v3.25.4

Segment Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Infor mation about certain segment data for the years ended December 31, 2025, 2024 and 2023, was as follows:
Year Ended December 31, 2025 |  | Pulp |  |  | Solid Wood |  |  | Total of Segments (a) |
Revenues from external customers |  | $ | 1,386,680 |  |  | $ | 467,438 |  |  | $ | 1,854,118 |
Intersegment revenues |  |  | 1,083 |  |  |  | 45,246 |  |  |  | 46,329 |
|  |  | 1,387,763 |  |  |  | 512,684 |  |  |  | 1,900,447 |
Less segment expenses: |  |  |  |  |  |  |  |  |
Fiber |  |  | 635,426 |  |  |  | 269,915 |  |  |  |
Maintenance (b) |  |  | 177,857 |  |  |  | 43,827 |  |  |  |
Freight |  |  | 142,381 |  |  |  | 52,350 |  |  |  |
Labor (c) |  |  | 93,104 |  |  |  | 59,573 |  |  |  |
Chemicals |  |  | 124,821 |  |  |  | — |  |  |  |
Energy |  |  | 42,038 |  |  |  | 30,512 |  |  |  |
Other (d) |  |  | 156,535 |  |  |  | 81,699 |  |  |  |
Segment Operating EBITDA |  | $ | 15,601 |  |  | $ | (25,192 | ) |  | $ | (9,591 | )
Purchase of property, plant and equipment |  | $ | 63,059 |  |  | $ | 25,417 |  |  | $ | 88,476 |
(a) The total of segments’ revenues, Segment Operating EBITDA and purchases of property, plant and equipment are reconciled to the corresponding consolidated amounts as follows:
Year Ended December 31, 2025 |  | Pulp |  |  | Solid Wood |  |  | Total |
Reconciliation of revenues |  |  |  |  |  |  |  |  |
Total of segments’ revenues |  |  |  |  |  |  |  | $ | 1,900,447 |
Sandalwood business revenues |  |  |  |  |  |  |  |  | 13,952 |
Elimination of intersegment revenues |  |  |  |  |  |  |  |  | (46,329 | )
Consolidated revenues |  |  |  |  |  |  |  | $ | 1,868,070 |
Reconciliation to loss before income taxes |  |  |  |  |  |  |  |  |
Total of segments’ Segment Operating EBITDA |  |  |  |  |  |  |  | $ | (9,591 | )
Segment depreciation and amortization |  |  | (104,727 | ) |  |  | (54,689 | ) |  |  | (159,416 | )
Impairments of long-lived assets |  |  | (203,435 | ) |  |  | (12,247 | ) |  |  | (215,682 | )
Interest expense |  |  |  |  |  |  |  |  | (114,834 | )
Other income |  |  |  |  |  |  |  |  | 1,372 |
Corporate expenses and eliminations |  |  |  |  |  |  |  |  | (13,060 | )
Consolidated loss before income taxes |  |  |  |  |  |  |  | $ | (511,211 | )
Reconciliation of purchases of property, plant and equipment |  |  |  |  |  |  |  |  |
Total of segments’ purchase of property, plant and equipment |  |  |  |  |  |  |  | $ | 88,476 |
Corporate and other |  |  |  |  |  |  |  |  | 107 |
Consolidated purchase of property, plant and equipment |  |  |  |  |  |  |  | $ | 88,583 |
(b) Maintenance expense for the pulp segment includes expenditures for planned annual maintenance downtime at our pulp mills. (c) Labor expense excludes maintenance and indirect labor costs. (d) Other expenses primarily include selling, general and administrative expenses, the net change in finished goods inventories and foreign exchange gains or losses on the revaluation of dollar denominated receivable balances.
