Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 25, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GLT | ||
Entity Registrant Name | GLATFELTER P H CO | ||
Entity Central Index Key | 41719 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 43,095,572 | ||
Entity Public Float | $1,123 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||||||||||
Net sales | $436,261 | $465,092 | $445,341 | $455,721 | $434,811 | $456,648 | $425,967 | $405,189 | $1,802,415 | $1,722,615 | $1,577,788 |
Energy and related sales, net | 7,927 | 3,153 | 7,000 | ||||||||
Total revenues | 1,810,342 | 1,725,768 | 1,584,788 | ||||||||
Costs of products sold | 1,575,188 | 1,507,108 | 1,371,139 | ||||||||
Gross profit | 58,164 | 80,513 | 41,437 | 55,040 | 54,406 | 66,039 | 40,840 | 57,375 | 235,154 | 218,660 | 213,649 |
Selling, general and administrative expenses | 133,235 | 133,867 | 121,590 | ||||||||
Gains on dispositions of plant, equipment and timberlands, net | -4,861 | -1,726 | -9,815 | ||||||||
Operating income | 106,780 | 86,519 | 101,874 | ||||||||
Non-operating income (expense) | |||||||||||
Interest expense | -18,921 | -17,965 | -18,694 | ||||||||
Interest income | 159 | 310 | 460 | ||||||||
Other, net | -635 | 337 | -4,699 | ||||||||
Total other expense | -19,397 | -17,318 | -22,933 | ||||||||
Income before income taxes | 87,383 | 69,201 | 78,941 | ||||||||
Income tax provision | 18,137 | 2,043 | 19,562 | ||||||||
Net income | $69,246 | $67,158 | $59,379 | ||||||||
Earnings per share | |||||||||||
Basic | $1.60 | $1.56 | $1.39 | ||||||||
Diluted | $0.45 | $0.69 | $0.11 | $0.33 | $0.37 | $0.77 | $0.02 | $0.36 | $1.57 | $1.52 | $1.36 |
Cash dividends declared per common share | $0.44 | $0.40 | $0.36 | ||||||||
Weighted average shares outstanding | |||||||||||
Basic | 43,201 | 43,158 | 42,851 | ||||||||
Diluted | 44,066 | 44,299 | 43,672 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $69,246 | $67,158 | $59,379 |
Foreign currency translation adjustments | -49,365 | 14,826 | 11,358 |
Net change in: | |||
Deferred gains (losses) on cash flow hedges, net of taxes of $(1,281), $178 and $638, respectively | 3,297 | -517 | -1,609 |
Unrecognized retirement obligations, net of taxes of $20,730, $(45,118) and $3,914, respectively | -33,445 | 74,300 | -6,974 |
Other comprehensive income (loss) | -79,513 | 88,609 | 2,775 |
Comprehensive (loss) income | ($10,267) | $155,767 | $62,154 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Taxes on deferred gains (losses) on cash flow hedges | ($1,281) | $178 | $638 |
Taxes on unrecognized retirement obligations | $20,730 | ($45,118) | $3,914 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $99,837 | $122,882 |
Accounts receivable (less allowance for doubtful accounts: 2014 - $2,703; 2013 - $2,725) | 163,760 | 167,830 |
Inventories | 248,705 | 236,310 |
Prepaid expenses and other current assets | 62,320 | 59,560 |
Total current assets | 574,622 | 586,582 |
Plant, equipment and timberlands, net | 697,608 | 723,340 |
Goodwill | 84,137 | 95,948 |
Intangible assets | 77,098 | 96,081 |
Other assets | 128,039 | 176,459 |
Total assets | 1,561,504 | 1,678,410 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 5,734 | |
Accounts payable | 157,070 | 161,242 |
Dividends payable | 4,775 | 4,363 |
Environmental liabilities | 1,075 | 125 |
Other current liabilities | 111,077 | 122,637 |
Total current liabilities | 279,731 | 288,367 |
Long-term debt | 398,878 | 442,325 |
Deferred income taxes | 104,016 | 141,020 |
Other long-term liabilities | 129,770 | 122,222 |
Total liabilities | 912,395 | 993,934 |
Commitments and contingencies | ||
Shareholders' equity | ||
Common stock, $0.01 par value; authorized - 120,000,000; issued - 54,361,980 (including treasury shares: 2014 - 11,307,589; 2013 - 11,234,039) | 544 | 544 |
Capital in excess of par value | 54,342 | 53,940 |
Retained earnings | 919,468 | 869,329 |
Accumulated other comprehensive loss | -154,870 | -75,357 |
Shareholders' equity before treasury stock | 819,484 | 848,456 |
Less cost of common stock in treasury | -170,375 | -163,980 |
Total shareholders' equity | 649,109 | 684,476 |
Total liabilities and shareholders' equity | $1,561,504 | $1,678,410 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $2,703 | $2,725 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 54,361,980 | 54,361,980 |
Treasury stock, shares | 11,307,589 | 11,234,039 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net income | $69,246 | $67,158 | $59,379 |
Adjustments to reconcile to net cash provided by operations: | |||
Depreciation, depletion and amortization | 70,555 | 68,196 | 69,500 |
Amortization of debt issue costs and original issue discount | 1,315 | 1,305 | 3,177 |
Pension expense, net of unfunded benefits paid | 5,173 | 12,787 | 10,427 |
Charge for impairment of intangible asset | 3,262 | ||
Deferred income tax benefit | -9,419 | -11,485 | -2,209 |
Gains on dispositions of plant, equipment and timberlands, net | -4,861 | -1,726 | -9,815 |
Share-based compensation | 7,859 | 7,337 | 6,520 |
Change in operating assets and liabilities | |||
Accounts receivable | -5,404 | -777 | -3,379 |
Inventories | -21,456 | 2,704 | -12,615 |
Prepaid and other current assets | -3,521 | 7,965 | -14,952 |
Accounts payable | -4,175 | 24,822 | 6,953 |
Accruals and other current liabilities | -12,802 | 3,140 | 8,406 |
Other | 3,805 | -7,791 | -8,546 |
Net cash provided by operating activities | 99,577 | 173,635 | 112,846 |
Investing activities | |||
Expenditures for purchases of plant, equipment and timberlands | -66,046 | -103,047 | -58,752 |
Proceeds from disposals of plant, equipment and timberlands, net | 5,072 | 1,947 | 10,272 |
Acquisition, net of cash acquired | -8,015 | -210,911 | |
Other | -600 | -425 | -225 |
Net cash used by investing activities | -69,589 | -312,436 | -48,705 |
Financing activities | |||
Proceeds from note offerings | 250,000 | ||
Repayments of note offerings | -205,131 | ||
Net borrowings under (repayments of) revolving credit facility | -30,720 | 126,139 | -27,000 |
Payments of borrowing costs | -419 | -4,748 | |
Proceeds from term loans | 12,592 | 56,091 | |
Repurchases of common stock | -12,180 | -5,675 | |
Payments of dividends | -18,696 | -16,965 | -15,608 |
Payments related to share-based compensation awards and other | -1,877 | -1,671 | 2,673 |
Net cash (used) provided by financing activities | -50,881 | 163,175 | -5,489 |
Effect of exchange rate changes on cash | -2,152 | 829 | 750 |
Net (decrease) increase in cash and cash equivalents | -23,045 | 25,203 | 59,402 |
Cash and cash equivalents at the beginning of period | 122,882 | 97,679 | 38,277 |
Cash and cash equivalents at the end of period | 99,837 | 122,882 | 97,679 |
Cash paid for: | |||
Interest, net of amounts capitalized | 17,643 | 17,231 | 14,400 |
Income taxes, net | $24,139 | $15,588 | $44,657 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
In Thousands, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2011 | $490,404 | $544 | $51,477 | $775,825 | ($166,741) | ($170,701) |
Net income | 59,379 | 59,379 | ||||
Other comprehensive income (loss) | 2,775 | 2,775 | ||||
Comprehensive income (loss) | 62,154 | |||||
Tax effect on exercise of stock awards | 631 | 631 | ||||
Cash dividends declared ($0.36, $0.40 and $0.44 per share at 2012, 2013 and 2014 respectively) | -15,611 | -15,611 | ||||
Share-based compensation expense | 3,970 | 3,970 | ||||
Repurchase of common shares | -5,675 | -5,675 | ||||
Delivery of treasury shares | ||||||
RSUs | -337 | -1,433 | 1,096 | |||
401 (k) plans | 2,446 | 234 | 2,212 | |||
Employee stock options exercised - net | 1,697 | -2,387 | 4,084 | |||
Ending Balance at Dec. 31, 2012 | 539,679 | 544 | 52,492 | 819,593 | -163,966 | -168,984 |
Net income | 67,158 | 67,158 | ||||
Other comprehensive income (loss) | 88,609 | 88,609 | ||||
Comprehensive income (loss) | 155,767 | |||||
Tax effect on exercise of stock awards | 1,451 | 1,451 | ||||
Cash dividends declared ($0.36, $0.40 and $0.44 per share at 2012, 2013 and 2014 respectively) | -17,422 | -17,422 | ||||
Share-based compensation expense | 4,473 | 4,473 | ||||
Delivery of treasury shares | ||||||
RSUs | -529 | -1,763 | 1,234 | |||
401 (k) plans | 2,890 | 1,099 | 1,791 | |||
Employee stock options exercised - net | -1,833 | -3,812 | 1,979 | |||
Ending Balance at Dec. 31, 2013 | 684,476 | 544 | 53,940 | 869,329 | -75,357 | -163,980 |
Net income | 69,246 | 69,246 | ||||
Other comprehensive income (loss) | -79,513 | -79,513 | ||||
Comprehensive income (loss) | -10,267 | |||||
Tax effect on exercise of stock awards | -14 | -14 | ||||
Cash dividends declared ($0.36, $0.40 and $0.44 per share at 2012, 2013 and 2014 respectively) | -19,107 | -19,107 | ||||
Share-based compensation expense | 4,738 | 4,738 | ||||
Repurchase of common shares | -12,180 | -12,180 | ||||
Delivery of treasury shares | ||||||
RSUs | -1,758 | -4,121 | 2,363 | |||
401 (k) plans | 3,093 | 1,318 | 1,775 | |||
Employee stock options exercised - net | 128 | -1,519 | 1,647 | |||
Ending Balance at Dec. 31, 2014 | $649,109 | $544 | $54,342 | $919,468 | ($154,870) | ($170,375) |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Per share amount of cash dividends declared | $0.44 | $0.40 | $0.36 |
Retained Earnings [Member] | |||
Per share amount of cash dividends declared | $0.44 | $0.40 | $0.36 |
Organization
Organization | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Organization | 1 | ORGANIZATION |
P. H. Glatfelter Company and subsidiaries (“Glatfelter”) is a manufacturer of specialty papers and fiber-based engineered materials. Headquartered in York, PA, U.S. operations include facilities in Spring Grove, PA and Chillicothe and Fremont, OH. International operations include facilities in Canada, Germany, France, the United Kingdom and the Philippines, and sales and distribution offices in Russia and China. Our products are marketed worldwide, either through wholesale paper merchants, brokers and agents, or directly to customers. |
Accounting_Policies
Accounting Policies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Accounting Policies | 2 | ACCOUNTING POLICIES | |||
Principles of Consolidation The consolidated financial statements include the accounts of Glatfelter and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. | |||||
Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 consolidated financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes that actual results may differ from those estimates and assumptions. | |||||
Cash and Cash Equivalents We classify all highly liquid instruments with an original maturity of three months or less at the time of purchase as cash equivalents. | |||||
Inventories Inventories are stated at the lower of cost or market. Raw materials, in-process and finished inventories of our U.S. manufacturing operations are valued using the last-in, first-out (LIFO) method, and the supplies inventories are valued principally using the average-cost method. Inventories at our foreign operations are valued using the average cost method. | |||||
Plant, Equipment and Timberlands For financial reporting purposes, depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. | |||||
The range of estimated service lives used to calculate financial reporting depreciation for principal items of plant and equipment are as follows: | |||||
Buildings | 15 – 45 Years | ||||
Machinery and equipment | 5 – 40 Years | ||||
Other | 3 – 25 Years | ||||
Maintenance and Repairs Maintenance and repairs costs are charged to income and major renewals and betterments are capitalized. At the time property is retired or sold, the net carrying value is eliminated and any resultant gain or loss is included in income. | |||||
Valuation of Long-lived Assets, Intangible Assets and Goodwill We evaluate long-lived assets for impairment when a specific event indicates that the carrying value of an asset may not be recoverable. Recoverability is assessed based on estimates of future cash flows expected to result from the use and eventual disposition of the asset. If the sum of expected undiscounted cash flows is less than the carrying value of the asset, the asset’s fair value is estimated and an impairment loss is recognized for any deficiencies. Goodwill and non-amortizing tradename intangible assets are reviewed, on a discounted cash flow basis, during the third quarter of each year for impairment or more frequently if impairment indicators are present. Impairment losses, if any, are recognized for the amount by which the carrying value of the reporting unit exceeds its fair value. The carrying value of a reporting unit is defined using an enterprise premise which is generally determined by the difference between the unit’s assets and operating liabilities. | |||||
Asset Retirement Obligations In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 410, Asset Retirement and Environmental Obligations, we accrue asset retirement obligations in the period in which obligations relating to future asset retirements are incurred and when a reasonable estimate of fair value can be determined. Under these standards, costs are to be accrued at estimated fair value, and a related long-lived asset is capitalized. Over time, the liability is accreted to its settlement value and the capitalized cost is depreciated over the useful life of the related asset for which the obligation exists. Upon settlement of the liability, we recognize a gain or loss for any difference between the settlement amount and the liability recorded. | |||||
Income Taxes Income taxes are determined using the asset and liability method of accounting for income taxes in accordance with FASB ASC 740 Income Taxes (“ASC 740”). Under ASC 740, tax expense includes U.S. and international income taxes plus the provision for U.S. taxes on undistributed earnings of international subsidiaries not deemed to be permanently invested. Tax credits and other incentives reduce tax expense in the year the credits are claimed. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effect of such temporary differences is reported in deferred income taxes. Deferred tax assets are recognized if it is more likely than not that the assets will be realized in future years. We establish a valuation allowance for deferred tax assets for which realization is not more likely than not. | |||||
Income tax contingencies are accounted for in accordance with FASB ASC 740-10-20 Income Taxes. Significant judgment is required in determining our worldwide provision for income taxes and recording the related assets and liabilities. In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is less than certain. We and our subsidiaries are examined by various Federal, State, and foreign tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. We continually assess the likelihood and amount of potential adjustments and record any necessary adjustments in the period in which the facts that give rise to a revision become known. | |||||
Treasury Stock Common stock purchased for treasury is recorded at cost. At the date of subsequent reissue, the treasury stock account is reduced by the cost of such stock on the weighted-average cost basis. | |||||
Foreign Currency Translation Foreign currency translation gains and losses and the effect of exchange rate changes on transactions designated as hedges of net foreign investments are included as a component of other comprehensive income (loss). Transaction gains and losses are included in income in the period in which they occur. | |||||
Revenue Recognition We recognize revenue on product sales when the customer takes title and assumes the risks and rewards of ownership. Estimated costs for sales incentives, discounts and sales returns and allowances are recorded as sales deductions in the period in which the related revenue is recognized. | |||||
Revenue from energy sales is recognized when electricity is delivered to the customer. Certain costs associated with the production of electricity, such as fuel, labor, depreciation and maintenance are netted against energy sales for presentation on the consolidated statements of income. | |||||
Revenue from renewable energy credits is recorded under the caption “Energy and related sales, net” in the Consolidated Statements of Income and is recognized when all risks, rights and rewards to the certificate are transferred to the counterparty. | |||||
Environmental Liabilities Accruals for losses associated with environmental obligations are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on existing legislation and remediation technologies. Costs related to environmental remediation are charged to expense. These accruals are adjusted periodically as assessment and remediation actions continue and/or further legal or technical information develops. Such undiscounted liabilities are exclusive of any insurance or other claims against third parties. Environmental costs are capitalized if the costs extend the life of the asset, increase its capacity and/or mitigate or prevent contamination from future operations. Recoveries of environmental remediation costs from other parties, including insurance carriers, are recorded as assets when their receipt is assured beyond a reasonable doubt. | |||||
Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the respective periods. Diluted earnings per share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. The dilutive effect of common share equivalents is considered in the diluted earnings per share computation using the treasury stock method. | |||||
Financial Derivatives and Hedging Activities We use financial derivatives to manage exposure to changes in foreign currencies. In accordance with FASB ASC 815 Derivatives and Hedging (“ASC 815”), we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. | |||||
Cash Flow Hedges The effective portion of the gain or loss on those derivative instruments designated and qualifying as a hedge of the exposure to variability in expected future cash flows related to forecasted transactions is deferred and reported as a component of accumulated other comprehensive income (loss). Deferred gains or losses are reclassified to our results of operations at the time the hedged forecasted transaction is recorded in our results of operations. The effectiveness of cash flow hedges is assessed at inception and quarterly thereafter. If the instrument becomes ineffective or it becomes probable that the originally-forecasted transaction will not occur, the related change in fair value of the derivative instrument is also reclassified from accumulated other comprehensive income (loss) and recognized in earnings. | |||||
Fair Value of Financial Instruments Under the accounting for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The three levels of the fair value hierarchy are described below: | |||||
Level 1 – | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||
Level 2 – | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||||
Level 3 – | Inputs that are both significant to the fair value measurement and unobservable. | ||||
Recently Issued Accounting Pronouncements | |||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09 – Revenue from Contracts with Customers which clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards. The new standard is required to be adopted for fiscal years beginning after December 15, 2016 and early adoption is not permitted. We are in the process of evaluating the impact this standard may have, if any, on our reported results of operations or financial position. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions | 3 | ACQUISITIONS | |||||||
On October 1, 2014, we completed the acquisition of all of the outstanding equity of Spezialpapierfabrik Oberschmitten GmbH (SPO) from FINSPO Beteiligungs-GmbH for $8.0 million, in cash. SPO has annual sales of approximately $33 million. SPO, located near Frankfurt, Germany, primarily produces highly technical papers for a wide range of capacitors used in consumer and industrial products; insulation papers for cables and transformers; and materials for industrial power inverters, electromagnetic current filters and electric rail traction. SPO also produces glassine products, which are used in cosmetics packaging, food packaging, and pharmaceutical dosage bags. SPO is operated as part of the Composite Fibers business unit, and complements other technical specialties. | |||||||||
On April 30, 2013, we completed the acquisition of all outstanding shares of Dresden Papier GmbH (“Dresden”) from Fortress Paper Ltd. for $211 million, net of cash acquired. Dresden, based in Heidenau, Germany, is the leading global supplier of nonwoven wallpaper base materials, and is a major supplier to most of the world’s largest wallpaper manufacturers. Dresden’s revenue for the full year 2013 was $158.6 million and it employed approximately 146 people at its state-of-the-art, 72,800 short-ton-capacity manufacturing facility. We financed the acquisition through a combination of cash on hand and borrowings under our Revolving Credit Facility. | |||||||||
The acquisition of Dresden added another industry-leading nonwovens product line to our Composite Fibers business unit, and broadened our relationship with leading producers of consumer and industrial products. This acquisition also provides additional operational leverage and growth opportunities for Glatfelter globally, particularly in large markets such as China, and other developing markets in eastern Europe and Asia. | |||||||||
The allocation of the purchase price to assets acquired and liabilities assumed was as follows: | |||||||||
In thousands | Final Allocation | ||||||||
Assets | |||||||||
Cash and cash equivalents | $ | 12,227 | |||||||
Accounts receivable | 23,870 | ||||||||
Inventory | 13,864 | ||||||||
Prepaid and other current assets | 8,060 | ||||||||
Plant, equipment and timberlands | 60,951 | ||||||||
Intangible assets | 87,596 | ||||||||
Goodwill | 74,870 | ||||||||
Total assets | 281,438 | ||||||||
Liabilities | |||||||||
Accounts payable | 20,253 | ||||||||
Deferred tax liabilities | 36,120 | ||||||||
Other long term liabilities | 1,927 | ||||||||
Total liabilities | 58,300 | ||||||||
Total | 223,138 | ||||||||
less cash acquired | (12,227 | ) | |||||||
Total purchase price | $ | 210,911 | |||||||
For purposes of allocating the total purchase price, assets acquired and liabilities assumed are recorded at their estimated fair market value. The allocation set forth above is based on management’s estimate of the fair value using valuation techniques such as discounted cash flow models, appraisals and similar methodologies. The amount allocated to intangible assets represents the estimated value of customer relationships, technological know-how and trade name. | |||||||||
Acquired property, plant and equipment are preliminarily being depreciated on a straight-line basis with estimated remaining lives ranging from 5 years to 30 years. Intangible assets are being amortized on a straight-line basis over an average estimated remaining life of 17 years reflecting the expected future value. | |||||||||
In connection with the Dresden acquisition we recorded $74.9 million of goodwill and $87.6 million of intangible assets. The goodwill arising from the acquisition largely relates to strategic benefits, product and market diversification, assembled workforce, and similar factors. For tax purposes, none of the goodwill is deductible. Intangible assets consisted of $9.8 million of non-amortizing tradename, and the remainder consists of technology and customer relationships. Refer to Note 6 – Asset Impairment Charge for additional information. | |||||||||
Our results of operations include the results of Dresden prospectively since the acquisition was completed on April 30, 2013. All such results reported herein are included as part of the Composite Fibers business unit. Revenue and operating income of Dresden included in our consolidated results of operations for 2013 totaled $101.8 million and $18.3 million, respectively. | |||||||||
The table below summarizes pro forma financial information as if the acquisition and related financing transaction occurred as of January 1, 2012: | |||||||||
Year ended December 31 | |||||||||
In thousands, except per share | 2013 | 2012 | |||||||
Pro forma | |||||||||
Net sales | $ | 1,779,434 | $ | 1,727,538 | |||||
Net income | 80,381 | 79,075 | |||||||
Diluted earnings per share | 1.82 | 1.81 | |||||||
During 2013, we incurred legal, professional and advisory costs directly related to the Dresden acquisition totaling $3.2 million. For purposes of presenting the above pro forma financial information, such costs have been eliminated. All such costs are presented under the caption “Selling, general and administrative expenses” in the accompanying consolidated statements of income. In addition, the pro forma financial information excludes $1.1 million of charges to costs of products sold related to the write up of inventory to fair value and $2.0 million of integration related costs. This unaudited pro forma financial information above is not necessarily indicative of what the operating results would have been had the acquisition been completed at the beginning of the respective period nor is it indicative of future results. | |||||||||
Energy_and_Related_Sales_Net
Energy and Related Sales, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Energy and Related Sales, Net | 4 | ENERGY AND RELATED SALES, NET | |||||||||||
We sell excess power generated by the Spring Grove, PA facility. We also sell renewable energy credits generated by the Spring Grove, PA and Chillicothe, OH facilities representing sales of certified credits earned related to burning renewable sources of energy such as black liquor and wood waste. | |||||||||||||
The following table summarizes this activity for each of the past three years: | |||||||||||||
Year ended December 31 | |||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||
Energy sales | $ | 11,886 | $ | 8,189 | $ | 5,284 | |||||||
Costs to produce | (6,204 | ) | (6,784 | ) | (4,187 | ) | |||||||
Net | 5,682 | 1,405 | 1,097 | ||||||||||
Renewable energy credits | 2,245 | 1,748 | 5,903 | ||||||||||
Total | $ | 7,927 | $ | 3,153 | $ | 7,000 |
Gain_on_Dispositions_of_Plant_
Gain on Dispositions of Plant, Equipment and Timberlands | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Gain on Dispositions of Plant, Equipment and Timberlands | 5 | GAIN ON DISPOSITIONS OF PLANT, EQUIPMENT AND TIMBERLANDS | |||||||||||
During 2014, 2013 and 2012, we completed the following sales of assets: | |||||||||||||
Dollars in thousands | Acres | Proceeds | Gain | ||||||||||
2014 | |||||||||||||
Timberlands | 2,753 | $ | 5,062 | $ | 4,855 | ||||||||
Other | n/a | 10 | 6 | ||||||||||
Total | $ | 5,072 | $ | 4,861 | |||||||||
2013 | |||||||||||||
Timberlands | 876 | $ | 1,445 | $ | 1,410 | ||||||||
Other | n/a | 502 | 316 | ||||||||||
Total | $ | 1,947 | $ | 1,726 | |||||||||
2012 | |||||||||||||
Timberlands | 4,830 | $ | 9,494 | $ | 9,203 | ||||||||
Other | n/a | 778 | 612 | ||||||||||
Total | $ | 10,272 | $ | 9,815 |
Asset_Impairment_Charge
Asset Impairment Charge | 12 Months Ended | |
Dec. 31, 2014 | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Asset Impairment Charge | 6 | ASSET IMPAIRMENT CHARGE |
During the third quarter of 2014, in connection with our annual test of potential impairment of indefinite lived intangible assets, we recorded a $3.3 million non-cash asset impairment charge related to a trade name intangible asset acquired in connection with the 2013 Dresden acquisition. The charge was due to a change in the estimated fair value of the trade name, primarily driven by a substantial increase in discount rates related to Dresden’s business in Russia and Ukraine and this region’s political instability. The estimated fair value, a Level 3 measurement, included the use of several key assumptions including, among others, estimated revenue and discount rates. | ||
The charge is recorded in the accompanying consolidated statements of income under the caption “selling, general and administrative expenses.” For additional information on Goodwill and Intangible Assets, see Note 14. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | 7 | EARNINGS PER SHARE | |||||||||||
The following table sets forth the details of basic and diluted earnings per share (EPS): | |||||||||||||
Year ended December 31 | |||||||||||||
In thousands, except per share | 2014 | 2013 | 2012 | ||||||||||
Net income | $ | 69,246 | $ | 67,158 | $ | 59,379 | |||||||
Weighted average common shares outstanding used in basic EPS | 43,201 | 43,158 | 42,851 | ||||||||||
Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs | 865 | 1,141 | 821 | ||||||||||
Weighted average common shares outstanding and common share equivalents used in diluted EPS | 44,066 | 44,299 | 43,672 | ||||||||||
Earnings per share | |||||||||||||
Basic | $ | 1.6 | $ | 1.56 | $ | 1.39 | |||||||
Diluted | 1.57 | 1.52 | 1.36 | ||||||||||
The following table sets forth the potential common shares outstanding for stock options and restricted stock units that were not included in the computation of diluted EPS for the period indicated, because their effect would be anti-dilutive: | |||||||||||||
Year ended December 31 | |||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||
Potential common shares | 277 | 7 | 8 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Accumulated Other Comprehensive Income | 8 | ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||||
The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||
in thousands | Currency | Unrealized | Change in | Change in | Total | ||||||||||||||||
translation | gain (loss) | pensions | other | ||||||||||||||||||
adjustments | on cash | postretirement | |||||||||||||||||||
flow hedges | defined | ||||||||||||||||||||
benefit plans | |||||||||||||||||||||
Balance at January 1, 2014 | $ | 15,141 | $ | (941 | ) | $ | (89,547 | ) | $ | (10 | ) | $ | (75,357 | ) | |||||||
Other comprehensive income before reclassifications (net of tax) | (49,365 | ) | 2,826 | (40,266 | ) | (2,803 | ) | (89,608 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | – | 471 | 9,553 | 71 | 10,095 | ||||||||||||||||
(net of tax) | |||||||||||||||||||||
Net current period other comprehensive income (loss) | (49,365 | ) | 3,297 | (30,713 | ) | (2,732 | ) | (79,513 | ) | ||||||||||||
Balance at December 31, 2014 | $ | (34,224 | ) | $ | 2,356 | $ | (120,260 | ) | $ | (2,742 | ) | $ | (154,870 | ) | |||||||
Balance at January 1, 2013 | $ | 315 | $ | (424 | ) | $ | (159,560 | ) | $ | (4,297 | ) | $ | (163,966 | ) | |||||||
Other comprehensive income before reclassifications (net of tax) | 14,826 | (1,198 | ) | 54,906 | 4,187 | 72,721 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (net of tax) | – | 681 | 15,107 | 100 | 15,888 | ||||||||||||||||
Net current period other comprehensive income (loss) | 14,826 | (517 | ) | 70,013 | 4,287 | 88,609 | |||||||||||||||
Balance at December 31, 2013 | $ | 15,141 | $ | (941 | ) | $ | (89,547 | ) | $ | (10 | ) | $ | (75,357 | ) | |||||||
Balance at January 1, 2012 | $ | (11,043 | ) | $ | 1,185 | $ | (153,002 | ) | $ | (3,881 | ) | $ | (166,741 | ) | |||||||
Other comprehensive income before reclassifications (net of tax) | 11,358 | (39 | ) | (18,657 | ) | (244 | ) | (7,582 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | – | (1,570 | ) | 12,099 | (172 | ) | 10,357 | ||||||||||||||
(net of tax) | |||||||||||||||||||||
Net current period other comprehensive income (loss) | 11,358 | (1,609 | ) | (6,558 | ) | (416 | ) | 2,775 | |||||||||||||
Balance at December 31, 2012 | $ | 315 | $ | (424 | ) | $ | (159,560 | ) | $ | (4,297 | ) | $ | (163,966 | ) | |||||||
The following table sets forth the amounts reclassified from accumulated other comprehensive income (losses) for the years indicated. | |||||||||||||||||||||
Year ended December 31 | |||||||||||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||||||||||
Description | Line Item in Statements of Income | ||||||||||||||||||||
Cash flow hedges (Note 20) | |||||||||||||||||||||
(Gains) losses on cash flow hedges | $ | 655 | $ | 945 | $ | (2,183 | ) | Costs of products sold | |||||||||||||
