 24, 2022 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 1,858 | $ 1,973 | $ 5,464 | $ 5,821 |
Finance lease cost | ||||
Amortization of ROU assets | 102 | 95 | 301 | 281 |
Interest | 26 | 34 | 85 | 106 |
Total lease cost | $ 1,986 | $ 2,102 | $ 5,850 | $ 6,208 |
Leases - Balance Sheet Components (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Operating leases | ||
ROU assets | $ 17,600 | $ 15,623 |
Lease liabilities, current | 4,235 | 4,741 |
Lease liabilities, non-current | $ 14,220 | $ 11,399 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued and other current liabilities (Note 6) | Accrued and other current liabilities (Note 6) |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Finance leases | ||
ROU assets | $ 1,171 | $ 1,448 |
Lease liabilities | $ 1,459 | $ 1,760 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment (net of accumulated depreciation of $1,792,607 and $1,721,898, respectively) | Property, plant and equipment (net of accumulated depreciation of $1,792,607 and $1,721,898, respectively) |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt (Note 7) | Long-term debt (Note 7) |
Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 |
Sep. 24, 2022 |
Dec. 31, 2022 |
|
Leases [Abstract] | |||
Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities | $ 5,182 | $ 1,770 | |
Operating lease ROU assets obtained in exchange for lease liabilities | $ 5,650 | $ 2,975 | |
Operating leases | |||
Weighted average remaining lease term (in years) | 5 years 8 months 12 days | 5 years 9 months 18 days | |
Weighted average discount rate | 8.40% | 8.90% | |
Finance leases | |||
Weighted average remaining lease term (in years) | 3 years 1 month 6 days | 3 years 9 months 18 days | |
Weighted average discount rate | 7.00% | 7.00% |
Accrued and Other Current Liabilities (Details) $ in Thousands, $ in Millions |
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
CAD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2022
CAD ($)
|
---|---|---|---|---|
Payables and Accruals [Abstract] | ||||
Accrued customer incentives | $ 22,815 | $ 28,702 | ||
Accrued payroll and benefits | 14,974 | 13,763 | ||
Accrued interest | 14,012 | 18,877 | ||
Accrued income taxes | 2,854 | 9,321 | ||
Accrued property and other taxes | 8,111 | 3,065 | ||
Deferred revenue | 20,459 | 21,645 | ||
Other current liabilities | 50,491 | 68,996 | ||
Accrued and other current liabilities | 133,716 | 164,369 | ||
CEWS applied for | 19,000 | $ 25 | 19,000 | $ 25 |
Accrued energy payable | $ 17,000 | $ 30,000 |
Debt and Finance Leases - Summary of Debt (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Debt Instrument [Line Items] | ||
Finance lease obligations | $ 1,459 | $ 1,760 |
Total principal payments due | 769,674 | 859,391 |
Less: unamortized debt premium, discount and issuance costs | (20,600) | (6,266) |
Total debt | 749,074 | 853,125 |
Less: debt due within one year | (18,621) | (14,617) |
Long-term debt | 730,453 | 838,508 |
Short-term factoring facility-France | Line of credit | ||
Debt Instrument [Line Items] | ||
Short-term debt, gross | 1,292 | 3,773 |
Line of credit | ABL Credit Facility due 2025: $112 million available, bearing interest of 7.42% (5.42% adjusted SOFR plus 2.00% margin) at September 30, 2023 | ||
Debt Instrument [Line Items] | ||
Borrowing capacity available | $ 112,000 | |
Interest rate | 7.42% | |
Long-term debt, gross | $ 0 | 0 |
Line of credit | ABL Credit Facility due 2025: $112 million available, bearing interest of 7.42% (5.42% adjusted SOFR plus 2.00% margin) at September 30, 2023 | SOFR | ||
Debt Instrument [Line Items] | ||
Variable rate | 5.42% | |
Basis spread | 2.00% | |
Secured Debt | Term Loan due 2027: bearing interest of 13.33% (5.33% three-month Term SOFR plus 8.00% margin) at September 30, 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate | 13.33% | |
Long-term debt, gross | $ 250,000 | 0 |
