RAYONIER ADVANCED MATERIALS INC., 10-K filed on 3/5/2026
Annual Report
v3.25.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2025
Mar. 03, 2026
Jun. 28, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-36285    
Entity Registrant Name RAYONIER ADVANCED MATERIALS INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 46-4559529    
Entity Address, Address Line One 1301 Riverplace Boulevard    
Entity Address, Address Line Two Suite 2300    
Entity Address, City or Town Jacksonville    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 32207    
City Area Code 904    
Local Phone Number 357-4600    
Title of 12(b) Security Common stock, par value $0.01 per share    
Trading Symbol RYAM    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 243,729,095
Entity Common Stock, Shares Outstanding   67,005,593  
Documents Incorporated by Reference
Portions of the registrant’s definitive proxy statement for the 2026 annual meeting of the stockholders, which is expected to be filed with the Securities and Exchange Commission within 120 days after December 31, 2025, are incorporated by reference into Part III of this 2025 Form 10-K.
    
Entity Central Index Key 0001597672    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 248
Auditor Name GRANT THORNTON LLP
Auditor Location Jacksonville, Florida
v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Net sales $ 1,466,397 $ 1,630,308 $ 1,643,330
Cost of sales (1,347,612) (1,464,726) (1,555,176)
Gross margin 118,785 165,582 88,154
Selling, general and administrative expense (83,942) (92,258) (75,712)
Foreign exchange gain (loss) (4,629) 7,429 (2,999)
Asset impairment (Note 7) 0 (25,169) (62,300)
Indefinite suspension charges (Note 3) (1,275) (16,630) 0
Environmental remediation expense (20,384) (6,607) (5,784)
Other operating income (expense), net (Note 20) (4,457) 7,134 (6,623)
Operating income (loss) 4,098 39,481 (65,264)
Interest expense (97,953) (85,715) (73,810)
Components of pension and OPEB, excluding service costs (Note 19) 922 2,924 98
Debt refinancing charges (106) (10,195) 361
Other income (expense), net (2,006) 4,305 6,141
Loss from continuing operations before income tax (95,045) (49,200) (132,474)
Income tax (expense) benefit (Note 21) (323,265) 8,928 32,311
Equity in loss of equity method investments (4,873) (1,652) (1,984)
Loss from continuing operations (423,183) (41,924) (102,147)
Income from discontinued operations, net of tax (Note 4) 2,670 3,217 312
Net loss (420,513) (38,707) (101,835)
Net income attributable to redeemable noncontrolling interest (Note 14) 161 37 0
Net loss attributable to RYAM $ (420,674) $ (38,744) $ (101,835)
Basic and Diluted earnings per common share (Note 17)      
Loss from continuing operations-basic (in dollars per share) $ (6.37) $ (0.64) $ (1.57)
Loss from continuing operations-diluted (in dollars per share) (6.37) (0.64) (1.57)
Income from discontinued operations-basic (in dollars per share) 0.04 0.05 0
Income from discontinued operations-diluted (in dollars per share) 0.04 0.05 0
Net loss - basic (in dollars per share) (6.33) (0.59) (1.57)
Net loss - diluted (in dollars per share) $ (6.33) $ (0.59) $ (1.57)
v3.25.4
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net loss $ (420,513) $ (38,707) $ (101,835)
Other comprehensive income, net of tax (Note 16)      
Foreign currency translation adjustment 25,106 (12,380) 7,530
Unrealized gain on derivative instruments 129 151 194
Net gain (loss) on employee benefit plans (2,537) 12,477 10,157
Total other comprehensive income 22,698 248 17,881
Comprehensive loss (397,815) (38,459) (83,954)
Comprehensive income attributable to redeemable noncontrolling interest 1,525 37 0
Comprehensive loss attributable to RYAM $ (399,340) $ (38,496) $ (83,954)
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 75,393 $ 125,222
Accounts receivable, net (Note 5) 193,306 213,972
Inventory (Note 6) 237,969 208,003
Income tax receivable (Note 21) 1,720 2,637
Prepaid and other current assets 59,995 51,127
Total current assets 568,383 600,961
Property, plant and equipment, net (Note 7) 1,014,614 1,018,583
Deferred tax assets (Note 21) 24,026 349,500
Intangible assets, net (Note 2) 3,931 10,404
Other assets 147,401 150,209
Total assets 1,758,355 2,129,657
Current liabilities    
Accounts payable 190,450 196,249
Accrued and other current liabilities (Note 9) 138,580 170,785
Debt due within one year (Note 10) 20,909 23,379
Current environmental liabilities (Note 11) 10,438 9,749
Total current liabilities 360,377 400,162
Long-term debt (Note 10) 758,109 706,444
Non-current environmental liabilities (Note 11) 173,444 160,466
Pension and other postretirement benefits (Note 19) 78,838 77,239
Deferred tax liabilities (Note 21) 12,722 13,685
Other liabilities 46,943 47,273
Redeemable noncontrolling interest (Note 14) 11,366 10,503
Commitments and contingencies (Note 23)
Stockholders’ equity (Note 15)    
Common stock: 140,000,000 shares authorized at $0.01 par value, 67,005,593 and 65,966,881 issued and outstanding, respectively 670 660
Additional paid-in capital 427,764 425,303
Retained earnings (deficit) (88,907) 333,591
Accumulated other comprehensive loss (Note 16) (22,971) (45,669)
Total stockholders’ equity 316,556 713,885
Total liabilities, redeemable noncontrolling interest and stockholders’ equity $ 1,758,355 $ 2,129,657
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common shares, authorized (in shares) 140,000,000 140,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common shares, issued (in shares) 67,005,593 65,966,881
Common shares, outstanding (in shares) 67,005,593 65,966,881
v3.25.4
Consolidated Statements of Stockholders’ Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid in Capital
Retained Earnings (Deficit)
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022   64,020,761      
Beginning balance at Dec. 31, 2022 $ 829,313 $ 640 $ 418,048 $ 474,423 $ (63,798)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net loss attributable to RYAM (101,835)     (101,835)  
Other comprehensive income, net of tax 17,881       17,881
Issuance of common stock under incentive stock plans (in shares)   2,032,375      
Issuance of common stock under incentive stock plans 0 $ 20 (20)    
Stock-based compensation 6,507   6,507    
Repurchase of common stock (in shares) [1]   (660,122)      
Repurchase of common stock [1] (5,419) $ (6) (5,413)    
Redeemable noncontrolling interest adjustment to redemption value 0        
Ending balance (in shares) at Dec. 31, 2023   65,393,014      
Ending balance at Dec. 31, 2023 746,447 $ 654 419,122 372,588 (45,917)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net loss attributable to RYAM (38,744)     (38,744)  
Other comprehensive income, net of tax 248       248
Issuance of common stock under incentive stock plans (in shares)   730,937      
Issuance of common stock under incentive stock plans 0 $ 7 (7)    
Stock-based compensation 7,101   7,101    
Repurchase of common stock (in shares) [1]   (157,070)      
Repurchase of common stock [1] (914) $ (1) (913)    
Redeemable noncontrolling interest adjustment to redemption value $ (253)     (253)  
Ending balance (in shares) at Dec. 31, 2024 65,966,881 65,966,881      
Ending balance at Dec. 31, 2024 $ 713,885 $ 660 425,303 333,591 (45,669)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net loss attributable to RYAM (420,674)     (420,674)  
Other comprehensive income, net of tax 22,698       22,698
Issuance of common stock under incentive stock plans (in shares)   1,456,985      
Issuance of common stock under incentive stock plans 0 $ 14 (14)    
Stock-based compensation 5,496   5,496    
Repurchase of common stock (in shares) [1]   (418,273)      
Repurchase of common stock [1] (3,025) $ (4) (3,021)    
Redeemable noncontrolling interest adjustment to redemption value $ (1,824)     (1,824)  
Ending balance (in shares) at Dec. 31, 2025 67,005,593 67,005,593      
Ending balance at Dec. 31, 2025 $ 316,556 $ 670 $ 427,764 $ (88,907) $ (22,971)
[1] Repurchased to satisfy tax withholding requirements related to the issuance of stock under the Company’s incentive stock plans
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net loss $ (420,513) $ (38,707) $ (101,835)
Adjustments to reconcile net loss to cash provided by operating activities:      
Income from discontinued operations (2,670) (3,217) (312)
Depreciation and amortization 133,958 137,173 139,983
Asset impairment 0 25,169 62,300
Stock-based compensation expense 5,496 7,101 6,507
Amortization of debt premium, discount and issuance costs 8,551 8,559 6,050
Deferred income tax expense (benefit) 321,925 (9,606) (27,713)
Increase in environmental liabilities 20,178 6,417 4,764
Change in fair value of put option liability 2,841 0 0
Loss on investment in AGE 2,000 0 0
(Gain) loss on debt extinguishment 0 4,363 (361)
Net periodic benefit cost of pension and other postretirement plans 4,263 2,268 3,578
Unrealized (gain) loss on foreign currency 4,039 (5,613) 1,900
Loss on disposal of property, plant and equipment 893 1,790 731
Changes in operating assets and liabilities:      
Accounts receivable 24,779 (24,392) 19,979
Inventory (23,284) (2,134) 58,949
Income tax receivable 1,096 19,859 (7,137)
Accounts payable 2,897 8,068 13,757
Accrued and other current liabilities (38,922) 20,505 (12,219)
Duty refund rights 0 40,111 (1,946)
Other (9,518) 20,315 (13,783)
Contributions to pension and other postretirement plans (7,365) (8,514) (11,533)
Expenditures for environmental liabilities (6,733) (5,905) (5,385)
Cash provided by operating activities 23,911 203,610 136,274
Cash provided by operating activities 23,911 203,610 136,274
Investing activities      
Capital expenditures, net of proceeds from sale of property, plant and equipment (115,599) (107,944) (127,670)
Proceeds related to insurance claims 3,500 0 0
Investment in equity method investments (2,000) 0 (780)
Cash used in investing activities-continuing operations (114,099) (107,944) (128,450)
Cash provided by investing activities-discontinued operations 0 0 1,169
Cash used in investing activities (114,099) (107,944) (127,281)
Financing activities      
Borrowings of long-term debt 547,400 672,200 465,030
Repayments of long-term debt (512,091) (701,885) (537,845)
Short-term financing, net (2,029) (2,740) 1,369
Debt issuance costs (196) (23,790) (10,082)
Repurchase of common stock (3,025) (914) (5,419)
Contribution from redeemable noncontrolling interest 0 15,843 0
Preferred equity issuance costs 0 (1,192) 0
Cash provided by (used in) financing activities 30,059 (42,478) (86,947)
Net increase (decrease) in cash and cash equivalents (60,129) 53,188 (77,954)
Net effect of foreign exchange on cash and cash equivalents 10,300 (3,734) 1,919
Balance, beginning of period 125,222 75,768 151,803
Balance, end of period 75,393 125,222 75,768
Supplemental cash flow information:      
Interest paid (99,389) (95,050) (51,017)
Income taxes (paid) refunded, net (510) 19,003 (7,239)
Capital assets purchased on account $ 29,450 $ 39,163 $ 37,363
v3.25.4
Nature of Operations and Basis of Presentation
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Basis of Presentation
1. Nature of Operations and Basis of Presentation
Nature of Operations
RYAM is a global leader of cellulose and derivatives commonly used in the production of filters, food, pharmaceuticals, high performance plastics, propellants and various industrial applications. The Company’s specialized assets, capable of creating the world’s leading cellulose specialties products, are also used to produce cellulose viscose pulp, cellulose fluff pulp, high-yield pulp and various value-added derivatives, including paperboard, biofuels, bioelectricity and lignin.
In the first quarter of 2025, the Company reorganized its High Purity Cellulose operating segment as a result of changes in its internal operating model, significant developments in its Biomaterials strategy (see Note 10—Debt and Finance Leases and Note 14—Redeemable Noncontrolling Interest for information regarding its newly-formed subsidiary, BioNova, and important financing milestones reached) and the successful launch of an enterprise reporting system that significantly enhances the Company’s financial reporting and costing capabilities. Specifically, the Company determined, in light of these new developments and capabilities, that the performance and outlook of the High Purity Cellulose business will be better managed as three separate businesses: Cellulose Specialties, Cellulose Commodities and a new Biomaterials business. No changes were made to the composition of the Paperboard and High-Yield Pulp operating segments. As a result of this reorganization, the Company now operates in the following operating segments: Cellulose Specialties, Biomaterials, Cellulose Commodities, Paperboard and High-Yield Pulp.
Prior period segment results have been recast to align with this new segment reporting structure. See Note 22—Segment and Geographical Information for further information.
Cellulose Specialties
The Company currently manufactures its Cellulose Specialties products through three production facilities located in the U.S. and France. A fourth production facility in Temiscaming, Canada, indefinitely suspended its cellulose operations in July 2024. Cellulose specialties, produced from cellulose, a natural polymer primarily derived from wood or cotton, are used in dissolving chemical applications that require a highly purified form of cellulose, including liquid crystal display screens, filters, textiles and performance additives for pharmaceutical, food and other industrial applications.
Biomaterials
The Company’s specialized assets also produce biomaterials, including biofuels, lignosulfonates, prebiotics, tall oil soap, HCE and turpentine. The bioethanol facility in Tartas, France produces wood-based 2G bioethanol fuel. Lignosulfonates are produced at the Tartas cellulose facility and were produced at the Temiscaming cellulose facility prior to the indefinite suspension of operations. Tall oil soap is produced at the Tartas and Jesup facilities. HCE is produced at the Fernandina and Tartas cellulose facilities. Turpentine is produced at the Jesup facility.
Cellulose Commodities
The cellulose production facilities discussed above also manufacture the Company’s Cellulose Commodities products, which primarily consist of absorbent materials and viscose applications. Absorbent materials, typically referred to as fluff, are used as an absorbent medium in consumer products such as disposable baby diapers, feminine hygiene products, incontinence pads, convalescent bed pads, industrial towels and wipes and non-woven fabrics. Commodity viscose is a raw material required for the manufacture of viscose staple fibers, which are used in woven applications, including rayon textiles for clothing and other fabrics, and non-woven applications, such as baby wipes, cosmetic and personal wipes, industrial wipes and mattress ticking.
Paperboard
The Company manufactures Kallima® Coated Cover Paperboard, a lightweight multi-ply paperboard, through its production facility in Temiscaming. Paperboard is used for packaging, printing documents, brochures, promotional materials, paperback book and catalog covers, file folders, tags and lottery tickets.
High-Yield Pulp
The Company manufactures bulky high-yield pulp through its production facility in Temiscaming. Paper manufacturers use high-yield pulp to produce paperboard, packaging, coated and uncoated printing and writing paper, specialty papers and various other paper products.
Basis of Presentation
The Financial Statements include the accounts and operations of the Company and its wholly owned, majority owned and controlled subsidiaries. Redeemable noncontrolling interests held in certain of the Company’s consolidated entities are reported as temporary equity in the consolidated balance sheets. The Company applies the equity method of accounting for investments in which it has an ownership interest of 20 percent to 50 percent or exercises significant influence over the related investee operations. All intercompany accounts and transactions are eliminated in consolidation. Certain amounts in prior periods have been reclassified to conform with the current period presentation.
The Financial Statements and notes thereto have been prepared in accordance with GAAP and the rules and regulations of the SEC. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and disclosures of contingent assets and liabilities. Because of the inherent uncertainties in using estimates, actual results could differ from those expected as of the reporting date. Management believes that the estimates and assumptions used are reasonable.
The Company’s fiscal year begins on January 1 and ends on December 31. For interim reporting periods, the Company uses a 5-4-4 calendar that ends on the last Saturday of the fiscal quarter.
Discontinued Operations
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 4—Discontinued Operations for further information.
Subsequent Event
In March 2026, the Company entered into an agreement to sell and lease back (i) the land and equipment of its chip mills located in Georgia and (ii) the Company’s ERP systems for a purchase price of $20 million, the proceeds of which the Company intends to use for general corporate purposes. The lease has an initial term of 33 months and will continue for successive three-month periods until terminated by either party with appropriate notice, with monthly rental payments of $0.7 million. The accounting treatment for this transaction has not yet been finalized.
v3.25.4
Significant Accounting Policies and Recent Accounting Developments
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies and Recent Accounting Developments
2. Significant Accounting Policies and Recent Accounting Developments
Significant Accounting Policies
Translation of Foreign Currency
Assets and liabilities of consolidated subsidiaries whose functional currency is other than the USD are translated into USD using currency exchange rates at the balance sheet date. Revenues and expenses are translated using the average currency exchange rates during the period. Foreign currency translation gains and losses are reported as a component of AOCI.
Realized and unrealized gains and losses resulting from foreign currency transactions are recorded, as incurred, to “foreign exchange gain (loss)” or “other income (expense), net” in the consolidated statements of operations, as appropriate. The Company incurred total foreign currency transaction gain (loss) of $(7) million, $10 million and $(4) million during the years ended December 31, 2025, 2024 and 2023, respectively.
Cash and Cash Equivalents
Cash and cash equivalents include time deposits and other highly liquid investments with original maturities of three months or less.
Accounts Receivable and Allowance for Credit Loss
Trade accounts receivable are stated at the net amount expected to be collected. All customers are granted credit on a short-term basis and related credit risks are considered minimal. The Company maintains an allowance for expected credit losses resulting from the inability of its customers to make required payments. The Company’s allowance is based on historical patterns of accounts receivable collections and expected losses, including the consideration of general economic conditions. Outstanding accounts receivable balances are reviewed quarterly or more frequently when circumstances indicate a review is warranted, such as a significant change in the aging of the Company’s receivables or a customer’s financial condition. Write-offs are recorded when a customer receivable is deemed uncollectible and collection efforts have been exhausted.
Inventory
Finished goods, work-in-process and raw materials inventories, as well as manufacturing and maintenance supplies, are valued at average cost. Inventory costs include material, labor and manufacturing overhead. The need for a provision for estimated losses from obsolete, excess or slow-moving inventories is reviewed periodically.
Property, Plant and Equipment
Depreciation
Property, plant and equipment are recorded at cost, including applicable freight, interest, construction and installation costs. Production-related plant and equipment for the Company’s Cellulose Specialties, Biomaterials, Cellulose Commodities, Paperboard and High-Yield Pulp products are depreciated using the units-of-production method. The total units of production used to calculate depreciation expense is determined by factoring annual production days, based on normal production conditions, by the economic useful life of the asset involved. Production-related assets under finance leases are depreciated using the straight-line method over the related lease term. The Company depreciates its non-production assets, including office, lab and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively.
Impairment
Long-lived assets are reviewed for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Property, plant and equipment are primarily grouped at the combined plant level, the lowest level for which independent cash flows are identifiable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying value exceeds the fair value of the assets, which is based on a discounted cash flow model. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less cost to sell.
In the third quarter of 2024, in conjunction with the indefinite suspension of Temiscaming cellulose operations, the Company recorded a non-cash asset impairment of $25 million. See Note 3—Indefinite Suspension of Operations for further information.
In the fourth quarter of 2023, in conjunction with the optimization and realignment of Cellulose Commodities assets, the Company recorded a non-cash impairment of $62 million related to certain assets at the Temiscaming and Jesup facilities. See Note 7—Property, Plant and Equipment, Net for further information.
Asset Retirement Obligations
The Company is obligated to close out its operating sites’ landfills in accordance with certain legal requirements and records a liability for these obligations when the fair value can be reasonably estimated. In connection with these obligations, asset retirement liabilities are initially estimated and recorded based on discounted expected cash flows with a corresponding asset, capitalized as part of the related long-lived asset. Initial cost estimates are updated whenever events and circumstances indicate a new estimate is more appropriate. The asset is depreciated on a straight-line basis over the remaining useful life of the related asset. Accretion expense in connection with the discounted liability is also recognized over the same period. Related depreciation and accretion expenses are included in “other operating income (expense), net” in the consolidated statements of operations.
As of December 31, 2025 and 2024, the Company accrued $11 million and $13 million, respectively, for asset retirement obligations in “other liabilities.” During 2025, new obligations incurred were immaterial and existing obligations of $2 million were settled. Accretion expense was immaterial during the years ended December 31, 2025 and 2024 and was $1 million during 2023.
Capitalized Software
The Company capitalizes certain costs in connection with obtaining software for internal use. These costs are generally amortized over five years, once the assets are ready for their intended use. As of December 31, 2025 and 2024, the Company had $55 million and $50 million, respectively, of capitalized software included in “other assets” in the consolidated balance sheets. Accumulated amortization was $27 million and $22 million at December 31, 2025 and 2024, respectively. Amortization expense for capitalized software is recorded in “cost of sales” and “selling, general and administrative expense” in the consolidated statements of operations and totaled $6 million, $5 million and $4 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Maintenance Costs
The Company performs scheduled inspections and major repairs and maintenance of plant machinery and equipment at the Company’s manufacturing facilities during a full plant shutdown. Costs associated with these planned outage periods are referred to as shutdown costs and are incurred to ensure the long-term reliability and safety of the manufacturing operations. Major maintenance shutdown costs are accounted for by the deferral method, under which expenditures related to shutdown are capitalized when incurred and amortized to production cost on a straight-line basis over the period benefited or the period of time until the next scheduled major maintenance shutdown, which generally ranges from one year to 18 months. Shutdown costs are classified as operating activities in the consolidated statements of cash flows. As of December 31, 2025 and 2024, the Company had $19 million and $14 million, respectively, in deferred major maintenance shutdown costs recorded in “prepaid and other current assets” in the consolidated balance sheets.
Emissions Allowances
The Company is subject to numerous international, federal and state-level rules, initiatives and proposals that address domestic and global climate issues, including those governing emissions. To comply with certain of these regulations and ordinances, the Company is allotted certain allowances or credits by governing authorities to offset the obligations created by the Company’s operations. There is no value assigned to the government-allotted emissions allowances in the consolidated balance sheets. Income or expense from the sale or purchase of emission allowances are recognized within “cost of sales” in the consolidated statements of operations. During the years ended December 31, 2025, 2024 and 2023, the Company recorded $9 million, $10 million and $11 million, respectively, of sales of excess emission allowances associated with its Tartas, France operations.
Research and Development Expense
R&D capabilities and activities are primarily focused on the Cellulose Specialties and Biomaterials operating segments. These efforts are directed at further developing products and technologies, including improving the quality of cellulose fiber grades, improving manufacturing efficiency and environmental controls and reducing fossil fuel consumption. The Company also focuses its R&D activities on the development and marketing of new products and applications. R&D expense was $7 million, $5 million and $6 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Intangible Assets
The Company has definite-lived intangible assets, acquired through a business combination, that consist of customer lists and trade names and are amortized over their estimated useful lives for periods ranging from 8 to 15 years. The Company evaluates the recoverability of its definite-life intangible assets by comparing the net carrying value of the asset group to the undiscounted net cash flows expected to be generated from the use and eventual disposition of that asset group when events or changes in circumstances indicate that its carrying amount may not be recoverable. If the carrying amount of the asset group is not recoverable, the fair value of the asset group is measured, and, if the carrying amount exceeds the fair value, an impairment loss is recognized.
The Company’s definite-lived intangible assets were as follows:
December 31, 2025
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Remaining Life
Customer lists$51,680 $(51,680)$— 0.0 years
Trade names8,604 (4,673)3,931 6.9 years
Total definite-lived intangibles$60,284 $(56,353)$3,931 6.9 years
December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Remaining Life
Customer lists$51,680 $(45,783)$5,897 0.9 years
Trade names8,604 (4,097)4,507 7.9 years
Total definite-lived intangibles$60,284 $(49,880)$10,404 3.9 years
Total amortization expense related to definite-lived intangible assets was $6 million for the year ended December 31, 2025 and $7 million for each of the years ended December 31, 2024 and 2023.
Estimated future amortization expense related to intangible assets held as of December 31, 2025 was as follows:
2026$575 
2027575 
2028575 
2029575 
2030575 
Thereafter1,056 
Total$3,931 
Equity Method Investments
Anomera, Inc.
The Company is an investor in Anomera, a Canadian startup corporation headquartered in Montreal, Quebec. Anomera manufactures CNC, a patented, biodegradable product, with uses in the cosmetics industry and various other industrial applications, including concrete, inks and pigments, polymer composites, coatings and adhesives industries. Anomera has a product development lab in Mississauga, Ontario and a production facility on the Company’s Temiscaming site that was constructed during 2021. In exchange for voting and non-voting interests, the Company has invested $12 million in Anomera through December 31, 2025. The Company and Anomera have entered into various service, leasing and supply agreements to support Anomera’s operations at the production facility. There are no financing agreements at Anomera for which the Company is liable.
The Company has a 44 percent voting interest in Anomera and is able to exercise significant influence, but not control, as it does not have the ability to direct the decisions that most significantly impact its economic performance. The Company has evaluated this investment and has concluded it is not a variable interest entity. The Company accounts for this investment under the equity method of accounting and records its share of net earnings and losses on the investment in “equity in loss of equity method investments” in the consolidated statements of operations. During the years ended December 31, 2025, 2024 and 2023, the Company recorded losses of $1 million, $2 million and $2 million, respectively, on its equity investment in Anomera.
LignoTech Florida LLC
The Company holds a 45 percent interest in LTF, a joint venture accounted for under the equity method of accounting. Borregaard ASA, a public company in Norway traded on the Oslo Exchange, owns the remaining 55 percent interest. LTF purchases sulfite liquor from the Company’s Fernandina Beach, Florida plant and converts it to purified lignins and lignosulfonates, which are used in concrete, textile dyes, pesticides, batteries and other products.
The Company recorded $13 million, $11 million and $14 million of lignin sales to the LTF joint venture during the years ended December 31, 2025, 2024 and 2023, respectively. The Company records its share of net earnings and losses on the investment in “other operating income (expense), net” in the consolidated statements of operations. During the years ended December 31, 2025 and December 31, 2023, the income (loss) recorded on the Company’s investment in LTF was immaterial. During the year ended December 31, 2024, the Company recorded income of $2 million on its investment in LTF. See Note 20—Other Operating Income (Expense), Net for further information.
The Company is liable for certain financing agreements related to LTF. See Note 23—Commitments and Contingencies for further information.
Altamaha Green Energy LLC
In the fourth quarter of 2025, the Company discontinued its involvement in the AGE project and incurred related charges of $3 million, including the write off of a $2 million contribution made to AGE in the third quarter for engineering, contract and legal support and $1 million in other expenses, that were recorded to “equity in loss of equity method investments” in the consolidated statements of operations.
The AGE project aims to construct a biomass boiler and turbine to produce and sell green electricity to Georgia Power Company under an executed Power Purchase Agreement. AGE is also a party to an Engineering, Procurement and Construction agreement, which can be terminated for convenience in the event the project is discontinued. AGE has not been engaged in any other operating activities and since formation focused solely on developing feasibility studies for this project and handling related administrative matters. During RYAM’s involvement in the project, all AGE expenses were shared evenly by RYAM and Beasley and were not material for the Company for any of the periods presented. The amounts expensed by the Company were recorded as general and administrative expenses.
Revenue Recognition and Measurement
Revenue is recognized when the performance obligations under a customer contract are satisfied. The Company’s customer contracts have a single performance obligation to transfer products. Accordingly, revenue is recognized when control has been transferred to the customer. Generally, control passes upon delivery to a location in accordance with the terms and conditions of the sale. Changes in customer contract terms and conditions, as well as the timing of orders and shipments, may impact the timing of revenue recognition.
Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring its products and is generally based on contractual arrangements with customers or published indices. The Company sells its products both directly to customers and through distributors and agents, typically under agreements with payment terms less than 90 days.
The Company elected to account for shipping and handling as activities to fulfill the promise to transfer the goods. As such, shipping and handling costs incurred are recorded in “cost of sales” in the consolidated statements of operations. In addition, the Company has excluded from net sales any value-add, sales and other taxes collected concurrent with its revenue-producing activities.
The nature of the Company’s contracts may give rise to variable consideration, which may be constrained, including sales volume-based rebates to customers. The Company estimates sales volumes based on anticipated purchases at the beginning of the period and records a rebate accrual for each purchase toward the requisite rebate volume. These estimated rebates are included in the transaction price as a reduction to net sales.
The Company has elected not to assess whether promised goods or services that are not significant in the context of a customer contract represent a separate performance obligation.
The Company did not have any material contract assets or contract liabilities as of December 31, 2025 or 2024.
Environmental Costs
The Company has established liabilities to assess, remediate, maintain and monitor sites related to disposed operations from which no current or future benefit is discernible. These obligations are established based on projected spending over the next 20 years and require significant estimates to determine the proper amount at any point in time. The projected period, from 2026 through 2045, reflects the time during which potential future costs are both estimable and probable. As new information becomes available, these cost estimates are updated and the recorded liabilities are adjusted appropriately. Environmental liabilities are accounted for on an undiscounted basis and are reflected in “current environmental liabilities” and “non-current environmental liabilities” in the consolidated balance sheets.
Employee Benefit Plans
The determination of expense and funding requirements for the Company’s defined benefit pension and postretirement health care and life insurance plans are primarily based on several actuarial assumptions. The key assumptions include discount rate, return on assets, salary increases, health care cost trends, mortality rates and employee service lives.
The components of periodic pension and postretirement costs, other than service costs, are presented separately, outside of operating income, in “components of pension and OPEB, excluding service costs” in the consolidated statements of operations. The service cost component of net periodic benefit cost is presented in “cost of sales” and “selling, general and administrative expense,” which correlates with the related employee compensation costs arising from services rendered during the period. Only the service cost component of the net periodic benefit cost is eligible for capitalization.
Changes in the funded status of the Company’s plans are recorded through comprehensive income in the year in which the changes occur. Actuarial gains and losses, which occur when actual experience differs from actuarial assumptions, are reflected net of taxes in stockholders’ equity. If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities, the Company amortizes them over the average future service period.
Income Taxes
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement asset and liability carrying amounts and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The Company records a valuation allowance to reduce the carrying amounts of its DTAs if it is more likely than not that such DTAs will not be realized, with the exception of DTAs for suspended U.S. interest deductions, which do not have a full valuation allowance in accordance with specific AICPA guidance. See Note 21—Income Taxes for further information.