Year Ended December 31, 2025 |  | Pulp |  |  | Solid Wood |  |  | Corporate and Other |  |  | Consolidated |
Revenues from external customers by major products |  |  |  |  |  |  |  |  |  |  |  |
Pulp |  | $ | 1,304,823 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,304,823 |
Lumber |  |  | — |  |  |  | 247,572 |  |  |  | — |  |  |  | 247,572 |
Energy and chemicals |  |  | 81,857 |  |  |  | 18,992 |  |  |  | 7,663 |  |  |  | 108,512 |
Manufactured products (a) |  |  | — |  |  |  | 57,470 |  |  |  | — |  |  |  | 57,470 |
Pallets |  |  | — |  |  |  | 100,124 |  |  |  | — |  |  |  | 100,124 |
Biofuels (b) |  |  | — |  |  |  | 34,454 |  |  |  | — |  |  |  | 34,454 |
Wood residuals |  |  | — |  |  |  | 8,826 |  |  |  | 6,289 |  |  |  | 15,115 |
Total revenues from external customers |  | $ | 1,386,680 |  |  | $ | 467,438 |  |  | $ | 13,952 |  |  | $ | 1,868,070 |
Revenues from external customers by geography (c) |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 141,946 |  |  | $ | 155,311 |  |  | $ | 1,689 |  |  | $ | 298,946 |
Foreign countries |  |  |  |  |  |  |  |  |  |  |  |
Germany |  |  | 280,460 |  |  |  | 193,693 |  |  |  | 1,121 |  |  |  | 475,274 |
China |  |  | 547,697 |  |  |  | 1,672 |  |  |  | 803 |  |  |  | 550,172 |
Other countries |  |  | 416,577 |  |  |  | 116,762 |  |  |  | 10,339 |  |  |  | 543,678 |
|  |  | 1,244,734 |  |  |  | 312,127 |  |  |  | 12,263 |  |  |  | 1,569,124 |
Total revenues from external customers |  | $ | 1,386,680 |  |  | $ | 467,438 |  |  | $ | 13,952 |  |  | $ | 1,868,070 |
(a) Manufactured products primarily includes CLT and glulam. (b) Biofuels includes pellets and briquettes. (c) Sales are attributed to countries based on the ship-to location provided by the customer.
Year Ended December 31, 2024 |  | Pulp |  |  | Solid Wood |  |  | Total of Segments (a) |
Revenues from external customers |  | $ | 1,548,556 |  |  | $ | 485,991 |  |  | $ | 2,034,547 |
Intersegment revenues |  |  | 842 |  |  |  | 34,482 |  |  |  | 35,324 |
|  |  | 1,549,398 |  |  |  | 520,473 |  |  |  | 2,069,871 |
Less segment expenses: |  |  |  |  |  |  |  |  |
Fiber |  |  | 555,832 |  |  |  | 238,992 |  |  |  |
Maintenance (b) |  |  | 148,978 |  |  |  | 45,080 |  |  |  |
Freight |  |  | 145,706 |  |  |  | 52,890 |  |  |  |
Labor (c) |  |  | 88,460 |  |  |  | 54,884 |  |  |  |
Chemicals |  |  | 121,053 |  |  |  | — |  |  |  |
Energy |  |  | 58,835 |  |  |  | 28,488 |  |  |  |
Purchase of pulp from CPP (d) |  |  | 19,707 |  |  |  | — |  |  |  |
Other (e) |  |  | 149,913 |  |  |  | 104,529 |  |  |  |
Segment Operating EBITDA |  | $ | 260,914 |  |  | $ | (4,390 | ) |  | $ | 256,524 |
Purchase of property, plant and equipment |  | $ | 46,400 |  |  | $ | 37,732 |  |  | $ | 84,132 |
(a) The total of segments’ revenues, Segment Operating EBITDA and purchases of property, plant and equipment are reconciled to the corresponding consolidated amounts as follows:
Year Ended December 31, 2024 |  | Pulp |  |  | Solid Wood |  |  | Total |
Reconciliation of revenues |  |  |  |  |  |  |  |  |
Total of segments’ revenues |  |  |  |  |  |  |  | $ | 2,069,871 |
Sandalwood business revenues |  |  |  |  |  |  |  |  | 8,813 |
Elimination of intersegment revenues |  |  |  |  |  |  |  |  | (35,324 | )
Consolidated revenues |  |  |  |  |  |  |  | $ | 2,043,360 |
Reconciliation to loss before income taxes |  |  |  |  |  |  |  |  |
Total of segments’ Segment Operating EBITDA |  |  |  |  |  |  |  | $ | 256,524 |
Segment depreciation and amortization |  |  | (119,501 | ) |  |  | (50,430 | ) |  |  | (169,931 | )
Loss on disposal of investment in joint venture |  |  | (23,645 | ) |  |  | — |  |  |  | (23,645 | )
Goodwill impairment |  |  | — |  |  |  | (34,277 | ) |  |  | (34,277 | )
Interest expense |  |  |  |  |  |  |  |  | (109,150 | )
Other income |  |  |  |  |  |  |  |  | 7,228 |
Corporate expenses and eliminations |  |  |  |  |  |  |  |  | (13,664 | )
Consolidated loss before income taxes |  |  |  |  |  |  |  | $ | (86,915 | )
Reconciliation of purchases of property, plant and equipment |  |  |  |  |  |  |  |  |
Total of segments’ purchase of property, plant and equipment |  |  |  |  |  |  |  | $ | 84,132 |
Corporate and other |  |  |  |  |  |  |  |  | 186 |
Consolidated purchase of property, plant and equipment |  |  |  |  |  |  |  | $ | 84,318 |
(b) Maintenance expense for the pulp segment includes expenditures for planned annual maintenance downtime at our pulp mills. (c) Labor expense excludes maintenance and indirect labor costs. (d) Purchase of pulp inventory from the CPP mill prior to the disposition in 2024. (e) Other expenses primarily include selling, general and administrative expenses, the net change in finished goods inventories and foreign exchange gains or losses on the revaluation of dollar denominated receivable balances.
