Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 30, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 44,933,007 | |
Amendment Flag | false | |
Entity Central Index Key | 0000041719 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Net sales | $ 378,208 | $ 381,680 |
Type of Revenue [Extensible List] | Net sales | Net sales |
Costs of products sold | $ 341,994 | $ 350,015 |
Type of Cost, Good or Service [Extensible List] | Net sales | Net sales |
Gross profit | $ 36,214 | $ 31,665 |
Selling, general and administrative expenses | 30,745 | 33,166 |
Goodwill and other asset impairment charges | 0 | 117,349 |
Gains on dispositions of plant, equipment and timberlands, net | (644) | (2,961) |
Operating income (loss) | 6,113 | (115,889) |
Non-operating income (expense) | ||
Interest expense | (12,594) | (7,862) |
Interest income | 271 | 17 |
Other, net | (3,278) | (1,340) |
Total non-operating expense | (15,601) | (9,185) |
Loss from continuing operations before income taxes | (9,488) | (125,074) |
Income tax provision (benefit) | 3,694 | (16,784) |
Loss from continuing operations | (13,182) | (108,290) |
Discontinued operations: | ||
Loss before income taxes | (402) | (37) |
Income tax provision | 0 | 0 |
Loss from discontinued operations | (402) | (37) |
Net loss | $ (13,584) | $ (108,327) |
Basic earnings per share | ||
Loss from continuing operations (in dollars per share) | $ (0.29) | $ (2.42) |
Loss from discontinued operations (in dollars per share) | (0.01) | 0 |
Basic loss per share (in dollars per share) | (0.30) | (2.42) |
Diluted earnings per share | ||
Loss from continuing operations (in dollars per share) | (0.29) | (2.42) |
Loss from discontinued operations (in dollars per share) | (0.01) | 0 |
Diluted loss per share (in dollars per share) | $ (0.30) | $ (2.42) |
Weighted average shares outstanding | ||
Basic (in shares) | 44,957 | 44,709 |
Diluted (in shares) | 44,957 | 44,709 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (13,584) | $ (108,327) |
Foreign currency translation adjustments | 6,663 | (10,915) |
Net change in: | ||
Deferred gains on derivatives, net of taxes of $53 and $(600), respectively | 157 | (357) |
Unrecognized retirement obligations, net of taxes of $(1), and $(160), respectively | 652 | 152 |
Other comprehensive income (loss) | 7,472 | (11,120) |
Comprehensive loss | $ (6,112) | $ (119,447) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Taxes on deferred gains (losses) on cash flow hedges | $ 53 | $ (600) |
Taxes on unrecognized retirement obligations | $ (1) | $ (160) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 88,641 | $ 110,660 |
Accounts receivable, net | 196,900 | 195,665 |
Inventories | 321,427 | 309,436 |
Prepaid expenses and other current assets | 72,256 | 63,723 |
Total current assets | 679,224 | 679,484 |
Plant, equipment and timberlands, net | 676,362 | 675,811 |
Goodwill | 106,553 | 105,195 |
Intangible assets, net | 107,316 | 108,670 |
Other assets | 82,016 | 78,193 |
Total assets | 1,651,471 | 1,647,353 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 3,955 | 40,435 |
Short-term debt | 8,206 | 11,422 |
Accounts payable | 196,433 | 217,625 |
Environmental liabilities | 2,100 | 2,200 |
Other current liabilities | 97,191 | 88,724 |
Total current liabilities | 307,885 | 360,406 |
Long-term debt | 852,090 | 793,252 |
Deferred income taxes | 54,973 | 54,388 |
Other long-term liabilities | 123,936 | 121,303 |
Total liabilities | 1,338,884 | 1,329,349 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common stock | 544 | 544 |
Capital in excess of par value | 59,256 | 60,663 |
Retained earnings | 485,279 | 498,863 |
Accumulated other comprehensive loss | (90,423) | (97,895) |
Shareholders' equity before treasury stock | 454,656 | 462,175 |
Less cost of common stock in treasury | (142,069) | (144,171) |
Total shareholders’ equity | 312,587 | 318,004 |
Total liabilities and shareholders’ equity | $ 1,651,471 | $ 1,647,353 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net loss | $ (13,584) | $ (108,327) |
Loss from discontinued operations, net of taxes | 402 | 37 |
Adjustments to reconcile to net cash used by continuing operations: | ||
Depreciation, depletion and amortization | 15,731 | 18,484 |
Amortization of debt issue costs and original issue discount | 2,246 | 452 |
Pension settlement charge | 633 | 0 |
Goodwill and other asset impairment charges | 0 | 117,349 |
Russia/Ukraine conflict charges | 0 | 3,948 |
Deferred income tax benefit | (675) | (21,227) |
Gains on dispositions of plant, equipment and timberlands, net | (644) | (2,961) |
Share-based compensation | 931 | 909 |
Change in operating assets and liabilities: | ||
Accounts receivable | (2,306) | (53,318) |
Inventories | (8,827) | (17,699) |
Prepaid and other current assets | (9,117) | (5,946) |
Accounts payable | (23,136) | 1,776 |
Accruals and other current liabilities | 7,550 | 949 |
Other | 164 | (666) |
Net cash used by operating activities from continuing operations | (30,632) | (66,240) |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (9,500) | (12,349) |
Proceeds from disposals of plant, equipment and timberlands, net | 713 | 3,160 |
Acquisition, net of cash acquired | 0 | 1,413 |
Other | 0 | (25) |
Net cash used by investing activities from continuing operations | (8,787) | (7,801) |
Financing activities | ||
Proceeds from term loan | 262,273 | 0 |
Repayment of term loans | (225,466) | (6,712) |
Net borrowings (repayments) under revolving credit facility | (16,332) | 31,019 |
Payments of borrowing costs | (5,060) | (559) |
Payments of dividends | 0 | (6,237) |
Payments related to share-based compensation awards and other | (236) | (1,230) |
Net cash provided by financing activities from continuing operations | 15,179 | 16,281 |
Effect of exchange rate changes on cash | 1,266 | (748) |
Net decrease in cash, cash equivalents and restricted cash | (22,974) | (58,508) |
Decrease in cash, cash equivalents and restricted cash from discontinued operations | (11) | (108) |
Cash, cash equivalents and restricted cash at the beginning of period | 119,162 | 148,814 |
Cash, cash equivalents and restricted cash at the end of period | 96,177 | 90,198 |
Less: restricted cash in Other assets | (3,936) | (7,746) |
Less: restricted cash in Prepaid expenses and other current assets | (3,600) | (2,000) |
Cash and cash equivalents at the end of period | 88,641 | 80,452 |
Cash paid for: | ||
Interest | 4,993 | 1,494 |
Income taxes, net | $ 1,667 | $ 8,245 |
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, 2021 | $ 542,762 | $ 544 | $ 64,779 | $ 705,600 | $ (80,304) | $ (147,857) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss | (108,327) | (108,327) | ||||
Other comprehensive income | (11,120) | (11,120) | ||||
Comprehensive (loss) income | (119,447) | |||||
Cash dividends declared | (6,261) | (6,261) | ||||
Share-based compensation expense | 909 | 909 | ||||
Delivery of treasury shares: | ||||||
RSUs and PSAs | (1,230) | (3,815) | 2,585 | |||
Ending balance at Mar. 31, 2022 | 416,733 | 544 | 61,873 | 591,012 | (91,424) | (145,272) |
Beginning balance at Dec. 31, 2022 | 318,004 | 544 | 60,663 | 498,863 | (97,895) | (144,171) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss | (13,584) | (13,584) | ||||
Other comprehensive income | 7,472 | 7,472 | ||||
Comprehensive (loss) income | (6,112) | |||||
Share-based compensation expense | 931 | 931 | ||||
Delivery of treasury shares: | ||||||
RSUs and PSAs | (236) | (2,338) | 2,102 | |||
Ending balance at Mar. 31, 2023 | $ 312,587 | $ 544 | $ 59,256 | $ 485,279 | $ (90,423) | $ (142,069) |
Statements of Shareholders' E_2
Statements of Shareholders' Equity (Parenthetical) | 3 Months Ended |
Mar. 31, 2022 $ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Per share amount of cash dividends declared (in dollars per share) | $ 0.14 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2023 | |
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 2022 net sales were $1.5 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 | 3 Months Ended |
Mar. 31, 2023 | |
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 2022 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. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Disaggregation of Revenue [Abstract] | |
Revenue | REVENUE The following tables set forth disaggregated information pertaining to our net sales: Three months ended In thousands 2023 2022 Revenue by product category Airlaid Materials Feminine hygiene 58,245 59,312 Specialty wipes 44,794 37,095 Tabletop 30,415 30,747 Food pads 3,540 3,476 Home care 7,359 6,285 Adult incontinence 7,359 6,729 Other 7,729 5,820 159,441 149,464 Composite Fibers Food & beverage 78,944 75,223 Wallcovering 16,157 15,831 Technical specialties 21,453 23,136 Composite laminates 8,983 11,297 Metallized 7,054 10,342 132,591 135,829 Spunlace Consumer wipes 38,109 46,157 Critical cleaning 29,149 24,278 Health care 10,375 13,605 Hygiene 5,660 5,913 High performance 3,209 4,112 Beauty care 221 2,322 86,723 96,387 Inter-segment sales elimination (547) — Total $ 378,208 $ 381,680 Revenue by geography Airlaid Materials Americas $ 89,837 $ 80,913 Europe, Middle East and Africa 65,991 63,136 Asia Pacific 3,613 5,415 159,441 149,464 Composite Fibers Americas 34,212 37,976 Europe, Middle East and Africa 73,850 73,604 Asia Pacific 24,529 24,249 132,591 135,829 Spunlace Americas 53,152 55,484 Europe, Middle East and Africa 25,063 29,825 Asia Pacific 8,508 11,078 86,723 96,387 Inter-segment sales elimination (547) — Total $ 378,208 $ 381,680 |
Gains on Disposition of Plant,
Gains on Disposition of Plant, Equipment and Timberlands | 3 Months Ended |
Mar. 31, 2023 | |
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 three months of 2023 and 2022: Dollars in thousands Acres Proceeds Gain (loss) 2023 Timberlands 216 $ 630 $ 617 Other n/a 83 28 Total $ 713 $ 644 2022 Timberlands 790 $ 3,130 $ 2,962 Other n/a 30 (1) Total $ 3,160 $ 2,961 |
Goodwill and Other Asset Impair
Goodwill and Other Asset Impairment | 3 Months Ended |
Mar. 31, 2023 | |
Asset Impairment Charges [Abstract] | |