The Company’s income tax returns are subject to audit by U.S. federal and state taxing authorities as well as foreign jurisdictions, including Canada and France. In evaluating the tax benefits associated with various tax filing positions, the Company records a tax benefit for an uncertain tax position if it is more likely than not to be realized upon ultimate settlement of the issue. The Company records a liability or an offset to the corresponding DTA for any uncertain tax position that does not meet this criterion. The Company adjusts its liabilities for unrecognized tax benefits in the period in which it is determined the issue is settled with the taxing authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new information becomes available. Interest expense and penalties, if applicable, related to unrecognized tax benefits are recorded in “income tax (expense) benefit” in the consolidated statements of operations.
Recent Accounting Developments
Accounting Standards Updates Implemented
In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires enhanced annual income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid information. The Company adopted ASU 2023-09 for this 2025 Form 10-K on a prospective basis. See Note 21—Income Taxes for the new disclosures required by this ASU. The adoption of this ASU had no impact to the Company’s consolidated financial statements.
In August 2023, the FASB issued ASU 2023-05 “Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement,” which provides specific guidance on how a joint venture, upon formation, should recognize and initially measure assets contributed and liabilities assumed. The Company adopted ASU 2023-05 on January 1, 2025 and it will be applied on a prospective basis to all joint ventures with a formation date on or after January 1, 2025. The adoption of this ASU had no impact to the Company’s consolidated financial statements and related disclosures.
Accounting Standards Updates Not Yet Implemented
In November 2024, the FASB issued ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires additional information about specific expense categories in the notes to financial statements for both interim and annual reporting periods. This ASU is effective for public companies with annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.
v3.25.4
Indefinite Suspension of Operations
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Indefinite Suspension of Operations
3. Indefinite Suspension of Operations
In July 2024, the Company suspended operations at its Temiscaming cellulose plant. Certain infrastructure assets of the site’s cellulose plant continue to run in support of the ongoing energy and other needs of the Temiscaming paperboard and high-yield pulp plants that support the Company’s Paperboard and High-Yield Pulp operating segments, which continue to operate at full capacity, subject to market conditions. The Temiscaming cellulose plant was idled in a safe and environmentally sound manner. In the first quarter of 2026, the Company determined that it would permanently cease DWP production at the site.
Suspension activities began in July 2024 and were largely completed in 2024. Since the start of the indefinite suspension in 2024, the Company has incurred total one-time operating charges of $18 million, including $7 million of mothballing costs, $6 million of severance and other employee costs and $5 million of other costs. While most cash costs associated with the indefinite suspension of operations were paid in the third and fourth quarters of 2024, severance and other indefinite suspension costs are being paid over a period of time. The Company estimates remaining one-time charges of approximately $1 million will be incurred, chiefly in 2026.
In the third quarter of 2024, in conjunction with the suspension of operations, which at the time was for an indefinite duration, the Company recognized a non-cash asset impairment of $25 million, as it was determined that the Temiscaming cellulose plant’s net carrying value exceeded its estimated fair value. See Note 13—Fair Value Measurements for further information on the fair value measurement of the Temiscaming plant asset group. The accounting impact of the decision to permanently cease DWP production is currently being assessed and may result in a non-cash asset impairment in the first quarter, which is not estimable at this time.
The following table presents the accrued liability balance activity related to the indefinite suspension during the year ended December 31, 2025:
Mothballing CostsSeverance and Other Employee CostsTotal
Balance at December 31, 2024
$977 $5,010 $5,987 
Charges incurred1,680 (405)1,275 
Payments(2,657)(3,935)(6,592)
Balance at December 31, 2025
$— $670 $670 
The following table presents total indefinite suspension charges incurred by cost type:
Year Ended December 31,
20252024
Mothballing costs$1,680 $5,710 
Severance and other employee costs(405)6,133 
Loss on asset disposal— 975 
Other suspension costs— 3,812 
Indefinite suspension charges(a)
$1,275 $16,630 
(a)In 2024, included non-cash charges of (i) a $2 million write-off of deferred shutdown costs, (ii) $2 million for potential contract penalties, (iii) a loss on asset disposal of $1 million and (iv) a $1 million loss on pension curtailment charges associated with early retirements driven by the indefinite suspension of operations. See Note 19—Employee Benefit Plans for further information regarding the loss on pension curtailment charges.
The charges incurred during the periods presented were recorded to the Cellulose Commodities segment in “indefinite suspension charges” in the consolidated statements of operations.
v3.25.4
Discontinued Operations
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
4. 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. In connection with the sale, GreenFirst and the Company entered into a 20-year assignable wood chip and residual fiber supply agreement, securing supply for the Company’s operations at the Temiscaming plant. The Company remains subject to purchase obligations under this agreement, under which total required purchase volumes of wood chips and residual fiber are dependent on sawmill production. In connection with the indefinite suspension of operations at the Temiscaming cellulose plant, GreenFirst and the Company have agreed that the Company will purchase the required volumes at market value and sell them to third parties at the same amount for an expected neutral impact.
As part of the sale of its lumber assets, the Company retained all refund rights and obligations, including interest, to softwood lumber duties generated or incurred through the closing date of the sale. At the end of 2023, the Company had a $40 million long-term receivable associated with USDOC determinations of the revised duty rates for 2017 through 2021. In 2024, the Company sold these refund rights, including all accrued interest, for $39 million, with the opportunity for additional sale proceeds in the future contingent upon the timing and terms of the ultimate outcome of the trade dispute between the USDOC and Canada. The Company recorded a pre-tax loss of $1 million on the sale.
During the years ended December 31, 2025 and 2024, the Company recognized $4 million and $5 million, respectively, of pre-tax income related to CEWS benefit claims deferred since 2021. See Note 9—Accrued and Other Current Liabilities for further information.
In 2023, the Company recorded a pre-tax gain of $2 million related to USDOC administrative reviews completed on softwood lumber duties that was largely offset by a $2 million pre-tax loss related to the settlement of a claim pursuant to the representations and warranties in the asset purchase agreement.
The lumber and newsprint assets sold were previously reported within the (former) Forest Products and Pulp and Newsprint segments, respectively.
Income from discontinued operations was comprised of the following:
Year Ended December 31,
202520242023
Loss on sale of duty refund rights$— $(890)$— 
Other operating income3,632 5,267 424 
Operating income3,632 4,377 424 
Income from discontinued operations before income tax3,632 4,377 424 
Income tax expense(a)
(962)(1,160)(112)
Income from discontinued operations, net of tax
$2,670 $3,217 $312 
(a)The tax rate used differed from the U.S. statutory rate, as discontinued operations were taxed exclusively at the Canadian blended rate of 26.5 percent for all periods presented.
v3.25.4
Accounts Receivable, Net
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Accounts Receivable, Net
5. Accounts Receivable, Net
Accounts receivable, net included the following:
December 31,
 20252024
Accounts receivable, trade$169,239 $191,091 
Accounts receivable, other(a)
24,938 23,938 
Allowance for credit loss(871)(1,057)
Accounts receivable, net$193,306 $213,972 
(a)Consists primarily of value-added/consumption taxes, grants receivable and accrued billings due from government agencies.
v3.25.4
Inventory
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventory
6. Inventory
Inventory included the following:
December 31,
 20252024
Finished goods$179,729 $156,407 
Work-in-progress7,038 5,034 
Raw materials44,939 40,234 
Manufacturing and maintenance supplies6,263 6,328 
Inventory$237,969 $208,003 
v3.25.4
Property, Plant and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net
7. Property, Plant and Equipment, Net
Property, plant and equipment, net included the following:
December 31,
 20252024
Land and land improvements$42,095 $41,430 
Buildings262,965 254,127 
Machinery and equipment2,637,937 2,539,114 
Other5,342 4,985 
Construction in progress60,946 70,526 
Property, plant and equipment3,009,285 2,910,182 
Accumulated depreciation(1,994,671)(1,891,599)
Property, plant and equipment, net$1,014,614 $1,018,583 
Depreciation expense recorded in the consolidated statements of operations was $122 million, $125 million and $129 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The Company received $1 million and $3 million in proceeds from the sale of assets during the years ended December 31, 2025 and 2023, and immaterial proceeds during the year ended December 31, 2024.
Jesup Fire
In October 2024, an isolated fire occurred at the Company’s cellulose plant in Jesup, Georgia, during planned maintenance activity. There were no injuries to employees or contractors and no risk to the surrounding community. The plant’s operations fully resumed within two weeks, incurring $2 million in immediate repair costs and $3 million of emergency maintenance capital expenditures in 2024. The Company incurred capital expenditures of $3 million in 2025 and estimates that additional capital expenditures in excess of $10 million will be required in 2026.
The Company carries property and business interruption loss insurance with a $15 million combined deductible. In the third quarter of 2025, the Company received a prepayment of $5 million for its insurance claim related to the fire that was recorded to “accrued and other current liabilities” in the consolidated balance sheets (see Note 9—Accrued and Other Current Liabilities). The claim remains in process and seeks recovery for (i) emergency repairs required to return the plant to operating status, (ii) long-term repair work to implement permanent fixes for the emergency repairs, which is ongoing and expected to be completed in early 2027, and (iii) lost profits due to business interruption. The Company is currently unable to estimate the total expected amount to be recovered and any amount recovered will be subject to the $15 million deductible.
Asset Impairments
Indefinite Suspension of Operations
In the third quarter of 2024, in conjunction with the indefinite suspension of operations of the Temiscaming cellulose plant, the Company recognized a non-cash asset impairment of $25 million, as it was determined that the Temiscaming cellulose plant’s net carrying value exceeded its estimated fair value. The impairment was recorded to the Cellulose Commodities segment in “asset impairment” in the consolidated statements of operations. See Note 13—Fair Value Measurements for further information on the fair value measurement of the Temiscaming plant asset group.
Asset Realignment
In the fourth quarter of 2023, the Company began efforts towards the optimization and realignment of its cellulose plant assets that included the consolidation of commodity viscose production into the Temiscaming plant and fluff production into the Jesup plant’s C Line. This realignment reflects a strategic decision expected to reduce commodity exposure and earnings volatility and allow the Company to better manage excess capacity of cellulose specialties by operating assets based on current demand for each end market.
The realignment materially impacted the way the assets were to be managed, which resulted in the need for an impairment analysis and, ultimately, the recognition of a non-cash impairment of $62 million. The impairment was recorded to the Cellulose Commodities segment in “asset impairment” in the consolidated statements of operations and was comprised of the amount by which the Temiscaming plant’s net carrying value exceeded its estimated fair value and the write-off of certain assets at the Jesup plant that are no longer expected to be used.
Determining the fair value of an asset group is judgmental in nature and involves the use of significant estimates and assumptions. The Company determined the fair values of the Temiscaming plant asset groups for the impairments above using discounted cash flows under the income approach, which required the use of key assumptions and significant estimates. See Note 13—Fair Value Measurements for further information on the fair value measurement of the Temiscaming plant asset groups.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases
8. Leases
The Company is a lessee in operating and finance leases primarily covering corporate offices, warehouse space, rail cars and equipment. As of December 31, 2025, the Company’s leases have remaining lease terms of less than one year to 10.8 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the lease term, which are not included in the ROU assets, as it is not reasonably certain that the Company will exercise such options. Short-term leases, those with an initial term of 12 months or less, are not recorded in the consolidated balance sheets. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. The Company uses its incremental borrowing rate to determine 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:
Year Ended December 31,
202520242023
Operating lease cost$10,357 $8,584 $7,441 
Finance lease cost
Amortization of ROU assets465 434 405 
Interest50 81 110 
Total lease cost$10,872 $9,099 $7,956 
December 31,
Balance Sheet Location20252024
Operating leases
ROU assetsOther assets$25,629 $31,112 
Lease liabilities, currentAccrued and other current liabilities$8,224 $7,604 
Lease liabilities, non-currentOther liabilities$18,599 $24,035 
Finance leases
ROU assetsProperty, plant and equipment, net$339 $709 
Lease liabilitiesLong-term debt$456 $921 
Year Ended December 31,
202520242023
Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities$10,441 $8,590 $6,996 
Operating lease ROU assets obtained in exchange for lease liabilities(a)
$2,090 $20,134 $7,676 
(a)During the year ended December 31, 2024, the Company recorded an ROU asset and corresponding lease liability of $14 million related to a new warehouse lease agreement in Canada.
Finance lease cash flows were immaterial during the years ended December 31, 2025, 2024 and 2023.
December 31,
20252024
Operating leases
Weighted average remaining lease term (in years)4.04.6
Weighted average discount rate8.4 %8.2 %
Finance leases
Weighted average remaining lease term (in years)0.91.8
Weighted average discount rate7.0 %7.0 %
Operating lease maturities as of December 31, 2025 were as follows:
2026$10,081 
20278,611 
20286,908 
20292,772 
2030696 
Thereafter2,915 
Total minimum lease payments31,983 
Less: imputed interest(5,160)
Present value of future minimum lease payments$26,823 
Leases
8. Leases
The Company is a lessee in operating and finance leases primarily covering corporate offices, warehouse space, rail cars and equipment. As of December 31, 2025, the Company’s leases have remaining lease terms of less than one year to 10.8 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the lease term, which are not included in the ROU assets, as it is not reasonably certain that the Company will exercise such options. Short-term leases, those with an initial term of 12 months or less, are not recorded in the consolidated balance sheets. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. The Company uses its incremental borrowing rate to determine 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:
Year Ended December 31,
202520242023
Operating lease cost$10,357 $8,584 $7,441 
Finance lease cost
Amortization of ROU assets465 434 405 
Interest50 81 110 
Total lease cost$10,872 $9,099 $7,956 
December 31,
Balance Sheet Location20252024
Operating leases
ROU assetsOther assets$25,629 $31,112 
Lease liabilities, currentAccrued and other current liabilities$8,224 $7,604 
Lease liabilities, non-currentOther liabilities$18,599 $24,035 
Finance leases
ROU assetsProperty, plant and equipment, net$339 $709 
Lease liabilitiesLong-term debt$456 $921 
Year Ended December 31,
202520242023
Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities$10,441 $8,590 $6,996 
Operating lease ROU assets obtained in exchange for lease liabilities(a)
$2,090 $20,134 $7,676 
(a)During the year ended December 31, 2024, the Company recorded an ROU asset and corresponding lease liability of $14 million related to a new warehouse lease agreement in Canada.
Finance lease cash flows were immaterial during the years ended December 31, 2025, 2024 and 2023.
December 31,
20252024
Operating leases
Weighted average remaining lease term (in years)4.04.6
Weighted average discount rate8.4 %8.2 %
Finance leases
Weighted average remaining lease term (in years)0.91.8
Weighted average discount rate7.0 %7.0 %
Operating lease maturities as of December 31, 2025 were as follows:
2026$10,081 
20278,611 
20286,908 
20292,772 
2030696 
Thereafter2,915 
Total minimum lease payments31,983 
Less: imputed interest(5,160)
Present value of future minimum lease payments$26,823 
v3.25.4
Accrued and Other Current Liabilities
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accrued and Other Current Liabilities
9. Accrued and Other Current Liabilities
Accrued and other current liabilities included the following:
December 31,
 20252024
Accrued customer incentives$43,260 $52,153 
Accrued payroll and benefits30,770 41,380 
Accrued interest690 12,674 
Accrued income taxes4,342 4,445 
Accrued property and other taxes 1,754 6,265 
Deferred revenue and other income(a)
10,359 11,128 
Other current liabilities(b)
47,405 42,740 
Accrued and other current liabilities$138,580 $170,785 
(a)Included at December 31, 2025 was a prepayment of $5 million for the Company’s insurance claim related to the fire that occurred at the Jesup plant in October 2024. See Note 7—Property, Plant and Equipment, Net for further details of the fire and related claim. Included at December 31, 2024 was $3 million (CAD $5 million) associated with funds received in 2021 for CEWS. In the second quarter of 2025, the Company recognized this amount in “income from discontinued operations, net of taxes” in the consolidated statements of operations.
(b)Included at December 31, 2025 and 2024 was $19 million and $17 million, respectively, of energy-related payables associated with Tartas facility operations.
v3.25.4
Debt and Finance Leases
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt and Finance Leases
10. Debt and Finance Leases
Debt and finance leases include the following:
December 31,
20252024
ABL Credit Facility due November 2029: $72 million net availability, bearing interest of 6.1% (3.8% adjusted SOFR plus 2.3% margin) at December 31, 2025
$50,000 $— 
2029 Term Loan due October 2029: bearing interest of 11.5% (4.0% three-month Term SOFR plus 7.5% margin) at December 31, 2025
693,000 700,000 
5.50% CAD-based term loan due April 2028
18,923 21,184 
BioNova debt(a)
20,578 21,120 
Other loans(b)
32,019 32,536 
Short-term factoring facility4,801 2,304 
Finance lease obligations456 921 
Total principal payments due819,777 778,065 
Less: unamortized premium, discount and issuance costs(40,759)(48,242)
Total debt$779,018 $729,823 
Debt due within one year$20,909 $23,379 
Long-term debt$758,109 $706,444 
(a)Consists of green loans associated with the Tartas bioethanol plant, part of the net assets contributed by the Company to its subsidiary, BioNova.
(b)Consist of loans for energy projects in France.
Future debt and finance lease payments as of December 31, 2025 include:
Finance Lease
Minimum Lease PaymentsInterestNet Present ValueDebt Principal Payments
2026$472 $16 $456 $20,453 
2027— — — 28,049 
2028— — — 21,377 
2029— — — 730,966 
2030— — — 7,950 
Thereafter— — — 10,526 
Total debt and finance lease payments due$472 $16 $456 $819,321 
ABL Credit Facility
In November 2024, the Company amended its ABL Credit Facility, reducing aggregate commitments from $200 million to $175 million and extending the maturity from December 2025 to November 2029. The Company incurred costs of $2 million related to the amendment, which were recorded to “other assets” in the consolidated balance sheets and will be amortized to “interest expense” in the consolidated statements of operations over the remaining term of the facility.
As of December 31, 2025, the Company had $175 million of gross availability under the ABL Credit Facility and net available borrowings of $72 million after taking into account the facility’s ending balance of $50 million, outstanding letters of credit of $27 million and required availability of $26 million to avoid triggering the facility’s fixed charge coverage ratio covenant (see below).
The ABL Credit Facility is secured by certain U.S. and Canadian assets, including a first priority lien on inventory, accounts receivable and bank accounts, and a second priority lien on certain of the assets securing the 2029 Term Loan. Availability under the ABL Credit Facility fluctuates based on eligible accounts receivable and inventory levels. The Company is subject to cash dominion if net availability falls below a certain threshold, currently $26 million.
Borrowings under the facility bear interest at a rate equal to the highest of (a) the Federal Funds Rate for such day, plus 0.50 percent, (b) the Prime Rate, (c) Term SOFR for a one month interest period plus 1.00 percent and (d) 1.25 percent. The applicable margin for Term SOFR and base rate loans ranges from 2.25 percent to 2.75 percent and 1.25 percent to 1.75 percent, respectively, depending on the Company’s average excess availability under the credit agreement. In addition, an annual commitment fee of 0.375 percent applies to the unused portion of the facility.
The credit agreement governing the ABL Credit Facility does not contain an ongoing financial maintenance covenant. However, the agreement requires the Company to meet a fixed charge coverage ratio of not less than 1.0 if net availability falls below a certain threshold, currently $26 million. The agreement also contains various customary covenants that limit the ability of the Company and its restricted subsidiaries, as defined by the ABL Credit Facility, to take certain specified actions, subject to certain exceptions, including creating liens, incurring indebtedness, making investments and acquisitions, engaging in mergers and other fundamental changes, making dispositions, making restricted payments, including dividends and distributions, and consummating transactions with affiliates. Additionally, the ABL Credit Facility 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.
At December 31, 2025, the Company was in compliance with all covenants under the ABL Credit Facility.
BioNova Term Loan
In November 2024, the Company entered into a credit agreement for €37 million in secured term loans, structured in two tranches of €28 million (Tranche A) and €9 million (Tranche B), maturing in November 2031 and November 2032, respectively. The Company incurred issuance costs of $1 million related to the agreement, which were recorded to “other assets” in the consolidated balance sheets. The issuance costs will be deferred as an asset until the debt is drawn, at which point it will be included as a component of the debt’s amortized cost basis.
Drawdowns may be made until the second anniversary of the credit agreement, at which time any unused amounts will be canceled. At December 31, 2025, there were no borrowings outstanding under the BioNova Term Loan.
Borrowings under the term loans bear interest at a rate equal to Euribor plus an initial applicable margin of 2.0 percent for Tranche A and 2.5 percent per annum for Tranche B, subject to an annual adjustment based on certain financial performance metrics. Tranche A requires quarterly principal repayments equal to 5.0 percent of the total amount drawn, commencing in February 2027 through to its maturity in November 2031. Tranche B requires a single balloon repayment at its maturity in November 2032. The term loans incur a commitment fee equal to 30 percent of the applicable margin on the unused portion of the term loans during the first two years of the credit agreement. The Company may voluntarily make prepayments at any time, subject to certain fees if the early repayment occurs within the first two years using an external source of financing.
The agreement governing the BioNova Term Loan requires BioNova to maintain a debt to EBITDA ratio of 3.0 to 1.0 in 2026, 2.5 to 1.0 in 2027, 2.0 to 1.0 in 2028, and 1.50 to 1.0 in 2029 and thereafter. The BioNova Term Loan is secured by 100 percent of the shares in BioNova’s subsidiaries and is guaranteed by its subsidiary Rayonier A.M. France SAS.
The agreement governing the BioNova Term Loan also contains various other customary covenants that limit the ability of the Company and its restricted subsidiaries, as defined by the credit agreement, to take certain specified actions, subject to certain exceptions, including incurring debt or liens, making investments, entering into mergers and acquisitions, paying dividends and making other restricted payments. At December 31, 2025, the Company was in compliance with all covenants under the BioNova Term Loan.
2029 Term Loan
In October 2024, the Company issued $700 million in aggregate principal amount of secured term loan financing and received net proceeds of $437 million after an original issue discount of $18 million and the redemption of the $245 million outstanding principal balance of the 2027 Term Loan. The net proceeds, together with cash on hand, were used to redeem the 2026 Notes and related accrued interest, and pay transaction fees and accrued interest on the 2027 Term Loan.
Lender fees of $19 million and the $18 million original issue discount were recorded to “long-term debt” in the consolidated balance sheets, to be amortized over the term of the 2029 Term Loan. Other transaction fees of $6 million were recorded to “debt refinancing charges” in the consolidated statements of operations.
The 2029 Term Loan matures in October 2029, requires quarterly principal payments of $1.75 million and bears interest at an annual rate equal to three-month Term SOFR plus an initial applicable margin of 7.0 percent. The initial applicable margin may fluctuate by 0.5 percent based on the Company’s net secured leverage ratio. If net secured leverage is below 2.5 times covenant EBITDA, the applicable margin decreases to 6.5 percent. If net secured leverage exceeds 3.5 times covenant EBITDA, the applicable margin increases to 7.5 percent. At December 31, 2025, the 2029 Term Loan’s interest and effective interest rates were 11.5 percent and 13.5 percent, respectively.
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 premium. For the first 18 months, prepayment of the loan is subject to a make-whole premium. For the following six months, prepayment is subject to a 2.0 percent premium. In the third year, prepayment is subject to a 1.0 percent premium. After 3 years, the loan is prepayable at par. The Company will also have the ability to make prepayment using the proceeds from the sale of its Paperboard and High-Yield Pulp businesses at a 2.0 percent premium during the first year, a 1.0 percent premium in year two, and par in year three.
The Company will be required to maintain a consolidated net secured leverage ratio, based on covenant EBITDA, as follows:
•5.00 to 1.00 for the fourth quarter of 2024 through fiscal year 2025;
•4.75 to 1.00 for fiscal year 2026; and
•4.50 to 1.00 for each fiscal year thereafter.
The agreement governing the 2029 Term Loan contains various other customary covenants that limit the ability of the Company and its restricted subsidiaries, as defined by the term loan agreement, to take certain specified actions, subject to certain exceptions, including incurring debt or liens, making investments, entering into mergers, consolidations, and acquisitions, paying dividends and making other restricted payments. Additionally, the 2029 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. The 2029 Term Loan is secured with a lien against substantially all of the assets of the Company and its domestic and Canadian subsidiaries.
At December 31, 2025, the Company was in compliance with all covenants under the 2029 Term Loan.
2027 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 a non-cash original issue discount of $7 million. The net proceeds, together with cash on hand, were used to redeem the 2024 Notes and pay related issuance costs of $10 million.
In January 2024, the Company amended the 2027 Term Loan to increase the maximum consolidated secured net leverage ratio that it must maintain in the fourth quarter of 2023 and through its 2024 fiscal year. The Company incurred fees of $3 million related to this amendment, including $1 million in legal and advisory fees recorded to “selling, general and administrative expense” in the consolidated statements of operations in the fourth quarter of 2023, and $2 million in lender fees recorded as deferred financing costs that were being amortized to “interest expense” over the remaining term of the loan.
In November 2024, as discussed above, the Company redeemed the outstanding principal balance and accrued interest of the 2027 Term Loan with the 2029 Term Loan refinancing. Related transaction fees of $6 million were recorded to “debt refinancing charges” in the consolidated statements of operations.
Senior Notes
2026 Notes
In November 2024, the Company redeemed the $453 million outstanding principal balance and accrued interest of $11 million of the 2026 Notes using proceeds from the issuance of the 2029 Term Loan and cash on hand. A loss on extinguishment of $4 million related to the redemption was recorded to “debt refinancing charges” in the consolidated statements of operations.
Prior to the full redemption of the 2026 Notes, the Company repurchased $12 million and $10 million principal of the notes in September 2024 and April 2023, respectively, for which it recorded respective immaterial and $1 million gains on extinguishment to “debt refinancing charges” in the consolidated statements of operations.
2024 Notes
In August 2023, the Company redeemed the outstanding principal balance and accrued interest of the 2024 Notes. A loss on extinguishment of $1 million related to the redemption was recorded to “debt refinancing charges” in the consolidated statements of operations.
Short-term Factoring Facility
The Company’s subsidiary in France entered into a factoring agreement with BNP pursuant to which it submits the value of eligible receivables up to USD $3 million and euro €24 million for immediate payment. Eligibility of receivables is based on invoices issued to the Company’s subsidiary from customers previously approved by BNP. Upon collection of these receivables, on average no longer than 60 days, amounts outstanding under this agreement are paid off. The Company pays interest on a monthly basis for these borrowings based on the value of factored invoices at the Euribor 3-month rate, with floor at zero percent, plus 0.55 percent. The weighted average interest rate on total short-term borrowings associated with this agreement at December 31, 2025 and 2024 was 2.7 percent and 4.1 percent, respectively.
BioNova Debt and Other Loans
The Company has fixed-rate loans with various financial institutions primarily related to the Tartas bioethanol plant and other energy projects in France. The weighted average interest rates on the loans outstanding at December 31, 2025 and 2024 were 3.1 percent and 2.9 percent, respectively.
v3.25.4
Environmental Liabilities
 12 Months Ended
Dec. 31, 2025
Environmental Remediation Obligations [Abstract]  
Environmental Liabilities
11. Environmental Liabilities
The Company’s environmental liabilities relate to sawmills, pulp, paper and wood treating plants which have ceased operations other than environmental investigation and remediation activities. The Company owns or has liability for approximately 20 sites that are subject to various federal, state or provincial statutes, including but not limited to RCRA, CERCLA and the Environmental Protection Act in the U.S., and similar laws in Canada and France, related to the investigation and remediation of environmentally-impacted sites.
The Company estimates its environmental liabilities based on its current interpretation of environmental laws and regulations when it is probable a liability has been incurred and the amount of such liability is estimable. The Company estimates its environmental liabilities based on several factors, including the application and interpretation of current environmental laws, regulations and other requirements; reports and advice of internal and third-party environmental specialists; and management’s knowledge and experience with these and similar types of environmental matters. These estimates include potential costs for investigation, assessment, remediation, ongoing operation and maintenance (where applicable) and post-remediation monitoring of the sites, as well as the cost of legally required financial assurance related to the Company’s obligations on an undiscounted basis, generally for a period of 20 years. These environmental liabilities do not include potential third-party recoveries to which the Company may be entitled unless they are probable and estimable.
The following table presents the activity of the Company’s environmental liabilities, including those of specific sites where current estimates exceed 10 percent of the total liabilities for disposed operations at December 31, 2025, 2024 or 2023:
December 31, 2023 LiabilityPayments
Increase (Decrease) to Liability(a)
December 31, 2024 LiabilityPayments
Increase (Decrease) to Liability(a)
December 31, 2025 Liability
Port Angeles, Washington$52,668 $(1,004)$1,594 $53,258 $(1,272)$11,025 $63,011 
Augusta, Georgia22,655 (1,227)1,089 22,517 (1,418)3,993 25,092 
Baldwin, Florida15,891 (383)447 15,955 (836)2,205 17,324 
East Point, Georgia19,712 (1,111)1,154 19,755 (1,280)1,763 20,238 
All other sites59,365 (2,180)1,545 58,730 (1,927)1,414 58,217 
Total environmental liabilities$170,291 $(5,905)$5,829 $170,215 $(6,733)$20,400 $183,882 
Current environmental liabilities$9,833 $9,749 $10,438 
Non-current environmental liabilities$160,458 $160,466 $173,444 
(a)Included in the increase (decrease) to liability during the year ended December 31, 2024 was a decrease of $1 million due to foreign currency fluctuations. The liability as of December 31, 2025 was not materially impacted by foreign currency fluctuations.
Port Angeles, Washington
The Company operated a pulp mill at this site from 1930 until 1997. The site and the adjacent marine areas (a portion of Port Angeles harbor) have been in various stages of the assessment process under the Washington MTCA since 2000, and several voluntary interim soil clean-up actions have been performed during this time. In addition, the Company may be liable under CERCLA for “natural resource damages” caused by releases from the site. As a result of an agreed order with the Washington DOE, the remainder of the Washington MTCA regulatory process will be completed on a set timetable, subject to the approval of all reports and studies by the Washington DOE. As the next step in collaboration with the Washington DOE, the parties have negotiated a consent decree that, when finalized, will formalize approved remedial actions, which include more stringent cleanup standards and an expanded scope. Consequently, in the first quarter of 2025, the Company increased its estimated remediation liability and recorded an expense of $10 million. Upon completion of all work required under the agreed order and finalized consent order, additional remedial measures for the site and off-site areas may be necessary and, as a result, current cost estimates and the corresponding liability could change. The associated cash expenditures are not expected to commence before 2028, with outflows anticipated over the subsequent three to five years.