Tax (benefit) expense | (184 | ) | (264 | ) | 613 | Income tax provision | |||||||||||||||
Net of tax | 471 | 681 | (1,570 | ) | |||||||||||||||||
Retirement plan obligations (Note 11) | |||||||||||||||||||||
Amortization of deferred benefit pension | 2,503 | 2,470 | 2,025 | Costs of products sold | |||||||||||||||||
plan items | |||||||||||||||||||||
Prior service costs | 830 | 649 | 430 | Selling, general and administrative | |||||||||||||||||
Actuarial losses | 8,965 | 16,399 | 13,764 | Costs of products sold | |||||||||||||||||
3,086 | 4,699 | 3,256 | Selling, general and administrative | ||||||||||||||||||
15,384 | 24,217 | 19,475 | |||||||||||||||||||
(5,831 | ) | (9,110 | ) | (7,376 | ) | Income tax provision | |||||||||||||||
Net of tax | 9,553 | 15,107 | 12,099 | ||||||||||||||||||
Amortization of deferred benefit other | (237 | ) | (384 | ) | (760 | ) | Costs of products sold | ||||||||||||||
plan items | |||||||||||||||||||||
Prior service costs | (51 | ) | (96 | ) | (177 | ) | Selling, general and administrative | ||||||||||||||
Actuarial losses | 331 | 494 | 511 | Costs of products sold | |||||||||||||||||
71 | 147 | 149 | Selling, general and administrative | ||||||||||||||||||
114 | 161 | (277 | ) | ||||||||||||||||||
(43 | ) | (61 | ) | 105 | Income tax provision | ||||||||||||||||
Net of tax | 71 | 100 | (172 | ) | |||||||||||||||||
Total reclassifications, net of tax | $ | 10,095 | $ | 15,888 | $ | 10,357 | |||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||
Income Taxes | 9 | 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 consolidated financial statements or tax returns. The effects of income taxes are measured based on enacted tax laws and rates. | |||||||||||||||||
The provision for income taxes from operations consisted of the following: | |||||||||||||||||
Year ended December 31 | |||||||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||||||
Current taxes | |||||||||||||||||
Federal | $ | 3,291 | $ | 625 | $ | 8,869 | |||||||||||
State | 238 | (4,365 | ) | 3,386 | |||||||||||||
Foreign | 24,027 | 17,268 | 9,516 | ||||||||||||||
27,556 | 13,528 | 21,771 | |||||||||||||||
Deferred taxes and other | |||||||||||||||||
Federal | (3,975 | ) | (10,973 | ) | (5,456 | ) | |||||||||||
State | (147 | ) | (474 | ) | (920 | ) | |||||||||||
Foreign | (5,297 | ) | (38 | ) | 4,167 | ||||||||||||
(9,419 | ) | (11,485 | ) | (2,209 | ) | ||||||||||||
Income tax provision | $ | 18,137 | $ | 2,043 | $ | 19,562 | |||||||||||
The amounts set forth above for total deferred taxes and other included a deferred tax benefit of $9.6 million, $15.1 million and $2.3 million in 2014, 2013 and 2012, respectively. Other taxes totaled an expense of $0.2 million, $3.6 million and $0.1 million in 2014, 2013 and 2012, respectively, associated with the deferred tax impact of uncertain tax positions. | |||||||||||||||||
The following are the domestic and foreign components of pretax income from operations: | |||||||||||||||||
Year ended December 31 | |||||||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||||||
United States | $ | 4,637 | $ | (3,052 | ) | $ | 24,525 | ||||||||||
Foreign | 82,746 | 72,253 | 54,416 | ||||||||||||||
Total pretax income | $ | 87,383 | $ | 69,201 | $ | 78,941 | |||||||||||
A reconciliation between the income tax provision, computed by applying the statutory federal income tax rate of 35% to income before income taxes, and the actual income tax provision is as follows: | |||||||||||||||||
Year ended December 31 | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Federal income tax provision at statutory rate | 35 | % | 35 | % | 35 | % | |||||||||||
State income taxes, net of federal income tax benefit | 0.2 | 0.5 | 1.3 | ||||||||||||||
Foreign income tax rate differential | (5.0 | ) | (5.0 | ) | (3.9 | ) | |||||||||||
Change in statutory tax rates | (2.2 | ) | (0.6 | ) | (0.8 | ) | |||||||||||
Tax credits | (2.0 | ) | (4.4 | ) | (0.5 | ) | |||||||||||
Change in unrecognized tax benefits, net | 1.3 | (22.7 | ) | 0.4 | |||||||||||||
Permanent differences on non-U.S. earnings | (2.8 | ) | (0.4 | ) | – | ||||||||||||
Cellulosic biofuel credit, net of incremental state tax and manufacturing deduction benefit | – | – | (6.1 | ) | |||||||||||||
Valuation allowance | (2.7 | ) | – | – | |||||||||||||
Other | (1.0 | ) | 0.6 | (0.6 | ) | ||||||||||||
Provision for income taxes | 20.8 | % | 3 | % | 24.8 | % | |||||||||||
The sources of deferred income taxes were as follows at December 31: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
In thousands | Current | Non | Current | Non | |||||||||||||
Asset | current | Asset | current | ||||||||||||||
(Liability) | Asset | (Liability) | Asset | ||||||||||||||
(Liability) | (Liability) | ||||||||||||||||
Reserves | $ | 5,032 | $ | 7,987 | $ | 5,001 | $ | 7,919 | |||||||||
Compensation | 3,087 | 5,075 | 3,111 | 5,000 | |||||||||||||
Post-retirement benefits | 1,531 | 21,338 | 1,070 | 19,819 | |||||||||||||
Property | – | (89,432 | ) | – | (98,889 | ) | |||||||||||
Intangible Assets | – | (21,285 | ) | – | (28,918 | ) | |||||||||||
Pension | 532 | (30,412 | ) | 802 | (51,148 | ) | |||||||||||
Inventories | 2,758 | – | 1,491 | – | |||||||||||||
Other | (783 | ) | 1,171 | 893 | 2,377 | ||||||||||||
Tax carryforwards | 8,560 | 12,660 | 10,322 | 16,922 | |||||||||||||
Subtotal | 20,717 | (92,898 | ) | 22,690 | (126,918 | ) | |||||||||||
Valuation allowance | (934 | ) | (2,288 | ) | (1,255 | ) | (4,905 | ) | |||||||||
Total | $ | 19,783 | $ | (95,186 | ) | $ | 21,435 | $ | (131,823 | ) | |||||||
Current and non-current deferred tax assets and liabilities are included in the following balance sheet captions: | |||||||||||||||||
December 31 | |||||||||||||||||
In thousands | 2014 | 2013 | |||||||||||||||
Prepaid expenses and | $ | 20,017 | $ | 21,447 | |||||||||||||
other current assets | |||||||||||||||||
Other assets | 8,830 | 9,197 | |||||||||||||||
Other current liabilities | 234 | 12 | |||||||||||||||
Deferred income taxes | 104,016 | 141,020 | |||||||||||||||
At December 31, 2014 we had state and foreign tax net operating loss (“NOL”) carryforwards of $86.9 million and $24.6 million, respectively. These NOL carryforwards are available to offset future taxable income, if any. The state NOL carryforwards expire between 2015 and 2031; certain foreign NOL carryforwards expire between 2019 and 2033. | |||||||||||||||||
The state and foreign NOL carryforwards on the income tax returns filed included unrecognized tax benefits taken in prior years. The NOLs for which a deferred tax asset is recognized for financial statement purposes in accordance with ASC 740 are presented net of these unrecognized tax benefits. | |||||||||||||||||
In addition, we had various state tax credit carryforwards totaling $0.4 million, which expire between 2015 and 2027, and foreign investment tax credits of $3.3 million which expire between 2020 and 2034. | |||||||||||||||||
As of December 31, 2014 and 2013, we established a valuation allowance of $3.2 million and $6.2 million, respectively, against net deferred tax assets, primarily due to uncertainty regarding the ability to utilize state and foreign tax NOL carryforwards and certain deferred foreign tax credits. The change in the valuation allowance was primarily due to a non-U.S. legal entity restructuring that made realization of the deferred tax assets more likely than not. | |||||||||||||||||
Tax credits and other incentives reduce tax expense in the year the credits are claimed. We recorded tax credits of $1.8 million, $3.0 million and $0.4 million in 2014, 2013 and 2012, respectively, related to research and development credits and the fuels tax credits. | |||||||||||||||||
At December 31, 2014 and 2013, unremitted earnings of subsidiaries outside the United States deemed to be permanently reinvested totaled $305.6 million and $288.8 million, respectively. Because the unremitted earnings of subsidiaries are deemed to be permanently reinvested as of December 31, 2014 and because we have no need for or plans to repatriate such earnings, no deferred tax liability has been recognized in our consolidated financial statements. It is not practicable to determine the amount of additional taxes that have not been provided. | |||||||||||||||||
As of December 31, 2014, 2013 and 2012, we had $14.9 million, $14.9 million and $30.4 million of gross unrecognized tax benefits, respectively. As of December 31, 2014, if such benefits were to be recognized, approximately $14.9 million would be recorded as a component of income tax expense, thereby affecting our effective tax rate. | |||||||||||||||||
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: | |||||||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||||||
Balance at January 1 | $ | 14.9 | $ | 30.4 | $ | 29.7 | |||||||||||
Increases in tax positions for prior years | 0.7 | 0.2 | 1.4 | ||||||||||||||
Decreases in tax positions for prior years | (0.5 | ) | (4.9 | ) | (1.0 | ) | |||||||||||
Acquisition related: | |||||||||||||||||
Purchase Accounting | 0.3 | 1.3 | – | ||||||||||||||
Increases in tax positions for current year | 3.4 | 1.7 | 1.9 | ||||||||||||||
Settlements | (1.3 | ) | – | (0.4 | ) | ||||||||||||
Lapse in statutes of limitation | (2.6 | ) | (13.8 | ) | (1.2 | ) | |||||||||||
Balance at December 31 | $ | 14.9 | $ | 14.9 | $ | 30.4 | |||||||||||
We, or one of our subsidiaries, file income tax returns with the United States Internal Revenue Service, as well as various state and foreign authorities. The following table summarizes tax years that remain subject to examination by major jurisdiction: | |||||||||||||||||
Open Tax Years | |||||||||||||||||
Jurisdiction | Examinations not yet | Examination in | |||||||||||||||
initiated | progress | ||||||||||||||||
United States | |||||||||||||||||
Federal | 2013 – 2014 | 2011 – 2012 | |||||||||||||||
State | 2010 – 2014 | 2011 – 2012 | |||||||||||||||
Canada(1) | 2010 – 2014 | 2009 | |||||||||||||||
Germany(1) | 2012 – 2014 | 2007 – 2011 | |||||||||||||||
France | 2013 – 2014 | 2011 – 2012 | |||||||||||||||
United Kingdom | 2013 – 2014 | N/A | |||||||||||||||
Philippines | 2012 – 2014 | 2011 | |||||||||||||||
-1 | includes provincial or similar local jurisdictions, as applicable. | ||||||||||||||||
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 certain 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 such statutes are closed. Due to potential for resolution of federal, state and foreign examinations, and the expiration of various statutes of limitation, it is reasonably possible our gross unrecognized tax benefits balance may decrease within the next twelve months by a range of zero to $5.2 million. Substantially all of this range relates to tax positions taken in the U.S. and in Germany. | |||||||||||||||||
We recognize interest and penalties related to uncertain tax positions as income tax expense. The following table summarizes information related to interest and penalties on uncertain tax positions: | |||||||||||||||||
As of or for the year ended | |||||||||||||||||
December 31, | |||||||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||||||
Accrued interest payable | $ | 0.6 | $ | 0.6 | $ | 1.4 | |||||||||||
Interest expense (income) | – | (0.8 | ) | (0.3 | ) | ||||||||||||
Penalties | – | – | – |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Stock-Based Compensation | 10 | STOCK-BASED COMPENSATION | |||||||||||||||||||||||
The P. H. Glatfelter Amended and Restated Long Term Incentive Plan (the “LTIP”) provides for the issuance of Glatfelter common stock to eligible participants in the form of restricted stock units, restricted stock awards, non-qualified stock options, performance shares, incentive stock options and performance units. As of December 31, 2014, there were 1,873,027 shares of common stock available for future issuance under the LTIP. | |||||||||||||||||||||||||
Since the approval of the LTIP, we have issued to eligible participants restricted stock units, performance share awards and stock only stock appreciation rights (“SOSARs”). | |||||||||||||||||||||||||
Restricted Stock Units (“RSUs”) and Performance Share Awards (“PSAs”) Awards of RSUs and PSAs are made under our LTIP. The vesting of RSUs is generally based on the passage of time, generally on a graded scale over a three, four, and five-year period. Beginning in March of 2011, PSAs were issued annually to members of senior management and each respective grant cliff vests each December 31, assuming the achievement of predetermined, three-year cumulative performance targets. The performance measures include a minimum, target and maximum performance level providing the grantees an opportunity to receive more or less shares than targeted depending on actual financial performance. For both RSUs and PSAs, the grant date fair value of the awards, which is equal to 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. 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 the past three years: | |||||||||||||||||||||||||
Units | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Balance at January 1, | 1,001,814 | 847,679 | 788,088 | ||||||||||||||||||||||
Granted | 178,882 | 315,196 | 209,021 | ||||||||||||||||||||||
Forfeited | (47,379 | ) | (47,831 | ) | (52,800 | ) | |||||||||||||||||||
Shares delivered | (244,375 | ) | (113,230 | ) | (96,630 | ) | |||||||||||||||||||
Balance at December 31, | 888,942 | 1,001,814 | 847,679 | ||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Compensation expense | $ | 2,652 | $ | 2,882 | $ | 2,576 | |||||||||||||||||||
The amount granted in 2014, 2013 and 2012 includes 101,743, 183,910 and 161,083 PSAs, respectively, exclusive of reinvested dividends. The performance period for the 2012 PSAs concluded on December 31, 2014 and, based on actual performance relative to target, approximately 60% of the award was issued to participants in 2015. The weighted average grant date fair value per unit for awards in 2014, 2013 and 2012 was $28.89, $22.34 and $15.49, respectively. As of December 31, 2014, unrecognized compensation expense for outstanding RSUs and PSAs totaled $4.0 million. The weighted average remaining period over which the expense will be recognized is 2.7 years. | |||||||||||||||||||||||||
Stock Only Stock Appreciation Rights The following table sets forth information related to outstanding SOSARS: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
SOSARS | Shares | Wtd Avg | Shares | Wtd Avg | Shares | Wtd Avg | |||||||||||||||||||
Exercise Price | Exercise Price | Exercise Price | |||||||||||||||||||||||
Outstanding at January 1, | 1,977,133 | $ | 13.91 | 2,121,454 | $ | 12.93 | 2,298,288 | $ | 12.35 | ||||||||||||||||
Granted | 281,881 | 29.78 | 368,687 | 18.51 | 364,114 | 15.58 | |||||||||||||||||||
Exercised | (364,465 | ) | 13.99 | (435,562 | ) | 12.63 | (500,074 | ) | 12.06 | ||||||||||||||||
Canceled / forfeited | (29,842 | ) | 19.36 | (77,446 | ) | 16.28 | (40,874 | ) | 14.31 | ||||||||||||||||
Outstanding at December 31, | 1,864,707 | $ | 16.2 | 1,977,133 | $ | 13.91 | 2,121,454 | $ | 12.93 | ||||||||||||||||
Exercisable at December 31, | 1,285,998 | 12.94 | 1,330,816 | 12.58 | 1,469,537 | 12.3 | |||||||||||||||||||
Vested and expected to vest | 1,754,295 | 1,863,244 | 2,055,599 | ||||||||||||||||||||||
SOSAR Grants | |||||||||||||||||||||||||
Weighted average grant date fair value per share | $ | 9.81 | $ | 5.74 | $ | 4.94 | |||||||||||||||||||
Aggregate grant date fair value (in thousands) | $ | 2,764 | $ | 2,103 | $ | 1,797 | |||||||||||||||||||
Black-Scholes assumptions | |||||||||||||||||||||||||
Dividend yield | 1.48 | % | 2.16 | % | 2.31 | % | |||||||||||||||||||
Risk free rate of return | 1.74 | % | 1.01 | % | 1.02 | % | |||||||||||||||||||
Volatility | 37.59 | % | 39.58 | % | 41.48 | % | |||||||||||||||||||
Expected life | 6 yrs | 6 yrs | 6 yrs | ||||||||||||||||||||||
Compensation expense (in thousands) | $ | 2,086 | $ | 1,591 | $ | 1,448 | |||||||||||||||||||
Under terms of the SOSAR, the recipients received the right to receive 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. The SOSARs vest ratably over a three year period. As of December 31, 2014, the intrinsic value of SOSARs vested and expected to vest totaled $18.3 million. The remaining weighted average contractual life of outstanding SOSARs was 6.4 years as of December 31, 2014. | |||||||||||||||||||||||||
Retirement_Plans_and_Other_Pos
Retirement Plans and Other Post-Retirement Benefits | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Retirement Plans and Other Post-Retirement Benefits | 11 | RETIREMENT PLANS AND OTHER POST-RETIREMENT BENEFITS | |||||||||||||||
We provide non-contributory retirement benefits under both funded and unfunded plans to all U.S. employees and to certain non-U.S. employees. Participation and benefits under the plans are based upon the employees’ date of hire and the covered group in which that employee falls. U.S. benefits are based on either a unit-benefit formula for bargained hourly employees, or a final average pay formula or cash balance formula for salaried employees. Non-U.S. benefits are based, in the case of certain plans, on average salary and years of service and, in the case of other plans, on a fixed amount for each year of service. U.S. plan provisions and funding meet the requirements of the Employee Retirement Income Security Act of 1974. We use a December 31- measurement date for all of our defined benefit plans. | |||||||||||||||||
We also provide certain health care benefits to eligible U.S.-based retired employees and exclude all salaried employees hired after January 1, 2008. These benefits include a comprehensive medical plan for retirees prior to age 65 and fixed supplemental premium payments to certain retirees over age 65 to help defray the costs of Medicare. Claims are paid as reported. | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
In millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Change in Benefit Obligation | |||||||||||||||||
Balance at beginning of year | $ | 487.7 | $ | 528.4 | $ | 54.8 | $ | 63 | |||||||||
Service cost | 10.4 | 11.6 | 1.5 | 2.9 | |||||||||||||
Interest cost | 24.8 | 21.8 | 2.5 | 2.1 | |||||||||||||
Plan amendments | 3.6 | – | – | – | |||||||||||||
Participant contributions | – | – | 1.3 | 1.4 | |||||||||||||
Actuarial (gain)/loss | 83.9 | (44.0 | ) | 4.5 | (10.5 | ) | |||||||||||
Benefits paid | (31.5 | ) | (30.5 | ) | (4.8 | ) | (4.1 | ) | |||||||||
Effect of currency rate changes | (1.3 | ) | 0.4 | – | – | ||||||||||||
Balance at end of year | $ | 577.6 | $ | 487.7 | $ | 59.8 | $ | 54.8 | |||||||||
Change in Plan Assets | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 601.2 | $ | 545.7 | $ | – | $ | – | |||||||||
Actual return on plan assets | 66.3 | 84.2 | – | – | |||||||||||||
Total contributions | 2 | 1.8 | 4.8 | 4.1 | |||||||||||||
Benefits paid | (31.5 | ) | (30.5 | ) | (4.8 | ) | (4.1 | ) | |||||||||
Fair value of plan assets at end of year | 638 | 601.2 | – | – | |||||||||||||
Funded status at end of year | $ | 60.4 | $ | 113.5 | $ | (59.8 | ) | $ | (54.8 | ) | |||||||
The December 31, 2014 measurement of projected benefit obligations reflects the adoption of new mortality assumptions. The assumed mortality rates were derived from actuarially determined expected lives. The impact of changing assumptions is reflected as an actuarial loss in the change in benefit obligation. Other items included in this caption include the changes in discount rates offset by better than expected return on assets. | |||||||||||||||||
Amounts recognized in the consolidated balance sheets consist of the following as of December 31: | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
In millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Other long-term assets | $ | 102 | $ | 148.9 | $ | – | $ | – | |||||||||
Current liabilities | (2.0 | ) | (2.3 | ) | (3.7 | ) | (4.0 | ) | |||||||||
Other long-term liabilities | (39.6 | ) | (33.1 | ) | (56.1 | ) | (50.8 | ) | |||||||||
Net amount recognized | $ | 60.4 | $ | 113.5 | $ | (59.8 | ) | $ | (54.8 | ) | |||||||
The components of amounts recognized as “Accumulated other comprehensive income” consist of the following on a pre-tax basis: | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
In millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Prior service cost/(credit) | $ | 15.1 | $ | 14.8 | $ | (1.1 | ) | $ | (1.4 | ) | |||||||
Net actuarial loss | 181.3 | 131.9 | 5.5 | 1.4 | |||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $553.8 million and $471.1 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||
The weighted-average assumptions used in computing the benefit obligations above were as follows: | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Discount rate – benefit obligation | 4.21 | % | 5.2 | % | 3.89 | % | 4.52 | % | |||||||||
Future compensation growth rate | 4 | 4 | – | – | |||||||||||||
The discount rates set forth above were estimated based on the modeling of expected cash flows for each of our benefit plans and selecting a portfolio of high-quality debt instruments with maturities matching the respective cash flows of each plan. The resulting discount rates as of December 31, 2014 ranged from 2.00% to 4.36% for pension plans and from 3.56% to 3.95% for other benefit plans. | |||||||||||||||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: | |||||||||||||||||
In millions | 2014 | 2013 | |||||||||||||||
Projected benefit obligation | $ | 41.7 | $ | 35.4 | |||||||||||||
Accumulated benefit obligation | 36.1 | 31.6 | |||||||||||||||
Fair value of plan assets | – | – | |||||||||||||||
Net periodic benefit cost includes the following components: | |||||||||||||||||
Year Ended December 31 | |||||||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||||||
Pension Benefits | |||||||||||||||||
Service cost | $ | 10.4 | $ | 11.6 | $ | 11.3 | |||||||||||
Interest cost | 24.8 | 21.8 | 23 | ||||||||||||||
Expected return on plan assets | (43.9 | ) | (43.4 | ) | (42.2 | ) | |||||||||||
Amortization of prior service cost | 3.3 | 3.1 | 2.5 | ||||||||||||||
Amortization of actuarial loss | 12.1 | 21.1 | 17 | ||||||||||||||
Total net periodic benefit cost | $ | 6.7 | $ | 14.2 | $ | 11.6 | |||||||||||
Other Benefits | |||||||||||||||||
Service cost | $ | 1.5 | $ | 2.9 | $ | 2.8 | |||||||||||
Interest cost | 2.5 | 2.1 | 2.4 | ||||||||||||||
Expected return on plan assets | – | – | (0.5 | ) | |||||||||||||
Amortization of prior service cost/(credit) | (0.3 | ) | (0.5 | ) | (0.9 | ) | |||||||||||
Amortization of actuarial loss | 0.4 | 0.6 | 0.7 | ||||||||||||||
Total net periodic benefit cost | $ | 4.1 | $ | 5.1 | $ | 4.5 | |||||||||||
The prior service cost and actuarial net loss for our defined benefit pension plans that will be amortized from accumulated other comprehensive income (loss) into our results of operations as a component of net periodic benefit cost over the next fiscal year are $3.1 million and $18.3 million, respectively. The comparable amounts of expected amortization for other benefit plans are a credit of $0.3 million and expense of $0.4 million, respectively. | |||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows: | |||||||||||||||||
Year Ended | |||||||||||||||||
December 31 | |||||||||||||||||
In millions | 2014 | 2013 | |||||||||||||||
Pension Benefits | |||||||||||||||||
Actuarial (gain) loss | $ | 61.5 | $ | (84.7 | ) | ||||||||||||
Plan amendments | 3.6 | – | |||||||||||||||
Amortization of prior service cost | (3.3 | ) | (3.1 | ) | |||||||||||||
Amortization of actuarial losses | (12.1 | ) | (21.1 | ) | |||||||||||||
Total recognized in other comprehensive (income) loss | 49.7 | (108.9 | ) | ||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | 56.4 | $ | (94.7 | ) | ||||||||||||
Other Benefits | |||||||||||||||||
Actuarial (gain) loss | $ | 4.5 | $ | (10.5 | ) | ||||||||||||
Amortization of prior service cost | 0.3 | 0.5 | |||||||||||||||
Amortization of actuarial losses | (0.4 | ) | (0.6 | ) | |||||||||||||
Total recognized in other comprehensive (income) loss | 4.4 | (10.6 | ) | ||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | 8.5 | $ | (5.5 | ) | ||||||||||||
The weighted-average assumptions used in computing the net periodic benefit cost information above were as follows: | |||||||||||||||||
Year Ended December 31 | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Pension Benefits | |||||||||||||||||
Discount rate – benefit expense | 5.2 | % | 4.28 | % | 5.09 | % | |||||||||||
Future compensation growth rate | 4 | 4 | 4 | ||||||||||||||
Expected long-term rate of return on plan assets | 8 | 8.5 | 8.5 | ||||||||||||||
Other Benefits | |||||||||||||||||
Discount rate – benefit expense | 4.52 | % | 3.58 | % | 4.45 | % | |||||||||||
Expected long-term rate of return on plan assets | – | – | 8.5 | ||||||||||||||
To develop the expected long-term rate of return assumption, we considered the historical returns and the future expected returns for each asset class, as well as the target asset allocation of the pension portfolio. | |||||||||||||||||
Assumed health care cost trend rates used to determine benefit obligations at December 31 were as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Health care cost trend rate assumed for next year | 7.46 | % | 7.46 | % | |||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.5 | 4.5 | |||||||||||||||
Year that the rate reaches the ultimate rate | 2028 | 2028 | |||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A one percentage-point change in assumed health care cost trend rates would have the following effects: | |||||||||||||||||
One Percentage Point | |||||||||||||||||
In millions | Increase | Decrease | |||||||||||||||
Effect on: | |||||||||||||||||
Post-retirement benefit obligation | $ | 5.3 | $ | 4.7 | |||||||||||||
Total of service and interest cost components | 0.4 | 0.4 | |||||||||||||||
Plan Assets All pension plan assets in the U.S. are invested through a single master trust fund. The strategic asset allocation for this trust fund is selected by management, reflecting the results of comprehensive asset and liability modeling. The general principles guiding U.S. pension asset investment policies are those embodied in the Employee Retirement Income Security Act of 1974 (ERISA). These principles include discharging our investment responsibilities for the exclusive benefit of plan participants and in accordance with the “prudent expert” standard and other ERISA rules and regulations. We establish strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. | |||||||||||||||||
Investments and decisions will be made solely in the interest of the Plan’s participants and beneficiaries, and for the exclusive purpose of providing benefits accrued thereunder. The primary goal of the Plan is to ensure the solvency of the Plan over time and thereby meet its distribution objectives. All investments in the Plan will be made in accordance with ERISA and other applicable statutes. | |||||||||||||||||
Risk is minimized by diversification by asset class, by style of each manager and by sector and industry limits when applicable. The target allocation for the Plan assets are: | |||||||||||||||||
Domestic Equity | |||||||||||||||||
Large cap | 35 | % | |||||||||||||||
Small and mid cap | 12 | ||||||||||||||||
International equity | 13 | ||||||||||||||||
Real Estate Investment | |||||||||||||||||
Trusts (REIT) | 5 | ||||||||||||||||
Fixed income, cash and cash equivalents | 35 | ||||||||||||||||
Diversification is achieved by: | |||||||||||||||||
i. | placing restrictions on the percentage of equity investments in any one company, percentage of investment in any one industry, limiting the amount of assets placed with any one manager; and | ||||||||||||||||
ii. | setting targets for duration of fixed income securities, maintaining a certain level of credit quality, and limiting the amount of investment in a single security and in non-investment grade paper. | ||||||||||||||||
A formal asset allocation review is done periodically to ensure that the Plan has an appropriate asset allocation based on the Plan’s projected benefit obligations. The target return for each equity and fixed income manager will be one that places the manager’s performance in the top 40% of its peers and on a gross basis, exceeds that of the manager’s respective benchmark index. The target return for cash and cash equivalents is a return that at least equals that of the 90-day T-bills. | |||||||||||||||||
The Investment Policy statement lists specific categories of securities or activities that are prohibited including options, futures, commodities, hedge funds, limited partnerships, and our stock. | |||||||||||||||||
The table below presents the fair values of our benefit plan assets by level within the fair value hierarchy, as described in Note 2: | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
In millions | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Domestic Equity | |||||||||||||||||
Large cap | $ | 187.6 | $ | 187.6 | $ | – | $ | – | |||||||||
Small and mid cap | 61.1 | 61.1 | – | – | |||||||||||||
International equity | 104.5 | 65.1 | 39.4 | – | |||||||||||||
REIT | 31.6 | 31.6 | – | – | |||||||||||||
Fixed income | 235 | 27.3 | 207.7 | – | |||||||||||||
Cash and equivalents | 18.2 | – | 18.2 | – | |||||||||||||
Total | $ | 638 | $ | 372.7 | $ | 265.3 | $ | – | |||||||||
31-Dec-13 | |||||||||||||||||
In millions | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Domestic Equity | |||||||||||||||||
Large cap | $204.60 | $204.60 | $ | – | $ | – | |||||||||||
Small and mid cap | 68.1 | 68.1 | – | – | |||||||||||||
International equity | 114.3 | 73.7 | 40.6 | – | |||||||||||||
REIT | 25.9 | 25.9 | – | – | |||||||||||||
Fixed income | 171.6 | 40.4 | 131.2 | – | |||||||||||||
Cash and equivalents | 16.7 | – | 16.7 | – | |||||||||||||
Total | $ | 601.2 | $ | 412.7 | $ | 188.5 | $ | – | |||||||||
Cash Flow We were not required to make contributions to our qualified pension plan in 2014 nor do we expect to make any to this plan in 2015. Benefit payments expected to be made in 2015 under our non-qualified pension plans and other benefit plans are summarized below: | |||||||||||||||||
In thousands | |||||||||||||||||
Nonqualified pension plans | $ | 2,108 | |||||||||||||||
Other benefit plans | 3,769 | ||||||||||||||||
The following benefit payments under all pension and other benefit plans, and giving effect to expected future service, as appropriate, are expected to be paid: | |||||||||||||||||
In thousands | Pension | Other | |||||||||||||||
Benefits | Benefits | ||||||||||||||||
2015 | $ | 36,012 | $ | 3,769 | |||||||||||||
2016 | 35,826 | 3,987 | |||||||||||||||
2017 | 36,061 | 4,450 | |||||||||||||||
2018 | 35,751 | 4,808 | |||||||||||||||
2019 | 35,919 | 5,202 | |||||||||||||||
2020 through 2024 | 186,858 | 40,001 | |||||||||||||||
Defined Contribution Plans We maintain 401(k) plans for certain hourly and salaried employees. Employees may contribute up to 50% of their earnings, subject to certain restrictions. We will match a portion of the employee’s contribution, subject to certain limitations, in the form of shares of Glatfelter common stock out of treasury. The expense associated with our 401(k) match was $2.0 million, $1.9 million and $1.7 million in 2014, 2013 and 2012, respectively. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 12 | INVENTORIES | |||||||
Inventories, net of reserves were as follows: | |||||||||
December 31 | |||||||||
In thousands | 2014 | 2013 | |||||||
Raw materials | $ | 61,266 | $ | 59,440 | |||||
In-process and finished | 117,580 | 109,578 | |||||||
Supplies | 69,859 | 67,292 | |||||||
Total | $ | 248,705 | $ | 236,310 | |||||
We value all of our U.S. inventories, excluding supplies, on the LIFO method. If we had valued these inventories using the first-in, first-out method, inventories would have been $25.4 million and $24.5 million higher than reported at December 31, 2014 and 2013, respectively. |
Plant_Equipment_and_Timberland
Plant, Equipment and Timberlands | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Plant, Equipment and Timberlands | 13 | PLANT, EQUIPMENT AND TIMBERLANDS | |||||||
Plant, equipment and timberlands at December 31 were as follows: | |||||||||
In thousands | 2014 | 2013 | |||||||
Land and buildings | $ | 208,230 | $ | 206,891 | |||||
