Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity Address, Address Line One | 4350 Congress Street | |
Entity Address, Address Line Two | Suite 600 | |
Entity Address, City or Town | Charlotte | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28209 | |
City Area Code | 704 | |
Local Phone Number | 885-2555 | |
Entity File Number | 1-03560 | |
Entity Registrant Name | Glatfelter Corporation | |
Entity Tax Identification Number | 23-0628360 | |
Entity Incorporation, State or Country Code | PA | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | GLT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 44,796,505 | |
Amendment Flag | false | |
Entity Central Index Key | 0000041719 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 371,780 | $ 279,651 | $ 1,117,423 | $ 750,236 |
Type of Revenue [Extensible List] | Net sales | Net sales | Net sales | Net sales |
Costs of products sold | $ 334,396 | $ 241,294 | $ 1,010,977 | $ 637,029 |
Type of Cost, Good or Service [Extensible List] | Net sales | Net sales | Net sales | Net sales |
Gross profit | $ 37,384 | $ 38,357 | $ 106,446 | $ 113,207 |
Selling, general and administrative expenses | 28,890 | 26,066 | 90,456 | 77,877 |
Goodwill and other asset impairment charges | 42,541 | 0 | 159,890 | 0 |
Loss (gains) on dispositions of plant, equipment and timberlands, net | 20 | (2,235) | (2,868) | (4,638) |
Operating income (loss) | (34,067) | 14,526 | (141,032) | 39,968 |
Non-operating income (expense) | ||||
Interest expense | (8,139) | (2,061) | (23,673) | (5,364) |
Interest income | 92 | 21 | 147 | 52 |
Other, net | (2,220) | (876) | (4,015) | (1,949) |
Total non-operating expense | (10,267) | (2,916) | (27,541) | (7,261) |
Income (loss) from continuing operations before income taxes | (44,334) | 11,610 | (168,573) | 32,707 |
Income tax provision (benefit) | 4,920 | 3,551 | (8,569) | 14,762 |
Income (loss) from continuing operations | (49,254) | 8,059 | (160,004) | 17,945 |
Discontinued operations: | ||||
Income (loss) before income taxes | (242) | (532) | 129 | (614) |
Income tax provision | 0 | 0 | 0 | 0 |
Income (loss) from discontinued operations | (242) | (532) | 129 | (614) |
Net income (loss) | $ (49,496) | $ 7,527 | $ (159,875) | $ 17,331 |
Basic earnings per share | ||||
Income (loss) from continuing operations (in dollars per share) | $ (1.10) | $ 0.18 | $ (3.57) | $ 0.40 |
Loss from discontinued operations (in dollars per share) | (0.01) | (0.01) | 0 | (0.01) |
Basic earnings (loss) per share (in dollars per share) | (1.11) | 0.17 | (3.57) | 0.39 |
Diluted earnings per share | ||||
Income (loss) from continuing operations (in dollars per share) | (1.10) | 0.18 | (3.57) | 0.40 |
Loss from discontinued operations (in dollars per share) | (0.01) | (0.01) | 0 | (0.01) |
Diluted earnings (loss) per share (in dollars per share) | $ (1.11) | $ 0.17 | $ (3.57) | $ 0.39 |
Weighted average shares outstanding | ||||
Basic (in shares) | 44,877 | 44,593 | 44,809 | 44,536 |
Diluted (in shares) | 44,877 | 44,939 | 44,809 | 44,889 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (49,496) | $ 7,527 | $ (159,875) | $ 17,331 |
Foreign currency translation adjustments | (24,394) | (11,484) | (63,984) | (20,831) |
Net change in: | ||||
Deferred gains on derivatives, net of taxes of $2,041, $(319), $4,670 and $(1,506), respectively | 5,871 | 396 | 14,048 | 3,341 |
Unrecognized retirement obligations, net of taxes of $16, $(57), $50 and $(144), respectively | 233 | 376 | 537 | 618 |
Other comprehensive loss | (18,290) | (10,712) | (49,399) | (16,872) |
Comprehensive income (loss) | $ (67,786) | $ (3,185) | $ (209,274) | $ 459 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Taxes on deferred gains (losses) on cash flow hedges | $ 2,041 | $ (319) | $ 4,670 | $ (1,506) |
Taxes on unrecognized retirement obligations | $ 16 | $ (57) | $ 50 | $ (144) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 95,335 | $ 138,436 |
Accounts receivable, net | 192,405 | 170,212 |
Inventories | 320,059 | 279,520 |
Prepaid expenses and other current assets | 56,950 | 48,398 |
Total current assets | 664,749 | 636,566 |
Plant, equipment and timberlands, net | 664,940 | 758,812 |
Goodwill | 118,453 | 236,165 |
Intangible assets, net | 104,753 | 156,304 |
Other assets | 82,907 | 92,760 |
Total assets | 1,635,802 | 1,880,607 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 38,604 | 26,437 |
Short-term debt | 10,065 | 22,843 |
Accounts payable | 207,653 | 214,015 |
Dividends payable | 0 | 6,237 |
Environmental liabilities | 2,300 | 2,200 |
Other current liabilities | 97,381 | 99,438 |
Total current liabilities | 356,003 | 371,170 |
Long-term debt | 770,165 | 738,075 |
Deferred income taxes | 58,558 | 87,285 |
Other long-term liabilities | 131,378 | 141,315 |
Total liabilities | 1,316,104 | 1,337,845 |
Commitments and contingencies | 0 | 0 |
Shareholders’ equity | ||
Common stock | 544 | 544 |
Capital in excess of par value | 59,792 | 64,779 |
Retained earnings | 533,191 | 705,600 |
Accumulated other comprehensive loss | (129,703) | (80,304) |
Shareholders' equity before treasury stock | 463,824 | 690,619 |
Less cost of common stock in treasury | (144,126) | (147,857) |
Total shareholders’ equity | 319,698 | 542,762 |
Total liabilities and shareholders’ equity | $ 1,635,802 | $ 1,880,607 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities | ||
Net income (loss) | $ (159,875) | $ 17,331 |
Loss (income) from discontinued operations, net of taxes | (129) | 614 |
Adjustments to reconcile to net cash provided (used) by continuing operations: | ||
Depreciation, depletion and amortization | 50,482 | 44,176 |
Amortization of debt issue costs and original issue discount | 1,420 | 478 |
Goodwill and other asset impairment charges | 159,890 | 0 |
Inventory and accounts receivable charges | 3,948 | 0 |
Deferred income tax benefit | (19,032) | (419) |
Gains on dispositions of plant, equipment and timberlands, net | (2,868) | (4,638) |
Share-based compensation | 37 | 4,015 |
Change in operating assets and liabilities: | ||
Accounts receivable | (42,890) | (19,304) |
Inventories | (70,818) | (34,640) |
Prepaid and other current assets | 7,227 | 8,742 |
Accounts payable | 17,702 | 19,815 |
Accruals and other current liabilities | (3,868) | 4,689 |
Other | (5,579) | (2,362) |
Net cash provided (used) by operating activities from continuing operations | (64,353) | 38,497 |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (30,084) | (18,519) |
Proceeds from disposals of plant, equipment and timberlands, net | 3,194 | 4,951 |
Acquisition, net of cash acquired | 1,413 | (172,331) |
Other | (25) | (104) |
Net cash used by investing activities from continuing operations | (25,502) | (186,003) |
Financing activities | ||
Proceeds from term loans | 0 | 23,559 |
Repayment of term loans | (29,528) | (18,154) |
Net borrowings under revolving credit facility | 102,957 | 166,092 |
Payments of borrowing costs | (1,285) | (1,855) |
Payments of dividends | (18,766) | (18,224) |
Payments related to share-based compensation awards and other | (1,294) | (154) |
Net cash provided by financing activities from continuing operations | 52,084 | 151,264 |
Effect of exchange rate changes on cash | (6,760) | (4,082) |
Net decrease in cash, cash equivalents and restricted cash | (44,531) | (324) |
Decrease in cash, cash equivalents and restricted cash from discontinued operations | 45 | (481) |
Cash, cash equivalents and restricted cash at the beginning of period | 148,814 | 111,665 |
Cash, cash equivalents and restricted cash at the end of period | 104,328 | 110,860 |
Less: restricted cash in Prepaid expenses and other current assets | (2,000) | (2,000) |
Less: restricted cash in Other assets | (6,993) | (8,828) |
Cash and cash equivalents at the end of period | 95,335 | 100,032 |
Cash paid for: | ||
Interest | 17,885 | 4,709 |
Income taxes, net | $ 19,085 | $ 9,794 |
Statements of Shareholders' Equ
Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
Beginning balance at Dec. 31, 2020 | $ 577,932 | $ 544 | $ 63,261 | $ 723,365 | $ (58,653) | $ (150,585) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income (loss) | 17,331 | 17,331 | ||||
Other comprehensive loss | (16,872) | (16,872) | ||||
Comprehensive (loss) income | 459 | |||||
Cash dividends declared | (18,469) | (18,469) | ||||
Share-based compensation expense | 4,015 | 4,015 | ||||
Delivery of treasury shares: | ||||||
RSUs and PSAs | (633) | (3,002) | 2,369 | |||
Employee stock options exercised — net | 0 | 0 | 0 | |||
Ending balance at Sep. 30, 2021 | 563,304 | 544 | 64,274 | 722,227 | (75,525) | (148,216) |
Beginning balance at Jun. 30, 2021 | 571,245 | 544 | 62,796 | 720,934 | (64,813) | (148,216) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income (loss) | 7,527 | 7,527 | ||||
Other comprehensive loss | (10,712) | (10,712) | ||||
Comprehensive (loss) income | (3,185) | |||||
Cash dividends declared | (6,234) | (6,234) | ||||
Share-based compensation expense | 1,478 | 1,478 | ||||
Delivery of treasury shares: | ||||||
RSUs and PSAs | 0 | 0 | 0 | |||
Employee stock options exercised — net | 0 | 0 | 0 | |||
Ending balance at Sep. 30, 2021 | 563,304 | 544 | 64,274 | 722,227 | (75,525) | (148,216) |
Beginning balance at Dec. 31, 2021 | 542,762 | 544 | 64,779 | 705,600 | (80,304) | (147,857) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income (loss) | (159,875) | (159,875) | ||||
Other comprehensive loss | (49,399) | (49,399) | ||||
Comprehensive (loss) income | (209,274) | |||||
Cash dividends declared | (12,534) | (12,534) | ||||
Share-based compensation expense | 37 | 37 | ||||
Delivery of treasury shares: | ||||||
RSUs and PSAs | (1,294) | (5,025) | 3,731 | |||
Ending balance at Sep. 30, 2022 | 319,698 | 544 | 59,792 | 533,191 | (129,703) | (144,126) |
Beginning balance at Jun. 30, 2022 | 389,922 | 544 | 62,555 | 582,687 | (111,413) | (144,451) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income (loss) | (49,496) | (49,496) | ||||
Other comprehensive loss | (18,290) | (18,290) | ||||
Comprehensive (loss) income | (67,786) | |||||
Cash dividends declared | 0 | 0 | ||||
Share-based compensation expense | (2,382) | (2,382) | ||||
Delivery of treasury shares: | ||||||
RSUs and PSAs | (57) | (382) | 325 | |||
Ending balance at Sep. 30, 2022 | $ 319,698 | $ 544 | $ 59,792 | $ 533,191 | $ (129,703) | $ (144,126) |
Statements of Shareholders' E_2
Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Per share amount of cash dividends declared (in dollars per share) | $ 0 | $ 0.14 | $ 0.28 | $ 0.415 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATIONGlatfelter Corporation and subsidiaries ("Glatfelter") is a leading global supplier of engineered materials with a strong focus on innovation and sustainability. Glatfelter's high quality, technology-driven, innovative, and customizable nonwovens solutions can be found in products that are Enhancing Everyday Life®. These include personal care and hygiene products, food and beverage filtration, critical cleaning products, medical and personal protection, packaging products, as well as home improvement and industrial applications. Headquartered in Charlotte, NC, the Company’s 2021 net sales were $1.1 billion with approximately 3,250 employees worldwide. Glatfelter’s operations utilize a variety of manufacturing technologies including airlaid, wetlaid, and spunlace with sixteen manufacturing sites located in the United States, Canada, Germany, the United Kingdom, France, Spain, and the Philippines. The Company has sales offices in all major geographies serving customers under the Glatfelter and Sontara brands. Additional information about Glatfelter may be found at www.glatfelter.com. The terms “we,” “us,” “our,” “the Company,” or “Glatfelter,” refer to Glatfelter Corporation and subsidiaries unless the context indicates otherwise. |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Accounting Policies | ACCOUNTING POLICIES Basis of Presentation The unaudited condensed consolidated financial statements (“financial statements”) include the accounts of Glatfelter and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. We prepared these financial statements in accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. In our opinion, the financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. When preparing these financial statements, we have assumed you have read the audited consolidated financial statements included in our 2021 Annual Report on Form 10-K. Discontinued Operations The results of operations and cash flows of our former Specialty Papers business have been classified as discontinued operations for all periods presented in the condensed consolidated statements of income. Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Management believes the estimates and assumptions used in the preparation of these financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes actual results may differ from those estimates and assumptions. Inventories Our inventories are stated at the lower of cost or net realizable value. Raw materials, in-process and finished goods inventories are valued principally using the average-cost method. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | ACQUISITION On May 13, 2021, we completed the acquisition of all the outstanding equity interests in Georgia-Pacific Mt. Holly LLC, Georgia-Pacific's U.S. nonwovens business ("Mount Holly") for $170.9 million. Mount Holly’s results are reported prospectively from the acquisition date as part of our Airlaid Materials segment. On October 29, 2021, we completed the acquisition of PMM Holding (Luxembourg) AG, the owner of all of the equity interest in Jacob Holm, a global leading manufacturer of premium quality spunlace nonwoven fabrics for critical cleaning, high-performance materials, personal care, hygiene and medical applications, for approximately $304.0 million for all outstanding shares and the extinguishment of Jacob Holm’s debt. The following table sets forth information related to the consideration exchanged for the Jacob Holm acquisition. In thousands Total consideration $ 303,952 Less: Debt repaid (148,000) Cash consideration $ 155,952 The preliminary purchase price allocation related to the Jacob Holm acquisition set forth in the following table is based on all information available to us at the present time and is subject to change. The purchase price allocation is preliminary as we are in the process of finalizing our analysis of certain matters, primarily related to the assessment of potential tax liabilities associated with the acquired entities. In the event new information becomes available, the measurement of the amount of goodwill reflected may be affected. In thousands Jacob Holm Assets Cash and cash equivalents $ 11,426 Accounts receivable 30,271 Inventory 45,340 Prepaid and other current assets 6,727 Plant, equipment and timberlands 158,612 Intangible assets 70,240 Goodwill 48,355 Other assets 26,929 Total assets 397,900 Liabilities Short-term debt 14,081 Accounts payable 25,264 Other current liabilities 21,263 Other long-term liabilities 33,340 Total liabilities 93,948 Total preliminary purchase price $ 303,952 For purposes of allocating the total purchase price, assets acquired and liabilities assumed are recorded at their estimated fair market values. The allocations set forth above are based on management’s estimate of the fair value using valuation techniques such as discounted cash flow models, appraisals and similar methodologies. The following table sets forth information related to amounts of net sales and operating income (loss) of the acquired businesses included in our results of operations in the three and nine months ended 2022: Three months ended September 30, Nine months ended September 30, In thousands 2022 2022 Jacob Holm Net sales $ 89,160 $ 282,464 Operating loss (4,671) (8,051) The following table summarizes annual unaudited pro forma financial information as if the acquisition occurred as of January 1, 2021: (unaudited) Three months ended September 30, Nine months ended September 30, In thousands, except per share 2021 2021 Pro forma Net sales $ 350,708 $ 1,010,658 Income from continuing operations 6,961 18,746 |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2022 | |