Augusta, Georgia
The Company operated this site as a wood treatment plant from 1928 to 1988. Ongoing remediation activities have consisted primarily of groundwater recovery and treatment. This site operates under a 10-year RCRA hazardous waste facility permit managed by the Georgia EPD. The most recent permit was issued in 2015 and is currently in the renewal process. In connection with the Company’s submittal of its permit renewal application, Georgia EPD notified the Company that a revised corrective action plan for site soil and sediment would be required to address the findings of a decade-long extended investigation performed pursuant to the current permit. The revised corrective action plan is currently in review with the Georgia EPD. It expands the remedial areas for soil and sediment and includes an additional off-site area, which were both identified through the investigative studies. To reflect the additional remedial activities in these expanded areas, in the first quarter of 2025, the Company increased the estimated remediation liability and recorded an expense of $2 million. The cash impact associated with this charge is expected in early 2027. Current cost estimates and the corresponding liability could vary if recovery or discharge volumes change or if additional changes to current remediation activities are required in the future.
Baldwin, Florida
The Company operated a wood treatment plant at this site from 1954 to 1987. This site operates under a 10-year hazardous waste permit renewed and issued pursuant to RCRA in 2017. Ongoing remediation activities currently consist primarily of groundwater recovery and treatment. Additional remedial activities may be necessary in the future that may result in changes to current cost estimates and the corresponding liability. During 2025, the estimated remediation liability increased primarily due to permit-required changes to the RCRA post-closure care financial assurance requirements.
East Point, Georgia
The Company operated a wood treatment plant at this site from 1920 to 1984. Current site activities are governed by a 2009 Consent Order that will conclude with a new 10-year RCRA permit, which will replace the current 1996 permit. Onsite remediation activities consist primarily of groundwater recovery and treatment. Current cost estimates and the corresponding liability could vary if changes to current remediation activities are required in the future.
In addition to these estimated liabilities, the Company is subject to the risk of reasonably possible additional liabilities in excess of the established liabilities 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 December 31, 2025, the Company estimates this exposure could range up to approximately $84 million. However, 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 of the above 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 disposed operations. However, no assurance is 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.
v3.25.4
Derivative Instruments
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
12. Derivative Instruments
The Company’s earnings and cash flows are subject to fluctuations due to changes in interest rates and foreign currency exchange rates. The Company has used derivative financial instruments to manage interest rate and foreign currency exchange rate exposure. The Company does not use derivatives for trading or speculative purposes.
Derivative instruments are recognized on the consolidated balance sheets at their fair value and are designated either as a hedge of a forecasted transaction or are undesignated. Changes in the fair value of a derivative designated as a hedge are recorded in “other comprehensive income (loss)” until earnings are affected by the hedged transaction and are then reported in current earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in current earnings.
Cash Flow Hedge
In December 2020, the Company terminated all its outstanding derivative instruments, which had previously been designated as hedging instruments and had various maturity dates through 2028. Accumulated gains and losses associated with these instruments were deferred as a component of AOCI to be recognized in earnings as the underlying hedged transactions occur and affect earnings.
Losses reclassified from AOCI into income were immaterial during the years ended December 31, 2025, 2024 and 2023. The unrealized loss in AOCI related to hedge derivatives is presented below:
December 31,
20252024
Foreign exchange cash flow hedges, net of tax$93 $222 
See Note 16—Accumulated Other Comprehensive Loss for further information.
Redeemable Noncontrolling Interest — Put Option
The BioNova preferred shares issued to SWEN for its equity interest in BioNova contain an embedded put option, which the Company determined to be a derivative and should be bifurcated and recognized separately at fair value. See Note 13—Fair Value Measurements and Note 14—Redeemable Noncontrolling Interest for further information.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
13. Fair Value Measurements
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy prioritizes the inputs used to measure fair value as follows:
Level 1 — Quoted prices in active markets for identical assets or liabilities.
Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flows methodologies and similar techniques that use significant unobservable inputs.
Liabilities Measured at Fair Value on a Recurring Basis
Redeemable Noncontrolling Interest — Put Option
In November 2024, BioNova issued 111,111 preferred shares to SWEN in return for a redeemable noncontrolling interest of approximately 14 percent. The preferred shares contain an embedded put option that was determined should be bifurcated and recognized separately at fair value, with subsequent changes in fair value recorded in earnings.
SWEN’s put option is remeasured at the end of each reporting period. The fair value of the put option is estimated using a Monte Carlo simulation model, which is a Level 3 measurement, with changes in fair value recorded in “other income, net” in the consolidated statements of operations. The SWEN put option’s liability balance and activity during the year ended December 31, 2025 were as follows:
Financial Statement
Line Item		Year Ended December 31, 2025
Balance at December 31, 2024
Other liabilities$4,196 
Initial valuation adjustmentOther liabilities2,486 
Fair value measurement adjustmentOther income, net2,841 
Foreign currency translation adjustmentForeign currency translation adjustment560 
Balance at December 31, 2025
Other liabilities$10,083 
There is inherent uncertainty of the fair value measurement of Level 3 securities due to the use of unobservable inputs, including timing and amount of expected cash flows. A material change in the unobservable inputs used may result in a higher or lower fair value measurement. Key inputs into the Monte Carlo simulation model used to determine the fair value of the SWEN put option at the fair value measurement date were as follows:
December 31
20252024
Free cash flow to equity volatility(a)
54.0 %52.0 %
Weighted average cost of capital13.3 %12.1 %
Risk-free interest rateTerm structure of U.S. Treasury and Euro Government Bond securitiesTerm structure of U.S. Treasury and Euro Government Bond securities
(a)Based on a peer group of companies in the same or a similar industry.
See Note 12—Derivative Instruments and Note 14—Redeemable Noncontrolling Interest for further information on the SWEN put option.
Assets Measured at Fair Value on a Nonrecurring Basis
Asset Impairment
In the third quarter of 2024, the Company recorded a $25 million non-cash impairment related to the Temiscaming cellulose plant asset group. The fair value of the Temiscaming cellulose plant assets was determined using discounted cash flows under the income approach from the perspective of a market participant assuming the highest and best use of the asset group. Discounted cash flows were estimated using key assumptions regarding production levels, price levels, profit margins, capital expenditures and discount rate, which are Level 3 measurements. See Note 3—Indefinite Suspension of Operations and Note 7—Property, Plant and Equipment, Net for further information on this impairment.
In the fourth quarter of 2023, the Company recorded a $62 million non-cash impairment related to the Temiscaming plant asset group. The fair value of the Temiscaming plant assets was determined using discounted cash flows under the income approach from the perspective of a market participant assuming the highest and best use of the asset group. Discounted cash flows were estimated using key assumptions regarding production levels, price levels, profit margins, capital expenditures and discount rate, which are Level 3 measurements. See Note 7—Property, Plant and Equipment, Net for further information on this impairment.
Financial Instruments
The carrying amounts of the Company’s cash, receivables and payables approximate fair value due to the short-term nature of those instruments. The carrying amount of borrowings outstanding under the ABL Credit Facility, 2029 Term Loan and short-term factoring facility approximate fair value due to their variable interest rates and no significant changes in the Company’s credit risk.
The fair value of the Company’s fixed rate debt is estimated using quoted market prices for debt with similar terms and maturities, which are Level 2 inputs, and was as follows:
December 31,
20252024
Carrying amount of fixed rate debt(a)
$71,679 $75,142 
Fair value of fixed rate debt$73,426 $75,272 
(a)Excludes finance lease obligations.
v3.25.4
Redeemable Noncontrolling Interest
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interest
14. Redeemable Noncontrolling Interest
In November 2024, the Company and one of its subsidiaries entered into a shareholder agreement with SWEN, pursuant to which SWEN will fund up to €30 million in exchange for up to 222,222 preferred shares, representing an expected 20 percent total noncontrolling equity interest in BioNova. Of this commitment, €15 million was funded at the closing of the shareholder agreement in exchange for 111,111 preferred shares, which currently represents an equity interest in BioNova of approximately 14 percent. Subsequent funding is contingent on the achievement of certain project milestones.
The preferred shares rank senior to holders of BioNova common stock with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of BioNova. Dividend distributions are subject to certain conditions set forth in the shareholder agreement. The preferred shares also contain embedded redemption features, which would require the Company to transfer cash to SWEN upon an exercise of the call and put options. The preferred shares are not deemed mandatorily redeemable and therefore have been classified as temporary equity.
The call option may be exercised at the Company’s discretion as follows:
•Between January 1, 2028 (inclusive) and December 31, 2031 (inclusive).
•If not exercised during the above period, it becomes exercisable again between January 1, 2033 (inclusive) and December 31, 2034 (inclusive).
The put option may be exercised at SWEN’s discretion as follows:
•At any time in the presence of an event of default enabling BioNova’s lenders or their agent to request the acceleration of maturity of the related debt.
•At any time in the event of a change of control.
•Between January 1, 2032 (inclusive) and December 31, 2032 (inclusive), if the call option was not exercised.
•Between January 1, 2035 (inclusive) and December 31, 2035 (inclusive), if the call option was still not exercised.
Both options have an exercise price that ensures achievement of both an internal rate of return of 16 percent and a 2x multiple. The Company evaluated the call and put options embedded in the preferred shares and determined that the put option should be bifurcated and recognized separately at fair value, with subsequent changes in fair value recorded in earnings. See Note 13—Fair Value Measurements for further information on the fair value measurements of the put option.
The value of SWEN’s redeemable noncontrolling interest is reflected in temporary equity and is accreted to its estimated redemption value at each period end using the interest method. The redeemable noncontrolling interest balance and activity during the year ended December 31, 2025 were as follows:
Balance at December 31, 2024
$10,503 
Initial valuation adjustment(2,486)
Adjustment to redemption value1,824 
Net income attributable to redeemable noncontrolling interest161 
Comprehensive income adjustments:
Foreign currency translation adjustment on redemption value1,364 
Balance at December 31, 2025
$11,366 
Results attributable to RYAM, after attribution to the redeemable noncontrolling interest, were as follows:
Year Ended December 31,
20252024
Loss from continuing operations attributable to RYAM$(423,344)$(41,961)
Income from discontinued operations attributable to RYAM2,670 3,217 
Net loss attributable to RYAM$(420,674)$(38,744)
v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
15. Stockholders’ Equity
Common Stock Buyback
In January 2018, the Board of Directors authorized a share buyback program pursuant to which the Company may, from time to time, purchase shares of its common stock with an aggregate purchase price of up to $100 million. As of December 31, 2025, the remaining unused authorization under the share buyback program was $60 million. No shares were repurchased in connection with the program during the years ended December 31, 2025, 2024 and 2023. The Company does not expect to utilize any further authorization in the future.
v3.25.4
Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Loss
16. Accumulated Other Comprehensive Loss
Year Ended December 31,
202520242023
Unrecognized components of employee benefit plans, net of tax
Balance, beginning of year$(21,060)$(33,537)$(43,694)
Other comprehensive gain (loss) before reclassifications(4,002)15,981 12,859 
Income tax on other comprehensive gain (loss)137 (3,488)(2,283)
Reclassifications to earnings(a)
Pension settlement loss1,843 — — 
Amortization of gain(749)(358)(705)
Amortization of prior service cost255 337 196 
Income tax on reclassifications(b)
(21)5 90 
Other comprehensive income (loss) on employee benefit plans, net of tax(2,537)12,477 10,157 
Balance, end of year(23,597)(21,060)(33,537)
Unrealized loss on derivative instruments, net of tax
Balance, beginning of year(222)(373)(567)
Reclassifications to earnings - foreign currency exchange contracts(c)
129 174 224 
Income tax on reclassifications(b)
— (23)(30)
Other comprehensive income on derivative instruments, net of tax129 151 194 
Balance, end of year(93)(222)(373)
Foreign currency translation
Balance, beginning of year(24,387)(12,007)(19,537)
Foreign currency translation adjustment, net of tax(d)
25,106 (12,380)7,530 
Balance, end of year719 (24,387)(12,007)
Accumulated other comprehensive loss, end of year$(22,971)$(45,669)$(45,917)
(a)The AOCI components for defined benefit pension and post-retirement plans are included in the computation of net periodic benefit cost. See Note 19—Employee Benefit Plans for further information.
(b)Income tax effects are released from AOCI in the period in which the underlying item is realized in earnings.
(c)Reclassifications of foreign currency exchange contracts are recorded in “cost of sales,” “other operating income (expense), net” or “other income (expense), net,” as appropriate. See Note 12—Derivative Instruments for further information.
(d)Foreign currency translation is net of tax effects of $0 for all periods presented, as the French operations are taxed on the foreign functional currency and the foreign operations are considered indefinitely invested outside the U.S.
v3.25.4
Earnings per Common Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings per Common Share
17. Earnings per Common Share
Basic earnings per share is calculated by dividing net income available for common stockholders by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share is calculated by dividing net income available for common stockholders by the weighted average number of shares of common stock outstanding, adjusted for the potentially dilutive effect of outstanding stock options, performance-based stock and restricted stock.
The following table provides the inputs to the calculations of basic and diluted earnings per common share (share amounts not in thousands):
Year Ended December 31,
202520242023
Loss from continuing operations$(423,183)$(41,924)$(102,147)
Income from continuing operations attributable to redeemable noncontrolling interest161 37 — 
Loss from continuing operations attributable to RYAM(423,344)(41,961)(102,147)
Less: Redeemable noncontrolling interest adjustment to redemption value(1,824)(253)— 
Loss from continuing operations attributable to RYAM common stockholders(425,168)(42,214)(102,147)
Income from discontinued operations, net of tax attributable to RYAM2,670 3,217 312 
Net loss attributable to RYAM common stockholders$(422,498)$(38,997)$(101,835)
Weighted average shares used in determining basic earnings per common share66,782,262 65,748,775 65,108,397 
Dilutive effect of:
Stock options— — — 
Performance-based and restricted stock units— — — 
Weighted average shares used in determining diluted earnings per common share66,782,262 65,748,775 65,108,397 
Anti-dilutive instruments excluded from the computation of diluted earnings per share included (not in thousands):
Year Ended December 31,
202520242023
Stock options— — 46,798 
Performance-based and restricted stock units2,694,942 3,341,516 3,257,295 
Total anti-dilutive instruments2,694,942 3,341,516 3,304,093 
v3.25.4
Incentive Stock Plans
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Incentive Stock Plans
18. Incentive Stock Plans
As of December 31, 2025, the Company has had four stock-based incentive plans. The Prior Incentive Stock Plans provided for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, performance stock, restricted stock and restricted stock units, subject to certain limitations. The Company no longer issues shares under the Prior Incentive Stock Plans. The 2023 Plan, as amended and restated in the second quarter of 2025, provides for up to 6.3 million shares to be granted for stock options, non-qualified stock options, stock appreciation rights, performance shares, restricted stock and restricted stock units. Under the 2023 Plan, shares available for issuance may be increased by any shares of common stock subject to awards under the Prior Incentive Stock Plans that, in whole or in part, are forfeited, terminated or expire unexercised, settled in cash in lieu of stock, or released from a reserve for failure to meet the maximum payout under a program. At December 31, 2025, approximately 4.0 million shares were available for future grants under the 2023 Plan.
The Company recognizes stock-based compensation expense on a straight-line basis, net of forfeitures, over the service period of the award. The Company does not estimate a forfeiture rate for non-vested shares. Forfeitures are recognized and reduce stock-based compensation expense during the period in which they occur. Incentive stock plan compensation expense was as follows:
Year Ended December 31,
202520242023
Incentive stock plan compensation expense(a)
$6,345 $10,915 $5,754 
(a)Included equity award expense of $5 million during the year ended December 31, 2025 and $7 million during each of the years ended December 31, 2024 and 2023.
Non-Qualified Employee Stock Option Awards
Stock option awards included RYAM awards held by employees of its former parent Rayonier Inc. Stock options are granted with an exercise price equal to the market value of the underlying stock on the grant date. They generally vest ratably over three years and have a maximum term of 10 years and two days from the grant date. Incentive stock plan compensation expense for stock option awards is recognized over the shorter of: (1) the service period (i.e., the stated period of time required to earn the award) or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement. The fair value of each option grant is estimated on the grant date using the Black-Scholes option-pricing model. The Company elected to value each grant in total and recognize the expense for stock options on a straight-line basis over three years.
The Company had 46,798 options outstanding at December 31, 2023, all of which expired in January 2024. The fair value of options vested in 2024 and 2023 was zero. No options were granted or exercised during the years ended December 31, 2025, 2024 and 2023.
Restricted Stock and Stock Unit Awards
Restricted stock and stock units granted in connection with the Company’s performance share plan generally vest upon completion of periods ranging from one year to three years. The 2025 restricted stock unit awards cliff vest after three years, except for director awards, which vest after one year. The fair value of each share granted is equal to the share price of the underlying stock on the date of grant.
The following table summarizes the details of the restricted stock and stock units granted to employees:
Year Ended December 31,
202520242023
Restricted stock and stock units granted (not in thousands)544,718 633,603 992,830 
Weighted average price of restricted stock or stock units granted (not in thousands)$7.51 $4.11 $5.27 
Intrinsic value of restricted stock and stock units outstanding$8,201 $14,571 $7,641 
Fair value of restricted stock and stock units vested$4,066 $4,435 $4,264 
The following table summarizes the 2025 restricted stock and stock units activity:
(not in thousands)Restricted Stock and Stock Unit AwardsWeighted Average Grant Date Fair Value
Outstanding at December 31, 2024
1,766,219 $5.11 
Granted544,718 $7.51 
Forfeited(116,547)$4.98 
Vested(801,990)$5.07 
Outstanding at December 31, 2025
1,392,400 $6.08 
As of December 31, 2025, there was $3 million of unrecognized compensation cost related to the Company’s outstanding restricted stock that is expected to be recognized over a weighted average period of 1.7 years.
Performance-Based Stock Unit and Cash Awards
The Company’s performance-based awards generally vest upon completion of a three-year period. The performance-based stock unit award payout is calculated using a combination of Company-specific performance metrics and TSR, which is measured on an absolute basis as well as relative to a peer group of companies. Performance-based cash awards are measured using the same objectives as the performance-based stock unit awards but are classified as a liability and remeasured to fair value at the end of each reporting period until settlement.
The 2023, 2024 and 2025 performance-based awards cliff vest after three years and are based equally on three-year cumulative adjusted EBITDA and TSR relative to peers. Participants can earn between 0 percent and 200 percent of the target award for each of the TSR and adjusted EBITDA metrics. Performance below the threshold for either metric would result in zero payout for that metric.
The performance-based awards that are measured against a market condition or incorporate market conditions are valued using a Monte Carlo simulation model. The model generates the fair value of the market-based portion of the award at the grant date. The related expense is then amortized over the award’s vesting period.
Expected volatility is based on representative price returns using the stock price of several peer companies. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The following table presents weighted average assumptions used in calculating the fair value of the awards granted:
Year Ended December 31,
202520242023
Expected volatility57.5 %75.7 %77.6 %
Risk-free rate3.4 %4.2 %4.1 %
The following table summarizes the details of the performance-based stock units awarded to employees:
Year Ended December 31,
202520242023
Common shares of stock reserved for performance-based stock units (not in thousands)1,054,188 1,164,884 611,528 
Weighted average fair value of performance-based stock units granted (not in thousands)$9.55 $4.80 $9.09 
Intrinsic value of outstanding performance-based stock units$7,672 $12,996 $5,551 
The following table summarizes the 2025 performance-based stock unit award activity:
(not in thousands)Performance-Based Stock Unit AwardsWeighted Average Grant Date Fair Value
Outstanding at December 31, 2024
1,575,297 $5.93 
Granted692,155 $9.55 
Forfeited(309,915)$3.54 
Vested (654,995)$7.17 
Outstanding at December 31, 2025
1,302,542 $7.80 
In March 2025, the performance-based awards granted in 2022 were settled with an issuance of 654,995 shares of common stock for the stock unit awards, including incremental shares of 165,061, and cash of $2 million for the cash awards.
In March 2024, the performance-based awards granted in 2021 vested without meeting the performance thresholds, resulting in no stock units or cash being awarded.
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.
As of December 31, 2025, there was $3 million of unrecognized compensation cost related to the Company’s performance-based stock unit awards that is expected to be recognized over a weighted average period of 2.0 years.
v3.25.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans
19. 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 fourth quarter of 2025, the Company annuitized the majority of one of its Canadian pension plans, resulting in a settlement charge of $2 million that was recognized in “components of pension and OPEB, excluding service costs” in the consolidated statements of operations.
During 2024, the Company recorded a $1 million loss on pension curtailment charges associated with early retirements driven by the indefinite suspension of operations of the Temiscaming cellulose plant. The loss on curtailment was recognized in “indefinite suspension charges” in the consolidated statements of operations. Additionally, the Company decreased its pension liability by $3 million. See Note 3—Indefinite Suspension of Operations for further information. Also during 2024, the Company offered lump sum payouts to eligible terminated vested participants, of whom 103 accepted, resulting in $6 million in payments.
During 2023, the Company recorded a $2 million loss related to the final asset surplus distribution to the plan participants of certain wound-up Canadian pension plans, which was recognized in “components of pension and OPEB, excluding service costs” in the consolidated statements of operations.
The following tables present the changes in the projected benefit obligation and plan assets and reconcile funded status and the defined benefit pension and postretirement plan amounts recognized in the consolidated balance sheets:
 PensionPostretirement
2025202420252024
Projected benefit obligation at beginning of year$563,350 $616,118 $21,600 $23,864 
Service cost4,742 4,641 443 551 
Interest cost27,529 27,715 954 989 
Actuarial (gain) loss9,655 (24,738)(194)(2,717)
Participant contributions571 652 178 167 
Benefits paid(39,438)(44,961)(1,644)(1,287)
Settlement(21,791)— — — 
Curtailment— 645 — (22)
Effect of foreign currency exchange rates9,495 (16,722)157 55 
Projected benefit obligation at end of year$554,113 $563,350 $21,494 $21,600 
Fair value of plan assets at beginning of year$501,940 $532,643 $— $— 
Actual return on plan assets36,234 20,540 — — 
Employer contributions6,323 7,685 1,357 1,012 
Participant contributions571 652 179 167 
Benefits paid(39,438)(44,961)(1,536)(1,179)
Settlement(21,791)— — — 
Effect of foreign currency exchange rates8,239 (14,619)— — 
Fair value of plan assets at end of year$492,078 $501,940 $— $— 
Funded Status at end of year$(62,035)$(61,410)$(21,494)$(21,600)
 PensionPostretirement
2025202420252024
Non-current assets$1,264 $— $— $— 
Current liabilities(4,545)(4,390)(1,410)(1,381)
Non-current liabilities(58,754)(57,020)(20,084)(20,219)
Net amount recognized$(62,035)$(61,410)$(21,494)$(21,600)
The projected benefit obligation decreased during the year ended December 31, 2025 primarily due to the settlement of the Company’s Canadian pension plan, which was partially offset by actuarial losses resulting from a decrease in the assumed discount rate and unfavorable foreign currency exchange rates.
Net gain (loss) recognized in other comprehensive income during the three years ended December 31 was as follows:
 PensionPostretirement
 202520242023202520242023
Net gain (loss)$(4,135)$13,053 $9,202 $133 $2,928 $6,639 
Prior service cost$— $— $(2,982)$— $— $— 
Net gain (loss) and prior service cost (credit) reclassified from other comprehensive income and recognized as a component of pension and postretirement expense during the three years ended December 31 were as follows:
 PensionPostretirement
 202520242023202520242023
Pension settlement loss$1,843 $— $— $— $— $— 
Amortization of net (gain) loss$228 $379 $(490)$(977)$(737)$(215)
Amortization of prior service cost (credit)$426 $435 $294 $(171)$(98)$(98)
Net gain (loss), prior service cost (credit) and plan amendments that have not yet been included in pension and postretirement expense and have been recognized as a component of AOCI during the three years ended December 31 were as follows:
 PensionPostretirement
 202520242023202520242023
Prior service cost (credit)$(3,059)$(3,600)$(3,852)$389 $561 $659 
Net gain (loss)(39,307)(37,097)(50,796)11,555 12,341 10,343 
Deferred income tax (expense) benefit8,825 9,664 12,630 (2,000)(2,929)(2,521)
Accumulated other comprehensive income (loss)$(33,541)$(31,033)$(42,018)$9,944 $9,973 $8,481 
For defined benefit pension plans, the projected and accumulated benefit obligations and the fair value of plan assets were as follows:
December 31,
 20252024
Projected benefit obligation$554,113 $563,350 
Accumulated benefit obligation$546,222 $553,973 
Fair value of plan assets$492,078 $501,940 
For pension plans with a projected benefit obligation exceeding plan assets, the projected benefit obligation and fair value of plan assets at December 31, 2025 were $216 million and $153 million, respectively, and at December 31, 2024 were $537 million and $490 million, respectively.
For pension plans with an accumulated benefit obligation exceeding plan assets, the accumulated benefit obligation and fair value of plan assets at December 31, 2025 were $208 million and $153 million, respectively, and at December 31, 2024 were $537 million and $490 million, respectively.
The following table presents the components of net periodic benefit cost of the plans:
 PensionPostretirement
202520242023202520242023
Service cost$4,742 $4,641 $4,877 $443 $551 $1,116 
Interest cost27,529 27,715 28,724 954 989 1,351 
Expected return on plan assets(30,748)(32,361)(31,425)— — — 
Amortization of prior service cost (credit)426 435 294 (171)(98)(98)
Amortization of (gain) loss228 379 (490)(977)(737)(215)
Pension settlement loss1,843 — 2,317 — — — 
Curtailment— 736 — — — — 
Other — — — (6)18 (556)
Net periodic benefit cost(a)
$4,020 $1,545 $4,297 $243 $723 $1,598 
(a)Service cost is included in “cost of sales” or “selling, general and administrative expense” in the consolidated statements of operations, as appropriate. Interest cost, expected return on plan assets, amortization of prior service cost (credit), amortization of (gain) loss and other are included in “components of pension and OPEB, excluding service costs” in the consolidated statements of operations.
The Company uses the spot rate approach method to determine the service and interest cost components of net periodic benefit cost. Under this method, individual spot rates along the yield curve that correspond with the timing of each benefit payment will be used. The Company believes this provides a more precise measurement of service and interest costs by improving the correlation between projected cash outflows and corresponding spot rates on the yield curve.
The following table presents the weighted average principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement plans:
 PensionPostretirement
202520242023202520242023
Assumptions used to determine benefit obligations at December 31:
Discount rate5.11 %5.16 %4.71 %4.66 %5.23 %4.72 %
Rate of compensation increase2.50 %2.50 %2.50 %N/A4.19 %3.11 %
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate5.28 %4.78 %4.97 %5.08 %4.67 %4.94 %
Expected long-term return on plan assets5.89 %5.92 %5.92 %N/AN/AN/A
Rate of compensation increase2.50 %2.50 %2.50 %3.99 %4.19 %3.11 %
The estimated return on plan assets is based on historical and expected long-term rates of return on broad equity and bond indices and consideration of the actual annualized rate of return. The Company, with the assistance of external consultants, utilizes this information to develop assumptions for returns, risks and correlation of asset classes, which are then used to establish the asset allocation ranges.
Assumed healthcare cost trends significantly affect the amounts reported for the postretirement benefit plans. The following table sets forth the assumed health care cost trend rates as of period end:
 Postretirement
 20252024
U.S.CanadaU.S.Canada
Health care cost trend rate assumed for next year8.50 %5.50 %7.50 %5.87 %
Rate to which cost trend is assumed to decline (ultimate trend rate)4.00 %4.00 %4.00 %5.00 %
Year that ultimate trend rate is reached2034204020312037
Investment of Plan Assets
The Company’s Pension and Savings Plan Committee and the Audit Committee of the Board of Directors oversee the defined benefit pension plans’ investment program. The investment approach of each defined benefit pension plan is designed to maximize returns and provide sufficient liquidity to meet each plan’s obligations while maintaining acceptable risk levels. For certain defined benefit plans, investment target allocation percentages for equity securities can range up to 65 percent. In other more well-funded plans, 100 percent is allocated to fixed-income securities. All plans were within their respective targeted ranges at December 31, 2025. The Company’s weighted average defined benefit pension plan asset allocations at December 31, by asset category, were as follows:
 Percentage of Plan Assets
20252024
U.S. fixed income securities54 %33 %
International fixed income securities19 %24 %
U.S. equity securities5 %21 %
International equity securities15 %16 %
Other(a)
7 %6 %
Total100 %100 %
(a)Includes cash balances related to the timing of portfolio management activities.
Investments within the equity categories may include large capitalization, small capitalization and emerging market securities, while the international fixed income portfolio may include emerging markets debt. Pension assets did not include a direct investment in RYAM common stock at December 31, 2025 or 2024.
Fair Value Measurements
The following tables present, by level within the fair value hierarchy (see Note 13—Fair Value Measurements), the assets of the plans:
December 31, 2025
Level 1Level 2Level 3Total
Mutual funds and collective trusts$66,378 $— $— $66,378 
Corporate bonds— 192,600 — 192,600 
U.S. government securities— 83,150 — 83,150 
Non-U.S. government securities— 2,283 — 2,283 
Investments at net asset value:
Common collective trust funds147,667 
Total assets at fair value$492,078 
December 31, 2024
Level 1Level 2Level 3Total
Mutual funds and collective trusts$129,584 $— $— $129,584 
Corporate bonds— 150,823 — 150,823 
U.S. government securities— 33,308 — 33,308 
Non-U.S. government securities— 4,803 — 4,803 
Derivative instruments— 1,242 — 1,242 
Investments at net asset value:
Common collective trust funds182,180 
Total assets at fair value$501,940 
The valuation methodologies used for measuring the fair value of these asset categories were as follows:
Mutual funds and collective trusts — Net asset value in an observable market.
Corporate bonds — Valued using pricing models that maximize the use of observable inputs for similar securities, including basing value on yields currently available on comparable securities of issuers with similar credit ratings.
U.S. government securities — Valued using pricing models that maximize the use of observable inputs for similar securities.
