MERCER INTERNATIONAL INC
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
MERC$0.24-2.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from (used in) operating activities | |||
| Net income (loss) | $(242,056) | $247,039 | $170,988 |
| Adjustments to reconcile net income (loss) to cash flows from operating activities | |||
| Depreciation and amortization | 172,502 | 144,153 | 132,199 |
| Deferred income tax provision (recovery) | (36,392) | 7,003 | 18,791 |
| Inventory impairment | 58,600 | — | — |
| Impairment of sandalwood business held for sale | 33,734 | — | — |
| Loss on early extinguishment of debt | — | — | 30,368 |
| Defined benefit pension plans and other post-retirement benefit plan expense | 5,214 | 1,708 | 2,831 |
| Stock compensation expense | 5,922 | 6,737 | 2,394 |
| Foreign exchange transaction losses (gains) | 3,905 | (16,802) | (16,597) |
| Other | (5,092) | (1,241) | 384 |
| Defined benefit pension plans and other post-retirement benefit plan contributions | (1,152) | (2,942) | (4,258) |
| Changes in working capital | |||
| Accounts receivable | 52,507 | (20,476) | (121,579) |
| Inventories | (15,836) | (63,184) | (96,442) |
| Accounts payable and accrued expenses | (98,182) | 66,796 | 75,589 |
| Other | (2,679) | (8,131) | (12,454) |
| Net cash from (used in) operating activities | (69,005) | 360,660 | 182,214 |
| Cash flows from (used in) investing activities | |||
| Purchase of property, plant and equipment | (136,324) | (178,742) | (159,440) |
| Acquisition, net of cash acquired (Note 2) | (82,100) | (256,604) | (51,258) |
| Property insurance proceeds | 12,203 | 8,616 | 21,540 |
| Proceeds from government grants | 5,569 | 1,067 | 9,333 |
| Purchase of term deposit | — | (75,000) | — |
| Proceeds from sale of term deposit | — | 75,519 | — |
| Other | 785 | 534 | 2,031 |
| Net cash from (used in) investing activities | (199,867) | (424,610) | (177,794) |
| Cash flows from (used in) financing activities | |||
| Redemption of senior notes | — | — | (824,557) |
| Proceeds from issuance of senior notes | 200,000 | — | 875,000 |
| Proceeds from (repayment of) revolving credit facilities, net | 61,272 | 115,330 | (33,396) |
| Dividend payments | (19,950) | (19,847) | (17,167) |
| Payment of debt issuance costs | (4,865) | (3,871) | (14,483) |
| Payment of finance lease obligations | (7,785) | (10,003) | (7,850) |
| Other | (48) | (711) | 3,616 |
| Net cash from (used in) financing activities | 228,624 | 80,898 | (18,837) |
| Effect of exchange rate changes on cash and cash equivalents | 208 | (8,526) | (1,071) |
| Net increase (decrease) in cash and cash equivalents | (40,040) | 8,422 | (15,488) |
| Cash and cash equivalents, beginning of year | 354,032 | 345,610 | 361,098 |
| Cash and cash equivalents, end of year | $313,992 | $354,032 | $345,610 |
| Supplemental cash flow disclosure: | |||
| Cash paid for interest | $79,620 | $67,103 | $73,088 |
| Cash paid for income taxes | $63,551 | $86,037 | $22,950 |
| Supplemental schedule of non-cash investing and financing activities: | |||
| Leased production and other equipment | $3,310 | $— | $29,344 |
(92)
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