Disaggregation of Revenue [Abstract] | |
Revenue | REVENUE The following tables set forth disaggregated information pertaining to our net sales: Three months ended Nine months ended In thousands 2022 2021 2022 2021 Revenue by product category Composite Fibers Food & beverage $ 76,301 $ 73,667 $ 225,989 $ 224,155 Wallcovering 10,531 22,116 36,264 68,927 Technical specialties 20,504 22,029 62,243 70,232 Composite laminates 11,171 11,841 34,038 32,199 Metallized 9,762 8,465 28,902 25,452 128,269 138,118 387,436 420,965 Airlaid Materials Feminine hygiene 60,736 55,177 176,991 150,002 Specialty wipes 43,971 37,190 118,974 74,477 Tabletop 26,322 26,447 83,840 50,498 Food pads 3,722 3,081 10,673 7,878 Home care 7,237 7,811 19,035 18,073 Adult incontinence 6,707 6,324 19,696 16,085 Other 5,656 5,503 18,314 12,258 154,351 141,533 447,523 329,271 Spunlace Consumer wipes 36,746 — 122,452 — Critical cleaning 28,411 — 80,472 — Health care 13,493 — 42,532 — Hygiene 5,924 — 18,070 — High performance 2,649 — 10,779 — Beauty care 1,937 — 8,159 — 89,160 — 282,464 — Total $ 371,780 $ 279,651 $ 1,117,423 $ 750,236 Revenue by geography Composite Fibers Europe, Middle East and Africa $ 60,726 $ 81,576 $ 194,198 $ 254,317 Americas 42,096 33,461 122,149 100,671 Asia Pacific 25,447 23,081 71,089 65,977 128,269 138,118 387,436 420,965 Airlaid Materials Europe, Middle East and Africa 68,854 64,730 195,345 159,354 Americas 83,686 74,876 242,207 164,392 Asia Pacific 1,811 1,927 9,971 5,525 154,351 141,533 447,523 329,271 Spunlace Europe, Middle East and Africa 26,813 — 86,883 — Americas 52,130 — 162,599 — Asia Pacific 10,217 — 32,982 — 89,160 — 282,464 — Total $ 371,780 $ 279,651 $ 1,117,423 $ 750,236 |
Gains on Disposition of Plant,
Gains on Disposition of Plant, Equipment and Timberlands | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Gains on Disposition of Plant, Equipment and Timberlands | GAINS ON DISPOSITION OF PLANT, EQUIPMENT AND TIMBERLANDS The following table sets forth sales of timberlands and other assets completed during the first nine months of 2022 and 2021: Dollars in thousands Acres Proceeds Gain (loss) 2022 Timberlands 790 $ 3,130 $ 2,962 Other n/a 64 (94) Total $ 3,194 $ 2,868 2021 Timberlands 1,634 $ 4,951 $ 4,638 Other n/a — — Total $ 4,951 $ 4,638 |
Goodwill and Other Asset Impair
Goodwill and Other Asset Impairment | 9 Months Ended |
Sep. 30, 2022 | |
Asset Impairment Charges [Abstract] | |
Goodwill and Other Asset Impairment | GOODWILL AND OTHER ASSET IMPAIRMENT During the third quarter of 2022, we recognized a non-cash goodwill impairment charge for our Spunlace segment of $42.5 million. The Spunlace segment has faced continued inflationary challenges which had escalated since our acquisition of this business in late 2021. Our selling price increases have been insufficient to offset the impact of inflation. Furthermore, the Spunlace segment has been impacted by unexpected supply chain and other operational issues which, in combination with the commercial issues, have resulted in an unexpected increase in operating losses. Although, management expects it will address the commercial, as well as, operational challenges that have impacted the profitability of this segment, the timing to effectuate the necessary changes to improve performance of this segment will be longer than previously expected. As a result of these changes, the Company performed a goodwill assessment this quarter which has prompted the impairment charge. In the first quarter of 2022, in connection with an assessment of potential impairment of long-lived and indefinite lived intangible assets stemming from the compounding impacts resulting from the Russia/Ukraine military conflict and related sanctions, we recorded a $117.3 million non-cash asset impairment charge related to Composite Fibers' Dresden facility and an impairment of Composite Fibers' goodwill. Dresden is a single-line facility that produces wallcover base paper, the majority of which is sold into the Russian and Ukrainian markets. As a direct result of the economic impacts from the conflict, and the disruptions in the underlying financial systems and prohibition of the export of sanctioned wallcover base paper to Russia, management expects a significant reduction in wallcover revenues and associated cash flows for the foreseeable future. In addition, the conflict is expected to significantly impact energy prices and also impact other Composite Fibers products that are also subject to export sanctions into Russia. Accordingly, a charge was recorded to reduce the carrying value of the Dresden fixed assets and intangible assets (technological know-how, customer relationships, and an indefinite-lived trade name), along with Composite Fibers’ goodwill to fair value. The following table summarizes the impairment charges recorded in the accompanying condensed consolidated statements of income under the caption “Goodwill and other asset impairment charges:” In thousands Three months ended September 30, Nine months ended September 30, Machinery and equipment $ — $ 27,619 Technological know-how — 18,443 Customer relationships — 11,695 Tradename — 3,530 Goodwill 42,541 98,603 Total $ 42,541 $ 159,890 The fair value of the underlying assets was estimated using discounted cash flow models, independent appraisals and similar methods, all of which are Level 3 fair value classification. As a result of economic sanctions and disruptions to the financial markets, certain Russian and Ukrainian customers are not able to satisfy outstanding accounts receivables. As such, during the first nine months of 2022, we recognized bad debt expense of approximately $2.9 million directly related to Russian and Ukrainian customers. Furthermore, during the first nine months of 2022, we increased inventory reserves by approximately $1.0 million, primarily related to wallcover products. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS For the three and nine months ended September 30,2022, we recognized a loss of $0.2 million and income of $0.1 million, respectively. The loss during the three months ended September 30, 2022 primarily represents legal costs. The income during the nine months ended September 30, 2022 primarily represents the successful appeal of a sales and use tax audit partially offset by legal costs. For the three and nine months ended September 30, 2021, we recognized a loss of $0.5 million and $0.6 million, respectively, and is primarily related to legal costs. The following table sets forth a summary of cash flows from discontinued operations which is included in the condensed consolidated statements of cash flows: Nine months ended September 30, In thousands 2022 2021 Net cash provided (used) by operating activities $ 45 $ (481) Net cash used by investing activities — — Net cash provided by financing activities — — Change in cash and cash equivalents from discontinued operations $ 45 $ (481) |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the details of basic and diluted earnings per share (“EPS”) from continuing operations: Three months ended Nine months ended In thousands, except per share 2022 2021 2022 2021 Income (loss) from continuing operations $ (49,254) $ 8,059 $ (160,004) $ 17,945 Weighted average common shares outstanding used in basic EPS 44,877 44,593 44,809 44,536 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs — 346 — 353 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,877 44,939 44,809 44,889 Earnings (loss) per share from continuing operations Basic $ (1.10) $ 0.18 $ (3.57) $ 0.40 Diluted (1.10) 0.18 (3.57) 0.40 The following table sets forth potential common shares outstanding that were not included in the computation of diluted EPS for the periods indicated, because their effect would be anti-dilutive: Three months ended September 30, Nine months ended September 30, In thousands 2022 2021 2022 2021 Potential common shares 863 1,082 863 1,082 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE INCOME The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three months and nine months ended September 30, 2022 and 2021. In thousands Currency translation adjustments Unrealized gain (loss) on derivatives Change in pensions Change in other postretirement defined benefit plans Total Balance at July 1, 2022 $ (109,347) $ 10,165 $ (11,230) $ (1,001) $ (111,413) Other comprehensive income (loss) before reclassifications (net of tax) (24,394) 7,665 — — (16,729) Amounts reclassified from accumulated other comprehensive income (net of tax) — (1,794) 207 26 (1,561) Net current period other comprehensive income (loss) (24,394) 5,871 207 26 (18,290) Balance at September 30, 2022 $ (133,741) $ 16,036 $ (11,023) $ (975) $ (129,703) Balance at July 1, 2021 $ (51,872) $ 449 $ (12,509) $ (881) $ (64,813) Other comprehensive income (loss) before reclassifications (net of tax) (11,484) 454 269 — (10,761) Amounts reclassified from accumulated other comprehensive income (net of tax) — (58) 154 (47) 49 Net current period other comprehensive income (loss) (11,484) 396 423 (47) (10,712) Balance at September 30, 2021 $ (63,356) $ 845 $ (12,086) $ (928) $ (75,525) Balance at January 1, 2022 $ (69,757) $ 1,988 $ (11,482) $ (1,053) $ (80,304) Other comprehensive income (loss) before reclassifications (net of tax) (63,984) 17,808 — — (46,176) Amounts reclassified from accumulated other comprehensive income (net of tax) — (3,760) 459 78 (3,223) Net current period other comprehensive income (loss) (63,984) 14,048 459 78 (49,399) Balance at September 30, 2022 $ (133,741) $ 16,036 $ (11,023) $ (975) $ (129,703) Balance at January 1, 2021 $ (42,525) $ (2,496) $ (12,844) $ (788) $ (58,653) Other comprehensive income (loss) before reclassifications (net of tax) (20,831) 3,387 269 — (17,175) Amounts reclassified from accumulated other comprehensive income (net of tax) — (46) 489 (140) 303 Net current period other comprehensive income (loss) (20,831) 3,341 758 (140) (16,872) Balance at September 30, 2021 $ (63,356) $ 845 $ (12,086) $ (928) $ (75,525) Reclassifications out of accumulated other comprehensive income and into the condensed consolidated statements of income were as follows: Three months ended September 30, Nine months ended September 30, In thousands 2022 2021 2022 2021 Description Line Item in Statements of Income Cash flow hedges (Note 18) Loss (gains) on cash flow hedges $ (2,275) $ (67) $ (5,044) $ (10) Costs of products sold Tax expense (benefit) 654 (5) 1,446 (78) Income tax provision Net of tax (1,621) (72) (3,598) (88) Loss (gains) on interest rate swaps (173) 21 (162) 64 Interest expense Tax benefit — (7) — (22) Income tax provision Net of tax (173) 14 (162) 42 Total cash flow hedges (1,794) (58) (3,760) (46) Retirement plan obligations (Note 11) Amortization of deferred benefit pension plans Prior service costs (5) 12 17 36 Other, net Actuarial losses 161 199 492 597 Other, net 156 211 509 633 Tax expense (benefit) 51 (57) (50) (144) Income tax provision Net of tax 207 154 459 489 Amortization of deferred benefit other plans Prior service costs (credits) 26 (58) 78 (175) Other, net Actuarial losses — 11 — 35 Other, net 26 (47) 78 (140) Tax expense — — — — Income tax provision Net of tax 26 (47) 78 (140) Total reclassifications, net of tax $ (1,561) $ 49 $ (3,223) $ 303 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION On May 5, 2022, upon Board and shareholder approval, the Glatfelter Corporation 2022 Long-Term Incentive Plan became effective and is a successor plan to the P. H. Glatfelter Amended and Restated Long-Term Incentive Plan (collectively, the “LTIP”). The LTIP continues to provide for the issuance of Glatfelter common stock to eligible participants in the form of restricted stock units, restricted stock awards, non-qualified stock options, performance shares, incentive stock options and performance units. Furthermore, the LTIP increases the number shares previously available for issuance by 1,400,000 shares. As of September 30, 2022, there were 2,456,410 shares of common stock available for future issuance under the LTIP. Pursuant to terms of the LTIP, we have issued to eligible participants restricted stock units (“RSUs”), performance share awards (“PSAs”) and stock-only stock appreciation rights. In 2022, we issued awards to employees of RSUs and PSAs under our LTIP. In 2022, 50% of fair value of the awards granted were RSUs, which vest based on the passage of time, generally over a graded three-year period or, in certain instances, the RSUs were cliff vesting after one During the three months ended September 30, 2022, we issued 360,000 PSAs and 240,000 RSUs to our new CEO, Thomas Fahnemann, as part of his on-boarding compensation package. These PSAs have a 3-year service and performance requirement that is based on our stock price achieving certain levels during the performance period. Specifically, if the Company’s closing stock price is $10 or higher for 20 consecutive days during the performance period, 50% of the award is achieved. If the stock price exceeds $18 per share for 20 consecutive days during the performance period 100% of the award is achieved. The RSUs vest over a three-year period with 50% vesting after two years and the remainder vesting after three years. During the three months ended September 30, 2022, in connection with his separation from the Company, certain unvested RSUs and PSAs of the former CEO were forfeited, and as a result, the Company recognized a stock-based compensation benefit of approximately $3.1 million which is included in Selling, general and administrative expense on the accompanying condensed consolidated statements of income. For RSUs, the grant date fair value of the awards, or the closing price per common share on the date of the award, is used to determine the amount of expense to be recognized over the applicable service period. For PSAs, the grant date fair value is estimated using a lattice model. The significant inputs include the stock price, volatility, dividend yield, and risk-free rate of return. Settlement of RSUs and PSAs will be made in shares of our common stock currently held in treasury. The following table summarizes RSU and PSA activity during periods indicated: Units 2022 2021 Balance at January 1, 1,111,382 1,071,652 Granted 1,452,213 363,104 Forfeited (570,959) (101,431) Shares delivered (336,342) (196,637) Balance at September 30, 1,656,294 1,136,688 The amount granted in 2022 and 2021 includes 701,428 and 162,480, respectively, of PSAs exclusive of reinvested dividends. The following table sets forth aggregate RSU and PSA compensation expense included in continuing operations for the periods indicated: September 30, In thousands 2022 2021 Three months ended $ (2,381) $ 1,478 Nine months ended $ 37 $ 4,015 Stock-Only Stock Appreciation Rights (“SOSARs”) Under terms of the SOSAR, a recipient receives the right to a payment in the form of shares of common stock equal to the difference, if any, in the fair market value of one share of common stock at the time of exercising the SOSAR and the exercise price. All SOSARs are vested and have a term of ten years. No SOSARs were awarded since 2016. The following table sets forth information related to outstanding SOSARs: 2022 2021 Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 1,079,113 $ 20.42 1,082,413 $ 20.40 Granted — — — — Exercised — — — — Canceled / forfeited (309,569) 18.12 — — Outstanding at September 30, 769,544 $ 21.34 1,082,413 $ 20.40 |