Machinery and equipment | 1,265,317 | 1,279,264 | |||||||
Furniture, fixtures, and other | 157,730 | 159,674 | |||||||
Accumulated depreciation | (989,093 | ) | (976,645 | ) | |||||
642,184 | 669,184 | ||||||||
Construction in progress | 49,078 | 47,271 | |||||||
Asset retirement obligation, net | 3,021 | 4,748 | |||||||
Timberlands, less depletion | 3,325 | 2,137 | |||||||
Total | $ | 697,608 | $ | 723,340 | |||||
As of December 31, 2014 and 2013, we had $16.3 million and $11.9 million, respectively, of accrued capital expenditures. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Goodwill and Intangible Assets | 14 | GOODWILL AND INTANGIBLE ASSETS | |||||||||||
The following table sets forth information with respect to goodwill and other intangible assets: | |||||||||||||
December 31 | |||||||||||||
In thousands | 2014 | 2013 | |||||||||||
Goodwill – Composite Fibers | $ | 84,137 | $ | 95,948 | |||||||||
Specialty Papers | |||||||||||||
Customer relationships | $ | 6,155 | $ | 6,155 | |||||||||
Composite Fibers | |||||||||||||
Tradename | 5,902 | 10,325 | |||||||||||
Technology and related | 41,749 | 46,038 | |||||||||||
Customer relationships and related | 37,421 | 42,251 | |||||||||||
Advanced Airlaid Materials | |||||||||||||
Technology and related | 1,500 | 1,623 | |||||||||||
Customer relationships and related | 3,042 | 3,445 | |||||||||||
Total intangibles | 95,769 | 109,837 | |||||||||||
Accumulated amortization | (18,671 | ) | (13,756 | ) | |||||||||
Net intangibles | $ | 77,098 | $ | 96,081 | |||||||||
The change in goodwill was due to foreign currency translation adjustments. Other than non-amortizable goodwill and tradename, intangible assets are amortized on a straight-line basis. Customer relationships are amortized over periods ranging from 10 years to 14 years and technology and related intangible assets are amortized over periods ranging from 14 years to 20 years. The following table sets forth information pertaining to amortization of intangible assets: | |||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||
Aggregate amortization expense: | $ | 6,136 | $ | 4,511 | $ | 1,778 | |||||||
Estimated amortization expense: | |||||||||||||
2015 | 5,859 | ||||||||||||
2016 | 5,398 | ||||||||||||
2017 | 5,124 | ||||||||||||
2018 | 5,124 | ||||||||||||
2019 | 5,124 | ||||||||||||
The remaining weighted average useful life of intangible assets was 14.7 years at December 31, 2014. |
Other_LongTerm_Assets
Other Long-Term Assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Other Long-Term Assets | 15 | OTHER LONG-TERM ASSETS | |||||||
Other long-term assets consist of the following: | |||||||||
December 31 | |||||||||
In thousands | 2014 | 2013 | |||||||
Pension | $ | 102,007 | $ | 148,849 | |||||
Other | 26,032 | 27,610 | |||||||
Total | $ | 128,039 | $ | 176,459 |
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Other Current Liabilities | 16 | OTHER CURRENT LIABILITIES | |||||||
Other current liabilities consist of the following: | |||||||||
December 31 | |||||||||
In thousands | 2014 | 2013 | |||||||
Accrued payroll and benefits | $ | 39,471 | $ | 41,492 | |||||
Other accrued compensation and retirement benefits | 7,920 | 8,372 | |||||||
Income taxes payable | 3,502 | 6,546 | |||||||
Accrued rebates | 18,910 | 20,208 | |||||||
Other accrued expenses | 41,274 | 46,019 | |||||||
Total | $ | 111,077 | $ | 122,637 |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | 17 | LONG-TERM DEBT | |||||||
Long-term debt is summarized as follows: | |||||||||
December 31 | |||||||||
In thousands | 2014 | 2013 | |||||||
Revolving credit facility, due Nov. 2016 | $ | 90,555 | $ | 133,540 | |||||
5.375% Notes, due Oct. 2020 | 250,000 | 250,000 | |||||||
2.40% Term Loan, due Jun. 2022 | 12,155 | – | |||||||
2.05% Term Loan, due Mar. 2023 | 51,902 | 58,785 | |||||||
Total long-term debt | 404,612 | 442,325 | |||||||
Less current portion | (5,734 | ) | – | ||||||
Long-term debt, net of current portion | $ | 398,878 | $ | 442,325 | |||||
On November 21, 2011, we entered into an amendment to our revolving credit agreement with a consortium of banks (the “Revolving Credit Facility”) which increased the amount available for borrowing to $350 million, extended the maturity of the facility to November 21, 2016, and instituted a lower interest rate pricing grid. | |||||||||
For all U.S. dollar denominated borrowings under the Revolving Credit Facility, the borrowing rate is, at our option, (a) the bank’s base rate which is equal to the greater of i) the prime rate; ii) the federal funds rate plus 50 basis points plus an applicable spread ranging from 25 basis points to 125 basis points based on our corporate credit ratings determined by Standard & Poor’s Rating Services and Moody’s Investor Service, Inc. (the “Corporate Credit Rating”); or iii) the daily Euro-rate plus 100 basis points; or (b) the daily Euro-rate plus an applicable margin ranging from 125 basis points to 225 basis points based on the Corporate Credit Rating. For non-US dollar denominated borrowings, interest is based on (b) above. | |||||||||
The Revolving Credit Facility 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, repay other indebtedness, limits certain intercompany financing arrangements, make acquisitions and engage in mergers or consolidations. We are also required to comply with specified financial tests and ratios including: i) maximum net debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”) ratio (the “leverage ratio”); and ii) a consolidated EBITDA to interest expense ratio. The most restrictive of our covenants is a maximum leverage ratio of 3.5x. As of December 31, 2014, the leverage ratio, as calculated in accordance with the definition in our credit agreement, was 2.15x, within the limits set forth in our credit agreement. A breach of these requirements would give rise to certain remedies under the Revolving Credit Facility, among which are the termination of the agreement and accelerated repayment of the outstanding borrowings plus accrued and unpaid interest under the credit facility. | |||||||||
On October 3, 2012, we completed a private placement offering of $250.0 million aggregate principal amount of 5.375% Senior Notes due 2020 (the “5.375% Notes”). The 5.375% Notes are fully and unconditionally guaranteed, jointly and severally, by PHG Tea Leaves, Inc., Mollanvick, Inc., and Glatfelter Holdings, LLC (the “Guarantors”). | |||||||||
Interest on the 5.375% Notes is payable semiannually in arrears on April 15 and October 15, commencing on April 15, 2013. | |||||||||
The 5.375% Notes are redeemable, in whole or in part, at anytime on or after October 15, 2016 at the redemption prices specified in the applicable Indenture. Prior to October 15, 2016, we may redeem some or all of the Notes at a “make-whole” premium as specified in the Indenture. These Notes and the guarantees of the notes are senior obligations of the Company and the Guarantors, respectively, rank equally in right of payment with future senior indebtedness of the Company and the Guarantors and will mature on October 15, 2020. | |||||||||
The 5.375% 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 5.375% 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 Revolving Credit Agreement at maturity or a default under the Revolving Credit Agreement that accelerates the debt outstanding thereunder. As of December 31, 2014, we met all of the requirements of our debt covenants. | |||||||||
Glatfelter Gernsbach GmbH & Co. KG (“Gernsbach”), a wholly-owned subsidiary of ours, entered into two separate agreements with IKB Deutsche Industriebank AG, Düsseldorf (“IKB”). Pursuant to the first agreement, dated April 11, 2013, Gernsbach borrowed approximately €42.7 million (or $57.6 million) aggregate principal amount (the “2013 IKB Loan”). The 2013 IKB Loan is repayable in 32 quarterly installments beginning on June 30, 2015 and ending on March 31, 2023 and bears interest at a rate of 2.05% per annum. | |||||||||
Pursuant to the second agreement with IKB dated September 4, 2014, Gernsbach borrowed €10.0 million (or $12.6 million) aggregate principal amount (the “2014 IKB Loan”). The 2014 IKB Loan is repayable in 27 quarterly installments beginning on September 30, 2015 and ending on June 30, 2022 and bears interest at a rate of 2.40% per annum. Interest on the IKB Loan or portion thereof is payable quarterly in each year of the term of the loan with interest accruing from the date the loan or portion thereof is drawn. | |||||||||
The IKB loans provide for representations, warranties and covenants customary for financings of these types. The financial covenants contained in each of the IKB loans, which relate to the minimum ratio of consolidated EBITDA to consolidated interest expense and the maximum ratio of consolidated total net debt to consolidated adjusted EBITDA, will be calculated by reference to our Amended and Restated Credit Agreement, dated November 21, 2011. | |||||||||
Aggregated unamortized deferred debt issuance costs incurred in connection with all of our outstanding debt totaled $5.1 million at December 31, 2014 and are reported under the caption “Other assets” in the accompanying consolidated balance sheets. 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 $1.3 million in 2014. | |||||||||
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 | |||||||||
2015 | $ | 5,734 | |||||||
2016 | 98,779 | ||||||||
2017 | 8,224 | ||||||||
2018 | 8,224 | ||||||||
2019 | 8,224 | ||||||||
Thereafter | 275,427 | ||||||||
P. H. Glatfelter Company guarantees all debt obligations of its subsidiaries. All such obligations are recorded in these consolidated financial statements. | |||||||||
As of December 31, 2014 and 2013, we had $5.3 million and $5.2 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, primarily provide financial assurances 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. |
Asset_Retirement_Obligation
Asset Retirement Obligation | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Asset Retirement Obligation | 18 | ASSET RETIREMENT OBLIGATION | |||||||
During 2008, we recorded $11.5 million, net present value, of asset retirement obligations related to the legal requirement to close several lagoons at the Spring Grove, PA facility. Historically, lagoons were used to dispose of residual waste material. Closure of the lagoons, which is expected to be completed in 2016, will be accomplished by filling the lagoons, installing a non-permeable liner which will be covered with soil to construct the required cap over the lagoons. The amount referred to above, in addition to upward revisions, was accrued with a corresponding increase in the carrying value of the property, equipment and timberlands caption on the consolidated balance sheet. The amount capitalized is being amortized as a charge to operations on the straight-line basis in relation to the expected closure period. | |||||||||
Following is a summary of the reserve for asset retirement obligations for the periods indicated: | |||||||||
In thousands | 2014 | 2013 | |||||||
Balance at January 1, | $ | 5,032 | $ | 8,882 | |||||
Accretion | 145 | 229 | |||||||
Payments | (827 | ) | (2,824 | ) | |||||
Gain | (236 | ) | (1,255 | ) | |||||
Balance at December 31, | $ | 4,114 | $ | 5,032 | |||||
During 2014 and 2013, we recognized gains of $0.2 million and $1.3 million, respectively, related to the progress of closure activities for a portion of the lagoons required to be retired. The gains are reflected in the accompanying consolidated statements of income under the caption “costs of products sold.” | |||||||||
The following table summarizes the line items in the accompanying consolidated balance sheets where the asset retirement obligations are recorded: | |||||||||
December 31 | |||||||||
In thousands | 2014 | 2013 | |||||||
Other current liabilities | $ | 2,855 | $ | 915 | |||||
Other long-term liabilities | 1,259 | 4,117 | |||||||
Total | $ | 4,114 | $ | 5,032 |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value of Financial Instruments | 19 | FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||
The amounts reported on the consolidated balance sheets for cash and cash equivalents, accounts receivable and short-term debt approximate fair value. The following table sets forth the carrying value and fair value of long-term debt as of December 31: | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
In thousands | Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
Variable rate debt | $ | 90,555 | $ | 90,555 | $ | 133,540 | $ | 133,540 | |||||||||
Fixed-rate bonds | 250,000 | 255,470 | 250,000 | 254,533 | |||||||||||||
2.05% Term loan | 51,902 | 53,106 | 58,785 | 57,952 | |||||||||||||
2.40% Term loan | 12,155 | 12,626 | – | – | |||||||||||||
Total | $ | 404,612 | $ | 411,757 | $ | 442,325 | $ | 446,025 | |||||||||
As of December 31, 2014 and 2013, we had $250.0 million of 5.375% fixed rate bonds. These bonds are publicly registered, but thinly traded. Accordingly, the values set forth above for the bonds, as well as our other debt instruments, are based on observable inputs and other relevant market data (Level 2). The fair value of financial derivatives is set forth below in Note 20. |
Financial_Derivatives_and_Hedg
Financial Derivatives and Hedging Activities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Financial Derivatives and Hedging Activities | 20 | 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”; or 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.” | |||||||||||||||||
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 expected to be incurred over a maximum of twelve months. Currency forward contracts involve fixing the EUR-USD exchange rate or USD-CAD for delivery of a specified amount of foreign currency on a specified date. | |||||||||||||||||
We designate certain currency forward contracts as cash flow hedges of forecasted raw material purchases or other production costs with exposure to changes in foreign currency exchange rates. The effective portion of 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 consolidated balance sheets and is subsequently reclassified into cost of products sold in the period that inventory produced using the hedged transaction affects earnings. The ineffective portion of the change in fair value of the derivative is recognized directly to earnings and reflected in the accompanying consolidated statements of income as non-operating income (expense) under the caption “Other-net.” | |||||||||||||||||
We had the following outstanding derivatives that were used to hedge foreign exchange risks associated with forecasted transactions and designated as hedging instruments: | |||||||||||||||||
December 31 | |||||||||||||||||
In thousands | 2014 | 2013 | |||||||||||||||
Derivative | Sell (Buy) Notional | ||||||||||||||||
Sell / Buy | |||||||||||||||||
Euro / U.S. dollar | (32,527 | ) | (27,105 | ) | |||||||||||||
U.S. dollar / Canadian dollar | (10,036 | ) | (13,077 | ) | |||||||||||||
Euro / Philippine peso | (523,313 | ) | – | ||||||||||||||
British Pound / Philippine peso | (260,535 | ) | – | ||||||||||||||
Euro / British Pound | 4,592 | – | |||||||||||||||
These contracts have maturities of twelve months or less. | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments – Foreign Currency Hedges We also enter 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 consolidated statements of income under the caption “Other, net.” | |||||||||||||||||
December 31 | |||||||||||||||||
In thousands | 2014 | 2013 | |||||||||||||||
Derivative | Sell (Buy) Notional | ||||||||||||||||
Sell / Buy | |||||||||||||||||
U.S. dollar / British Pound | 9,000 | 6,000 | |||||||||||||||
Euro / British Pound | (3,000 | ) | (8,000 | ) | |||||||||||||
Euro / British Pound | 2,000 | 5,000 | |||||||||||||||
Canadian dollar / U.S. dollar | – | 2,000 | |||||||||||||||
U.S. dollar / Euro | 4,000 | 2,000 | |||||||||||||||
Euro / U.S. dollar | – | 9,000 | |||||||||||||||
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 as of December 31 for the year indicated and the line items in the accompanying consolidated balance sheets where the instruments are recorded: | |||||||||||||||||
December 31 | December 31 | ||||||||||||||||
In thousands | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance sheet caption | Prepaid Expenses | Other Current | |||||||||||||||
and Other | Liabilities | ||||||||||||||||
Current Assets | |||||||||||||||||
Designated as hedging: | |||||||||||||||||
Forward foreign currency exchange contracts | $ | 3,106 | $ | – | $394 | $ | 1,163 | ||||||||||
Not designated as hedging: | |||||||||||||||||
Forward foreign currency exchange contracts | $ | 70 | $ | 36 | $161 | $ | 46 | ||||||||||
The amounts set forth in the table above represent the net asset or liability giving effect to rights of offset with each counterparty. | |||||||||||||||||
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 consolidated statements of income where the results are recorded: | |||||||||||||||||
Year ended December 31 | |||||||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||||||
Designated as hedging: | |||||||||||||||||
Forward foreign currency exchange contracts: | |||||||||||||||||
Effective portion – cost of products sold | $ | (655 | ) | $ | (945 | ) | $ | 2,183 | |||||||||
Ineffective portion – other – net | 184 | 38 | 311 | ||||||||||||||
Not designated as hedging: | |||||||||||||||||
Forward foreign currency exchange contracts: | |||||||||||||||||
Other – net | $ | 1,599 | $ | (455 | ) | $ | (696 | ) | |||||||||
The impact of activity not designated as hedging was substantially all offset by the remeasurement of the underlying on-balance sheet item. | |||||||||||||||||
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 three levels of the fair value hierarchy are described in Note 2. | |||||||||||||||||
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 accompanying 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.” | |||||||||||||||||
A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income is as follows: | |||||||||||||||||
In thousands | 2014 | 2013 | |||||||||||||||
Balance at January 1, | $ | (1,296 | ) | $ | (599 | ) | |||||||||||
Deferred (losses) gains on cash flow hedges | 3,923 | (1,642 | ) | ||||||||||||||
Reclassified to earnings | 655 | 945 | |||||||||||||||
Balance at December 31, | $ | 3,282 | $ | (1,296 | ) | ||||||||||||
We expect substantially all of the amounts recorded as a component of accumulated other comprehensive income will be realized in results of operations within the next twelve months and the amount ultimately recognized will vary depending on actual market rates. | |||||||||||||||||
Credit risk related to derivative activity arises in the event a 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. | |||||||||||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Shareholders' Equity | 21 | SHAREHOLDERS’ EQUITY | |||||||||||
The following table summarizes outstanding shares of common stock: | |||||||||||||
Year ended December 31 | |||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||
Shares outstanding at beginning of year | 43,130 | 42,784 | 42,650 | ||||||||||
Shares repurchased | (464 | ) | – | (374 | ) | ||||||||
Treasury shares issued for: | |||||||||||||
Restricted stock awards | 162 | 86 | 76 | ||||||||||
401(k) plan | 116 | 123 | 152 | ||||||||||
Employee stock options | 110 | 137 | 280 | ||||||||||
exercised | |||||||||||||
Shares outstanding at end of year | 43,054 | 43,130 | 42,784 |
Share_Repurchases
Share Repurchases | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Share Repurchases | 22 | SHARE REPURCHASES | |||||||
On May 1, 2014, our Board of Directors approved a $25 million increase to the share repurchase program and extended the expiration date to May 1, 2016. Under the revised program, we may repurchase up to $50 million of outstanding common stock. The following table summarizes share repurchases made under this program through December 31, 2014: | |||||||||
shares | (thousands) | ||||||||
Authorized amount | n/a | $ | 50,000 | ||||||
Repurchases | 755,310 | (16,627 | ) | ||||||
Remaining authorization | $ | 33,373 | |||||||
During 2014, we repurchased 464,190 shares for $12.2 million. |
Commitments_Contingencies_and_
Commitments, Contingencies and Legal Proceedings | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments, Contingencies and Legal Proceedings | 23 | COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS | |||||||
Contractual Commitments The following table summarizes the minimum annual payments due on noncancelable operating leases and other similar contractual obligations having initial or remaining terms in excess of one year: | |||||||||
In thousands | Leases | Other | |||||||
2015 | $ | 6,244 | $ | 71,402 | |||||
2016 | 3,742 | 23,818 | |||||||
2017 | 2,256 | 1,176 | |||||||
2018 | 1,392 | 536 | |||||||
2019 | 394 | 98 | |||||||
Thereafter | 1 | – | |||||||
Other contractual obligations primarily represent minimum purchase commitments under energy supply contracts and other purchase obligations. | |||||||||
At December 31, 2014, required minimum annual payments due under operating leases and other similar contractual obligations aggregated $14.0 million and $97.0 million, respectively. | |||||||||
Fox River – Neenah, Wisconsin | |||||||||
Background. We have significant uncertainties 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 potentially responsible parties (“PRPs”) consisted of us, Appvion, Inc. (formerly known as Appleton Papers Inc.), CBC Coating, Inc. (formerly known as Riverside Paper Corporation), Georgia-Pacific Consumer Products, L.P. (“Georgia Pacific”, formerly known as Fort James Operating Company), Menasha Corporation, NCR Corporation (“NCR”), U.S. Paper Mills Corp., and WTM I Company. After giving effect to settlements reached with the Governments, the remaining PRPs consist of us, Georgia-Pacific Consumer Products, L.P. and NCR. | |||||||||
The United States Environmental Protection Agency (“EPA”) has divided the Site into five “operable units”, including the most upstream and portion of the site on which our facility was located (“OU1”) and four downstream reaches of the river and bay (“OU2-5”). | |||||||||
The Site has been subject to certain studies and the parties conducted certain demonstration projects and completed certain interim cleanups. The permanent cleanup, known as a “remedial action” under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA” or “Superfund”), consists of sediment dredging, installation of engineered caps, and placement of sand covers in various areas in the bed of the river. | |||||||||
We and WTM I Company implemented the remedial action in OU1 under a consent decree with the Governments; Menasha Corporation made a financial contribution to that work. That project began in 2004 and the work is complete other than on-going monitoring and maintenance. | |||||||||
For the downstream portion of the Site, referred to as OU2-5, work has proceeded primarily under a Unilateral Administrative Order (“UAO”) issued in November 2007 by the EPA to us and seven other respondents. The remedial actions have been funded, to date, primarily by NCR and its indemnitors, including Appvion, Inc. (formerly known as Appleton Papers Inc.). Work is scheduled to continue in OU2-5 through 2017, with monitoring and maintenance to follow. | |||||||||
Although we have not contributed funds towards remedial actions other than in OU1, as more fully discussed below, significant uncertainties exist pertaining to the ultimate allocation of OU2-5 remediation costs as well as the shorter term funding of the remedial actions for OU2-5. | |||||||||
Cost estimates. Estimates of the Site remediation change over time as we, or others, gain additional data and experience at the Site. In addition, disagreement exists over the likely costs for some of this work. On October 14, 2014, the Governments represented to the United States District Court in Green Bay that $1.1 billion provided an “upper end estimate of total past and future response costs” including a $100 million “uncertainty premium for future response costs.” Based upon estimates made by the Governments and independent estimates commissioned by various potentially responsible parties, we have no reason to disagree with the Governments’ assertion. Much of that amount has already been incurred, including approximately $100 million for OU1 and what we believe to be approximately $500 million for OU2-5. | |||||||||
The Governments previously indicated their expectation to have work in OU2-5 completed at a rate estimated to cost at least $70 million in 2015 and 2016 and at lower rates thereafter. We understand the cost for the 2015 dredging season may exceed $90 million. | |||||||||
As the result of a partial settlement, Georgia-Pacific has no obligation to pay for work upstream of a line near Georgia-Pacific’s Green Bay West Mill located in OU4. We believe substantially all in-water work upstream of this line has been completed as of the end of the 2014 dredging season. | |||||||||
NRDs. The Governments’ NRD assessment documents originally claimed we are jointly and severally responsible for NRDs with a value between $176 million and $333 million. The Governments claimed this range should be inflated to current dollars and then certain unreimbursed past assessment costs should be added, so the range of their claim was $287 million to $423 million in 2009. | |||||||||
However, on October 14, 2014, the Governments represented to the district court that if certain settlements providing $45.9 million toward compensation of NRDs were approved, the total NRD recovery would amount to $105 million. The Governments would consider those recoveries adequate and they would withdraw their claims against us and NCR for additional compensation of NRDs. Some of the settling parties, including all of the settling parties contributing the $45.9 million, have waived their rights to seek contribution from us of the settlement amounts. We previously paid a portion of the other $59 million in earlier settlements. | |||||||||
Allocation Litigation. In January 2008, NCR and Appvion brought an action in the federal district court in Green Bay to allocate among all of the parties responsible for this Site all of the costs incurred by the Governments, all of the costs incurred by the parties, and all of the NRDs owed to the Natural Resource Trustees. We have previously referred to this case as the “Whiting Litigation.” After several summary judgment rulings and a trial, the trial court entered judgment in the Whiting Litigation, allocating to NCR 100 percent of the costs (a) of the OU2-5 cleanup, (b) NRDs, (c) past and future costs incurred by the Governments in OU2-5, and (d) past and future costs incurred by any of the other parties net of an appropriate equitable adjustment for insurance recoveries. As to Glatfelter, NCR was judged liable to us for $4.28 million and any future costs or damages we may incur. NCR was held not responsible for costs incurred in OU1. | |||||||||
All parties appealed the Whiting Litigation judgment to the United States Court of Appeals for the Seventh Circuit. On September 25, 2014, that court affirmed, holding that if knowledge and fault were the only equitable factors governing allocation of costs and NRDs at the Site, NCR would owe 100% of all costs and damages in OU2-5, but would not have a share of costs in OU1, which is upstream of the outfall of the facilities for which NCR is responsible. However, the court of appeals vacated the judgment and remanded the case for the district court’s further consideration of whether any other equitable factors might cause the district court to alter its allocation. | |||||||||
We contend the district court should, after further consideration, reinstate the 100%, or some similar very high, allocation to NCR of all the costs, and we should bear no share or a very small share. However, NCR has taken a contrary position and has sought contributions from others for future work until all allocation issues are resolved. In order to ensure compliance with the UAO and to ensure work continues in OU2-5, in the absence of an agreement amongst us, NCR and Georgia-Pacific, it is possible the Governments may attempt to force the funding while a final allocation in the Whiting Litigation is pursued. We cannot predict the outcome of any such actions or any possible resulting litigation. Therefore, in the interim it is conceivable we may be required to contribute resources to fund a portion of the annual cost of remedial actions in OU2-5. Although we are unable to determine with any degree of certainty the amount we may fund, those amounts could be significant. Any amounts we pay or any other party pays in the interim are likely to be subject to reallocation when the Whiting Litigation is resolved. The district court has established a schedule for the Whiting Litigation under which it would hold a trial in June 2016 on remaining issues. | |||||||||
Appvion and NCR have had a cost-sharing agreement since at least 1998. The court of appeals held if Appvion incurred any recoverable costs because the Governments had named Appvion as a potentially responsible party rather than as a consequence of Appvion’s obligations to NCR, then Appvion may have a right to recover those costs under CERCLA. We contend Appvion has no such costs, and if it did, we would have a right to contribution of any recovery against NCR and others. | |||||||||
Enforcement Litigation. In October 2010, the United States and the State of Wisconsin brought an action (“Government Action”) in the federal district court in Green Bay against us and 13 other defendants seeking (a) to recover all of their unreimbursed past costs, (b) a declaration of joint and several liability for all of their future costs, (c) NRDs, and (d) a declaration of liability of all of the respondents on the UAO to perform the remedy in OU2-5 as required by the UAO and a mandatory permanent injunction to the same effect. The last of these claims was tried in 2012, and in May 2013, the district court enjoined us, NCR, WTM I, and Menasha Corp. to perform the work under the UAO. As the result of partial settlements, U.S. Paper Mills Corp. and Georgia-Pacific Consumer Products L.P. agreed to joint and several liability for some of the work. Appvion was held not liable for this Site under CERCLA. | |||||||||
All other potentially responsible parties, including the United States and the State of Wisconsin, have either settled with the Governments or entered into a consent decree that awaits approval from the district court. As a result, the remaining defendants consist of us, NCR, and Georgia-Pacific. | |||||||||
We appealed the injunction to the United States Court of Appeals for the Seventh Circuit, as did NCR, WTM I, and Menasha. On September 25, 2014, the court of appeals decided our and NCR’s appeals; the others’ appeals were not decided because they have entered into a settlement that awaits approval. The court of appeals vacated the injunction as to us and NCR. However, it affirmed the district court’s ruling that we are liable for response actions in OU2-5 and for complying with the UAO. The court of appeals vacated and remanded the district court’s decision that NCR had failed to prove that liability for OU2-5 could be apportioned, directing the lower court to consider issues it had not considered initially. The United States has since moved for a judgment against NCR based on further findings from the existing evidentiary record, and we await a decision on that motion. | |||||||||
Except as described above with respect to the claim for NRDs, the pending settlement, and the motion for a judgment on further findings, we do not know the Governments’ intentions concerning further litigation of the Government Action, nor do we know the schedule for any further proceedings. We cannot now predict when it will be resolved. | |||||||||