Secured Debt | Term Loan due 2027: bearing interest of 13.33% (5.33% three-month Term SOFR plus 8.00% margin) at September 30, 2023 | SOFR | ||
Debt Instrument [Line Items] | ||
Variable rate | 5.33% | |
Basis spread | 8.00% | |
Senior Notes | 7.625% Senior Secured Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 7.625% | |
Long-term debt, gross | $ 464,640 | 475,000 |
Senior Notes | 5.50% Senior Unsecured Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 5.50% | |
Long-term debt, gross | $ 0 | 322,675 |
Loans | 5.50% CAD-based term loan due 2028 | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 5.50% | |
Long-term debt, gross | $ 31,776 | 36,585 |
Loans | Other loans | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 20,507 | $ 19,598 |
Debt and Finance Leases - Narrative (Details) |
1 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Aug. 31, 2023
USD ($)
|
Jul. 31, 2023
USD ($)
|
Apr. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 24, 2022
USD ($)
|
|
Debt Instrument [Line Items] | ||||||
Borrowings of long-term debt | $ 303,217,000 | $ 5,721,000 | ||||
2027 Term Loan | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | $ 250,000,000 | |||||
Borrowings of long-term debt | 243,000,000 | |||||
Issuance costs | $ 10,000,000 | |||||
Quarterly principal payments | $ 1,250,000 | |||||
Maximum consolidated secured net leverage ratio | 4.50 | |||||
2027 Term Loan | Secured Debt | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Alternative base rate | 3.00% | |||||
Basis spread | 8.00% | |||||
7.625% Senior Secured Notes due 2026 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, repurchased face amount | $ 10,000,000 | |||||
Cash repayments of senior notes | 9,000,000 | |||||
Gain (loss) on debt extinguishment | $ 1,000,000 | |||||
5.50% Senior Unsecured Notes due 2024 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, repurchased face amount | $ 318,000,000 | $ 5,000,000 | ||||
Cash repayments of senior notes | $ 5,000,000 | |||||
Gain (loss) on debt extinguishment | (1,000,000) | |||||
Accrued interest | $ 4,000,000 |
Debt and Finance Leases - Schedule of Maturities of Long-term Debt (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
Remainder of 2023 | $ 5,597 |
2024 | 16,345 |
2025 | 16,392 |
2026 | 480,320 |
2027 | 243,071 |
Thereafter | 6,490 |
Total debt principal payments | $ 768,215 |
Environmental Liabilities (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Accrual for Environmental Loss Contingencies, Beginning Balance | $ 170,681 | |
Increase in liabilities | 2,462 | |
Payments | (3,634) | |
Foreign currency adjustments | 85 | |
Balance at September 30, 2023 | 169,594 | |
Less: current portion | $ (10,740) | $ (10,732) |
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Less: current portion, Non-current environmental liabilities | |
Non-current environmental liabilities | $ 158,854 | $ 159,949 |
Loss exposure in excess of accrual, high estimate | $ 85,000 | |
Probable costs expected to be incurred, term | 20 years |
Fair Value Measurements (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Carrying Amount | ||
Liabilities | ||
Fixed-rate long-term debt | $ 513,004 | $ 847,591 |
Carrying Amount | Cash | ||
Assets | ||
Cash and cash equivalents | 17,484 | 127,288 |
Carrying Amount | Money market and similar funds | ||
Assets | ||
Cash and cash equivalents | 9,643 | 24,515 |
Fair Value | Level 1 | ||
Liabilities | ||
Fixed-rate long-term debt | 0 | 0 |
Fair Value | Level 1 | Cash | ||
Assets | ||
Cash and cash equivalents | 17,484 | 127,288 |
Fair Value | Level 1 | Money market and similar funds | ||
Assets | ||
Cash and cash equivalents | 9,643 | 24,515 |
Fair Value | Level 2 | ||
Liabilities | ||
Fixed-rate long-term debt | 439,787 | 838,502 |
Fair Value | Level 2 | Cash | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Fair Value | Level 2 | Money market and similar funds | ||
Assets | ||
Cash and cash equivalents | $ 0 | $ 0 |