Retirement Plans and Other Post
Retirement Plans and Other Post-Retirement Benefits | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Plans and Other Post-Retirement Benefits | RETIREMENT PLANS AND OTHER POST-RETIREMENT BENEFITSThe following tables provide information with respect to the net periodic costs of our pension and post-retirement medical benefit plans included in continuing operations. Three months ended Nine months ended In thousands 2022 2021 2022 2021 Pension Benefits Service cost $ — $ — $ — $ — Interest cost 244 266 658 789 Amortization of prior service cost 11 12 33 36 Amortization of actuarial loss 161 199 492 597 Total net periodic benefit expense $ 416 $ 477 $ 1,183 $ 1,422 Other Benefits Service cost $ — $ 8 $ — $ 22 Interest cost 33 31 98 95 Amortization of prior service cost (credit) 26 (58) 78 (175) Amortization of actuarial loss — 11 — 35 Total net periodic benefit expense (income) $ 59 $ (8) $ 176 $ (23) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income taxes are recognized for the amount of taxes payable or refundable for the current year, and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our condensed consolidated financial statements or tax returns. The effects of income taxes are measured based on enacted tax laws and rates. For the nine months ended September 30, 2022, we had a pretax loss from continuing operations of $168.6 million and income tax benefit of $8.6 million. The income tax benefit includes $19.7 million of deferred tax benefit associated with the asset impairment charges and related bad debt and inventory reserves (refer to Note 6). Absent these charges, the Company had a pre-tax loss of $4.7 million and income tax expense of $11.1 million, which was unfavorably impacted by the jurisdictional mix of pretax results among the Company and its subsidiaries, and certain domestic and foreign jurisdiction losses which generated no tax benefit. The effective tax rate for the third quarter of 2022 was negatively impacted by recording a valuation allowance on the net operating losses related to Spunlace operations in Soultz, France. The impact of that valuation allowance was an increase in tax expense of $5.3 million. For the nine months ended September 30, 2022, we recorded an increase in the valuation allowance of $12.0 million for U.S. federal and foreign jurisdictions against our net deferred tax assets. In assessing the need for a valuation allowance, management considers all available positive and negative evidence in its analysis. Based on this analysis, we recorded a valuation allowance for the portion of deferred tax assets where the weight of the evidence indicated it is more likely than not that the deferred assets will not be realized. As of September 30, 2022 and December 31, 2021, we had $56.4 million and $55.7 million, respectively, of gross unrecognized tax benefits. As of September 30, 2022, if such benefits were to be recognized, approximately $52.5 million would be recorded as a component of income tax expense, thereby affecting our effective tax rate. The amount of income taxes we pay is subject to ongoing audits by federal, state and foreign tax authorities, which often result in proposed assessments. Management performs a comprehensive review of its global tax positions on a quarterly basis and accrues amounts for uncertain tax positions. Based on these reviews and the result of discussions and resolutions of matters with tax authorities and the closure of tax years subject to tax audit, reserves are adjusted as necessary. However, future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are determined or resolved or as statutes are closed. Due to potential resolution of federal, state and foreign examinations, and the lapse of various statutes of limitation, it is reasonably possible our gross unrecognized tax benefits may decrease within the next twelve months by a range of zero to $1.9 million. We recognize interest and penalties related to uncertain tax positions as income tax expense. The following table summarizes information included in continuing operations related to interest on uncertain tax positions: Nine months ended September 30, In millions 2022 2021 Interest expense $ 0.5 $ 0.4 September 30, December 31, Accrued interest payable $ 4.4 $ 3.9 Accrued penalties 3.0 3.0 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories, net of reserves, were as follows: In thousands September 30, December 31, Raw materials $ 115,778 $ 87,448 In-process and finished 149,859 139,058 Supplies 54,422 53,014 Total $ 320,059 $ 279,520 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETSThe following table sets forth changes in the amounts of goodwill and other intangible assets recorded by each of our segments during the periods indicated: In thousands December 31, Impairment Purchase price allocation adjustment Translation September 30, Goodwill Composite Fibers $ 78,438 $ (56,062) $ — $ (3,149) $ 19,227 Airlaid Materials 109,486 — — (10,260) 99,226 Spunlace 48,241 (42,541) (500) (5,200) — Total $ 236,165 $ (98,603) $ (500) $ (18,609) $ 118,453 Other Intangible Assets December 31, Impairment Amortization Translation September 30, Composite Fibers Tradename - non-amortizing $ 3,601 $ (3,530) $ — $ (71) $ — Technology and related 38,614 (37,823) — (791) — Accumulated amortization (19,224) 19,380 (424) 268 — Net 19,390 (18,443) (424) (523) — Customer relationships and related 34,739 (34,046) — (693) — Accumulated amortization (22,104) 22,351 (587) 340 — Net 12,635 (11,695) (587) (353) — Airlaid Materials Tradename 4,485 — — (1,339) 3,146 Accumulated amortization (603) — (128) 95 (636) Net 3,882 — (128) (1,244) 2,510 Technology and related 17,825 — — (1,771) 16,054 Accumulated amortization (4,552) — (857) 667 (4,742) Net 13,273 — (857) (1,104) 11,312 Customer relationships and related 44,585 — (3,425) 41,160 Accumulated amortization (10,512) — (2,758) 1,494 (11,776) Net 34,073 — (2,758) (1,931) 29,384 Spunlace Products and Tradenames 27,623 — (1,935) 25,688 Accumulated amortization (253) — (895) (138) (1,286) Net 27,370 — (895) (2,073) 24,402 Technology and related 14,547 — (1,019) 13,528 Accumulated amortization (202) — (866) 9 (1,059) Net 14,345 — (866) (1,010) 12,469 Customer relationships and related 28,003 — (1,961) 26,042 Accumulated amortization (268) — (1,119) 21 (1,366) Net 27,735 — (1,119) (1,940) 24,676 Total intangibles 214,022 (75,399) — (13,005) 125,618 Total accumulated amortization (57,718) 41,731 (7,634) 2,756 (20,865) Net intangibles $ 156,304 $ (33,668) $ (7,634) $ (10,249) $ 104,753 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | LEASES We enter into a variety of arrangements in which we are the lessee for the use of automobiles, forklifts and other production equipment, production facilities, warehouses, office space and land. We determine if an arrangement contains a lease at inception. All our lease arrangements are operating leases and are recorded in the condensed consolidated balance sheet under the caption “Other assets” and the lease obligation is under “Other current liabilities” and “Other long-term liabilities.” We do not have any finance leases. Operating lease right of use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. We use our incremental borrowing rate based on information available at the commencement date in determining the lease liabilities as our leases generally do not provide an implicit rate. For purposes of recording the lease arrangement, the term of lease may include options to extend or terminate when we are reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. The following table sets forth information related to our leases as of the periods indicated. Dollars in thousands September 30, December 31, R ight of use asset $ 25,986 $ 27,186 Weighted average discount rate 3.00 % 3.31 % Weighted average remaining maturity (years) 22.2 26.0 The following table sets forth operating lease expense for the periods indicated: September 30, In thousands 2022 2021 Three months ended $ 1,431 $ 1,490 Nine months ended $ 4,351 $ 4,289 The following table sets forth required remaining future minimum lease payments during the years indicated: In thousands 2022 $ 1,447 2023 3,534 2024 2,690 2025 2,313 2026 2,225 Thereafter 22,259 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-term debt is summarized as follows: In thousands September 30, December 31, Revolving credit facility, due Sep 2026 $ 108,110 $ 10,000 4.750% Senior Notes, due Oct 2029 500,000 500,000 Term loan, due Feb 2024 179,607 218,026 2.40% Term Loan, due Jun 2022 — 809 2.05% Term Loan, due Mar 2023 2,601 7,556 1.30% Term Loan, due Jun 2023 1,044 2,427 1.55% Term Loan, due Sep 2025 3,583 5,204 1.10% Term Loan, due Mar 2024 5,317 9,267 0.57% Term Loan, due Jul 2023 19,496 22,652 Total long-term debt 819,758 775,941 Less current portion (38,604) (26,437) Unamortized deferred issuance costs (10,989) (11,429) Long-term debt, net of current portion $ 770,165 $ 738,075 On September 2, 2021, we entered into a restatement agreement as part of a Fourth Amended and Restated $400 million Revolving Credit Facility and a €220.0 million Term Loan (collectively, the “Credit Agreement”) which matures September 6, 2026 and February 8, 2024, respectively. On May 9, 2022, we entered into an amendment to the Credit Agreement. The amendment: i) increases the permitted maximum ratio of consolidated total net debt to consolidated adjusted EBITDA (“leverage ratio”); ii) increases the maximum interest rate borrowing margin to be applied to the applicable index by 25 basis points; and iii) pledges as collateral substantially all domestic assets to secure obligations owed under the Credit Agreement. As amended, we are obligated to maintain a maximum ratio of consolidated total net debt to consolidated adjusted EBITDA of 6.75 to 1.0 until the quarter ended December 31, 2023, after which the maximum leverage ratio steps down to 4.0 to 1.0. The Credit Agreement also contains covenants requiring a minimum interest coverage ratio and provisions limiting our ability to, among other things, (i) incur debt and guaranty obligations, (ii) incur liens, (iii) make loans, advances, investments and acquisitions, (iv) merge or liquidate, (v) sell or transfer assets, (vi) incur additional indebtedness. As of September 30, 2022, the leverage ratio calculated in accordance with the definition in our Credit Agreement was 5.7x . A breach of these requirements would give rise to certain remedies under the Revolving Credit Agreement, among which are the termination of the agreement and the repayment of the outstanding borrowings plus accrued and unpaid interest under the Credit Agreement. Glatfelter Corporation guarantees all debt obligations of its subsidiaries. All such obligations are recorded in these condensed consolidated financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The amounts reported on the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximate their respective fair value. The following table sets forth carrying value and fair value of long-term debt: September 30, 2022 December 31, 2021 In thousands Carrying Value Fair Value Carrying Value Fair Value Variable rate debt $ 108,110 $ 108,110 $ 10,000 $ 10,000 4.750% Senior Notes, due Oct. 2029 500,000 286,250 500,000 516,875 Term loan, due Feb. 2024 179,607 179,607 218,026 218,026 2.40% Term Loan — — 809 813 2.05% Term Loan 2,601 2,591 7,556 7,616 1.30% Term Loan 1,044 1,033 2,427 2,433 1.55% Term Loan 3,583 3,437 5,204 5,234 1.10% Term Loan 5,317 5,184 9,267 9,252 0.57% Term Loan 19,496 19,063 22,652 22,657 Total $ 819,758 $ 605,275 $ 775,941 $ 792,906 |
Financial Derivatives and Hedgi
Financial Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Derivatives and Hedging Activities | FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES As part of our overall risk management practices, we enter into financial derivatives primarily designed to either i) hedge foreign currency risks associated with forecasted transactions (“cash flow hedges”); ii) mitigate the impact that changes in currency exchange rates have on intercompany financing transactions and foreign currency denominated receivables and payables (“foreign currency hedges”); or iii) convert variable-interest-rate debt to fixed rates. Derivatives Designated as Hedging Instruments - Cash Flow Hedges We use currency forward contracts as cash flow hedges to manage our exposure to fluctuations in the currency exchange rates on certain forecasted production costs. Currency forward contracts involve fixing the exchange for delivery of a specified amount of foreign currency on a specified date. As of September 30, 2022, the maturity of currency forward contracts ranged from one month to 18 months. We designate certain currency forward contracts as cash flow hedges of forecasted raw material purchases, certain production costs or capital expenditures with exposure to changes in foreign currency exchange rates. Changes in the fair value of derivatives designated and that qualify as cash flow hedges of foreign exchange risk is deferred as a component of accumulated other comprehensive income in the accompanying condensed consolidated balance sheets. With respect to hedges of forecasted raw material purchases or production costs, the amount deferred is subsequently reclassified into costs of products sold in the period that, inventory produced using the hedged transaction, affects earnings. For hedged capital expenditures, deferred gains or losses are reclassified and included in the historical cost of the capital asset and subsequently affect earnings as depreciation is recognized. We had the following outstanding derivatives that were used to hedge foreign exchange risks associated with forecasted transactions and designated as hedging instruments: In thousands September 30, 2022 December 31, 2021 Derivative Sell/Buy - sell notional Euro / British Pound 22,203 18,823 U.S. Dollar / British Pound 28,754 16,205 U.S. Dollar / Euro 1,911 658 Sell/Buy - buy notional Euro / Philippine Peso 964,410 896,291 British Pound / Philippine Peso 1,301,671 1,121,183 Euro / U.S. Dollar 96,822 108,467 U.S. Dollar / Canadian Dollar 36,649 36,904 On June 15, 2022, we terminated a €180 million notional value floating-to-fixed interest rate swap agreement with certain financial institutions that was entered into in October 2019 and was to mature in December 2022. During the life of the swap, we paid a fixed interest rate of the applicable margin plus 0.0395% on €180 million of the underlying variable rate term loan. We received the greater of 0.00% or EURIBOR. At termination, we recognized a deferred gain of $0.4 million that will be amortized into interest expense through December 2022. Derivatives Designated as Hedging Instruments – Net Investment Hedge The €220 million Term Loan discussed in Note 16 – “ Long-Term Debt” is designated as a net investment hedge of our Euro functional currency foreign subsidiaries. During the first nine months of 2022 and 2021, we recognized a pre-tax gain of $27.5 million and $13.8 million, respectively, on the remeasurement of the term loan from changes in currency exchange rates. Such amounts are recorded as a component of Other Comprehensive Income (Loss). On September 6, 2022, we terminated a $150.0 million cross currency swap agreement with certain financial institutions that was entered into in March 2022 and was to mature in May 2025. Pursuant to the terms of the swap, we agreed to receive 4.750% interest denominated in U.S. dollars and we agreed to pay 3.06% interest denominated in euros. We designated the cross-currency swap as a hedge of our net investment in certain euro functional currency subsidiaries. We collected cash proceeds of approximately $15.2 million upon termination. The gain associated with the swap remains in accumulated other comprehensive loss. Derivatives Not Designated as Hedging Instruments - Foreign Currency Hedges We also entered into forward foreign exchange contracts to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities. None of these contracts are designated as hedges for financial accounting purposes and, accordingly, changes in value of the foreign exchange forward contracts and in the offsetting underlying on-balance-sheet transactions are reflected in the accompanying condensed consolidated statements of income under the caption “Other, net.” The following sets forth derivatives used to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities: In thousands September 30, 2022 December 31, 2021 Derivative Sell/Buy - sell notional U.S. Dollar / British Pound 29,200 26,600 British Pound / Euro 3,200 3,400 U.S. Dollar / Swiss Franc 430 2,180 British Pound / Swiss Franc 2,420 1,025 Euro / Swiss Franc 7,830 2,750 Euro / U.S. Dollar 7,200 11,000 Sell/Buy - buy notional Euro / U.S. Dollar 6,300 20,900 British Pound / Euro 17,800 5,300 These contracts have maturities of one month from the date originally entered into. Fair Value Measurements The following table summarizes the fair values of derivative instruments for the period indicated and the line items in the accompanying condensed consolidated balance sheets where the instruments are recorded: In thousands September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Balance sheet caption Prepaid Expenses and Other Other Designated as hedging: Forward foreign currency exchange contracts $ 9,573 $ 3,197 $ 4,685 $ 288 Interest rate swap — — — 44 Not designated as hedging: Forward foreign currency exchange contracts $ 1,070 701 $ 1,458 $ 116 The amounts set forth in the table above represent the net asset or liability giving effect to rights of offset with each counterparty. The effect of netting the amounts presented above did not have a material effect on our consolidated financial position. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The fair values of the foreign exchange forward contracts are considered to be Level 2. Foreign currency forward contracts are valued using foreign currency forward and interest rate curves. The fair value of each contract is determined by comparing the contract rate to the forward rate and discounting to present value. Contracts in a gain position are recorded in the condensed consolidated balance sheets under the caption “Prepaid expenses and other current assets” and the value of contracts in a loss position is recorded under the caption “Other current liabilities.” The following table summarizes the amount of income or (loss) from derivative instruments recognized in our results of operations for the periods indicated and the line items in the accompanying condensed consolidated statements of income where the results are recorded: Three months ended Nine months ended September 30, In thousands 2022 2021 2022 2021 Designated as hedging: Forward foreign currency exchange contracts: Cost of products sold $ (2,275) $ 67 $ (5,044) $ 10 Interest expense (173) 21 (162) 64 Not designated as hedging: Forward foreign currency exchange contracts: Other – net $ 1,253 $ (376) $ 2,982 $ 327 The impact of activity not designated as hedging was substantially all offset by the remeasurement of the underlying on-balance-sheet item. A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income (loss), before taxes, is as follows: In thousands 2022 2021 Balance at January 1, $ 2,889 $ (3,460) Deferred gains on cash flow hedges 9,578 4,920 Reclassified to earnings (5,206) (74) Balance at September 30, $ 7,261 $ 1,386 We expect substantially all of the amounts recorded as a component of accumulated other comprehensive income will be recorded in results of operations within the next 12 to 18 months and the amount ultimately recognized will vary depending on actual market rates. Credit risk related to derivative activity arises in the event the counterparty fails to meet its obligations to us. This exposure is generally limited to the amounts, if any, by which the counterparty’s obligations exceed our obligation to them. Our policy is to enter into contracts only with financial institutions which meet certain minimum credit ratings. |
Commitments, Contingencies and
Commitments, Contingencies and Legal Proceedings | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Legal Proceedings | COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS Fox River - Neenah, Wisconsin Background We have previously reported that we face liabilities associated with environmental claims arising out of the presence of polychlorinated biphenyls (“PCBs”) in sediments in the lower Fox River, on which our former Neenah facility was located, and in the Bay of Green Bay, Wisconsin (collectively, the “Site”). Since the early 1990s, the United States, the State of Wisconsin and two Indian tribes (collectively, the “Governments”) have pursued a cleanup of a 39-mile stretch of river from Little Lake Butte des Morts into Green Bay and natural resource damages (“NRDs”). The United States originally notified several entities that they were potentially responsible parties (“PRPs”); however, after giving effect to settlements reached with the Governments, the remaining PRPs exposed to continuing obligations to implement the remainder of the cleanup consist of us, Georgia-Pacific Consumer Products, L.P. (“Georgia-Pacific”) and NCR Corporation. The United States Environmental Protection Agency (“EPA”) has divided the Site into five “operable units”, including the most upstream portion of the Site on which our facility was located (“OU1”) and four downstream reaches of the river and bay (“OU2-5”). Over the past several years, we and certain other PRPs completed all remedial actions pursuant to applicable consent decrees or a Unilateral Administrative Order. In January 2019, we reached an agreement with the United States, the State of Wisconsin, and Georgia-Pacific to resolve all remaining claims among those parties. Under the Glatfelter consent decree, we are primarily responsible for long-term monitoring and maintenance in OU2-OU4a and for reimbursement of government oversight costs paid after October 2018. Finally, we remain responsible for our obligation to continue long-term monitoring and maintenance under our OU1 consent decree. Cost estimates Our remaining obligations under the OU1 consent decree consist of long-term monitoring and maintenance. Furthermore, we are primarily responsible for long-term monitoring and maintenance in OU2-OU4a over a period of at least 30 years. The monitoring activities consist of, among others, testing fish tissue, sampling water quality and sediment, and inspections of the engineered caps. In 2018, we entered into a fixed-price, 30-year agreement with a third party for the performance of all of our monitoring and maintenance obligations in OU1 through OU4a with limited exceptions, such as, for extraordinary amounts of cap maintenance or replacement. Our obligation under this agreement is included in our total reserve for the Site. We are obligated to make the regular payments under that fixed-price contract until the remaining amount due is less than the OU1 escrow account balance. We are permitted to pay for this contract using the remaining balance of the escrow account established by us and WTM I Company (“WTM I”) another PRP, under the OU1 consent decree during any period that the balance in the escrow account exceeds the amount due under our fixed-price contract. As of September 30, 2022, the balance in the escrow is less than amounts due under the fixed-price contract by approximately $1.3 million. Our obligation to pay this difference is secured by a letter of credit . At September 30, 2022, the escrow account balance totaled $8.7 million which is included in the condensed consolidated balance sheet under the caption “Other assets.” Under the consent decree, we are responsible for reimbursement of government oversight costs paid from October 2018 and later over approximately the next 30 years. We anticipate that oversight costs will decline as activities at the site have transitioned from remediation to long-term monitoring and maintenance. Reserves for the Site Our reserve for past and future government oversight costs and long-term monitoring and maintenance totaled $14.8 million at September 30, 2022, of which $2.3 million is recorded in the accompanying September 30, 2022 condensed consolidated balance sheet under the caption “Environmental liabilities” and the remaining $12.5 million is recorded under the caption “Other long-term liabilities.” |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The following tables set forth financial and other information by segment for the period indicated: Three months ended Nine months ended Dollars in thousands 2022 2021 2022 2021 Net Sales Composite Fibers $ 128,269 $ 138,118 $ 387,436 $ 420,965 Airlaid Material 154,351 141,533 447,523 329,271 Spunlace 89,160 — 282,464 — Total $ 371,780 $ 279,651 $ 1,117,423 $ 750,236 Operating income (loss) Composite Fibers $ 6,636 $ 5,812 $ 12,080 $ 32,940 Airlaid Material 16,553 14,742 40,718 30,370 Spunlace (4,671) — (8,051) — Other and unallocated (52,585) (6,028) (185,779) (23,342) Total $ (34,067) $ 14,526 $ (141,032) $ 39,968 Depreciation and amortization Composite Fibers $ 3,961 $ 6,904 $ 15,276 $ 20,885 Airlaid Material 7,400 7,763 22,571 20,378 Spunlace 2,954 — 8,813 — Other and unallocated 1,231 1,043 3,822 2,913 Total $ 15,546 $ 15,710 $ 50,482 $ 44,176 Capital expenditures Composite Fibers $ 2,462 $ 2,585 $ 12,720 $ 8,240 Airlaid Material 1,925 2,926 7,457 5,962 Spunlace 1,341 — 5,227 — Other and unallocated 1,659 1,797 4,680 4,317 Total $ 7,387 $ 7,308 $ 30,084 $ 18,519 Tons shipped (metric) Composite Fibers 24,958 32,737 77,415 101,348 Airlaid Material 41,925 43,526 125,658 106,705 Spunlace 17,674 — 57,768 — Total 84,557 76,263 260,841 208,053 Segments Results of individual operating segments are presented based on our management accounting practices and management structure. There is no comprehensive, authoritative body of guidance for management accounting equivalent to accounting principles generally accepted in the United States of America; therefore, the financial results of individual segments are not necessarily comparable with similar information for any other company. The management accounting process uses assumptions and allocations to measure performance of the segments. Methodologies are refined from time to time as management accounting practices are enhanced and businesses change. The costs incurred by support areas not directly aligned with the segment are allocated primarily based on an estimated utilization of support area services or are included in “Other and Unallocated” in the table set forth above. Management evaluates results of operations of the operating segments before certain corporate level costs and the effects of certain gains or losses not considered to be related to the core business operations. Management believes that this |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements (“financial statements”) include the accounts of Glatfelter and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. We prepared these financial statements in accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. In our opinion, the financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. When preparing these financial statements, we have assumed you have read the audited consolidated financial statements included in our 2021 Annual Report on Form 10-K. |
Discontinued Operations | Discontinued Operations The results of operations and cash flows of our former Specialty Papers business have been classified as discontinued operations for all periods presented in the condensed consolidated statements of income. |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Management believes the estimates and assumptions used in the preparation of these financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes actual results may differ from those estimates and assumptions. |
Inventories | Inventories Our inventories are stated at the lower of cost or net realizable value. Raw materials, in-process and finished goods inventories are valued principally using the average-cost method. |
Acquisition (Tables)
Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table sets forth information related to the consideration exchanged for the Jacob Holm acquisition. In thousands Total consideration $ 303,952 Less: Debt repaid (148,000) Cash consideration $ 155,952 The following table sets forth information related to amounts of net sales and operating income (loss) of the acquired businesses included in our results of operations in the three and nine months ended 2022: Three months ended September 30, Nine months ended September 30, In thousands 2022 2022 Jacob Holm Net sales $ 89,160 $ 282,464 Operating loss (4,671) (8,051) |
Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | The preliminary purchase price allocation related to the Jacob Holm acquisition set forth in the following table is based on all information available to us at the present time and is subject to change. The purchase price allocation is preliminary as we are in the process of finalizing our analysis of certain matters, primarily related to the assessment of potential tax liabilities associated with the acquired entities. In the event new information becomes available, the measurement of the amount of goodwill reflected may be affected. In thousands Jacob Holm Assets Cash and cash equivalents $ 11,426 Accounts receivable 30,271 Inventory 45,340 Prepaid and other current assets 6,727 Plant, equipment and timberlands 158,612 Intangible assets 70,240 Goodwill 48,355 Other assets 26,929 Total assets 397,900 Liabilities Short-term debt 14,081 Accounts payable 25,264 Other current liabilities 21,263 Other long-term liabilities 33,340 Total liabilities 93,948 Total preliminary purchase price $ 303,952 |
Schedule of Unaudited Pro Forma Financial Information | The following table summarizes annual unaudited pro forma financial information as if the acquisition occurred as of January 1, 2021: (unaudited) Three months ended September 30, Nine months ended September 30, In thousands, except per share 2021 2021 Pro forma Net sales $ 350,708 $ 1,010,658 Income from continuing operations 6,961 18,746 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Disaggregation of Revenue [Abstract] | |
Schedule of Disaggregated Information Pertaining to Net Sales | The following tables set forth disaggregated information pertaining to our net sales: Three months ended Nine months ended In thousands 2022 2021 2022 2021 Revenue by product category Composite Fibers Food & beverage $ 76,301 $ 73,667 $ 225,989 $ 224,155 Wallcovering 10,531 22,116 36,264 68,927 Technical specialties 20,504 22,029 62,243 70,232 Composite laminates 11,171 11,841 34,038 32,199 Metallized 9,762 8,465 28,902 25,452 128,269 138,118 387,436 420,965 Airlaid Materials Feminine hygiene 60,736 55,177 176,991 150,002 Specialty wipes 43,971 37,190 118,974 74,477 Tabletop 26,322 26,447 83,840 50,498 Food pads 3,722 3,081 10,673 7,878 Home care 7,237 7,811 19,035 18,073 Adult incontinence 6,707 6,324 19,696 16,085 Other 5,656 5,503 18,314 12,258 154,351 141,533 447,523 329,271 Spunlace Consumer wipes 36,746 — 122,452 — Critical cleaning 28,411 — 80,472 — Health care 13,493 — 42,532 — Hygiene 5,924 — 18,070 — High performance 2,649 — 10,779 — Beauty care 1,937 — 8,159 — 89,160 — 282,464 — Total $ 371,780 $ 279,651 $ 1,117,423 $ 750,236 Revenue by geography Composite Fibers Europe, Middle East and Africa $ 60,726 $ 81,576 $ 194,198 $ 254,317 Americas 42,096 33,461 122,149 100,671 Asia Pacific 25,447 23,081 71,089 65,977 128,269 138,118 387,436 420,965 Airlaid Materials Europe, Middle East and Africa 68,854 64,730 195,345 159,354 Americas 83,686 74,876 242,207 164,392 Asia Pacific 1,811 1,927 9,971 5,525 154,351 141,533 447,523 329,271 Spunlace Europe, Middle East and Africa 26,813 — 86,883 — Americas 52,130 — 162,599 — Asia Pacific 10,217 — 32,982 — 89,160 — 282,464 — Total $ 371,780 $ 279,651 $ 1,117,423 $ 750,236 |