Reserves for the Site. As of December 31, 2014, our reserve for the Site totaled $16.3 million, including our remediation and ongoing monitoring obligations in OU1, our share of remediation of the rest of the Site, NRDs and all pending, threatened or asserted and unasserted claims against us relating to PCB contamination at the Site. Of our total reserve for the Fox River, $1.1 million is recorded in the accompanying consolidated balance sheets under the caption “Environmental liabilities” and the remainder is recorded under the caption “Other long term liabilities.” In the event we are required to fund remediation activities in OU2-5, such developments would affect the classification of the current portion of our reserve. | |||||||||
As described above, the appellate court vacated and remanded for reconsideration the district court’s ruling in the Whiting Litigation that NCR would bear 100% of costs for the downstream portion of the Site. We continue to believe we will not be allocated a significant share of liability in any final equitable allocation of the response costs for OU2-5 or for NRDs. The accompanying consolidated financial statements do not include reserves for any future defense costs, which could be significant, related to our involvement at the Site. | |||||||||
In setting our reserve for the Site, we have assessed our legal defenses, including our successful defenses to the allegations made in the Whiting Litigation and the original determination in the Whiting Litigation that NCR owes us “full contribution” for response costs and for NRDs that we may become obligated to pay except in OU1. We assume we will not bear the entire cost of remediation or damages to the exclusion of other known parties at the Site, who are also jointly and severally liable. The existence and ability of other parties to participate has also been taken into account in setting our reserve, and setting our reserve is generally based on our evaluation of recent publicly available financial information on certain of the responsible parties and any known insurance, indemnity or cost sharing agreements between responsible parties and third parties. In addition, we have considered the magnitude, nature, location and circumstances associated with the various discharges of PCBs to the river and the relationship of those discharges to identified contamination. We will continue to evaluate our exposure and the level of our reserves, including, but not limited to, our potential share of the costs and NRDs, if any, associated with the Site. | |||||||||
Other Information. The Governments have published studies estimating the amount of PCBs discharged by each identified potentially responsible party to the lower Fox River and Green Bay. These reports estimate our Neenah mill’s share of the mass of PCBs discharged to be as high as 27%. The district court has found the discharge mass estimates used in these studies not to be accurate. We believe the Neenah mill’s absolute and relative contribution of PCB mass is significantly lower than the estimates set forth in these studies. The trial court in the Government Action has found that the Neenah mill discharged an unknown amount of PCBs. | |||||||||
Based upon the rulings in the Whiting Litigation and the Government Action, neither of which endorsed an equitable allocation in proportion to the mass of PCBs discharged, we continue to believe an allocation in proportion to mass of PCBs discharged would not constitute an equitable allocation of the potential liability for the contamination at the Fox River. We contend other factors, such as a party’s role in causing costs, the location of discharge, and the location of contamination must be considered in order for the allocation to be equitable. | |||||||||
Range of Reasonably Possible Outcomes. Our analysis of the range of reasonably possible outcomes is derived from all available information, including but not limited to decisions of the courts, official documents such as records of decision, discussions with the United States and other parties, as well as legal counsel and engineering consultants. Based on our analysis of the current records of decision and cost estimates for work to be performed at the Site, and substantially dependent on the resolution of the allocation arguments discussed above, we believe it is reasonably possible that our costs associated with the Fox River matter could exceed the aggregate amounts accrued for the Fox River matter by amounts ranging from insignificant to $185 million. | |||||||||
We expect remediation costs to be incurred primarily over the next two to three years, although we are unable to determine with any degree of certainty whether we will be required to share in the funding of the downstream remediation. We believe the likelihood of an outcome in the upper end of the monetary range is significantly less than other possible outcomes within the range and the possibility of an outcome in excess of the upper end of the monetary range is remote. | |||||||||
However, we cannot predict the outcome of any actions related to interim funding. To the extent we are required to provide any such interim funding, we contend that NCR or another party would be required to reimburse us once the final allocation is determined. | |||||||||
Summary. Our current assessment is we will be able to manage this environmental matter without a long-term, material adverse impact on the Company. This matter could, however, at any particular time or for any particular year or yeas, have a material adverse effect on our consolidated financial position, liquidity and/or results of operations or could result in a default under our debt covenants. Moreover, there can be no assurance our reserves will be adequate to provide for future obligations related to this matter, or our share of costs and/or damages will not exceed our available resources, or those obligations will not have a long-term, material adverse effect on our consolidated financial position, liquidity or results of operations. Should a court grant the United States or the State of Wisconsin relief requiring us individually either to perform directly or to contribute significant amounts towards remedial action downstream | |||||||||
of Little Lake Butte des Morts those developments could have a material adverse effect on our consolidated financial position, liquidity and results of operations and might result in a default under our loan covenants. |
Segment_and_Geographic_Informa
Segment and Geographic Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment and Geographic Information | 24 | SEGMENT AND GEOGRAPHIC INFORMATION | |||||||||||||||||||||||
The following tables set forth profitability and other information by business unit: | |||||||||||||||||||||||||
For the year ended December 31, 2014 | Composite | Advanced | Specialty | Other and | Total | ||||||||||||||||||||
In millions | Fibers | Airlaid | Papers | Unallocated | |||||||||||||||||||||
Materials | |||||||||||||||||||||||||
Net sales | $ | 617.9 | $ | 281.7 | $ | 902.9 | $ | – | $ | 1,802.40 | |||||||||||||||
Energy and related sales, net | – | – | 7.9 | – | 7.9 | ||||||||||||||||||||
Total revenue | 617.9 | 281.7 | 910.8 | – | 1,810.30 | ||||||||||||||||||||
Cost of products sold | 498 | 247.6 | 821.8 | 7.8 | 1,575.20 | ||||||||||||||||||||
Gross profit | 119.9 | 34.1 | 89 | (7.8 | ) | 235.2 | |||||||||||||||||||
SG&A | 51.6 | 8.8 | 50.4 | 22.4 | 133.2 | ||||||||||||||||||||
Gains on dispositions of plant, equipment and timberlands, net | – | – | – | (4.9 | ) | (4.9 | ) | ||||||||||||||||||
Total operating income (loss) | 68.3 | 25.3 | 38.6 | (25.3 | ) | 106.8 | |||||||||||||||||||
Non-operating expense | – | – | – | (19.4 | ) | (19.4 | ) | ||||||||||||||||||
Income (loss) before income taxes | $ | 68.3 | $ | 25.3 | $ | 38.6 | $ | (44.7 | ) | $ | 87.4 | ||||||||||||||
Supplementary Data | |||||||||||||||||||||||||
Plant, equipment and timberlands, net | $ | 277.8 | $ | 163.6 | $ | 250.1 | $ | 6.1 | $ | 697.6 | |||||||||||||||
Depreciation, depletion and amortization | 29.7 | 9.1 | 29.9 | 1.9 | 70.6 | ||||||||||||||||||||
Capital expenditures | 23.9 | 7.6 | 32.1 | 2.4 | 66 | ||||||||||||||||||||
For the year ended December 31, 2013 | Composite | Advanced | Specialty | Other and | Total | ||||||||||||||||||||
In millions | Fibers | Airlaid | Papers | Unallocated | |||||||||||||||||||||
Materials | |||||||||||||||||||||||||
Net sales | $ | 566.4 | $ | 268.4 | $ | 887.9 | $ | – | $ | 1,722.60 | |||||||||||||||
Energy and related sales, net | – | – | 3.2 | – | 3.2 | ||||||||||||||||||||
Total revenue | 566.4 | 268.4 | 891 | – | 1,725.80 | ||||||||||||||||||||
Cost of products sold | 456.5 | 238 | 799.3 | 13.3 | 1,507.10 | ||||||||||||||||||||
Gross profit | 109.8 | 30.4 | 91.7 | (13.3 | ) | 218.7 | |||||||||||||||||||
SG&A | 47.4 | 8.9 | 52 | 25.5 | 133.9 | ||||||||||||||||||||
Gains on dispositions of plant, equipment and timberlands, net | – | – | – | (1.7 | ) | (1.7 | ) | ||||||||||||||||||
Total operating income (loss) | 62.4 | 21.5 | 39.7 | (37.1 | ) | 86.5 | |||||||||||||||||||
Non-operating expense | – | – | – | (17.3 | ) | (17.3 | ) | ||||||||||||||||||
Income (loss) before income taxes | $ | 62.4 | $ | 21.5 | $ | 39.7 | $ | (54.4 | ) | $ | 69.2 | ||||||||||||||
Supplementary Data | |||||||||||||||||||||||||
Plant, equipment and timberlands, net | $ | 300 | $ | 175.1 | $ | 242.6 | $ | 5.6 | $ | 723.3 | |||||||||||||||
Depreciation, depletion and amortization | 24.8 | 8.9 | 33.2 | 1.3 | 68.2 | ||||||||||||||||||||
Capital expenditures | 56.9 | 6.7 | 34.3 | 5.1 | 103 | ||||||||||||||||||||
For the year ended December 31, 2012 | Composite | Advanced | Specialty | Other and | Total | ||||||||||||||||||||
In millions | Fibers | Airlaid | Papers | Unallocated | |||||||||||||||||||||
Materials | |||||||||||||||||||||||||
Net sales | $ | 436.7 | $ | 246.3 | $ | 894.8 | $ | – | $ | 1,577.80 | |||||||||||||||
Energy and related sales, net | – | – | 7 | – | 7 | ||||||||||||||||||||
Total revenue | 436.7 | 246.3 | 901.8 | – | 1,584.80 | ||||||||||||||||||||
Cost of products sold | 362.6 | 218.7 | 779.5 | 10.3 | 1,371.10 | ||||||||||||||||||||
Gross profit | 74.2 | 27.6 | 122.3 | (10.4 | ) | 213.6 | |||||||||||||||||||
SG&A | 38.1 | 9.6 | 55 | 18.9 | 121.6 | ||||||||||||||||||||
Gains on dispositions of plant, equipment and timberlands, net | – | – | – | (9.8 | ) | (9.8 | ) | ||||||||||||||||||
Total operating income (loss) | 36.1 | 18 | 67.3 | (19.5 | ) | 101.9 | |||||||||||||||||||
Non-operating expense | – | – | – | (22.9 | ) | (22.9 | ) | ||||||||||||||||||
Income (loss) before income taxes | $ | 36.1 | $ | 18 | $ | 67.3 | $ | (42.4 | ) | $ | 78.9 | ||||||||||||||
Supplementary Data | |||||||||||||||||||||||||
Plant, equipment and timberlands, net | $ | 200.1 | $ | 172.9 | $ | 247.9 | $ | 0.3 | $ | 621.2 | |||||||||||||||
Depreciation, depletion and amortization | 23.5 | 8.7 | 37.4 | – | 69.5 | ||||||||||||||||||||
Capital expenditures | 31.4 | 3.9 | 23.1 | 0.3 | 58.8 | ||||||||||||||||||||
The sum of individual amounts set forth above may not agree to the consolidated financial statements included herein due to rounding. | |||||||||||||||||||||||||
Results of individual business units 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 business units are not necessarily comparable with similar information for any other company. The management accounting process uses assumptions and allocations to measure performance of the business units. 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 business unit are allocated primarily based on an estimated utilization of support area services. | |||||||||||||||||||||||||
Management evaluates results of operations of the business units before pension income or expense, alternative fuel mixture credits, debt redemption costs, restructuring related charges, certain corporate level costs, and the effects of certain asset dispositions. Management believes that this is a more meaningful representation of the operating performance of its core businesses, the profitability of business units and the extent of cash flow generated from these core operations. Such amounts are presented under the caption “Other and Unallocated.” This presentation is aligned with the management and operating structure of our company. It is also on this basis that the Company’s performance is evaluated internally and by the Company’s Board of Directors. | |||||||||||||||||||||||||
Our Composite Fibers business unit serves customers globally and focuses on higher value-added products in the following markets: | |||||||||||||||||||||||||
• | Food & Beverage paper primarily used for single-serve coffee and tea products; | ||||||||||||||||||||||||
• | Non-woven wall covering base materials used by the world’s largest wallpaper manufacturers; | ||||||||||||||||||||||||
• | Metallized products used in the labeling of beer bottles, packaging innerliners, gift wrap, self-adhesive labels and other consumer product applications; | ||||||||||||||||||||||||
• | Composite Laminates papers used in production of decorative laminates; and | ||||||||||||||||||||||||
• | Technical Specialties a diverse line of special paper products used in batteries and capacitors, adhesive tapes and other highly-engineered applications. | ||||||||||||||||||||||||
Composite Fibers’ revenue composition by market consisted of the following for the years indicated: | |||||||||||||||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Food & beverage | $ | 296,304 | $ | 302,738 | $ | 265,423 | |||||||||||||||||||
Wall covering | 149,957 | 97,698 | – | ||||||||||||||||||||||
Metallized | 80,839 | 83,949 | 87,720 | ||||||||||||||||||||||
Composite laminates | 38,159 | 39,296 | 44,613 | ||||||||||||||||||||||
Technical specialties and other | 52,592 | 42,679 | 38,984 | ||||||||||||||||||||||
Total | $ | 617,851 | $ | 566,360 | $ | 436,740 | |||||||||||||||||||
The Advanced Airlaid Materials business unit is a leading global supplier of highly absorbent cellulose-based airlaid non-woven materials used to manufacture a diverse range of consumer and industrial products for growing global end-user markets. These products include: | |||||||||||||||||||||||||
• | feminine hygiene; | ||||||||||||||||||||||||
• | adult incontinence; | ||||||||||||||||||||||||
• | specialty wipes; home care; | ||||||||||||||||||||||||
• | table top; and | ||||||||||||||||||||||||
• | food pads. | ||||||||||||||||||||||||
Advanced Airlaid Materials’ revenue composition by market consisted of the following for the years indicated: | |||||||||||||||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Feminine hygiene | $ | 216,836 | $ | 219,222 | $ | 197,792 | |||||||||||||||||||
Adult incontinence | 17,586 | 5,046 | 6,959 | ||||||||||||||||||||||
Wipes | 16,002 | 15,186 | 13,562 | ||||||||||||||||||||||
Home care | 15,401 | 14,857 | 14,527 | ||||||||||||||||||||||
Other | 15,848 | 14,085 | 13,442 | ||||||||||||||||||||||
Total | $ | 281,673 | $ | 268,396 | $ | 246,282 | |||||||||||||||||||
Our Specialty Papers business unit focuses on producing papers for the following markets: | |||||||||||||||||||||||||
• | Carbonless & noncarbonless forms papers for credit card receipts, multi-part forms, security papers and other end-user applications; | ||||||||||||||||||||||||
• | Engineered products for digital imaging, packaging, casting, release, transfer, playing card, postal, FDA-compliant food and beverage applications, and other niche specialty applications; | ||||||||||||||||||||||||
• | Envelope and converting papers primarily utilized for transactional and direct mail envelopes; and | ||||||||||||||||||||||||
• | Book publishing papers for the production of high quality hardbound books and other book publishing needs. | ||||||||||||||||||||||||
Specialty Papers’ revenue composition by market consisted of the following for the years indicated: | |||||||||||||||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Carbonless & forms | $ | 376,959 | $ | 369,618 | $ | 372,950 | |||||||||||||||||||
Engineered products | 194,189 | 184,913 | 187,724 | ||||||||||||||||||||||
Envelope & converting | 183,194 | 175,928 | 174,781 | ||||||||||||||||||||||
Book publishing | 144,744 | 153,054 | 155,925 | ||||||||||||||||||||||
Other | 3,805 | 4,346 | 3,397 | ||||||||||||||||||||||
Total | $ | 902,891 | $ | 887,859 | $ | 894,777 | |||||||||||||||||||
No individual customer accounted for more than 10% of our consolidated net sales in 2014, 2013 or 2012. However, one customer accounted for the majority of Advanced Airlaid Materials’ net sales in 2014, 2013 and 2012. | |||||||||||||||||||||||||
Our net sales to external customers and location of net plant, equipment and timberlands are summarized below. Net sales are attributed to countries based upon origin of shipment. | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
In thousands | Net sales | Plant, | Net sales | Plant, | Net sales | Plant, | |||||||||||||||||||
Equipment and | Equipment and | Equipment and | |||||||||||||||||||||||
Timberlands–Net | Timberlands–Net | Timberlands–Net | |||||||||||||||||||||||
United States | $ | 980,933 | $ | 256,251 | $ | 968,833 | $ | 248,306 | $ | 952,195 | $ | 248,185 | |||||||||||||
Germany | 529,003 | 257,311 | 483,859 | 287,880 | 358,442 | 191,559 | |||||||||||||||||||
United Kingdom | 103,219 | 62,617 | 107,082 | 63,650 | 119,092 | 59,131 | |||||||||||||||||||
Canada | 129,401 | 82,774 | 113,414 | 83,033 | 106,702 | 83,796 | |||||||||||||||||||
Other | 59,859 | 38,655 | 49,427 | 40,471 | 41,357 | 38,515 | |||||||||||||||||||
Total | $ | 1,802,415 | $ | 697,608 | $ | 1,722,615 | $ | 723,340 | $ | 1,577,788 | $ | 621,186 |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||
Condensed Consolidating Financial Statements | 25 | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | |||||||||||||||||||||||
Our 5.375% Notes are fully and unconditionally guaranteed, on a joint and several basis, by certain of our 100%-owned domestic subsidiaries, PHG Tea Leaves, Inc., Mollanvick, Inc., and Glatfelter Holdings, LLC. The guarantees are subject to certain customary release provisions including i) the designation of such subsidiary as an unrestricted or excluded subsidiary; (ii) in connection with any sale or disposition of the capital stock of the subsidiary guarantor; and (iii) upon our exercise of our legal defeasance option or our covenant defeasance option, all of which are more fully described in the Indenture dated as of October 3, 2012 among us, the Guarantors and US Bank National Association, as Trustee, relating to the 5.375% Notes. The following presents our condensed consolidating statements of income, including comprehensive income (“statements of income”), and cash flows for the years ended December 31, 2014, 2013 and 2012 and our condensed consolidating balance sheets (“balance sheets”) as of December 31, 2014 and 2013. Our presentation of the Guarantors’ statements of income for the years ended December 31, 2013 and 2012 and balance sheet as of December 31, 2013, has been restated to correctly apply the equity method of accounting to reflect the Guarantors’ equity interests in certain Non Guarantors. Such changes are reflected under the captions “Equity in earnings of subsidiaries” and “Investments in subsidiaries” in the accompanying condensed consolidating statements of income and condensed consolidating balance sheets, respectively. The correction had no impact on any financial information of the Parent Company or the Non Guarantors nor on the statement of cash flows. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Income for the | |||||||||||||||||||||||||
year ended December 31, 2014 | |||||||||||||||||||||||||
In thousands | Parent | Guarantors | Non | Adjustments/ | Consolidated | ||||||||||||||||||||
Company | Guarantors | Eliminations | |||||||||||||||||||||||
Net sales | $ | 902,892 | $ | 35 | $ | 899,523 | $ | (35 | ) | $ | 1,802,415 | ||||||||||||||
Energy and related sales, net | 7,927 | – | – | – | 7,927 | ||||||||||||||||||||
Total revenues | 910,819 | 35 | 899,523 | (35 | ) | 1,810,342 | |||||||||||||||||||
Costs of products sold | 829,336 | 34 | 745,853 | (35 | ) | 1,575,188 | |||||||||||||||||||
Gross profit | 81,483 | 1 | 153,670 | – | 235,154 | ||||||||||||||||||||
Selling, general and administrative expenses | 67,086 | 492 | 65,657 | – | 133,235 | ||||||||||||||||||||
Gains on dispositions of plant, equipment and timberlands, net | (3,545 | ) | (1,316 | ) | – | – | (4,861 | ) | |||||||||||||||||
Operating income | 17,942 | 825 | 88,013 | – | 106,780 | ||||||||||||||||||||
Other non-operating income (expense) | |||||||||||||||||||||||||
Interest expense | (19,105 | ) | – | (102,571 | ) | 102,755 | (18,921 | ) | |||||||||||||||||
Interest income | 638 | 102,241 | 36 | (102,756 | ) | 159 | |||||||||||||||||||
Equity in earnings of subsidiaries | 66,628 | (35,226 | ) | – | (31,402 | ) | – | ||||||||||||||||||
Other, net | (1,366 | ) | 314 | 417 | – | (635 | ) | ||||||||||||||||||
Total other non-operating income (expense) | 46,795 | 67,329 | (102,118 | ) | (31,403 | ) | (19,397 | ) | |||||||||||||||||
Income (loss) before income taxes | 64,737 | 68,154 | (14,105 | ) | (31,403 | ) | 87,383 | ||||||||||||||||||
Income tax (benefit) provision | (4,509 | ) | 3,060 | 19,586 | – | 18,137 | |||||||||||||||||||
Net income (loss) | 69,246 | 65,094 | (33,691 | ) | (31,403 | ) | 69,246 | ||||||||||||||||||
Other comprehensive (loss) income | (79,513 | ) | (40,704 | ) | 28,840 | 11,864 | (79,513 | ) | |||||||||||||||||
Comprehensive (loss) income | $ | (10,267 | ) | $ | 24,390 | $ | (4,851 | ) | $ | (19,539 | ) | $ | (10,267 | ) | |||||||||||
Condensed Consolidating Statement of Income for the | |||||||||||||||||||||||||
year ended December 31, 2013 | |||||||||||||||||||||||||
In thousands | Parent | Guarantors | Non | Adjustments/ | Consolidated | ||||||||||||||||||||
Company | Guarantors | Eliminations | |||||||||||||||||||||||
Net sales | $ | 887,859 | $ | 16 | $ | 834,756 | $ | (16 | ) | $ | 1,722,615 | ||||||||||||||
Energy and related sales, net | 3,153 | – | – | – | 3,153 | ||||||||||||||||||||
Total revenues | 891,012 | 16 | 834,756 | (16 | ) | 1,725,768 | |||||||||||||||||||
Costs of products sold | 812,298 | 15 | 694,819 | (24 | ) | 1,507,108 | |||||||||||||||||||
Gross profit | 78,714 | 1 | 139,937 | 8 | 218,660 | ||||||||||||||||||||
Selling, general and administrative expenses | 69,614 | 718 | 63,535 | – | 133,867 | ||||||||||||||||||||
Gains on dispositions of plant, equipment and timberlands, net | (1,390 | ) | (319 | ) | (17 | ) | – | (1,726 | ) | ||||||||||||||||
Operating income (loss) | 10,490 | (398 | ) | 76,419 | 8 | 86,519 | |||||||||||||||||||
Other non-operating income (expense) | |||||||||||||||||||||||||
Interest expense | (18,891 | ) | – | (8,064 | ) | 8,990 | (17,965 | ) | |||||||||||||||||
Interest income | 627 | 8,662 | 12 | (8,991 | ) | 310 | |||||||||||||||||||
Equity in earnings of subsidiaries | 58,412 | 48,538 | – | (106,950 | ) | – | |||||||||||||||||||
Other, net | (1,569 | ) | 104 | 1,802 | – | 337 | |||||||||||||||||||
Total other non-operating income (expense) | 38,579 | 57,304 | (6,250 | ) | (106,951 | ) | (17,318 | ) | |||||||||||||||||
Income before income taxes | 49,069 | 56,906 | 70,169 | (106,943 | ) | 69,201 | |||||||||||||||||||
Income tax (benefit) provision | (18,089 | ) | 453 | 19,675 | 4 | 2,043 | |||||||||||||||||||
Net income | 67,158 | 56,453 | 50,494 | (106,947 | ) | 67,158 | |||||||||||||||||||
Other comprehensive income | 88,609 | 6,883 | 4,223 | (11,106 | ) | 88,609 | |||||||||||||||||||
Comprehensive income | $ | 155,767 | $ | 63,336 | $ | 54,717 | $ | (118,053 | ) | $ | 155,767 | ||||||||||||||
Condensed Consolidating Statement of Income for the | |||||||||||||||||||||||||
year ended December 31, 2012 | |||||||||||||||||||||||||
In thousands | Parent | Guarantors | Non | Adjustments/ | Consolidated | ||||||||||||||||||||
Company | Guarantors | Eliminations | |||||||||||||||||||||||
Net sales | $ | 894,777 | $ | 14 | $ | 683,022 | $ | (25 | ) | $ | 1,577,788 | ||||||||||||||
Energy and related sales, net | 7,000 | – | – | – | 7,000 | ||||||||||||||||||||
Total revenues | 901,777 | 14 | 683,022 | (25 | ) | 1,584,788 | |||||||||||||||||||
Costs of products sold | 789,589 | 13 | 581,544 | (7 | ) | 1,371,139 | |||||||||||||||||||
Gross profit | 112,188 | 1 | 101,478 | (18 | ) | 213,649 | |||||||||||||||||||
Selling, general and administrative expenses | 73,877 | 169 | 47,544 | – | 121,590 | ||||||||||||||||||||
Gains on dispositions of plant, equipment and timberlands, net | (9,790 | ) | – | (25 | ) | – | (9,815 | ) | |||||||||||||||||
Operating income (loss) | 48,101 | (168 | ) | 53,959 | (18 | ) | 101,874 | ||||||||||||||||||
Other non-operating income (expense) | |||||||||||||||||||||||||
Interest expense | (22,311 | ) | (57 | ) | (3,891 | ) | 7,565 | (18,694 | ) | ||||||||||||||||
Interest income | 452 | 7,191 | 382 | (7,565 | ) | 460 | |||||||||||||||||||
Equity in earnings of subsidiaries | 40,682 | 33,954 | – | (74,636 | ) | – | |||||||||||||||||||
Other, net | (6,459 | ) | 477 | 1,283 | – | (4,699 | ) | ||||||||||||||||||
Total other non-operating income (expense) | 12,364 | 41,565 | (2,226 | ) | (74,636 | ) | (22,933 | ) | |||||||||||||||||
Income before income taxes | 60,465 | 41,397 | 51,733 | (74,654 | ) | 78,941 | |||||||||||||||||||
Income tax provision | 1,086 | 1,587 | 16,889 | – | 19,562 | ||||||||||||||||||||
Net income | 59,379 | 39,810 | 34,844 | (74,654 | ) | 59,379 | |||||||||||||||||||
Other comprehensive income | 2,775 | 3,243 | 3,920 | (7,163 | ) | 2,775 | |||||||||||||||||||
Comprehensive income | $ | 62,154 | $ | 43,053 | $ | 38,764 | $ | (81,817 | ) | $ | 62,154 | ||||||||||||||
Condensed Consolidating Balance Sheet as of December 31, 2014 | |||||||||||||||||||||||||
In thousands | Parent | Guarantors | Non | Adjustments/ | Consolidated | ||||||||||||||||||||
Company | Guarantors | Eliminations | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 42,208 | $ | 514 | $ | 57,115 | $ | — | $ | 99,837 | |||||||||||||||
Other current assets | 218,544 | 420,451 | 263,567 | (427,777 | ) | 474,785 | |||||||||||||||||||
Plant, equipment and timberlands, net | 255,255 | 991 | 441,362 | — | 697,608 | ||||||||||||||||||||
Investments in subsidiaries | 824,480 | 399,931 | — | (1,224,411 | ) | — | |||||||||||||||||||
Other assets | 121,125 | — | 186,129 | (17,980 | ) | 289,274 | |||||||||||||||||||
Total assets | $ | 1,461,612 | $ | 821,887 | $ | 948,173 | $ | (1,670,168 | ) | $ | 1,561,504 | ||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||
Current liabilities | $ | 403,662 | $ | 3,394 | $ | 307,737 | $ | (435,062 | ) | $ | 279,731 | ||||||||||||||
Long-term debt | 250,000 | — | 721,457 | (572,579 | ) | 398,878 | |||||||||||||||||||
Deferred income taxes | 46,483 | (453 | ) | 70,275 | (12,289 | ) | 104,016 | ||||||||||||||||||
Other long-term liabilities | 112,358 | — | 11,633 | 5,779 | 129,770 | ||||||||||||||||||||
Total liabilities | 812,503 | 2,941 | 1,111,102 | (1,014,151 | ) | 912,395 | |||||||||||||||||||
Shareholders’ equity | 649,109 | 818,946 | (162,929 | ) | (656,017 | ) | 649,109 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,461,612 | $ | 821,887 | $ | 948,173 | $ | (1,670,168 | ) | $ | 1,561,504 | ||||||||||||||
Condensed Consolidating Balance Sheet as of December 31, 2013 | |||||||||||||||||||||||||
In thousands | Parent | Guarantors | Non | Adjustments/ | Consolidated | ||||||||||||||||||||
Company | Guarantors | Eliminations | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 56,216 | $ | 501 | $ | 66,165 | $ | — | $ | 122,882 | |||||||||||||||
Other current assets | 208,814 | 327,152 | 253,779 | (326,045 | ) | 463,700 | |||||||||||||||||||
Plant, equipment and timberlands, net | 247,243 | 1,054 | 475,043 | — | 723,340 | ||||||||||||||||||||
Investments in subsidiaries | 803,688 | 468,533 | — | (1,272,221 | ) | — | |||||||||||||||||||
Other assets | 170,060 | — | 214,301 | (15,873 | ) | 368,488 | |||||||||||||||||||
Total assets | $ | 1,486,021 | $ | 797,240 | $ | 1,009,288 | $ | (1,614,139 | ) | $ | 1,678,410 | ||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||
Current liabilities | $ | 375,535 | $ | 2,855 | $ | 247,855 | $ | (337,878 | ) | $ | 288,367 | ||||||||||||||
Long-term debt | 250,000 | — | 513,120 | (320,795 | ) | 442,325 | |||||||||||||||||||
Deferred income taxes | 70,989 | (283 | ) | 78,633 | (8,319 | ) | 141,020 | ||||||||||||||||||
Other long-term liabilities | 105,021 | — | 13,792 | 3,409 | 122,222 | ||||||||||||||||||||
Total liabilities | 801,545 | 2,572 | 853,400 | (663,583 | ) | 993,934 | |||||||||||||||||||
Shareholders’ equity | 684,476 | 794,668 | 155,888 | (950,556 | ) | 684,476 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,486,021 | $ | 797,240 | $ | 1,009,288 | $ | (1,614,139 | ) | $ | 1,678,410 | ||||||||||||||
The amounts of the Guarantors’ Investments in subsidiaries set forth above include investments in equity of the Non Guarantors as well as amounts due from the Non Guarantors arising from the conversion of certain equity interests into debt instruments. Such debt instruments are reported in the Non Guarantors column under the caption “Long-term debt.” | |||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the year | |||||||||||||||||||||||||
ended December 31, 2014 | |||||||||||||||||||||||||
In thousands | Parent | Guarantors | Non | Adjustments/ | Consolidated | ||||||||||||||||||||
Company | Guarantors | Eliminations | |||||||||||||||||||||||
Net cash provided (used) by | |||||||||||||||||||||||||
Operating activities | $ | 36,240 | $ | 4,158 | $ | 59,179 | $ | – | $ | 99,577 | |||||||||||||||
Investing activities | |||||||||||||||||||||||||
Expenditures for purchases of plant, equipment and timberlands | (34,518 | ) | – | (31,528 | ) | – | (66,046 | ) | |||||||||||||||||
Proceeds from disposal plant, equipment and timberlands, net | 3,707 | 1,355 | 10 | – | 5,072 | ||||||||||||||||||||
Repayments from intercompany loans | – | 20,840 | – | (20,840 | ) | – | |||||||||||||||||||
Advances of intercompany loans | (12,671 | ) | (26,340 | ) | – | 39,011 | – | ||||||||||||||||||
Acquisitions, net of cash acquired | – | – | (8,015 | ) | – | (8,015 | ) | ||||||||||||||||||
Other | (600 | ) | – | – | – | (600 | ) | ||||||||||||||||||
Total investing activities | (44,082 | ) | (4,145 | ) | (39,533 | ) | 18,171 | (69,589 | ) | ||||||||||||||||
Financing activities | |||||||||||||||||||||||||
Net repayments of indebtedness | – | – | (18,128 | ) | – | (18,128 | ) | ||||||||||||||||||
Payment of dividends to shareholders | (18,696 | ) | – | – | – | (18,696 | ) | ||||||||||||||||||
Repurchases of common stock | (12,180 | ) | – | – | – | (12,180 | ) | ||||||||||||||||||
Repayments of intercompany loans | – | – | (20,840 | ) | 20,840 | – | |||||||||||||||||||
Borrowings of intercompany loans | 26,340 | – | 12,671 | (39,011 | ) | – | |||||||||||||||||||
Payments related to share-based compensation awards and other | (1,630 | ) | – | (247 | ) | – | (1,877 | ) | |||||||||||||||||
Total financing activities | (6,166 | ) | – | (26,544 | ) | (18,171 | ) | (50,881 | ) | ||||||||||||||||
Effect of exchange rate on cash | – | – | (2,152 | ) | – | (2,152 | ) | ||||||||||||||||||
Net (decrease) increase in cash | (14,008 | ) | 13 | (9,050 | ) | – | (23,045 | ) | |||||||||||||||||
Cash at the beginning of period | 56,216 | 501 | 66,165 | – | 122,882 | ||||||||||||||||||||
Cash at the end of period | $ | 42,208 | $ | 514 | $ | 57,115 | $ | – | $ | 99,837 | |||||||||||||||
Condensed Consolidating Statement of Cash Flows for the year | |||||||||||||||||||||||||
ended December 31, 2013 | |||||||||||||||||||||||||
In thousands | Parent | Guarantors | Non | Adjustments/ | Consolidated | ||||||||||||||||||||
Company | Guarantors | Eliminations | |||||||||||||||||||||||
Net cash provided (used) by | |||||||||||||||||||||||||
Operating activities | $ | 55,507 | $ | 4,974 | $ | 113,154 | $ | – | $ | 173,635 | |||||||||||||||
Investing activities | |||||||||||||||||||||||||
Expenditures for plant, equipment and timberlands | (39,496 | ) | – | (63,551 | ) | – | (103,047 | ) | |||||||||||||||||
Proceeds from disposals of plant, equipment and timberlands, net | 1,435 | 333 | 179 | – | 1,947 | ||||||||||||||||||||
Repayments from intercompany loans | – | 18,223 | – | (18,223 | ) | – | |||||||||||||||||||
Advances of intercompany loans | – | (27,216 | ) | – | 27,216 | – | |||||||||||||||||||