Goodwill and Other Asset Impairment | GOODWILL AND OTHER ASSET IMPAIRMENT No impairment charges were recognized during the first quarter of 2023. During 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 restrictions on our ability to export wallcover base paper to Russia due to related sanctions, management expected a significant reduction in wallcover revenues and associated cash flows for the foreseeable future. In addition, the conflict also impacted other Composite Fibers products that are also subject to export sanctions into this region, and continued to significantly impact energy prices. 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 as of the three months ended March 31, 2023 and 2022, respectively, in the accompanying condensed consolidated statements of income under the caption “Goodwill and other asset impairment charges:” In thousands 2023 2022 Plant, property and equipment $ — $ 27,619 Technological know-how — 18,443 Customer relationships — 11,695 Tradename — 3,530 Goodwill — 56,062 Total $ — $ 117,349 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. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS For the three months ended March 31, 2023, we recognized a loss in discontinued operations of $0.4 million primarily related to an insurance claim and 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: Three months ended March 31, In thousands 2023 2022 Net cash used by operating activities $ (11) $ (108) Net cash used by investing activities — — Net cash provided by financing activities — — Change in cash and cash equivalents from discontinued operations $ (11) $ (108) |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
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 In thousands, except per share 2023 2022 Loss from continuing operations $ (13,182) $ (108,290) Weighted average common shares outstanding used in basic EPS 44,957 44,709 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs — — Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,957 44,709 Loss per share from continuing operations Basic $ (0.29) $ (2.42) Diluted (0.29) (2.42) 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 March 31, In thousands 2023 2022 Potential common shares 618 934 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2023 | |
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 ended March 31, 2023 and 2022. In thousands Currency translation adjustments Unrealized gain (loss) on derivatives Change in pensions Change in other postretirement defined benefit plans Total Balance at January 1, 2023 $ (106,242) $ 11,176 $ (3,247) $ 418 $ (97,895) Other comprehensive income (loss) before reclassifications (net of tax) 6,663 1,556 — — 8,219 Amounts reclassified from accumulated other comprehensive income (net of tax) — (1,399) 660 (8) (747) Net current period other comprehensive income (loss) 6,663 157 660 (8) 7,472 Balance at March 31, 2023 $ (99,579) $ 11,333 $ (2,587) $ 410 $ (90,423) Balance at January 1, 2022 $ (69,757) $ 1,988 $ (11,482) $ (1,053) $ (80,304) Other comprehensive income (loss) before reclassifications (net of tax) (10,915) 383 — — (10,532) Amounts reclassified from accumulated other comprehensive income (net of tax) — (740) 126 26 (588) Net current period other comprehensive income (loss) (10,915) (357) 126 26 (11,120) Balance at March 31, 2022 $ (80,672) $ 1,631 $ (11,356) $ (1,027) $ (91,424) Reclassifications out of accumulated other comprehensive income and into the condensed consolidated statements of income were as follows: Three months ended March 31, In thousands 2023 2022 Description Line Item in Statements of Income Cash flow hedges (Note 17) Gains on cash flow hedges $ (918) $ (1,072) Costs of products sold Tax expense (481) 312 Income tax provision Net of tax (1,399) (760) Loss on interest rate swaps — 20 Interest expense Tax expense — — Income tax provision Net of tax — 20 Total cash flow hedges (1,399) (740) Retirement plan obligations (Note 10) Amortization of deferred benefit pension plans Prior service costs 6 11 Other, net Actuarial losses 22 167 Other, net Pension settlement 633 — 661 178 Tax expense (benefit) (1) (52) Income tax provision Net of tax 660 126 Amortization of deferred benefit other plans Prior service costs 5 26 Other, net Actuarial gain (13) — Other, net (8) 26 Tax expense — — Income tax provision Net of tax (8) 26 Total reclassifications, net of tax $ (747) $ (588) |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
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 (“RSUs”), restricted stock awards, incentive stock options, non-qualified stock options, stock-only stock appreciation rights (“SOSARs”) and performance share awards (“PSAs”). As of March 31, 2023, there were 1,527,906 shares of common stock available for future issuance under the LTIP. Pursuant to terms of the LTIP, we have issued to eligible participants RSUs, PSAs and SOSARs. Restricted Stock Units and Performance Share Awards In the first quarter of 2023 and 2022, we granted RSUs and PSAs to employees under our LTIP. In both 2023 and 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 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 2023 2022 Balance at January 1, 1,650,152 1,111,382 Granted 1,190,206 528,011 Forfeited (98,717) (92,569) Shares delivered (199,263) (250,301) Balance at March 31, 2,542,378 1,296,523 The amount granted in 2023 and 2022 includes 697,045 and 299,993, 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: March 31, In thousands 2023 2022 Three months ended $ 931 $ 909 Stock-Only Stock Appreciation Rights 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: 2023 2022 Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 769,544 $ 21.34 1,079,113 $ 20.42 Granted — — — — Exercised — — — — Canceled / forfeited (151,487) 18.36 (145,440) 15.61 Outstanding at March 31, 618,057 $ 22.07 933,673 $ 21.17 |
Retirement Plans and Other Post
Retirement Plans and Other Post-Retirement Benefits | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plans and Other Post-Retirement Benefits | RETIREMENT PLANS AND OTHER POST-RETIREMENT BENEFITS 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 In thousands 2023 2022 Pension Benefits Service cost $ — $ — Interest cost 411 235 Amortization of prior service cost 6 11 Amortization of actuarial loss 22 167 Pension settlement charge 633 — Total net periodic benefit expense $ 1,072 $ 413 Other Benefits Service cost $ 3 $ — Interest cost 44 33 Amortization of prior service cost 5 26 Amortization of actuarial gain (13) — Total net periodic benefit expense $ 39 $ 59 During the three months ended March 31, 2023, we made a $5.8 million lump-sum payment to our former CEO under the terms of his non-qualified pension plan. In accordance with pension settlement accounting, we recorded a $0.6 million settlement charge reflecting the recognition of amounts previously included in accumulated other comprehensive income. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
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 three months ended March 31, 2023, we had a pretax loss from continuing operations of $9.5 million and income tax expense of $3.7 million. The effective income tax rate for the three months ended March 31, 2023 was unfavorably impacted by the jurisdictional mix of pretax results among the Company and its subsidiaries and losses which generated no tax benefit in domestic and certain foreign jurisdictions. For the three months ended March 31, 2023, we recorded an increase in the valuation allowance of $3.1 million for U.S. federal and certain 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 March 31, 2023 and December 31, 2022, we had $57.2 million and $56.5 million, respectively, of gross unrecognized tax benefits. As of March 31, 2023, if such benefits were to be recognized, approximately $54.1 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 $8.4 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: Three months ended March 31, In millions 2023 2022 Interest expense $ 0.5 $ 0.4 March 31, December 31, Accrued interest payable $ 5.3 $ 4.8 Accrued penalties 3.0 3.0 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories, net of reserves, were as follows: In thousands March 31, December 31, Raw materials $ 96,402 $ 109,166 In-process and finished 164,017 142,331 Supplies 61,008 57,939 Total $ 321,427 $ 309,436 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 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 March 31, Goodwill Airlaid Materials $ 105,195 $ — $ — $ 1,354 $ 106,553 Composite Fibers — — — — — Spunlace — — — — — Total $ 105,195 $ — $ — $ 1,354 $ 106,553 Other Intangible Assets December 31, Impairment Amortization Translation March 31, Airlaid Materials Tradename $ 3,442 $ — $ — $ 67 $ 3,509 Accumulated amortization (739) — (43) (15) (797) Net 2,703 — (43) 52 2,712 Technology and related 17,512 — — 331 17,843 Accumulated amortization (5,437) — (288) (118) (5,843) Net 12,075 — (288) 213 12,000 Customer relationships and related 43,152 — 454 43,606 Accumulated amortization (13,571) — (923) (198) (14,692) Net 29,581 — (923) 256 28,914 Spunlace Products and Tradenames 27,290 — 197 27,487 Accumulated amortization (1,759) — (360) 55 (2,064) Net 25,531 — (360) 252 25,423 Technology and related 14,372 — 103 14,475 Accumulated amortization (1,455) — (297) (127) (1,879) Net 12,917 — (297) (24) 12,596 Customer relationships and related 27,666 — 199 27,865 Accumulated amortization (1,803) — (383) (8) (2,194) Net 25,863 — (383) 191 25,671 Total intangibles 133,434 — — 1,351 134,785 Total accumulated amortization (24,764) — (2,294) (411) (27,469) Net intangibles $ 108,670 $ — $ (2,294) $ 940 $ 107,316 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | LEASESWe 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 March 31, December 31, R ight of use asset $ 29,581 $ 25,420 Weighted average discount rate 3.68 % 3.14 % Weighted average remaining maturity (years) 18.2 21.2 The following table sets forth operating lease expense for the periods indicated: March 31, In thousands 2023 2022 Three months ended $ 1,825 $ 1,421 The following table sets forth required remaining future minimum lease payments during the years indicated: In thousands 2023 $ 4,979 2024 5,507 2025 4,623 2026 2,677 2027 2,211 Thereafter 20,147 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-term debt is summarized as follows: In thousands March 31, December 31, Revolving credit facility, due Sep 2026 $ 104,400 $ 118,685 4.750% Senior Notes, due Oct 2029 500,000 500,000 11.25% Term loan, due Mar 2029 266,438 — Term loan, due Feb 2024 — 193,588 2.05% Term Loan, due Mar 2023 — 1,423 1.30% Term Loan, due Jun 2023 — 762 1.55% Term Loan, due Sep 2025 — 3,594 1.10% Term Loan, due Mar 2024 3,955 4,848 0.57% Term Loan, due Jul 2023 — 21,332 Total long-term debt 874,793 844,232 Less current portion (3,955) (40,435) Unamortized deferred issuance costs (18,748) (10,545) Long-term debt, net of current portion $ 852,090 $ 793,252 On September 2, 2021, we entered into a restatement agreement as part of a Fourth Amended and Restated $400.0 million Revolving