Common collective trust funds — Measured at net asset value per share, as a practical expedient for fair value, as provided by the plan trustee. The net asset value is calculated by determining the fair value of the fund’s underlying assets, deducting its liabilities, and dividing by the units outstanding as of the valuation date. These funds are not publicly traded; however, in most cases, the unit price calculation is based on observable market inputs of the funds’ underlying assets.
There were no changes in the methodology used during the years ended December 31, 2025 and 2024.
Cash Flows
Expected benefit payments for the next ten years were as follows:
 PensionPostretirement
2026$40,946 $1,556 
2027$39,385 $1,534 
2028$39,561 $1,613 
2029$39,541 $1,645 
2030$39,562 $1,654 
2031 - 2035$195,508 $8,136 
The Company has mandatory pension contribution requirements of $2 million in 2026 and may make additional discretionary contributions.
Defined Contribution Plans
The Company provides defined contribution plans to all of its hourly and salaried employees. The contributions charged to expense for these plans were $8 million, $10 million and $6 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Other Operating Income (Expense), Net
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Other Operating Income (Expense), Net
20. Other Operating Income (Expense), Net
Other operating income (expense), net was comprised of the following:
Year Ended December 31,
202520242023
Loss on disposal of property, plant and equipment$(893)$(1,790)$(2,872)
Equity in income (loss) of joint venture (352)1,882 204 
Miscellaneous income (expense)(3,212)7,042 (3,955)
Other operating income (expense), net$(4,457)$7,134 $(6,623)
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
21. Income Taxes
On July 4, 2025, the United States enacted The One Big Beautiful Bill Act, resulting in modifications to existing tax law. The most material impacts to the Company are changes to Internal Revenue Code §163(j) interest deductibility, permanent immediate expensing of capital spend in the U.S., immediate deductions of domestic R&D expenditures and foreign tax regime changes. The Company incorporated the 2025 effects of this new legislation beginning in its third quarter 2025 consolidated financial statements.
Loss from continuing operations before income tax included domestic and foreign components as follows:
Year Ended December 31,
 202520242023
United States$(33,469)$(8,590)$(65,413)
Foreign(61,576)(40,610)(67,061)
Total
$(95,045)$(49,200)$(132,474)
Income Tax (Expense) Benefit on Continuing Operations
Income tax (expense) benefit on continuing operations consisted of the following:
Year Ended December 31,
 202520242023
Current tax (expense) benefit
U.S. federal$(286)$981 $1,623 
U.S. state and local(178)(191)(144)
Foreign(876)(1,468)3,119 
Total current tax (expense) benefit(1,340)(678)4,598 
Deferred tax (expense) benefit
U.S. federal8,076 6,011 15,542 
U.S. state and local596 509 143 
Foreign(330,597)3,086 12,028 
Total deferred tax (expense) benefit(321,925)9,606 27,713 
Total income tax (expense) benefit
U.S. federal7,790 6,992 17,165 
U.S. state and local418 318 (1)
Foreign(331,473)1,618 15,147 
Total income tax (expense) benefit$(323,265)$8,928 $32,311 
The following tables reconcile the effective income tax rate on continuing operations to the U.S. federal statutory rate:
Year Ended December 31, 2025
 AmountPercent
U.S. Domestic
U.S. federal statutory income tax rate$(19,962)21.0 %
State and local taxes(a)
(378)0.4 
Valuation allowance changes477 (0.5)
Tax credits(1,243)1.3 
Other(264)0.3 
Foreign
Canada
Statutory rate difference(3,046)3.2 
Valuation allowance changes347,897 (366.0)
Other81 (0.1)
France
Other(711)0.7 
Other aggregated jurisdictions11 — 
Worldwide changes in uncertain tax benefits403 (0.4)
Effective income tax rate on continuing operations$323,265 (340.1)%
(a)The Florida and Tennessee jurisdictions make up more than 50 percent of the total state and local taxes.
Year Ended December 31,
 20242023
U.S. federal statutory income tax rate21.0 %21.0 %
Change in valuation allowance(11.5)(7.7)
Adjustment to previously filed tax returns(0.4)2.0 
Tax credits (excluding foreign tax credit) 4.1 5.4 
Nondeductible compensation for executives and share-based awards(3.4)0.5 
Net changes in uncertain tax positions6.3 (0.1)
Difference in foreign statutory rates1.2 2.1 
U.S. tax on foreign earnings (GILTI and Subpart F, net of FTC)(0.4)(0.1)
Interest on tax payments/receipts1.1 0.6 
Other0.1 0.7 
Effective income tax rate on continuing operations18.1 %24.4 %
Cash Income Taxes
Income taxes (paid) refunded, net for the year ended December 31, 2025 were as follows:
U.S. federal$164 
U.S. state and local(161)
Foreign
Canada2,315 
France(2,745)
Other(83)
Income taxes (paid) refunded, net$(510)
Deferred Taxes
Deferred income taxes result from recording revenue and expense in different periods for financial reporting versus tax reporting. The nature of these temporary differences and the resulting net deferred tax balances follow:
December 31,
 20252024
Deferred tax assets
Net operating losses(a)
$209,631 $157,942 
Canadian pool of SR&ED
96,452 96,458 
Property, plant and equipment basis differences79,362 74,408 
Tax credit carryforwards(a)
50,645 71,013 
Environmental liabilities42,375 39,316 
Deferred U.S. interest deductions38,315 36,286 
Pension, postretirement and other employee benefits19,222 19,534 
Capitalized costs14,111 18,275 
Other compensation5,711 7,050 
State net operating losses(a)
4,572 3,454 
Deferred foreign interest deductions3,304 7,601 
Other deferred tax assets21,965 23,636 
Total gross deferred tax assets585,665 554,973 
Valuation allowance(441,887)(86,082)
Total deferred tax assets, net of valuation allowance143,778 468,891 
Deferred tax liabilities
Property, plant and equipment basis differences(112,959)(110,577)
Prepaid expenses(5,462)(4,487)
Intangible assets(430)(2,326)
Other deferred tax liabilities(13,623)(15,686)
Total deferred tax liabilities(132,474)(133,076)
Net deferred tax asset$11,304 $335,815 
Net deferred tax asset as reflected in consolidated balance sheets:
Deferred tax assets$24,026 $349,500 
Deferred tax liabilities(12,722)(13,685)
Net deferred tax asset$11,304 $335,815 
(a)Further detail of these items as of December 31, 2025 follows:
Gross AmountTax EffectedValuation AllowanceExpiration
Net operating losses$963,365 $214,203 $(185,328)2027 - 2045
Tax credit carryforwards$51,127 $50,645 $(28,741)2026 - 2045
The vast majority of the Company’s DTAs are in Canada, where the Company incurred a cumulative adjusted pre-tax loss over the three most recent fiscal years ending in 2025. The Company expected to incur this cumulative loss in Canada based on projections in the second quarter of 2025 and, as a result of the significant weight of this negative evidence, the Company believed it was more likely than not that its Canadian DTAs would not be fully realizable and recorded a full valuation allowance against these assets and a corresponding $337 million tax expense to write off the previously recognized net DTA. Barring positive evidence that changes this conclusion, future Canadian earnings will not result in tax expense or benefit on the Company’s financial statements. The valuation allowance does not impact the Company’s legal right to use the deferred tax assets against cash taxes and future recognition will continue to be evaluated as market conditions evolve.
At December 31, 2025 and 2024, the Company’s net DTA included $16 million and $15 million, respectively, of disallowed U.S. interest deductions that the Company does not believe will be realized. The increase in this asset was a result of a $1 million net tax benefit recognized in 2025. In strict compliance with the AICPA’s 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 DTA generated from disallowed interest.
The Company has not provided additional income taxes for outside basis differences inherent in its foreign entities, as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to all outside basis differences in these entities is not practicable at this time.
Unrecognized Tax Benefits
The Company recognizes the impact of a tax position if it is more likely than not to prevail, based on technical merit, in the case of an audit. As of December 31, 2025, several positions resulted in unrecognized tax benefits that, if recognized, would affect income tax expense. A reconciliation of beginning and ending unrecognized tax benefits balances for the periods presented follows:
Year Ended December 31,
 202520242023
Balance at beginning of period$10,444 $13,580 $11,015 
Decreases related to prior year tax positions(37)(3,035)(1,612)
Increases related to prior year tax positions149 905 2,804 
Decreases related to current year tax positions— — — 
Increases related to current year tax positions436 957 1,373 
Decreases due to statutory expirations— (1,963)— 
Balance at end of period$10,992 $10,444 $13,580 
For the year ended December 31, 2025, $6 million of the Company’s unrecognized tax benefits would impact the effective tax rate if recognized. Total interest and penalties recorded in unrecognized tax benefits were $1 million for each of the years presented.
Tax Statutes
In the normal course of business, the Company is regularly audited by tax authorities and is currently under audit in Canada and France. The following table provides the tax years that remain open to examination by significant taxing jurisdictions:
Open Tax Years
U.S.2022-2025
France2020-2025
Canada2022-2025
v3.25.4
Segment and Geographical Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographical Information
22. Segment and Geographical Information
As discussed in Note 1—Nature of Operations and Basis of Presentation, beginning in the first quarter of 2025, the Company reorganized its segment structure and now operates in the following segments: Cellulose Specialties, Biomaterials, Cellulose Commodities, 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. Prior period segment results have been recast to align with this new segment reporting structure.
The Company’s segment structure was determined based primarily on how its CODM, the CEO, reviews and evaluates Company operations. Each operating segment is separately managed and has discrete financial information that is utilized by the CODM in determining how to allocate resources and evaluate performance.
The Company uses operating income (loss) as a measure of profitability to evaluate segment performance. Intersegment sales consist primarily of High-Yield Pulp sales to Paperboard, which are eliminated in consolidation. Additionally, there are intersegment sales of chemicals, sugars and energy from the cellulose plants to Biomaterials, also eliminated in consolidation. Intersegment sales prices are at rates that approximate market for the respective operating area.
No single customer accounted for 10 percent or more of total sales during the years ended December 31, 2025 and 2024. One customer in the Cellulose Specialties operating segment represented 10 percent of total sales for the year ended December 31, 2023.
Following the indefinite suspension of Temiscaming cellulose operations in the third quarter of 2024, certain infrastructure assets of the site’s cellulose plant continue to run in support of the ongoing energy needs of the Paperboard and High-Yield Pulp operations. As such, beginning in the fourth quarter of 2024, the net impact of the custodial site costs being incurred and the sales of any electricity generated by the running of the cellulose plant assets are reflected within the operating results of the Paperboard and High-Yield Pulp businesses.
Significant segment financial data follows:
Year Ended December 31, 2025
Cellulose SpecialtiesBiomaterialsCellulose CommoditiesPaperboardHigh-Yield Pulp
Corporate(a) and Eliminations
Total
Net sales$862,037 $30,551 $312,731 $179,050 $112,650 $(30,622)$1,466,397 
Cost of sales
Key input costs (wood, chemicals, energy)321,443 5,838 151,752 101,655 67,697 (30,868)617,517 
Freight40,176 2,557 26,661 18,519 23,719 — 111,632 
Depreciation and amortization66,307 2,914 39,444 13,468 2,145 — 124,278 
Fixed and other general costs(b)
258,081 7,281 140,003 42,219 46,121 480 494,185 
Total cost of sales686,007 18,590 357,860 175,861 139,682 (30,388)1,347,612 
Selling, general and administrative expense15,060 5,763 7,869 10,041 2,532 42,677 83,942 
Indefinite suspension charges— — 1,275 — — — 1,275 
Other operating (income) expense(c)
928 2 960 527 12 27,041 29,470 
Operating income (loss)$160,042 $6,196 $(55,233)$(7,379)$(29,576)$(69,952)$4,098 
Depreciation and amortization$67,065 $2,914 $40,046 $19,946 $2,145 $1,842 $133,958 
Year Ended December 31, 2024
Cellulose SpecialtiesBiomaterialsCellulose CommoditiesPaperboardHigh-Yield Pulp
Corporate(a) and Eliminations
Total
Net sales$921,411 $29,684 $354,633 $227,628 $126,897 $(29,945)$1,630,308 
Cost of sales
Key input costs (wood, chemicals, energy)352,361 4,839 181,991 117,393 71,890 (30,356)698,118 
Freight44,115 3,041 28,226 20,512 20,380 — 116,274 
Depreciation and amortization71,024 2,071 42,868 7,832 2,329 — 126,124 
Fixed and other general costs(b)
261,899 9,498 171,664 41,802 38,589 758 524,210 
Total cost of sales729,399 19,449 424,749 187,539 133,188 (29,598)1,464,726 
Selling, general and administrative expense9,839 4,170 6,501 11,021 2,912 57,815 92,258 
Asset impairment— — 25,169 — — — 25,169 
Indefinite suspension charges— — 16,630 — — — 16,630 
Other operating (income) expense(c)
(1,204)490 (5,057)(2,363)(1,609)1,787 (7,956)
Operating income (loss)$183,377 $5,575 $(113,359)$31,431 $(7,594)$(59,949)$39,481 
Depreciation and amortization$71,752 $2,071 $43,413 $14,701 $2,451 $2,785 $137,173 
Year Ended December 31, 2023
Cellulose SpecialtiesBiomaterialsCellulose CommoditiesPaperboardHigh-Yield Pulp
Corporate(a) and Eliminations
Total
Net sales$825,037 $28,980 $461,973 $219,408 $135,954 $(28,022)$1,643,330 
Cost of sales
Key input costs (wood, chemicals, energy)341,262 5,438 262,444 113,678 75,144 (26,857)771,109 
Freight37,795 3,642 41,953 18,131 29,312 — 130,833 
Depreciation and amortization67,077 342 58,103 5,848 2,103 — 133,473 
Fixed and other general costs(b)
257,801 8,154 190,207 35,021 29,402 (824)519,761 
Total cost of sales703,935 17,576 552,707 172,678 135,961 (27,681)1,555,176 
Selling, general and administrative expense12,140 1,359 4,743 9,570 2,893 45,007 75,712 
Asset impairment— — 62,300 — — — 62,300 
Other operating (income) expense(c)
675 41 2,081 — 255 12,354 15,406 
Operating income (loss)$108,287 $10,004 $(159,858)$37,160 $(3,155)$(57,702)$(65,264)
Depreciation and amortization$65,869 $342 $56,714 $12,933 $2,025 $2,100 $139,983 
(a)Includes ERP and certain lease expense shared across operating segments.
(b)Includes salaries, wages and benefits, maintenance costs and other costs of sales.
(c)Primarily includes foreign exchange gain (loss), environmental remediation expense, gain (loss) on disposal of property, plant and equipment and income (loss) from equity method investments.
Due to their integrated nature, certain operating and production assets are jointly utilized across the Cellulose Specialties and Cellulose Commodities segments. These assets are essential for the production processes of both types of products and are not directly attributable to either segment. As such, direct allocation to a specific segment is not feasible or prudent and they are considered shared assets. The Company allocates related fixed, maintenance and other costs based on a rational and consistent approach that reflects the segments’ contribution, usage and economic benefit derived from the shared assets in the production process, which varies from period to period between specialties and commodities products.
Identifiable assets by segment include the Company’s current assets and were as follows:
December 31,
20252024
Cellulose Specialties$206,267 $214,659 
Biomaterials48,105 42,366 
Cellulose Commodities72,913 69,082 
Paperboard54,639 44,351 
High-Yield Pulp34,841 40,694 
Shared/Corporate(a)
151,618 189,809 
Total assets$568,383 $600,961 
(a)At both December 31, 2025 and 2024, included $132 million of assets shared by Cellulose Specialties and Cellulose Commodities. Corporate includes certain operating and lease assets shared across segments.
Long-lived assets by country were as follows:
December 31,
 20252024
United States$714,048 $719,386 
Canada259,243 611,647 
France216,542 197,290 
Other139 373 
Total long-lived assets$1,189,972 $1,528,696 
Net sales geographical distribution was as follows:
 Year Ended December 31,
 2025%2024%2023%
United States$465,624 32 $560,119 34 $544,864 33 
Europe309,524 21 280,261 17 222,778 13 
China273,319 19 352,290 22 473,778 29 
Other Asia170,635 11 174,208 11 126,072 8 
Japan131,382 9 121,879 7 158,106 10 
Canada55,199 4 90,572 6 62,657 4 
Latin America19,487 1 17,659 1 11,073 — 
All other41,227 3 33,320 2 44,002 3 
Net sales$1,466,397 100 $1,630,308 100 $1,643,330 100 
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
23. Commitments and Contingencies
Commitments
The Company leases certain buildings, machinery and equipment under various operating and finance leases. Total rental expense for operating and finance leases amounted to $11 million, $9 million and $8 million in 2025, 2024 and 2023, respectively. See Note 8—Leases and Note 10—Debt and Finance Leases for further information.
At December 31, 2025, future minimum payments under purchase obligations were as follows:
2026$177,952 
202768,592 
202861,540 
202918,838 
203019,043 
Thereafter210,779 
Total(a)
$556,744 
(a)Primarily consists of commitments for the purchase of natural gas, steam energy and wood chips. These obligations are estimates and may vary based on changes in actual price and volume terms. Remaining purchase obligations under the 20-year wood chip and residual fiber supply agreement with GreenFirst total approximately $203 million, or annual payments of approximately $13 million, through the duration of the agreement to 2041. The Company remains subject to purchase obligations under this agreement, under which total required purchase volumes of wood chips and residual fiber depend on sawmill production. In connection with the indefinite suspension of operations at the Temiscaming cellulose plant, GreenFirst and the Company have agreed that the Company will purchase the required volumes at market value and sell them to third parties at the same amount for an expected neutral impact.
Litigation and Contingencies
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 business, 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 December 31, 2025, the Company had net exposure of $29 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 $92 million as of December 31, 2025, 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 $24 million at December 31, 2025.
The Company has not recorded any liabilities for these financial guarantees in its consolidated balance sheets because the Company has recorded the underlying liability associated with the guarantee, the guarantee is dependent on the Company’s own performance and, therefore, is not subject to the measurement requirements or 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 facts and circumstances likely to be involved with each provision.
As of December 31, 2025, the Company employed approximately 2,325 people in the U.S., Canada and France, of which 68 percent were unionized. Approximately 18 percent of the Company’s workforce are employed under agreements which are set to expire on September 30, 2026. The Company is required to negotiate wages, benefits and other terms with unionized employees collectively. As of December 31, 2025, all of the Company’s collective bargaining agreements covering its unionized employees were current.
v3.25.4
Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II - Valuation and Qualifying Accounts
Additions
Balance at Beginning of PeriodCharged to Costs and ExpensesCharged to Other Accounts DeductionsBalance at End of Period
Allowance for credit loss
December 31, 2025$1,057 $174 $— $(360)$871 
December 31, 2024$653 $822 $(28)$(390)$1,057 
December 31, 2023$1,064 $105 $— $(516)$653 
Allowance for sales returns
December 31, 2025$947 $— $(359)$— $588 
December 31, 2024$591 $— $356 $— $947 
December 31, 2023$782 $— $(191)$— $591 
Deferred tax asset valuation allowance
December 31, 2025$86,082 $355,805 $— $— $441,887 
December 31, 2024$78,858 $7,224 $— $— $86,082 
December 31, 2023$71,353 $7,505 $— $— $78,858 
Self-insurance liabilities
December 31, 2025$325 $869 $— $(542)$652 
December 31, 2024$549 $99 $— $(323)$325 
December 31, 2023$478 $448 $— $(377)$549 
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Our information technology systems serve an important role in the efficient operation of our business. Identifying, assessing and managing material risks from cybersecurity threats are activities integrated into our overall risk management system. Cybersecurity risks are identified and addressed through coordinated efforts of our internal information technology security teams, internal governance and compliance reviews. Our security program also involves the engagement of external consultants to assist us with the review of our assessment and risk mitigation strategies for cybersecurity threats and the development of new approaches as needed.
To safeguard our information technology systems against cyber threats, we conduct regular risk assessments to identify and address both new and recurring vulnerabilities. These efforts include tabletop exercises and penetration testing, which provide valuable insights to enhance our cybersecurity posture. We also utilize advanced tools that continuously monitor and evaluate our systems, enabling proactive prevention, detection, investigation, resolution and recovery from cybersecurity incidents. We maintain processes to oversee and identify cybersecurity risks associated with third-party service providers, including formalized security reviews during onboarding, contract requirements addressing cybersecurity and expanded monitoring for providers with system access or data exchange. Cybersecurity events, including those reported to us by third-party service providers, are assessed for their severity and potential impact on our business using both quantitative and qualitative criteria, ensuring appropriate prioritization for response and remediation.
Our information technology systems have been, and we expect will continue to be, subject to cyber intrusion attempts. We describe whether and how risks from cybersecurity threats have materially affected or are reasonably likely to materially affect our business, results of operations or financial condition under the risk factor “Loss of our intellectual property and sensitive data or disruption of our manufacturing operations due to a cybersecurity incident could materially adversely impact our business” found in Item 1A—Risk Factors.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Our information technology systems serve an important role in the efficient operation of our business. Identifying, assessing and managing material risks from cybersecurity threats are activities integrated into our overall risk management system. Cybersecurity risks are identified and addressed through coordinated efforts of our internal information technology security teams, internal governance and compliance reviews. Our security program also involves the engagement of external consultants to assist us with the review of our assessment and risk mitigation strategies for cybersecurity threats and the development of new approaches as needed.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Audit Committee is responsible for the oversight of risk from cybersecurity threats and includes one committee member with significant cybersecurity consulting experience. On a quarterly basis, the Audit Committee receives reports from senior management on our cybersecurity program covering our strategies and processes for the identification, assessment and mitigation of material cybersecurity risks. These reports also include updates on existing and emerging cybersecurity trends and threat landscapes, along with the status of ongoing projects aimed at strengthening our information security systems and improving our cyber readiness. To ensure clarity and accountability, these reports are segmented into key areas of focus, including incident response updates, emerging threat analyses and project progress metrics.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Audit Committee is responsible for the oversight of risk from cybersecurity threats and includes one committee member with significant cybersecurity consulting experience.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] On a quarterly basis, the Audit Committee receives reports from senior management on our cybersecurity program covering our strategies and processes for the identification, assessment and mitigation of material cybersecurity risks. These reports also include updates on existing and emerging cybersecurity trends and threat landscapes, along with the status of ongoing projects aimed at strengthening our information security systems and improving our cyber readiness. To ensure clarity and accountability, these reports are segmented into key areas of focus, including incident response updates, emerging threat analyses and project progress metrics.
Cybersecurity Risk Role of Management [Text Block]
Under the oversight of our Audit Committee, our CEO-chaired Enterprise Risk Management team and our chartered Cybersecurity Governance Committee convene at least quarterly to assess the identification and mitigation of cybersecurity risks, ensure the effective execution of our cybersecurity strategy and verify that our cybersecurity processes are adequately strengthened. The Cybersecurity Governance Committee is also responsible for evaluating findings and proposals presented by external consultants and developing the appropriate remediation actions. These teams are informed of cybersecurity threats and incidents through their management of the cybersecurity risk management and strategy processes described above and report any such items to the Audit Committee as deemed appropriate.
The individuals responsible for the day-to-day management and assessment of cybersecurity risks include our Vice President of Information Technology and our Director of IT Cybersecurity and Infrastructure, both of whom bring extensive expertise in cybersecurity risk management. The Vice President of IT has over 30 years of experience in enterprise IT strategy and governance, with a strong background in project management and ERP implementations. The Director of IT Cybersecurity and Infrastructure has over 25 years of experience in manufacturing IT, specializing in enterprise infrastructure, process control and cybersecurity. Additionally, our internal security and risk management teams consist of professionals with specialized expertise in intrusion detection and prevention, network security and endpoint defense, thereby ensuring a comprehensive approach to cybersecurity risk assessment and mitigation.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Under the oversight of our Audit Committee, our CEO-chaired Enterprise Risk Management team and our chartered Cybersecurity Governance Committee convene at least quarterly to assess the identification and mitigation of cybersecurity risks, ensure the effective execution of our cybersecurity strategy and verify that our cybersecurity processes are adequately strengthened.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
The individuals responsible for the day-to-day management and assessment of cybersecurity risks include our Vice President of Information Technology and our Director of IT Cybersecurity and Infrastructure, both of whom bring extensive expertise in cybersecurity risk management. The Vice President of IT has over 30 years of experience in enterprise IT strategy and governance, with a strong background in project management and ERP implementations. The Director of IT Cybersecurity and Infrastructure has over 25 years of experience in manufacturing IT, specializing in enterprise infrastructure, process control and cybersecurity. Additionally, our internal security and risk management teams consist of professionals with specialized expertise in intrusion detection and prevention, network security and endpoint defense, thereby ensuring a comprehensive approach to cybersecurity risk assessment and mitigation.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Under the oversight of our Audit Committee, our CEO-chaired Enterprise Risk Management team and our chartered Cybersecurity Governance Committee convene at least quarterly to assess the identification and mitigation of cybersecurity risks, ensure the effective execution of our cybersecurity strategy and verify that our cybersecurity processes are adequately strengthened. The Cybersecurity Governance Committee is also responsible for evaluating findings and proposals presented by external consultants and developing the appropriate remediation actions. These teams are informed of cybersecurity threats and incidents through their management of the cybersecurity risk management and strategy processes described above and report any such items to the Audit Committee as deemed appropriate.
The individuals responsible for the day-to-day management and assessment of cybersecurity risks include our Vice President of Information Technology and our Director of IT Cybersecurity and Infrastructure, both of whom bring extensive expertise in cybersecurity risk management. The Vice President of IT has over 30 years of experience in enterprise IT strategy and governance, with a strong background in project management and ERP implementations. The Director of IT Cybersecurity and Infrastructure has over 25 years of experience in manufacturing IT, specializing in enterprise infrastructure, process control and cybersecurity. Additionally, our internal security and risk management teams consist of professionals with specialized expertise in intrusion detection and prevention, network security and endpoint defense, thereby ensuring a comprehensive approach to cybersecurity risk assessment and mitigation.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Significant Accounting Policies and Recent Accounting Developments (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The Financial Statements include the accounts and operations of the Company and its wholly owned, majority owned and controlled subsidiaries. Redeemable noncontrolling interests held in certain of the Company’s consolidated entities are reported as temporary equity in the consolidated balance sheets. The Company applies the equity method of accounting for investments in which it has an ownership interest of 20 percent to 50 percent or exercises significant influence over the related investee operations. All intercompany accounts and transactions are eliminated in consolidation. Certain amounts in prior periods have been reclassified to conform with the current period presentation.
The Financial Statements and notes thereto have been prepared in accordance with GAAP and the rules and regulations of the SEC. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and disclosures of contingent assets and liabilities. Because of the inherent uncertainties in using estimates, actual results could differ from those expected as of the reporting date. Management believes that the estimates and assumptions used are reasonable.
Fiscal Year
The Company’s fiscal year begins on January 1 and ends on December 31. For interim reporting periods, the Company uses a 5-4-4 calendar that ends on the last Saturday of the fiscal quarter.
Discontinued Operations
Discontinued Operations
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 4—Discontinued Operations for further information.
Subsequent Event
Subsequent Event
In March 2026, the Company entered into an agreement to sell and lease back (i) the land and equipment of its chip mills located in Georgia and (ii) the Company’s ERP systems for a purchase price of $20 million, the proceeds of which the Company intends to use for general corporate purposes. The lease has an initial term of 33 months and will continue for successive three-month periods until terminated by either party with appropriate notice, with monthly rental payments of $0.7 million. The accounting treatment for this transaction has not yet been finalized.
Translation of Foreign Currency
Translation of Foreign Currency
Assets and liabilities of consolidated subsidiaries whose functional currency is other than the USD are translated into USD using currency exchange rates at the balance sheet date. Revenues and expenses are translated using the average currency exchange rates during the period. Foreign currency translation gains and losses are reported as a component of AOCI.
Realized and unrealized gains and losses resulting from foreign currency transactions are recorded, as incurred, to “foreign exchange gain (loss)” or “other income (expense), net” in the consolidated statements of operations, as appropriate. The Company incurred total foreign currency transaction gain (loss) of $(7) million, $10 million and $(4) million during the years ended December 31, 2025, 2024 and 2023, respectively.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents include time deposits and other highly liquid investments with original maturities of three months or less.
Accounts Receivable and Allowance for Credit Loss
Accounts Receivable and Allowance for Credit Loss
Trade accounts receivable are stated at the net amount expected to be collected. All customers are granted credit on a short-term basis and related credit risks are considered minimal. The Company maintains an allowance for expected credit losses resulting from the inability of its customers to make required payments. The Company’s allowance is based on historical patterns of accounts receivable collections and expected losses, including the consideration of general economic conditions. Outstanding accounts receivable balances are reviewed quarterly or more frequently when circumstances indicate a review is warranted, such as a significant change in the aging of the Company’s receivables or a customer’s financial condition. Write-offs are recorded when a customer receivable is deemed uncollectible and collection efforts have been exhausted.
Inventory
Inventory
Finished goods, work-in-process and raw materials inventories, as well as manufacturing and maintenance supplies, are valued at average cost. Inventory costs include material, labor and manufacturing overhead. The need for a provision for estimated losses from obsolete, excess or slow-moving inventories is reviewed periodically.
Property, Plant and Equipment
Property, Plant and Equipment
Depreciation
Property, plant and equipment are recorded at cost, including applicable freight, interest, construction and installation costs. Production-related plant and equipment for the Company’s Cellulose Specialties, Biomaterials, Cellulose Commodities, Paperboard and High-Yield Pulp products are depreciated using the units-of-production method. The total units of production used to calculate depreciation expense is determined by factoring annual production days, based on normal production conditions, by the economic useful life of the asset involved. Production-related assets under finance leases are depreciated using the straight-line method over the related lease term. The Company depreciates its non-production assets, including office, lab and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively.
Impairment
Long-lived assets are reviewed for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Property, plant and equipment are primarily grouped at the combined plant level, the lowest level for which independent cash flows are identifiable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying value exceeds the fair value of the assets, which is based on a discounted cash flow model. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less cost to sell.
In the third quarter of 2024, in conjunction with the indefinite suspension of Temiscaming cellulose operations, the Company recorded a non-cash asset impairment of $25 million. See Note 3—Indefinite Suspension of Operations for further information.