Intercompany capital contributed | – | (91 | ) | – | 91 | – | |||||||||||||||||||
Acquisitions, net of cash acquired | – | – | (210,911 | ) | – | (210,911 | ) | ||||||||||||||||||
Other | (425 | ) | – | – | – | (425 | ) | ||||||||||||||||||
Total investing activities | (38,486 | ) | (8,751 | ) | (274,283 | ) | 9,084 | (312,436 | ) | ||||||||||||||||
Financing activities | |||||||||||||||||||||||||
Net proceeds from indebtedness | – | – | 182,230 | – | 182,230 | ||||||||||||||||||||
Payments of note offering costs | (160 | ) | – | (259 | ) | – | (419 | ) | |||||||||||||||||
Payment of dividends to shareholders | (16,965 | ) | – | – | – | (16,965 | ) | ||||||||||||||||||
Repayments of intercompany loans | (1,100 | ) | (17,123 | ) | 18,223 | – | |||||||||||||||||||
Borrowings of intercompany loans | 15,310 | 11,906 | (27,216 | ) | – | ||||||||||||||||||||
Intercompany capital received | – | – | 91 | (91 | ) | – | |||||||||||||||||||
Payments for share-based compensation awards and other | (1,671 | ) | – | – | – | (1,671 | ) | ||||||||||||||||||
Total financing activities | (4,586 | ) | – | 176,845 | (9,084 | ) | 163,175 | ||||||||||||||||||
Effect of exchange rate on cash | – | – | 829 | – | 829 | ||||||||||||||||||||
Net increase (decrease) in cash | 12,435 | (3,777 | ) | 16,545 | – | 25,203 | |||||||||||||||||||
Cash at the beginning of period | 43,781 | 4,278 | 49,620 | – | 97,679 | ||||||||||||||||||||
Cash at the end of period | $ | 56,216 | $ | 501 | $ | 66,165 | $ | – | $ | 122,882 | |||||||||||||||
Condensed Consolidating Statement of Cash Flows for the year | |||||||||||||||||||||||||
ended December 31, 2012 | |||||||||||||||||||||||||
In thousands | Parent | Guarantors | Non | Adjustments/ | Consolidated | ||||||||||||||||||||
Company | Guarantors | Eliminations | |||||||||||||||||||||||
Net cash provided (used) by | |||||||||||||||||||||||||
Operating activities | $ | 25,787 | $ | 5,958 | $ | 81,101 | $ | – | $ | 112,846 | |||||||||||||||
Investing activities | |||||||||||||||||||||||||
Expenditures for plant, equipment and timberlands | (23,463 | ) | – | (35,289 | ) | – | (58,752 | ) | |||||||||||||||||
Proceeds from disposals of plant, equipment and timberlands, net | 10,236 | – | 36 | – | 10,272 | ||||||||||||||||||||
Repayments from intercompany loans | 6,088 | 29,343 | – | (35,431 | ) | – | |||||||||||||||||||
Advances of intercompany loans | (91 | ) | (34,375 | ) | (514 | ) | 34,980 | – | |||||||||||||||||
Other | (225 | ) | – | – | – | (225 | ) | ||||||||||||||||||
Total investing activities | (7,455 | ) | (5,032 | ) | (35,767 | ) | (451 | ) | (48,705 | ) | |||||||||||||||
Financing activities | |||||||||||||||||||||||||
Net proceeds from indebtedness | 17,869 | – | – | – | 17,869 | ||||||||||||||||||||
Payments of note offering costs | (4,748 | ) | – | – | – | (4,748 | ) | ||||||||||||||||||
Payment of dividends to shareholders | (15,608 | ) | – | – | – | (15,608 | ) | ||||||||||||||||||
Repurchases of common stock | (5,675 | ) | – | – | – | (5,675 | ) | ||||||||||||||||||
Repayments of intercompany loans | – | – | (35,431 | ) | 35,431 | – | |||||||||||||||||||
Borrowings of intercompany loans | 27,875 | 514 | 6,591 | (34,980 | ) | – | |||||||||||||||||||
Proceeds from stock options exercised and other | 2,673 | – | – | – | 2,673 | ||||||||||||||||||||
Total financing activities | 22,386 | 514 | (28,840 | ) | 451 | (5,489 | ) | ||||||||||||||||||
Effect of exchange rate on cash | – | – | 750 | – | 750 | ||||||||||||||||||||
Net increase in cash | 40,718 | 1,440 | 17,244 | – | 59,402 | ||||||||||||||||||||
Cash at the beginning of period | 3,063 | 2,838 | 32,376 | – | 38,277 | ||||||||||||||||||||
Cash at the end of period | $ | 43,781 | $ | 4,278 | $ | 49,620 | $ | – | $ | 97,679 | |||||||||||||||
Quarterly_Results
Quarterly Results | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Quarterly Results | 26 | QUARTERLY RESULTS (UNAUDITED) | |||||||||||||||||||||||||||||||||||||||
In thousands, | Net sales | Gross Profit | Net Income | Diluted earnings per | |||||||||||||||||||||||||||||||||||||
except per share | share | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
First | $ | 455,721 | $ | 405,189 | $ | 55,040 | $ | 57,375 | $ | 14,648 | $ | 15,629 | $ | 0.33 | $ | 0.36 | |||||||||||||||||||||||||
Second | 445,341 | 425,967 | 41,437 | 40,840 | 4,669 | 933 | 0.11 | 0.02 | |||||||||||||||||||||||||||||||||
Third | 465,092 | 456,648 | 80,513 | 66,039 | 30,372 | 34,119 | 0.69 | 0.77 | |||||||||||||||||||||||||||||||||
Fourth | 436,261 | 434,811 | 58,164 | 54,406 | 19,557 | 16,477 | 0.45 | 0.37 | |||||||||||||||||||||||||||||||||
The information set forth above for net income and earnings per share includes the impact of the following, on an after-tax basis: | |||||||||||||||||||||||||||||||||||||||||
Asset Impairment | Restructuring Costs & | Alternative Fuel | Gains on Sales of Plant | Acquisition | |||||||||||||||||||||||||||||||||||||
Charge | Workforce Efficiency | Mixture/ Cellulosic | Equipment and Timberlands | Integration Costs | |||||||||||||||||||||||||||||||||||||
Biofuel Credits | |||||||||||||||||||||||||||||||||||||||||
In thousands | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
First | $ | – | $ | – | $ | – | $ | (260 | ) | $ | – | $ | – | $ | 507 | $ | 282 | $ | – | $ | (1,761 | ) | |||||||||||||||||||
Second | – | – | – | (193 | ) | – | – | 872 | – | – | (3,969 | ) | |||||||||||||||||||||||||||||
Third | (2,356 | ) | – | – | (117 | ) | 1,032 | 9,866 | 1,004 | 142 | (115 | ) | (154 | ) | |||||||||||||||||||||||||||
Fourth | – | – | (373 | ) | (60 | ) | 81 | 450 | 612 | 1,301 | (487 | ) | (194 | ) | |||||||||||||||||||||||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||
Valuation and Qualifying Accounts | Schedule II | ||||||||||||||||||||||||||||
P. H. GLATFELTER COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||
SUPPLEMENTAL FINANCIAL STATEMENT SCHEDULE | |||||||||||||||||||||||||||||
For each of the three years ended December 31, 2014 | |||||||||||||||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||||||||||||||
Allowance for | |||||||||||||||||||||||||||||
In thousands | Doubtful Accounts | Sales Discounts and Deductions | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Balance, beginning of year | $ | 2,725 | $ | 2,858 | $ | 2,861 | $ | 1,810 | $ | 2,302 | $ | 2,831 | |||||||||||||||||
Provision | 1,061 | 945 | 71 | 4,356 | 5,526 | 3,661 | |||||||||||||||||||||||
Write-offs, recoveries and discounts allowed | (946 | ) | (1,119 | ) | (91 | ) | (4,719 | ) | (6,148 | ) | (4,173 | ) | |||||||||||||||||
Other (a) | (137 | ) | 41 | 17 | 362 | 130 | (17 | ) | |||||||||||||||||||||
Balance, end of year | $ | 2,703 | $ | 2,725 | $ | 2,858 | $ | 1,809 | $ | 1,810 | $ | 2,302 | |||||||||||||||||
The provision for doubtful accounts is included in selling, general and administrative expense and the provision for sales discounts and deductions is deducted from sales. The related allowances are deducted from accounts receivable. | |||||||||||||||||||||||||||||
(a) | Relates primarily to changes in currency exchange rates. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Glatfelter and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. | ||||
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 consolidated financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes that actual results may differ from those estimates and assumptions. | ||||
Cash and Cash Equivalents | Cash and Cash Equivalents We classify all highly liquid instruments with an original maturity of three months or less at the time of purchase as cash equivalents. | ||||
Inventories | Inventories Inventories are stated at the lower of cost or market. Raw materials, in-process and finished inventories of our U.S. manufacturing operations are valued using the last-in, first-out (LIFO) method, and the supplies inventories are valued principally using the average-cost method. Inventories at our foreign operations are valued using the average cost method. | ||||
Plant, Equipment and Timberlands | Plant, Equipment and Timberlands For financial reporting purposes, depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. | ||||
The range of estimated service lives used to calculate financial reporting depreciation for principal items of plant and equipment are as follows: | |||||
Buildings | 15 – 45 Years | ||||
Machinery and equipment | 5 – 40 Years | ||||
Other | 3 – 25 Years | ||||
Maintenance and Repairs | Maintenance and Repairs Maintenance and repairs costs are charged to income and major renewals and betterments are capitalized. At the time property is retired or sold, the net carrying value is eliminated and any resultant gain or loss is included in income. | ||||
Valuation of Long-lived Assets, Intangible Assets and Goodwill | Valuation of Long-lived Assets, Intangible Assets and Goodwill We evaluate long-lived assets for impairment when a specific event indicates that the carrying value of an asset may not be recoverable. Recoverability is assessed based on estimates of future cash flows expected to result from the use and eventual disposition of the asset. If the sum of expected undiscounted cash flows is less than the carrying value of the asset, the asset’s fair value is estimated and an impairment loss is recognized for any deficiencies. Goodwill and non-amortizing tradename intangible assets are reviewed, on a discounted cash flow basis, during the third quarter of each year for impairment or more frequently if impairment indicators are present. Impairment losses, if any, are recognized for the amount by which the carrying value of the reporting unit exceeds its fair value. The carrying value of a reporting unit is defined using an enterprise premise which is generally determined by the difference between the unit’s assets and operating liabilities. | ||||
Asset Retirement Obligations | Asset Retirement Obligations In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 410, Asset Retirement and Environmental Obligations, we accrue asset retirement obligations in the period in which obligations relating to future asset retirements are incurred and when a reasonable estimate of fair value can be determined. Under these standards, costs are to be accrued at estimated fair value, and a related long-lived asset is capitalized. Over time, the liability is accreted to its settlement value and the capitalized cost is depreciated over the useful life of the related asset for which the obligation exists. Upon settlement of the liability, we recognize a gain or loss for any difference between the settlement amount and the liability recorded. | ||||
Income Taxes | Income Taxes Income taxes are determined using the asset and liability method of accounting for income taxes in accordance with FASB ASC 740 Income Taxes (“ASC 740”). Under ASC 740, tax expense includes U.S. and international income taxes plus the provision for U.S. taxes on undistributed earnings of international subsidiaries not deemed to be permanently invested. Tax credits and other incentives reduce tax expense in the year the credits are claimed. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effect of such temporary differences is reported in deferred income taxes. Deferred tax assets are recognized if it is more likely than not that the assets will be realized in future years. We establish a valuation allowance for deferred tax assets for which realization is not more likely than not. | ||||
Income tax contingencies are accounted for in accordance with FASB ASC 740-10-20 Income Taxes. Significant judgment is required in determining our worldwide provision for income taxes and recording the related assets and liabilities. In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is less than certain. We and our subsidiaries are examined by various Federal, State, and foreign tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. We continually assess the likelihood and amount of potential adjustments and record any necessary adjustments in the period in which the facts that give rise to a revision become known. | |||||
Treasury Stock | Treasury Stock Common stock purchased for treasury is recorded at cost. At the date of subsequent reissue, the treasury stock account is reduced by the cost of such stock on the weighted-average cost basis. | ||||
Foreign Currency Translation | Foreign Currency Translation Foreign currency translation gains and losses and the effect of exchange rate changes on transactions designated as hedges of net foreign investments are included as a component of other comprehensive income (loss). Transaction gains and losses are included in income in the period in which they occur. | ||||
Revenue Recognition | Revenue Recognition We recognize revenue on product sales when the customer takes title and assumes the risks and rewards of ownership. Estimated costs for sales incentives, discounts and sales returns and allowances are recorded as sales deductions in the period in which the related revenue is recognized. | ||||
Revenue from energy sales is recognized when electricity is delivered to the customer. Certain costs associated with the production of electricity, such as fuel, labor, depreciation and maintenance are netted against energy sales for presentation on the consolidated statements of income. | |||||
Revenue from renewable energy credits is recorded under the caption “Energy and related sales, net” in the Consolidated Statements of Income and is recognized when all risks, rights and rewards to the certificate are transferred to the counterparty. | |||||
Environmental Liabilities | Environmental Liabilities Accruals for losses associated with environmental obligations are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on existing legislation and remediation technologies. Costs related to environmental remediation are charged to expense. These accruals are adjusted periodically as assessment and remediation actions continue and/or further legal or technical information develops. Such undiscounted liabilities are exclusive of any insurance or other claims against third parties. Environmental costs are capitalized if the costs extend the life of the asset, increase its capacity and/or mitigate or prevent contamination from future operations. Recoveries of environmental remediation costs from other parties, including insurance carriers, are recorded as assets when their receipt is assured beyond a reasonable doubt. | ||||
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the respective periods. Diluted earnings per share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. The dilutive effect of common share equivalents is considered in the diluted earnings per share computation using the treasury stock method. | ||||
Financial Derivatives and Hedging Activities | Financial Derivatives and Hedging Activities We use financial derivatives to manage exposure to changes in foreign currencies. In accordance with FASB ASC 815 Derivatives and Hedging (“ASC 815”), we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. | ||||
Cash Flow Hedges The effective portion of the gain or loss on those derivative instruments designated and qualifying as a hedge of the exposure to variability in expected future cash flows related to forecasted transactions is deferred and reported as a component of accumulated other comprehensive income (loss). Deferred gains or losses are reclassified to our results of operations at the time the hedged forecasted transaction is recorded in our results of operations. The effectiveness of cash flow hedges is assessed at inception and quarterly thereafter. If the instrument becomes ineffective or it becomes probable that the originally-forecasted transaction will not occur, the related change in fair value of the derivative instrument is also reclassified from accumulated other comprehensive income (loss) and recognized in earnings. | |||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments Under the accounting for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The three levels of the fair value hierarchy are described below: | ||||
Level 1 – | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||
Level 2 – | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||||
Level 3 – | Inputs that are both significant to the fair value measurement and unobservable. | ||||
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements | ||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09 – Revenue from Contracts with Customers which clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards. The new standard is required to be adopted for fiscal years beginning after December 15, 2016 and early adoption is not permitted. We are in the process of evaluating the impact this standard may have, if any, on our reported results of operations or financial position. |
Accounting_Policies_Tables
Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Schedule of Range of Estimated Service Lives | The range of estimated service lives used to calculate financial reporting depreciation for principal items of plant and equipment are as follows: | ||||
Buildings | 15 – 45 Years | ||||
Machinery and equipment | 5 – 40 Years | ||||
Other | 3 – 25 Years |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | The allocation of the purchase price to assets acquired and liabilities assumed was as follows: | ||||||||
In thousands | Final Allocation | ||||||||
Assets | |||||||||
Cash and cash equivalents | $ | 12,227 | |||||||
Accounts receivable | 23,870 | ||||||||
Inventory | 13,864 | ||||||||
Prepaid and other current assets | 8,060 | ||||||||
Plant, equipment and timberlands | 60,951 | ||||||||
Intangible assets | 87,596 | ||||||||
Goodwill | 74,870 | ||||||||
Total assets | 281,438 | ||||||||
Liabilities | |||||||||
Accounts payable | 20,253 | ||||||||
Deferred tax liabilities | 36,120 | ||||||||
Other long term liabilities | 1,927 | ||||||||
Total liabilities | 58,300 | ||||||||
Total | 223,138 | ||||||||
less cash acquired | (12,227 | ) | |||||||
Total purchase price | $ | 210,911 | |||||||
Summary of Pro Forma Financial Information | The table below summarizes pro forma financial information as if the acquisition and related financing transaction occurred as of January 1, 2012: | ||||||||
Year ended December 31 | |||||||||
In thousands, except per share | 2013 | 2012 | |||||||
Pro forma | |||||||||
Net sales | $ | 1,779,434 | $ | 1,727,538 | |||||
Net income | 80,381 | 79,075 | |||||||
Diluted earnings per share | 1.82 | 1.81 |
Energy_and_Related_Sales_Net_T
Energy and Related Sales, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Summary of Energy and Related Sales Net | The following table summarizes this activity for each of the past three years: | ||||||||||||
Year ended December 31 | |||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||
Energy sales | $ | 11,886 | $ | 8,189 | $ | 5,284 | |||||||
Costs to produce | (6,204 | ) | (6,784 | ) | (4,187 | ) | |||||||
Net | 5,682 | 1,405 | 1,097 | ||||||||||
Renewable energy credits | 2,245 | 1,748 | 5,903 | ||||||||||
Total | $ | 7,927 | $ | 3,153 | $ | 7,000 |
Gain_on_Dispositions_of_Plant_1
Gain on Dispositions of Plant, Equipment and Timberlands (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Summary for Sale of Timberlands and Other Assets | During 2014, 2013 and 2012, we completed the following sales of assets: | ||||||||||||
Dollars in thousands | Acres | Proceeds | Gain | ||||||||||
2014 | |||||||||||||
Timberlands | 2,753 | $ | 5,062 | $ | 4,855 | ||||||||
Other | n/a | 10 | 6 | ||||||||||
Total | $ | 5,072 | $ | 4,861 | |||||||||
2013 | |||||||||||||
Timberlands | 876 | $ | 1,445 | $ | 1,410 | ||||||||
Other | n/a | 502 | 316 | ||||||||||
Total | $ | 1,947 | $ | 1,726 | |||||||||
2012 | |||||||||||||
Timberlands | 4,830 | $ | 9,494 | $ | 9,203 | ||||||||
Other | n/a | 778 | 612 | ||||||||||
Total | $ | 10,272 | $ | 9,815 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Details of Basic and Diluted Earnings Per Share (EPS) | The following table sets forth the details of basic and diluted earnings per share (EPS): | ||||||||||||
Year ended December 31 | |||||||||||||
In thousands, except per share | 2014 | 2013 | 2012 | ||||||||||
Net income | $ | 69,246 | $ | 67,158 | $ | 59,379 | |||||||
Weighted average common shares outstanding used in basic EPS | 43,201 | 43,158 | 42,851 | ||||||||||
Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs | 865 | 1,141 | 821 | ||||||||||
Weighted average common shares outstanding and common share equivalents used in diluted EPS | 44,066 | 44,299 | 43,672 | ||||||||||
Earnings per share | |||||||||||||
Basic | $ | 1.6 | $ | 1.56 | $ | 1.39 | |||||||
Diluted | 1.57 | 1.52 | 1.36 | ||||||||||
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 the potential common shares outstanding for stock options and restricted stock units that were not included in the computation of diluted EPS for the period indicated, because their effect would be anti-dilutive: | ||||||||||||
Year ended December 31 | |||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||
Potential common shares | 277 | 7 | 8 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
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 years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||
in thousands | Currency | Unrealized | Change in | Change in | Total | ||||||||||||||||
translation | gain (loss) | pensions | other | ||||||||||||||||||
adjustments | on cash | postretirement | |||||||||||||||||||
flow hedges | defined | ||||||||||||||||||||
benefit plans | |||||||||||||||||||||
Balance at January 1, 2014 | $ | 15,141 | $ | (941 | ) | $ | (89,547 | ) | $ | (10 | ) | $ | (75,357 | ) | |||||||
Other comprehensive income before reclassifications (net of tax) | (49,365 | ) | 2,826 | (40,266 | ) | (2,803 | ) | (89,608 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | – | 471 | 9,553 | 71 | 10,095 | ||||||||||||||||
(net of tax) | |||||||||||||||||||||
Net current period other comprehensive income (loss) | (49,365 | ) | 3,297 | (30,713 | ) | (2,732 | ) | (79,513 | ) | ||||||||||||
Balance at December 31, 2014 | $ | (34,224 | ) | $ | 2,356 | $ | (120,260 | ) | $ | (2,742 | ) | $ | (154,870 | ) | |||||||
Balance at January 1, 2013 | $ | 315 | $ | (424 | ) | $ | (159,560 | ) | $ | (4,297 | ) | $ | (163,966 | ) | |||||||
Other comprehensive income before reclassifications (net of tax) | 14,826 | (1,198 | ) | 54,906 | 4,187 | 72,721 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (net of tax) | – | 681 | 15,107 | 100 | 15,888 | ||||||||||||||||
Net current period other comprehensive income (loss) | 14,826 | (517 | ) | 70,013 | 4,287 | 88,609 | |||||||||||||||
Balance at December 31, 2013 | $ | 15,141 | $ | (941 | ) | $ | (89,547 | ) | $ | (10 | ) | $ | (75,357 | ) | |||||||
Balance at January 1, 2012 | $ | (11,043 | ) | $ | 1,185 | $ | (153,002 | ) | $ | (3,881 | ) | $ | (166,741 | ) | |||||||
Other comprehensive income before reclassifications (net of tax) | 11,358 | (39 | ) | (18,657 | ) | (244 | ) | (7,582 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | – | (1,570 | ) | 12,099 | (172 | ) | 10,357 | ||||||||||||||
(net of tax) | |||||||||||||||||||||
Net current period other comprehensive income (loss) | 11,358 | (1,609 | ) | (6,558 | ) | (416 | ) | 2,775 | |||||||||||||
Balance at December 31, 2012 | $ | 315 | $ | (424 | ) | $ | (159,560 | ) | $ | (4,297 | ) | $ | (163,966 | ) | |||||||
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Losses) | The following table sets forth the amounts reclassified from accumulated other comprehensive income (losses) for the years indicated. | ||||||||||||||||||||
Year ended December 31 | |||||||||||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||||||||||
Description | Line Item in Statements of Income | ||||||||||||||||||||
Cash flow hedges (Note 20) | |||||||||||||||||||||
(Gains) losses on cash flow hedges | $ | 655 | $ | 945 | $ | (2,183 | ) | Costs of products sold | |||||||||||||
Tax (benefit) expense | (184 | ) | (264 | ) | 613 | Income tax provision | |||||||||||||||
Net of tax | 471 | 681 | (1,570 | ) | |||||||||||||||||
Retirement plan obligations (Note 11) | |||||||||||||||||||||
Amortization of deferred benefit pension | 2,503 | 2,470 | 2,025 | Costs of products sold | |||||||||||||||||
plan items | |||||||||||||||||||||
Prior service costs | 830 | 649 | 430 | Selling, general and administrative | |||||||||||||||||
Actuarial losses | 8,965 | 16,399 | 13,764 | Costs of products sold | |||||||||||||||||
3,086 | 4,699 | 3,256 | Selling, general and administrative | ||||||||||||||||||
15,384 | 24,217 | 19,475 | |||||||||||||||||||
(5,831 | ) | (9,110 | ) | (7,376 | ) | Income tax provision | |||||||||||||||
Net of tax | 9,553 | 15,107 | 12,099 | ||||||||||||||||||
Amortization of deferred benefit other | (237 | ) | (384 | ) | (760 | ) | Costs of products sold | ||||||||||||||
plan items | |||||||||||||||||||||
Prior service costs | (51 | ) | (96 | ) | (177 | ) | Selling, general and administrative | ||||||||||||||
Actuarial losses | 331 | 494 | 511 | Costs of products sold | |||||||||||||||||
71 | 147 | 149 | Selling, general and administrative | ||||||||||||||||||
114 | 161 | (277 | ) | ||||||||||||||||||
(43 | ) | (61 | ) | 105 | Income tax provision | ||||||||||||||||
Net of tax | 71 | 100 | (172 | ) | |||||||||||||||||
Total reclassifications, net of tax | $ | 10,095 | $ | 15,888 | $ | 10,357 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Schedule of Provision for Income Taxes from Operations | The provision for income taxes from operations consisted of the following: | ||||||||||||||||
Year ended December 31 | |||||||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||||||
Current taxes | |||||||||||||||||
Federal | $ | 3,291 | $ | 625 | $ | 8,869 | |||||||||||
State | 238 | (4,365 | ) | 3,386 | |||||||||||||
Foreign | 24,027 | 17,268 | 9,516 | ||||||||||||||
27,556 | 13,528 | 21,771 | |||||||||||||||
Deferred taxes and other | |||||||||||||||||
Federal | (3,975 | ) | (10,973 | ) | (5,456 | ) | |||||||||||
State | (147 | ) | (474 | ) | (920 | ) | |||||||||||
Foreign | (5,297 | ) | (38 | ) | 4,167 | ||||||||||||
(9,419 | ) | (11,485 | ) | (2,209 | ) | ||||||||||||
Income tax provision | $ | 18,137 | $ | 2,043 | $ | 19,562 | |||||||||||
Schedule of Domestic and Foreign Components of Pretax Income from Operations | The following are the domestic and foreign components of pretax income from operations: | ||||||||||||||||
Year ended December 31 | |||||||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||||||
United States | $ | 4,637 | $ | (3,052 | ) | $ | 24,525 | ||||||||||
Foreign | 82,746 | 72,253 | 54,416 | ||||||||||||||
Total pretax income | $ | 87,383 | $ | 69,201 | $ | 78,941 | |||||||||||
Schedule of Reconciliation of Federal Statutory Rate to Company's Effective Tax Rate | A reconciliation between the income tax provision, computed by applying the statutory federal income tax rate of 35% to income before income taxes, and the actual income tax provision is as follows: | ||||||||||||||||
Year ended December 31 | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Federal income tax provision at statutory rate | 35 | % | 35 | % | 35 | % | |||||||||||
State income taxes, net of federal income tax benefit | 0.2 | 0.5 | 1.3 | ||||||||||||||
Foreign income tax rate differential | (5.0 | ) | (5.0 | ) | (3.9 | ) | |||||||||||
Change in statutory tax rates | (2.2 | ) | (0.6 | ) | (0.8 | ) | |||||||||||
Tax credits | (2.0 | ) | (4.4 | ) | (0.5 | ) | |||||||||||
Change in unrecognized tax benefits, net | 1.3 | (22.7 | ) | 0.4 | |||||||||||||
Permanent differences on non-U.S. earnings | (2.8 | ) | (0.4 | ) | – | ||||||||||||
Cellulosic biofuel credit, net of incremental state tax and manufacturing deduction benefit | – | – | (6.1 | ) | |||||||||||||
Valuation allowance | (2.7 | ) | – | – | |||||||||||||
Other | (1.0 | ) | 0.6 | (0.6 | ) | ||||||||||||
Provision for income taxes | 20.8 | % | 3 | % | 24.8 | % | |||||||||||
Schedule of Current and Non-Current Deferred Tax Assets and Liabilities | Current and non-current deferred tax assets and liabilities are included in the following balance sheet captions: | ||||||||||||||||
December 31 | |||||||||||||||||
In thousands | 2014 | 2013 | |||||||||||||||
Prepaid expenses and | $ | 20,017 | $ | 21,447 | |||||||||||||
other current assets | |||||||||||||||||
Other assets | 8,830 | 9,197 | |||||||||||||||
Other current liabilities | 234 | 12 | |||||||||||||||
Deferred income taxes | 104,016 | 141,020 | |||||||||||||||
Schedule of Unrecognized Tax Benefit | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: | ||||||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||||||
Balance at January 1 | $ | 14.9 | $ | 30.4 | $ | 29.7 | |||||||||||
Increases in tax positions for prior years | 0.7 | 0.2 | 1.4 | ||||||||||||||
Decreases in tax positions for prior years | (0.5 | ) | (4.9 | ) | (1.0 | ) | |||||||||||
Acquisition related: | |||||||||||||||||
Purchase Accounting | 0.3 | 1.3 | – | ||||||||||||||
Increases in tax positions for current year | 3.4 | 1.7 | 1.9 | ||||||||||||||
Settlements | (1.3 | ) | – | (0.4 | ) | ||||||||||||
Lapse in statutes of limitation | (2.6 | ) | (13.8 | ) | (1.2 | ) | |||||||||||
Balance at December 31 | $ | 14.9 | $ | 14.9 | $ | 30.4 | |||||||||||
Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction | The following table summarizes tax years that remain subject to examination by major jurisdiction: | ||||||||||||||||
Open Tax Years | |||||||||||||||||
Jurisdiction | Examinations not yet | Examination in | |||||||||||||||
initiated | progress | ||||||||||||||||
United States | |||||||||||||||||
Federal | 2013 – 2014 | 2011 – 2012 | |||||||||||||||
State | 2010 – 2014 | 2011 – 2012 | |||||||||||||||
Canada(1) | 2010 – 2014 | 2009 | |||||||||||||||
Germany(1) | 2012 – 2014 | 2007 – 2011 | |||||||||||||||
France | 2013 – 2014 | 2011 – 2012 | |||||||||||||||
United Kingdom | 2013 – 2014 | N/A | |||||||||||||||
Philippines | 2012 – 2014 | 2011 | |||||||||||||||
-1 | includes provincial or similar local jurisdictions, as applicable. | ||||||||||||||||
Summary of Information Related to Interest and Penalties on Uncertain Tax Positions | The following table summarizes information related to interest and penalties on uncertain tax positions: | ||||||||||||||||
As of or for the year ended | |||||||||||||||||
December 31, | |||||||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||||||
Accrued interest payable | $ | 0.6 | $ | 0.6 | $ | 1.4 | |||||||||||
Interest expense (income) | – | (0.8 | ) | (0.3 | ) | ||||||||||||
Penalties | – | – | – | ||||||||||||||
Deferred Income Tax [Member] | |||||||||||||||||
Schedule of Current and Non-Current Deferred Tax Assets and Liabilities | The sources of deferred income taxes were as follows at December 31: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
In thousands | Current | Non | Current | Non | |||||||||||||
Asset | current | Asset | current | ||||||||||||||
(Liability) | Asset | (Liability) | Asset | ||||||||||||||
(Liability) | (Liability) | ||||||||||||||||
Reserves | $ | 5,032 | $ | 7,987 | $ | 5,001 | $ | 7,919 | |||||||||
Compensation | 3,087 | 5,075 | 3,111 | 5,000 | |||||||||||||
Post-retirement benefits | 1,531 | 21,338 | 1,070 | 19,819 | |||||||||||||
Property | – | (89,432 | ) | – | (98,889 | ) | |||||||||||
Intangible Assets | – | (21,285 | ) | – | (28,918 | ) | |||||||||||
Pension | 532 | (30,412 | ) | 802 | (51,148 | ) | |||||||||||
Inventories | 2,758 | – | 1,491 | – | |||||||||||||
Other | (783 | ) | 1,171 | 893 | 2,377 | ||||||||||||
Tax carryforwards | 8,560 | 12,660 | 10,322 | 16,922 | |||||||||||||
Subtotal | 20,717 | (92,898 | ) | 22,690 | (126,918 | ) | |||||||||||
Valuation allowance | (934 | ) | (2,288 | ) | (1,255 | ) | (4,905 | ) | |||||||||
Total | $ | 19,783 | $ | (95,186 | ) | $ | 21,435 | $ | (131,823 | ) |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |||||||||||||||||||||||||
Summary of Stock Option Activity | The following table sets forth information related to outstanding SOSARS: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
SOSARS | Shares | Wtd Avg | Shares | Wtd Avg | Shares | Wtd Avg | |||||||||||||||||||
Exercise Price | Exercise Price | Exercise Price | |||||||||||||||||||||||