Gains on Disposition of Plant_2
Gains on Disposition of Plant, Equipment and Timberlands (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule for Discontinued Operations | The following table sets forth sales of timberlands and other assets completed during the first nine months of 2022 and 2021: Dollars in thousands Acres Proceeds Gain (loss) 2022 Timberlands 790 $ 3,130 $ 2,962 Other n/a 64 (94) Total $ 3,194 $ 2,868 2021 Timberlands 1,634 $ 4,951 $ 4,638 Other n/a — — Total $ 4,951 $ 4,638 The following table sets forth a summary of cash flows from discontinued operations which is included in the condensed consolidated statements of cash flows: Nine months ended September 30, In thousands 2022 2021 Net cash provided (used) by operating activities $ 45 $ (481) Net cash used by investing activities — — Net cash provided by financing activities — — Change in cash and cash equivalents from discontinued operations $ 45 $ (481) |
Goodwill and Other Asset Impa_2
Goodwill and Other Asset Impairment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Asset Impairment Charges [Abstract] | |
Schedule of Asset Impairment Charges | The following table summarizes the impairment charges recorded in the accompanying condensed consolidated statements of income under the caption “Goodwill and other asset impairment charges:” In thousands Three months ended September 30, Nine months ended September 30, Machinery and equipment $ — $ 27,619 Technological know-how — 18,443 Customer relationships — 11,695 Tradename — 3,530 Goodwill 42,541 98,603 Total $ 42,541 $ 159,890 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule for Discontinued Operations | The following table sets forth sales of timberlands and other assets completed during the first nine months of 2022 and 2021: Dollars in thousands Acres Proceeds Gain (loss) 2022 Timberlands 790 $ 3,130 $ 2,962 Other n/a 64 (94) Total $ 3,194 $ 2,868 2021 Timberlands 1,634 $ 4,951 $ 4,638 Other n/a — — Total $ 4,951 $ 4,638 The following table sets forth a summary of cash flows from discontinued operations which is included in the condensed consolidated statements of cash flows: Nine months ended September 30, In thousands 2022 2021 Net cash provided (used) by operating activities $ 45 $ (481) Net cash used by investing activities — — Net cash provided by financing activities — — Change in cash and cash equivalents from discontinued operations $ 45 $ (481) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Details of Basic and Diluted Earnings Per Share (EPS) from Continuing Operations | The following table sets forth the details of basic and diluted earnings per share (“EPS”) from continuing operations: Three months ended Nine months ended In thousands, except per share 2022 2021 2022 2021 Income (loss) from continuing operations $ (49,254) $ 8,059 $ (160,004) $ 17,945 Weighted average common shares outstanding used in basic EPS 44,877 44,593 44,809 44,536 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs — 346 — 353 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,877 44,939 44,809 44,889 Earnings (loss) per share from continuing operations Basic $ (1.10) $ 0.18 $ (3.57) $ 0.40 Diluted (1.10) 0.18 (3.57) 0.40 |
Schedule of Number of Potential Common Shares that have been Excluded from Computation of Diluted Earnings Per Share for Indicated Period Due to Their Anti-Dilutive Nature | The following table sets forth potential common shares outstanding that were not included in the computation of diluted EPS for the periods indicated, because their effect would be anti-dilutive: Three months ended September 30, Nine months ended September 30, In thousands 2022 2021 2022 2021 Potential common shares 863 1,082 863 1,082 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Losses) | The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three months and nine months ended September 30, 2022 and 2021. In thousands Currency translation adjustments Unrealized gain (loss) on derivatives Change in pensions Change in other postretirement defined benefit plans Total Balance at July 1, 2022 $ (109,347) $ 10,165 $ (11,230) $ (1,001) $ (111,413) Other comprehensive income (loss) before reclassifications (net of tax) (24,394) 7,665 — — (16,729) Amounts reclassified from accumulated other comprehensive income (net of tax) — (1,794) 207 26 (1,561) Net current period other comprehensive income (loss) (24,394) 5,871 207 26 (18,290) Balance at September 30, 2022 $ (133,741) $ 16,036 $ (11,023) $ (975) $ (129,703) Balance at July 1, 2021 $ (51,872) $ 449 $ (12,509) $ (881) $ (64,813) Other comprehensive income (loss) before reclassifications (net of tax) (11,484) 454 269 — (10,761) Amounts reclassified from accumulated other comprehensive income (net of tax) — (58) 154 (47) 49 Net current period other comprehensive income (loss) (11,484) 396 423 (47) (10,712) Balance at September 30, 2021 $ (63,356) $ 845 $ (12,086) $ (928) $ (75,525) Balance at January 1, 2022 $ (69,757) $ 1,988 $ (11,482) $ (1,053) $ (80,304) Other comprehensive income (loss) before reclassifications (net of tax) (63,984) 17,808 — — (46,176) Amounts reclassified from accumulated other comprehensive income (net of tax) — (3,760) 459 78 (3,223) Net current period other comprehensive income (loss) (63,984) 14,048 459 78 (49,399) Balance at September 30, 2022 $ (133,741) $ 16,036 $ (11,023) $ (975) $ (129,703) Balance at January 1, 2021 $ (42,525) $ (2,496) $ (12,844) $ (788) $ (58,653) Other comprehensive income (loss) before reclassifications (net of tax) (20,831) 3,387 269 — (17,175) Amounts reclassified from accumulated other comprehensive income (net of tax) — (46) 489 (140) 303 Net current period other comprehensive income (loss) (20,831) 3,341 758 (140) (16,872) Balance at September 30, 2021 $ (63,356) $ 845 $ (12,086) $ (928) $ (75,525) |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income and Into the Condensed Consolidated Statements of Income | Reclassifications out of accumulated other comprehensive income and into the condensed consolidated statements of income were as follows: Three months ended September 30, Nine months ended September 30, In thousands 2022 2021 2022 2021 Description Line Item in Statements of Income Cash flow hedges (Note 18) Loss (gains) on cash flow hedges $ (2,275) $ (67) $ (5,044) $ (10) Costs of products sold Tax expense (benefit) 654 (5) 1,446 (78) Income tax provision Net of tax (1,621) (72) (3,598) (88) Loss (gains) on interest rate swaps (173) 21 (162) 64 Interest expense Tax benefit — (7) — (22) Income tax provision Net of tax (173) 14 (162) 42 Total cash flow hedges (1,794) (58) (3,760) (46) Retirement plan obligations (Note 11) Amortization of deferred benefit pension plans Prior service costs (5) 12 17 36 Other, net Actuarial losses 161 199 492 597 Other, net 156 211 509 633 Tax expense (benefit) 51 (57) (50) (144) Income tax provision Net of tax 207 154 459 489 Amortization of deferred benefit other plans Prior service costs (credits) 26 (58) 78 (175) Other, net Actuarial losses — 11 — 35 Other, net 26 (47) 78 (140) Tax expense — — — — Income tax provision Net of tax 26 (47) 78 (140) Total reclassifications, net of tax $ (1,561) $ 49 $ (3,223) $ 303 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share Based Compensation Activity | The following table summarizes RSU and PSA activity during periods indicated: Units 2022 2021 Balance at January 1, 1,111,382 1,071,652 Granted 1,452,213 363,104 Forfeited (570,959) (101,431) Shares delivered (336,342) (196,637) Balance at September 30, 1,656,294 1,136,688 The following table sets forth information related to outstanding SOSARs: 2022 2021 Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 1,079,113 $ 20.42 1,082,413 $ 20.40 Granted — — — — Exercised — — — — Canceled / forfeited (309,569) 18.12 — — Outstanding at September 30, 769,544 $ 21.34 1,082,413 $ 20.40 |
Schedule of Compensation Expense for Stock Option Activity Included in Continuing Operations | The following table sets forth aggregate RSU and PSA compensation expense included in continuing operations for the periods indicated: September 30, In thousands 2022 2021 Three months ended $ (2,381) $ 1,478 Nine months ended $ 37 $ 4,015 |
Retirement Plans and Other Po_2
Retirement Plans and Other Post-Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Costs of Pension and Post Retirement Medical Benefit Plans Included in Continuing Operations | The following tables provide information with respect to the net periodic costs of our pension and post-retirement medical benefit plans included in continuing operations. Three months ended Nine months ended In thousands 2022 2021 2022 2021 Pension Benefits Service cost $ — $ — $ — $ — Interest cost 244 266 658 789 Amortization of prior service cost 11 12 33 36 Amortization of actuarial loss 161 199 492 597 Total net periodic benefit expense $ 416 $ 477 $ 1,183 $ 1,422 Other Benefits Service cost $ — $ 8 $ — $ 22 Interest cost 33 31 98 95 Amortization of prior service cost (credit) 26 (58) 78 (175) Amortization of actuarial loss — 11 — 35 Total net periodic benefit expense (income) $ 59 $ (8) $ 176 $ (23) |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Information Included in Continuing Operations Related to Interest on Uncertain Tax Positions | The following table summarizes information included in continuing operations related to interest on uncertain tax positions: Nine months ended September 30, In millions 2022 2021 Interest expense $ 0.5 $ 0.4 September 30, December 31, Accrued interest payable $ 4.4 $ 3.9 Accrued penalties 3.0 3.0 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net of Reserves | Inventories, net of reserves, were as follows: In thousands September 30, December 31, Raw materials $ 115,778 $ 87,448 In-process and finished 149,859 139,058 Supplies 54,422 53,014 Total $ 320,059 $ 279,520 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Amounts of Goodwill and Other Intangible Assets | The following table sets forth changes in the amounts of goodwill and other intangible assets recorded by each of our segments during the periods indicated: In thousands December 31, Impairment Purchase price allocation adjustment Translation September 30, Goodwill Composite Fibers $ 78,438 $ (56,062) $ — $ (3,149) $ 19,227 Airlaid Materials 109,486 — — (10,260) 99,226 Spunlace 48,241 (42,541) (500) (5,200) — Total $ 236,165 $ (98,603) $ (500) $ (18,609) $ 118,453 Other Intangible Assets December 31, Impairment Amortization Translation September 30, Composite Fibers Tradename - non-amortizing $ 3,601 $ (3,530) $ — $ (71) $ — Technology and related 38,614 (37,823) — (791) — Accumulated amortization (19,224) 19,380 (424) 268 — Net 19,390 (18,443) (424) (523) — Customer relationships and related 34,739 (34,046) — (693) — Accumulated amortization (22,104) 22,351 (587) 340 — Net 12,635 (11,695) (587) (353) — Airlaid Materials Tradename 4,485 — — (1,339) 3,146 Accumulated amortization (603) — (128) 95 (636) Net 3,882 — (128) (1,244) 2,510 Technology and related 17,825 — — (1,771) 16,054 Accumulated amortization (4,552) — (857) 667 (4,742) Net 13,273 — (857) (1,104) 11,312 Customer relationships and related 44,585 — (3,425) 41,160 Accumulated amortization (10,512) — (2,758) 1,494 (11,776) Net 34,073 — (2,758) (1,931) 29,384 Spunlace Products and Tradenames 27,623 — (1,935) 25,688 Accumulated amortization (253) — (895) (138) (1,286) Net 27,370 — (895) (2,073) 24,402 Technology and related 14,547 — (1,019) 13,528 Accumulated amortization (202) — (866) 9 (1,059) Net 14,345 — (866) (1,010) 12,469 Customer relationships and related 28,003 — (1,961) 26,042 Accumulated amortization (268) — (1,119) 21 (1,366) Net 27,735 — (1,119) (1,940) 24,676 Total intangibles 214,022 (75,399) — (13,005) 125,618 Total accumulated amortization (57,718) 41,731 (7,634) 2,756 (20,865) Net intangibles $ 156,304 $ (33,668) $ (7,634) $ (10,249) $ 104,753 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Information Related to Leases | The following table sets forth information related to our leases as of the periods indicated. Dollars in thousands September 30, December 31, R ight of use asset $ 25,986 $ 27,186 Weighted average discount rate 3.00 % 3.31 % Weighted average remaining maturity (years) 22.2 26.0 The following table sets forth operating lease expense for the periods indicated: September 30, In thousands 2022 2021 Three months ended $ 1,431 $ 1,490 Nine months ended $ 4,351 $ 4,289 |
Schedule of Future Minimum Lease Payments | The following table sets forth required remaining future minimum lease payments during the years indicated: In thousands 2022 $ 1,447 2023 3,534 2024 2,690 2025 2,313 2026 2,225 Thereafter 22,259 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt is summarized as follows: In thousands September 30, December 31, Revolving credit facility, due Sep 2026 $ 108,110 $ 10,000 4.750% Senior Notes, due Oct 2029 500,000 500,000 Term loan, due Feb 2024 179,607 218,026 2.40% Term Loan, due Jun 2022 — 809 2.05% Term Loan, due Mar 2023 2,601 7,556 1.30% Term Loan, due Jun 2023 1,044 2,427 1.55% Term Loan, due Sep 2025 3,583 5,204 1.10% Term Loan, due Mar 2024 5,317 9,267 0.57% Term Loan, due Jul 2023 19,496 22,652 Total long-term debt 819,758 775,941 Less current portion (38,604) (26,437) Unamortized deferred issuance costs (10,989) (11,429) Long-term debt, net of current portion $ 770,165 $ 738,075 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Value and Fair Value of Long-Term Debt | The following table sets forth carrying value and fair value of long-term debt: September 30, 2022 December 31, 2021 In thousands Carrying Value Fair Value Carrying Value Fair Value Variable rate debt $ 108,110 $ 108,110 $ 10,000 $ 10,000 4.750% Senior Notes, due Oct. 2029 500,000 286,250 500,000 516,875 Term loan, due Feb. 2024 179,607 179,607 218,026 218,026 2.40% Term Loan — — 809 813 2.05% Term Loan 2,601 2,591 7,556 7,616 1.30% Term Loan 1,044 1,033 2,427 2,433 1.55% Term Loan 3,583 3,437 5,204 5,234 1.10% Term Loan 5,317 5,184 9,267 9,252 0.57% Term Loan 19,496 19,063 22,652 22,657 Total $ 819,758 $ 605,275 $ 775,941 $ 792,906 |
Financial Derivatives and Hed_2
Financial Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Derivatives Used to Hedge Foreign Exchange Risks | We had the following outstanding derivatives that were used to hedge foreign exchange risks associated with forecasted transactions and designated as hedging instruments: In thousands September 30, 2022 December 31, 2021 Derivative Sell/Buy - sell notional Euro / British Pound 22,203 18,823 U.S. Dollar / British Pound 28,754 16,205 U.S. Dollar / Euro 1,911 658 Sell/Buy - buy notional Euro / Philippine Peso 964,410 896,291 British Pound / Philippine Peso 1,301,671 1,121,183 Euro / U.S. Dollar 96,822 108,467 U.S. Dollar / Canadian Dollar 36,649 36,904 The following sets forth derivatives used to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities: In thousands September 30, 2022 December 31, 2021 Derivative Sell/Buy - sell notional U.S. Dollar / British Pound 29,200 26,600 British Pound / Euro 3,200 3,400 U.S. Dollar / Swiss Franc 430 2,180 British Pound / Swiss Franc 2,420 1,025 Euro / Swiss Franc 7,830 2,750 Euro / U.S. Dollar 7,200 11,000 Sell/Buy - buy notional Euro / U.S. Dollar 6,300 20,900 British Pound / Euro 17,800 5,300 |