In the fourth quarter of 2023, in conjunction with the optimization and realignment of Cellulose Commodities assets, the Company recorded a non-cash impairment of $62 million related to certain assets at the Temiscaming and Jesup facilities. See Note 7—Property, Plant and Equipment, Net for further information.
Asset Retirement Obligations
Asset Retirement Obligations
The Company is obligated to close out its operating sites’ landfills in accordance with certain legal requirements and records a liability for these obligations when the fair value can be reasonably estimated. In connection with these obligations, asset retirement liabilities are initially estimated and recorded based on discounted expected cash flows with a corresponding asset, capitalized as part of the related long-lived asset. Initial cost estimates are updated whenever events and circumstances indicate a new estimate is more appropriate. The asset is depreciated on a straight-line basis over the remaining useful life of the related asset. Accretion expense in connection with the discounted liability is also recognized over the same period. Related depreciation and accretion expenses are included in “other operating income (expense), net” in the consolidated statements of operations.
As of December 31, 2025 and 2024, the Company accrued $11 million and $13 million, respectively, for asset retirement obligations in “other liabilities.” During 2025, new obligations incurred were immaterial and existing obligations of $2 million were settled. Accretion expense was immaterial during the years ended December 31, 2025 and 2024 and was $1 million during 2023.
Capitalized Software
Capitalized Software
The Company capitalizes certain costs in connection with obtaining software for internal use. These costs are generally amortized over five years, once the assets are ready for their intended use. As of December 31, 2025 and 2024, the Company had $55 million and $50 million, respectively, of capitalized software included in “other assets” in the consolidated balance sheets. Accumulated amortization was $27 million and $22 million at December 31, 2025 and 2024, respectively. Amortization expense for capitalized software is recorded in “cost of sales” and “selling, general and administrative expense” in the consolidated statements of operations and totaled $6 million, $5 million and $4 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Maintenance Costs
Maintenance Costs
The Company performs scheduled inspections and major repairs and maintenance of plant machinery and equipment at the Company’s manufacturing facilities during a full plant shutdown. Costs associated with these planned outage periods are referred to as shutdown costs and are incurred to ensure the long-term reliability and safety of the manufacturing operations. Major maintenance shutdown costs are accounted for by the deferral method, under which expenditures related to shutdown are capitalized when incurred and amortized to production cost on a straight-line basis over the period benefited or the period of time until the next scheduled major maintenance shutdown, which generally ranges from one year to 18 months. Shutdown costs are classified as operating activities in the consolidated statements of cash flows. As of December 31, 2025 and 2024, the Company had $19 million and $14 million, respectively, in deferred major maintenance shutdown costs recorded in “prepaid and other current assets” in the consolidated balance sheets.
Emission Allowances
Emissions Allowances
The Company is subject to numerous international, federal and state-level rules, initiatives and proposals that address domestic and global climate issues, including those governing emissions. To comply with certain of these regulations and ordinances, the Company is allotted certain allowances or credits by governing authorities to offset the obligations created by the Company’s operations. There is no value assigned to the government-allotted emissions allowances in the consolidated balance sheets. Income or expense from the sale or purchase of emission allowances are recognized within “cost of sales” in the consolidated statements of operations. During the years ended December 31, 2025, 2024 and 2023, the Company recorded $9 million, $10 million and $11 million, respectively, of sales of excess emission allowances associated with its Tartas, France operations.
Research and Development Expense
Research and Development Expense
R&D capabilities and activities are primarily focused on the Cellulose Specialties and Biomaterials operating segments. These efforts are directed at further developing products and technologies, including improving the quality of cellulose fiber grades, improving manufacturing efficiency and environmental controls and reducing fossil fuel consumption. The Company also focuses its R&D activities on the development and marketing of new products and applications. R&D expense was $7 million, $5 million and $6 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Intangible Assets
Intangible Assets
The Company has definite-lived intangible assets, acquired through a business combination, that consist of customer lists and trade names and are amortized over their estimated useful lives for periods ranging from 8 to 15 years. The Company evaluates the recoverability of its definite-life intangible assets by comparing the net carrying value of the asset group to the undiscounted net cash flows expected to be generated from the use and eventual disposition of that asset group when events or changes in circumstances indicate that its carrying amount may not be recoverable. If the carrying amount of the asset group is not recoverable, the fair value of the asset group is measured, and, if the carrying amount exceeds the fair value, an impairment loss is recognized.
Equity Method Investments
Equity Method Investments
Anomera, Inc.
The Company is an investor in Anomera, a Canadian startup corporation headquartered in Montreal, Quebec. Anomera manufactures CNC, a patented, biodegradable product, with uses in the cosmetics industry and various other industrial applications, including concrete, inks and pigments, polymer composites, coatings and adhesives industries. Anomera has a product development lab in Mississauga, Ontario and a production facility on the Company’s Temiscaming site that was constructed during 2021. In exchange for voting and non-voting interests, the Company has invested $12 million in Anomera through December 31, 2025. The Company and Anomera have entered into various service, leasing and supply agreements to support Anomera’s operations at the production facility. There are no financing agreements at Anomera for which the Company is liable.
The Company has a 44 percent voting interest in Anomera and is able to exercise significant influence, but not control, as it does not have the ability to direct the decisions that most significantly impact its economic performance. The Company has evaluated this investment and has concluded it is not a variable interest entity. The Company accounts for this investment under the equity method of accounting and records its share of net earnings and losses on the investment in “equity in loss of equity method investments” in the consolidated statements of operations. During the years ended December 31, 2025, 2024 and 2023, the Company recorded losses of $1 million, $2 million and $2 million, respectively, on its equity investment in Anomera.
LignoTech Florida LLC
The Company holds a 45 percent interest in LTF, a joint venture accounted for under the equity method of accounting. Borregaard ASA, a public company in Norway traded on the Oslo Exchange, owns the remaining 55 percent interest. LTF purchases sulfite liquor from the Company’s Fernandina Beach, Florida plant and converts it to purified lignins and lignosulfonates, which are used in concrete, textile dyes, pesticides, batteries and other products.
The Company recorded $13 million, $11 million and $14 million of lignin sales to the LTF joint venture during the years ended December 31, 2025, 2024 and 2023, respectively. The Company records its share of net earnings and losses on the investment in “other operating income (expense), net” in the consolidated statements of operations. During the years ended December 31, 2025 and December 31, 2023, the income (loss) recorded on the Company’s investment in LTF was immaterial. During the year ended December 31, 2024, the Company recorded income of $2 million on its investment in LTF. See Note 20—Other Operating Income (Expense), Net for further information.
The Company is liable for certain financing agreements related to LTF. See Note 23—Commitments and Contingencies for further information.
Altamaha Green Energy LLC
In the fourth quarter of 2025, the Company discontinued its involvement in the AGE project and incurred related charges of $3 million, including the write off of a $2 million contribution made to AGE in the third quarter for engineering, contract and legal support and $1 million in other expenses, that were recorded to “equity in loss of equity method investments” in the consolidated statements of operations.
The AGE project aims to construct a biomass boiler and turbine to produce and sell green electricity to Georgia Power Company under an executed Power Purchase Agreement. AGE is also a party to an Engineering, Procurement and Construction agreement, which can be terminated for convenience in the event the project is discontinued. AGE has not been engaged in any other operating activities and since formation focused solely on developing feasibility studies for this project and handling related administrative matters. During RYAM’s involvement in the project, all AGE expenses were shared evenly by RYAM and Beasley and were not material for the Company for any of the periods presented. The amounts expensed by the Company were recorded as general and administrative expenses.
Revenue Recognition and Measurement
Revenue Recognition and Measurement
Revenue is recognized when the performance obligations under a customer contract are satisfied. The Company’s customer contracts have a single performance obligation to transfer products. Accordingly, revenue is recognized when control has been transferred to the customer. Generally, control passes upon delivery to a location in accordance with the terms and conditions of the sale. Changes in customer contract terms and conditions, as well as the timing of orders and shipments, may impact the timing of revenue recognition.
Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring its products and is generally based on contractual arrangements with customers or published indices. The Company sells its products both directly to customers and through distributors and agents, typically under agreements with payment terms less than 90 days.
The Company elected to account for shipping and handling as activities to fulfill the promise to transfer the goods. As such, shipping and handling costs incurred are recorded in “cost of sales” in the consolidated statements of operations. In addition, the Company has excluded from net sales any value-add, sales and other taxes collected concurrent with its revenue-producing activities.
The nature of the Company’s contracts may give rise to variable consideration, which may be constrained, including sales volume-based rebates to customers. The Company estimates sales volumes based on anticipated purchases at the beginning of the period and records a rebate accrual for each purchase toward the requisite rebate volume. These estimated rebates are included in the transaction price as a reduction to net sales.
The Company has elected not to assess whether promised goods or services that are not significant in the context of a customer contract represent a separate performance obligation.
The Company did not have any material contract assets or contract liabilities as of December 31, 2025 or 2024.
Environmental Costs
Environmental Costs
The Company has established liabilities to assess, remediate, maintain and monitor sites related to disposed operations from which no current or future benefit is discernible. These obligations are established based on projected spending over the next 20 years and require significant estimates to determine the proper amount at any point in time. The projected period, from 2026 through 2045, reflects the time during which potential future costs are both estimable and probable. As new information becomes available, these cost estimates are updated and the recorded liabilities are adjusted appropriately. Environmental liabilities are accounted for on an undiscounted basis and are reflected in “current environmental liabilities” and “non-current environmental liabilities” in the consolidated balance sheets.
Employee Benefit Plans
Employee Benefit Plans
The determination of expense and funding requirements for the Company’s defined benefit pension and postretirement health care and life insurance plans are primarily based on several actuarial assumptions. The key assumptions include discount rate, return on assets, salary increases, health care cost trends, mortality rates and employee service lives.
The components of periodic pension and postretirement costs, other than service costs, are presented separately, outside of operating income, in “components of pension and OPEB, excluding service costs” in the consolidated statements of operations. The service cost component of net periodic benefit cost is presented in “cost of sales” and “selling, general and administrative expense,” which correlates with the related employee compensation costs arising from services rendered during the period. Only the service cost component of the net periodic benefit cost is eligible for capitalization.
Changes in the funded status of the Company’s plans are recorded through comprehensive income in the year in which the changes occur. Actuarial gains and losses, which occur when actual experience differs from actuarial assumptions, are reflected net of taxes in stockholders’ equity. If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities, the Company amortizes them over the average future service period.
Income Taxes
Income Taxes
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement asset and liability carrying amounts and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The Company records a valuation allowance to reduce the carrying amounts of its DTAs if it is more likely than not that such DTAs will not be realized, with the exception of DTAs for suspended U.S. interest deductions, which do not have a full valuation allowance in accordance with specific AICPA guidance. See Note 21—Income Taxes for further information.
The Company’s income tax returns are subject to audit by U.S. federal and state taxing authorities as well as foreign jurisdictions, including Canada and France. In evaluating the tax benefits associated with various tax filing positions, the Company records a tax benefit for an uncertain tax position if it is more likely than not to be realized upon ultimate settlement of the issue. The Company records a liability or an offset to the corresponding DTA for any uncertain tax position that does not meet this criterion. The Company adjusts its liabilities for unrecognized tax benefits in the period in which it is determined the issue is settled with the taxing authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new information becomes available. Interest expense and penalties, if applicable, related to unrecognized tax benefits are recorded in “income tax (expense) benefit” in the consolidated statements of operations.
Recent Accounting Developments
Recent Accounting Developments
Accounting Standards Updates Implemented
In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires enhanced annual income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid information. The Company adopted ASU 2023-09 for this 2025 Form 10-K on a prospective basis. See Note 21—Income Taxes for the new disclosures required by this ASU. The adoption of this ASU had no impact to the Company’s consolidated financial statements.
In August 2023, the FASB issued ASU 2023-05 “Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement,” which provides specific guidance on how a joint venture, upon formation, should recognize and initially measure assets contributed and liabilities assumed. The Company adopted ASU 2023-05 on January 1, 2025 and it will be applied on a prospective basis to all joint ventures with a formation date on or after January 1, 2025. The adoption of this ASU had no impact to the Company’s consolidated financial statements and related disclosures.
Accounting Standards Updates Not Yet Implemented
In November 2024, the FASB issued ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires additional information about specific expense categories in the notes to financial statements for both interim and annual reporting periods. This ASU is effective for public companies with annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.
Fair Value Measurements
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy prioritizes the inputs used to measure fair value as follows:
Level 1 — Quoted prices in active markets for identical assets or liabilities.
Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flows methodologies and similar techniques that use significant unobservable inputs.
The valuation methodologies used for measuring the fair value of these asset categories were as follows:
Mutual funds and collective trusts — Net asset value in an observable market.
Corporate bonds — Valued using pricing models that maximize the use of observable inputs for similar securities, including basing value on yields currently available on comparable securities of issuers with similar credit ratings.
U.S. government securities — Valued using pricing models that maximize the use of observable inputs for similar securities.
Common collective trust funds — Measured at net asset value per share, as a practical expedient for fair value, as provided by the plan trustee. The net asset value is calculated by determining the fair value of the fund’s underlying assets, deducting its liabilities, and dividing by the units outstanding as of the valuation date. These funds are not publicly traded; however, in most cases, the unit price calculation is based on observable market inputs of the funds’ underlying assets.
Financial Instruments
Financial Instruments
The carrying amounts of the Company’s cash, receivables and payables approximate fair value due to the short-term nature of those instruments. The carrying amount of borrowings outstanding under the ABL Credit Facility, 2029 Term Loan and short-term factoring facility approximate fair value due to their variable interest rates and no significant changes in the Company’s credit risk.
Redeemable Noncontrolling Interest
Both options have an exercise price that ensures achievement of both an internal rate of return of 16 percent and a 2x multiple. The Company evaluated the call and put options embedded in the preferred shares and determined that the put option should be bifurcated and recognized separately at fair value, with subsequent changes in fair value recorded in earnings. See Note 13—Fair Value Measurements for further information on the fair value measurements of the put option.
The value of SWEN’s redeemable noncontrolling interest is reflected in temporary equity and is accreted to its estimated redemption value at each period end using the interest method.
v3.25.4
Significant Accounting Policies and Recent Accounting Developments (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Definite-Lived Intangible Assets
The Company’s definite-lived intangible assets were as follows:
December 31, 2025
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Remaining Life
Customer lists$51,680 $(51,680)$— 0.0 years
Trade names8,604 (4,673)3,931 6.9 years
Total definite-lived intangibles$60,284 $(56,353)$3,931 6.9 years
December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Remaining Life
Customer lists$51,680 $(45,783)$5,897 0.9 years
Trade names8,604 (4,097)4,507 7.9 years
Total definite-lived intangibles$60,284 $(49,880)$10,404 3.9 years
Schedule of Future Amortization Expense
Estimated future amortization expense related to intangible assets held as of December 31, 2025 was as follows:
2026$575 
2027575 
2028575 
2029575 
2030575 
Thereafter1,056 
Total$3,931 
v3.25.4
Indefinite Suspension of Operations (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Suspension Reserve by Type of Cost
The following table presents the accrued liability balance activity related to the indefinite suspension during the year ended December 31, 2025:
Mothballing CostsSeverance and Other Employee CostsTotal
Balance at December 31, 2024
$977 $5,010 $5,987 
Charges incurred1,680 (405)1,275 
Payments(2,657)(3,935)(6,592)
Balance at December 31, 2025
$— $670 $670 
Schedule of Suspension Activity Charges
The following table presents total indefinite suspension charges incurred by cost type:
Year Ended December 31,
20252024
Mothballing costs$1,680 $5,710 
Severance and other employee costs(405)6,133 
Loss on asset disposal— 975 
Other suspension costs— 3,812 
Indefinite suspension charges(a)
$1,275 $16,630 
(a)In 2024, included non-cash charges of (i) a $2 million write-off of deferred shutdown costs, (ii) $2 million for potential contract penalties, (iii) a loss on asset disposal of $1 million and (iv) a $1 million loss on pension curtailment charges associated with early retirements driven by the indefinite suspension of operations. See Note 19—Employee Benefit Plans for further information regarding the loss on pension curtailment charges.
v3.25.4
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
Income from discontinued operations was comprised of the following:
Year Ended December 31,
202520242023
Loss on sale of duty refund rights$— $(890)$— 
Other operating income3,632 5,267 424 
Operating income3,632 4,377 424 
Income from discontinued operations before income tax3,632 4,377 424 
Income tax expense(a)
(962)(1,160)(112)
Income from discontinued operations, net of tax
$2,670 $3,217 $312 
(a)The tax rate used differed from the U.S. statutory rate, as discontinued operations were taxed exclusively at the Canadian blended rate of 26.5 percent for all periods presented.
v3.25.4
Accounts Receivable, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Accounts Receivable
Accounts receivable, net included the following:
December 31,
 20252024
Accounts receivable, trade$169,239 $191,091 
Accounts receivable, other(a)
24,938 23,938 
Allowance for credit loss(871)(1,057)
Accounts receivable, net$193,306 $213,972 
(a)Consists primarily of value-added/consumption taxes, grants receivable and accrued billings due from government agencies.
v3.25.4
Inventory (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory
Inventory included the following:
December 31,
 20252024
Finished goods$179,729 $156,407 
Work-in-progress7,038 5,034 
Raw materials44,939 40,234 
Manufacturing and maintenance supplies6,263 6,328 
Inventory$237,969 $208,003 
v3.25.4
Property, Plant and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment, Net
Property, plant and equipment, net included the following:
December 31,
 20252024
Land and land improvements$42,095 $41,430 
Buildings262,965 254,127 
Machinery and equipment2,637,937 2,539,114 
Other5,342 4,985 
Construction in progress60,946 70,526 
Property, plant and equipment3,009,285 2,910,182 
Accumulated depreciation(1,994,671)(1,891,599)
Property, plant and equipment, net$1,014,614 $1,018,583 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Components of Lease Expense
Financial and other information related to the Company’s operating and finance leases follow:
Year Ended December 31,
202520242023
Operating lease cost$10,357 $8,584 $7,441 
Finance lease cost
Amortization of ROU assets465 434 405 
Interest50 81 110 
Total lease cost$10,872 $9,099 $7,956 
Year Ended December 31,
202520242023
Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities$10,441 $8,590 $6,996 
Operating lease ROU assets obtained in exchange for lease liabilities(a)
$2,090 $20,134 $7,676 
(a)During the year ended December 31, 2024, the Company recorded an ROU asset and corresponding lease liability of $14 million related to a new warehouse lease agreement in Canada.
December 31,
20252024
Operating leases
Weighted average remaining lease term (in years)4.04.6
Weighted average discount rate8.4 %8.2 %
Finance leases
Weighted average remaining lease term (in years)0.91.8
Weighted average discount rate7.0 %7.0 %
Schedule of Balance Sheet Components
December 31,
Balance Sheet Location20252024
Operating leases
ROU assetsOther assets$25,629 $31,112 
Lease liabilities, currentAccrued and other current liabilities$8,224 $7,604 
Lease liabilities, non-currentOther liabilities$18,599 $24,035 
Finance leases
ROU assetsProperty, plant and equipment, net$339 $709 
Lease liabilitiesLong-term debt$456 $921 
Schedule of Operating Lease Maturity
Operating lease maturities as of December 31, 2025 were as follows:
2026$10,081 
20278,611 
20286,908 
20292,772 
2030696 
Thereafter2,915 
Total minimum lease payments31,983 
Less: imputed interest(5,160)
Present value of future minimum lease payments$26,823 
v3.25.4
Accrued and Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued and Other Current Liabilities
Accrued and other current liabilities included the following:
December 31,
 20252024
Accrued customer incentives$43,260 $52,153 
Accrued payroll and benefits30,770 41,380 
Accrued interest690 12,674 
Accrued income taxes4,342 4,445 
Accrued property and other taxes 1,754 6,265 
Deferred revenue and other income(a)
10,359 11,128 
Other current liabilities(b)
47,405 42,740 
Accrued and other current liabilities$138,580 $170,785 
(a)Included at December 31, 2025 was a prepayment of $5 million for the Company’s insurance claim related to the fire that occurred at the Jesup plant in October 2024. See Note 7—Property, Plant and Equipment, Net for further details of the fire and related claim. Included at December 31, 2024 was $3 million (CAD $5 million) associated with funds received in 2021 for CEWS. In the second quarter of 2025, the Company recognized this amount in “income from discontinued operations, net of taxes” in the consolidated statements of operations.
(b)Included at December 31, 2025 and 2024 was $19 million and $17 million, respectively, of energy-related payables associated with Tartas facility operations.
v3.25.4
Debt and Finance Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Debt and finance leases include the following:
December 31,
20252024
ABL Credit Facility due November 2029: $72 million net availability, bearing interest of 6.1% (3.8% adjusted SOFR plus 2.3% margin) at December 31, 2025
$50,000 $— 
2029 Term Loan due October 2029: bearing interest of 11.5% (4.0% three-month Term SOFR plus 7.5% margin) at December 31, 2025
693,000 700,000 
5.50% CAD-based term loan due April 2028
18,923 21,184 
BioNova debt(a)
20,578 21,120 
Other loans(b)
32,019 32,536 
Short-term factoring facility4,801 2,304 
Finance lease obligations456 921 
Total principal payments due819,777 778,065 
Less: unamortized premium, discount and issuance costs(40,759)(48,242)
Total debt$779,018 $729,823 
Debt due within one year$20,909 $23,379 
Long-term debt$758,109 $706,444 
(a)Consists of green loans associated with the Tartas bioethanol plant, part of the net assets contributed by the Company to its subsidiary, BioNova.
(b)Consist of loans for energy projects in France.
Schedule of Debt and Finance Lease Payments
Future debt and finance lease payments as of December 31, 2025 include:
Finance Lease
Minimum Lease PaymentsInterestNet Present ValueDebt Principal Payments
2026$472 $16 $456 $20,453 
2027— — — 28,049 
2028— — — 21,377 
2029— — — 730,966 
2030— — — 7,950 
Thereafter— — — 10,526 
Total debt and finance lease payments due$472 $16 $456 $819,321 
v3.25.4
Environmental Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Environmental Remediation Obligations [Abstract]  
Schedule of Activity for Environmental Liabilities
The following table presents the activity of the Company’s environmental liabilities, including those of specific sites where current estimates exceed 10 percent of the total liabilities for disposed operations at December 31, 2025, 2024 or 2023:
December 31, 2023 LiabilityPayments
Increase (Decrease) to Liability(a)
December 31, 2024 LiabilityPayments
Increase (Decrease) to Liability(a)
December 31, 2025 Liability
Port Angeles, Washington$52,668 $(1,004)$1,594 $53,258 $(1,272)$11,025 $63,011 
Augusta, Georgia22,655 (1,227)1,089 22,517 (1,418)3,993 25,092 
Baldwin, Florida15,891 (383)447 15,955 (836)2,205 17,324 
East Point, Georgia19,712 (1,111)1,154 19,755 (1,280)1,763 20,238 
All other sites59,365 (2,180)1,545 58,730 (1,927)1,414 58,217 
Total environmental liabilities$170,291 $(5,905)$5,829 $170,215 $(6,733)$20,400 $183,882 
Current environmental liabilities$9,833 $9,749 $10,438 
Non-current environmental liabilities$160,458 $160,466 $173,444 
(a)Included in the increase (decrease) to liability during the year ended December 31, 2024 was a decrease of $1 million due to foreign currency fluctuations. The liability as of December 31, 2025 was not materially impacted by foreign currency fluctuations.
v3.25.4
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Unrealized Gain (Loss) in AOCI The unrealized loss in AOCI related to hedge derivatives is presented below:
December 31,
20252024
Foreign exchange cash flow hedges, net of tax$93 $222 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Estimated Fair Value of SWEN Put Option, Calculated Using Monte Carlo Model The SWEN put option’s liability balance and activity during the year ended December 31, 2025 were as follows:
Financial Statement
Line Item		Year Ended December 31, 2025
Balance at December 31, 2024
Other liabilities$4,196 
Initial valuation adjustmentOther liabilities2,486 
Fair value measurement adjustmentOther income, net2,841 
Foreign currency translation adjustmentForeign currency translation adjustment560 
Balance at December 31, 2025
Other liabilities$10,083 
Schedule of Estimated Fair Value of Put Option, Calculated Using Monte Carlo Model Key inputs into the Monte Carlo simulation model used to determine the fair value of the SWEN put option at the fair value measurement date were as follows:
December 31
20252024
Free cash flow to equity volatility(a)
54.0 %52.0 %
Weighted average cost of capital13.3 %12.1 %
Risk-free interest rateTerm structure of U.S. Treasury and Euro Government Bond securitiesTerm structure of U.S. Treasury and Euro Government Bond securities
(a)Based on a peer group of companies in the same or a similar industry.
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value
The fair value of the Company’s fixed rate debt is estimated using quoted market prices for debt with similar terms and maturities, which are Level 2 inputs, and was as follows:
December 31,
20252024
Carrying amount of fixed rate debt(a)
$71,679 $75,142 
Fair value of fixed rate debt$73,426 $75,272 
(a)Excludes finance lease obligations.
v3.25.4
Redeemable Noncontrolling Interest (Tables)
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Schedule of Changes in Redeemable Noncontrolling Interest The redeemable noncontrolling interest balance and activity during the year ended December 31, 2025 were as follows:
Balance at December 31, 2024
$10,503 
Initial valuation adjustment(2,486)
Adjustment to redemption value1,824 
Net income attributable to redeemable noncontrolling interest161 
Comprehensive income adjustments:
Foreign currency translation adjustment on redemption value1,364 
Balance at December 31, 2025
$11,366 
Schedule Of Income (Loss) Attributable to Parent
Results attributable to RYAM, after attribution to the redeemable noncontrolling interest, were as follows:
Year Ended December 31,
20252024
Loss from continuing operations attributable to RYAM$(423,344)$(41,961)
Income from discontinued operations attributable to RYAM2,670 3,217 
Net loss attributable to RYAM$(420,674)$(38,744)
v3.25.4
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
Year Ended December 31,
202520242023
Unrecognized components of employee benefit plans, net of tax
Balance, beginning of year$(21,060)$(33,537)$(43,694)
Other comprehensive gain (loss) before reclassifications(4,002)15,981 12,859 
Income tax on other comprehensive gain (loss)137 (3,488)(2,283)
Reclassifications to earnings(a)
Pension settlement loss1,843 — — 
Amortization of gain(749)(358)(705)
Amortization of prior service cost255 337 196 
Income tax on reclassifications(b)
(21)5 90 
Other comprehensive income (loss) on employee benefit plans, net of tax(2,537)12,477 10,157 
Balance, end of year(23,597)(21,060)(33,537)
Unrealized loss on derivative instruments, net of tax
Balance, beginning of year(222)(373)(567)
Reclassifications to earnings - foreign currency exchange contracts(c)
129 174 224 
Income tax on reclassifications(b)
— (23)(30)
Other comprehensive income on derivative instruments, net of tax129 151 194 
Balance, end of year(93)(222)(373)
Foreign currency translation
Balance, beginning of year(24,387)(12,007)(19,537)
Foreign currency translation adjustment, net of tax(d)
25,106 (12,380)7,530 
Balance, end of year719 (24,387)(12,007)
Accumulated other comprehensive loss, end of year$(22,971)$(45,669)$(45,917)
(a)The AOCI components for defined benefit pension and post-retirement plans are included in the computation of net periodic benefit cost. See Note 19—Employee Benefit Plans for further information.
(b)Income tax effects are released from AOCI in the period in which the underlying item is realized in earnings.
(c)Reclassifications of foreign currency exchange contracts are recorded in “cost of sales,” “other operating income (expense), net” or “other income (expense), net,” as appropriate. See Note 12—Derivative Instruments for further information.
(d)Foreign currency translation is net of tax effects of $0 for all periods presented, as the French operations are taxed on the foreign functional currency and the foreign operations are considered indefinitely invested outside the U.S.
v3.25.4
Earnings per Common Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table provides the inputs to the calculations of basic and diluted earnings per common share (share amounts not in thousands):
Year Ended December 31,
202520242023
Loss from continuing operations$(423,183)$(41,924)$(102,147)
Income from continuing operations attributable to redeemable noncontrolling interest161 37 — 
Loss from continuing operations attributable to RYAM(423,344)(41,961)(102,147)
Less: Redeemable noncontrolling interest adjustment to redemption value(1,824)(253)— 
Loss from continuing operations attributable to RYAM common stockholders(425,168)(42,214)(102,147)
Income from discontinued operations, net of tax attributable to RYAM2,670 3,217 312 
Net loss attributable to RYAM common stockholders$(422,498)$(38,997)$(101,835)
Weighted average shares used in determining basic earnings per common share66,782,262 65,748,775 65,108,397 
Dilutive effect of:
Stock options— — — 
Performance-based and restricted stock units— — — 
Weighted average shares used in determining diluted earnings per common share66,782,262 65,748,775 65,108,397 
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share
Anti-dilutive instruments excluded from the computation of diluted earnings per share included (not in thousands):
Year Ended December 31,
202520242023
Stock options— — 46,798 
Performance-based and restricted stock units2,694,942 3,341,516 3,257,295 
Total anti-dilutive instruments2,694,942 3,341,516 3,304,093 
v3.25.4
Incentive Stock Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense Incentive stock plan compensation expense was as follows:
Year Ended December 31,
202520242023
Incentive stock plan compensation expense(a)
$6,345 $10,915 $5,754 
(a)Included equity award expense of $5 million during the year ended December 31, 2025 and $7 million during each of the years ended December 31, 2024 and 2023.