Accumulated Other Comprehensive Loss (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 24, 2022 |
Sep. 30, 2023 |
Sep. 24, 2022 |
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ 814,017,000 | $ 760,839,000 | $ 829,313,000 | $ 814,343,000 |
Total other comprehensive loss | (5,230,000) | (12,682,000) | (3,391,000) | (24,493,000) |
Ending balance | 785,677,000 | 779,723,000 | 785,677,000 | 779,723,000 |
Tax effects of foreign translation adjustment | 0 | 0 | ||
Unrecognized components of employee benefit plans, net of tax | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (43,694,000) | (76,849,000) | ||
Other comprehensive loss before reclassifications | (3,034,000) | 0 | ||
Income tax on other comprehensive loss | 804,000 | 0 | ||
Income tax on reclassifications | 70,000 | (1,646,000) | ||
Total other comprehensive loss | (2,432,000) | 5,844,000 | ||
Ending balance | (46,126,000) | (71,005,000) | (46,126,000) | (71,005,000) |
Amortization of (gain) loss | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Reclassifications to earnings | (531,000) | 7,466,000 | ||
Amortization of prior service cost | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Reclassifications to earnings | 259,000 | 24,000 | ||
Unrealized gain (loss) on derivative instruments, net of tax | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (567,000) | (847,000) | ||
Reclassifications to earnings | 173,000 | 258,000 | ||
Income tax on reclassifications | (23,000) | (34,000) | ||
Total other comprehensive loss | 150,000 | 224,000 | ||
Ending balance | (417,000) | (623,000) | (417,000) | (623,000) |
Foreign currency translation | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (19,537,000) | (6,774,000) | ||
Total other comprehensive loss | (1,109,000) | (30,561,000) | ||
Ending balance | (20,646,000) | (37,335,000) | (20,646,000) | (37,335,000) |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (61,959,000) | (96,281,000) | (63,798,000) | (84,470,000) |
Total other comprehensive loss | (5,230,000) | (12,682,000) | (3,391,000) | (24,493,000) |
Ending balance | $ (67,189,000) | $ (108,963,000) | $ (67,189,000) | $ (108,963,000) |
Stockholders' Equity (Details) |
Sep. 30, 2023
$ / shares
|
Dec. 31, 2022
$ / shares
|
Mar. 31, 2022
$ / shares
shares
|
---|---|---|---|
Stockholders' Equity Note [Abstract] | |||
Beneficial ownership threshold | 0.10 | ||
Number of preferred share purchase rights issued per common stock (in shares) | shares | 1 | ||
Common stock, par value (in USD per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Earnings Per Common Share - Calculation of Earnings Per Share (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 24, 2022 |
Sep. 30, 2023 |
Sep. 24, 2022 |
|
Earnings Per Share [Abstract] | ||||
Income (loss) from continuing operations | $ (26,540) | $ 18,355 | $ (40,555) | $ (30,969) |
Income from discontinued operations | 1,440 | 11,252 | 312 | 12,458 |
Net loss available for common stockholders (Basic) | (25,100) | 29,607 | (40,243) | (18,511) |
Net loss available for common stockholders (Diluted) | $ (25,100) | $ 29,607 | $ (40,243) | $ (18,511) |
Shares used for determining basic earnings per share of common stock (in shares) | 65,343,418 | 63,971,166 | 65,024,654 | 63,882,920 |
Dilutive effect of: | ||||
Performance and restricted stock (in shares) | 0 | 1,548,941 | 0 | 0 |
Shares used for determining diluted earnings per share of common stock (in shares) | 65,343,418 | 65,520,107 | 65,024,654 | 63,882,920 |
Earnings Per Common Share - Anti-dilutive Securities Excluded from Computation (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 24, 2022 |
Sep. 30, 2023 |
Sep. 24, 2022 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive instruments (in shares) | 3,349,130 | 1,595,795 | 3,349,130 | 3,804,750 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive instruments (in shares) | 46,798 | 78,660 | 46,798 | 78,660 |
