v3.25.4

Pension and Other Post-Retirement Benefit Obligations (Tables) | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Schedule of Net Benefit Costs | Information about the Celgar and Peace River defined benefit plans, in aggregate for the year ended December 31, 2025 was as follows:
|  | 2025 |
|  | Pension |  |  | Other Post- Retirement Benefits |  |  | Total |
Change in benefit obligation |  |  |  |  |  |  |  |  |
Benefit obligation, December 31, 2024 |  | $ | 82,382 |  |  | $ | 9,254 |  |  | $ | 91,636 |
Service cost |  |  | 2,658 |  |  |  | 140 |  |  |  | 2,798 |
Interest cost |  |  | 4,023 |  |  |  | 442 |  |  |  | 4,465 |
Benefit payments |  |  | (4,123 | ) |  |  | (514 | ) |  |  | (4,637 | )
Actuarial gains |  |  | (4,564 | ) |  |  | (1,206 | ) |  |  | (5,770 | )
Foreign currency exchange rate changes |  |  | 4,065 |  |  |  | 438 |  |  |  | 4,503 |
Benefit obligation, December 31, 2025 |  |  | 84,441 |  |  |  | 8,554 |  |  |  | 92,995 |
Reconciliation of fair value of plan assets |  |  |  |  |  |  |  |  |
Fair value of plan assets, December 31, 2024 |  |  | 89,148 |  |  |  | — |  |  |  | 89,148 |
Actual returns |  |  | 8,295 |  |  |  | — |  |  |  | 8,295 |
Surplus refund |  |  | (3,025 | ) |  |  | — |  |  |  | (3,025 | )
Benefit payments |  |  | (4,049 | ) |  |  | — |  |  |  | (4,049 | )
Foreign currency exchange rate changes |  |  | 4,464 |  |  |  | — |  |  |  | 4,464 |
Fair value of plan assets, December 31, 2025 |  |  | 94,833 |  |  |  | — |  |  |  | 94,833 |
Funded status, December 31, 2025 |  | $ | 10,392 |  |  | $ | (8,554 | ) |  | $ | 1,838 |
Components of the net benefit cost recognized |  |  |  |  |  |  |  |  |
Service cost |  | $ | 2,658 |  |  | $ | 140 |  |  | $ | 2,798 |
Interest cost |  |  | 4,023 |  |  |  | 442 |  |  |  | 4,465 |
Expected return on plan assets |  |  | (5,504 | ) |  |  | — |  |  |  | (5,504 | )
Amortization of unrecognized item s |  |  | (324 | ) |  |  | (743 | ) |  |  | (1,067 | )
Net benefit cost |  | $ | 853 |  |  | $ | (161 | ) |  | $ | 692 |
Information about the Celgar and Peace River defined benefit plans, in aggregate for the year ended December 31, 2024 was as follows:
|  | 2024 |
|  | Pension |  |  | Other Post- Retirement Benefits |  |  | Total |
Change in benefit obligation |  |  |  |  |  |  |  |  |
Benefit obligation, December 31, 2023 |  | $ | 85,988 |  |  | $ | 10,516 |  |  | $ | 96,504 |
Service cost |  |  | 2,745 |  |  |  | 125 |  |  |  | 2,870 |
Interest cost |  |  | 3,861 |  |  |  | 461 |  |  |  | 4,322 |
Benefit payments |  |  | (3,059 | ) |  |  | (550 | ) |  |  | (3,609 | )
Actuarial losses (gains) |  |  | 27 |  |  |  | (469 | ) |  |  | (442 | )
Foreign currency exchange rate changes |  |  | (7,180 | ) |  |  | (829 | ) |  |  | (8,009 | )
Benefit obligation, December 31, 2024 |  |  | 82,382 |  |  |  | 9,254 |  |  |  | 91,636 |
Reconciliation of fair value of plan assets |  |  |  |  |  |  |  |  |
Fair value of plan assets, December 31, 2023 |  |  | 88,783 |  |  |  | — |  |  |  | 88,783 |
Actual returns |  |  | 10,242 |  |  |  | — |  |  |  | 10,242 |
Contributions |  |  | 675 |  |  |  | — |  |  |  | 675 |
Benefit payments |  |  | (2,996 | ) |  |  | — |  |  |  | (2,996 | )
Foreign currency exchange rate changes |  |  | (7,556 | ) |  |  | — |  |  |  | (7,556 | )
Fair value of plan assets, December 31, 2024 |  |  | 89,148 |  |  |  | — |  |  |  | 89,148 |
Funded status, December 31, 2024 |  | $ | 6,766 |  |  | $ | (9,254 | ) |  | $ | (2,488 | )
Components of the net benefit cost recognized |  |  |  |  |  |  |  |  |
Service cost |  | $ | 2,745 |  |  | $ | 125 |  |  | $ | 2,870 |
Interest cost |  |  | 3,861 |  |  |  | 461 |  |  |  | 4,322 |
Expected return on plan assets |  |  | (5,160 | ) |  |  | — |  |  |  | (5,160 | )
Amortization of unrecognized items |  |  | 55 |  |  |  | (815 | ) |  |  | (760 | )
Net benefit cost |  | $ | 1,501 |  |  | $ | (229 | ) |  | $ | 1,272 |
Estimated Future Benefit Payments | Estimated future benefit payments under these plans as of December 31, 2025 were as follows:
|  | Pension |  |  | Other Post-Retirement Benefits |
2026 |  | $ | 4,002 |  |  | $ | 505 |