Outstanding at January 1, | 1,977,133 | $ | 13.91 | 2,121,454 | $ | 12.93 | 2,298,288 | $ | 12.35 | ||||||||||||||||
Granted | 281,881 | 29.78 | 368,687 | 18.51 | 364,114 | 15.58 | |||||||||||||||||||
Exercised | (364,465 | ) | 13.99 | (435,562 | ) | 12.63 | (500,074 | ) | 12.06 | ||||||||||||||||
Canceled / forfeited | (29,842 | ) | 19.36 | (77,446 | ) | 16.28 | (40,874 | ) | 14.31 | ||||||||||||||||
Outstanding at December 31, | 1,864,707 | $ | 16.2 | 1,977,133 | $ | 13.91 | 2,121,454 | $ | 12.93 | ||||||||||||||||
Exercisable at December 31, | 1,285,998 | 12.94 | 1,330,816 | 12.58 | 1,469,537 | 12.3 | |||||||||||||||||||
Vested and expected to vest | 1,754,295 | 1,863,244 | 2,055,599 | ||||||||||||||||||||||
SOSAR Grants | |||||||||||||||||||||||||
Weighted average grant date fair value per share | $ | 9.81 | $ | 5.74 | $ | 4.94 | |||||||||||||||||||
Aggregate grant date fair value (in thousands) | $ | 2,764 | $ | 2,103 | $ | 1,797 | |||||||||||||||||||
Black-Scholes assumptions | |||||||||||||||||||||||||
Dividend yield | 1.48 | % | 2.16 | % | 2.31 | % | |||||||||||||||||||
Risk free rate of return | 1.74 | % | 1.01 | % | 1.02 | % | |||||||||||||||||||
Volatility | 37.59 | % | 39.58 | % | 41.48 | % | |||||||||||||||||||
Expected life | 6 yrs | 6 yrs | 6 yrs | ||||||||||||||||||||||
Compensation expense (in thousands) | $ | 2,086 | $ | 1,591 | $ | 1,448 | |||||||||||||||||||
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | |||||||||||||||||||||||||
Summary of Stock Option Activity | The following table summarizes RSU and PSA activity during the past three years: | ||||||||||||||||||||||||
Units | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Balance at January 1, | 1,001,814 | 847,679 | 788,088 | ||||||||||||||||||||||
Granted | 178,882 | 315,196 | 209,021 | ||||||||||||||||||||||
Forfeited | (47,379 | ) | (47,831 | ) | (52,800 | ) | |||||||||||||||||||
Shares delivered | (244,375 | ) | (113,230 | ) | (96,630 | ) | |||||||||||||||||||
Balance at December 31, | 888,942 | 1,001,814 | 847,679 | ||||||||||||||||||||||
Compensation Expense for Stock Option Activity | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Compensation expense | $ | 2,652 | $ | 2,882 | $ | 2,576 |
Retirement_Plans_and_Other_Pos1
Retirement Plans and Other Post-Retirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Schedule of Change in Benefit Obligation and Plan Assets | Claims are paid as reported. | ||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
In millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Change in Benefit Obligation | |||||||||||||||||
Balance at beginning of year | $ | 487.7 | $ | 528.4 | $ | 54.8 | $ | 63 | |||||||||
Service cost | 10.4 | 11.6 | 1.5 | 2.9 | |||||||||||||
Interest cost | 24.8 | 21.8 | 2.5 | 2.1 | |||||||||||||
Plan amendments | 3.6 | – | – | – | |||||||||||||
Participant contributions | – | – | 1.3 | 1.4 | |||||||||||||
Actuarial (gain)/loss | 83.9 | (44.0 | ) | 4.5 | (10.5 | ) | |||||||||||
Benefits paid | (31.5 | ) | (30.5 | ) | (4.8 | ) | (4.1 | ) | |||||||||
Effect of currency rate changes | (1.3 | ) | 0.4 | – | – | ||||||||||||
Balance at end of year | $ | 577.6 | $ | 487.7 | $ | 59.8 | $ | 54.8 | |||||||||
Change in Plan Assets | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 601.2 | $ | 545.7 | $ | – | $ | – | |||||||||
Actual return on plan assets | 66.3 | 84.2 | – | – | |||||||||||||
Total contributions | 2 | 1.8 | 4.8 | 4.1 | |||||||||||||
Benefits paid | (31.5 | ) | (30.5 | ) | (4.8 | ) | (4.1 | ) | |||||||||
Fair value of plan assets at end of year | 638 | 601.2 | – | – | |||||||||||||
Funded status at end of year | $ | 60.4 | $ | 113.5 | $ | (59.8 | ) | $ | (54.8 | ) | |||||||
Summary of Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the consolidated balance sheets consist of the following as of December 31: | ||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
In millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Other long-term assets | $ | 102 | $ | 148.9 | $ | – | $ | – | |||||||||
Current liabilities | (2.0 | ) | (2.3 | ) | (3.7 | ) | (4.0 | ) | |||||||||
Other long-term liabilities | (39.6 | ) | (33.1 | ) | (56.1 | ) | (50.8 | ) | |||||||||
Net amount recognized | $ | 60.4 | $ | 113.5 | $ | (59.8 | ) | $ | (54.8 | ) | |||||||
Components of Amounts Recognized as Accumulated Other Comprehensive Income on Pre-Tax Basis | The components of amounts recognized as “Accumulated other comprehensive income” consist of the following on a pre-tax basis: | ||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
In millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Prior service cost/(credit) | $ | 15.1 | $ | 14.8 | $ | (1.1 | ) | $ | (1.4 | ) | |||||||
Net actuarial loss | 181.3 | 131.9 | 5.5 | 1.4 | |||||||||||||
Weighted-Average Assumptions Used in Computing Benefit Obligations | The weighted-average assumptions used in computing the benefit obligations above were as follows: | ||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Discount rate – benefit obligation | 4.21 | % | 5.2 | % | 3.89 | % | 4.52 | % | |||||||||
Future compensation growth rate | 4 | 4 | – | – | |||||||||||||
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: | ||||||||||||||||
In millions | 2014 | 2013 | |||||||||||||||
Projected benefit obligation | $ | 41.7 | $ | 35.4 | |||||||||||||
Accumulated benefit obligation | 36.1 | 31.6 | |||||||||||||||
Fair value of plan assets | – | – | |||||||||||||||
Schedule of Net Periodic Benefit Cost of Pension and Other Benefits | Net periodic benefit cost includes the following components: | ||||||||||||||||
Year Ended December 31 | |||||||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||||||
Pension Benefits | |||||||||||||||||
Service cost | $ | 10.4 | $ | 11.6 | $ | 11.3 | |||||||||||
Interest cost | 24.8 | 21.8 | 23 | ||||||||||||||
Expected return on plan assets | (43.9 | ) | (43.4 | ) | (42.2 | ) | |||||||||||
Amortization of prior service cost | 3.3 | 3.1 | 2.5 | ||||||||||||||
Amortization of actuarial loss | 12.1 | 21.1 | 17 | ||||||||||||||
Total net periodic benefit cost | $ | 6.7 | $ | 14.2 | $ | 11.6 | |||||||||||
Other Benefits | |||||||||||||||||
Service cost | $ | 1.5 | $ | 2.9 | $ | 2.8 | |||||||||||
Interest cost | 2.5 | 2.1 | 2.4 | ||||||||||||||
Expected return on plan assets | – | – | (0.5 | ) | |||||||||||||
Amortization of prior service cost/(credit) | (0.3 | ) | (0.5 | ) | (0.9 | ) | |||||||||||
Amortization of actuarial loss | 0.4 | 0.6 | 0.7 | ||||||||||||||
Total net periodic benefit cost | $ | 4.1 | $ | 5.1 | $ | 4.5 | |||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows: | ||||||||||||||||
Year Ended | |||||||||||||||||
December 31 | |||||||||||||||||
In millions | 2014 | 2013 | |||||||||||||||
Pension Benefits | |||||||||||||||||
Actuarial (gain) loss | $ | 61.5 | $ | (84.7 | ) | ||||||||||||
Plan amendments | 3.6 | – | |||||||||||||||
Amortization of prior service cost | (3.3 | ) | (3.1 | ) | |||||||||||||
Amortization of actuarial losses | (12.1 | ) | (21.1 | ) | |||||||||||||
Total recognized in other comprehensive (income) loss | 49.7 | (108.9 | ) | ||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | 56.4 | $ | (94.7 | ) | ||||||||||||
Other Benefits | |||||||||||||||||
Actuarial (gain) loss | $ | 4.5 | $ | (10.5 | ) | ||||||||||||
Amortization of prior service cost | 0.3 | 0.5 | |||||||||||||||
Amortization of actuarial losses | (0.4 | ) | (0.6 | ) | |||||||||||||
Total recognized in other comprehensive (income) loss | 4.4 | (10.6 | ) | ||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | 8.5 | $ | (5.5 | ) | ||||||||||||
Schedule of Defined Benefit Plan Weighted-Average Assumptions Used in Computing Net Periodic Benefit Cost | The weighted-average assumptions used in computing the net periodic benefit cost information above were as follows: | ||||||||||||||||
Year Ended December 31 | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Pension Benefits | |||||||||||||||||
Discount rate – benefit expense | 5.2 | % | 4.28 | % | 5.09 | % | |||||||||||
Future compensation growth rate | 4 | 4 | 4 | ||||||||||||||
Expected long-term rate of return on plan assets | 8 | 8.5 | 8.5 | ||||||||||||||
Other Benefits | |||||||||||||||||
Discount rate – benefit expense | 4.52 | % | 3.58 | % | 4.45 | % | |||||||||||
Expected long-term rate of return on plan assets | – | – | 8.5 | ||||||||||||||
Schedule of Health Care Cost Trend Rates Used in Calculating Benefit Obligations | Assumed health care cost trend rates used to determine benefit obligations at December 31 were as follows: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Health care cost trend rate assumed for next year | 7.46 | % | 7.46 | % | |||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.5 | 4.5 | |||||||||||||||
Year that the rate reaches the ultimate rate | 2028 | 2028 | |||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A one percentage-point change in assumed health care cost trend rates would have the following effects: | ||||||||||||||||
One Percentage Point | |||||||||||||||||
In millions | Increase | Decrease | |||||||||||||||
Effect on: | |||||||||||||||||
Post-retirement benefit obligation | $ | 5.3 | $ | 4.7 | |||||||||||||
Total of service and interest cost components | 0.4 | 0.4 | |||||||||||||||
Schedule of Target Allocation for Plan Assets | Risk is minimized by diversification by asset class, by style of each manager and by sector and industry limits when applicable. The target allocation for the Plan assets are: | ||||||||||||||||
Domestic Equity | |||||||||||||||||
Large cap | 35 | % | |||||||||||||||
Small and mid cap | 12 | ||||||||||||||||
International equity | 13 | ||||||||||||||||
Real Estate Investment | |||||||||||||||||
Trusts (REIT) | 5 | ||||||||||||||||
Fixed income, cash and cash equivalents | 35 | ||||||||||||||||
Schedule of Fair Value of Benefit Plan Assets | The table below presents the fair values of our benefit plan assets by level within the fair value hierarchy, as described in Note 2: | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
In millions | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Domestic Equity | |||||||||||||||||
Large cap | $ | 187.6 | $ | 187.6 | $ | – | $ | – | |||||||||
Small and mid cap | 61.1 | 61.1 | – | – | |||||||||||||
International equity | 104.5 | 65.1 | 39.4 | – | |||||||||||||
REIT | 31.6 | 31.6 | – | – | |||||||||||||
Fixed income | 235 | 27.3 | 207.7 | – | |||||||||||||
Cash and equivalents | 18.2 | – | 18.2 | – | |||||||||||||
Total | $ | 638 | $ | 372.7 | $ | 265.3 | $ | – | |||||||||
31-Dec-13 | |||||||||||||||||
In millions | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Domestic Equity | |||||||||||||||||
Large cap | $204.60 | $204.60 | $ | – | $ | – | |||||||||||
Small and mid cap | 68.1 | 68.1 | – | – | |||||||||||||
International equity | 114.3 | 73.7 | 40.6 | – | |||||||||||||
REIT | 25.9 | 25.9 | – | – | |||||||||||||
Fixed income | 171.6 | 40.4 | 131.2 | – | |||||||||||||
Cash and equivalents | 16.7 | – | 16.7 | – | |||||||||||||
Total | $ | 601.2 | $ | 412.7 | $ | 188.5 | $ | – | |||||||||
Benefit Payments Expected to be Made under Non-Qualified Pension Plans and Other Benefit Plans | Benefit payments expected to be made in 2015 under our non-qualified pension plans and other benefit plans are summarized below: | ||||||||||||||||
In thousands | |||||||||||||||||
Nonqualified pension plans | $ | 2,108 | |||||||||||||||
Other benefit plans | 3,769 | ||||||||||||||||
Summary of Benefit Expected to be Paid Out | The following benefit payments under all pension and other benefit plans, and giving effect to expected future service, as appropriate, are expected to be paid: | ||||||||||||||||
In thousands | Pension | Other | |||||||||||||||
Benefits | Benefits | ||||||||||||||||
2015 | $ | 36,012 | $ | 3,769 | |||||||||||||
2016 | 35,826 | 3,987 | |||||||||||||||
2017 | 36,061 | 4,450 | |||||||||||||||
2018 | 35,751 | 4,808 | |||||||||||||||
2019 | 35,919 | 5,202 | |||||||||||||||
2020 through 2024 | 186,858 | 40,001 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories, Net of Reserves | Inventories, net of reserves were as follows: | ||||||||
December 31 | |||||||||
In thousands | 2014 | 2013 | |||||||
Raw materials | $ | 61,266 | $ | 59,440 | |||||
In-process and finished | 117,580 | 109,578 | |||||||
Supplies | 69,859 | 67,292 | |||||||
Total | $ | 248,705 | $ | 236,310 |
Plant_Equipment_and_Timberland1
Plant, Equipment and Timberlands (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Summary of Plant, Equipment and Timberlands | Plant, equipment and timberlands at December 31 were as follows: | ||||||||
In thousands | 2014 | 2013 | |||||||
Land and buildings | $ | 208,230 | $ | 206,891 | |||||
Machinery and equipment | 1,265,317 | 1,279,264 | |||||||
Furniture, fixtures, and other | 157,730 | 159,674 | |||||||
Accumulated depreciation | (989,093 | ) | (976,645 | ) | |||||
642,184 | 669,184 | ||||||||
Construction in progress | 49,078 | 47,271 | |||||||
Asset retirement obligation, net | 3,021 | 4,748 | |||||||
Timberlands, less depletion | 3,325 | 2,137 | |||||||
Total | $ | 697,608 | $ | 723,340 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Goodwill and Other Intangible Assets | The following table sets forth information with respect to goodwill and other intangible assets: | ||||||||||||
December 31 | |||||||||||||
In thousands | 2014 | 2013 | |||||||||||
Goodwill – Composite Fibers | $ | 84,137 | $ | 95,948 | |||||||||
Specialty Papers | |||||||||||||
Customer relationships | $ | 6,155 | $ | 6,155 | |||||||||
Composite Fibers | |||||||||||||
Tradename | 5,902 | 10,325 | |||||||||||
Technology and related | 41,749 | 46,038 | |||||||||||
Customer relationships and related | 37,421 | 42,251 | |||||||||||
Advanced Airlaid Materials | |||||||||||||
Technology and related | 1,500 | 1,623 | |||||||||||
Customer relationships and related | 3,042 | 3,445 | |||||||||||
Total intangibles | 95,769 | 109,837 | |||||||||||
Accumulated amortization | (18,671 | ) | (13,756 | ) | |||||||||
Net intangibles | $ | 77,098 | $ | 96,081 | |||||||||
Summary of Amortization of Intangible Assets | The following table sets forth information pertaining to amortization of intangible assets: | ||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||
Aggregate amortization expense: | $ | 6,136 | $ | 4,511 | $ | 1,778 | |||||||
Estimated amortization expense: | |||||||||||||
2015 | 5,859 | ||||||||||||
2016 | 5,398 | ||||||||||||
2017 | 5,124 | ||||||||||||
2018 | 5,124 | ||||||||||||
2019 | 5,124 |
Other_LongTerm_Assets_Tables
Other Long-Term Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Summary of Other Long-Term Assets | Other long-term assets consist of the following: | ||||||||
December 31 | |||||||||
In thousands | 2014 | 2013 | |||||||
Pension | $ | 102,007 | $ | 148,849 | |||||
Other | 26,032 | 27,610 | |||||||
Total | $ | 128,039 | $ | 176,459 |
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Summary of Other Current Liabilities | Other current liabilities consist of the following: | ||||||||
December 31 | |||||||||
In thousands | 2014 | 2013 | |||||||
Accrued payroll and benefits | $ | 39,471 | $ | 41,492 | |||||
Other accrued compensation and retirement benefits | 7,920 | 8,372 | |||||||
Income taxes payable | 3,502 | 6,546 | |||||||
Accrued rebates | 18,910 | 20,208 | |||||||
Other accrued expenses | 41,274 | 46,019 | |||||||
Total | $ | 111,077 | $ | 122,637 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Long-Term Debt | Long-term debt is summarized as follows: | ||||||||
December 31 | |||||||||
In thousands | 2014 | 2013 | |||||||
Revolving credit facility, due Nov. 2016 | $ | 90,555 | $ | 133,540 | |||||
5.375% Notes, due Oct. 2020 | 250,000 | 250,000 | |||||||
2.40% Term Loan, due Jun. 2022 | 12,155 | – | |||||||
2.05% Term Loan, due Mar. 2023 | 51,902 | 58,785 | |||||||
Total long-term debt | 404,612 | 442,325 | |||||||
Less current portion | (5,734 | ) | – | ||||||
Long-term debt, net of current portion | $ | 398,878 | $ | 442,325 | |||||
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 | |||||||||
2015 | $ | 5,734 | |||||||
2016 | 98,779 | ||||||||
2017 | 8,224 | ||||||||
2018 | 8,224 | ||||||||
2019 | 8,224 | ||||||||
Thereafter | 275,427 |
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Schedule of Asset Retirement Obligation | Following is a summary of the reserve for asset retirement obligations for the periods indicated: | ||||||||
In thousands | 2014 | 2013 | |||||||
Balance at January 1, | $ | 5,032 | $ | 8,882 | |||||
Accretion | 145 | 229 | |||||||
Payments | (827 | ) | (2,824 | ) | |||||
Gain | (236 | ) | (1,255 | ) | |||||
Balance at December 31, | $ | 4,114 | $ | 5,032 | |||||
Schedule of Consolidated Balance Sheets where Asset Retirement Obligations Recorded | The following table summarizes the line items in the accompanying consolidated balance sheets where the asset retirement obligations are recorded: | ||||||||
December 31 | |||||||||
In thousands | 2014 | 2013 | |||||||
Other current liabilities | $ | 2,855 | $ | 915 | |||||
Other long-term liabilities | 1,259 | 4,117 | |||||||
Total | $ | 4,114 | $ | 5,032 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Carrying Value and Fair Value of Long-Term Debt | The following table sets forth the carrying value and fair value of long-term debt as of December 31: | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
In thousands | Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
Variable rate debt | $ | 90,555 | $ | 90,555 | $ | 133,540 | $ | 133,540 | |||||||||
Fixed-rate bonds | 250,000 | 255,470 | 250,000 | 254,533 | |||||||||||||
2.05% Term loan | 51,902 | 53,106 | 58,785 | 57,952 | |||||||||||||
2.40% Term loan | 12,155 | 12,626 | – | – | |||||||||||||
Total | $ | 404,612 | $ | 411,757 | $ | 442,325 | $ | 446,025 |
Financial_Derivatives_and_Hedg1
Financial Derivatives and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Values of Derivative Instruments | The following table summarizes the fair values of derivative instruments as of December 31 for the year indicated and the line items in the accompanying consolidated balance sheets where the instruments are recorded: | ||||||||||||||||
December 31 | December 31 | ||||||||||||||||
In thousands | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance sheet caption | Prepaid Expenses | Other Current | |||||||||||||||
and Other | Liabilities | ||||||||||||||||
Current Assets | |||||||||||||||||
Designated as hedging: | |||||||||||||||||
Forward foreign currency exchange contracts | $ | 3,106 | $ | – | $394 | $ | 1,163 | ||||||||||
Not designated as hedging: | |||||||||||||||||
Forward foreign currency exchange contracts | $ | 70 | $ | 36 | $161 | $ | 46 | ||||||||||
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 consolidated statements of income where the results are recorded: | ||||||||||||||||
Year ended December 31 | |||||||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||||||
Designated as hedging: | |||||||||||||||||
Forward foreign currency exchange contracts: | |||||||||||||||||
Effective portion – cost of products sold | $ | (655 | ) | $ | (945 | ) | $ | 2,183 | |||||||||
Ineffective portion – other – net | 184 | 38 | 311 | ||||||||||||||
Not designated as hedging: | |||||||||||||||||
Forward foreign currency exchange contracts: | |||||||||||||||||
Other – net | $ | 1,599 | $ | (455 | ) | $ | (696 | ) | |||||||||
Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income | A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income is as follows: | ||||||||||||||||
In thousands | 2014 | 2013 | |||||||||||||||
Balance at January 1, | $ | (1,296 | ) | $ | (599 | ) | |||||||||||
Deferred (losses) gains on cash flow hedges | 3,923 | (1,642 | ) | ||||||||||||||
Reclassified to earnings | 655 | 945 | |||||||||||||||
Balance at December 31, | $ | 3,282 | $ | (1,296 | ) | ||||||||||||
Designated as Hedging [Member] | |||||||||||||||||
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: | ||||||||||||||||
December 31 | |||||||||||||||||
In thousands | 2014 | 2013 | |||||||||||||||
Derivative | Sell (Buy) Notional | ||||||||||||||||
Sell / Buy | |||||||||||||||||
Euro / U.S. dollar | (32,527 | ) | (27,105 | ) | |||||||||||||
U.S. dollar / Canadian dollar | (10,036 | ) | (13,077 | ) | |||||||||||||
Euro / Philippine peso | (523,313 | ) | – | ||||||||||||||
British Pound / Philippine peso | (260,535 | ) | – | ||||||||||||||
Euro / British Pound | 4,592 | – | |||||||||||||||
Not Designated as Hedging [Member] | |||||||||||||||||
Outstanding Derivatives Used to Hedge Foreign Exchange Risks | |||||||||||||||||
December 31 | |||||||||||||||||
In thousands | 2014 | 2013 | |||||||||||||||
Derivative | Sell (Buy) Notional | ||||||||||||||||
Sell / Buy | |||||||||||||||||
U.S. dollar / British Pound | 9,000 | 6,000 | |||||||||||||||
Euro / British Pound | (3,000 | ) | (8,000 | ) | |||||||||||||
Euro / British Pound | 2,000 | 5,000 | |||||||||||||||
Canadian dollar / U.S. dollar | – | 2,000 | |||||||||||||||
U.S. dollar / Euro | 4,000 | 2,000 | |||||||||||||||
Euro / U.S. dollar | – | 9,000 |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Summary of Outstanding Shares of Common Stock | The following table summarizes outstanding shares of common stock: | ||||||||||||
Year ended December 31 | |||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||
Shares outstanding at beginning of year | 43,130 | 42,784 | 42,650 | ||||||||||
Shares repurchased | (464 | ) | – | (374 | ) | ||||||||
Treasury shares issued for: | |||||||||||||
Restricted stock awards | 162 | 86 | 76 | ||||||||||
401(k) plan | 116 | 123 | 152 | ||||||||||
Employee stock options | 110 | 137 | 280 | ||||||||||
exercised | |||||||||||||
Shares outstanding at end of year | 43,054 | 43,130 | 42,784 |
Share_Repurchases_Tables
Share Repurchases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Summary of Share Repurchases under Stock Repurchase Plan | stock. The following table summarizes share repurchases made under this program through December 31, 2014: | ||||||||
shares | (thousands) | ||||||||
Authorized amount | n/a | $ | 50,000 | ||||||
Repurchases | 755,310 | (16,627 | ) | ||||||
Remaining authorization | $ | 33,373 |
Commitments_Contingencies_and_1
Commitments, Contingencies and Legal Proceedings (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Summary of Minimum Annual Payment Due on Noncancelable Operating Lease | The following table summarizes the minimum annual payments due on noncancelable operating leases and other similar contractual obligations having initial or remaining terms in excess of one year: | ||||||||
In thousands | Leases | Other | |||||||
2015 | $ | 6,244 | $ | 71,402 | |||||
2016 | 3,742 | 23,818 | |||||||
2017 | 2,256 | 1,176 | |||||||
2018 | 1,392 | 536 | |||||||
2019 | 394 | 98 | |||||||
Thereafter | 1 | – |
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Schedule of Financial and Other Information by Business Unit | The following tables set forth profitability and other information by business unit: | ||||||||||||||||||||||||
For the year ended December 31, 2014 | Composite | Advanced | Specialty | Other and | Total | ||||||||||||||||||||
In millions | Fibers | Airlaid | Papers | Unallocated | |||||||||||||||||||||
Materials | |||||||||||||||||||||||||
Net sales | $ | 617.9 | $ | 281.7 | $ | 902.9 | $ | – | $ | 1,802.40 | |||||||||||||||
Energy and related sales, net | – | – | 7.9 | – | 7.9 | ||||||||||||||||||||
Total revenue | 617.9 | 281.7 | 910.8 | – | 1,810.30 | ||||||||||||||||||||
Cost of products sold | 498 | 247.6 | 821.8 | 7.8 | 1,575.20 | ||||||||||||||||||||
Gross profit | 119.9 | 34.1 | 89 | (7.8 | ) | 235.2 | |||||||||||||||||||
SG&A | 51.6 | 8.8 | 50.4 | 22.4 | 133.2 | ||||||||||||||||||||
Gains on dispositions of plant, equipment and timberlands, net | – | – | – | (4.9 | ) | (4.9 | ) | ||||||||||||||||||
Total operating income (loss) | 68.3 | 25.3 | 38.6 | (25.3 | ) | 106.8 | |||||||||||||||||||
Non-operating expense | – | – | – | (19.4 | ) | (19.4 | ) | ||||||||||||||||||
Income (loss) before income taxes | $ | 68.3 | $ | 25.3 | $ | 38.6 | $ | (44.7 | ) | $ | 87.4 | ||||||||||||||
Supplementary Data | |||||||||||||||||||||||||
Plant, equipment and timberlands, net | $ | 277.8 | $ | 163.6 | $ | 250.1 | $ | 6.1 | $ | 697.6 | |||||||||||||||
Depreciation, depletion and amortization | 29.7 | 9.1 | 29.9 | 1.9 | 70.6 | ||||||||||||||||||||
Capital expenditures | 23.9 | 7.6 | 32.1 | 2.4 | 66 | ||||||||||||||||||||
For the year ended December 31, 2013 | Composite | Advanced | Specialty | Other and | Total | ||||||||||||||||||||
In millions | Fibers | Airlaid | Papers | Unallocated | |||||||||||||||||||||
Materials | |||||||||||||||||||||||||
Net sales | $ | 566.4 | $ | 268.4 | $ | 887.9 | $ | – | $ | 1,722.60 | |||||||||||||||
Energy and related sales, net | – | – | 3.2 | – | 3.2 | ||||||||||||||||||||
Total revenue | 566.4 | 268.4 | 891 | – | 1,725.80 | ||||||||||||||||||||
Cost of products sold | 456.5 | 238 | 799.3 | 13.3 | 1,507.10 | ||||||||||||||||||||
Gross profit | 109.8 | 30.4 | 91.7 | (13.3 | ) | 218.7 | |||||||||||||||||||
SG&A | 47.4 | 8.9 | 52 | 25.5 | 133.9 | ||||||||||||||||||||
Gains on dispositions of plant, equipment and timberlands, net | – | – | – | (1.7 | ) | (1.7 | ) | ||||||||||||||||||
Total operating income (loss) | 62.4 | 21.5 | 39.7 | (37.1 | ) | 86.5 | |||||||||||||||||||
Non-operating expense | – | – | – | (17.3 | ) | (17.3 | ) | ||||||||||||||||||
Income (loss) before income taxes | $ | 62.4 | $ | 21.5 | $ | 39.7 | $ | (54.4 | ) | $ | 69.2 | ||||||||||||||
Supplementary Data | |||||||||||||||||||||||||
Plant, equipment and timberlands, net | $ | 300 | $ | 175.1 | $ | 242.6 | $ | 5.6 | $ | 723.3 | |||||||||||||||
Depreciation, depletion and amortization | 24.8 | 8.9 | 33.2 | 1.3 | 68.2 | ||||||||||||||||||||
Capital expenditures | 56.9 | 6.7 | 34.3 | 5.1 | 103 | ||||||||||||||||||||
For the year ended December 31, 2012 | Composite | Advanced | Specialty | Other and | Total | ||||||||||||||||||||
In millions | Fibers | Airlaid | Papers | Unallocated | |||||||||||||||||||||
Materials | |||||||||||||||||||||||||
Net sales | $ | 436.7 | $ | 246.3 | $ | 894.8 | $ | – | $ | 1,577.80 | |||||||||||||||
Energy and related sales, net | – | – | 7 | – | 7 | ||||||||||||||||||||
Total revenue | 436.7 | 246.3 | 901.8 | – | 1,584.80 | ||||||||||||||||||||
Cost of products sold | 362.6 | 218.7 | 779.5 | 10.3 | 1,371.10 | ||||||||||||||||||||
Gross profit | 74.2 | 27.6 | 122.3 | (10.4 | ) | 213.6 | |||||||||||||||||||
SG&A | 38.1 | 9.6 | 55 | 18.9 | 121.6 | ||||||||||||||||||||
Gains on dispositions of plant, equipment and timberlands, net | – | – | – | (9.8 | ) | (9.8 | ) | ||||||||||||||||||
Total operating income (loss) | 36.1 | 18 | 67.3 | (19.5 | ) | 101.9 | |||||||||||||||||||
Non-operating expense | – | – | – | (22.9 | ) | (22.9 | ) | ||||||||||||||||||
Income (loss) before income taxes | $ | 36.1 | $ | 18 | $ | 67.3 | $ | (42.4 | ) | $ | 78.9 | ||||||||||||||
Supplementary Data | |||||||||||||||||||||||||
Plant, equipment and timberlands, net | $ | 200.1 | $ | 172.9 | $ | 247.9 | $ | 0.3 | $ | 621.2 | |||||||||||||||
Depreciation, depletion and amortization | 23.5 | 8.7 | 37.4 | – | 69.5 | ||||||||||||||||||||
Capital expenditures | 31.4 | 3.9 | 23.1 | 0.3 | 58.8 | ||||||||||||||||||||
Schedule of Net Sales to External Customers and Location of Net Plant, Equipment and Timberlands | Our net sales to external customers and location of net plant, equipment and timberlands are summarized below. Net sales are attributed to countries based upon origin of shipment. | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
In thousands | Net sales | Plant, | Net sales | Plant, | Net sales | Plant, | |||||||||||||||||||
Equipment and | Equipment and | Equipment and | |||||||||||||||||||||||
Timberlands–Net | Timberlands–Net | Timberlands–Net | |||||||||||||||||||||||
United States | $ | 980,933 | $ | 256,251 | $ | 968,833 | $ | 248,306 | $ | 952,195 | $ | 248,185 | |||||||||||||
Germany | 529,003 | 257,311 | 483,859 | 287,880 | 358,442 | 191,559 | |||||||||||||||||||
United Kingdom | 103,219 | 62,617 | 107,082 | 63,650 | 119,092 | 59,131 | |||||||||||||||||||
Canada | 129,401 | 82,774 | 113,414 | 83,033 | 106,702 | 83,796 | |||||||||||||||||||
Other | 59,859 | 38,655 | 49,427 | 40,471 | 41,357 | 38,515 | |||||||||||||||||||
Total | $ | 1,802,415 | $ | 697,608 | $ | 1,722,615 | $ | 723,340 | $ | 1,577,788 | $ | 621,186 | |||||||||||||
Advanced Airlaid Materials [Member] | |||||||||||||||||||||||||
Schedule of Segment Reporting Information of Revenue by Segment | Advanced Airlaid Materials’ revenue composition by market consisted of the following for the years indicated: | ||||||||||||||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Feminine hygiene | $ | 216,836 | $ | 219,222 | $ | 197,792 | |||||||||||||||||||
Adult incontinence | 17,586 | 5,046 | 6,959 | ||||||||||||||||||||||
Wipes | 16,002 | 15,186 | 13,562 | ||||||||||||||||||||||
Home care | 15,401 | 14,857 | 14,527 | ||||||||||||||||||||||
Other | 15,848 | 14,085 | 13,442 | ||||||||||||||||||||||
Total | $ | 281,673 | $ | 268,396 | $ | 246,282 | |||||||||||||||||||
Specialty Papers [Member] | |||||||||||||||||||||||||
Schedule of Segment Reporting Information of Revenue by Segment | Specialty Papers’ revenue composition by market consisted of the following for the years indicated: | ||||||||||||||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Carbonless & forms | $ | 376,959 | $ | 369,618 | $ | 372,950 | |||||||||||||||||||
Engineered products | 194,189 | 184,913 | 187,724 | ||||||||||||||||||||||
Envelope & converting | 183,194 | 175,928 | 174,781 | ||||||||||||||||||||||
Book publishing | 144,744 | 153,054 | 155,925 | ||||||||||||||||||||||
Other | 3,805 | 4,346 | 3,397 | ||||||||||||||||||||||
Total | $ | 902,891 | $ | 887,859 | $ | 894,777 | |||||||||||||||||||
Composite Fibers [Member] | |||||||||||||||||||||||||
Schedule of Segment Reporting Information of Revenue by Segment | Composite Fibers’ revenue composition by market consisted of the following for the years indicated: | ||||||||||||||||||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Food & beverage | $ | 296,304 | $ | 302,738 | $ | 265,423 | |||||||||||||||||||
Wall covering | 149,957 | 97,698 | – | ||||||||||||||||||||||
Metallized | 80,839 | 83,949 | 87,720 | ||||||||||||||||||||||
Composite laminates | 38,159 | 39,296 | 44,613 | ||||||||||||||||||||||
Technical specialties and other | 52,592 | 42,679 | 38,984 | ||||||||||||||||||||||
Total | $ | 617,851 | $ | 566,360 | $ | 436,740 |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||
Condensed Consolidating Statement of Income | Condensed Consolidating Statement of Income for the | ||||||||||||||||||||||||
year ended December 31, 2014 | |||||||||||||||||||||||||
In thousands | Parent | Guarantors | Non | Adjustments/ | Consolidated | ||||||||||||||||||||
Company | Guarantors | Eliminations | |||||||||||||||||||||||
Net sales | $ | 902,892 | $ | 35 | $ | 899,523 | $ | (35 | ) | $ | 1,802,415 | ||||||||||||||
Energy and related sales, net | 7,927 | – | – | – | 7,927 | ||||||||||||||||||||
Total revenues | 910,819 | 35 | 899,523 | (35 | ) | 1,810,342 | |||||||||||||||||||
Costs of products sold | 829,336 | 34 | 745,853 | (35 | ) | 1,575,188 | |||||||||||||||||||
Gross profit | 81,483 | 1 | 153,670 | – | 235,154 | ||||||||||||||||||||
Selling, general and administrative expenses | 67,086 | 492 | 65,657 | – | 133,235 | ||||||||||||||||||||
Gains on dispositions of plant, equipment and timberlands, net | (3,545 | ) | (1,316 | ) | – | – | (4,861 | ) | |||||||||||||||||
Operating income | 17,942 | 825 | 88,013 | – | 106,780 | ||||||||||||||||||||
Other non-operating income (expense) | |||||||||||||||||||||||||
Interest expense | (19,105 | ) | – | (102,571 | ) | 102,755 | (18,921 | ) | |||||||||||||||||
Interest income | 638 | 102,241 | 36 | (102,756 | ) | 159 | |||||||||||||||||||
Equity in earnings of subsidiaries | 66,628 | (35,226 | ) | – | (31,402 | ) | – | ||||||||||||||||||
Other, net | (1,366 | ) | 314 | 417 | – | (635 | ) | ||||||||||||||||||
Total other non-operating income (expense) | 46,795 | 67,329 | (102,118 | ) | (31,403 | ) | (19,397 | ) | |||||||||||||||||
Income (loss) before income taxes | 64,737 | 68,154 | (14,105 | ) | (31,403 | ) | 87,383 | ||||||||||||||||||