Schedule of Activity for Restricted Shares Granted to Employees
The following table summarizes the details of the restricted stock and stock units granted to employees:
Year Ended December 31,
202520242023
Restricted stock and stock units granted (not in thousands)544,718 633,603 992,830 
Weighted average price of restricted stock or stock units granted (not in thousands)$7.51 $4.11 $5.27 
Intrinsic value of restricted stock and stock units outstanding$8,201 $14,571 $7,641 
Fair value of restricted stock and stock units vested$4,066 $4,435 $4,264 
Schedule of Restricted Stock Activity
The following table summarizes the 2025 restricted stock and stock units activity:
(not in thousands)Restricted Stock and Stock Unit AwardsWeighted Average Grant Date Fair Value
Outstanding at December 31, 2024
1,766,219 $5.11 
Granted544,718 $7.51 
Forfeited(116,547)$4.98 
Vested(801,990)$5.07 
Outstanding at December 31, 2025
1,392,400 $6.08 
Schedule of Assumptions Used in Fair Value Calculation The following table presents weighted average assumptions used in calculating the fair value of the awards granted:
Year Ended December 31,
202520242023
Expected volatility57.5 %75.7 %77.6 %
Risk-free rate3.4 %4.2 %4.1 %
Schedule of Activity for Performance Shares Granted to Employees
The following table summarizes the details of the performance-based stock units awarded to employees:
Year Ended December 31,
202520242023
Common shares of stock reserved for performance-based stock units (not in thousands)1,054,188 1,164,884 611,528 
Weighted average fair value of performance-based stock units granted (not in thousands)$9.55 $4.80 $9.09 
Intrinsic value of outstanding performance-based stock units$7,672 $12,996 $5,551 
Schedule of Performance Share Activity
The following table summarizes the 2025 performance-based stock unit award activity:
(not in thousands)Performance-Based Stock Unit AwardsWeighted Average Grant Date Fair Value
Outstanding at December 31, 2024
1,575,297 $5.93 
Granted692,155 $9.55 
Forfeited(309,915)$3.54 
Vested (654,995)$7.17 
Outstanding at December 31, 2025
1,302,542 $7.80 
v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Changes in Projected Benefit Obligation
The following tables present the changes in the projected benefit obligation and plan assets and reconcile funded status and the defined benefit pension and postretirement plan amounts recognized in the consolidated balance sheets:
 PensionPostretirement
2025202420252024
Projected benefit obligation at beginning of year$563,350 $616,118 $21,600 $23,864 
Service cost4,742 4,641 443 551 
Interest cost27,529 27,715 954 989 
Actuarial (gain) loss9,655 (24,738)(194)(2,717)
Participant contributions571 652 178 167 
Benefits paid(39,438)(44,961)(1,644)(1,287)
Settlement(21,791)— — — 
Curtailment— 645 — (22)
Effect of foreign currency exchange rates9,495 (16,722)157 55 
Projected benefit obligation at end of year$554,113 $563,350 $21,494 $21,600 
Fair value of plan assets at beginning of year$501,940 $532,643 $— $— 
Actual return on plan assets36,234 20,540 — — 
Employer contributions6,323 7,685 1,357 1,012 
Participant contributions571 652 179 167 
Benefits paid(39,438)(44,961)(1,536)(1,179)
Settlement(21,791)— — — 
Effect of foreign currency exchange rates8,239 (14,619)— — 
Fair value of plan assets at end of year$492,078 $501,940 $— $— 
Funded Status at end of year$(62,035)$(61,410)$(21,494)$(21,600)
Schedule of Changes in Fair Value of Plan Assets
The following tables present the changes in the projected benefit obligation and plan assets and reconcile funded status and the defined benefit pension and postretirement plan amounts recognized in the consolidated balance sheets:
 PensionPostretirement
2025202420252024
Projected benefit obligation at beginning of year$563,350 $616,118 $21,600 $23,864 
Service cost4,742 4,641 443 551 
Interest cost27,529 27,715 954 989 
Actuarial (gain) loss9,655 (24,738)(194)(2,717)
Participant contributions571 652 178 167 
Benefits paid(39,438)(44,961)(1,644)(1,287)
Settlement(21,791)— — — 
Curtailment— 645 — (22)
Effect of foreign currency exchange rates9,495 (16,722)157 55 
Projected benefit obligation at end of year$554,113 $563,350 $21,494 $21,600 
Fair value of plan assets at beginning of year$501,940 $532,643 $— $— 
Actual return on plan assets36,234 20,540 — — 
Employer contributions6,323 7,685 1,357 1,012 
Participant contributions571 652 179 167 
Benefits paid(39,438)(44,961)(1,536)(1,179)
Settlement(21,791)— — — 
Effect of foreign currency exchange rates8,239 (14,619)— — 
Fair value of plan assets at end of year$492,078 $501,940 $— $— 
Funded Status at end of year$(62,035)$(61,410)$(21,494)$(21,600)
Schedule of Funded Status
The following tables present the changes in the projected benefit obligation and plan assets and reconcile funded status and the defined benefit pension and postretirement plan amounts recognized in the consolidated balance sheets:
 PensionPostretirement
2025202420252024
Projected benefit obligation at beginning of year$563,350 $616,118 $21,600 $23,864 
Service cost4,742 4,641 443 551 
Interest cost27,529 27,715 954 989 
Actuarial (gain) loss9,655 (24,738)(194)(2,717)
Participant contributions571 652 178 167 
Benefits paid(39,438)(44,961)(1,644)(1,287)
Settlement(21,791)— — — 
Curtailment— 645 — (22)
Effect of foreign currency exchange rates9,495 (16,722)157 55 
Projected benefit obligation at end of year$554,113 $563,350 $21,494 $21,600 
Fair value of plan assets at beginning of year$501,940 $532,643 $— $— 
Actual return on plan assets36,234 20,540 — — 
Employer contributions6,323 7,685 1,357 1,012 
Participant contributions571 652 179 167 
Benefits paid(39,438)(44,961)(1,536)(1,179)
Settlement(21,791)— — — 
Effect of foreign currency exchange rates8,239 (14,619)— — 
Fair value of plan assets at end of year$492,078 $501,940 $— $— 
Funded Status at end of year$(62,035)$(61,410)$(21,494)$(21,600)
Schedule of Amounts Recognized in Consolidated Balance Sheet
 PensionPostretirement
2025202420252024
Non-current assets$1,264 $— $— $— 
Current liabilities(4,545)(4,390)(1,410)(1,381)
Non-current liabilities(58,754)(57,020)(20,084)(20,219)
Net amount recognized$(62,035)$(61,410)$(21,494)$(21,600)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Net gain (loss) recognized in other comprehensive income during the three years ended December 31 was as follows:
 PensionPostretirement
 202520242023202520242023
Net gain (loss)$(4,135)$13,053 $9,202 $133 $2,928 $6,639 
Prior service cost$— $— $(2,982)$— $— $— 
Net gain (loss) and prior service cost (credit) reclassified from other comprehensive income and recognized as a component of pension and postretirement expense during the three years ended December 31 were as follows:
 PensionPostretirement
 202520242023202520242023
Pension settlement loss$1,843 $— $— $— $— $— 
Amortization of net (gain) loss$228 $379 $(490)$(977)$(737)$(215)
Amortization of prior service cost (credit)$426 $435 $294 $(171)$(98)$(98)
Schedule of Net Periodic Benefit Cost Not yet Recognized
Net gain (loss), prior service cost (credit) and plan amendments that have not yet been included in pension and postretirement expense and have been recognized as a component of AOCI during the three years ended December 31 were as follows:
 PensionPostretirement
 202520242023202520242023
Prior service cost (credit)$(3,059)$(3,600)$(3,852)$389 $561 $659 
Net gain (loss)(39,307)(37,097)(50,796)11,555 12,341 10,343 
Deferred income tax (expense) benefit8,825 9,664 12,630 (2,000)(2,929)(2,521)
Accumulated other comprehensive income (loss)$(33,541)$(31,033)$(42,018)$9,944 $9,973 $8,481 
Schedule of Accumulated and Projected Benefit Obligations
For defined benefit pension plans, the projected and accumulated benefit obligations and the fair value of plan assets were as follows:
December 31,
 20252024
Projected benefit obligation$554,113 $563,350 
Accumulated benefit obligation$546,222 $553,973 
Fair value of plan assets$492,078 $501,940 
Schedule of Net Benefit Costs
The following table presents the components of net periodic benefit cost of the plans:
 PensionPostretirement
202520242023202520242023
Service cost$4,742 $4,641 $4,877 $443 $551 $1,116 
Interest cost27,529 27,715 28,724 954 989 1,351 
Expected return on plan assets(30,748)(32,361)(31,425)— — — 
Amortization of prior service cost (credit)426 435 294 (171)(98)(98)
Amortization of (gain) loss228 379 (490)(977)(737)(215)
Pension settlement loss1,843 — 2,317 — — — 
Curtailment— 736 — — — — 
Other — — — (6)18 (556)
Net periodic benefit cost(a)
$4,020 $1,545 $4,297 $243 $723 $1,598 
(a)Service cost is included in “cost of sales” or “selling, general and administrative expense” in the consolidated statements of operations, as appropriate. Interest cost, expected return on plan assets, amortization of prior service cost (credit), amortization of (gain) loss and other are included in “components of pension and OPEB, excluding service costs” in the consolidated statements of operations.
Schedule of Assumptions Used
The following table presents the weighted average principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement plans:
 PensionPostretirement
202520242023202520242023
Assumptions used to determine benefit obligations at December 31:
Discount rate5.11 %5.16 %4.71 %4.66 %5.23 %4.72 %
Rate of compensation increase2.50 %2.50 %2.50 %N/A4.19 %3.11 %
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate5.28 %4.78 %4.97 %5.08 %4.67 %4.94 %
Expected long-term return on plan assets5.89 %5.92 %5.92 %N/AN/AN/A
Rate of compensation increase2.50 %2.50 %2.50 %3.99 %4.19 %3.11 %
Schedule of Health Care Cost Trend Rates The following table sets forth the assumed health care cost trend rates as of period end:
 Postretirement
 20252024
U.S.CanadaU.S.Canada
Health care cost trend rate assumed for next year8.50 %5.50 %7.50 %5.87 %
Rate to which cost trend is assumed to decline (ultimate trend rate)4.00 %4.00 %4.00 %5.00 %
Year that ultimate trend rate is reached2034204020312037
Schedule of Allocation of Plan Assets The Company’s weighted average defined benefit pension plan asset allocations at December 31, by asset category, were as follows:
 Percentage of Plan Assets
20252024
U.S. fixed income securities54 %33 %
International fixed income securities19 %24 %
U.S. equity securities5 %21 %
International equity securities15 %16 %
Other(a)
7 %6 %
Total100 %100 %
(a)Includes cash balances related to the timing of portfolio management activities.
The following tables present, by level within the fair value hierarchy (see Note 13—Fair Value Measurements), the assets of the plans:
December 31, 2025
Level 1Level 2Level 3Total
Mutual funds and collective trusts$66,378 $— $— $66,378 
Corporate bonds— 192,600 — 192,600 
U.S. government securities— 83,150 — 83,150 
Non-U.S. government securities— 2,283 — 2,283 
Investments at net asset value:
Common collective trust funds147,667 
Total assets at fair value$492,078 
December 31, 2024
Level 1Level 2Level 3Total
Mutual funds and collective trusts$129,584 $— $— $129,584 
Corporate bonds— 150,823 — 150,823 
U.S. government securities— 33,308 — 33,308 
Non-U.S. government securities— 4,803 — 4,803 
Derivative instruments— 1,242 — 1,242 
Investments at net asset value:
Common collective trust funds182,180 
Total assets at fair value$501,940 
Schedule of Expected Benefit Payments
Expected benefit payments for the next ten years were as follows:
 PensionPostretirement
2026$40,946 $1,556 
2027$39,385 $1,534 
2028$39,561 $1,613 
2029$39,541 $1,645 
2030$39,562 $1,654 
2031 - 2035$195,508 $8,136 
v3.25.4
Other Operating Income (Expense), Net (Tables)
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Operating Income (Expense), Net
Other operating income (expense), net was comprised of the following:
Year Ended December 31,
202520242023
Loss on disposal of property, plant and equipment$(893)$(1,790)$(2,872)
Equity in income (loss) of joint venture (352)1,882 204 
Miscellaneous income (expense)(3,212)7,042 (3,955)
Other operating income (expense), net$(4,457)$7,134 $(6,623)
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income from Continuing Operations before Income Tax
Loss from continuing operations before income tax included domestic and foreign components as follows:
Year Ended December 31,
 202520242023
United States$(33,469)$(8,590)$(65,413)
Foreign(61,576)(40,610)(67,061)
Total
$(95,045)$(49,200)$(132,474)
Schedule of Provision for Income Taxes
Income tax (expense) benefit on continuing operations consisted of the following:
Year Ended December 31,
 202520242023
Current tax (expense) benefit
U.S. federal$(286)$981 $1,623 
U.S. state and local(178)(191)(144)
Foreign(876)(1,468)3,119 
Total current tax (expense) benefit(1,340)(678)4,598 
Deferred tax (expense) benefit
U.S. federal8,076 6,011 15,542 
U.S. state and local596 509 143 
Foreign(330,597)3,086 12,028 
Total deferred tax (expense) benefit(321,925)9,606 27,713 
Total income tax (expense) benefit
U.S. federal7,790 6,992 17,165 
U.S. state and local418 318 (1)
Foreign(331,473)1,618 15,147 
Total income tax (expense) benefit$(323,265)$8,928 $32,311 
Schedule of Effective Income Tax Rate Reconciliation
The following tables reconcile the effective income tax rate on continuing operations to the U.S. federal statutory rate:
Year Ended December 31, 2025
 AmountPercent
U.S. Domestic
U.S. federal statutory income tax rate$(19,962)21.0 %
State and local taxes(a)
(378)0.4 
Valuation allowance changes477 (0.5)
Tax credits(1,243)1.3 
Other(264)0.3 
Foreign
Canada
Statutory rate difference(3,046)3.2 
Valuation allowance changes347,897 (366.0)
Other81 (0.1)
France
Other(711)0.7 
Other aggregated jurisdictions11 — 
Worldwide changes in uncertain tax benefits403 (0.4)
Effective income tax rate on continuing operations$323,265 (340.1)%
(a)The Florida and Tennessee jurisdictions make up more than 50 percent of the total state and local taxes.
Year Ended December 31,
 20242023
U.S. federal statutory income tax rate21.0 %21.0 %
Change in valuation allowance(11.5)(7.7)
Adjustment to previously filed tax returns(0.4)2.0 
Tax credits (excluding foreign tax credit) 4.1 5.4 
Nondeductible compensation for executives and share-based awards(3.4)0.5 
Net changes in uncertain tax positions6.3 (0.1)
Difference in foreign statutory rates1.2 2.1 
U.S. tax on foreign earnings (GILTI and Subpart F, net of FTC)(0.4)(0.1)
Interest on tax payments/receipts1.1 0.6 
Other0.1 0.7 
Effective income tax rate on continuing operations18.1 %24.4 %
Schedule of Income Taxes Paid Refunded
Income taxes (paid) refunded, net for the year ended December 31, 2025 were as follows:
U.S. federal$164 
U.S. state and local(161)
Foreign
Canada2,315 
France(2,745)
Other(83)
Income taxes (paid) refunded, net$(510)
Schedule of Temporary Differences and Resulting Deferred Tax Liability The nature of these temporary differences and the resulting net deferred tax balances follow:
December 31,
 20252024
Deferred tax assets
Net operating losses(a)
$209,631 $157,942 
Canadian pool of SR&ED
96,452 96,458 
Property, plant and equipment basis differences79,362 74,408 
Tax credit carryforwards(a)
50,645 71,013 
Environmental liabilities42,375 39,316 
Deferred U.S. interest deductions38,315 36,286 
Pension, postretirement and other employee benefits19,222 19,534 
Capitalized costs14,111 18,275 
Other compensation5,711 7,050 
State net operating losses(a)
4,572 3,454 
Deferred foreign interest deductions3,304 7,601 
Other deferred tax assets21,965 23,636 
Total gross deferred tax assets585,665 554,973 
Valuation allowance(441,887)(86,082)
Total deferred tax assets, net of valuation allowance143,778 468,891 
Deferred tax liabilities
Property, plant and equipment basis differences(112,959)(110,577)
Prepaid expenses(5,462)(4,487)
Intangible assets(430)(2,326)
Other deferred tax liabilities(13,623)(15,686)
Total deferred tax liabilities(132,474)(133,076)
Net deferred tax asset$11,304 $335,815 
Net deferred tax asset as reflected in consolidated balance sheets:
Deferred tax assets$24,026 $349,500 
Deferred tax liabilities(12,722)(13,685)
Net deferred tax asset$11,304 $335,815 
(a)Further detail of these items as of December 31, 2025 follows:
Gross AmountTax EffectedValuation AllowanceExpiration
Net operating losses$963,365 $214,203 $(185,328)2027 - 2045
Tax credit carryforwards$51,127 $50,645 $(28,741)2026 - 2045
Schedule of Unrecognized Tax Benefits Roll Forward A reconciliation of beginning and ending unrecognized tax benefits balances for the periods presented follows:
Year Ended December 31,
 202520242023
Balance at beginning of period$10,444 $13,580 $11,015 
Decreases related to prior year tax positions(37)(3,035)(1,612)
Increases related to prior year tax positions149 905 2,804 
Decreases related to current year tax positions— — — 
Increases related to current year tax positions436 957 1,373 
Decreases due to statutory expirations— (1,963)— 
Balance at end of period$10,992 $10,444 $13,580 
Schedule of Income Tax Examinations The following table provides the tax years that remain open to examination by significant taxing jurisdictions:
Open Tax Years
U.S.2022-2025
France2020-2025
Canada2022-2025
v3.25.4
Segment and Geographical Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Significant segment financial data follows:
Year Ended December 31, 2025
Cellulose SpecialtiesBiomaterialsCellulose CommoditiesPaperboardHigh-Yield Pulp
Corporate(a) and Eliminations
Total
Net sales$862,037 $30,551 $312,731 $179,050 $112,650 $(30,622)$1,466,397 
Cost of sales
Key input costs (wood, chemicals, energy)321,443 5,838 151,752 101,655 67,697 (30,868)617,517 
Freight40,176 2,557 26,661 18,519 23,719 — 111,632 
Depreciation and amortization66,307 2,914 39,444 13,468 2,145 — 124,278 
Fixed and other general costs(b)
258,081 7,281 140,003 42,219 46,121 480 494,185 
Total cost of sales686,007 18,590 357,860 175,861 139,682 (30,388)1,347,612 
Selling, general and administrative expense15,060 5,763 7,869 10,041 2,532 42,677 83,942 
Indefinite suspension charges— — 1,275 — — — 1,275 
Other operating (income) expense(c)
928 2 960 527 12 27,041 29,470 
Operating income (loss)$160,042 $6,196 $(55,233)$(7,379)$(29,576)$(69,952)$4,098 
Depreciation and amortization$67,065 $2,914 $40,046 $19,946 $2,145 $1,842 $133,958 
Year Ended December 31, 2024
Cellulose SpecialtiesBiomaterialsCellulose CommoditiesPaperboardHigh-Yield Pulp
Corporate(a) and Eliminations
Total
Net sales$921,411 $29,684 $354,633 $227,628 $126,897 $(29,945)$1,630,308 
Cost of sales
Key input costs (wood, chemicals, energy)352,361 4,839 181,991 117,393 71,890 (30,356)698,118 
Freight44,115 3,041 28,226 20,512 20,380 — 116,274 
Depreciation and amortization71,024 2,071 42,868 7,832 2,329 — 126,124 
Fixed and other general costs(b)
261,899 9,498 171,664 41,802 38,589 758 524,210 
Total cost of sales729,399 19,449 424,749 187,539 133,188 (29,598)1,464,726 
Selling, general and administrative expense9,839 4,170 6,501 11,021 2,912 57,815 92,258 
Asset impairment— — 25,169 — — — 25,169 
Indefinite suspension charges— — 16,630 — — — 16,630 
Other operating (income) expense(c)
(1,204)490 (5,057)(2,363)(1,609)1,787 (7,956)
Operating income (loss)$183,377 $5,575 $(113,359)$31,431 $(7,594)$(59,949)$39,481 
Depreciation and amortization$71,752 $2,071 $43,413 $14,701 $2,451 $2,785 $137,173 
Year Ended December 31, 2023
Cellulose SpecialtiesBiomaterialsCellulose CommoditiesPaperboardHigh-Yield Pulp
Corporate(a) and Eliminations
Total
Net sales$825,037 $28,980 $461,973 $219,408 $135,954 $(28,022)$1,643,330 
Cost of sales
Key input costs (wood, chemicals, energy)341,262 5,438 262,444 113,678 75,144 (26,857)771,109 
Freight37,795 3,642 41,953 18,131 29,312 — 130,833 
Depreciation and amortization67,077 342 58,103 5,848 2,103 — 133,473 
Fixed and other general costs(b)
257,801 8,154 190,207 35,021 29,402 (824)519,761 
Total cost of sales703,935 17,576 552,707 172,678 135,961 (27,681)1,555,176 
Selling, general and administrative expense12,140 1,359 4,743 9,570 2,893 45,007 75,712 
Asset impairment— — 62,300 — — — 62,300 
Other operating (income) expense(c)
675 41 2,081 — 255 12,354 15,406 
Operating income (loss)$108,287 $10,004 $(159,858)$37,160 $(3,155)$(57,702)$(65,264)
Depreciation and amortization$65,869 $342 $56,714 $12,933 $2,025 $2,100 $139,983 
(a)Includes ERP and certain lease expense shared across operating segments.
(b)Includes salaries, wages and benefits, maintenance costs and other costs of sales.
(c)Primarily includes foreign exchange gain (loss), environmental remediation expense, gain (loss) on disposal of property, plant and equipment and income (loss) from equity method investments.
Schedule of Reconciliation of Identifiable Assets
Due to their integrated nature, certain operating and production assets are jointly utilized across the Cellulose Specialties and Cellulose Commodities segments. These assets are essential for the production processes of both types of products and are not directly attributable to either segment. As such, direct allocation to a specific segment is not feasible or prudent and they are considered shared assets. The Company allocates related fixed, maintenance and other costs based on a rational and consistent approach that reflects the segments’ contribution, usage and economic benefit derived from the shared assets in the production process, which varies from period to period between specialties and commodities products.
Identifiable assets by segment include the Company’s current assets and were as follows:
December 31,
20252024
Cellulose Specialties$206,267 $214,659 
Biomaterials48,105 42,366 
Cellulose Commodities72,913 69,082 
Paperboard54,639 44,351 
High-Yield Pulp34,841 40,694 
Shared/Corporate(a)
151,618 189,809 
Total assets$568,383 $600,961 
(a)At both December 31, 2025 and 2024, included $132 million of assets shared by Cellulose Specialties and Cellulose Commodities. Corporate includes certain operating and lease assets shared across segments.
Schedule of Long-lived Assets by Country
Long-lived assets by country were as follows:
December 31,
 20252024
United States$714,048 $719,386 
Canada259,243 611,647 
France216,542 197,290 
Other139 373 
Total long-lived assets$1,189,972 $1,528,696 
Schedule of Geographical Distribution of the Company's Sales
Net sales geographical distribution was as follows:
 Year Ended December 31,
 2025%2024%2023%
United States$465,624 32 $560,119 34 $544,864 33 
Europe309,524 21 280,261 17 222,778 13 
China273,319 19 352,290 22 473,778 29 
Other Asia170,635 11 174,208 11 126,072 8 
Japan131,382 9 121,879 7 158,106 10 
Canada55,199 4 90,572 6 62,657 4 
Latin America19,487 1 17,659 1 11,073 — 
All other41,227 3 33,320 2 44,002 3 
Net sales$1,466,397 100 $1,630,308 100 $1,643,330 100 
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Purchase Obligations
At December 31, 2025, future minimum payments under purchase obligations were as follows:
2026$177,952 
202768,592 
202861,540 
202918,838 
203019,043 
Thereafter210,779 
Total(a)
$556,744 
(a)Primarily consists of commitments for the purchase of natural gas, steam energy and wood chips. These obligations are estimates and may vary based on changes in actual price and volume terms. Remaining purchase obligations under the 20-year wood chip and residual fiber supply agreement with GreenFirst total approximately $203 million, or annual payments of approximately $13 million, through the duration of the agreement to 2041. The Company remains subject to purchase obligations under this agreement, under which total required purchase volumes of wood chips and residual fiber depend on sawmill production. In connection with the indefinite suspension of operations at the Temiscaming cellulose plant, GreenFirst and the Company have agreed that the Company will purchase the required volumes at market value and sell them to third parties at the same amount for an expected neutral impact.
v3.25.4
Nature of Operations and Basis of Presentation (Details)
$ in Millions
Mar. 05, 2026
USD ($)
Dec. 31, 2025
facility
Subsequent Event    
Segment Reporting Information [Line Items]    
Lease initial term 33 months  
Monthly rental payments $ 0.7  
Proceeds from Sale of Other Assets $ 20.0  
High Purity Cellulose    
Segment Reporting Information [Line Items]    
Number of production facilities | facility   3
v3.25.4
Significant Accounting Policies and Recent Accounting Developments - Translation of Foreign Currency (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Foreign currency transaction gain (loss) $ (7) $ 10 $ (4)
v3.25.4
Significant Accounting Policies and Recent Accounting Developments - Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 28, 2024
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]          
Asset impairment $ 25,000 $ 62,000 $ 0 $ 25,169 $ 62,300
Non-production Assets | Minimum          
Property, Plant and Equipment [Line Items]          
Useful life     3 years    
Non-production Assets | Maximum          
Property, Plant and Equipment [Line Items]          
Useful life     25 years    
Buildings | Minimum          
Property, Plant and Equipment [Line Items]          
Useful life     15 years    
Buildings | Maximum          
Property, Plant and Equipment [Line Items]          
Useful life     35 years    
Land Improvements | Minimum          
Property, Plant and Equipment [Line Items]          
Useful life     5 years    
Land Improvements | Maximum          
Property, Plant and Equipment [Line Items]          
Useful life     30 years    
v3.25.4
Significant Accounting Policies and Recent Accounting Developments - Asset Retirement Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Asset retirement obligation, noncurrent $ 11 $ 13  
Asset retirement obligation, liabilities incurred 0    
Asset retirement obligation, liabilities settled 2    
Asset retirement obligation, accretion (less than) $ 0 $ 0 $ 1
v3.25.4
Significant Accounting Policies and Recent Accounting Developments - Capitalized Software (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Capitalized software, amortization period 5 years    
Capitalized software, gross $ 55 $ 50  
Capitalized software, accumulated amortization 27 22  
Capitalized software, amortization $ 6 $ 5 $ 4
v3.25.4
Significant Accounting Policies and Recent Accounting Developments - Maintenance Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Capitalized shutdown costs $ 19 $ 14
Minimum    
Property, Plant and Equipment [Line Items]    
Capitalized shutdown costs, amortization period 1 year  
Maximum    
Property, Plant and Equipment [Line Items]    
Capitalized shutdown costs, amortization period 18 months  
v3.25.4
Significant Accounting Policies and Recent Accounting Developments - Emission Allowances (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Sales of excess emission allowances $ 9 $ 10 $ 11
v3.25.4
Significant Accounting Policies and Recent Accounting Developments - Research and Development Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Research and development expense $ 7 $ 5 $ 6
v3.25.4
Significant Accounting Policies and Recent Accounting Developments - Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Amortization expense of definite-life intangibles $ 6 $ 7 $ 7
Minimum      
Finite-Lived Intangible Assets [Line Items]      
Amortization period 8 years    
Maximum      
Finite-Lived Intangible Assets [Line Items]      
Amortization period 15 years    
v3.25.4
Significant Accounting Policies and Recent Accounting Developments - Schedule Of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 60,284 $ 60,284
Accumulated Amortization (56,353) (49,880)
Net Carrying Amount $ 3,931 $ 10,404
Weighted Average Remaining Life 6 years 10 months 24 days 3 years 10 months 24 days
Customer lists    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 51,680 $ 51,680
Accumulated Amortization (51,680) (45,783)
Net Carrying Amount $ 0 $ 5,897
Weighted Average Remaining Life 0 years 10 months 24 days
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 8,604 $ 8,604
Accumulated Amortization (4,673) (4,097)
Net Carrying Amount $ 3,931 $ 4,507
Weighted Average Remaining Life 6 years 10 months 24 days 7 years 10 months 24 days
v3.25.4
Significant Accounting Policies and Recent Accounting Developments - Schedule of Intangible Assets Amortization (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
2026 $ 575  
2027 575  
2028 575  
2029 575  
2030 575  
Thereafter 1,056  
Net Carrying Amount $ 3,931 $ 10,404
v3.25.4
Significant Accounting Policies and Recent Accounting Developments - Equity Method Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]        
Income (loss) from equity method investments   $ (4,873) $ (1,652) $ (1,984)
Net sales   1,466,397 1,630,308 1,643,330
Anomera, Inc.        