Credit Facility and a €220.0 million Term Loan (collectively, the “Credit Agreement”). On March 30, 2023, we entered into an amendment to the Credit Agreement which reduced the Revolving Credit Facility to $250.0 million and had us fully extinguish the €220.0 million Term Loan. The amendment: i) modifies the “leverage ratio” to be the ratio of consolidated senior secured debt to consolidated adjusted EBITDA ; ii) increases the maximum interest rate borrowing margin to be applied to the applicable index by 275 basis points; and iii) pledges as collateral substantially all domestic and Canadian assets to secure obligations owed under the Credit Agreement, as well as, on a second lien basis, the European assets that secure the AG Loan (as defined below). As amended, we are obligated to maintain a leverage ratio under 4.25 to 1.0 through the quarter ended December 31, 2024, stepping down to 4.0 to 1.0 at March 31, 2025, and 3.50 to 1.0 at March 31, 2026. Borrowing rates for the Revolving Loans are determined at our option at the time of each borrowing. For all U.S. Dollar denominated Revolving Loan borrowings, the borrowing rate is either, (a) the bank’s base rate which is equal to the greater of i) the prime rate; ii) the overnight bank funding rate plus 50 basis points; or iii) the daily Simple Secured Overnight Financing Rate (“SOFR”) rate plus 100 basis points plus an applicable spread over either i), ii) or iii) ranging from 250 basis points to 400 basis points based on the Company’s leverage ratio; or (b) the daily Term SOFR-rate plus an applicable margin ranging from 350 basis points to 500 basis points based on the Company’s leverage ratio. For non-U.S. Dollar denominated borrowings, interest is based on the Euro-rate or EURIBOR-rate plus an applicable margin ranging from 350 basis points to 500 basis points based on the Company’s leverage ratio. The Credit Agreement contains a number of customary covenants for financings of this type that, among other things, restrict our ability to dispose of or create liens on assets, incur additional indebtedness, limits certain intercompany financing arrangements, make acquisitions and engage in mergers or consolidations. The Credit Agreement also contains covenants requiring a minimum debt coverage ratio. Revolving Loans borrowings are available in U.S. Dollars, Euros, British Pound Sterling, and Canadian Dollars. All remaining principal outstanding and accrued interest under the Revolving Credit Facility will be due and payable on September 2, 2026. As of March 31, 2023, the leverage ratio, as calculated in accordance with the definition in our Credit Agreement, was 3.0x. A breach of these requirements would give rise to certain remedies under the Revolving Credit Facility, among which is the termination of the agreement. On March 30, 2023, we entered into a €250.0 million Term Loan with certain affiliates of Angelo, Gordon & Co., L.P. (“AG Loan”). The net proceeds from the AG Loan were used to extinguish the €220.0 million Term Loan, to repay a portion of outstanding revolving borrowings under the Revolving Credit Facility, for working capital and general corporate purposes and to pay estimated fees and expenses. The AG Loan will mature on March 23, 2029. Interest on the AG Loan accrues at the rate of 11.25% per annum and is payable quarterly in arrears on March 31, June 30, September 30, and December 31 each year, commencing on June 30, 2023. The AG Loan is prepayable, in whole or in part, at any time at the prepayable premium specified in the Term Loan Agreement. Prior to September 30, 2024, we may prepay some or all of the AG Loan at a "make-whole" premium as specified. Under the terms of the AG Loan, we have pledged as collateral substantially all assets of our subsidiaries in Germany, Luxembourg, United Kingdom, Malta and Switzerland, as well as, on a second lien basis, the domestic and Canadian assets that secure the Revolving Credit Facility. All covenants contained in the AG Loan agreement are substantially consistent with the Credit Agreement. On October 25, 2021, we issued $500.0 million aggregate principal amount of 4.750% senior notes due 2029 (the “Notes”). The Notes are guaranteed on a senior unsecured basis, jointly and severally, by each of our existing and future domestic restricted subsidiaries that guarantees our obligations under the Credit Agreement, and/or certain other indebtedness. The Notes were issued pursuant to an indenture dated as of October 25, 2021 (the “Base Indenture”), as supplemented by the supplemental indenture dated as of October 25, 2021 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) among the Company, certain subsidiaries of the Company party thereto, as guarantors, and Wilmington Trust, National Association, as trustee. The net proceeds from the offering of the Notes, together with cash on hand, were used to pay the purchase price of the Jacob Holm acquisition, to repay certain indebtedness of Jacob Holm, to repay outstanding revolving borrowings under the Revolving Credit Facility, and to pay estimated fees and expenses. The Notes will mature on November 15, 2029. Interest on the Notes accrues at the rate of 4.750% per annum and is payable semi-annually in arrears on May 15 and November 15 of each year, commencing on May 15, 2022. The Notes are redeemable, in whole or in part, at any time at the redemption prices specified in the Indenture. Prior to November 15, 2024, we may redeem some or all of the Notes at a "make-whole" premium as specified in the Indenture. The Notes contain various covenants customary to indebtedness of this nature, including limitations on i) the amount of indebtedness that may be incurred; ii) certain restricted payments including common stock dividends; iii) distributions from certain subsidiaries; iv) sales of assets; v) transactions amongst subsidiaries; and vi) incurrence of liens on assets. In addition, the Notes contain cross default provisions that could result in all such notes becoming due and payable in the event of a failure to repay debt outstanding under the Credit Agreement at maturity or a default under the Credit Agreement that accelerates the debt outstanding thereunder. As of March 31, 2023, we met all of the requirements of our debt covenants. Glatfelter Gernsbach GmbH (“Gernsbach”), a wholly-owned subsidiary of ours, entered into a series of borrowing agreements with IKB Deutsche Industriebank AG, Düsseldorf (“IKB”). Each of the borrowings require quarterly repayments of principal and interest and provide for representations, warranties and covenants customary for financings of these types. The financial covenants of these borrowings are calculated by reference to the Credit Agreement. These borrowings were fully extinguished on March 14, 2023. In 2021, Gernsbach also entered into two fixed-rate non-amortizing term loans with certain financial institutions. Similar to the IKB loans discussed above, the financial covenants of these borrowings are calculated by reference to the Credit Agreement. On February 28, 2023, one of these term loans for €20.0 million was fully extinguished. The remaining term loan has a principal balance of $4.0 million and matures in March 2024. Aggregated unamortized deferred debt issuance costs incurred in connection with all of our outstanding debt totaled $18.7 million at March 31, 2023. The deferred costs are being amortized on a straight-line basis over the life of the underlying instruments. Amortization expense related to deferred debt issuance costs totaled $2.2 million, $1.9 million and $0.9 million in 2023, 2022 and 2021, respectively. The following schedule sets forth the amortization of our term loan agreements together with the maturity of our other long-term debt during the indicated year. In thousands 2023 $ 2,966 2024 989 2025 — 2026 104,400 2027 — Thereafter 766,438 Glatfelter Corporation guarantees all debt obligations of its subsidiaries. All such obligations are recorded in these consolidated financial statements. As of March 31, 2023 and March 31, 2022, we had $5.4 million and $6.7 million, respectively, of letters of credit issued to us by certain financial institutions. The letters of credit, which reduce amounts available under our Revolving Credit Facility, provide financial assurances for the performance of long-term monitoring activities associated with the Fox River environmental matter and for the benefit of certain state workers compensation insurance agencies in conjunction with our self-insurance program. We bear the credit risk on this amount to the extent that we do not comply with the provisions of certain agreements. No amounts are outstanding under the letters of credit. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 December 31, 2022 In thousands Carrying Value Fair Value Carrying Value Fair Value Revolving credit facility, due Sep. 2026 $ 104,400 $ 104,400 $ 118,685 $ 118,685 4.750% Senior Notes, due Oct. 2029 500,000 330,625 500,000 301,250 11.25% Term loan, due Mar 2029 266,438 271,705 — — Term loan, due Feb. 2024 — — 193,588 188,998 2.05% Term Loan, due Mar. 2023 — — 1,423 1,418 1.30% Term Loan, Jun. 2023 — — 762 754 1.55% Term Loan, due Sep. 2025 — — 3,594 3,430 1.10% Term Loan, due Mar. 2024 3,955 3,861 4,848 4,721 0.57% Term Loan, due Jul. 2023 — — 21,332 20,932 Total $ 874,793 $ 710,591 $ 844,232 $ 640,188 |
Financial Derivatives and Hedgi