2027 |  | $ | 4,251 |  |  | $ | 518 |
2028 |  | $ | 4,490 |  |  | $ | 531 |
2029 |  | $ | 4,742 |  |  | $ | 541 |
2030 |  | $ | 4,968 |  |  | $ | 549 |
2031-2035 |  | $ | 27,627 |  |  | $ | 2,870 |
Summary of Key Assumptions | The weighted-average assumptions used to determine the benefit obligations at the measurement dates and the net benefit costs for the years ended December 31, 2025, 2024 and 2023 were as follows for Celgar’s defined benefit plan:
|  | For the Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Benefit obligations |  |  |  |  |  |  |  |  |
Discount rate |  |  | 5.10 | % |  |  | 4.70 | % |  |  | 4.60 | %
Rate of compensation increase |  |  | 2.50 | % |  |  | 2.50 | % |  |  | 2.50 | %
Net benefit cost for year ended |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.70 | % |  |  | 4.60 | % |  |  | 5.00 | %
Rate of compensation increase |  |  | 2.50 | % |  |  | 2.50 | % |  |  | 2.50 | %
Expected rate of return on plan assets |  |  | 5.50 | % |  |  | 5.45 | % |  |  | 5.45 | %
The weighted-average assumptions used to determine the benefit obligations at the measurement dates and the net benefit costs for the years ended December 31, 2025, 2024 and 2023 were as follows for Peace River’s defined benefit plan:
|  | For the Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Benefit obligations |  |  |  |  |  |  |  |  |
Discount rate |  |  | 5.10 | % |  |  | 4.70 | % |  |  | 4.60 | %
Rate of compensation increase |  |  | 2.75 | % |  |  | 2.75 | % |  |  | 2.75 | %
Net benefit cost for year ended |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.70 | % |  |  | 4.60 | % |  |  | 5.00 | %
Rate of compensation increase |  |  | 2.75 | % |  |  | 2.75 | % |  |  | 2.75 | %
Expected rate of return on plan assets |  |  | 6.23 | % |  |  | 6.18 | % |  |  | 6.18 | %
Schedule of Assumed Health Care Cost Trend Rates | The assumed health care cost trend rates used to determine the other post-retirement benefit obligations as of December 31, 2025 and December 31, 2024 were as follows:
|  | December 31,
|  | 2025 |  | 2024
Health care cost trend rate assumed for next year |  | 4.25% |  | 4.50%
Rate to which the cost trend is assumed to decline (ultimate trend rate) |  | 3.50% |  | 3.50%
Year that the rate reaches the ultimate trend rate |  | 2029 |  | 2029
Schedule of Defined Benefit Pension Plans' Assets Fair Value Measurements | The following table presents the Celgar and Peace River defined benefit pension plans’ assets fair value measurements as of December 31, 2025 under the fair value hierarchy:
|  | Fair value measurements as of December 31, 2025 using: |
Asset Category |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Equity securities |  | $ | — |  |  | $ | 58,286 |  |  | $ | — |  |  | $ | 58,286 |
Debt securities |  |  | — |  |  |  | 33,655 |  |  |  | — |  |  |  | 33,655 |
Other |  |  | — |  |  |  | 2,892 |  |  |  | — |  |  |  | 2,892 |
Total assets |  | $ | — |  |  | $ | 94,833 |  |  | $ | — |  |  | $ | 94,833 |
The following table presents the Celgar and Peace River defined benefit pension plans’ assets fair value measurements as of December 31, 2024 under the fair value hierarchy:
|  | Fair value measurements as of December 31, 2024 using: |
Asset Category |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Equity securities |  | $ | — |  |  | $ | 57,338 |  |  | $ | — |  |  | $ | 57,338 |
Debt securities |  |  | — |  |  |  | 29,621 |  |  |  | — |  |  |  | 29,621 |
Other |  |  | — |  |  |  | 2,189 |  |  |  | — |  |  |  | 2,189 |
Total assets |  | $ | — |  |  | $ | 89,148 |  |  | $ | — |  |  | $ | 89,148 |
Schedule of Multiemployer Plan | Plan details for the years ended December 31, 2025, 2024 and 2023 were as follows:
|  | Provincially Registered Plan |  | Expiration Date of Collective Bargaining |  | Are the Company's Contributions Greater Than 5% of Total Contributions
Legal name |  | Number |  | Agreement |  | 2025 |  | 2024 |  | 2023
The Pulp and Paper Industry Pension Plan |  | P085324 |  | April 30, 2029 |  | Yes |  | Yes |  | Yes

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