Schedule of Fair Values of Derivative Instruments | Fair Value Measurements The following table summarizes the fair values of derivative instruments for the period indicated and the line items in the accompanying condensed consolidated balance sheets where the instruments are recorded: In thousands September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Balance sheet caption Prepaid Expenses and Other Other Designated as hedging: Forward foreign currency exchange contracts $ 9,573 $ 3,197 $ 4,685 $ 288 Interest rate swap — — — 44 Not designated as hedging: Forward foreign currency exchange contracts $ 1,070 701 $ 1,458 $ 116 |
Schedule of Income or (Loss) from Derivative Instruments Recognized in Results of Operations | The following table summarizes the amount of income or (loss) from derivative instruments recognized in our results of operations for the periods indicated and the line items in the accompanying condensed consolidated statements of income where the results are recorded: Three months ended Nine months ended September 30, In thousands 2022 2021 2022 2021 Designated as hedging: Forward foreign currency exchange contracts: Cost of products sold $ (2,275) $ 67 $ (5,044) $ 10 Interest expense (173) 21 (162) 64 Not designated as hedging: Forward foreign currency exchange contracts: Other – net $ 1,253 $ (376) $ 2,982 $ 327 |
Schedule of Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Loss) Before Taxes | A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income (loss), before taxes, is as follows: In thousands 2022 2021 Balance at January 1, $ 2,889 $ (3,460) Deferred gains on cash flow hedges 9,578 4,920 Reclassified to earnings (5,206) (74) Balance at September 30, $ 7,261 $ 1,386 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Financial and Other Information by Segment | The following tables set forth financial and other information by segment for the period indicated: Three months ended Nine months ended Dollars in thousands 2022 2021 2022 2021 Net Sales Composite Fibers $ 128,269 $ 138,118 $ 387,436 $ 420,965 Airlaid Material 154,351 141,533 447,523 329,271 Spunlace 89,160 — 282,464 — Total $ 371,780 $ 279,651 $ 1,117,423 $ 750,236 Operating income (loss) Composite Fibers $ 6,636 $ 5,812 $ 12,080 $ 32,940 Airlaid Material 16,553 14,742 40,718 30,370 Spunlace (4,671) — (8,051) — Other and unallocated (52,585) (6,028) (185,779) (23,342) Total $ (34,067) $ 14,526 $ (141,032) $ 39,968 Depreciation and amortization Composite Fibers $ 3,961 $ 6,904 $ 15,276 $ 20,885 Airlaid Material 7,400 7,763 22,571 20,378 Spunlace 2,954 — 8,813 — Other and unallocated 1,231 1,043 3,822 2,913 Total $ 15,546 $ 15,710 $ 50,482 $ 44,176 Capital expenditures Composite Fibers $ 2,462 $ 2,585 $ 12,720 $ 8,240 Airlaid Material 1,925 2,926 7,457 5,962 Spunlace 1,341 — 5,227 — Other and unallocated 1,659 1,797 4,680 4,317 Total $ 7,387 $ 7,308 $ 30,084 $ 18,519 Tons shipped (metric) Composite Fibers 24,958 32,737 77,415 101,348 Airlaid Material 41,925 43,526 125,658 106,705 Spunlace 17,674 — 57,768 — Total 84,557 76,263 260,841 208,053 |
Organization (Details)
Organization (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2022 employee manufacturing_site | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Net sales | $ | $ 350,708 | $ 1,010,658 | $ 1,100,000 | |
Number of employees employed | employee | 3,250 | |||
Number of manufacturing sites | manufacturing_site | 16 |
Acquisition - Narrative (Detail
Acquisition - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2021 | May 13, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | |
Mount Holly | ||||
Business Acquisition [Line Items] | ||||
Total consideration | $ 170,900 | |||
One-time costs | $ 8,700 | |||
Jacob Holm | ||||
Business Acquisition [Line Items] | ||||
Total consideration | $ 303,952 | |||
One-time costs | $ 2,700 |
Acquisition - Schedule of Infor
Acquisition - Schedule of Information Related to Consideration (Details) - Jacob Holm $ in Thousands | Oct. 29, 2021 USD ($) |
Business Acquisition [Line Items] | |
Total consideration | $ 303,952 |
Less: Debt repaid | (148,000) |
Cash consideration | $ 155,952 |
Acquisition - Schedule of Alloc
Acquisition - Schedule of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Oct. 29, 2021 |
Assets | |||
Goodwill | $ 118,453 | $ 236,165 | |
Jacob Holm | |||
Assets | |||
Cash and cash equivalents | $ 11,426 | ||
Accounts receivable | 30,271 | ||
Inventory | 45,340 | ||
Prepaid and other current assets | 6,727 | ||
Plant, equipment and timberlands | 158,612 | ||
Intangible assets | 70,240 | ||
Goodwill | 48,355 | ||
Other assets | 26,929 | ||
Total assets | 397,900 | ||
Liabilities | |||
Short-term debt | 14,081 | ||
Accounts payable | 25,264 | ||
Other current liabilities | 21,263 | ||
Other long-term liabilities | 33,340 | ||
Total liabilities | 93,948 | ||
Total preliminary purchase price | $ 303,952 |
Acquisition - Schedule of Annua
Acquisition - Schedule of Annual Unaudited Pro Forma Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||
Net sales | $ 350,708 | $ 1,010,658 | $ 1,100,000 | ||
Income from continuing operations | $ 6,961 | $ 18,746 | |||
Jacob Holm | |||||
Business Acquisition [Line Items] | |||||
Net sales | $ 89,160 | $ 282,464 | |||
Operating loss | $ (4,671) | $ (8,051) |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 371,780 | $ 279,651 | $ 1,117,423 | $ 750,236 |
Net sales | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 371,780 | 279,651 | 1,117,423 | 750,236 |
Composite Fibers | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 128,269 | 138,118 | 387,436 | 420,965 |
Composite Fibers | Europe, Middle East and Africa | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 60,726 | 81,576 | 194,198 | 254,317 |
Composite Fibers | Americas | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 42,096 | 33,461 | 122,149 | 100,671 |
Composite Fibers | Asia Pacific | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 25,447 | 23,081 | 71,089 | 65,977 |
Composite Fibers | Net sales | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 128,269 | 138,118 | 387,436 | 420,965 |
Composite Fibers | Food & beverage | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 76,301 | 73,667 | 225,989 | 224,155 |
Composite Fibers | Wallcovering | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 10,531 | 22,116 | 36,264 | 68,927 |
Composite Fibers | Technical specialties | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 20,504 | 22,029 | 62,243 | 70,232 |
Composite Fibers | Composite laminates | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 11,171 | 11,841 | 34,038 | 32,199 |
Composite Fibers | Metallized | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 9,762 | 8,465 | 28,902 | 25,452 |
Airlaid Materials | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 154,351 | 141,533 | 447,523 | 329,271 |
Airlaid Materials | Europe, Middle East and Africa | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 68,854 | 64,730 | 195,345 | 159,354 |
Airlaid Materials | Americas | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 83,686 | 74,876 | 242,207 | 164,392 |
Airlaid Materials | Asia Pacific | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 1,811 | 1,927 | 9,971 | 5,525 |
Airlaid Materials | Net sales | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 154,351 | 141,533 | 447,523 | 329,271 |
Airlaid Materials | Feminine hygiene | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 60,736 | 55,177 | 176,991 | 150,002 |
Airlaid Materials | Specialty wipes | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 43,971 | 37,190 | 118,974 | 74,477 |
Airlaid Materials | Tabletop | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 26,322 | 26,447 | 83,840 | 50,498 |
Airlaid Materials | Food pads | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 3,722 | 3,081 | 10,673 | 7,878 |
Airlaid Materials | Home care | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 7,237 | 7,811 | 19,035 | 18,073 |
Airlaid Materials | Adult incontinence | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 6,707 | 6,324 | 19,696 | 16,085 |
Airlaid Materials | Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 5,656 | 5,503 | 18,314 | 12,258 |
Spunlace | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 89,160 | 0 | 282,464 | 0 |
Spunlace | Europe, Middle East and Africa | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 26,813 | 0 | 86,883 | 0 |
Spunlace | Americas | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 52,130 | 0 | 162,599 | 0 |
Spunlace | Asia Pacific | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 10,217 | 0 | 32,982 | 0 |
Spunlace | Net sales | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 89,160 | 0 | 282,464 | 0 |
Spunlace | Consumer wipes | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 36,746 | 0 | 122,452 | 0 |
Spunlace | Critical cleaning | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 28,411 | 0 | 80,472 | 0 |
Spunlace | Health care | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 13,493 | 0 | 42,532 | 0 |
Spunlace | Hygiene | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 5,924 | 0 | 18,070 | 0 |
Spunlace | High performance | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 2,649 | 0 | 10,779 | 0 |
Spunlace | Beauty care | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 1,937 | $ 0 | $ 8,159 | $ 0 |
Gains on Disposition of Plant_3
Gains on Disposition of Plant, Equipment and Timberlands (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) a | Sep. 30, 2021 USD ($) a | Sep. 30, 2022 USD ($) a | Sep. 30, 2021 USD ($) a | |
Property, Plant and Equipment [Line Items] | ||||
Proceeds | $ 3,194 | $ 4,951 | ||
Gain (loss) | $ (20) | $ 2,235 | $ 2,868 | $ 4,638 |
Timberlands | ||||
Property, Plant and Equipment [Line Items] | ||||
Acres | a | 790 | 1,634 | 790 | 1,634 |
Proceeds | $ 3,130 | $ 4,951 | ||
Gain (loss) | 2,962 | 4,638 | ||
Other | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds | 64 | 0 | ||
Gain (loss) | $ (94) | $ 0 |
Goodwill and Other Asset Impa_3
Goodwill and Other Asset Impairment - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Goodwill impairment loss | $ 42,541 | $ 98,603 | |||
Goodwill and other asset impairment charges | 42,541 | $ 0 | 159,890 | $ 0 | |
Inventory reserve | $ 1,000 | 1,000 | |||
Russian And Ukrainian | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Goodwill and other asset impairment charges | $ 117,300 | ||||
Bad debt expense | $ 2,900 |
Goodwill and Other Asset Impa_4
Goodwill and Other Asset Impairment - Schedule of Asset Impairment Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Indefinite-lived Intangible Assets [Line Items] | ||||
Machinery and equipment | $ 0 | $ 27,619 | ||
Impairment of intangible assets, finite-lived | (41,731) | |||
Impairment of intangible assets, indefinite-lived | 75,399 | |||
Goodwill impairment loss | 42,541 | 98,603 | ||
Goodwill and other asset impairment charges | 42,541 | $ 0 | 159,890 | $ 0 |
Tradename | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Impairment of intangible assets, indefinite-lived | 0 | 3,530 | ||
Technological know-how | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Impairment of intangible assets, finite-lived | 0 | 18,443 | ||
Customer relationships | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Impairment of intangible assets, finite-lived | $ 0 | $ 11,695 |
Discontinued Operations (Detail
Discontinued Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations | $ (242) | $ (532) | $ 129 | $ (614) |
Change in cash and cash equivalents from discontinued operations | 45 | (481) | ||
Specialty Papers | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Net cash provided (used) by operating activities | 45 | (481) | ||
Net cash used by investing activities | 0 | 0 | ||
Net cash provided by financing activities | 0 | 0 | ||
Change in cash and cash equivalents from discontinued operations | $ 45 | $ (481) |
Earnings Per Share - Details of
Earnings Per Share - Details of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Income (loss) from continuing operations | $ (49,254) | $ 8,059 | $ (160,004) | $ 17,945 |
Weighted average common shares outstanding used in basic EPS (in shares) | 44,877 | 44,593 | 44,809 | 44,536 |
Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs (in shares) | 0 | 346 | 0 | 353 |
Weighted average common shares outstanding and common share equivalents used in diluted EPS (in shares) | 44,877 | 44,939 | 44,809 | 44,889 |
Earnings (loss) per share from continuing operations | ||||
Basic (in dollars per share) | $ (1.10) | $ 0.18 | $ (3.57) | $ 0.40 |
Diluted (in dollars per share) | $ (1.10) | $ 0.18 | $ (3.57) | $ 0.40 |
Earnings Per Share - Number of
Earnings Per Share - Number of Potentially Dilutive Common Shares (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Potential common shares (in shares) | 863 | 1,082 | 863 | 1,082 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Losses) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 389,922 | $ 571,245 | $ 542,762 | $ 577,932 |
Other comprehensive income (loss) before reclassifications (net of tax) | (16,729) | (10,761) | (46,176) | (17,175) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (1,561) | 49 | (3,223) | 303 |
Other comprehensive loss | (18,290) | (10,712) | (49,399) | (16,872) |
Ending balance | 319,698 | 563,304 | 319,698 | 563,304 |
Currency translation adjustments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (109,347) | (51,872) | (69,757) | (42,525) |
Other comprehensive income (loss) before reclassifications (net of tax) | (24,394) | (11,484) | (63,984) | (20,831) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 0 | 0 | 0 | 0 |
Other comprehensive loss | (24,394) | (11,484) | (63,984) | (20,831) |
Ending balance | (133,741) | (63,356) | (133,741) | (63,356) |
Unrealized gain (loss) on derivatives | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 10,165 | 449 | 1,988 | (2,496) |
Other comprehensive income (loss) before reclassifications (net of tax) | 7,665 | 454 | 17,808 | 3,387 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (1,794) | (58) | (3,760) | (46) |
Other comprehensive loss | 5,871 | 396 | 14,048 | 3,341 |
Ending balance | 16,036 | 845 | 16,036 | 845 |
Defined benefit plans | Pension Benefits | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (11,230) | (12,509) | (11,482) | (12,844) |
Other comprehensive income (loss) before reclassifications (net of tax) | 0 | 269 | 0 | 269 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 207 | 154 | 459 | 489 |
Other comprehensive loss | 207 | 423 | 459 | 758 |
Ending balance | (11,023) | (12,086) | (11,023) | (12,086) |
Defined benefit plans | Other Benefits | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (1,001) | (881) | (1,053) | (788) |
Other comprehensive income (loss) before reclassifications (net of tax) | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 26 | (47) | 78 | (140) |
Other comprehensive loss | 26 | (47) | 78 | (140) |
Ending balance | (975) | (928) | (975) | (928) |
Accumulated Other Comprehensive Loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (111,413) | (64,813) | (80,304) | (58,653) |
Ending balance | $ (129,703) | $ (75,525) | $ (129,703) | $ (75,525) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Costs of products sold | $ 334,396 | $ 241,294 | $ 1,010,977 | $ 637,029 |