Financial Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023, 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 March 31, 2023 December 31, 2022 Derivative Sell/Buy - sell notional Euro / British Pound 14,990 18,961 U.S. Dollar / British Pound 27,204 34,501 U.S. Dollar / Euro 91 824 Sell/Buy - buy notional Euro / Philippine Peso 879,092 1,030,114 British Pound / Philippine Peso 910,029 1,144,839 Euro / U.S. Dollar 82,901 78,435 U.S. Dollar / Canadian Dollar 29,987 36,423 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 the EURIBOR-rate. 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 15 – “ Long-Term Debt” is designated as a net investment hedge of our Euro functional currency foreign subsidiaries. During the first three months of 2023 and 2022, we recognized a pre-tax loss of $3.7 million and a pre-tax gain of $2.4 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 March 31, 2023 December 31, 2022 Derivative Sell/Buy - sell notional U.S. Dollar / British Pound 28,100 28,600 British Pound / Euro 1,410 2,800 British Pound / Swiss Franc 2,700 2,535 Euro / U.S. Dollar 10,000 9,630 Sell/Buy - buy notional Euro / U.S. Dollar 7,700 2,900 British Pound / Euro 13,700 15,950 Swiss Franc / Euro 2,560 2,250 Swiss Franc / U.S. Dollar 1,720 930 Chinese Yuan / U.S. Dollar 4,330 4,400 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 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Balance sheet caption Prepaid Expenses and Other Other Designated as hedging: Forward foreign currency exchange contracts $ 657 $ 1,795 $ 1,068 $ 2,368 Not designated as hedging: Forward foreign currency exchange contracts $ 582 797 $ 383 $ 317 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 In thousands 2023 2022 Designated as hedging: Forward foreign currency exchange contracts: Cost of products sold $ (918) $ (1,072) Interest expense — 20 Not designated as hedging: Forward foreign currency exchange contracts: Other – net $ (234) $ 440 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 2023 2022 Balance at January 1, $ 242 $ 2,889 Deferred gains on cash flow hedges 1,021 1,076 Reclassified to earnings (918) 1,052 Balance at March 31, $ 345 $ 5,017 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 | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023, the balance in the escrow is less than amounts due under the fixed-price contract by approximately $1.1 million. Our obligation to pay this difference is secured by a letter of credit . At March 31, 2023, the escrow account balance totaled $8.9 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 $14.4 million at March 31, 2023, of which $2.1 million is recorded in the accompanying March 31, 2023 condensed consolidated balance sheet under the caption “Environmental liabilities” and the remaining $12.3 million is recorded under the caption “Other long-term liabilities.” |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
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 Dollars in thousands 2023 2022 Net Sales Airlaid Material $ 159,441 $ 149,464 Composite Fibers 132,591 135,829 Spunlace 86,723 96,387 Inter-segment sales elimination (547) — Total $ 378,208 $ 381,680 Operating income (loss) Airlaid Material $ 13,914 $ 12,221 Composite Fibers 6,127 (335) Spunlace (2,023) (1,572) Other and unallocated (11,905) (126,203) Total $ 6,113 $ (115,889) Depreciation and amortization Airlaid Material $ 7,686 $ 7,629 Composite Fibers 3,965 6,519 Spunlace 3,092 2,914 Other and unallocated 988 1,422 Total $ 15,731 $ 18,484 Capital expenditures Airlaid Material $ 2,082 $ 3,468 Composite Fibers 3,663 6,127 Spunlace 2,701 2,085 Other and unallocated 1,054 668 Total $ 9,500 $ 12,348 Tons shipped (metric) Airlaid Material 39,827 43,052 Composite Fibers 24,818 28,211 Spunlace 16,420 20,736 Total 81,065 91,999 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. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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 2022 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. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 In thousands 2023 2022 Revenue by product category Airlaid Materials Feminine hygiene 58,245 59,312 Specialty wipes 44,794 37,095 Tabletop 30,415 30,747 Food pads 3,540 3,476 Home care 7,359 6,285 Adult incontinence 7,359 6,729 Other 7,729 5,820 159,441 149,464 Composite Fibers Food & beverage 78,944 75,223 Wallcovering 16,157 15,831 Technical specialties 21,453 23,136 Composite laminates 8,983 11,297 Metallized 7,054 10,342 132,591 135,829 Spunlace Consumer wipes 38,109 46,157 Critical cleaning 29,149 24,278 Health care 10,375 13,605 Hygiene 5,660 5,913 High performance 3,209 4,112 Beauty care 221 2,322 86,723 96,387 Inter-segment sales elimination (547) — Total $ 378,208 $ 381,680 Revenue by geography Airlaid Materials Americas $ 89,837 $ 80,913 Europe, Middle East and Africa 65,991 63,136 Asia Pacific 3,613 5,415 159,441 149,464 Composite Fibers Americas 34,212 37,976 Europe, Middle East and Africa 73,850 73,604 Asia Pacific 24,529 24,249 132,591 135,829 Spunlace Americas 53,152 55,484 Europe, Middle East and Africa 25,063 29,825 Asia Pacific 8,508 11,078 86,723 96,387 Inter-segment sales elimination (547) — Total $ 378,208 $ 381,680 |
Gains on Disposition of Plant_2
Gains on Disposition of Plant, Equipment and Timberlands (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule for Discontinued Operations | The following table sets forth sales of timberlands and other assets completed during the first three months of 2023 and 2022: Dollars in thousands Acres Proceeds Gain (loss) 2023 Timberlands 216 $ 630 $ 617 Other n/a 83 28 Total $ 713 $ 644 2022 Timberlands 790 $ 3,130 $ 2,962 Other n/a 30 (1) Total $ 3,160 $ 2,961 Three months ended March 31, In thousands 2023 2022 Net cash used by operating activities $ (11) $ (108) Net cash used by investing activities — — Net cash provided by financing activities — — Change in cash and cash equivalents from discontinued operations $ (11) $ (108) |
Goodwill and Other Asset Impa_2
Goodwill and Other Asset Impairment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Asset Impairment Charges [Abstract] | |
Schedule of Asset Impairment Charges | The following table summarizes the impairment charges recorded as of the three months ended March 31, 2023 and 2022, respectively, in the accompanying condensed consolidated statements of income under the caption “Goodwill and other asset impairment charges:” In thousands 2023 2022 Plant, property and equipment $ — $ 27,619 Technological know-how — 18,443 Customer relationships — 11,695 Tradename — 3,530 Goodwill — 56,062 Total $ — $ 117,349 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 three months of 2023 and 2022: Dollars in thousands Acres Proceeds Gain (loss) 2023 Timberlands 216 $ 630 $ 617 Other n/a 83 28 Total $ 713 $ 644 2022 Timberlands 790 $ 3,130 $ 2,962 Other n/a 30 (1) Total $ 3,160 $ 2,961 Three months ended March 31, In thousands 2023 2022 Net cash used by operating activities $ (11) $ (108) Net cash used by investing activities — — Net cash provided by financing activities — — Change in cash and cash equivalents from discontinued operations $ (11) $ (108) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 In thousands, except per share 2023 2022 Loss from continuing operations $ (13,182) $ (108,290) Weighted average common shares outstanding used in basic EPS 44,957 44,709 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs — — Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,957 44,709 Loss per share from continuing operations Basic $ (0.29) $ (2.42) Diluted (0.29) (2.42) |
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 March 31, In thousands 2023 2022 Potential common shares 618 934 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 ended March 31, 2023 and 2022. In thousands Currency translation adjustments Unrealized gain (loss) on derivatives Change in pensions Change in other postretirement defined benefit plans Total Balance at January 1, 2023 $ (106,242) $ 11,176 $ (3,247) $ 418 $ (97,895) Other comprehensive income (loss) before reclassifications (net of tax) 6,663 1,556 — — 8,219 Amounts reclassified from accumulated other comprehensive income (net of tax) — (1,399) 660 (8) (747) Net current period other comprehensive income (loss) 6,663 157 660 (8) 7,472 Balance at March 31, 2023 $ (99,579) $ 11,333 $ (2,587) $ 410 $ (90,423) Balance at January 1, 2022 $ (69,757) $ 1,988 $ (11,482) $ (1,053) $ (80,304) Other comprehensive income (loss) before reclassifications (net of tax) (10,915) 383 — — (10,532) Amounts reclassified from accumulated other comprehensive income (net of tax) — (740) 126 26 (588) Net current period other comprehensive income (loss) (10,915) (357) 126 26 (11,120) Balance at March 31, 2022 $ (80,672) $ 1,631 $ (11,356) $ (1,027) $ (91,424) |
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 March 31, In thousands 2023 2022 Description Line Item in Statements of Income Cash flow hedges (Note 17) Gains on cash flow hedges $ (918) $ (1,072) Costs of products sold Tax expense (481) 312 Income tax provision Net of tax (1,399) (760) Loss on interest rate swaps — 20 Interest expense Tax expense — — Income tax provision Net of tax — 20 Total cash flow hedges (1,399) (740) Retirement plan obligations (Note 10) Amortization of deferred benefit pension plans Prior service costs 6 11 Other, net Actuarial losses 22 167 Other, net Pension settlement 633 — 661 178 Tax expense (benefit) (1) (52) Income tax provision Net of tax 660 126 Amortization of deferred benefit other plans Prior service costs 5 26 Other, net Actuarial gain (13) — Other, net (8) 26 Tax expense — — Income tax provision Net of tax (8) 26 Total reclassifications, net of tax $ (747) $ (588) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share Based Compensation Activity | The following table summarizes RSU and PSA activity during periods indicated: Units 2023 2022 Balance at January 1, 1,650,152 1,111,382 Granted 1,190,206 528,011 Forfeited (98,717) (92,569) Shares delivered (199,263) (250,301) Balance at March 31, 2,542,378 1,296,523 The following table sets forth information related to outstanding SOSARs: 2023 2022 Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 769,544 $ 21.34 1,079,113 $ 20.42 Granted — — — — Exercised — — — — Canceled / forfeited (151,487) 18.36 (145,440) 15.61 Outstanding at March 31, 618,057 $ 22.07 933,673 $ 21.17 |
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: March 31, In thousands 2023 2022 Three months ended $ 931 $ 909 |
Retirement Plans and Other Po_2