Performance and restricted stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive instruments (in shares) | 3,302,332 | 1,517,135 | 3,302,332 | 3,726,090 |
Incentive Stock Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 24, 2022 |
Sep. 30, 2023 |
Sep. 24, 2022 |
|
Share-Based Payment Arrangement [Abstract] | ||||
Stock-based compensation expense | $ 1,990 | $ 1,959 | $ 5,361 | $ 8,687 |
Incentive Stock Plans - Narrative (Details) - shares |
1 Months Ended | 9 Months Ended |
---|---|---|
Mar. 31, 2023 |
Sep. 30, 2023 |
|
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Performance-Based Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Shares issued (in shares) | 1,257,015 | |
Incremental shares issued (in shares) | 370,366 | |
Performance-Based Stock Units | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Target payout percentage | 0.00% | |
Performance-Based Stock Units | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Target payout percentage | 200.00% |
Incentive Stock Plans - Schedule of Outstanding Awards (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023
$ / shares
shares
| |
Options | |
Beginning Balance (in shares) | shares | 77,767 |
Granted (in shares) | shares | 0 |
Forfeited (in shares) | shares | 0 |
Exercised or settled (in shares) | shares | 0 |
Expired or cancelled (in shares) | shares | (30,969) |
Ending Balance (in shares) | shares | 46,798 |
Weighted Average Exercise Price | |
Beginning balance (in dollars per share) | $ / shares | $ 39.98 |
Granted (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Exercised or settled (in dollars per share) | $ / shares | 0 |
Expired or cancelled (in dollars per share) | $ / shares | 43.32 |
Ending balance (in dollars per share) | $ / shares | $ 37.77 |
Restricted Stock Units | |
Awards | |
Beginning Balance (in shares) | shares | 1,697,587 |
Granted (in shares) | shares | 972,307 |
Forfeited (in shares) | shares | (28,363) |
Exercised or settled (in shares) | shares | (709,800) |
Expired or cancelled (in shares) | shares | 0 |
Ending Balance (in shares) | shares | 1,931,731 |
Weighted Average Grant Date Fair Value | |
Beginning balances (in dollars per share) | $ / shares | $ 6.21 |
Granted (in dollars per share) | $ / shares | 5.32 |
Forfeited (in dollars per share) | $ / shares | 5.95 |
Exercised or settled (in dollars per share) | $ / shares | 5.49 |
Expired or cancelled (in dollars per share) | $ / shares | 0 |
Ending balances (in dollars per share) | $ / shares | $ 6.03 |
Performance-Based Stock Units | |
Awards | |
Beginning Balance (in shares) | shares | 1,956,919 |
Granted (in shares) | shares | 305,764 |
Forfeited (in shares) | shares | (5,433) |
Exercised or settled (in shares) | shares | (886,649) |
Expired or cancelled (in shares) | shares | 0 |
Ending Balance (in shares) | shares | 1,370,601 |
Weighted Average Grant Date Fair Value | |
Beginning balances (in dollars per share) | $ / shares | $ 6.79 |
Granted (in dollars per share) | $ / shares | 9.09 |
Forfeited (in dollars per share) | $ / shares | 4.73 |
Exercised or settled (in dollars per share) | $ / shares | 5.95 |
Expired or cancelled (in dollars per share) | $ / shares | 0 |
Ending balances (in dollars per share) | $ / shares | $ 7.83 |
Employee Benefit Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 24, 2022 |
Sep. 30, 2023 |
Sep. 24, 2022 |
|
Pension | ||||
Defined Benefit Plans Disclosure [Line Items] | ||||
Service cost | $ 1,223 | $ 2,150 | $ 3,664 | $ 6,497 |
Interest cost | 7,204 | 4,561 | 21,586 | 13,764 |
Expected return on plan assets | (7,967) | (8,258) | (23,854) | (24,965) |
Amortization of prior service cost (credit) | 111 | 38 | 332 | 116 |
Amortization of (gain) loss | (123) | 2,473 | (369) | 7,419 |
Pension settlement loss | 0 | (25) | 2,317 | 1,154 |
Net periodic benefit cost | 448 | 939 | 3,676 | 3,985 |
Pension | Canada | ||||
Defined Benefit Plans Disclosure [Line Items] | ||||
Pension settlement loss | 2,000 | 1,000 | ||