Loss (gains) on interest rate swaps | 8,139 | 2,061 | 23,673 | 5,364 |
Other, net | 2,220 | 876 | 4,015 | 1,949 |
Income (loss) before income taxes | 44,334 | (11,610) | 168,573 | (32,707) |
Income tax provision (benefit) | 4,920 | 3,551 | (8,569) | 14,762 |
Net of tax | 49,496 | (7,527) | 159,875 | (17,331) |
Reclassifications Out of Accumulated Other Comprehensive Income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net of tax | (1,561) | 49 | (3,223) | 303 |
Reclassifications Out of Accumulated Other Comprehensive Income | Unrealized gain (loss) on derivatives | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net of tax | (1,794) | (58) | (3,760) | (46) |
Reclassifications Out of Accumulated Other Comprehensive Income | Unrealized gain (loss) on derivatives | Interest Rate Swap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Loss (gains) on interest rate swaps | (173) | 21 | (162) | 64 |
Income tax provision (benefit) | 0 | (7) | 0 | (22) |
Net of tax | (173) | 14 | (162) | 42 |
Reclassifications Out of Accumulated Other Comprehensive Income | Unrealized gain (loss) on derivatives | Cash Flow Hedges | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Costs of products sold | (2,275) | (67) | (5,044) | (10) |
Income tax provision (benefit) | 654 | (5) | 1,446 | (78) |
Net of tax | (1,621) | (72) | (3,598) | (88) |
Reclassifications Out of Accumulated Other Comprehensive Income | Prior service costs | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other, net | (5) | 12 | 17 | 36 |
Reclassifications Out of Accumulated Other Comprehensive Income | Prior service costs | Other Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other, net | 26 | (58) | 78 | (175) |
Reclassifications Out of Accumulated Other Comprehensive Income | Actuarial losses | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other, net | 161 | 199 | 492 | 597 |
Reclassifications Out of Accumulated Other Comprehensive Income | Actuarial losses | Other Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other, net | 0 | 11 | 0 | 35 |
Reclassifications Out of Accumulated Other Comprehensive Income | Defined benefit plans | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Income (loss) before income taxes | 156 | 211 | 509 | 633 |
Income tax provision (benefit) | 51 | (57) | (50) | (144) |
Net of tax | 207 | 154 | 459 | 489 |
Reclassifications Out of Accumulated Other Comprehensive Income | Defined benefit plans | Other Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Income (loss) before income taxes | 26 | (47) | 78 | (140) |
Income tax provision (benefit) | 0 | 0 | 0 | 0 |
Net of tax | $ 26 | $ (47) | $ 78 | $ (140) |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Detail) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 05, 2022 shares | Sep. 30, 2022 USD ($) day $ / shares shares | Sep. 30, 2022 $ / shares shares | Sep. 30, 2021 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation benefit | $ | $ 3.1 | |||
Restricted Stock Units (RSU) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of awards granted (as a percent) | 50% | 50% | ||
Cumulative performance targets | 3 years | |||
Vesting term | 3 years | |||
Restricted Stock Units (RSU) | Chief Executive Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment award, shares issued in period (in shares) | 240,000 | |||
Restricted Stock Units (RSU) | Achievement of cumulative financial performance targets | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting term | 2 years | |||
Restricted Stock Units (RSU) | Total shareholder return relative to broad market index | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting term | 3 years | |||
Restricted Stock Units (RSU) | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional service period (in years) | 1 year | |||
Restricted Stock Units (RSU) | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional service period (in years) | 3 years | |||
Performance Share Awards (PSAs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of awards granted (as a percent) | 50% | |||
Grants under performance share awards (in shares) | 701,428 | 162,480 | ||
Performance Share Awards (PSAs) | Chief Executive Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment award, shares issued in period (in shares) | 360,000 | |||
Performance period | 3 years | |||
Performance Share Awards (PSAs) | Achievement of cumulative financial performance targets | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting term | 2 years | |||
Share price (in dollars per share) | $ / shares | $ 10 | $ 10 | ||
Consecutive trading days | day | 20 | |||
Performance target (as a percent) | 50% | |||
Performance Share Awards (PSAs) | Total shareholder return relative to broad market index | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting term | 3 years | |||
Share price (in dollars per share) | $ / shares | $ 18 | $ 18 | ||
Consecutive trading days | day | 20 | |||
Performance target (as a percent) | 100% | |||
SOSARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares issued per award (in shares) | 1 | 1 | ||
Term of awards (in years) | 10 years | |||
Long Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Increase in number of shares available for issuance (in shares) | 1,400,000 | |||
Common stock available for future issuance (in shares) | 2,456,410 | 2,456,410 | ||
Vesting term | 1 year |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSU and PSA Activity (Detail) - Restricted Stock Units (RSU) and Performance Share Awards (PSAs) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding | ||
Beginning Balance (in shares) | 1,111,382 | 1,071,652 |
Granted (in shares) | 1,452,213 | 363,104 |
Forfeited (in shares) | (570,959) | (101,431) |
Shares delivered (in shares) | (336,342) | (196,637) |
Ending Balance (in shares) | 1,656,294 | 1,136,688 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ (2,381) | $ 1,478 | $ 37 | $ 4,015 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Information Related to Outstanding SOSARS (Detail) - SOSARs - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Shares | ||
Beginning Balance (in shares) | 1,079,113 | 1,082,413 |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | 0 | 0 |
Canceled / forfeited (in shares) | (309,569) | 0 |
Ending Balance (in shares) | 769,544 | 1,082,413 |
Wtd Avg Exercise Price | ||
Beginning Balance (in dollars per share) | $ 20.42 | $ 20.40 |
Granted (in dollars per share) | 0 | 0 |
Exercised (in dollars per share) | 0 | 0 |
Canceled / forfeited (in dollars per share) | 18.12 | 0 |
Ending Balance (in dollars per share) | $ 21.34 | $ 20.40 |
Retirement Plans and Other Po_3
Retirement Plans and Other Post-Retirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 244 | 266 | 658 | 789 |
Amortization of prior service cost (credit) | 11 | 12 | 33 | 36 |
Amortization of actuarial loss | 161 | 199 | 492 | 597 |
Total net periodic benefit expense (income) | 416 | 477 | 1,183 | 1,422 |
Other Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 8 | 0 | 22 |
Interest cost | 33 | 31 | 98 | 95 |
Amortization of prior service cost (credit) | 26 | (58) | 78 | (175) |
Amortization of actuarial loss | 0 | 11 | 0 | 35 |
Total net periodic benefit expense (income) | $ 59 | $ (8) | $ 176 | $ (23) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | |||||
Pretax loss | $ 44,334,000 | $ (11,610,000) | $ 168,573,000 | $ (32,707,000) | |
Income tax (benefit) provision | 4,920,000 | $ 3,551,000 | (8,569,000) | $ 14,762,000 | |
Income tax benefit due to asset impairments | 19,700,000 | ||||
Pretax loss from continuing operations | 4,700,000 | ||||
Increase in valuation allowance | 5,300,000 | 12,000,000 | |||
Gross unrecognized tax benefits | 56,400,000 | 56,400,000 | $ 55,700,000 | ||
Unrecognized tax benefits that would impact effective tax rate | 52,500,000 | 52,500,000 | |||
Minimum | |||||
Income Tax Contingency [Line Items] | |||||
Gross unrecognized tax benefits balance may decrease within the next twelve months | 0 | 0 | |||
Maximum | |||||
Income Tax Contingency [Line Items] | |||||
Gross unrecognized tax benefits balance may decrease within the next twelve months | $ 1,900,000 | 1,900,000 | |||
United States - Federal | |||||
Income Tax Contingency [Line Items] | |||||
Income tax (benefit) provision | $ 11,100,000 |
Income Taxes - Summary of Inter
Income Taxes - Summary of Interest and Penalties on Uncertain Tax Positions (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Interest expense | $ 0.5 | $ 0.4 | |
Accrued interest payable | 4.4 | $ 3.9 | |
Accrued penalties | $ 3 | $ 3 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 115,778 | $ 87,448 |
In-process and finished | 149,859 | 139,058 |
Supplies | 54,422 | 53,014 |
Total | $ 320,059 | $ 279,520 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Changes in Amounts of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Goodwill | |||
Goodwill, beginning balance | $ 236,165 | ||
Goodwill, impairment loss | $ (42,541) | (98,603) | |
Goodwill Purchase price allocation adjustment | (500) | ||
Goodwill, Translation | (18,609) | ||
Goodwill, ending balance | 118,453 | 118,453 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Impairment of intangible assets, indefinite-lived | (75,399) | ||
Finite-lived Intangible Assets [Roll Forward] | |||
Accumulated amortization, beginning balance | (57,718) | ||
Net intangibles, Amortization | (7,634) | ||
Accumulated amortization, ending balance | (20,865) | (20,865) | |
Impairment of intangible assets, finite-lived | 41,731 | ||
Total intangibles | 125,618 | 125,618 | $ 214,022 |
Intangible assets, net | 104,753 | 104,753 | $ 156,304 |
Impairment of intangible assets | (33,668) | ||
Intangible assets, gross, translation | (13,005) | ||
Intangible assets, accumulated amortization, translation | 2,756 | ||
Intangible assets, net, translation | (10,249) | ||
Tradename - non-amortizing | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Impairment of intangible assets, indefinite-lived | 0 | (3,530) | |
Composite Fibers | |||
Goodwill | |||
Goodwill, beginning balance | 78,438 | ||
Goodwill, impairment loss | (56,062) | ||
Goodwill, Translation | (3,149) | ||
Goodwill, ending balance | 19,227 | 19,227 | |
Composite Fibers | Technology and related | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Impairment of intangible assets, indefinite-lived | (37,823) | ||
Finite-lived Intangible Assets [Roll Forward] | |||
Total intangibles, beginning balance | 38,614 | ||
Total intangibles, Translation | (791) | ||
Total intangibles, ending balance | 0 | 0 | |
Accumulated amortization, beginning balance | (19,224) | ||
Net intangibles, Amortization | (424) | ||
Accumulated amortization, Translation | 268 | ||
Accumulated amortization, ending balance | 0 | 0 | |
Net intangibles, beginning balance | 19,390 | ||
Impairment of intangible assets, finite-lived | 19,380 | ||
Net intangibles, Translation | (523) | ||
Net intangibles, ending balance | 0 | 0 | |
Impairment of intangible assets | (18,443) | ||
Composite Fibers | Customer relationships and related | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Impairment of intangible assets, indefinite-lived | (34,046) | ||
Finite-lived Intangible Assets [Roll Forward] | |||
Total intangibles, beginning balance | 34,739 | ||
Total intangibles, Translation | (693) | ||
Total intangibles, ending balance | 0 | 0 | |
Accumulated amortization, beginning balance | (22,104) | ||
Net intangibles, Amortization | (587) | ||
Accumulated amortization, Translation | 340 | ||
Accumulated amortization, ending balance | 0 | 0 | |
Net intangibles, beginning balance | 12,635 | ||
Impairment of intangible assets, finite-lived | 22,351 | ||
Net intangibles, Translation | (353) | ||
Net intangibles, ending balance | 0 | 0 | |
Impairment of intangible assets | (11,695) | ||
Composite Fibers | Tradename - non-amortizing | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Total intangibles, beginning balance | 3,601 | ||
Impairment of intangible assets, indefinite-lived | (3,530) | ||
Total intangibles, Translation | (71) | ||
Total intangibles, ending balance | 0 | 0 | |
Airlaid Materials | |||
Goodwill | |||
Goodwill, beginning balance | 109,486 | ||
Goodwill, impairment loss | 0 | ||
Goodwill, Translation | (10,260) | ||
Goodwill, ending balance | 99,226 | 99,226 | |
Airlaid Materials | Tradename - non-amortizing | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Total intangibles, beginning balance | 4,485 | ||
Total intangibles, Translation | (1,339) | ||
Total intangibles, ending balance | 3,146 | 3,146 | |
Accumulated amortization, beginning balance | (603) | ||
Net intangibles, Amortization | (128) | ||
Accumulated amortization, Translation | 95 | ||
Accumulated amortization, ending balance | (636) | (636) | |
Net intangibles, beginning balance | 3,882 | ||
Net intangibles, Translation | (1,244) | ||
Net intangibles, ending balance | 2,510 | 2,510 | |
Airlaid Materials | Technology and related | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Total intangibles, beginning balance | 17,825 | ||
Total intangibles, Translation | (1,771) | ||
Total intangibles, ending balance | 16,054 | 16,054 | |
Accumulated amortization, beginning balance | (4,552) | ||
Net intangibles, Amortization | (857) | ||
Accumulated amortization, Translation | 667 | ||
Accumulated amortization, ending balance | (4,742) | (4,742) | |
Net intangibles, beginning balance | 13,273 | ||
Net intangibles, Translation | (1,104) | ||
Net intangibles, ending balance | 11,312 | 11,312 | |
Airlaid Materials | Customer relationships and related | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Total intangibles, beginning balance | 44,585 | ||
Total intangibles, Translation | (3,425) | ||
Total intangibles, ending balance | 41,160 | 41,160 | |
Accumulated amortization, beginning balance | (10,512) | ||
Net intangibles, Amortization | (2,758) | ||
Accumulated amortization, Translation | 1,494 | ||
Accumulated amortization, ending balance | (11,776) | (11,776) | |
Net intangibles, beginning balance | 34,073 | ||
Impairment of intangible assets, finite-lived | 0 | ||
Net intangibles, Translation | (1,931) | ||
Net intangibles, ending balance | 29,384 | 29,384 | |
Spunlace | |||
Goodwill | |||
Goodwill, beginning balance | 48,241 | ||
Goodwill, impairment loss | (42,541) | ||
Goodwill Purchase price allocation adjustment | (500) | ||
Goodwill, Translation | (5,200) | ||
Goodwill, ending balance | 0 | 0 | |
Spunlace | Tradename - non-amortizing | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Total intangibles, beginning balance | 27,623 | ||
Total intangibles, Translation | (1,935) | ||
Total intangibles, ending balance | 25,688 | 25,688 | |
Accumulated amortization, beginning balance | (253) | ||
Net intangibles, Amortization | (895) | ||
Accumulated amortization, Translation | (138) | ||
Accumulated amortization, ending balance | (1,286) | (1,286) | |
Net intangibles, beginning balance | 27,370 | ||
Impairment of intangible assets, finite-lived | 0 | ||
Net intangibles, Translation | (2,073) | ||
Net intangibles, ending balance | 24,402 | 24,402 | |
Spunlace | Technology and related | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Total intangibles, beginning balance | 14,547 | ||
Total intangibles, Translation | (1,019) | ||
Total intangibles, ending balance | 13,528 | 13,528 | |
Accumulated amortization, beginning balance | (202) | ||
Net intangibles, Amortization | (866) | ||
Accumulated amortization, Translation | 9 | ||
Accumulated amortization, ending balance | (1,059) | (1,059) | |
Net intangibles, beginning balance | 14,345 | ||
Impairment of intangible assets, finite-lived | 0 | ||
Net intangibles, Translation | (1,010) | ||