Retirement Plans and Other Post-Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 In thousands 2023 2022 Pension Benefits Service cost $ — $ — Interest cost 411 235 Amortization of prior service cost 6 11 Amortization of actuarial loss 22 167 Pension settlement charge 633 — Total net periodic benefit expense $ 1,072 $ 413 Other Benefits Service cost $ 3 $ — Interest cost 44 33 Amortization of prior service cost 5 26 Amortization of actuarial gain (13) — Total net periodic benefit expense $ 39 $ 59 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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: Three months ended March 31, In millions 2023 2022 Interest expense $ 0.5 $ 0.4 March 31, December 31, Accrued interest payable $ 5.3 $ 4.8 Accrued penalties 3.0 3.0 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net of Reserves | Inventories, net of reserves, were as follows: In thousands March 31, December 31, Raw materials $ 96,402 $ 109,166 In-process and finished 164,017 142,331 Supplies 61,008 57,939 Total $ 321,427 $ 309,436 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, Goodwill Airlaid Materials $ 105,195 $ — $ — $ 1,354 $ 106,553 Composite Fibers — — — — — Spunlace — — — — — Total $ 105,195 $ — $ — $ 1,354 $ 106,553 Other Intangible Assets December 31, Impairment Amortization Translation March 31, Airlaid Materials Tradename $ 3,442 $ — $ — $ 67 $ 3,509 Accumulated amortization (739) — (43) (15) (797) Net 2,703 — (43) 52 2,712 Technology and related 17,512 — — 331 17,843 Accumulated amortization (5,437) — (288) (118) (5,843) Net 12,075 — (288) 213 12,000 Customer relationships and related 43,152 — 454 43,606 Accumulated amortization (13,571) — (923) (198) (14,692) Net 29,581 — (923) 256 28,914 Spunlace Products and Tradenames 27,290 — 197 27,487 Accumulated amortization (1,759) — (360) 55 (2,064) Net 25,531 — (360) 252 25,423 Technology and related 14,372 — 103 14,475 Accumulated amortization (1,455) — (297) (127) (1,879) Net 12,917 — (297) (24) 12,596 Customer relationships and related 27,666 — 199 27,865 Accumulated amortization (1,803) — (383) (8) (2,194) Net 25,863 — (383) 191 25,671 Total intangibles 133,434 — — 1,351 134,785 Total accumulated amortization (24,764) — (2,294) (411) (27,469) Net intangibles $ 108,670 $ — $ (2,294) $ 940 $ 107,316 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, December 31, R ight of use asset $ 29,581 $ 25,420 Weighted average discount rate 3.68 % 3.14 % Weighted average remaining maturity (years) 18.2 21.2 The following table sets forth operating lease expense for the periods indicated: March 31, In thousands 2023 2022 Three months ended $ 1,825 $ 1,421 |
Schedule of Future Minimum Lease Payments | The following table sets forth required remaining future minimum lease payments during the years indicated: In thousands 2023 $ 4,979 2024 5,507 2025 4,623 2026 2,677 2027 2,211 Thereafter 20,147 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt is summarized as follows: In thousands March 31, December 31, Revolving credit facility, due Sep 2026 $ 104,400 $ 118,685 4.750% Senior Notes, due Oct 2029 500,000 500,000 11.25% Term loan, due Mar 2029 266,438 — Term loan, due Feb 2024 — 193,588 2.05% Term Loan, due Mar 2023 — 1,423 1.30% Term Loan, due Jun 2023 — 762 1.55% Term Loan, due Sep 2025 — 3,594 1.10% Term Loan, due Mar 2024 3,955 4,848 0.57% Term Loan, due Jul 2023 — 21,332 Total long-term debt 874,793 844,232 Less current portion (3,955) (40,435) Unamortized deferred issuance costs (18,748) (10,545) Long-term debt, net of current portion $ 852,090 $ 793,252 |
Schedule of Amortization of Term Loan Agreements Together with Maturities of Other Long-term Debt | The following schedule sets forth the amortization of our term loan agreements together with the maturity of our other long-term debt during the indicated year. In thousands 2023 $ 2,966 2024 989 2025 — 2026 104,400 2027 — Thereafter 766,438 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 December 31, 2022 In thousands Carrying Value Fair Value Carrying Value Fair Value Revolving credit facility, due Sep. 2026 $ 104,400 $ 104,400 $ 118,685 $ 118,685 4.750% Senior Notes, due Oct. 2029 500,000 330,625 500,000 301,250 11.25% Term loan, due Mar 2029 266,438 271,705 — — Term loan, due Feb. 2024 — — 193,588 188,998 2.05% Term Loan, due Mar. 2023 — — 1,423 1,418 1.30% Term Loan, Jun. 2023 — — 762 754 1.55% Term Loan, due Sep. 2025 — — 3,594 3,430 1.10% Term Loan, due Mar. 2024 3,955 3,861 4,848 4,721 0.57% Term Loan, due Jul. 2023 — — 21,332 20,932 Total $ 874,793 $ 710,591 $ 844,232 $ 640,188 |
Financial Derivatives and Hed_2
Financial Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 December 31, 2022 Derivative Sell/Buy - sell notional Euro / British Pound 14,990 18,961 U.S. Dollar / British Pound 27,204 34,501 U.S. Dollar / Euro 91 824 Sell/Buy - buy notional Euro / Philippine Peso 879,092 1,030,114 British Pound / Philippine Peso 910,029 1,144,839 Euro / U.S. Dollar 82,901 78,435 U.S. Dollar / Canadian Dollar 29,987 36,423 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 March 31, 2023 December 31, 2022 Derivative Sell/Buy - sell notional U.S. Dollar / British Pound 28,100 28,600 British Pound / Euro 1,410 2,800 British Pound / Swiss Franc 2,700 2,535 Euro / U.S. Dollar 10,000 9,630 Sell/Buy - buy notional Euro / U.S. Dollar 7,700 2,900 British Pound / Euro 13,700 15,950 Swiss Franc / Euro 2,560 2,250 Swiss Franc / U.S. Dollar 1,720 930 Chinese Yuan / U.S. Dollar 4,330 4,400 |
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 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Balance sheet caption Prepaid Expenses and Other Other Designated as hedging: Forward foreign currency exchange contracts $ 657 $ 1,795 $ 1,068 $ 2,368 Not designated as hedging: Forward foreign currency exchange contracts $ 582 797 $ 383 $ 317 |
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 In thousands 2023 2022 Designated as hedging: Forward foreign currency exchange contracts: Cost of products sold $ (918) $ (1,072) Interest expense — 20 Not designated as hedging: Forward foreign currency exchange contracts: Other – net $ (234) $ 440 |
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 2023 2022 Balance at January 1, $ 242 $ 2,889 Deferred gains on cash flow hedges 1,021 1,076 Reclassified to earnings (918) 1,052 Balance at March 31, $ 345 $ 5,017 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 Dollars in thousands 2023 2022 Net Sales Airlaid Material $ 159,441 $ 149,464 Composite Fibers 132,591 135,829 Spunlace 86,723 96,387 Inter-segment sales elimination (547) — Total $ 378,208 $ 381,680 Operating income (loss) Airlaid Material $ 13,914 $ 12,221 Composite Fibers 6,127 (335) Spunlace (2,023) (1,572) Other and unallocated (11,905) (126,203) Total $ 6,113 $ (115,889) Depreciation and amortization Airlaid Material $ 7,686 $ 7,629 Composite Fibers 3,965 6,519 Spunlace 3,092 2,914 Other and unallocated 988 1,422 Total $ 15,731 $ 18,484 Capital expenditures Airlaid Material $ 2,082 $ 3,468 Composite Fibers 3,663 6,127 Spunlace 2,701 2,085 Other and unallocated 1,054 668 Total $ 9,500 $ 12,348 Tons shipped (metric) Airlaid Material 39,827 43,052 Composite Fibers 24,818 28,211 Spunlace 16,420 20,736 Total 81,065 91,999 |
Organization (Details)
Organization (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) employee manufacturing_site | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net sales | $ | $ 378,208 | $ 381,680 | $ 1,500,000 |
Number of employees employed | employee | 3,250 | ||
Number of manufacturing sites | manufacturing_site | 16 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | |||
Net sales | $ 378,208 | $ 381,680 | $ 1,500,000 |
Inter-segment sales elimination | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | (547) | 0 | |
Net sales | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 378,208 | 381,680 | |
Net sales | Inter-segment sales elimination | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | (547) | 0 | |
Airlaid Material | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 159,441 | 149,464 | |
Airlaid Material | Americas | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 89,837 | 80,913 | |
Airlaid Material | Europe, Middle East and Africa | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 65,991 | 63,136 | |
Airlaid Material | Asia Pacific | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 3,613 | 5,415 | |
Airlaid Material | Net sales | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 159,441 | 149,464 | |
Airlaid Material | Feminine hygiene | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 58,245 | 59,312 | |
Airlaid Material | Specialty wipes | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 44,794 | 37,095 | |
Airlaid Material | Tabletop | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 30,415 | 30,747 | |
Airlaid Material | Food pads | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 7,359 | 6,729 | |
Airlaid Material | Home care | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 7,359 | 6,285 | |
Airlaid Material | Adult incontinence | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 3,540 | 3,476 | |
Airlaid Material | Other | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 7,729 | 5,820 | |
Composite Fibers | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 132,591 | 135,829 | |
Composite Fibers | Americas | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 34,212 | 37,976 | |
Composite Fibers | Europe, Middle East and Africa | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 73,850 | 73,604 | |
Composite Fibers | Asia Pacific | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 24,529 | 24,249 | |
Composite Fibers | Net sales | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 132,591 | 135,829 | |
Composite Fibers | Food & beverage | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 78,944 | 75,223 | |
Composite Fibers | Wallcovering | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 16,157 | 15,831 | |
Composite Fibers | Technical specialties | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 21,453 | 23,136 | |
Composite Fibers | Composite laminates | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 8,983 | 11,297 | |
Composite Fibers | Metallized | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 7,054 | 10,342 | |
Spunlace | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 86,723 | 96,387 | |
Spunlace | Americas | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 53,152 | 55,484 | |
Spunlace | Europe, Middle East and Africa | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 25,063 | 29,825 | |
Spunlace | Asia Pacific | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 8,508 | 11,078 | |
Spunlace | Net sales | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 86,723 | 96,387 | |
Spunlace | Consumer wipes | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 38,109 | 46,157 | |
Spunlace | Critical cleaning | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 29,149 | 24,278 | |
Spunlace | Health care | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 10,375 | 13,605 | |
Spunlace | Hygiene | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 5,660 | 5,913 | |
Spunlace | High performance | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 3,209 | 4,112 | |
Spunlace | Beauty care | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | $ 221 | $ 2,322 |
Gains on Disposition of Plant_3
Gains on Disposition of Plant, Equipment and Timberlands (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) a | Mar. 31, 2022 USD ($) a | |
Property, Plant and Equipment [Line Items] | ||
Proceeds | $ 713 | $ 3,160 |
Gain (loss) | $ 644 | $ 2,961 |
Timberlands | ||
Property, Plant and Equipment [Line Items] | ||
Acres | a | 216 | 790 |
Proceeds | $ 630 | $ 3,130 |