Year Ended December 31, 2024 |  | Pulp |  |  | Solid Wood |  |  | Corporate and Other |  |  | Consolidated |
Revenues from external customers by major products |  |  |  |  |  |  |  |  |  |  |  |
Pulp |  | $ | 1,460,460 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,460,460 |
Lumber |  |  | — |  |  |  | 217,471 |  |  |  | — |  |  |  | 217,471 |
Energy and chemicals |  |  | 88,096 |  |  |  | 16,512 |  |  |  | 8,813 |  |  |  | 113,421 |
Manufactured products (a) |  |  | — |  |  |  | 100,565 |  |  |  | — |  |  |  | 100,565 |
Pallets |  |  | — |  |  |  | 104,386 |  |  |  | — |  |  |  | 104,386 |
Biofuels (b) |  |  | — |  |  |  | 40,082 |  |  |  | — |  |  |  | 40,082 |
Wood residuals |  |  | — |  |  |  | 6,975 |  |  |  | — |  |  |  | 6,975 |
Total revenues from external customers |  | $ | 1,548,556 |  |  | $ | 485,991 |  |  | $ | 8,813 |  |  | $ | 2,043,360 |
Revenues from external customers by geography (c) |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 151,053 |  |  | $ | 194,880 |  |  | $ | 2,497 |  |  | $ | 348,430 |
Foreign countries |  |  |  |  |  |  |  |  |  |  |  |
Germany |  |  | 334,361 |  |  |  | 195,867 |  |  |  | 721 |  |  |  | 530,949 |
China |  |  | 574,264 |  |  |  | 2,488 |  |  |  | — |  |  |  | 576,752 |
Other countries |  |  | 488,878 |  |  |  | 92,756 |  |  |  | 5,595 |  |  |  | 587,229 |
|  |  | 1,397,503 |  |  |  | 291,111 |  |  |  | 6,316 |  |  |  | 1,694,930 |
Total revenues from external customers |  | $ | 1,548,556 |  |  | $ | 485,991 |  |  | $ | 8,813 |  |  | $ | 2,043,360 |
(a) Manufactured products primarily includes CLT and glulam. (b) Biofuels includes pellets and briquettes. (c) Sales are attributed to countries based on the ship-to location provided by the customer.
Year Ended December 31, 2023 |  | Pulp |  |  | Solid Wood |  |  | Total of Segments (a) |
Revenues from external customers |  | $ | 1,516,130 |  |  | $ | 472,054 |  |  | $ | 1,988,184 |
Intersegment revenues |  |  | 1,037 |  |  |  | 41,351 |  |  |  | 42,388 |
|  |  | 1,517,167 |  |  |  | 513,405 |  |  |  | 2,030,572 |
Less segment expenses: |  |  |  |  |  |  |  |  |
Fiber |  |  | 633,141 |  |  |  | 243,369 |  |  |  |
Maintenance (b) |  |  | 128,511 |  |  |  | 45,526 |  |  |  |
Freight |  |  | 154,918 |  |  |  | 60,459 |  |  |  |
Labor (c) |  |  | 85,092 |  |  |  | 48,499 |  |  |  |
Chemicals |  |  | 152,120 |  |  |  | — |  |  |  |
Energy |  |  | 97,649 |  |  |  | 39,358 |  |  |  |
Purchase of pulp from CPP |  |  | 97,836 |  |  |  | — |  |  |  |
Other (d) |  |  | 102,011 |  |  |  | 106,537 |  |  |  |
Segment Operating EBITDA |  | $ | 65,889 |  |  | $ | (30,343 | ) |  | $ | 35,546 |
Purchase of property, plant and equipment |  | $ | 90,126 |  |  | $ | 45,707 |  |  | $ | 135,833 |
(a) The total of segments’ revenues, Segment Operating EBITDA and purchases of property, plant and equipment are reconciled to the corresponding consolidated amounts as follows:
Year Ended December 31, 2023 |  | Pulp |  |  | Solid Wood |  |  | Total |
Reconciliation of revenues |  |  |  |  |  |  |  |  |
Total of segments’ revenues |  |  |  |  |  |  |  | $ | 2,030,572 |
Sandalwood business revenues |  |  |  |  |  |  |  |  | 5,660 |
Elimination of intersegment revenues |  |  |  |  |  |  |  |  | (42,388 | )
Consolidated revenues |  |  |  |  |  |  |  | $ | 1,993,844 |
Reconciliation to loss before income taxes |  |  |  |  |  |  |  |  |
Total of segments’ Segment Operating EBITDA |  |  |  |  |  |  |  | $ | 35,546 |
