v3.25.4

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 186,805	$ 184,925
Accounts receivable, net	298,889	327,345
Inventories	359,401	361,682
Prepaid expenses and other	20,707	17,601
Assets classified as held for sale	0	18,451
Total current assets	865,802	910,004
Property, plant and equipment, net	1,115,490	1,254,715
Amortizable intangible assets, net	26,110	49,829
Operating lease right-of-use assets	6,818	7,598
Pension asset	12,975	9,378
Deferred income tax assets	7,839	17,778
Other long-term assets	6,386	13,630
Total assets	2,041,420	2,262,932
Current liabilities
Accounts payable and other	282,881	248,661
Pension and other post-retirement benefit obligations	745	732
Liabilities associated with assets held for sale	0	7,145
Total current liabilities	283,626	256,538
Long-term debt	1,605,144	1,473,986
Pension and other post-retirement benefit obligations	10,392	11,134
Operating lease liabilities	3,858	4,793
Deferred income tax liabilities	58,298	74,772
Other long-term liabilities	12,042	11,934
Total liabilities	1,973,360	1,833,157
Shareholders’ equity
Common shares $1 par value; 200,000,000 authorized; 66,983,000 issued and outstanding (2024 - 66,871,000)	66,871	66,850
Additional paid-in capital	365,357	362,782
Retained earnings (accumulated deficit)	(277,016)	230,912
Accumulated other comprehensive loss	(87,152)	(230,769)
Total shareholders’ equity	68,060	429,775	$ 635,410
Total liabilities and shareholders’ equity	$ 2,041,420	2,262,932
Commitments and contingencies (Note 21)

Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.

MERCER INTERNATIONAL INC. 10-K