Gain (loss) | 617 | 2,962 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Proceeds | 83 | 30 |
Gain (loss) | $ 28 | $ (1) |
Goodwill and Other Asset Impa_3
Goodwill and Other Asset Impairment - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Goodwill and other asset impairment charges | $ 0 | $ 117,349 |
Russian And Ukrainian | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Goodwill and other asset impairment charges | $ 117,300 |
Goodwill and Other Asset Impa_4
Goodwill and Other Asset Impairment - Schedule of Asset Impairment Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Plant, property and equipment | $ 0 | $ 27,619 |
Impairment of intangible assets, finite-lived | 0 | |
Tradename | 0 | |
Goodwill | 0 | 56,062 |
Goodwill and other asset impairment charges | 0 | 117,349 |
Tradename | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Tradename | 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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Income (loss) from discontinued operations | $ (402) | $ (37) |
Net cash used by operating activities | (11) | (108) |
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 | $ (11) | $ (108) |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Loss from continuing operations | $ (13,182) | $ (108,290) |
Weighted average common shares outstanding used in basic EPS (in shares) | 44,957 | 44,709 |
Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs (in shares) | 0 | 0 |
Weighted average common shares outstanding and common share equivalents used in diluted EPS (in shares) | 44,957 | 44,709 |
Loss per share from continuing operations | ||
Basic (in dollars per share) | $ (0.29) | $ (2.42) |
Diluted (in dollars per share) | $ (0.29) | $ (2.42) |
Earnings Per Share - Number of
Earnings Per Share - Number of Potentially Dilutive Common Shares (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Potential common shares (in shares) | 618 | 934 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Losses) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 318,004 | $ 542,762 |
Other comprehensive income (loss) before reclassifications (net of tax) | 8,219 | (10,532) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (747) | (588) |
Other comprehensive income (loss) | 7,472 | (11,120) |
Ending balance | 312,587 | 416,733 |
Currency translation adjustments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (106,242) | (69,757) |
Other comprehensive income (loss) before reclassifications (net of tax) | 6,663 | (10,915) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 0 | 0 |
Other comprehensive income (loss) | 6,663 | (10,915) |
Ending balance | (99,579) | (80,672) |
Unrealized gain (loss) on derivatives | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 11,176 | 1,988 |
Other comprehensive income (loss) before reclassifications (net of tax) | 1,556 | 383 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (1,399) | (740) |
Other comprehensive income (loss) | 157 | (357) |
Ending balance | 11,333 | 1,631 |
Defined benefit plans | Pension Benefits | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (3,247) | (11,482) |
Other comprehensive income (loss) before reclassifications (net of tax) | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 660 | 126 |
Other comprehensive income (loss) | 660 | 126 |
Ending balance | (2,587) | (11,356) |
Defined benefit plans | Other Benefits | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 418 | (1,053) |
Other comprehensive income (loss) before reclassifications (net of tax) | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (8) | 26 |
Other comprehensive income (loss) | (8) | 26 |
Ending balance | 410 | (1,027) |
Accumulated Other Comprehensive Loss | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (97,895) | (80,304) |
Ending balance | $ (90,423) | $ (91,424) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Costs of products sold | $ 341,994 | $ 350,015 |
Loss on interest rate swaps | 12,594 | 7,862 |
Other, net | 3,278 | 1,340 |
Income (loss) before income taxes | 9,488 | 125,074 |
Income tax provision (benefit) | 3,694 | (16,784) |
Net of tax | 13,584 | 108,327 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension settlement | 633 | 0 |
Reclassifications Out of Accumulated Other Comprehensive Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net of tax | (747) | (588) |
Reclassifications Out of Accumulated Other Comprehensive Income | Unrealized gain (loss) on derivatives | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net of tax | (1,399) | (740) |
Reclassifications Out of Accumulated Other Comprehensive Income | Unrealized gain (loss) on derivatives | Interest Rate Swap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Loss on interest rate swaps | 0 | 20 |
Income tax provision (benefit) | 0 | 0 |
Net of tax | 0 | 20 |
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 | (918) | (1,072) |
Income tax provision (benefit) | (481) | 312 |
Net of tax | (1,399) | (760) |
Reclassifications Out of Accumulated Other Comprehensive Income | Prior service costs | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other, net | 6 | 11 |
Reclassifications Out of Accumulated Other Comprehensive Income | Prior service costs | Other Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other, net | 5 | 26 |
Reclassifications Out of Accumulated Other Comprehensive Income | Actuarial gain | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other, net | 22 | 167 |
Reclassifications Out of Accumulated Other Comprehensive Income | Actuarial gain | Other Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other, net | (13) | 0 |
Reclassifications Out of Accumulated Other Comprehensive Income | Defined benefit plans | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension settlement | 633 | 0 |
Income (loss) before income taxes | 661 | 178 |
Income tax provision (benefit) | (1) | (52) |
Net of tax | 660 | 126 |
Reclassifications Out of Accumulated Other Comprehensive Income | Defined benefit plans | Other Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Income (loss) before income taxes | (8) | 26 |
Income tax provision (benefit) | 0 | 0 |
Net of tax | $ (8) | $ 26 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Detail) - shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
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 | 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 | 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 | 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% | 50% | |
Granted (in shares) | 697,045 | 299,993 | |
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 | 2 years | |
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 | 3 years | |
SOSARs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares issued per award (in shares) | 1 | ||
Term of awards (in years) | 10 years | ||
Long Term Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock available for future issuance (in shares) | 1,527,906 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSU and PSA Activity (Detail) - Restricted Stock Units (RSU) and Performance Share Awards (PSAs) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding | ||
Beginning Balance (in shares) | 1,650,152 | 1,111,382 |
Granted (in shares) | 1,190,206 | 528,011 |
Forfeited (in shares) | (98,717) | (92,569) |
Shares delivered (in shares) | (199,263) | (250,301) |
Ending Balance (in shares) | 2,542,378 | 1,296,523 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 931 | $ 909 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Information Related to Outstanding SOSARS (Detail) - SOSARs - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Shares | ||
Beginning Balance (in shares) | 769,544 | 1,079,113 |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | 0 | 0 |
Canceled / forfeited (in shares) | (151,487) | (145,440) |
Ending Balance (in shares) | 618,057 | 933,673 |
Wtd Avg Exercise Price | ||
Beginning Balance (in dollars per share) | $ 21.34 | $ 20.42 |
Granted (in dollars per share) | 0 | 0 |
Exercised (in dollars per share) | 0 | 0 |
Canceled / forfeited (in dollars per share) | 18.36 | 15.61 |
Ending Balance (in dollars per share) | $ 22.07 | $ 21.17 |
Retirement Plans and Other Po_3
Retirement Plans and Other Post-Retirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Stock-based compensation benefit | $ 5,800 | |
Settlement charge | 600 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | $ 0 |
Interest cost | 411 | 235 |
Amortization of prior service cost | 6 | 11 |
Amortization of actuarial gain | 22 | 167 |
Pension settlement charge | 633 | 0 |
Total net periodic benefit expense | 1,072 | 413 |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 3 | 0 |
Interest cost | 44 | 33 |
Amortization of prior service cost | 5 | 26 |
Amortization of actuarial gain | (13) | 0 |
Total net periodic benefit expense | $ 39 | $ 59 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Income Tax Contingency [Line Items] | |||
Pretax loss | $ 9,488,000 | $ 125,074,000 | |
Income tax (benefit) provision | 3,694,000 | $ (16,784,000) | |
Increase in valuation allowance | 3,100,000 | ||
Gross unrecognized tax benefits | 57,200,000 | $ 56,500,000 | |
Unrecognized tax benefits that would impact effective tax rate | 54,100,000 | ||
Minimum | |||
Income Tax Contingency [Line Items] | |||
Gross unrecognized tax benefits balance may decrease within the next twelve months | 0 | ||
Maximum | |||
Income Tax Contingency [Line Items] | |||
Gross unrecognized tax benefits balance may decrease within the next twelve months | $ 8,400,000 |
Income Taxes - Summary of Inter
Income Taxes - Summary of Interest and Penalties on Uncertain Tax Positions (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Interest expense | $ 0.5 | $ 0.4 | |
Accrued interest payable | 5.3 | $ 4.8 | |
Accrued penalties | $ 3 | $ 3 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 96,402 | $ 109,166 |
In-process and finished | 164,017 | 142,331 |
Supplies | 61,008 | 57,939 |
Total | $ 321,427 | $ 309,436 |
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 | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Goodwill | |||
Goodwill, beginning balance | $ 105,195 | ||
Impairment | 0 | $ (56,062) | |
Purchase price allocation adjustment | 0 | ||
Translation | 1,354 | ||
Goodwill, ending balance | 106,553 | ||
Finite-lived Intangible Assets [Roll Forward] | |||
Total intangibles, Impairment | 0 | ||
Accumulated amortization, beginning balance | (24,764) | ||
Accumulated amortization, Impairment | 0 | ||
Accumulated amortization | (2,294) | ||
Accumulated amortization, ending balance | (27,469) | ||