Segment depreciation and amortization |  |  | (114,151 | ) |  |  | (57,320 | ) |  |  | (171,471 | )
Impairment of sandalwood business |  |  |  |  |  |  |  |  | (33,734 | )
Interest expense |  |  |  |  |  |  |  |  | (88,246 | )
Other income |  |  |  |  |  |  |  |  | 7,197 |
Corporate expenses and eliminations |  |  |  |  |  |  |  |  | (19,115 | )
Consolidated loss before income taxes |  |  |  |  |  |  |  | $ | (269,823 | )
Reconciliation of purchases of property, plant and equipment |  |  |  |  |  |  |  |  |
Total of segments’ purchase of property, plant and equipment |  |  |  |  |  |  |  | $ | 135,833 |
Corporate and other |  |  |  |  |  |  |  |  | 491 |
Consolidated purchase of property, plant and equipment |  |  |  |  |  |  |  | $ | 136,324 |
(b) Maintenance expense for the pulp segment includes expenditures for planned annual maintenance downtime at our pulp mills. (c) Labor expense excludes maintenance and indirect labor costs. (d) Other expenses primarily includes selling, general and administrative expenses and the net change in finished goods inventories.
Year Ended December 31, 2023 |  | Pulp |  |  | Solid Wood |  |  | Corporate and Other |  |  | Consolidated |
Revenues from external customers by major products |  |  |  |  |  |  |  |  |  |  |  |
Pulp |  | $ | 1,402,620 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,402,620 |
Lumber |  |  | — |  |  |  | 217,939 |  |  |  | — |  |  |  | 217,939 |
Energy and chemicals |  |  | 113,510 |  |  |  | 21,451 |  |  |  | 5,660 |  |  |  | 140,621 |
Manufactured products (a) |  |  | — |  |  |  | 58,895 |  |  |  | — |  |  |  | 58,895 |
Pallets |  |  | — |  |  |  | 121,424 |  |  |  | — |  |  |  | 121,424 |
Biofuels (b) |  |  | — |  |  |  | 40,680 |  |  |  | — |  |  |  | 40,680 |
Wood residuals |  |  | — |  |  |  | 11,665 |  |  |  | — |  |  |  | 11,665 |
Total revenues from external customers |  | $ | 1,516,130 |  |  | $ | 472,054 |  |  | $ | 5,660 |  |  | $ | 1,993,844 |
Revenues from external customers by geography (c) |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 123,818 |  |  | $ | 169,883 |  |  | $ | 1,227 |  |  | $ | 294,928 |
Foreign countries |  |  |  |  |  |  |  |  |  |  |  |
Germany |  |  | 349,685 |  |  |  | 224,741 |  |  |  | 472 |  |  |  | 574,898 |
China |  |  | 551,945 |  |  |  | 2,981 |  |  |  | — |  |  |  | 554,926 |
Other countries |  |  | 490,682 |  |  |  | 74,449 |  |  |  | 3,961 |  |  |  | 569,092 |
|  |  | 1,392,312 |  |  |  | 302,171 |  |  |  | 4,433 |  |  |  | 1,698,916 |
Total revenues from external customers |  | $ | 1,516,130 |  |  | $ | 472,054 |  |  | $ | 5,660 |  |  | $ | 1,993,844 |
(a) Manufactured products primarily includes CLT and glulam. (b) Biofuels includes pellets and briquettes. (c) Sales are attributed to countries based on the ship-to location provided by the customer.
Schedule of Long Lived Assets by Geographic Area | The Company’s long-lived assets by geographic area based on the location of the assets as of December 31, 2025 and December 31, 2024 were as follows:
|  | December 31, |
|  | 2025 |  |  | 2024 |
U.S. |  | $ | 125,033 |  |  | $ | 140,627 |
Foreign countries |  |  |  |  |  |
Germany |  |  | 772,649 |  |  |  | 725,229 |
Canada |  |  | 217,808 |  |  |  | 388,859 |
|  |  | 990,457 |  |  |  | 1,114,088 |
|  | $ | 1,115,490 |  |  | $ | 1,254,715 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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