Income tax (benefit) provision | (4,509 | ) | 3,060 | 19,586 | – | 18,137 | |||||||||||||||||||
Net income (loss) | 69,246 | 65,094 | (33,691 | ) | (31,403 | ) | 69,246 | ||||||||||||||||||
Other comprehensive (loss) income | (79,513 | ) | (40,704 | ) | 28,840 | 11,864 | (79,513 | ) | |||||||||||||||||
Comprehensive (loss) income | $ | (10,267 | ) | $ | 24,390 | $ | (4,851 | ) | $ | (19,539 | ) | $ | (10,267 | ) | |||||||||||
Condensed Consolidating Statement of Income for the | |||||||||||||||||||||||||
year ended December 31, 2013 | |||||||||||||||||||||||||
In thousands | Parent | Guarantors | Non | Adjustments/ | Consolidated | ||||||||||||||||||||
Company | Guarantors | Eliminations | |||||||||||||||||||||||
Net sales | $ | 887,859 | $ | 16 | $ | 834,756 | $ | (16 | ) | $ | 1,722,615 | ||||||||||||||
Energy and related sales, net | 3,153 | – | – | – | 3,153 | ||||||||||||||||||||
Total revenues | 891,012 | 16 | 834,756 | (16 | ) | 1,725,768 | |||||||||||||||||||
Costs of products sold | 812,298 | 15 | 694,819 | (24 | ) | 1,507,108 | |||||||||||||||||||
Gross profit | 78,714 | 1 | 139,937 | 8 | 218,660 | ||||||||||||||||||||
Selling, general and administrative expenses | 69,614 | 718 | 63,535 | – | 133,867 | ||||||||||||||||||||
Gains on dispositions of plant, equipment and timberlands, net | (1,390 | ) | (319 | ) | (17 | ) | – | (1,726 | ) | ||||||||||||||||
Operating income (loss) | 10,490 | (398 | ) | 76,419 | 8 | 86,519 | |||||||||||||||||||
Other non-operating income (expense) | |||||||||||||||||||||||||
Interest expense | (18,891 | ) | – | (8,064 | ) | 8,990 | (17,965 | ) | |||||||||||||||||
Interest income | 627 | 8,662 | 12 | (8,991 | ) | 310 | |||||||||||||||||||
Equity in earnings of subsidiaries | 58,412 | 48,538 | – | (106,950 | ) | – | |||||||||||||||||||
Other, net | (1,569 | ) | 104 | 1,802 | – | 337 | |||||||||||||||||||
Total other non-operating income (expense) | 38,579 | 57,304 | (6,250 | ) | (106,951 | ) | (17,318 | ) | |||||||||||||||||
Income before income taxes | 49,069 | 56,906 | 70,169 | (106,943 | ) | 69,201 | |||||||||||||||||||
Income tax (benefit) provision | (18,089 | ) | 453 | 19,675 | 4 | 2,043 | |||||||||||||||||||
Net income | 67,158 | 56,453 | 50,494 | (106,947 | ) | 67,158 | |||||||||||||||||||
Other comprehensive income | 88,609 | 6,883 | 4,223 | (11,106 | ) | 88,609 | |||||||||||||||||||
Comprehensive income | $ | 155,767 | $ | 63,336 | $ | 54,717 | $ | (118,053 | ) | $ | 155,767 | ||||||||||||||
Condensed Consolidating Statement of Income for the | |||||||||||||||||||||||||
year ended December 31, 2012 | |||||||||||||||||||||||||
In thousands | Parent | Guarantors | Non | Adjustments/ | Consolidated | ||||||||||||||||||||
Company | Guarantors | Eliminations | |||||||||||||||||||||||
Net sales | $ | 894,777 | $ | 14 | $ | 683,022 | $ | (25 | ) | $ | 1,577,788 | ||||||||||||||
Energy and related sales, net | 7,000 | – | – | – | 7,000 | ||||||||||||||||||||
Total revenues | 901,777 | 14 | 683,022 | (25 | ) | 1,584,788 | |||||||||||||||||||
Costs of products sold | 789,589 | 13 | 581,544 | (7 | ) | 1,371,139 | |||||||||||||||||||
Gross profit | 112,188 | 1 | 101,478 | (18 | ) | 213,649 | |||||||||||||||||||
Selling, general and administrative expenses | 73,877 | 169 | 47,544 | – | 121,590 | ||||||||||||||||||||
Gains on dispositions of plant, equipment and timberlands, net | (9,790 | ) | – | (25 | ) | – | (9,815 | ) | |||||||||||||||||
Operating income (loss) | 48,101 | (168 | ) | 53,959 | (18 | ) | 101,874 | ||||||||||||||||||
Other non-operating income (expense) | |||||||||||||||||||||||||
Interest expense | (22,311 | ) | (57 | ) | (3,891 | ) | 7,565 | (18,694 | ) | ||||||||||||||||
Interest income | 452 | 7,191 | 382 | (7,565 | ) | 460 | |||||||||||||||||||
Equity in earnings of subsidiaries | 40,682 | 33,954 | – | (74,636 | ) | – | |||||||||||||||||||
Other, net | (6,459 | ) | 477 | 1,283 | – | (4,699 | ) | ||||||||||||||||||
Total other non-operating income (expense) | 12,364 | 41,565 | (2,226 | ) | (74,636 | ) | (22,933 | ) | |||||||||||||||||
Income before income taxes | 60,465 | 41,397 | 51,733 | (74,654 | ) | 78,941 | |||||||||||||||||||
Income tax provision | 1,086 | 1,587 | 16,889 | – | 19,562 | ||||||||||||||||||||
Net income | 59,379 | 39,810 | 34,844 | (74,654 | ) | 59,379 | |||||||||||||||||||
Other comprehensive income | 2,775 | 3,243 | 3,920 | (7,163 | ) | 2,775 | |||||||||||||||||||
Comprehensive income | $ | 62,154 | $ | 43,053 | $ | 38,764 | $ | (81,817 | ) | $ | 62,154 | ||||||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet as of December 31, 2014 | ||||||||||||||||||||||||
In thousands | Parent | Guarantors | Non | Adjustments/ | Consolidated | ||||||||||||||||||||
Company | Guarantors | Eliminations | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 42,208 | $ | 514 | $ | 57,115 | $ | — | $ | 99,837 | |||||||||||||||
Other current assets | 218,544 | 420,451 | 263,567 | (427,777 | ) | 474,785 | |||||||||||||||||||
Plant, equipment and timberlands, net | 255,255 | 991 | 441,362 | — | 697,608 | ||||||||||||||||||||
Investments in subsidiaries | 824,480 | 399,931 | — | (1,224,411 | ) | — | |||||||||||||||||||
Other assets | 121,125 | — | 186,129 | (17,980 | ) | 289,274 | |||||||||||||||||||
Total assets | $ | 1,461,612 | $ | 821,887 | $ | 948,173 | $ | (1,670,168 | ) | $ | 1,561,504 | ||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||
Current liabilities | $ | 403,662 | $ | 3,394 | $ | 307,737 | $ | (435,062 | ) | $ | 279,731 | ||||||||||||||
Long-term debt | 250,000 | — | 721,457 | (572,579 | ) | 398,878 | |||||||||||||||||||
Deferred income taxes | 46,483 | (453 | ) | 70,275 | (12,289 | ) | 104,016 | ||||||||||||||||||
Other long-term liabilities | 112,358 | — | 11,633 | 5,779 | 129,770 | ||||||||||||||||||||
Total liabilities | 812,503 | 2,941 | 1,111,102 | (1,014,151 | ) | 912,395 | |||||||||||||||||||
Shareholders’ equity | 649,109 | 818,946 | (162,929 | ) | (656,017 | ) | 649,109 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,461,612 | $ | 821,887 | $ | 948,173 | $ | (1,670,168 | ) | $ | 1,561,504 | ||||||||||||||
Condensed Consolidating Balance Sheet as of December 31, 2013 | |||||||||||||||||||||||||
In thousands | Parent | Guarantors | Non | Adjustments/ | Consolidated | ||||||||||||||||||||
Company | Guarantors | Eliminations | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 56,216 | $ | 501 | $ | 66,165 | $ | — | $ | 122,882 | |||||||||||||||
Other current assets | 208,814 | 327,152 | 253,779 | (326,045 | ) | 463,700 | |||||||||||||||||||
Plant, equipment and timberlands, net | 247,243 | 1,054 | 475,043 | — | 723,340 | ||||||||||||||||||||
Investments in subsidiaries | 803,688 | 468,533 | — | (1,272,221 | ) | — | |||||||||||||||||||
Other assets | 170,060 | — | 214,301 | (15,873 | ) | 368,488 | |||||||||||||||||||
Total assets | $ | 1,486,021 | $ | 797,240 | $ | 1,009,288 | $ | (1,614,139 | ) | $ | 1,678,410 | ||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||
Current liabilities | $ | 375,535 | $ | 2,855 | $ | 247,855 | $ | (337,878 | ) | $ | 288,367 | ||||||||||||||
Long-term debt | 250,000 | — | 513,120 | (320,795 | ) | 442,325 | |||||||||||||||||||
Deferred income taxes | 70,989 | (283 | ) | 78,633 | (8,319 | ) | 141,020 | ||||||||||||||||||
Other long-term liabilities | 105,021 | — | 13,792 | 3,409 | 122,222 | ||||||||||||||||||||
Total liabilities | 801,545 | 2,572 | 853,400 | (663,583 | ) | 993,934 | |||||||||||||||||||
Shareholders’ equity | 684,476 | 794,668 | 155,888 | (950,556 | ) | 684,476 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,486,021 | $ | 797,240 | $ | 1,009,288 | $ | (1,614,139 | ) | $ | 1,678,410 | ||||||||||||||
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows for the year | ||||||||||||||||||||||||
ended December 31, 2014 | |||||||||||||||||||||||||
In thousands | Parent | Guarantors | Non | Adjustments/ | Consolidated | ||||||||||||||||||||
Company | Guarantors | Eliminations | |||||||||||||||||||||||
Net cash provided (used) by | |||||||||||||||||||||||||
Operating activities | $ | 36,240 | $ | 4,158 | $ | 59,179 | $ | – | $ | 99,577 | |||||||||||||||
Investing activities | |||||||||||||||||||||||||
Expenditures for purchases of plant, equipment and timberlands | (34,518 | ) | – | (31,528 | ) | – | (66,046 | ) | |||||||||||||||||
Proceeds from disposal plant, equipment and timberlands, net | 3,707 | 1,355 | 10 | – | 5,072 | ||||||||||||||||||||
Repayments from intercompany loans | – | 20,840 | – | (20,840 | ) | – | |||||||||||||||||||
Advances of intercompany loans | (12,671 | ) | (26,340 | ) | – | 39,011 | – | ||||||||||||||||||
Acquisitions, net of cash acquired | – | – | (8,015 | ) | – | (8,015 | ) | ||||||||||||||||||
Other | (600 | ) | – | – | – | (600 | ) | ||||||||||||||||||
Total investing activities | (44,082 | ) | (4,145 | ) | (39,533 | ) | 18,171 | (69,589 | ) | ||||||||||||||||
Financing activities | |||||||||||||||||||||||||
Net repayments of indebtedness | – | – | (18,128 | ) | – | (18,128 | ) | ||||||||||||||||||
Payment of dividends to shareholders | (18,696 | ) | – | – | – | (18,696 | ) | ||||||||||||||||||
Repurchases of common stock | (12,180 | ) | – | – | – | (12,180 | ) | ||||||||||||||||||
Repayments of intercompany loans | – | – | (20,840 | ) | 20,840 | – | |||||||||||||||||||
Borrowings of intercompany loans | 26,340 | – | 12,671 | (39,011 | ) | – | |||||||||||||||||||
Payments related to share-based compensation awards and other | (1,630 | ) | – | (247 | ) | – | (1,877 | ) | |||||||||||||||||
Total financing activities | (6,166 | ) | – | (26,544 | ) | (18,171 | ) | (50,881 | ) | ||||||||||||||||
Effect of exchange rate on cash | – | – | (2,152 | ) | – | (2,152 | ) | ||||||||||||||||||
Net (decrease) increase in cash | (14,008 | ) | 13 | (9,050 | ) | – | (23,045 | ) | |||||||||||||||||
Cash at the beginning of period | 56,216 | 501 | 66,165 | – | 122,882 | ||||||||||||||||||||
Cash at the end of period | $ | 42,208 | $ | 514 | $ | 57,115 | $ | – | $ | 99,837 | |||||||||||||||
Condensed Consolidating Statement of Cash Flows for the year | |||||||||||||||||||||||||
ended December 31, 2013 | |||||||||||||||||||||||||
In thousands | Parent | Guarantors | Non | Adjustments/ | Consolidated | ||||||||||||||||||||
Company | Guarantors | Eliminations | |||||||||||||||||||||||
Net cash provided (used) by | |||||||||||||||||||||||||
Operating activities | $ | 55,507 | $ | 4,974 | $ | 113,154 | $ | – | $ | 173,635 | |||||||||||||||
Investing activities | |||||||||||||||||||||||||
Expenditures for plant, equipment and timberlands | (39,496 | ) | – | (63,551 | ) | – | (103,047 | ) | |||||||||||||||||
Proceeds from disposals of plant, equipment and timberlands, net | 1,435 | 333 | 179 | – | 1,947 | ||||||||||||||||||||
Repayments from intercompany loans | – | 18,223 | – | (18,223 | ) | – | |||||||||||||||||||
Advances of intercompany loans | – | (27,216 | ) | – | 27,216 | – | |||||||||||||||||||
Intercompany capital contributed | – | (91 | ) | – | 91 | – | |||||||||||||||||||
Acquisitions, net of cash acquired | – | – | (210,911 | ) | – | (210,911 | ) | ||||||||||||||||||
Other | (425 | ) | – | – | – | (425 | ) | ||||||||||||||||||
Total investing activities | (38,486 | ) | (8,751 | ) | (274,283 | ) | 9,084 | (312,436 | ) | ||||||||||||||||
Financing activities | |||||||||||||||||||||||||
Net proceeds from indebtedness | – | – | 182,230 | – | 182,230 | ||||||||||||||||||||
Payments of note offering costs | (160 | ) | – | (259 | ) | – | (419 | ) | |||||||||||||||||
Payment of dividends to shareholders | (16,965 | ) | – | – | – | (16,965 | ) | ||||||||||||||||||
Repayments of intercompany loans | (1,100 | ) | (17,123 | ) | 18,223 | – | |||||||||||||||||||
Borrowings of intercompany loans | 15,310 | 11,906 | (27,216 | ) | – | ||||||||||||||||||||
Intercompany capital received | – | – | 91 | (91 | ) | – | |||||||||||||||||||
Payments for share-based compensation awards and other | (1,671 | ) | – | – | – | (1,671 | ) | ||||||||||||||||||
Total financing activities | (4,586 | ) | – | 176,845 | (9,084 | ) | 163,175 | ||||||||||||||||||
Effect of exchange rate on cash | – | – | 829 | – | 829 | ||||||||||||||||||||
Net increase (decrease) in cash | 12,435 | (3,777 | ) | 16,545 | – | 25,203 | |||||||||||||||||||
Cash at the beginning of period | 43,781 | 4,278 | 49,620 | – | 97,679 | ||||||||||||||||||||
Cash at the end of period | $ | 56,216 | $ | 501 | $ | 66,165 | $ | – | $ | 122,882 | |||||||||||||||
Condensed Consolidating Statement of Cash Flows for the year | |||||||||||||||||||||||||
ended December 31, 2012 | |||||||||||||||||||||||||
In thousands | Parent | Guarantors | Non | Adjustments/ | Consolidated | ||||||||||||||||||||
Company | Guarantors | Eliminations | |||||||||||||||||||||||
Net cash provided (used) by | |||||||||||||||||||||||||
Operating activities | $ | 25,787 | $ | 5,958 | $ | 81,101 | $ | – | $ | 112,846 | |||||||||||||||
Investing activities | |||||||||||||||||||||||||
Expenditures for plant, equipment and timberlands | (23,463 | ) | – | (35,289 | ) | – | (58,752 | ) | |||||||||||||||||
Proceeds from disposals of plant, equipment and timberlands, net | 10,236 | – | 36 | – | 10,272 | ||||||||||||||||||||
Repayments from intercompany loans | 6,088 | 29,343 | – | (35,431 | ) | – | |||||||||||||||||||
Advances of intercompany loans | (91 | ) | (34,375 | ) | (514 | ) | 34,980 | – | |||||||||||||||||
Other | (225 | ) | – | – | – | (225 | ) | ||||||||||||||||||
Total investing activities | (7,455 | ) | (5,032 | ) | (35,767 | ) | (451 | ) | (48,705 | ) | |||||||||||||||
Financing activities | |||||||||||||||||||||||||
Net proceeds from indebtedness | 17,869 | – | – | – | 17,869 | ||||||||||||||||||||
Payments of note offering costs | (4,748 | ) | – | – | – | (4,748 | ) | ||||||||||||||||||
Payment of dividends to shareholders | (15,608 | ) | – | – | – | (15,608 | ) | ||||||||||||||||||
Repurchases of common stock | (5,675 | ) | – | – | – | (5,675 | ) | ||||||||||||||||||
Repayments of intercompany loans | – | – | (35,431 | ) | 35,431 | – | |||||||||||||||||||
Borrowings of intercompany loans | 27,875 | 514 | 6,591 | (34,980 | ) | – | |||||||||||||||||||
Proceeds from stock options exercised and other | 2,673 | – | – | – | 2,673 | ||||||||||||||||||||
Total financing activities | 22,386 | 514 | (28,840 | ) | 451 | (5,489 | ) | ||||||||||||||||||
Effect of exchange rate on cash | – | – | 750 | – | 750 | ||||||||||||||||||||
Net increase in cash | 40,718 | 1,440 | 17,244 | – | 59,402 | ||||||||||||||||||||
Cash at the beginning of period | 3,063 | 2,838 | 32,376 | – | 38,277 | ||||||||||||||||||||
Cash at the end of period | $ | 43,781 | $ | 4,278 | $ | 49,620 | $ | – | $ | 97,679 | |||||||||||||||
Quarterly_Results_Tables
Quarterly Results (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Net Income (Loss) and Earnings (Loss) Per Share | |||||||||||||||||||||||||||||||||||||||||
In thousands, | Net sales | Gross Profit | Net Income | Diluted earnings per | |||||||||||||||||||||||||||||||||||||
except per share | share | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
First | $ | 455,721 | $ | 405,189 | $ | 55,040 | $ | 57,375 | $ | 14,648 | $ | 15,629 | $ | 0.33 | $ | 0.36 | |||||||||||||||||||||||||
Second | 445,341 | 425,967 | 41,437 | 40,840 | 4,669 | 933 | 0.11 | 0.02 | |||||||||||||||||||||||||||||||||
Third | 465,092 | 456,648 | 80,513 | 66,039 | 30,372 | 34,119 | 0.69 | 0.77 | |||||||||||||||||||||||||||||||||
Fourth | 436,261 | 434,811 | 58,164 | 54,406 | 19,557 | 16,477 | 0.45 | 0.37 | |||||||||||||||||||||||||||||||||
Impact of Certain Factors on Income (Loss) and Earning (Loss) Per Share | The information set forth above for net income and earnings per share includes the impact of the following, on an after-tax basis: | ||||||||||||||||||||||||||||||||||||||||
Asset Impairment | Restructuring Costs & | Alternative Fuel | Gains on Sales of Plant | Acquisition | |||||||||||||||||||||||||||||||||||||
Charge | Workforce Efficiency | Mixture/ Cellulosic | Equipment and Timberlands | Integration Costs | |||||||||||||||||||||||||||||||||||||
Biofuel Credits | |||||||||||||||||||||||||||||||||||||||||
In thousands | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
First | $ | – | $ | – | $ | – | $ | (260 | ) | $ | – | $ | – | $ | 507 | $ | 282 | $ | – | $ | (1,761 | ) | |||||||||||||||||||
Second | – | – | – | (193 | ) | – | – | 872 | – | – | (3,969 | ) | |||||||||||||||||||||||||||||
Third | (2,356 | ) | – | – | (117 | ) | 1,032 | 9,866 | 1,004 | 142 | (115 | ) | (154 | ) | |||||||||||||||||||||||||||
Fourth | – | – | (373 | ) | (60 | ) | 81 | 450 | 612 | 1,301 | (487 | ) | (194 | ) | |||||||||||||||||||||||||||
Accounting_Policies_Additional
Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Maturity period of cash and cash equivalents | Three months or less |
Accounting_Policies_Schedule_o
Accounting Policies - Schedule of Range of Estimated Service Lives (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | |
Property Plant And Equipment Useful Life [Abstract] | |
Range of estimated service lives | 5 years |
Maximum [Member] | |
Property Plant And Equipment Useful Life [Abstract] | |
Range of estimated service lives | 30 years |
Buildings [Member] | Minimum [Member] | |
Property Plant And Equipment Useful Life [Abstract] | |
Range of estimated service lives | 15 years |
Buildings [Member] | Maximum [Member] | |
Property Plant And Equipment Useful Life [Abstract] | |
Range of estimated service lives | 45 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment Useful Life [Abstract] | |
Range of estimated service lives | 5 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment Useful Life [Abstract] | |
Range of estimated service lives | 40 years |
Other [Member] | Minimum [Member] | |
Property Plant And Equipment Useful Life [Abstract] | |
Range of estimated service lives | 3 years |
Other [Member] | Maximum [Member] | |
Property Plant And Equipment Useful Life [Abstract] | |
Range of estimated service lives | 25 years |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 8 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Dec. 31, 2013 | Oct. 01, 2014 | |
Business Acquisition [Line Items] | ||||||
Revenue | $1,810,342,000 | $1,725,768,000 | $1,584,788,000 | |||
Payment made for acquisition, net of cash acquired | 8,015,000 | 210,911,000 | ||||
Revenue | 1,779,434,000 | 1,727,538,000 | ||||
Remaining useful life of intangible assets | 17 years | |||||
Goodwill | 84,137,000 | 95,948,000 | 95,948,000 | |||
Intangible assets | 87,596,000 | |||||
Identifiable intangible assets | 9,800,000 | |||||
Operating income | 106,780,000 | 86,519,000 | 101,874,000 | |||
Acquisition related costs | 3,200,000 | |||||
Fair value write up of acquired inventory | 1,100,000 | |||||
Integration related costs | 2,000,000 | |||||
Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Useful life of property plant and equipment | 5 years | |||||
Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Useful life of property plant and equipment | 30 years | |||||
Dresden Papier GmbH [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date of acquisition | 30-Apr-13 | |||||
Revenue | 101,800,000 | |||||
Payment made for acquisition, net of cash acquired | 210,911,000 | |||||
Revenue | 158,600,000 | |||||
Number of employees | 146 | |||||
Manufacturing capacity | 72,800 | |||||
Goodwill | 74,900,000 | |||||
Intangible assets | 87,600,000 | |||||
Operating income | 18,300,000 | |||||
Spezialpapierfabrik Oberschmitten GmbH [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date of acquisition | 1-Oct-14 | |||||
Payment made for acquisition | 8,000,000 | |||||
Revenue | $33,000,000 |
Acquisitions_Summary_of_Alloca
Acquisitions - Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Assets | |
Cash and cash equivalents | $12,227 |
Accounts receivable | 23,870 |
Inventory | 13,864 |
Prepaid and other current assets | 8,060 |
Plant, equipment and timberlands | 60,951 |
Intangible assets | 87,596 |
Goodwill | 74,870 |
Total assets | 281,438 |
Liabilities | |
Accounts payable | 20,253 |
Deferred tax liabilities | 36,120 |
Other long term liabilities | 1,927 |
Total liabilities | 58,300 |
Total | 223,138 |
Total | 223,138 |
less cash acquired | -12,227 |
Total purchase price | $210,911 |
Acquisitions_Summary_of_Pro_Fo
Acquisitions - Summary of Pro Forma Financial Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Pro forma | ||
Net sales | $1,779,434 | $1,727,538 |
Net income | $80,381 | $79,075 |
Diluted earnings per share | $1.82 | $1.81 |
Energy_and_Related_Sales_Net_S
Energy and Related Sales, Net - Summary of Energy and Related Sales Net (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Energy And Related Sales Net [Abstract] | |||
Energy sales | $11,886 | $8,189 | $5,284 |
Costs to produce | -6,204 | -6,784 | -4,187 |
Net | 5,682 | 1,405 | 1,097 |
Renewable energy credits | 2,245 | 1,748 | 5,903 |
Total | $7,927 | $3,153 | $7,000 |
Gain_on_Dispositions_of_Plant_2
Gain on Dispositions of Plant, Equipment and Timberlands - Summary for Sale of Timberlands and Other Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Proceeds | $5,072 | $1,947 | $10,272 |
Gain | 4,861 | 1,726 | 9,815 |
Timberlands [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Acres | 2,753 | 876 | 4,830 |
Proceeds | 5,062 | 1,445 | 9,494 |
Gain | 4,855 | 1,410 | 9,203 |
Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds | 10 | 502 | 778 |
Gain | $6 | $316 | $612 |
Asset_Impairment_Charge_Additi
Asset Impairment Charge - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Non-cash asset impairment charge | $3,262 | |
Dresden Papier GmbH [Member] | Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Non-cash asset impairment charge | $3,300 |
Earnings_Per_Share_Details_of_
Earnings Per Share - Details of Basic and Diluted Earnings Per Share (EPS) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net income | $69,246 | $67,158 | $59,379 | ||||||||
Weighted average common shares outstanding used in basic EPS | 43,201 | 43,158 | 42,851 | ||||||||
Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs | 865 | 1,141 | 821 | ||||||||
Weighted average common shares outstanding and common share equivalents used in diluted EPS | 44,066 | 44,299 | 43,672 | ||||||||
Earnings per share | |||||||||||
Basic | $1.60 | $1.56 | $1.39 | ||||||||
Diluted | $0.45 | $0.69 | $0.11 | $0.33 | $0.37 | $0.77 | $0.02 | $0.36 | $1.57 | $1.52 | $1.36 |
Earnings_Per_Share_Number_of_P
Earnings Per Share - 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 (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||
Potential common shares | 277 | 7 | 8 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Losses) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | ($75,357) | ($163,966) | ($166,741) |
Other comprehensive income before reclassifications (net of tax) | -89,608 | 72,721 | -7,582 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 10,095 | 15,888 | 10,357 |
Other comprehensive income (loss) | -79,513 | 88,609 | 2,775 |
Ending Balance | -154,870 | -75,357 | -163,966 |
Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 15,141 | 315 | -11,043 |
Other comprehensive income before reclassifications (net of tax) | -49,365 | 14,826 | 11,358 |
Other comprehensive income (loss) | -49,365 | 14,826 | 11,358 |
Ending Balance | -34,224 | 15,141 | 315 |
Unrealized Gain (Loss) on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | -941 | -424 | 1,185 |
Other comprehensive income before reclassifications (net of tax) | 2,826 | -1,198 | -39 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 471 | 681 | -1,570 |
Other comprehensive income (loss) | 3,297 | -517 | -1,609 |
Ending Balance | 2,356 | -941 | -424 |
Change in Pensions [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | -89,547 | -159,560 | -153,002 |
Other comprehensive income before reclassifications (net of tax) | -40,266 | 54,906 | -18,657 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 9,553 | 15,107 | 12,099 |
Other comprehensive income (loss) | -30,713 | 70,013 | -6,558 |
Ending Balance | -120,260 | -89,547 | -159,560 |
Change in Other Postretirement Defined Benefit Plan [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | -10 | -4,297 | -3,881 |
Other comprehensive income before reclassifications (net of tax) | -2,803 | 4,187 | -244 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 71 | 100 | -172 |
Other comprehensive income (loss) | -2,732 | 4,287 | -416 |
Ending Balance | ($2,742) | ($10) | ($4,297) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Losses) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | $1,575,188 | $1,507,108 | $1,371,139 |
Selling, general and administrative | 133,235 | 133,867 | 121,590 |
Income tax provision | 18,137 | 2,043 | 19,562 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net of tax | 10,095 | 15,888 | 10,357 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | 2,503 | 2,470 | 2,025 |
Before tax | 15,384 | 24,217 | 19,475 |
Income tax provision | -5,831 | -9,110 | -7,376 |
Net of tax | 9,553 | 15,107 | 12,099 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Prior Service Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Selling, general and administrative | 830 | 649 | 430 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Actuarial Losses [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | 8,965 | 16,399 | 13,764 |
Selling, general and administrative | 3,086 | 4,699 | 3,256 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Amortization of Deferred Benefit Other Plan Items [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | -237 | -384 | -760 |
Before tax | 114 | 161 | -277 |
Income tax provision | -43 | -61 | 105 |
Net of tax | 71 | 100 | -172 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Amortization of Deferred Benefit Other Plan Items [Member] | Prior Service Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Selling, general and administrative | -51 | -96 | -177 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Amortization of Deferred Benefit Other Plan Items [Member] | Actuarial Losses [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | 331 | 494 | 511 |
Selling, general and administrative | 71 | 147 | 149 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedges [Member] | (Gains) Losses on Cash Flow Hedges [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | 655 | 945 | -2,183 |
Income tax provision | -184 | -264 | 613 |
Net of tax | $471 | $681 | ($1,570) |
Income_Taxes_Schedule_of_Provi
Income Taxes - Schedule of Provision for Income Taxes from Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current taxes | |||
Federal | $3,291 | $625 | $8,869 |
State | 238 | -4,365 | 3,386 |
Foreign | 24,027 | 17,268 | 9,516 |
Total current taxes | 27,556 | 13,528 | 21,771 |
Deferred taxes and other | |||
Federal | -3,975 | -10,973 | -5,456 |
State | -147 | -474 | -920 |
Foreign | -5,297 | -38 | 4,167 |
Total deferred taxes and other | -9,419 | -11,485 | -2,209 |
Income tax provision | $18,137 | $2,043 | $19,562 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ||||
Deferred taxes and other included a deferred tax benefit | $9,600,000 | $15,100,000 | $2,300,000 | |
Other taxes total expense | 200,000 | 3,600,000 | 100,000 | |
Federal income tax rate | 35.00% | 35.00% | 35.00% | |
Valuation allowance | 3,200,000 | 6,200,000 | ||
Research and development, tax credit | 1,800,000 | 3,000,000 | 400,000 | |
Unremitted earnings, reinvested | 305,600,000 | 288,800,000 | ||
Deferred tax liability | 0 | |||
Gross unrecognized tax benefits | 14,900,000 | 14,900,000 | 30,400,000 | 29,700,000 |
Unrecognized tax benefits that would impact effective tax rate | 14,900,000 | |||
Lower range of gross unrecognized tax benefits balance may decrease within the next twelve months | 0 | |||
Higher range of gross unrecognized tax benefits balance may decrease within the next twelve months | 5,200,000 | |||
United States - State [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | 86,900,000 | |||
Tax credit carryforwards | 400,000 | |||
United States - State [Member] | Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards expiration year | 2015 | |||
Tax credit carryforwards expiration year | 2015 | |||
United States - State [Member] | Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards expiration year | 2031 | |||
Tax credit carryforwards expiration year | 2027 | |||
Foreign Tax Authority [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | 24,600,000 | |||
Tax credit carryforwards | $3,300,000 | |||
Foreign Tax Authority [Member] | Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards expiration year | 2019 | |||
Tax credit carryforwards expiration year | 2020 | |||
Foreign Tax Authority [Member] | Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards expiration year | 2033 | |||
Tax credit carryforwards expiration year | 2034 |
Income_Taxes_Schedule_of_Domes
Income Taxes - Schedule of Domestic and Foreign Components of Pretax Income from Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
United States | $4,637 | ($3,052) | $24,525 |
Foreign | 82,746 | 72,253 | 54,416 |
Income before income taxes | $87,383 | $69,201 | $78,941 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of Federal Statutory Rate to Company's Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax provision at statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefit | 0.20% | 0.50% | 1.30% |
Foreign income tax rate differential | -5.00% | -5.00% | -3.90% |
Change in statutory tax rates | -2.20% | -0.60% | -0.80% |
Tax credits | -2.00% | -4.40% | -0.50% |
Change in unrecognized tax benefits, net | 1.30% | -22.70% | 0.40% |
Permanent differences on non-U.S. earnings | -2.80% | -0.40% | |
Cellulosic biofuel credit, net of incremental state tax and manufacturing deduction benefit | -6.10% | ||
Valuation allowance | -2.70% | ||
Other | -1.00% | 0.60% | -0.60% |
Provision for income taxes | 20.80% | 3.00% | 24.80% |
Income_Taxes_Schedule_of_Curre
Income Taxes - Schedule of Current and Non-Current Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Reserves, Current | $5,032 | $5,001 |
Compensation, Current | 3,087 | 3,111 |
Post-retirement benefits, Current | 1,531 | 1,070 |
Intangible Assets, Current | 0 | 0 |
Pension, Current | 532 | 802 |
Inventories, Current | 2,758 | 1,491 |
Other | -783 | 893 |
Tax carryforwards, Current | 8,560 | 10,322 |
Subtotal, Current | 20,717 | 22,690 |
Valuation allowance, Current | -934 | -1,255 |
Total, Current | 19,783 | 21,435 |
Reserves, Non-current | 7,987 | 7,919 |
Compensation, Non-current | 5,075 | 5,000 |
Post-retirement benefits, Non-current | 21,338 | 19,819 |
Property, Non-current | -89,432 | -98,889 |
Intangible Assets, Non-current | -21,285 | -28,918 |
Pension, Non-current | -30,412 | -51,148 |
Other, Non-current | 1,171 | 2,377 |
Tax carryforwards, Non-current | 12,660 | 16,922 |
Subtotal, Non-current | -92,898 | -126,918 |
Valuation allowance, Non-current | -2,288 | -4,905 |
Total, Non-current | ($95,186) | ($131,823) |
Income_Taxes_Schedule_of_Curre1
Income Taxes - Schedule of Current and Non-Current Deferred Tax Assets and Liabilities Balance Sheet Captions (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Prepaid expenses and other current assets | $20,017 | $21,447 |
Other assets | 8,830 | 9,197 |
Other current liabilities | 234 | 12 |
Deferred income taxes | $104,016 | $141,020 |
Income_Taxes_Schedule_of_Unrec
Income Taxes - Schedule of Unrecognized Tax Benefit (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $14.90 | $30.40 | $29.70 |
Increases in tax positions for prior years | 0.7 | 0.2 | 1.4 |
Decreases in tax positions for prior years | -0.5 | -4.9 | -1 |
Acquisition related: | |||
Purchase Accounting | 0.3 | 1.3 | |
Increases in tax positions for current year | 3.4 | 1.7 | 1.9 |
Settlements | -1.3 | -0.4 | |
Lapse in statutes of limitation | -2.6 | -13.8 | -1.2 |
Ending balance | $14.90 | $14.90 | $30.40 |
Income_Taxes_Summary_of_Tax_Ye
Income Taxes - Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
United States - Federal [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2013 - 2014 |
Examination in progress | 2011 - 2012 |
United States - State [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2010 - 2014 |
Examination in progress | 2011 - 2012 |