Total intangibles | 134,785 | $ 133,434 | |
Intangible assets, net | 107,316 | $ 108,670 | |
Impairment of intangible assets | 0 | ||
Intangible assets, gross, translation | 1,351 | ||
Intangible assets, accumulated amortization, translation | (411) | ||
Intangible assets, net, translation | 940 | ||
Tradename | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Total intangibles, Impairment | 0 | $ (3,530) | |
Airlaid Material | |||
Goodwill | |||
Goodwill, beginning balance | 105,195 | ||
Impairment | 0 | ||
Purchase price allocation adjustment | 0 | ||
Translation | 1,354 | ||
Goodwill, ending balance | 106,553 | ||
Airlaid Material | Tradename | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Total intangibles, beginning balance | 3,442 | ||
Total intangibles, Translation | 67 | ||
Total intangibles, ending balance | 3,509 | ||
Accumulated amortization, beginning balance | (739) | ||
Accumulated amortization | (43) | ||
Accumulated amortization, Translation | (15) | ||
Accumulated amortization, ending balance | (797) | ||
Net intangibles, beginning balance | 2,703 | ||
Net intangibles, Translation | 52 | ||
Net intangibles, ending balance | 2,712 | ||
Airlaid Material | Technology and related | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Total intangibles, beginning balance | 17,512 | ||
Total intangibles, Translation | 331 | ||
Total intangibles, ending balance | 17,843 | ||
Accumulated amortization, beginning balance | (5,437) | ||
Accumulated amortization | (288) | ||
Accumulated amortization, Translation | (118) | ||
Accumulated amortization, ending balance | (5,843) | ||
Net intangibles, beginning balance | 12,075 | ||
Net intangibles, Translation | 213 | ||
Net intangibles, ending balance | 12,000 | ||
Airlaid Material | Customer relationships and related | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Total intangibles, beginning balance | 43,152 | ||
Total intangibles, Translation | 454 | ||
Total intangibles, ending balance | 43,606 | ||
Accumulated amortization, beginning balance | (13,571) | ||
Accumulated amortization | (923) | ||
Accumulated amortization, Translation | (198) | ||
Accumulated amortization, ending balance | (14,692) | ||
Net intangibles, beginning balance | 29,581 | ||
Net intangibles, Translation | 256 | ||
Net intangibles, ending balance | 28,914 | ||
Composite Fibers | |||
Goodwill | |||
Goodwill, beginning balance | 0 | ||
Impairment | 0 | ||
Purchase price allocation adjustment | 0 | ||
Translation | 0 | ||
Goodwill, ending balance | 0 | ||
Spunlace | |||
Goodwill | |||
Goodwill, beginning balance | 0 | ||
Impairment | 0 | ||
Purchase price allocation adjustment | 0 | ||
Translation | 0 | ||
Goodwill, ending balance | 0 | ||
Spunlace | Tradename | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Total intangibles, beginning balance | 27,290 | ||
Total intangibles, Translation | 197 | ||
Total intangibles, ending balance | 27,487 | ||
Accumulated amortization, beginning balance | (1,759) | ||
Accumulated amortization | (360) | ||
Accumulated amortization, Translation | 55 | ||
Accumulated amortization, ending balance | (2,064) | ||
Net intangibles, beginning balance | 25,531 | ||
Net intangibles, Translation | 252 | ||
Net intangibles, ending balance | 25,423 | ||
Spunlace | Technology and related | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Total intangibles, beginning balance | 14,372 | ||
Total intangibles, Translation | 103 | ||
Total intangibles, ending balance | 14,475 | ||
Accumulated amortization, beginning balance | (1,455) | ||
Accumulated amortization | (297) | ||
Accumulated amortization, Translation | (127) | ||
Accumulated amortization, ending balance | (1,879) | ||
Net intangibles, beginning balance | 12,917 | ||
Net intangibles, Translation | (24) | ||
Net intangibles, ending balance | 12,596 | ||
Spunlace | Customer relationships and related | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Total intangibles, beginning balance | 27,666 | ||
Total intangibles, Translation | 199 | ||
Total intangibles, ending balance | 27,865 | ||
Accumulated amortization, beginning balance | (1,803) | ||
Accumulated amortization | (383) | ||
Accumulated amortization, Translation | (8) | ||
Accumulated amortization, ending balance | (2,194) | ||
Net intangibles, beginning balance | 25,863 | ||
Net intangibles, Translation | 191 | ||
Net intangibles, ending balance | $ 25,671 |
Leases - Summary of Information
Leases - Summary of Information Related to Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Right of use asset | $ 29,581 | $ 25,420 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Weighted average discount rate | 3.68% | 3.14% |
Weighted average remaining maturity (years) | 18 years 2 months 12 days | 21 years 2 months 12 days |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Lease expense | $ 1,825 | $ 1,421 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Leases [Abstract] | |
2023 | $ 4,979 |
2024 | 5,507 |
2025 | 4,623 |
2026 | 2,677 |
2027 | 2,211 |
Thereafter | $ 20,147 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Oct. 25, 2021 |
Debt Instrument [Line Items] | |||
Total long-term debt | $ 874,793 | $ 844,232 | |
Less current portion | (3,955) | (40,435) | |
Unamortized deferred issuance costs | (18,748) | (10,545) | |
Long-term debt, net of current portion | 852,090 | 793,252 | |
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% | 4.75% | |
11.25% Term loan, due Mar 2029 | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 266,438 | 0 | |
Interest rate on debt (as a percent) | 11.25% | ||
Term loan, due Feb. 2024 | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 0 | 193,588 | |
2.05% Term Loan, due Mar 2023 | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 0 | 1,423 | |
Interest rate on debt (as a percent) | 2.05% | ||
1.30% Term Loan, due Jun 2023 | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 0 | 762 | |
Interest rate on debt (as a percent) | 1.30% | ||
1.55% Term Loan, due Sep 2025 | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 0 | 3,594 | |
Interest rate on debt (as a percent) | 1.55% | ||
1.10% Term Loan, due Mar 2024 | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 3,955 | 4,848 | |
Interest rate on debt (as a percent) | 1.10% | ||
0.57% Term Loan, due Jul 2023 | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 0 | 21,332 | |
Interest rate on debt (as a percent) | 0.57% | ||
Revolving credit facility, due Sep 2026 | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 104,400 | $ 118,685 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 30, 2023 USD ($) | Feb. 28, 2023 EUR (€) loan | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) loan | Dec. 31, 2020 USD ($) | Mar. 30, 2023 EUR (€) | Mar. 31, 2022 USD ($) | Oct. 25, 2021 USD ($) | Sep. 02, 2021 USD ($) | Sep. 02, 2021 EUR (€) | |
Debt Instrument [Line Items] | |||||||||||
Number of loans | loan | 2 | ||||||||||
Number of loans extinguished | loan | 1 | ||||||||||
Extinguished debt amount | € | € 20,000,000 | ||||||||||
Carrying value | $ 874,793,000 | $ 844,232,000 | |||||||||
Unamortized deferred issuance costs | (18,748,000) | (10,545,000) | |||||||||
Amortization of debt issuance costs | 2,200,000 | $ 1,900,000 | $ 900,000 | ||||||||
Letters of credit outstanding | 0 | ||||||||||
Term Loan | Angelo Gordon | Secured Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | € | € 250,000,000 | ||||||||||
Interest rate on debt (as a percent) | 11.25% | 11.25% | |||||||||
Term loan, due Feb. 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Carrying value | $ 0 | 193,588,000 | |||||||||
Term loan, due Feb. 2024 | Secured Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | € | € 220,000,000 | ||||||||||
4.750% Senior Notes, due Oct 2029 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate on debt (as a percent) | 4.75% | 4.75% | |||||||||
Original Principal | $ 500,000,000 | ||||||||||
Carrying value | $ 500,000,000 | 500,000,000 | |||||||||
1.10% Term Loan, due Mar 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate on debt (as a percent) | 1.10% | ||||||||||
Carrying value | $ 3,955,000 | $ 4,848,000 | |||||||||
Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 250,000,000 | $ 400,000,000 | |||||||||
Percentage increase (decrease) in borrowing margin | 27,500% | ||||||||||
Debt instrument covenant compliance leverage ratio, actual | 3 | ||||||||||
Revolving Credit Facility | Overnight Banking Funding Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Federal fund rate spread | 0.50% | ||||||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Federal fund rate spread | 1% | ||||||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Federal fund rate spread | 2.50% | ||||||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Federal fund rate spread | 4% | ||||||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Federal fund rate spread | 3.50% | ||||||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Federal fund rate spread | 5% | ||||||||||
Revolving Credit Facility | Euribor | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Federal fund rate spread | 3.50% | ||||||||||
Revolving Credit Facility | Euribor | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Federal fund rate spread | 5% | ||||||||||
Revolving Credit Facility | Through The Period Ended December 31, 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, covenant, net debt to EBITDA ratio, maximum | 4.25 | 4.25 | |||||||||
Revolving Credit Facility | At March 31, 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, covenant, net debt to EBITDA ratio, maximum | 4 | 4 | |||||||||
Revolving Credit Facility | At March 31, 2026 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, covenant, net debt to EBITDA ratio, maximum | 3.50 | 3.50 | |||||||||
Term Loan Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | € | € 220,000,000 | € 220,000,000 | |||||||||
Letters of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Carrying value | $ 5,400,000 | $ 6,700,000 |
Long-Term Debt - Amortization o
Long-Term Debt - Amortization of Term Loan Agreements Together with Maturities of Other Long-term Debt (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 2,966 |
2024 | 989 |
2025 | 0 |
2026 | 104,400 |
2027 | 0 |
Thereafter | $ 766,438 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Oct. 25, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Value | $ 874,793 | $ 844,232 | |
Fair Value | 710,591 | 640,188 | |
Revolving credit facility, due Sep. 2026 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Value | 104,400 | 118,685 | |
Fair Value | 104,400 | 118,685 | |