Postretirement | ||||
Defined Benefit Plans Disclosure [Line Items] | ||||
Service cost | 293 | 352 | 879 | 1,057 |
Interest cost | 352 | 215 | 1,057 | 646 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (24) | (31) | (73) | (92) |
Amortization of (gain) loss | (54) | 17 | (162) | 47 |
Pension settlement loss | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $ 567 | $ 553 | $ 1,701 | $ 1,658 |
Income Taxes - Effective Tax Rates (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 24, 2022 |
Sep. 30, 2023 |
Sep. 24, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Income (loss) from continuing operations | $ (26,540) | $ 18,355 | $ (40,555) | $ (30,969) |
Effective rate (percentage) | 17.00% | (10.60%) | 22.40% | (12.60%) |
Income Taxes - Narrative (Details) - Federal - Disallowed Interest Deductions - USD ($) |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Income Tax Contingency [Line Items] | ||
Deferred tax assets | $ 17,000,000 | $ 17,000,000 |
Deferred tax asset, valuation allowance | $ 0 | $ 0 |
Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 24, 2022 |
Sep. 30, 2023 |
Sep. 24, 2022 |
Dec. 31, 2022 |
|
Segment Reporting Information [Line Items] | |||||
Net sales | $ 368,670 | $ 466,346 | $ 1,220,844 | $ 1,217,282 | |
Operating income (loss) | (14,440) | 28,529 | (4,302) | 9,839 | |
Total assets | 2,175,666 | 2,175,666 | $ 2,347,528 | ||
Operating Segments | High Purity Cellulose | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 292,016 | 368,893 | 965,579 | 952,379 | |
Operating income (loss) | (5,547) | 22,536 | 6,965 | 21,221 | |
Total assets | 1,544,041 | 1,544,041 | 1,654,214 | ||
Operating Segments | High Purity Cellulose | Cellulose Specialties | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 164,654 | 243,175 | 570,584 | 645,169 | |
Operating Segments | High Purity Cellulose | Commodity Products | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 98,834 | 92,638 | 321,548 | 223,151 | |
Operating Segments | High Purity Cellulose | Other | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 28,528 | 33,080 | 73,447 | 84,059 | |
Operating Segments | Paperboard | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 57,212 | 65,039 | 164,300 | 182,512 | |
Operating income (loss) | 13,088 | 11,293 | 28,680 | 27,579 | |
Total assets | 115,851 | 115,851 | 112,757 | ||
Operating Segments | High-Yield Pulp | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 25,393 | 39,564 | 111,397 | 101,992 | |
Operating income (loss) | (6,062) | 5,646 | 2,030 | 3,910 | |
Total assets | 36,276 | 36,276 | 50,947 | ||
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | (5,951) | (7,150) | (20,432) | (19,601) | |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | (15,919) | $ (10,946) | (41,977) | $ (42,871) | |
Total assets | $ 479,498 | $ 479,498 | $ 529,610 |
Commitments and Contingencies (Details) $ in Millions |
Sep. 30, 2023
USD ($)
mill
|
Dec. 31, 2022
employee
|
---|---|---|
Guarantor Obligations [Line Items] | ||
Number of lumber mills | mill | 6 | |
Number of unionized employees, covered under expired contract | employee | 575 | |
Discontinued Operations, Disposed of by Sale | Lumber and Newsprint Facilities | ||
Guarantor Obligations [Line Items] | ||
Rights to duty refunds | $ 112 | |
Ancillary fees | 1 | |
Duties receivable | 40 | |
Interest earned | $ 6 | |
LignoTech Florida | ||
Guarantor Obligations [Line Items] | ||
Ownership percentage | 45.00% | |
Borregaard ASA | LignoTech Florida | ||
Guarantor Obligations [Line Items] | ||
Ownership percentage | 55.00% | |
Financial Standby Letter of Credit | ||
Guarantor Obligations [Line Items] | ||
Letters of credit | $ 34 | |
Surety Bond | ||
Guarantor Obligations [Line Items] | ||
Guarantees | 90 | |
Contract Guarantee | LignoTech Florida | ||
Guarantor Obligations [Line Items] | ||
Guarantees | $ 29 |
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