Net intangibles, ending balance | 12,469 | 12,469 | |
Spunlace | Customer relationships and related | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Total intangibles, beginning balance | 28,003 | ||
Total intangibles, Translation | (1,961) | ||
Total intangibles, ending balance | 26,042 | 26,042 | |
Accumulated amortization, beginning balance | (268) | ||
Net intangibles, Amortization | (1,119) | ||
Accumulated amortization, Translation | 21 | ||
Accumulated amortization, ending balance | (1,366) | (1,366) | |
Net intangibles, beginning balance | 27,735 | ||
Impairment of intangible assets, finite-lived | 0 | ||
Net intangibles, Translation | (1,940) | ||
Net intangibles, ending balance | $ 24,676 | $ 24,676 |
Leases - Summary of Information
Leases - Summary of Information Related to Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Right of use asset | $ 25,986 | $ 27,186 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Weighted average discount rate | 3% | 3.31% |
Weighted average remaining maturity (years) | 22 years 2 months 12 days | 26 years |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Lease expense | $ 1,431 | $ 1,490 | $ 4,351 | $ 4,289 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Leases [Abstract] | |
2022 | $ 1,447 |
2023 | 3,534 |
2024 | 2,690 |
2025 | 2,313 |
2026 | 2,225 |
Thereafter | $ 22,259 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 819,758 | $ 775,941 |
Less current portion | (38,604) | (26,437) |
Unamortized deferred issuance costs | (10,989) | (11,429) |
Long-term debt, net of current portion | 770,165 | 738,075 |
4.750% Senior Notes, due Oct 2029 | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 500,000 | 500,000 |
Interest rate on debt (as a percent) | 4.75% | |
Term loan, due Feb 2024 | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 179,607 | 218,026 |
2.40% Term Loan, due Jun 2022 | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 0 | 809 |
Interest rate on debt (as a percent) | 2.40% | |
2.05% Term Loan, due Mar 2023 | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 2,601 | 7,556 |
Interest rate on debt (as a percent) | 2.05% | |
1.30% Term Loan, due Jun 2023 | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,044 | 2,427 |
Interest rate on debt (as a percent) | 1.30% | |
1.55% Term Loan, due Sep 2025 | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 3,583 | 5,204 |
Interest rate on debt (as a percent) | 1.55% | |
1.10% Term Loan, due Mar 2024 | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 5,317 | 9,267 |
Interest rate on debt (as a percent) | 1.10% | |
0.57% Term Loan, due Jul 2023 | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 19,496 | 22,652 |
Interest rate on debt (as a percent) | 0.57% | |
Revolving credit facility, due Sep 2026 | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 108,110 | $ 10,000 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Detail) | 9 Months Ended | ||||
May 09, 2022 | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 02, 2021 USD ($) | Sep. 02, 2021 EUR (€) | |
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 400,000,000 | ||||
Percentage increase (decrease) in borrowing margin | 2,500% | ||||
Debt instrument covenant compliance leverage ratio, actual | 5.7 | ||||
Revolving Credit Facility | Through The Period Ended December 31, 2023 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, covenant, net debt to EBITDA ratio, maximum | 6.75 | ||||
Revolving Credit Facility | After The Period Ended December 31, 2023 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, covenant, net debt to EBITDA ratio, maximum | 4 | ||||
Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | € | € 220,000,000 | ||||
Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Letters of credit issued | $ 4,700,000 | $ 4,700,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 819,758 | $ 775,941 |
Fair Value | 605,275 | 792,906 |
Variable rate debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 108,110 | 10,000 |
Fair Value | 108,110 | 10,000 |
4.750% Senior Notes, due Oct 2029 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 500,000 | 500,000 |
Fair Value | $ 286,250 | 516,875 |
Interest rate on debt (as a percent) | 4.75% | |
Term loan, due Feb 2024 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 179,607 | 218,026 |
Fair Value | 179,607 | 218,026 |
2.40% Term Loan, due Jun 2022 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 0 | 809 |
Fair Value | $ 0 | 813 |
Interest rate on debt (as a percent) | 2.40% | |
2.05% Term Loan, due Mar 2023 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 2,601 | 7,556 |
Fair Value | $ 2,591 | 7,616 |
Interest rate on debt (as a percent) | 2.05% | |
1.30% Term Loan, due Jun 2023 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 1,044 | 2,427 |
Fair Value | $ 1,033 | 2,433 |
Interest rate on debt (as a percent) | 1.30% | |
1.55% Term Loan, due Sep 2025 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 3,583 | 5,204 |
Fair Value | $ 3,437 | 5,234 |
Interest rate on debt (as a percent) | 1.55% | |
1.10% Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 5,317 | 9,267 |
Fair Value | 5,184 | 9,252 |
0.57% Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 19,496 | 22,652 |
Fair Value | $ 19,063 | $ 22,657 |
Interest rate on debt (as a percent) | 0.57% |
Financial Derivatives and Hed_3
Financial Derivatives and Hedging Activities - Narrative (Detail) | 9 Months Ended | ||||||
Sep. 06, 2022 USD ($) | Jun. 15, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 EUR (€) | Jun. 15, 2022 EUR (€) | Mar. 03, 2022 | |
Derivative [Line Items] | |||||||
Pre-tax gain (loss) from changes in currency exchange rates | $ 27,500,000 | $ 13,800,000 | |||||
Term Loans | |||||||
Derivative [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | € | € 220,000,000 | ||||||
Floating-to-fixed Interest Rate Swap Agreement | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount | € | € 180,000,000 | ||||||
Derivative fixed interest rate (as a percent) | 0.0395% | ||||||
Loans variable rate of interest | € | € 180,000,000 | ||||||
Deferred gain on derivative | $ 400,000 | ||||||
Designated as Hedging | Currency Swap | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount | $ 150,000,000 | ||||||
Derivative fixed interest rate (as a percent) | 3.06% | ||||||
Derivative, interest rate swap (as a percent) | 4.75% | ||||||
Proceeds from termination of cross-currency swap | $ 15,200,000 | ||||||
Minimum | |||||||
Derivative [Line Items] | |||||||
Long-term debt percentage bearing fixed Interest rate (as a percent) | 0% | ||||||
Minimum | Foreign Exchange Contract | Unrealized gain (loss) on derivatives | |||||||
Derivative [Line Items] | |||||||
Accumulated other comprehensive income realization period (in months) | 12 months | ||||||
Minimum | Cash Flow Hedges | Designated as Hedging | |||||||
Derivative [Line Items] | |||||||
Maturities of foreign currency derivative contracts (in months) | 1 month | ||||||
Maximum | Foreign Exchange Contract | Unrealized gain (loss) on derivatives | |||||||
Derivative [Line Items] | |||||||
Accumulated other comprehensive income realization period (in months) | 18 months | ||||||
Maximum | Cash Flow Hedges | Designated as Hedging | |||||||
Derivative [Line Items] | |||||||
Maturities of foreign currency derivative contracts (in months) | 18 months |
Financial Derivatives and Hed_4
Financial Derivatives and Hedging Activities - Outstanding Derivatives Used to Hedge Foreign Exchange Risks (Detail) | Sep. 30, 2022 EUR (€) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 PHP (₱) | Sep. 30, 2022 CAD ($) | Sep. 30, 2022 GBP (£) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 PHP (₱) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 GBP (£) |
Cash Flow Hedges | Euro / British Pound | Designated as Hedging | Sell Notional | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | € | € 22,203,000 | € 18,823,000 | ||||||||
Cash Flow Hedges | U.S. Dollar / British Pound | Designated as Hedging | Sell Notional | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | $ 28,754,000 | $ 16,205,000 | ||||||||
Cash Flow Hedges | U.S. Dollar / Euro | Designated as Hedging | Sell Notional | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | 1,911,000 | 658,000 | ||||||||
Cash Flow Hedges | Euro / Philippine Peso | Designated as Hedging | Buy Notional | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | ₱ | ₱ 964,410,000 | ₱ 896,291,000 | ||||||||
Cash Flow Hedges | British Pound / Philippine Peso | Designated as Hedging | Buy Notional | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | ₱ | ₱ 1,301,671,000 | ₱ 1,121,183,000 | ||||||||
Cash Flow Hedges | Euro / U.S. Dollar | Designated as Hedging | Buy Notional | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | 96,822,000 | 108,467,000 | ||||||||
Cash Flow Hedges | U.S. Dollar / Canadian Dollar | Designated as Hedging | Buy Notional | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | $ 36,649,000 | $ 36,904,000 | ||||||||
Foreign Currency Hedges | U.S. Dollar / British Pound | Not Designated as Hedging | Sell Notional | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | 29,200,000 | 26,600,000 | ||||||||
Foreign Currency Hedges | Euro / U.S. Dollar | Not Designated as Hedging | Sell Notional | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | € | 7,200,000 | 11,000,000 | ||||||||
Foreign Currency Hedges | Euro / U.S. Dollar | Not Designated as Hedging | Buy Notional | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | 6,300,000 | 20,900,000 | ||||||||
Foreign Currency Hedges | British Pound / Euro | Not Designated as Hedging | Sell Notional | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | £ | £ 3,200,000 | £ 3,400,000 | ||||||||
Foreign Currency Hedges | British Pound / Euro | Not Designated as Hedging | Buy Notional | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | € | 17,800,000 | 5,300,000 | ||||||||
Foreign Currency Hedges | U.S. Dollar / Swiss Franc | Not Designated as Hedging | Sell Notional | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | $ 430,000 | $ 2,180,000 | ||||||||
Foreign Currency Hedges | British Pound / Swiss Franc | Not Designated as Hedging | Sell Notional | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | £ | £ 2,420,000 | £ 1,025,000 | ||||||||
Foreign Currency Hedges | Euro / Swiss Franc | Not Designated as Hedging | Sell Notional | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | € | € 7,830,000 | € 2,750,000 |
Financial Derivatives and Hed_5
Financial Derivatives and Hedging Activities - Fair Values of Derivative Instruments (Detail) - Forward Foreign Currency Exchange Contracts - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Prepaid Expenses and Other Current Assets | Designated as Hedging | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value | $ 9,573 | $ 3,197 |
Prepaid Expenses and Other Current Assets | Designated as Hedging | Interest Rate Swap | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value | 0 | 0 |
Prepaid Expenses and Other Current Assets | Not Designated as Hedging | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value | 1,070 | 701 |
Other Current Liabilities | Designated as Hedging | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | 4,685 | 288 |
Other Current Liabilities | Designated as Hedging | Interest Rate Swap | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | 0 | 44 |
Other Current Liabilities | Not Designated as Hedging | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | $ 1,458 | $ 116 |
Financial Derivatives and Hed_6
Financial Derivatives and Hedging Activities - Income or (Loss) from Derivative Instruments (Detail) - Forward Foreign Currency Exchange Contracts - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Designated as Hedging | Cost of products sold | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Derivative instruments, gain (loss) | $ (2,275) | $ 67 | $ (5,044) | $ 10 |
Designated as Hedging | Interest expense | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Derivative instruments, gain (loss) | (173) | 21 | (162) | 64 |
Not Designated as Hedging | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Derivative instruments, gain (loss) | $ 1,253 | $ (376) | $ 2,982 | $ 327 |
Financial Derivatives and Hed_7
Financial Derivatives and Hedging Activities - Fair Value Amounts Recorded as Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value Amounts Of Derivative Assets Recorded As A Component Of AOCI | ||
Beginning balance | $ 542,762 | $ 577,932 |
Ending balance | 319,698 | 563,304 |
Unrealized gain (loss) on derivatives | ||
Fair Value Amounts Of Derivative Assets Recorded As A Component Of AOCI | ||
Beginning balance | 1,988 | (2,496) |
Ending balance | 16,036 | 845 |
Unrealized gain (loss) on derivatives | Foreign Exchange Contract | Fair Value, Inputs, Level 2 | ||
Fair Value Amounts Of Derivative Assets Recorded As A Component Of AOCI | ||
Beginning balance | 2,889 | (3,460) |
Deferred gains on cash flow hedges | 9,578 | 4,920 |
Reclassified to earnings | (5,206) | (74) |
Ending balance | $ 7,261 | $ 1,386 |
Commitments, Contingencies an_2
Commitments, Contingencies and Legal Proceedings - Narrative (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) Operable_Unit | Dec. 31, 2021 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
Number of operable units | Operable_Unit | 5 | |
Agreement term for environmental remediation (in years) | 30 years | |
Difference recorded in escrow account | $ 1,300 | |
Total amount available in escrow account | 8,700 | |
Accrual for environmental loss contingencies | 14,800 | |
Reserve for environmental liabilities, current portion | 2,300 | $ 2,200 |
Accrual for environmental loss contingencies, noncurrent | $ 12,500 |
Segment Information (Detail)
Segment Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) GT | Sep. 30, 2021 USD ($) GT | Sep. 30, 2022 USD ($) T | Sep. 30, 2021 USD ($) T | |
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 371,780 | $ 279,651 | $ 1,117,423 | $ 750,236 |
Operating income (loss) | (34,067) | 14,526 | (141,032) | 39,968 |
Depreciation and amortization | 15,546 | 15,710 | 50,482 | 44,176 |
Capital expenditures | $ 7,387 | $ 7,308 | $ 30,084 | $ 18,519 |
Tons shipped (metric) | 84,557 | 76,263 | 260,841 | 208,053 |
Other and unallocated | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | $ (52,585) | $ (6,028) | $ (185,779) | $ (23,342) |
Depreciation and amortization | 1,231 | 1,043 | 3,822 | 2,913 |
Capital expenditures | 1,659 | 1,797 | 4,680 | 4,317 |
Composite Fibers | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 128,269 | $ 138,118 | $ 387,436 | $ 420,965 |
Tons shipped (metric) | 24,958 | 32,737 | 77,415 | 101,348 |
Composite Fibers | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | $ 6,636 | $ 5,812 | $ 12,080 | $ 32,940 |
Depreciation and amortization | 3,961 | 6,904 | 15,276 | 20,885 |
Capital expenditures | 2,462 | 2,585 | 12,720 | 8,240 |
Airlaid Materials | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 154,351 | $ 141,533 | $ 447,523 | $ 329,271 |
Tons shipped (metric) | 41,925 | 43,526 | 125,658 | 106,705 |
Airlaid Materials | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | $ 16,553 | $ 14,742 | $ 40,718 | $ 30,370 |
Depreciation and amortization | 7,400 | 7,763 | 22,571 | 20,378 |
Capital expenditures | 1,925 | 2,926 | 7,457 | 5,962 |
Spunlace | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 89,160 | $ 0 | $ 282,464 | $ 0 |
Tons shipped (metric) | 17,674 | 0 | 57,768 | 0 |
Spunlace | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | $ (4,671) | $ 0 | $ (8,051) | $ 0 |
Depreciation and amortization | 2,954 | 0 | 8,813 | 0 |
Capital expenditures | $ 1,341 | $ 0 | $ 5,227 | $ 0 |