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 | $ 330,625 | 301,250 | |
Interest rate on debt (as a percent) | 4.75% | 4.75% | |
11.25% Term loan, due Mar 2029 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Value | $ 266,438 | 0 | |
Fair Value | $ 271,705 | 0 | |
Interest rate on debt (as a percent) | 11.25% | ||
Term loan, due Feb. 2024 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Value | $ 0 | 193,588 | |
Fair Value | 0 | 188,998 | |
2.05% Term Loan, due Mar 2023 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Value | 0 | 1,423 | |
Fair Value | $ 0 | 1,418 | |
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 | $ 0 | 762 | |
Fair Value | $ 0 | 754 | |
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 | $ 0 | 3,594 | |
Fair Value | $ 0 | 3,430 | |
Interest rate on debt (as a percent) | 1.55% | ||
1.10% Term Loan, due Mar. 2024 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Value | $ 3,955 | 4,848 | |
Fair Value | 3,861 | 4,721 | |
0.57% Term Loan, due Jul. 2023 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Value | 0 | 21,332 | |
Fair Value | $ 0 | $ 20,932 | |
Interest rate on debt (as a percent) | 0.57% |
Financial Derivatives and Hed_3
Financial Derivatives and Hedging Activities - Narrative (Detail) | 3 Months Ended | ||||||
Sep. 06, 2022 USD ($) | Jun. 15, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2023 EUR (€) | Jun. 15, 2022 EUR (€) | Mar. 03, 2022 | |
Derivative [Line Items] | |||||||
Pre-tax gain (loss) from changes in currency exchange rates | $ (3,700,000) | $ 2,400,000 | |||||
Term Loans | |||||||
Derivative [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | € | € 220,000,000 | ||||||
Minimum | |||||||
Derivative [Line Items] | |||||||
Long-term debt percentage bearing fixed Interest rate (as a percent) | 0% | ||||||
Minimum | Designated as Hedging | Cash Flow Hedges | |||||||
Derivative [Line Items] | |||||||
Maturities of foreign currency derivative contracts (in months) | 1 month | ||||||
Maximum | Designated as Hedging | Cash Flow Hedges | |||||||
Derivative [Line Items] | |||||||
Maturities of foreign currency derivative contracts (in months) | 18 months | ||||||
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 | ||||||
Currency Swap | Designated as Hedging | |||||||
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 | ||||||
Foreign Exchange Contract | Minimum | Unrealized gain (loss) on derivatives | |||||||
Derivative [Line Items] | |||||||
Accumulated other comprehensive income realization period (in months) | 12 months | ||||||
Foreign Exchange Contract | Maximum | Unrealized gain (loss) on derivatives | |||||||
Derivative [Line Items] | |||||||
Accumulated other comprehensive income realization period (in months) | 18 months |
Financial Derivatives and Hed_4
Financial Derivatives and Hedging Activities - Outstanding Derivatives Used to Hedge Foreign Exchange Risks (Detail) ₱ in Thousands, € in Thousands, ¥ in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands | Mar. 31, 2023 EUR (€) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 PHP (₱) | Mar. 31, 2023 CAD ($) | Mar. 31, 2023 GBP (£) | Mar. 31, 2023 CHF (SFr) | Mar. 31, 2023 CNY (¥) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 PHP (₱) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2022 CHF (SFr) | Dec. 31, 2022 CNY (¥) |
U.S. Dollar / British Pound | Not Designated as Hedging | Sell Notional | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative notional amount | $ 28,100 | $ 28,600 | ||||||||||||
Euro / U.S. Dollar | Not Designated as Hedging | Sell Notional | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative notional amount | € | € 10,000 | € 9,630 | ||||||||||||
Euro / U.S. Dollar | Not Designated as Hedging | Buy Notional | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative notional amount | € | 7,700 | 2,900 | ||||||||||||
British Pound / Euro | Not Designated as Hedging | Sell Notional | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative notional amount | £ | £ 1,410 | £ 2,800 | ||||||||||||
British Pound / Euro | Not Designated as Hedging | Buy Notional | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative notional amount | £ | 13,700 | 15,950 | ||||||||||||
British Pound / Swiss Franc | Not Designated as Hedging | Sell Notional | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative notional amount | £ | £ 2,700 | £ 2,535 | ||||||||||||
Swiss Franc / Euro | Not Designated as Hedging | Buy Notional | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative notional amount | SFr | SFr 2,560 | SFr 2,250 | ||||||||||||
Swiss Franc / U.S. Dollar | Not Designated as Hedging | Buy Notional | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative notional amount | SFr | SFr 1,720 | SFr 930 | ||||||||||||
Chinese Yuan / U.S. Dollar | Not Designated as Hedging | Buy Notional | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative notional amount | ¥ | ¥ 4,330 | ¥ 4,400 | ||||||||||||
Cash Flow Hedges | Euro / British Pound | Designated as Hedging | Sell Notional | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative notional amount | € | € 14,990 | € 18,961 | ||||||||||||
Cash Flow Hedges | U.S. Dollar / British Pound | Designated as Hedging | Sell Notional | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative notional amount | 27,204 | 34,501 | ||||||||||||
Cash Flow Hedges | U.S. Dollar / Euro | Designated as Hedging | Sell Notional | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative notional amount | 91 | 824 | ||||||||||||
Cash Flow Hedges | Euro / Philippine Peso | Designated as Hedging | Buy Notional | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative notional amount | ₱ | ₱ 879,092 | ₱ 1,030,114 | ||||||||||||
Cash Flow Hedges | British Pound / Philippine Peso | Designated as Hedging | Buy Notional | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative notional amount | ₱ | ₱ 910,029 | ₱ 1,144,839 | ||||||||||||
Cash Flow Hedges | Euro / U.S. Dollar | Designated as Hedging | Buy Notional | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative notional amount | $ 82,901 | $ 78,435 | ||||||||||||
Cash Flow Hedges | U.S. Dollar / Canadian Dollar | Designated as Hedging | Buy Notional | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative notional amount | $ 29,987 | $ 36,423 |
Financial Derivatives and Hed_5
Financial Derivatives and Hedging Activities - Fair Values of Derivative Instruments (Detail) - Forward foreign currency exchange contracts - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Prepaid Expenses and Other Current Assets | Designated as Hedging | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value | $ 657 | $ 1,795 |
Prepaid Expenses and Other Current Assets | Not Designated as Hedging | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value | 582 | 797 |
Other Current Liabilities | Designated as Hedging | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | 1,068 | 2,368 |
Other Current Liabilities | Not Designated as Hedging | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | $ 383 | $ 317 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Designated as Hedging | Cost of products sold | ||
Derivative Instruments Gain Loss [Line Items] | ||
Derivative instruments, gain (loss) | $ (918) | $ (1,072) |
Designated as Hedging | Interest expense | ||
Derivative Instruments Gain Loss [Line Items] | ||
Derivative instruments, gain (loss) | 0 | 20 |
Not Designated as Hedging | ||
Derivative Instruments Gain Loss [Line Items] | ||
Derivative instruments, gain (loss) | $ (234) | $ 440 |
Financial Derivatives and Hed_7
Financial Derivatives and Hedging Activities - Fair Value Amounts Recorded as Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value Amounts Of Derivative Assets Recorded As A Component Of AOCI | ||
Beginning balance | $ 318,004 | $ 542,762 |
Ending balance | 312,587 | 416,733 |
Unrealized gain (loss) on derivatives | ||
Fair Value Amounts Of Derivative Assets Recorded As A Component Of AOCI | ||
Beginning balance | 11,176 | 1,988 |
Ending balance | 11,333 | 1,631 |
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 | 242 | 2,889 |
Deferred gains on cash flow hedges | 1,021 | 1,076 |
Reclassified to earnings | (918) | 1,052 |
Ending balance | $ 345 | $ 5,017 |
Commitments, Contingencies an_2
Commitments, Contingencies and Legal Proceedings - Narrative (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) operable_unit | Dec. 31, 2022 USD ($) | |
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 | $ 1,100 | |
Total amount available in escrow account | 8,900 | |
Accrual for environmental loss contingencies | 14,400 | |
Reserve for environmental liabilities, current portion | 2,100 | $ 2,200 |
Accrual for environmental loss contingencies, noncurrent | $ 12,300 |
Segment Information (Detail)
Segment Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) GT | Mar. 31, 2022 USD ($) GT | Dec. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 378,208 | $ 381,680 | $ 1,500,000 |
Operating income (loss) | 6,113 | (115,889) | |
Depreciation and amortization | 15,731 | 18,484 | |
Capital expenditures | $ 9,500 | $ 12,348 | |
Tons shipped (metric) | GT | 81,065 | 91,999 | |
Inter-segment sales elimination | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ (547) | $ 0 | |
Other and unallocated | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | (11,905) | (126,203) | |
Depreciation and amortization | 988 | 1,422 | |
Capital expenditures | 1,054 | 668 | |
Airlaid Material | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 159,441 | 149,464 | |
Airlaid Material | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 159,441 | 149,464 | |
Operating income (loss) | 13,914 | 12,221 | |
Depreciation and amortization | 7,686 | 7,629 | |
Capital expenditures | $ 2,082 | $ 3,468 | |
Tons shipped (metric) | GT | 39,827 | 43,052 | |
Composite Fibers | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 132,591 | $ 135,829 | |
Composite Fibers | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 132,591 | 135,829 | |
Operating income (loss) | 6,127 | (335) | |
Depreciation and amortization | 3,965 | 6,519 | |
Capital expenditures | $ 3,663 | $ 6,127 | |
Tons shipped (metric) | GT | 24,818 | 28,211 | |
Spunlace | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 86,723 | $ 96,387 | |
Spunlace | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 86,723 | 96,387 | |
Operating income (loss) | (2,023) | (1,572) | |
Depreciation and amortization | 3,092 | 2,914 | |
Capital expenditures | $ 2,701 | $ 2,085 | |
Tons shipped (metric) | GT | 16,420 | 20,736 |