Schedule of Equity Method Investments [Line Items]        
Investment in equity method investment $ 12,000 $ 12,000    
Ownership percentage 44.00% 44.00%    
Income (loss) from equity method investments   $ 1,000 (2,000) (2,000)
LTF        
Schedule of Equity Method Investments [Line Items]        
Ownership percentage 45.00% 45.00%    
Income (loss) from equity method investments   $ 0 2,000 0
Net sales   $ 13,000 $ 11,000 $ 14,000
LTF | Borregaard        
Schedule of Equity Method Investments [Line Items]        
Ownership percentage 55.00% 55.00%    
Altamaha Green Energy LLC        
Schedule of Equity Method Investments [Line Items]        
Payments to acquire interest in subsidiaries and affiliates, write-off $ 3,000      
Payments to acquire interest in subsidiaries and affiliates, write-off of contribution 2,000      
Payments to acquire interest in subsidiaries and affiliates, write-off, other expenses $ 1,000      
v3.25.4
Significant Accounting Policies and Recent Accounting Developments - Revenue Recognition (Details)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Typical payment terms (less than) 90 days
v3.25.4
Significant Accounting Policies and Recent Accounting Developments - Environmental Costs (Details)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Environmental loss contingencies term 20 years
v3.25.4
Significant Accounting Policies and Recent Accounting Developments - Employee Benefit Plans (Details)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Threshold for amortization of actuarial gains (losses) 10.00%
v3.25.4
Indefinite Suspension of Operations - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 28, 2024
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]          
Costs incurred to date     $ 18,000    
Restructuring and related cost, expected cost remaining     1,000    
Asset impairment $ 25,000 $ 62,000 0 $ 25,169 $ 62,300
Mothballing Costs          
Restructuring Cost and Reserve [Line Items]          
Costs incurred to date     7,000    
Severance and Other Employee Costs          
Restructuring Cost and Reserve [Line Items]          
Costs incurred to date     6,000    
Other Restructuring          
Restructuring Cost and Reserve [Line Items]          
Costs incurred to date     $ 5,000    
v3.25.4
Indefinite Suspension of Operations - Schedule of Suspension Reserve by Type of Cost (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Restructuring Reserve [Roll Forward]  
Beginning balance $ 5,987
Charges incurred 1,275
Payments (6,592)
Ending balance 670
Mothballing Costs  
Restructuring Reserve [Roll Forward]  
Beginning balance 977
Charges incurred 1,680
Payments (2,657)
Ending balance 0
Severance and Other Employee Costs  
Restructuring Reserve [Roll Forward]  
Beginning balance 5,010
Charges incurred (405)
Payments (3,935)
Ending balance $ 670
v3.25.4
Indefinite Suspension of Operations - Schedule of Suspension Activity Charges (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Indefinite suspension charges $ 1,275 $ 16,630 $ 0
Pension      
Restructuring Cost and Reserve [Line Items]      
Curtailment 0 (736) $ 0
Mothballing Costs      
Restructuring Cost and Reserve [Line Items]      
Indefinite suspension charges 1,680 5,710  
Severance and Other Employee Costs      
Restructuring Cost and Reserve [Line Items]      
Indefinite suspension charges (405) 6,133  
Loss on asset disposal      
Restructuring Cost and Reserve [Line Items]      
Indefinite suspension charges 0 975  
Other suspension costs      
Restructuring Cost and Reserve [Line Items]      
Indefinite suspension charges $ 0 3,812  
Write-off deferred shutdown costs      
Restructuring Cost and Reserve [Line Items]      
Indefinite suspension charges   2,000  
Potential contract penalty      
Restructuring Cost and Reserve [Line Items]      
Indefinite suspension charges   $ 2,000  
v3.25.4
Discontinued Operations - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jun. 29, 2024
Aug. 31, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Discontinued Operations          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Pre-tax income from CEWS benefit claims     $ 4,000 $ 5,000  
Government Assistance, Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration]     Income from discontinued operations, net of tax (Note 4) Income from discontinued operations, net of tax (Note 4)  
Discontinued Operations, Disposed of by Sale | Lumber and Newsprint Facilities          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Supply term   20 years      
Duties receivable         $ 40,000
Gross purchase price $ 39,000        
Loss on sale of duty refund rights $ 1,000   $ 0 $ 890 0
Pre tax gain         2,000
Discontinued Operations, Disposed of by Sale | Lumber and Newsprint Facilities | Representations And Warranties          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Pre-tax (gain) loss on settlement of a claim         $ 2,000
v3.25.4
Discontinued Operations - Income from Discontinued Operations (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jun. 29, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Income from discontinued operations, net of tax   $ 2,670 $ 3,217 $ 312
Canada        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Foreign blended tax rate   26.50% 26.50% 26.50%
Discontinued Operations, Disposed of by Sale | Lumber and Newsprint Facilities        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Loss on sale of duty refund rights $ (1,000) $ 0 $ (890) $ 0
Other operating income   3,632 5,267 424
Operating income   3,632 4,377 424
Income from discontinued operations before income tax   3,632 4,377 424
Income tax expense   (962) (1,160) (112)
Income from discontinued operations, net of tax   $ 2,670 $ 3,217 $ 312
v3.25.4
Accounts Receivable, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Allowance for credit loss $ (871) $ (1,057)
Accounts receivable, net 193,306 213,972
Accounts receivable, trade    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total accounts receivable, gross 169,239 191,091
Accounts receivable, other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total accounts receivable, gross $ 24,938 $ 23,938
v3.25.4
Inventory (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Finished goods $ 179,729 $ 156,407
Work-in-progress 7,038 5,034
Raw materials 44,939 40,234
Manufacturing and maintenance supplies 6,263 6,328
Inventory $ 237,969 $ 208,003
v3.25.4
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 3,009,285 $ 2,910,182
Accumulated depreciation (1,994,671) (1,891,599)
Property, plant and equipment, net 1,014,614 1,018,583
Land and land improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 42,095 41,430
Buildings    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 262,965 254,127
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 2,637,937 2,539,114
Other    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 5,342 4,985
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 60,946 $ 70,526
v3.25.4
Property, Plant, and Equipment - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 28, 2024
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]            
Depreciation       $ 122,000 $ 125,000 $ 129,000
Proceeds from sale of assets       1,000 0 3,000
Insurance deductible       15,000    
Prepayment of insurance claim       5,000    
Asset impairment   $ 25,000 $ 62,000 0 $ 25,169 $ 62,300
Jesup Plant Fire            
Property, Plant and Equipment [Line Items]            
Immediate repair cost $ 2,000          
Additional maintenance capital expenditures $ 3,000          
Additional capital expenditures incurred       3,000    
Additional capital expenditure expected       $ 10,000    
v3.25.4
Leases - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Maximum  
Lessee, Lease, Description [Line Items]  
Remaining lease term 10 years 9 months 18 days
v3.25.4
Leases - Components of Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 10,357 $ 8,584 $ 7,441
Finance lease cost      
Amortization of ROU assets 465 434 405
Interest 50 81 110
Total lease cost $ 10,872 $ 9,099 $ 7,956
v3.25.4
Leases - Balance Sheet Components (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating leases    
ROU assets $ 25,629 $ 31,112
Lease liabilities, current 8,224 7,604
Lease liabilities, non-current $ 18,599 $ 24,035
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 9) Accrued and other current liabilities (Note 9)
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Finance leases    
ROU assets $ 339 $ 709
Lease liabilities $ 456 $ 921
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment, net (Note 7) Property, plant and equipment, net (Note 7)
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Long-term debt Long-term debt
v3.25.4
Leases - Supplemental Cash Flow (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities $ 10,441 $ 8,590 $ 6,996
Operating lease ROU assets obtained in exchange for lease liabilities(a) 2,090 20,134 $ 7,676
ROU assets 25,629 $ 31,112  
Operating lease liability $ 26,823    
Operating leases      
Weighted average remaining lease term (in years) 4 years 4 years 7 months 6 days  
Weighted average discount rate 8.40% 8.20%  
Finance leases      
Weighted average remaining lease term (in years) 10 months 24 days 1 year 9 months 18 days  
Weighted average discount rate 7.00% 7.00%  
Canada Warehouse Lease      
Lessee, Lease, Description [Line Items]      
ROU assets   $ 14,000  
Operating lease liability   $ 14,000  
v3.25.4
Leases - Lease Maturity (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 10,081
2027 8,611
2028 6,908
2029 2,772
2030 696
Thereafter 2,915
Total minimum lease payments 31,983
Less: imputed interest (5,160)
Present value of future minimum lease payments $ 26,823
v3.25.4
Accrued and Other Current Liabilities (Details)
$ in Thousands, $ in Millions
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
CAD ($)
Payables and Accruals [Abstract]      
Accrued customer incentives $ 43,260 $ 52,153  
Accrued payroll and benefits 30,770 41,380  
Accrued interest 690 12,674  
Accrued income taxes 4,342 4,445  
Accrued property and other taxes 1,754 6,265  
Deferred revenue and other income 10,359 11,128  
Other current liabilities 47,405 42,740  
Accrued and other current liabilities 138,580 170,785  
Prepayment of insurance claim 5,000    
CEWS balance   3,000 $ 5
Accrued energy payable $ 19,000 $ 17,000  
v3.25.4
Debt and Finance Leases - Summary of Debt (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Oct. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Finance lease obligations   $ 456 $ 921
Total principal payments due   819,777 778,065
Less: unamortized premium, discount and issuance costs   (40,759) (48,242)
Total debt   779,018 729,823
Debt due within one year   20,909 23,379
Long-term debt   758,109 706,444
ABL Credit Facility due November 2029: $72 million net availability, bearing interest of 6.1% (3.8% adjusted SOFR plus 2.3% margin) at December 31, 2025 | Line of credit      
Debt Instrument [Line Items]      
Borrowing capacity available   $ 72,000  
Interest rate   6.10%  
Variable rate   3.80%  
Variable rate, basis spread   2.30%  
Long-term debt, gross   $ 50,000 0
2029 Term Loan due October 2029: bearing interest of 11.5% (4.0% three-month Term SOFR plus 7.5% margin) at December 31, 2025 | Secured Debt      
Debt Instrument [Line Items]      
Variable rate   4.00%  
Variable rate, basis spread 7.00% 7.50%  
Interest rate   11.50%  
Long-term debt, gross   $ 693,000 700,000
5.50% CAD-based term loan due April 2028 | Loans      
Debt Instrument [Line Items]      
Fixed interest rate   5.50%  
Long-term debt, gross   $ 18,923 21,184
BioNova debt | Loans      
Debt Instrument [Line Items]      
Long-term debt, gross   20,578 21,120
Other loans | Loans      
Debt Instrument [Line Items]      
Long-term debt, gross   $ 32,019 32,536
Short-term factoring facility | Line of credit      
Debt Instrument [Line Items]      
Variable rate, basis spread   0.55%  
Short-term factoring facility   $ 4,801 $ 2,304
v3.25.4
Debt and Finance Leases - Schedule of Maturities of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Minimum Lease Payments    
2026 $ 472  
2027 0  
2028 0  
2029 0  
2030 0  
Thereafter 0  
Total debt and finance lease payments due 472  
Interest    
2026 16  
2027 0  
2028 0  
2029 0  
2030 0  
Thereafter 0  
Total debt and finance lease payments due 16  
Net Present Value    
2026 456  
2027 0  
2028 0  
2029 0  
2030 0  
Thereafter 0  
Total debt and finance lease payments due 456 $ 921
Debt Principal Payments    
2026 20,453  
2027 28,049  
2028 21,377  
2029 730,966  
2030 7,950  
Thereafter 10,526  
Total debt and finance lease payments due $ 819,321  
v3.25.4
Debt and Finance Leases - ABL Credit Facility (Details) - ABL Credit Facility - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Nov. 30, 2024
Oct. 31, 2024
Line of credit        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity     $ 175,000,000 $ 200,000,000
Issuance costs     $ 2,000,000  
Gross availability $ 175,000,000      
Borrowing capacity available 72,000,000      
Long-term debt, gross 50,000,000 $ 0    
Required availability 26,000,000      
Cash dominion availability threshold $ 26,000,000      
Variable rate, basis spread 2.30%      
Unused commitment fee percentage 0.375%      
Fixed charge coverage ratio 1.0      
Availability threshold $ 26,000,000      
Line of credit | Federal Fund Rate        
Line of Credit Facility [Line Items]        
Variable rate, basis spread 0.50%      
Line of credit | Term SOFR        
Line of Credit Facility [Line Items]        
Variable rate, basis spread 100.00%      
Line of credit | Term SOFR | Minimum        
Line of Credit Facility [Line Items]        
Variable rate, basis spread 2.25%      
Line of credit | Term SOFR | Maximum        
Line of Credit Facility [Line Items]        
Variable rate, basis spread 2.75%      
Line of credit | Applicable Margin        
Line of Credit Facility [Line Items]        
Variable rate, basis spread 1.25%      
Line of credit | Base Rate | Minimum        
Line of Credit Facility [Line Items]        
Variable rate, basis spread 1.25%      
Line of credit | Base Rate | Maximum        
Line of Credit Facility [Line Items]        
Variable rate, basis spread 1.75%      
Letter of Credit        
Line of Credit Facility [Line Items]        
Long-term debt, gross $ 27,000,000      
v3.25.4
Debt and Finance Leases - BioNova Term Loan (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2029
Dec. 31, 2028
Dec. 31, 2027
Dec. 31, 2026
Nov. 30, 2024
USD ($)
Nov. 30, 2024
EUR (€)
BioNova Term Loan              
Debt Instrument [Line Items]              
Face amount             € 37,000,000
Issuance costs | $           $ 1,000,000  
Unused commitment fee percentage 30.00%            
Ownership interest in subsidiaries securing loan           100.00% 100.00%
BioNova Term Loan | Forecast              
Debt Instrument [Line Items]              
Net debt-to-EBITDA ratio   1.50 2.0 2.5 3.0    
BioNova Term Loan | Loans              
Debt Instrument [Line Items]              
Long-term debt, gross | $ $ 0            
BioNova Term Loan, Tranche A              
Debt Instrument [Line Items]              
Face amount             € 28,000,000
Variable rate, basis spread 2.00%            
Quarterly principal repayment, percentage of drawn amount 5.00%            
BioNova Term Loan, Tranche B              
Debt Instrument [Line Items]              
Face amount             € 9,000,000
Variable rate, basis spread 2.50%            
v3.25.4
Debt and Finance Leases - 2029 Term Loan (Details)
 1 Months Ended 5 Months Ended 12 Months Ended 24 Months Ended
Oct. 31, 2024
USD ($)
Jul. 31, 2023
USD ($)
Oct. 31, 2026
Oct. 31, 2027
Oct. 31, 2026
Dec. 31, 2025
USD ($)
Oct. 31, 2025
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Oct. 31, 2029
Mar. 29, 2027
Dec. 31, 2026
Sep. 26, 2026
Jun. 27, 2026
Mar. 28, 2026
Sep. 27, 2025
Jun. 28, 2025
Mar. 29, 2025
Nov. 30, 2024
USD ($)
Jan. 31, 2024
USD ($)
Debt Instrument [Line Items]                                        
Net proceeds           $ 547,400,000   $ 672,200,000 $ 465,030,000                      
2029 Term Loan due October 2029: bearing interest of 11.5% (4.0% three-month Term SOFR plus 7.5% margin) at December 31, 2025 | Secured Debt                                        
Debt Instrument [Line Items]                                        
Face amount $ 700,000,000                                      
Net proceeds 437,000,000                                      
Debt original issue discount 18,000,000                                      
Fee amount 19,000,000                                      
Other transaction fees $ 6,000,000                                      
Quarterly payments           $ 1,750,000                            
Variable rate, basis spread 7.00%         7.50%                            
Initial applicable margin fluctuation rate 50.00%                                      
Secured net leverage ratio           5.00   5.00               5.00 5.00 5.00    
Interest rate           11.50%                            
Effective interest rate           13.50%                            
2029 Term Loan due October 2029: bearing interest of 11.5% (4.0% three-month Term SOFR plus 7.5% margin) at December 31, 2025 | Secured Debt | Forecast                                        
Debt Instrument [Line Items]                                        
Secured net leverage ratio                     4.50 4.75 4.75 4.75 4.75          
2029 Term Loan due October 2029: bearing interest of 11.5% (4.0% three-month Term SOFR plus 7.5% margin) at December 31, 2025 | Secured Debt | Voluntary Prepayments | Forecast                                        
Debt Instrument [Line Items]                                        
Percentage of premium prepayment     2.00% 1.00%                              
2029 Term Loan due October 2029: bearing interest of 11.5% (4.0% three-month Term SOFR plus 7.5% margin) at December 31, 2025 | Secured Debt | Prepayment From Sales Proceeds Of Paperboard And High Yield Pulp Businesses                                        
Debt Instrument [Line Items]                                        
Percentage of premium prepayment             2.00%                          
2029 Term Loan due October 2029: bearing interest of 11.5% (4.0% three-month Term SOFR plus 7.5% margin) at December 31, 2025 | Secured Debt | Prepayment From Sales Proceeds Of Paperboard And High Yield Pulp Businesses | Forecast                                        
Debt Instrument [Line Items]                                        
Percentage of premium prepayment       1.00%                              
2029 Term Loan due October 2029: bearing interest of 11.5% (4.0% three-month Term SOFR plus 7.5% margin) at December 31, 2025 | Secured Debt | Minimum                                        
Debt Instrument [Line Items]                                        
Variable rate, basis spread 6.50%                                      
Secured net leverage ratio 2.5                                      
2029 Term Loan due October 2029: bearing interest of 11.5% (4.0% three-month Term SOFR plus 7.5% margin) at December 31, 2025 | Secured Debt | Maximum                                        
Debt Instrument [Line Items]                                        
Variable rate, basis spread 7.50%                                      
Secured net leverage ratio 3.5                                      
2027 Term Loan | Secured Debt                                        
Debt Instrument [Line Items]                                        
Face amount   $ 250,000,000                                    
Net proceeds   243,000,000                                    
Debt original issue discount   $ 7,000,000                                    
Debt repurchased                                     $ 245,000,000  
Fee amount                                       $ 3,000,000
v3.25.4
Debt and Finance Leases - 2027 Term Loan (Details) - USD ($)
 1 Months Ended 12 Months Ended
Oct. 31, 2024
Jul. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jan. 31, 2024
Debt Instrument [Line Items]            
Net proceeds     $ 547,400,000 $ 672,200,000 $ 465,030,000  
2027 Term Loan | Secured Debt            
Debt Instrument [Line Items]            
Face amount   $ 250,000,000        
Net proceeds   243,000,000        
Debt original issue discount   7,000,000        
Issuance costs   $ 10,000,000        
Fee amount           $ 3,000,000
2027 Term Loan | Secured Debt | Selling, General and Administrative Expenses            
Debt Instrument [Line Items]            
Fee amount           1,000,000
2027 Term Loan | Secured Debt | Deferred Financing Costs            
Debt Instrument [Line Items]            
Fee amount           $ 2,000,000
2029 Term Loan due October 2029: bearing interest of 11.5% (4.0% three-month Term SOFR plus 7.5% margin) at December 31, 2025 | Secured Debt            
Debt Instrument [Line Items]            
Face amount $ 700,000,000          
Net proceeds 437,000,000          
Debt original issue discount 18,000,000          
Fee amount 19,000,000          
Other transaction fees $ 6,000,000          
v3.25.4
Debt and Finance Leases - 2026 Notes (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Nov. 30, 2024
Sep. 28, 2024
Apr. 30, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]            
Gain (loss) on debt extinguishment       $ 0 $ (4,363) $ 361
2026 Notes | Senior Notes            
Debt Instrument [Line Items]            
Debt repurchased $ 453,000 $ 12,000 $ 10,000      
Accrued interest 11,000          
Gain (loss) on debt extinguishment $ (4,000) $ 0 $ 1,000      
v3.25.4
Debt and Finance Leases - 2024 Notes (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Aug. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]        
Debt refinancing charges   $ 0 $ (4,363) $ 361
2024 Notes | Senior Notes        
Debt Instrument [Line Items]        
Debt refinancing charges $ (1,000)      
v3.25.4
Debt and Finance Leases - Short-term Factoring Facility-France (Details) - Line of credit - Short-term factoring facility
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2024
Line of Credit Facility [Line Items]      
Maximum borrowing capacity $ 3,000,000 € 24,000,000  
Average term 60 days    
Basis spread floor 0.00%    
Variable rate, basis spread 0.55%    
Weighted-average interest rate 2.70% 2.70% 4.10%
v3.25.4
Debt and Finance Leases - Other Loans (Details)
Dec. 31, 2025
Dec. 31, 2024
Other loans | Loans    
Debt Instrument [Line Items]    
Interest rate 3.10% 2.90%
v3.25.4
Environmental Liabilities - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 29, 2025
USD ($)
Dec. 31, 2025
USD ($)
site
Site Contingency [Line Items]    
Number of sites | site   20
Environmental loss contingencies term   20 years
Loss exposure in excess of accrual   $ 84
Port Angeles, Washington    
Site Contingency [Line Items]    
Term for hazardous waste permit $ 10  
Port Angeles, Washington | Minimum    
Site Contingency [Line Items]    
Cash expenditure outflow period 3 years  
Port Angeles, Washington | Maximum    
Site Contingency [Line Items]    
Cash expenditure outflow period 5 years  
Augusta, Georgia    
Site Contingency [Line Items]    
Term for hazardous waste permit $ 2  
Term for hazardous waste permit 10 years  
Baldwin, Florida    
Site Contingency [Line Items]    
Term for hazardous waste permit   10 years
East Point, Georgia    
Site Contingency [Line Items]    
Term for hazardous waste permit   10 years
v3.25.4
Environmental Liabilities - Site Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Site Contingency [Line Items]      
Current estimate threshold of total liabilities for disposed operations 10.00%    
Accrual for Environmental Loss Contingencies [Roll Forward]      
Beginning balance $ 170,215 $ 170,291  
Payments (6,733) (5,905)  
Increase (Decrease) to Liability 20,400 5,829  
Ending balance 183,882 170,215  
Current environmental liabilities 10,438 9,749 $ 9,833
Non-current environmental liabilities 173,444 160,466 $ 160,458
Increase (decrease) in liabilities from foreign currency translation gains $ 0 $ 1,000  
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] Current environmental liabilities, Non-current environmental liabilities Current environmental liabilities, Non-current environmental liabilities  
Port Angeles, Washington      
Accrual for Environmental Loss Contingencies [Roll Forward]      
Beginning balance $ 53,258 $ 52,668  
Payments (1,272) (1,004)  
Increase (Decrease) to Liability 11,025 1,594  
Ending balance 63,011 53,258  
Augusta, Georgia      
Accrual for Environmental Loss Contingencies [Roll Forward]      
Beginning balance 22,517 22,655  
Payments (1,418) (1,227)  
Increase (Decrease) to Liability 3,993 1,089  
Ending balance 25,092 22,517  
Baldwin, Florida      
Accrual for Environmental Loss Contingencies [Roll Forward]      
Beginning balance 15,955 15,891  
Payments (836) (383)  
Increase (Decrease) to Liability 2,205 447  
Ending balance 17,324 15,955  
East Point, Georgia      
Accrual for Environmental Loss Contingencies [Roll Forward]      
Beginning balance 19,755 19,712  
Payments (1,280) (1,111)  
Increase (Decrease) to Liability 1,763 1,154  
Ending balance 20,238 19,755  
All other sites      
Accrual for Environmental Loss Contingencies [Roll Forward]      
Beginning balance 58,730 59,365  
Payments (1,927) (2,180)  
Increase (Decrease) to Liability 1,414 1,545  
Ending balance $ 58,217 $ 58,730  
v3.25.4
Derivative Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]        
Foreign exchange cash flow hedges, net of tax $ (316,556) $ (713,885) $ (746,447) $ (829,313)
Unrealized gain on derivative        
Derivative [Line Items]        
Foreign exchange cash flow hedges, net of tax $ 93 $ 222 $ 373 $ 567
v3.25.4
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 30, 2024
Sep. 28, 2024
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Asset impairment   $ 25,000 $ 62,000 $ 0 $ 25,169 $ 62,300
BioNova | SWEN            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Shares funded (in shares) 111,111          
Noncontrolling percentage 14.00%          
v3.25.4
Fair Value Measurements - Schedule of Estimated Fair Value of SWEN Put Option, Calculated Using Monte Carlo Model (Details) - Level 3
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Balance at December 31, 2024 $ 4,196
Initial valuation adjustment $ 2,486
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other income (expense), net
Fair value measurement adjustment $ 2,841
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] Foreign currency translation adjustment
Foreign currency translation adjustment $ 560
Balance at December 31, 2025 $ 10,083
v3.25.4
Fair Value Measurements - Instruments Measured on a Recurring Basis (Details) - Level 3
Dec. 31, 2025
Dec. 31, 2024
Free cash flow to equity volatility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Put option, measurement input 0.540 0.520
Weighted average cost of capital    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Put option, measurement input 0.133 0.121
v3.25.4
Fair Value Measurements - Instruments Not Measured at Fair Value (Details) - Fixed Rate Debt - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fixed-rate long-term debt $ 71,679 $ 75,142
Fair value | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fixed-rate long-term debt $ 73,426 $ 75,272
v3.25.4
Redeemable Noncontrolling Interest - Narrative (Details)
$ in Thousands, € in Millions
 1 Months Ended 12 Months Ended
Nov. 30, 2024
EUR (€)
shares
Dec. 31, 2025
USD ($)
Year
shares
Dec. 31, 2025
EUR (€)
Year
Dec. 31, 2024
USD ($)
Redeemable Noncontrolling Interest [Line Items]        
Redeemable noncontrolling interest | $   $ 11,366   $ 10,503
Internal Rate of Return        
Redeemable Noncontrolling Interest [Line Items]        
Put option, measurement input | Year   0.16 0.16  
BioNova | Revenue Multiple        
Redeemable Noncontrolling Interest [Line Items]        
Put option, measurement input | Year   2 2  
BioNova | SWEN        
Redeemable Noncontrolling Interest [Line Items]        
Redeemable noncontrolling interest | € € 15      
Shares funded (in shares) | shares 111,111      
Noncontrolling percentage 14.00%      
BioNova | SWEN | Future Exchange        
Redeemable Noncontrolling Interest [Line Items]        
Redeemable noncontrolling interest | €     € 30  
Shares funded (in shares) | shares   222,222    
Noncontrolling percentage   20.00% 20.00%  
v3.25.4
Redeemable Noncontrolling Interest -Schedule of Changes in Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]      
Balance at December 31, 2024 $ 10,503    
Initial valuation adjustment (2,486)    
Adjustment to redemption value 1,824 $ 253 $ 0
Net income attributable to redeemable noncontrolling interest 161 37 $ 0
Foreign currency translation adjustment on redemption value 1,364    
Balance at December 31, 2025 $ 11,366 $ 10,503  
v3.25.4
Redeemable Noncontrolling Interest - Schedule Of Income (Loss) Resulting After Attribution to Redeemable Noncontrolling Interest (Details) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Noncontrolling Interest [Abstract]      
Loss from continuing operations attributable to RYAM $ (423,344) $ (41,961) $ (102,147)
Income from discontinued operations 2,670 3,217 312
Net loss attributable to RYAM $ (420,674) $ (38,744) $ (101,835)
v3.25.4
Stockholders' Equity (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jan. 31, 2018
Stockholders' Equity Note [Abstract]        
Amount authorized under share repurchase program       $ 100,000,000
Share repurchase program, remaining authorized $ 60,000,000      
Shares repurchased and retired (in shares) 0 0 0  
v3.25.4
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 713,885 $ 746,447 $ 829,313
Other comprehensive income, net of tax 22,698 248 17,881
Ending balance 316,556 713,885 746,447
Tax effects of foreign translation adjustment 0 0 0
Unrecognized components of employee benefit plans, net of tax      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (21,060) (33,537) (43,694)
Other comprehensive gain (loss) before reclassifications (4,002) 15,981 12,859
Income tax on other comprehensive gain (loss) 137 (3,488) (2,283)
Income tax on reclassifications (21) 5 90
Other comprehensive income, net of tax (2,537) 12,477 10,157
Ending balance (23,597) (21,060) (33,537)
Pension settlement loss      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Reclassifications to earnings 1,843 0 0
Amortization of gain      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Reclassifications to earnings (749) (358) (705)
Amortization of prior service cost      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Reclassifications to earnings 255 337 196
Unrealized loss on derivative instruments, net of tax      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (222) (373) (567)
Reclassifications to earnings 129 174 224
Income tax on reclassifications 0 (23) (30)
Other comprehensive income, net of tax 129 151 194
Ending balance (93) (222) (373)
Foreign currency translation      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (24,387) (12,007) (19,537)
Other comprehensive income, net of tax 25,106 (12,380) 7,530
Ending balance 719 (24,387) (12,007)
Accumulated Other Comprehensive Loss      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (45,669) (45,917) (63,798)
Other comprehensive income, net of tax 22,698 248 17,881
Ending balance $ (22,971) $ (45,669) $ (45,917)
v3.25.4
Earnings Per Common Share - Calculation of Earnings Per Share (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Loss from continuing operations $ (423,183) $ (41,924) $ (102,147)
Income from continuing operations attributable to redeemable noncontrolling interest 161 37 0
Loss from continuing operations attributable to RYAM (423,344) (41,961) (102,147)
Redeemable noncontrolling interest adjustment to redemption value (1,824) (253) 0
Loss from continuing operations attributable to RYAM common stockholders (425,168) (42,214) (102,147)
Income from discontinued operations, net of tax attributable to RYAM 2,670 3,217 312
Net loss attributable to RYAM common stockholders - (Basic) (422,498) (38,997) (101,835)
Net loss attributable to RYAM common stockholders - (Diluted) $ (422,498) $ (38,997) $ (101,835)
Weighted average shares used for determining basic earnings per share of common stock (in shares) 66,782,262 65,748,775 65,108,397
Dilutive effect of:      
Shares used in determining diluted earnings per common share (in shares) 66,782,262 65,748,775 65,108,397
Stock options      
Dilutive effect of:      
Incremental shares (in shares) 0 0 0
Performance-based and restricted stock units      
Dilutive effect of:      
Incremental shares (in shares) 0 0 0
v3.25.4
Earnings Per Common Share - Anti-dilutive Securities Excluded from Computation (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total anti-dilutive instruments (in shares) 2,694,942 3,341,516 3,304,093
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total anti-dilutive instruments (in shares) 0 0 46,798
Performance-based and restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total anti-dilutive instruments (in shares) 2,694,942 3,341,516 3,257,295
v3.25.4
Incentive Stock Plans - Narrative (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 29, 2025
USD ($)
shares
Mar. 30, 2024
shares
Mar. 31, 2023
shares
Mar. 29, 2025
shares
Dec. 31, 2025
USD ($)
plans
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Jun. 28, 2025
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Number of plans | plans         4      
Number of shares authorized (in shares)               6,300,000
Number of shares available for future grant (in shares)         4,000,000.0      
Number of options outstanding (in shares)             46,798  
Fair value of options vested | $           $ 0 $ 0  
Number of options granted (in shares)         0 0 0  
Number of options exercised (in shares)         0 0 0  
Stock options                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period         3 years      
Maximum term         10 years 2 days      
Period for recognition on a straight-line basis         3 years      
