Intangible Assets, Goodwill and Other

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure

Goodwill and Intangibles

Changes in the carrying amounts of goodwill and intangible assets are as follows:


	Goodwill		Intangibles		Total
Balance as of December 31, 2024	$	48.6	$	4.3	$	52.9
Recognized goodwill - measurement period adjustment	(0.7)		—		(0.7)
Goodwill impairment	(48.0)		—		(48.0)
Amortization	—		(1.6)		(1.6)
Balance as of September 30, 2025	$	—	$	2.7	$	2.7

During the third quarter of 2025, we concluded that the sustained decline in our stock price (market capitalization) was a triggering event requiring an interim goodwill impairment assessment. We accumulated $35.1 million of goodwill through the acquisition of Manchester Industries in 2016 and $12.9 million of goodwill through the acquisition of the Augusta paperboard facility in 2024. Based on our interim goodwill impairment assessment, we concluded that our carrying value exceeded the estimated fair value. As a result, we have recorded a non-cash goodwill impairment charge of $48.0 million in the third quarter of 2025 which represents a full impairment of the goodwill. The decline in the estimated fair value and the resulting impairment was primarily driven by continued paperboard market softness and additional market capacity coming online which drove a sustained decline in our market capitalization. This was coupled with the increase in our carrying

value related to the divestiture of our tissue business in late 2024. The fair market value considered both the market and income approach. As a result of the triggering event, we conducted a recoverability analysis on other long-term assets, including fixed assets and intangible assets subject to amortization. The results indicated that there was no need for any further impairment charges.