Restricted Stock and Restricted Stock Units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Unrecognized compensation cost | $         $ 3,000,000      
Period for recognition         1 year 8 months 12 days      
Awards settled (in shares)         801,990      
Restricted Stock and Restricted Stock Units | Minimum                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period         1 year      
Restricted Stock and Restricted Stock Units | Maximum                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period         3 years      
Restricted Stock Units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period         3 years      
Restricted Stock Units | Director                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period         1 year      
Performance-Based Stock Unit Awards                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period         3 years 3 years 3 years  
Unrecognized compensation cost | $         $ 3,000,000      
Period for recognition         2 years      
Awards settled (in shares)       654,995        
Incremental shares issued (in shares) 165,061   370,366          
Incremental shares value | $ $ 2,000,000              
Issuance of common stock under incentive stock plans (in shares)   0 1,257,015          
Performance-Based Stock Unit Awards | Minimum                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Target payout percentage         0.00% 0.00% 0.00%  
Performance-Based Stock Unit Awards | Maximum                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Target payout percentage         200.00% 200.00% 200.00%  
v3.25.4
Incentive Stock Plans - Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Incentive stock plan compensation expense $ 6,345 $ 10,915 $ 5,754
Equity award expense $ 5,496 $ 7,101 $ 6,507
v3.25.4
Incentive Stock Plans - Activity of Restricted Shares Granted to Employees (Details) - Restricted Stock and Restricted Stock Units - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock and stock units granted (in shares) 544,718 633,603 992,830
Weighted average price of restricted stock or stock units granted (in dollars per share) $ 7.51 $ 4.11 $ 5.27
Intrinsic value of restricted stock and stock units outstanding $ 8,201 $ 14,571 $ 7,641
Fair value of restricted stock and stock units vested $ 4,066 $ 4,435 $ 4,264
v3.25.4
Incentive Stock Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock and Restricted Stock Units - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock and Stock Unit Awards      
Beginning balance (in shares) 1,766,219    
Granted (in shares) 544,718 633,603 992,830
Forfeited (in shares) (116,547)    
Vested (in shares) (801,990)    
Ending balance (in shares) 1,392,400 1,766,219  
Weighted Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 5.11    
Granted (in dollars per share) 7.51 $ 4.11 $ 5.27
Forfeited (in dollars per share) 4.98    
Vested (in dollars per share) 5.07    
Ending balance (in dollars per share) $ 6.08 $ 5.11  
v3.25.4
Incentive Stock Plans - Assumptions Used in Fair Value Calculation for Awards Granted (Details) - Performance-Based Stock Unit Awards
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility 57.50% 75.70% 77.60%
Risk-free rate 3.40% 4.20% 4.10%
v3.25.4
Incentive Stock Plans - Activity of Performance Shares Granted to Employees (Details) - Performance-Based Stock Unit Awards - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common shares of stock reserved for performance-based stock units (in shares) 1,054,188 1,164,884 611,528
Weighted average price of restricted stock or stock units granted (in dollars per share) $ 9.55 $ 4.80 $ 9.09
Intrinsic value of outstanding performance-based stock units $ 7,672 $ 12,996 $ 5,551
v3.25.4
Incentive Stock Plans - Summary of Performance Share Activity (Details) - Performance-Based Stock Unit Awards - $ / shares
 3 Months Ended 12 Months Ended
Mar. 29, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Performance-Based Stock Unit Awards        
Beginning balance (in shares) 1,575,297 1,575,297    
Granted (in shares)   692,155    
Forfeited (in shares)   (309,915)    
Vested (in shares) (654,995)      
Ending balance (in shares)   1,302,542 1,575,297  
Weighted Average Grant Date Fair Value        
Beginning balance (in dollars per share) $ 5.93 $ 5.93    
Granted (in dollars per share)   9.55 $ 4.80 $ 9.09
Forfeited (in dollars per share)   3.54    
Vested (in dollars per share)   7.17    
Ending balance (in dollars per share)   $ 7.80 $ 5.93  
v3.25.4
Employee Benefit Plans - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
contract
Dec. 31, 2023
USD ($)
Defined Benefit Plan Disclosure [Line Items]        
Defined contribution plan expense   $ 8,000 $ 10,000 $ 6,000
Equity | Lower Funded Plan        
Defined Benefit Plan Disclosure [Line Items]        
Target asset allocation (up to) 65.00% 65.00%    
Fixed Income | Higher Funded Plan        
Defined Benefit Plan Disclosure [Line Items]        
Target asset allocation (up to) 100.00% 100.00%    
Pension        
Defined Benefit Plan Disclosure [Line Items]        
Pension settlement loss $ (2,000) $ 1,843 $ 0 2,317
Defined benefit plan, benefit obligation, voluntary settlement, number of participants | contract     103  
Defined benefit plan, benefit obligation, lump sum payment for settlement     $ 6,000  
Curtailment   0 736 0
Decrease in pension liability due to curtailment     3,000  
Projected benefit obligation exceeding plan assets, projected benefit obligation 216,000 216,000 537,000  
Projected benefit obligation exceeding plan assets, plan assets 153,000 153,000 490,000  
Accumulated benefit obligation 208,000 208,000 537,000  
Accumulated benefit obligation exceeding plan assets, plan assets 153,000 153,000 $ 490,000  
Expected employer contributions next fiscal year $ 2,000 $ 2,000    
Pension | Canada        
Defined Benefit Plan Disclosure [Line Items]        
Pension settlement loss       $ 2,000
v3.25.4
Employee Benefit Plans - Changes in Projected Benefit Obligations and Plan Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair value of plan assets at beginning of year $ 501,940    
Fair value of plan assets at end of year 492,078 $ 501,940  
Pension      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Projected benefit obligation at beginning of year 563,350 616,118  
Service cost 4,742 4,641 $ 4,877
Interest cost 27,529 27,715 28,724
Actuarial (gain) loss 9,655 (24,738)  
Participant contributions 571 652  
Benefits paid (39,438) (44,961)  
Settlement (21,791) 0  
Curtailment 0 645  
Effect of foreign currency exchange rates 9,495 (16,722)  
Projected benefit obligation at end of year 554,113 563,350 616,118
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair value of plan assets at beginning of year 501,940 532,643  
Actual return on plan assets 36,234 20,540  
Employer contributions 6,323 7,685  
Participant contributions 571 652  
Benefits paid (39,438) (44,961)  
Settlement (21,791) 0  
Effect of foreign currency exchange rates 8,239 (14,619)  
Fair value of plan assets at end of year 492,078 501,940 532,643
Funded Status at end of year (62,035) (61,410)  
Postretirement      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Projected benefit obligation at beginning of year 21,600 23,864  
Service cost 443 551 1,116
Interest cost 954 989 1,351
Actuarial (gain) loss (194) (2,717)  
Participant contributions 178 167  
Benefits paid (1,644) (1,287)  
Settlement 0 0  
Curtailment 0 (22)  
Effect of foreign currency exchange rates 157 55  
Projected benefit obligation at end of year 21,494 21,600 23,864
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair value of plan assets at beginning of year 0 0  
Actual return on plan assets 0 0  
Employer contributions 1,357 1,012  
Participant contributions 179 167  
Benefits paid (1,536) (1,179)  
Settlement 0 0  
Effect of foreign currency exchange rates 0 0  
Fair value of plan assets at end of year 0 0 $ 0
Funded Status at end of year $ (21,494) $ (21,600)  
v3.25.4
Employee Benefit Plans - Amounts Recognized in Balance Sheet (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Non-current liabilities $ (78,838) $ (77,239)
Pension    
Defined Benefit Plan Disclosure [Line Items]    
Non-current assets 1,264 0
Current liabilities (4,545) (4,390)
Non-current liabilities (58,754) (57,020)
Net amount recognized (62,035) (61,410)
Postretirement    
Defined Benefit Plan Disclosure [Line Items]    
Non-current assets 0 0
Current liabilities (1,410) (1,381)
Non-current liabilities (20,084) (20,219)
Net amount recognized $ (21,494) $ (21,600)
v3.25.4
Employee Benefit Plans - Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension      
Net gains or losses recognized in other comprehensive income      
Net gain (loss) $ (4,135) $ 13,053 $ 9,202
Prior service cost 0 0 (2,982)
Net gains or losses and prior service costs or credits reclassified from other comprehensive income      
Pension settlement loss 1,843 0 0
Amortization of net (gain) loss 228 379 (490)
Amortization of prior service cost (credit) 426 435 294
Postretirement      
Net gains or losses recognized in other comprehensive income      
Net gain (loss) 133 2,928 6,639
Prior service cost 0 0 0
Net gains or losses and prior service costs or credits reclassified from other comprehensive income      
Pension settlement loss 0 0 0
Amortization of net (gain) loss (977) (737) (215)
Amortization of prior service cost (credit) $ (171) $ (98) $ (98)
v3.25.4
Employee Benefit Plans - Net Periodic Benefit Cost Not yet Recognized (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension      
Defined Benefit Plan Disclosure [Line Items]      
Prior service cost (credit) $ (3,059) $ (3,600) $ (3,852)
Net gain (loss) (39,307) (37,097) (50,796)
Deferred income tax (expense) benefit 8,825 9,664 12,630
Accumulated other comprehensive income (loss) (33,541) (31,033) (42,018)
Postretirement      
Defined Benefit Plan Disclosure [Line Items]      
Prior service cost (credit) 389 561 659
Net gain (loss) 11,555 12,341 10,343
Deferred income tax (expense) benefit (2,000) (2,929) (2,521)
Accumulated other comprehensive income (loss) $ 9,944 $ 9,973 $ 8,481
v3.25.4
Employee Benefit Plans - Benefit Obligations and Fair Value of Plan Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 492,078 $ 501,940  
Pension      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation 554,113 563,350 $ 616,118
Accumulated benefit obligation 546,222 553,973  
Fair value of plan assets $ 492,078 $ 501,940 $ 532,643
v3.25.4
Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension        
Defined Benefit Plan Disclosure [Line Items]        
Service cost   $ 4,742 $ 4,641 $ 4,877
Interest cost   27,529 27,715 28,724
Expected return on plan assets   (30,748) (32,361) (31,425)
Amortization of prior service cost (credit)   426 435 294
Amortization of (gain) loss   228 379 (490)
Pension settlement loss $ (2,000) 1,843 0 2,317
Curtailment   0 736 0
Other   0 0 0
Net periodic benefit cost   4,020 1,545 4,297
Postretirement        
Defined Benefit Plan Disclosure [Line Items]        
Service cost   443 551 1,116
Interest cost   954 989 1,351
Expected return on plan assets   0 0 0
Amortization of prior service cost (credit)   (171) (98) (98)
Amortization of (gain) loss   (977) (737) (215)
Pension settlement loss   0 0 0
Curtailment   0 0 0
Other   (6) 18 (556)
Net periodic benefit cost   $ 243 $ 723 $ 1,598
v3.25.4
Employee Benefit Plans - Schedule of Assumptions Used (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension      
Assumptions used to determine benefit obligations at December 31:      
Discount rate 5.11% 5.16% 4.71%
Rate of compensation increase 2.50% 2.50% 2.50%
Assumptions used to determine net periodic benefit cost for years ended December 31:      
Discount rate 5.28% 4.78% 4.97%
Expected long-term return on plan assets 5.89% 5.92% 5.92%
Rate of compensation increase 2.50% 2.50% 2.50%
Postretirement      
Assumptions used to determine benefit obligations at December 31:      
Discount rate 4.66% 5.23% 4.72%
Rate of compensation increase   4.19% 3.11%
Assumptions used to determine net periodic benefit cost for years ended December 31:      
Discount rate 5.08% 4.67% 4.94%
Rate of compensation increase 3.99% 4.19% 3.11%
v3.25.4
Employee Benefit Plans - Health Care Cost Trend Rates (Details) - Postretirement
Dec. 31, 2025
Dec. 31, 2024
U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Health care cost trend rate assumed for next year 8.50% 7.50%
Rate to which cost trend is assumed to decline (ultimate trend rate) 4.00% 4.00%
Canada    
Defined Benefit Plan Disclosure [Line Items]    
Health care cost trend rate assumed for next year 5.50% 5.87%
Rate to which cost trend is assumed to decline (ultimate trend rate) 4.00% 5.00%
v3.25.4
Employee Benefit Plans - Investment of Plan Assets (Details) - Pension
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 100.00% 100.00%
U.S. fixed income securities    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 54.00% 33.00%
International fixed income securities    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 19.00% 24.00%
U.S. equity securities    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 5.00% 21.00%
International equity securities    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 15.00% 16.00%
Other    
Defined Benefit Plan Disclosure [Line Items]    
Percentage of Plan Assets 7.00% 6.00%
v3.25.4
Employee Benefit Plans - Fair Value Measurements (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value $ 492,078 $ 501,940
Investments at Net Asset Value    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value 147,667 182,180
Mutual funds and collective trusts | Level 1, 2 and 3    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value 66,378 129,584
Mutual funds and collective trusts | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value 66,378 129,584
Mutual funds and collective trusts | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value 0 0
Mutual funds and collective trusts | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value 0 0
Corporate bonds | Level 1, 2 and 3    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value 192,600 150,823
Corporate bonds | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value 0 0
Corporate bonds | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value 192,600 150,823
Corporate bonds | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value 0 0
U.S. government securities | Level 1, 2 and 3    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value 83,150 33,308
U.S. government securities | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value 0 0
U.S. government securities | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value 83,150 33,308
U.S. government securities | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value 0 0
Non-U.S. government securities | Level 1, 2 and 3    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value 2,283 4,803
Non-U.S. government securities | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value 0 0
Non-U.S. government securities | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value 2,283 4,803
Non-U.S. government securities | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value $ 0 0
Derivative instruments | Level 1, 2 and 3    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value   1,242
Derivative instruments | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value   0
Derivative instruments | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value   1,242
Derivative instruments | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets, at fair value   $ 0
v3.25.4
Employee Benefit Plans - Expected Benefit Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Pension  
Defined Benefit Plan Disclosure [Line Items]  
2026 $ 40,946
2027 39,385
2028 39,561
2029 39,541
2030 39,562
2031 - 2035 195,508
Postretirement  
Defined Benefit Plan Disclosure [Line Items]  
2026 1,556
2027 1,534
2028 1,613
2029 1,645
2030 1,654
2031 - 2035 $ 8,136
v3.25.4
Other Operating Income (Expense), Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Income and Expenses [Abstract]      
Loss on disposal of property, plant and equipment $ (893) $ (1,790) $ (2,872)
Equity in income (loss) of joint venture (352) 1,882 204
Miscellaneous income (expense) (3,212) 7,042 (3,955)
Other operating income (expense), net $ (4,457) $ 7,134 $ (6,623)
v3.25.4
Income Taxes - Schedule of Loss From Continuing Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
United States $ (33,469) $ (8,590) $ (65,413)
Foreign (61,576) (40,610) (67,061)
Loss from continuing operations before income tax $ (95,045) $ (49,200) $ (132,474)
v3.25.4
Income Taxes - Schedule of Components of Income Tax (Expense) Benefit (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current tax (expense) benefit      
U.S. federal $ (286) $ 981 $ 1,623
U.S. state and local (178) (191) (144)
Foreign (876) (1,468) 3,119
Total current tax (expense) benefit (1,340) (678) 4,598
Deferred tax (expense) benefit      
U.S. federal 8,076 6,011 15,542
U.S. state and local 596 509 143
Foreign (330,597) 3,086 12,028
Total deferred tax (expense) benefit (321,925) 9,606 27,713
Total income tax (expense) benefit      
U.S. federal 7,790 6,992 17,165
U.S. state and local 418 318 (1)
Foreign (331,473) 1,618 15,147
Total income tax (expense) benefit $ (323,265) $ 8,928 $ 32,311
v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate on Continuing Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory income tax rate $ (19,962)    
State and local taxes (378)    
Tax credits (1,243)    
Worldwide changes in uncertain tax benefits 403    
Total income tax (expense) benefit $ 323,265 $ (8,928) $ (32,311)
Percent      
U.S. federal statutory income tax rate 21.00% 21.00% 21.00%
State and local taxes 0.40%    
Valuation allowance changes   (11.50%) (7.70%)
Tax credits 1.30%    
Other   0.10% 0.70%
Statutory rate difference   1.20% 2.10%
Worldwide changes in uncertain tax benefits (0.40%) 6.30% (0.10%)
Effective income tax rate on continuing operations (340.10%) 18.10% 24.40%
U.S.      
Amount      
Valuation allowance changes $ 477    
Other $ (264)    
Percent      
Valuation allowance changes (0.50%)    
Other 0.30%    
Canada      
Amount      
Valuation allowance changes $ 347,897    
Other 81    
Statutory rate difference $ (3,046)    
Percent      
Valuation allowance changes (366.00%)    
Other (0.10%)    
Statutory rate difference 3.20%    
France      
Amount      
Other $ (711)    
Percent      
Other 0.70%    
Other      
Amount      
Statutory rate difference $ 11    
Percent      
Statutory rate difference 0.00%    
v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
U.S. federal statutory income tax rate 21.00% 21.00% 21.00%
Change in valuation allowance   (11.50%) (7.70%)
Adjustment to previously filed tax returns   (0.40%) 2.00%
Tax credits (excluding foreign tax credit)   4.10% 5.40%
Nondeductible compensation for executives and share-based awards   (3.40%) 0.50%
Net changes in uncertain tax positions (0.40%) 6.30% (0.10%)
Statutory rate difference   1.20% 2.10%
U.S. federal rate change   (0.40%) (0.10%)
Interest on tax payments/receipts   1.10% 0.60%
Other   0.10% 0.70%
Effective income tax rate on continuing operations (340.10%) 18.10% 24.40%
v3.25.4
Income Taxes - Schedule of Income Taxes Paid Refunded (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
U.S. federal $ 164    
U.S. state and local (161)    
Foreign      
Income taxes (paid) refunded, net (510) $ 19,003 $ (7,239)
Canada      
Foreign      
Foreign 2,315    
France      
Foreign      
Foreign (2,745)    
Other      
Foreign      
Foreign $ (83)    
v3.25.4
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets    
Net operating losses $ 209,631 $ 157,942
Canadian pool of SR&ED 96,452 96,458
Property, plant and equipment basis differences 79,362 74,408
Tax credit carryforwards 50,645 71,013
Environmental liabilities 42,375 39,316
Pension, postretirement and other employee benefits 19,222 19,534
Capitalized costs 14,111 18,275
Other compensation 5,711 7,050
State net operating losses 4,572 3,454
Other deferred tax assets 21,965 23,636
Total gross deferred tax assets 585,665 554,973
Less: Valuation allowance (441,887) (86,082)
Total deferred tax assets, net of valuation allowance 143,778 468,891
Deferred tax liabilities    
Property, plant and equipment basis differences (112,959) (110,577)
Prepaid expenses (5,462) (4,487)
Intangible assets (430) (2,326)
Other deferred tax liabilities (13,623) (15,686)
Total deferred tax liabilities (132,474) (133,076)
Net deferred tax asset 11,304 335,815
Deferred tax assets 24,026 349,500
Deferred tax liabilities (12,722) (13,685)
Federal    
Deferred tax assets    
Tax credit carryforwards 50,645  
Deferred interest deductions 38,315 36,286
Foreign    
Deferred tax assets    
Deferred interest deductions $ 3,304 $ 7,601
v3.25.4
Income Taxes - Schedule of Tax Credit Carryforwards (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating Loss Carryforwards [Line Items]    
Net operating losses, Gross Amount $ 963,365  
Net operating losses, Tax Effected 214,203  
Net operating losses, Valuation Allowance (185,328)  
Tax credit carryforwards, Tax Effected 50,645 $ 71,013
Federal    
Operating Loss Carryforwards [Line Items]    
Tax credit carryforwards, Gross Amount 51,127  
Tax credit carryforwards, Tax Effected 50,645  
Tax credit carryforwards, Valuation Allowance $ (28,741)  
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jun. 28, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Valuation Allowance [Line Items]        
DTA tax expense writeoff   $ 323,265,000 $ (8,928,000) $ (32,311,000)
Deferred tax assets   11,304,000 335,815,000  
Unrecognized tax benefits, increase resulting from current period tax positions   436,000 957,000 1,373,000
Deferred tax assets, valuation allowance   441,887,000 86,082,000  
Unrecognized tax benefits, if recognized would impact effective tax   6,000,000    
Interest and penalties accrued   1,000,000 1,000,000 $ 1,000,000
Foreign | Canada Revenue Agency        
Valuation Allowance [Line Items]        
DTA tax expense writeoff $ 337,000,000      
Federal | Disallowed Interest Deductions        
Valuation Allowance [Line Items]        
Deferred tax assets   16,000,000 15,000,000  
Unrecognized tax benefits, increase resulting from current period tax positions   1,000,000    
Deferred tax assets, valuation allowance   $ 0 $ 0  
v3.25.4
Income Taxes - Schedule of Unrecognized Tax Benefits Rollforward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Balance at beginning of period $ 10,444 $ 13,580 $ 11,015
Decreases related to prior year tax positions (37) (3,035) (1,612)
Increases related to prior year tax positions 149 905 2,804
Decreases related to current year tax positions 0 0 0
Increases related to current year tax positions 436 957 1,373
Decreases due to statutory expirations 0 (1,963) 0
Balance at end of period $ 10,992 $ 10,444 $ 13,580
v3.25.4
Segment and Geographical Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2025
Product Information [Line Items]    
Number Of Reportable Segments, Not Disclosed, Flag   true
One Customer | Sales | Customer Concentration Risk | Cellulose Specialties    
Product Information [Line Items]    
Concentration risk percentage 10.00%  
v3.25.4
Segment and Geographical Information - Significant Operating Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 28, 2024
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Product Information [Line Items]          
Net sales     $ 1,466,397 $ 1,630,308 $ 1,643,330
Key input costs (wood, chemicals, energy)     617,517 698,118 771,109
Freight     111,632 116,274 130,833
Depreciation and amortization     124,278 126,124 133,473
Fixed and other general costs     494,185 524,210 519,761
Total cost of sales     1,347,612 1,464,726 1,555,176
Selling, general and administrative expense     83,942 92,258 75,712
Asset impairment $ 25,000 $ 62,000 0 25,169 62,300
Indefinite suspension charges     1,275 16,630 0
Other operating (income) expense     29,470 (7,956) 15,406
Operating income (loss)     4,098 39,481 (65,264)
Depreciation and amortization     133,958 137,173 139,983
Operating Segments | Cellulose Specialties          
Product Information [Line Items]          
Net sales     862,037 921,411 825,037
Key input costs (wood, chemicals, energy)     321,443 352,361 341,262
Freight     40,176 44,115 37,795
Depreciation and amortization     66,307 71,024 67,077
Fixed and other general costs     258,081 261,899 257,801
Total cost of sales     686,007 729,399 703,935
Selling, general and administrative expense     15,060 9,839 12,140
Asset impairment       0 0
Indefinite suspension charges     0 0  
Other operating (income) expense     928 (1,204) 675
Operating income (loss)     160,042 183,377 108,287
Depreciation and amortization     67,065 71,752 65,869
Operating Segments | Biomaterials          
Product Information [Line Items]          
Net sales     30,551 29,684 28,980
Key input costs (wood, chemicals, energy)     5,838 4,839 5,438
Freight     2,557 3,041 3,642
Depreciation and amortization     2,914 2,071 342
Fixed and other general costs     7,281 9,498 8,154
Total cost of sales     18,590 19,449 17,576
Selling, general and administrative expense     5,763 4,170 1,359
Asset impairment       0 0
Indefinite suspension charges     0 0  
Other operating (income) expense     2 490 41
Operating income (loss)     6,196 5,575 10,004
Depreciation and amortization     2,914 2,071 342
Operating Segments | Cellulose Commodities          
Product Information [Line Items]          
Net sales     312,731 354,633 461,973
Key input costs (wood, chemicals, energy)     151,752 181,991 262,444
Freight     26,661 28,226 41,953
Depreciation and amortization     39,444 42,868 58,103
Fixed and other general costs     140,003 171,664 190,207
Total cost of sales     357,860 424,749 552,707
Selling, general and administrative expense     7,869 6,501 4,743
Asset impairment       25,169 62,300
Indefinite suspension charges     1,275 16,630  
Other operating (income) expense     960 (5,057) 2,081
Operating income (loss)     (55,233) (113,359) (159,858)
Depreciation and amortization     40,046 43,413 56,714
Operating Segments | Paperboard          
Product Information [Line Items]          
Net sales     179,050 227,628 219,408
Key input costs (wood, chemicals, energy)     101,655 117,393 113,678
Freight     18,519 20,512 18,131
Depreciation and amortization     13,468 7,832 5,848
Fixed and other general costs     42,219 41,802 35,021
Total cost of sales     175,861 187,539 172,678
Selling, general and administrative expense     10,041 11,021 9,570
Asset impairment       0 0
Indefinite suspension charges     0 0  
Other operating (income) expense     527 (2,363) 0
Operating income (loss)     (7,379) 31,431 37,160
Depreciation and amortization     19,946 14,701 12,933
Operating Segments | High-Yield Pulp          
Product Information [Line Items]          
Net sales     112,650 126,897 135,954
Key input costs (wood, chemicals, energy)     67,697 71,890 75,144
Freight     23,719 20,380 29,312
Depreciation and amortization     2,145 2,329 2,103
Fixed and other general costs     46,121 38,589 29,402
Total cost of sales     139,682 133,188 135,961
Selling, general and administrative expense     2,532 2,912 2,893
Asset impairment       0 0
Indefinite suspension charges     0 0  
Other operating (income) expense     12 (1,609) 255
Operating income (loss)     (29,576) (7,594) (3,155)
Depreciation and amortization     2,145 2,451 2,025
Corporate and Eliminations          
Product Information [Line Items]          
Net sales     (30,622) (29,945) (28,022)
Key input costs (wood, chemicals, energy)     (30,868) (30,356) (26,857)
Freight     0 0 0
Depreciation and amortization     0 0 0
Fixed and other general costs     480 758 (824)
Total cost of sales     (30,388) (29,598) (27,681)
Selling, general and administrative expense     42,677 57,815 45,007
Asset impairment       0 0
Indefinite suspension charges     0 0  
Other operating (income) expense     27,041 1,787 12,354
Operating income (loss)     (69,952) (59,949) (57,702)
Depreciation and amortization     $ 1,842 $ 2,785 $ 2,100
v3.25.4
Segment and Geographical Information - Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Total assets $ 568,383 $ 600,961
Shared Cellulose Specialties and Commodity Products    
Segment Reporting Information [Line Items]    
Total assets 132,000 132,000
Operating Segments | Cellulose Specialties    
Segment Reporting Information [Line Items]    
Total assets 206,267 214,659
Operating Segments | Biomaterials    
Segment Reporting Information [Line Items]    
Total assets 48,105 42,366
Operating Segments | Cellulose Commodities    
Segment Reporting Information [Line Items]    
Total assets 72,913 69,082
Operating Segments | Paperboard    
Segment Reporting Information [Line Items]    
Total assets 54,639 44,351
Operating Segments | High-Yield Pulp    
Segment Reporting Information [Line Items]    
Total assets 34,841 40,694
Shared/Corporate    
Segment Reporting Information [Line Items]    
Total assets $ 151,618 $ 189,809
v3.25.4
Segment and Geographical Information - Long-lived Assets by Country (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 1,189,972 $ 1,528,696
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 714,048 719,386
Canada    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 259,243 611,647
France    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 216,542 197,290
Other    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 139 $ 373
v3.25.4
Segment and Geographical Information - Sales by Destination (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 1,466,397 $ 1,630,308 $ 1,643,330
Sales | Geographic Concentration Risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
% 100.00% 100.00% 100.00%
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 465,624 $ 560,119 $ 544,864
United States | Sales | Geographic Concentration Risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
% 32.00% 34.00% 33.00%
Europe      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 309,524 $ 280,261 $ 222,778
Europe | Sales | Geographic Concentration Risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
% 21.00% 17.00% 13.00%
China      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 273,319 $ 352,290 $ 473,778
China | Sales | Geographic Concentration Risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
% 19.00% 22.00% 29.00%
Other Asia      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 170,635 $ 174,208 $ 126,072
Other Asia | Sales | Geographic Concentration Risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
% 11.00% 11.00% 8.00%
Japan      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 131,382 $ 121,879 $ 158,106
Japan | Sales | Geographic Concentration Risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
% 9.00% 7.00% 10.00%
Canada      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 55,199 $ 90,572 $ 62,657
Canada | Sales | Geographic Concentration Risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
% 4.00% 6.00% 4.00%
Latin America      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 19,487 $ 17,659 $ 11,073
Latin America | Sales | Geographic Concentration Risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
% 1.00% 1.00% 0.00%
All other      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 41,227 $ 33,320 $ 44,002
All other | Sales | Geographic Concentration Risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
% 3.00% 2.00% 3.00%
v3.25.4
Commitments and Contingencies - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
employee
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Guarantor Obligations [Line Items]      
Rental expense for operating and finance leases $ 10,872 $ 9,099 $ 7,956
Number of employees | employee 2,325    
Workforce Subject to Collective-Bargaining Arrangements | Unionized Employees Concentration Risk      
Guarantor Obligations [Line Items]      
Concentration risk percentage 68.00%    
Workforce Subject to Collective-Bargaining Arrangements Expiring within One Year | Unionized Employees Concentration Risk      
Guarantor Obligations [Line Items]      
Concentration risk percentage 18.00%    
LTF      
Guarantor Obligations [Line Items]      
Ownership percentage 45.00%    
LTF | Borregaard      
Guarantor Obligations [Line Items]      
Ownership percentage 55.00%    
Standby letters of credit      
Guarantor Obligations [Line Items]      
Amount of letters of credit outstanding $ 29,000    
Surety Bond      
Guarantor Obligations [Line Items]      
Guarantee 92,000    
LTF project | LTF      
Guarantor Obligations [Line Items]      
Guarantee $ 24,000    
v3.25.4
Commitments and Contingencies - Purchase Obligations (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]  
2026 $ 177,952
2027 68,592
2028 61,540
2029 18,838
2030 19,043
Thereafter 210,779
Total purchase obligation 556,744
Wood Chip and Residual Fiber Supply Agreements  
Unrecorded Unconditional Purchase Obligation [Line Items]  
Total purchase obligation $ 203,000
Supply term 20 years
Expected yearly payments $ 13,000
v3.25.4
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Allowance for credit loss      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 1,057 $ 653 $ 1,064
Charged to Costs and Expenses 174 822 105
Charged to Other Accounts 0 (28) 0
Deductions (360) (390) (516)
Balance at End of Period 871 1,057 653
Allowance for sales returns      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 947 591 782
Charged to Costs and Expenses 0 0 0
Charged to Other Accounts (359) 356 (191)
Deductions 0 0 0
Balance at End of Period 588 947 591
Deferred tax asset valuation allowance      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 86,082 78,858 71,353
Charged to Costs and Expenses 355,805 7,224 7,505
Charged to Other Accounts 0 0 0
Deductions 0 0 0
Balance at End of Period 441,887 86,082 78,858
Self-insurance liabilities      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 325 549 478
Charged to Costs and Expenses 869 99 448
Charged to Other Accounts 0 0 0
Deductions (542) (323) (377)
Balance at End of Period $ 652 $ 325 $ 549