Canada [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2010 - 2014 |
Examination in progress | 2009 |
Germany [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2012 - 2014 |
Examination in progress | 2007 - 2011 |
France [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2013 - 2014 |
Examination in progress | 2011 - 2012 |
United Kingdom [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2013 - 2014 |
Examination in progress | N/A |
Philippines [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2012 - 2014 |
Examination in progress | 2011 |
Income_Taxes_Summary_of_Inform
Income Taxes - Summary of Information Related to Interest and Penalties on Uncertain Tax Positions (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Accrued interest payable | $0.60 | $0.60 | $1.40 |
Interest expense (income) | -0.8 | -0.3 | |
Penalties | $0 | $0 | $0 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock available for future issuance | 1,873,027 | ||
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of stock | 3 years | ||
Intrinsic value of SOSARs vested and expected to vest | $18.30 | ||
The remaining weighted average contractual life of outstanding SOSARs | 6 years 4 months 24 days | ||
Restricted Stock Units (RSU) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
The vesting graded scale | Over a three, four, and five-year | ||
Performance Share Awards (PSAs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cumulative performance targets | 3 years | ||
Grants under performance share awards | 101,743 | 183,910 | 161,083 |
Percentage of award issued to participants | 60.00% | ||
Weighted average grant date fair value | $28.89 | $22.34 | $15.49 |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants under performance share awards | 178,882 | 315,196 | 209,021 |
Unrecognized compensation expense for outstanding RSUs and PSAs | $4 | ||
The weighted average remaining period over which the expense will be recognized | 2 years 8 months 12 days |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of RSU and PSA Activity (Detail) (Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning Balance | 1,001,814 | 847,679 | 788,088 |
Granted | 178,882 | 315,196 | 209,021 |
Forfeited | -47,379 | -47,831 | -52,800 |
Shares delivered | -244,375 | -113,230 | -96,630 |
Ending Balance | 888,942 | 1,001,814 | 847,679 |
StockBased_Compensation_Compen
Stock-Based Compensation - Compensation Expense for Periods (Detail) (Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $2,652 | $2,882 | $2,576 |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Information Related to Outstanding SOSARS (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercised | -110,000 | -137,000 | -280,000 |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning Balance, Outstanding | 1,977,133 | 2,121,454 | 2,298,288 |
Granted | 281,881 | 368,687 | 364,114 |
Exercised | -364,465 | -435,562 | -500,074 |
Canceled / forfeited | -29,842 | -77,446 | -40,874 |
Ending Balance, Outstanding | 1,864,707 | 1,977,133 | 2,121,454 |
Exercisable at December 31 | 1,285,998 | 1,330,816 | 1,469,537 |
Vested and expected to vest | 1,754,295 | 1,863,244 | 2,055,599 |
Beginning Balance, Weighted Average Exercise Price, Outstanding | 13.91 | 12.93 | 12.35 |
Weighted Average Exercise Price, Granted | 29.78 | 18.51 | 15.58 |
Weighted Average Exercise Price, Exercised | 13.99 | 12.63 | 12.06 |
Weighted Average Exercise Price, Canceled / forfeited | 19.36 | 16.28 | 14.31 |
Ending Balance, Weighted Average Exercise Price, Outstanding | 16.2 | 13.91 | 12.93 |
Weighted Average Exercise Price, Exercisable at December 31, | 12.94 | 12.58 | 12.3 |
Weighted average grant date fair value per share | 9.81 | 5.74 | 4.94 |
Aggregate grant date fair value | 2,764 | 2,103 | 1,797 |
Black-Scholes assumptions | |||
Dividend yield | 1.48% | 2.16% | 2.31% |
Risk free rate of return | 1.74% | 1.01% | 1.02% |
Volatility | 37.59% | 39.58% | 41.48% |
Expected life | 6 years | 6 years | 6 years |
Compensation expense | 2,086 | 1,591 | 1,448 |
Retirement_Plans_and_Other_Pos2
Retirement Plans and Other Post-Retirement Benefits - Schedule of Change in Benefit Obligation and Plan Assets (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in Benefit Obligation | |||
Balance at end of year | $41.70 | $35.40 | |
Change in Plan Assets | |||
Fair value of plan assets at end of year | 0 | 0 | |
Pension Benefits [Member] | |||
Change in Benefit Obligation | |||
Balance at beginning of year | 487.7 | 528.4 | |
Service cost | 10.4 | 11.6 | 11.3 |
Interest cost | 24.8 | 21.8 | 23 |
Plan amendments | 3.6 | ||
Actuarial (gain)/loss | 83.9 | -44 | |
Benefits paid | -31.5 | -30.5 | |
Effect of currency rate changes | -1.3 | 0.4 | |
Balance at end of year | 577.6 | 487.7 | 528.4 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | 601.2 | 545.7 | |
Actual return on plan assets | 66.3 | 84.2 | |
Total contributions | 2 | 1.8 | |
Benefits paid | -31.5 | -30.5 | |
Fair value of plan assets at end of year | 638 | 601.2 | 545.7 |
Funded status at end of year | 60.4 | 113.5 | |
Other Benefits [Member] | |||
Change in Benefit Obligation | |||
Balance at beginning of year | 54.8 | 63 | |
Service cost | 1.5 | 2.9 | 2.8 |
Interest cost | 2.5 | 2.1 | 2.4 |
Participant contributions | 1.3 | 1.4 | |
Actuarial (gain)/loss | 4.5 | -10.5 | |
Benefits paid | -4.8 | -4.1 | |
Balance at end of year | 59.8 | 54.8 | 63 |
Change in Plan Assets | |||
Total contributions | 4.8 | 4.1 | |
Benefits paid | -4.8 | -4.1 | |
Funded status at end of year | ($59.80) | ($54.80) |
Retirement_Plans_and_Other_Pos3
Retirement Plans and Other Post-Retirement Benefits - Summary of Amounts Recognized in Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | $60.40 | $113.50 |
Pension Benefits [Member] | Other Long-Term Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | 102 | 148.9 |
Pension Benefits [Member] | Current Liabilities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | -2 | -2.3 |
Pension Benefits [Member] | Other Long-Term Liabilities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | -39.6 | -33.1 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | -59.8 | -54.8 |
Other Benefits [Member] | Current Liabilities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | -3.7 | -4 |
Other Benefits [Member] | Other Long-Term Liabilities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | ($56.10) | ($50.80) |
Retirement_Plans_and_Other_Pos4
Retirement Plans and Other Post-Retirement Benefits - Components of Amounts Recognized as Accumulated Other Comprehensive Income on Pre-Tax Basis (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost/(credit) | $15.10 | $14.80 |
Net actuarial loss | 181.3 | 131.9 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost/(credit) | -1.1 | -1.4 |
Net actuarial loss | $5.50 | $1.40 |
Retirement_Plans_and_Other_Pos5
Retirement Plans and Other Post-Retirement Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation for all defined benefit pension plans | $553.80 | $471.10 | |
Manager's benchmarked performance minimum | 40.00% | ||
Treasury bills days | 90 days | ||
Defined contribution plans Employees contribution | 50.00% | ||
Expense associated with Defined Contribution Plans | 2 | 1.9 | 1.7 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 4.21% | 5.20% | |
Prior service cost as a component of net periodic benefit cost from accumulated other comprehensive income (loss) | 3.1 | ||
Actuarial net (gain) loss as a component of net periodic benefit cost from accumulated other comprehensive income (loss) | 0.3 | ||
Pension Benefits [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 2.00% | ||
Pension Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 4.36% | ||
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 3.89% | 4.52% | |
Prior service cost as a component of net periodic benefit cost from accumulated other comprehensive income (loss) | 18.3 | ||
Actuarial net (gain) loss as a component of net periodic benefit cost from accumulated other comprehensive income (loss) | $0.40 | ||
Other Benefits [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 3.56% | ||
Other Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 3.95% |
Retirement_Plans_and_Other_Pos6
Retirement Plans and Other Post-Retirement Benefits - Weighted-Average Assumptions Used in Computing Benefit Obligations (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate - benefit obligation | 4.21% | 5.20% |
Future compensation growth rate | 4.00% | 4.00% |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate - benefit obligation | 3.89% | 4.52% |
Retirement_Plans_and_Other_Pos7
Retirement Plans and Other Post-Retirement Benefits - Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Projected benefit obligation | $41.70 | $35.40 |
Accumulated benefit obligation | 36.1 | 31.6 |
Fair value of plan assets | $0 | $0 |
Retirement_Plans_and_Other_Pos8
Retirement Plans and Other Post-Retirement Benefits - Schedule of Net Periodic Benefit Cost of Pension and Other Benefits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $10.40 | $11.60 | $11.30 |
Interest cost | 24.8 | 21.8 | 23 |
Expected return on plan assets | -43.9 | -43.4 | -42.2 |
Amortization of prior service cost/(credit) | 3.3 | 3.1 | 2.5 |
Amortization of actuarial loss | 12.1 | 21.1 | 17 |
Total net periodic benefit cost | 6.7 | 14.2 | 11.6 |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1.5 | 2.9 | 2.8 |
Interest cost | 2.5 | 2.1 | 2.4 |
Expected return on plan assets | -0.5 | ||
Amortization of prior service cost/(credit) | -0.3 | -0.5 | -0.9 |
Amortization of actuarial loss | 0.4 | 0.6 | 0.7 |
Total net periodic benefit cost | $4.10 | $5.10 | $4.50 |
Retirement_Plans_and_Other_Pos9
Retirement Plans and Other Post-Retirement Benefits - Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial (gain) loss | $61.50 | ($84.70) | |
Plan amendments | 3.6 | ||
Amortization of prior service cost | -3.3 | -3.1 | -2.5 |
Amortization of actuarial losses | -12.1 | -21.1 | -17 |
Total recognized in other comprehensive (income) loss | 49.7 | -108.9 | |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | 56.4 | -94.7 | |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial (gain) loss | 4.5 | -10.5 | |
Amortization of prior service cost | 0.3 | 0.5 | 0.9 |
Amortization of actuarial losses | -0.4 | -0.6 | -0.7 |
Total recognized in other comprehensive (income) loss | 4.4 | -10.6 | |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $8.50 | ($5.50) |
Recovered_Sheet1
Retirement Plans and Other Post-Retirement Benefits - Schedule of Defined Benefit Plan Weighted-Average Assumptions Used in Computing Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate - benefit expense | 5.20% | 4.28% | 5.09% |
Future compensation growth rate | 4.00% | 4.00% | 4.00% |
Expected long-term rate of return on plan assets | 8.00% | 8.50% | 8.50% |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate - benefit expense | 4.52% | 3.58% | 4.45% |
Expected long-term rate of return on plan assets | 8.50% |
Recovered_Sheet2
Retirement Plans and Other Post-Retirement Benefits - Schedule of Health Care Cost Trend Rates Used in Calculating Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate assumed for next year | 7.46% | 7.46% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that the rate reaches the ultimate rate | 2028 | 2028 |
Recovered_Sheet3
Retirement Plans and Other Post-Retirement Benefits - Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |
Post-retirement benefit obligation, Increase | $5.30 |
Total of service and interest cost components, Increase | 0.4 |
Post-retirement benefit obligation, Decrease | 4.7 |
Total of service and interest cost components, Decrease | $0.40 |
Recovered_Sheet4
Retirement Plans and Other Post-Retirement Benefits - Schedule of Target Allocation for Plan Assets (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Large Cap [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation for the plan assets | 35.00% |
Small and Mid Cap [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation for the plan assets | 12.00% |
International Equity [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation for the plan assets | 13.00% |
Real Estate Investment Trusts (REIT) [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation for the plan assets | 5.00% |
Fixed Income, Cash and Cash Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation for the plan assets | 35.00% |
Recovered_Sheet5
Retirement Plans and Other Post-Retirement Benefits - Schedule of Fair Value of Benefit Plan Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $0 | $0 |
Large Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 187.6 | 204.6 |
Small and Mid Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 61.1 | 68.1 |
International Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 104.5 | 114.3 |
Real Estate Investment Trusts (REIT) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 31.6 | 25.9 |
Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 235 | 171.6 |
Cash and Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 18.2 | 16.7 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 372.7 | 412.7 |
Level 1 [Member] | Large Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 187.6 | 204.6 |
Level 1 [Member] | Small and Mid Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 61.1 | 68.1 |
Level 1 [Member] | International Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 65.1 | 73.7 |
Level 1 [Member] | Real Estate Investment Trusts (REIT) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 31.6 | 25.9 |
Level 1 [Member] | Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 27.3 | 40.4 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 265.3 | 188.5 |
Level 2 [Member] | International Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 39.4 | 40.6 |
Level 2 [Member] | Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 207.7 | 131.2 |
Level 2 [Member] | Cash and Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $18.20 | $16.70 |
Recovered_Sheet6
Retirement Plans and Other Post-Retirement Benefits - Benefit Payments Expected to be Made under Non-Qualified Pension Plans and Other Benefit Plans (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Nonqualified Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit payments expected | $2,108 |
Other Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit payments expected | $3,769 |
Recovered_Sheet7
Retirement Plans and Other Post-Retirement Benefits - Summary of Benefit Expected to be Paid Out (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $36,012 |
2016 | 35,826 |
2017 | 36,061 |
2018 | 35,751 |
2019 | 35,919 |
2020 through 2024 | 186,858 |
Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 3,769 |
2016 | 3,987 |
2017 | 4,450 |
2018 | 4,808 |
2019 | 5,202 |
2020 through 2024 | $40,001 |
Inventories_Inventories_Net_of
Inventories - Inventories, Net of Reserves (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $61,266 | $59,440 |
In-process and finished | 117,580 | 109,578 |
Supplies | 69,859 | 67,292 |
Total | $248,705 | $236,310 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Inventories using first-in, first-out method | $25.40 | $24.50 |
Plant_Equipment_and_Timberland2
Plant, Equipment and Timberlands - Summary of Plant, Equipment and Timberlands (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation | ($989,093) | ($976,645) | |
Subtotal | 642,184 | 669,184 | |
Construction in progress | 49,078 | 47,271 | |
Asset retirement obligation, net | 3,021 | 4,748 | |
Timberlands, less depletion | 3,325 | 2,137 | |
Total | 697,608 | 723,340 | 621,200 |
Land and Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 208,230 | 206,891 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,265,317 | 1,279,264 | |
Furniture, Fixtures, and Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $157,730 | $159,674 |
Plant_Equipment_and_Timberland3
Plant, Equipment and Timberlands - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Accrued capital expenditures | $16.30 | $11.90 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Goodwill and Other Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill - Composite Fibers | $84,137 | $95,948 |
Total intangibles | 95,769 | 109,837 |
Accumulated amortization | -18,671 | -13,756 |
Net intangibles | 77,098 | 96,081 |
Specialty Papers [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 6,155 | 6,155 |
Composite Fibers [Member] | Tradename [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 5,902 | 10,325 |
Composite Fibers [Member] | Technology and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 41,749 | 46,038 |
Composite Fibers [Member] | Customer Relationships and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 37,421 | 42,251 |
Advanced Airlaid Materials [Member] | Technology and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 1,500 | 1,623 |
Advanced Airlaid Materials [Member] | Customer Relationships and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | $3,042 | $3,445 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 14 years 8 months 12 days |
Customer Relationships [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 10 years |
Customer Relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 14 years |
Technology and Related [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 14 years |
Technology and Related [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 20 years |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Summary of Amortization of Intangible Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
Aggregate amortization expense: | $6,136 | $4,511 | $1,778 |
2015 | 5,859 | ||
2016 | 5,398 | ||
2017 | 5,124 | ||
2018 | 5,124 | ||
2019 | $5,124 |
Other_LongTerm_Assets_Summary_
Other Long-Term Assets - Summary of Other Long-Term Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Investments and Receivables, Net [Abstract] | ||
Pension | $102,007 | $148,849 |
Other | 26,032 | 27,610 |
Total | $128,039 | $176,459 |
Other_Current_Liabilities_Summ
Other Current Liabilities - Summary of Other Current Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities, Current [Abstract] | ||
Accrued payroll and benefits | $39,471 | $41,492 |
Other accrued compensation and retirement benefits | 7,920 | 8,372 |
Income taxes payable | 3,502 | 6,546 |
Accrued rebates | 18,910 | 20,208 |
Other accrued expenses | 41,274 | 46,019 |
Total | $111,077 | $122,637 |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $404,612 | $442,325 |
Less current portion | -5,734 | |
Long-term debt, net of current portion | 398,878 | 442,325 |
Total long-term debt | 404,612 | 442,325 |
5.375% Notes, Due Oct. 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 250,000 | 250,000 |
Total long-term debt | 250,000 | 250,000 |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 12,155 | |
Total long-term debt | 12,155 | |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 51,902 | 58,785 |
Total long-term debt | 51,902 | 58,785 |
Revolving Credit Facility, Due Nov. 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 90,555 | 133,540 |
Total long-term debt | $90,555 | $133,540 |
LongTerm_Debt_Summary_of_LongT1
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
5.375% Notes, Due Oct. 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | 31-Oct-20 | |
Interest rate on debt | 5.38% | 5.38% |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | 30-Jun-22 | |
Interest rate on debt | 2.40% | |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | 31-Mar-23 | |
Interest rate on debt | 2.05% | 2.05% |
Revolving Credit Facility, Due Nov. 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | 30-Nov-16 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Apr. 11, 2013 | Apr. 11, 2013 | Dec. 31, 2014 | Sep. 04, 2014 | Sep. 04, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Oct. 03, 2012 | Dec. 31, 2014 | Nov. 21, 2011 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
USD ($) | IKB Loan [Member] | IKB Loan [Member] | IKB Loan [Member] | 2014 IKB Loan [Member] | 2014 IKB Loan [Member] | 2014 IKB Loan [Member] | Maximum [Member] | Federal Funds Rate [Member] | Other Assets [Member] | 5.375% Notes [Member] | 5.375% Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility, Due Nov. 2016 [Member] | Revolving Credit Facility, Due Nov. 2016 [Member] | Revolving Credit Facility, Due Nov. 2016 [Member] | Revolving Credit Facility, Due Nov. 2016 [Member] | Revolving Credit Facility, Due Nov. 2016 [Member] | Letters of Credit [Member] | Letters of Credit [Member] | ||
DebtAgreements | USD ($) | EUR (€) | Installment | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | Daily Euro Rate [Member] | Daily Euro Rate [Member] | USD ($) | USD ($) | ||||||||
Installment | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $350,000,000 | |||||||||||||||||||||
Debt instrument maturity date | 15-Oct-20 | 21-Nov-16 | 30-Nov-16 | |||||||||||||||||||
Federal fund rate spread | 0.50% | 0.25% | 1.25% | 1.25% | 2.25% | |||||||||||||||||
Margin over Euro-rate | 1.00% | |||||||||||||||||||||
Leverage ratio | 2.15 | 3.5 | ||||||||||||||||||||
Aggregate principal amount | 57,600,000 | 42,700,000 | 12,600,000 | 10,000,000 | 250,000,000 | |||||||||||||||||
Percentage of aggregate principal amount of outstanding | 2.05% | 2.40% | 5.38% | 5.38% | ||||||||||||||||||
Frequency of interest payable | Semiannually | |||||||||||||||||||||
Debt instrument redemption | The 5.375% Notes are redeemable, in whole or in part, at anytime on or after October 15, 2016 at the redemption prices specified in the applicable Indenture. Prior to October 15, 2016, we may redeem some or all of the Notes at a "make-whole" premium as specified in the Indenture. | |||||||||||||||||||||
Number of separate loan agreement | 2 | |||||||||||||||||||||
Number of installments | 32 | 27 | ||||||||||||||||||||
Installments beginning date | 30-Jun-15 | 30-Sep-15 | ||||||||||||||||||||
Installments ending date | 31-Mar-23 | 30-Jun-22 | ||||||||||||||||||||
Aggregated unamortized deferred debt issuance costs | 5,100,000 | |||||||||||||||||||||
Amortization expense related to deferred debt issuance costs | 1,300,000 | |||||||||||||||||||||
Letters of credit issued | 5,300,000 | 5,200,000 | ||||||||||||||||||||
Letters of credit outstanding | $0 |
LongTerm_Debt_Amortization_of_
Long-Term Debt - Amortization of Term Loan Agreements Together with Maturities of Other Long-term Debt (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Maturities of Long-term Debt [Abstract] | |
2015 | $5,734 |
2016 | 98,779 |
2017 | 8,224 |
2018 | 8,224 |
2019 | 8,224 |
Thereafter | $275,427 |
Asset_Retirement_Obligation_Ad
Asset Retirement Obligation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2008 |
Asset Retirement Obligation Disclosure [Abstract] | |||
Fair value of asset retirement obligations related to the legal requirements | $11.50 | ||
Gain related to the progress of closure activities | $0.20 | $1.30 |
Asset_Retirement_Obligation_Sc
Asset Retirement Obligation - Schedule of Asset Retirement Obligation (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Asset Retirement Obligation Disclosure [Abstract] | ||
Balance at January 1, | $5,032 | $8,882 |
Accretion | 145 | 229 |
Payments | -827 | -2,824 |
Gain | -236 | -1,255 |
Balance at December 31, | $4,114 | $5,032 |
Asset_Retirement_Obligation_Sc1
Asset Retirement Obligation - Schedule of Consolidated Balance Sheets where Asset Retirement Obligations Recorded (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Asset retirement obligations | $4,114 | $5,032 | $8,882 |
Other Current Liabilities [Member] | |||
Asset retirement obligations | 2,855 | 915 | |
Other Long-Term Liabilities [Member] | |||
Asset retirement obligations | $1,259 | $4,117 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $404,612 | $442,325 |
Fair Value | 411,757 | 446,025 |
Variable Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 90,555 | 133,540 |
Fair Value | 90,555 | 133,540 |
Fixed-Rate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 250,000 | 250,000 |
Fair Value | 255,470 | 254,533 |
2.05% Term Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 51,902 | 58,785 |
Fair Value | 53,106 | 57,952 |
2.40% Term Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 12,155 | |
Fair Value | $12,626 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Parenthetical) (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
2.05% Term Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Percentage of aggregate principal amount of outstanding | 2.05% | 2.05% |
2.40% Term Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Percentage of aggregate principal amount of outstanding | 2.40% |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Additional Information (Detail) (5.375% Fixed Rate Bonds [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
5.375% Fixed Rate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amount of fixed rate debt | $250 | $250 |
Interest rate on debt | 5.38% | 5.38% |
Financial_Derivatives_and_Hedg2
Financial Derivatives and Hedging Activities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Designated as Hedging [Member] | |
Derivative [Line Items] | |
Production costs expected to be incurred maximum period | 12 months |
Maximum maturity period of foreign currency derivative contracts designated as hedging instruments | 12 months |
Not Designated as Hedging [Member] | |
Derivative [Line Items] | |
Maturities of foreign currency derivative contracts not designated as hedging instruments | 1 month |
Fair Value, Measurements [Member] | |
Derivative [Line Items] | |
Accumulated other comprehensive income realization period | 12 months |
Financial_Derivatives_and_Hedg3
Financial Derivatives and Hedging Activities - Outstanding Derivatives Used to Hedge Foreign Exchange Risks (Detail) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Foreign Currency Hedges [Member] | Foreign Currency Hedges [Member] | Foreign Currency Hedges [Member] | Foreign Currency Hedges [Member] | Foreign Currency Hedges [Member] | Foreign Currency Hedges [Member] | Foreign Currency Hedges [Member] | Foreign Currency Hedges [Member] | Foreign Currency Hedges [Member] | Foreign Currency Hedges [Member] |
Designated as Hedging [Member] | Designated as Hedging [Member] | Designated as Hedging [Member] | Designated as Hedging [Member] | Designated as Hedging [Member] | Designated as Hedging [Member] | Designated as Hedging [Member] | Not Designated as Hedging [Member] | Not Designated as Hedging [Member] | Not Designated as Hedging [Member] | Not Designated as Hedging [Member] | Not Designated as Hedging [Member] | Not Designated as Hedging [Member] | Not Designated as Hedging [Member] | Not Designated as Hedging [Member] | Not Designated as Hedging [Member] | Not Designated as Hedging [Member] | |
Euro / U.S. Dollar [Member] | Euro / U.S. Dollar [Member] | U.S. Dollar / Canadian Dollar [Member] | U.S. Dollar / Canadian Dollar [Member] | Euro / Philippine Peso [Member] | British Pound / Philippine Peso [Member] | Euro / British Pound [Member] | Euro / U.S. Dollar [Member] | Euro / British Pound [Member] | Euro / British Pound [Member] | Euro / British Pound [Member] | Euro / British Pound [Member] | U.S. Dollar / British Pound [Member] | U.S. Dollar / British Pound [Member] | Canadian Dollar / U.S Dollar [Member] | U.S Dollar / Euro [Member] | U.S Dollar / Euro [Member] | |
USD ($) | USD ($) | CAD | CAD | PHP | PHP | GBP (£) | EUR (€) | EUR (€) | GBP (£) | EUR (€) | GBP (£) | USD ($) | USD ($) | CAD | EUR (€) | USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||
Sell (Buy) Notional | ($32,527) | ($27,105) | -10,036 | -13,077 | -523,313 | -260,535 | £ 4,592 | € 9,000 | € 2,000 | £ (3,000) | € 5,000 | £ (8,000) | $9,000 | $6,000 | 2,000 | € 4,000 | $2,000 |
Financial_Derivatives_and_Hedg4
Financial Derivatives and Hedging Activities - Fair Values of Derivative Instruments (Detail) (Forward Foreign Currency Exchange Contracts [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | $3,106 | |
Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | 394 | 1,163 |
Not Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | 70 | 36 |
Not Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | $161 | $46 |
Financial_Derivatives_and_Hedg5
Financial Derivatives and Hedging Activities - Income or Loss from Derivative Instruments Recognized in Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative instruments, gain (loss) | ($487) | ($115) | ($194) | ($154) | ($3,969) | ($1,761) | |||
Forward Foreign Currency Exchange Contracts [Member] | Costs of Products Sold [Member] | Designated as Hedging [Member] | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Effective portion of derivative instruments, gain (loss) | -655 | -945 | 2,183 | ||||||
Forward Foreign Currency Exchange Contracts [Member] | Other - Net [Member] | Designated as Hedging [Member] | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Ineffective portion of derivative instruments, gain (loss) | 184 | 38 | 311 | ||||||
Forward Foreign Currency Exchange Contracts [Member] | Other - Net [Member] | Not Designated as Hedging [Member] | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative instruments, gain (loss) | $1,599 | ($455) | ($696) |
Financial_Derivatives_and_Hedg6
Financial Derivatives and Hedging Activities - Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Balance at January 1, | ($1,296) | ($599) |
Deferred (losses) gains on cash flow hedges | 3,923 | -1,642 |
Reclassified to earnings | 655 | 945 |
Balance at December 31, | $3,282 | ($1,296) |
Shareholders_Equity_Summary_of
Shareholders' Equity - Summary of Outstanding Shares of Common Stock (Detail) | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | ||||
Shares outstanding at beginning of year | 43,130,000 | 42,784,000 | 42,650,000 | |
Shares repurchased | -755,310 | -464,190 | -374,000 | |
Treasury shares issued for: | ||||
Restricted stock awards | 162,000 | 86,000 | 76,000 | |
401(k) plan | 116,000 | 123,000 | 152,000 | |
Employee stock options exercised | 110,000 | 137,000 | 280,000 | |
Shares outstanding at end of year | 43,054,000 | 43,054,000 | 43,130,000 | 42,784,000 |
Share_Repurchases_Additional_I
Share Repurchases - Additional Information (Detail) (USD $) | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | 1-May-14 | |
Equity [Abstract] | ||||
Authorized a share repurchase under a stock repurchase plan | $50,000,000 | $50,000,000 | $25,000,000 | |
Share repurchase program expiration date | 1-May-16 | |||
Repurchases, shares | 755,310 | 464,190 | 374,000 | |
Repurchases, amount | $16,627,000 | $12,200,000 |
Share_Repurchases_Summary_of_S
Share Repurchases - Summary of Share Repurchases under Stock Repurchase Plan (Detail) (USD $) | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | 1-May-14 | |
Equity [Abstract] | ||||
Authorized, shares | 0 | 0 | ||
Authorized, amount | $50,000,000 | $50,000,000 | $25,000,000 | |
Repurchases, shares | 755,310 | 464,190 | 374,000 | |
Repurchases, amount | -16,627,000 | -12,200,000 | ||
Remaining authorization, shares | 0 | 0 | ||
Remaining authorization, amount | $33,373,000 | $33,373,000 |
Commitments_Contingencies_and_2
Commitments, Contingencies and Legal Proceedings - Summary of Minimum Annual Payment Due on Noncancelable Operating Lease (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Member] | |
Operating Leased Assets [Line Items] | |
2015 | $6,244 |
2016 | 3,742 |
2017 | 2,256 |
2018 | 1,392 |
2019 | 394 |
Thereafter | 1 |
Other [Member] | |
Operating Leased Assets [Line Items] | |
2015 | 71,402 |
2016 | 23,818 |
2017 | 1,176 |
2018 | 536 |
2019 | $98 |
Commitments_Contingencies_and_3
Commitments, Contingencies and Legal Proceedings - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended |
Oct. 14, 2014 | Dec. 31, 2014 | Sep. 25, 2014 | Jan. 31, 2008 | |
Operable_Unit | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
Annual payments due under operating leases | $14,000,000 | |||
Aggregate contractual obligation | 97,000,000 | |||
Number of operable units | 5 | |||
Upper end estimate of total past and future response costs | 1,100,000,000 | |||
Uncertainty premium for future response costs | 100,000,000 | |||
Initial minimum amount of NRD assessment | 176,000,000 | |||
Initial maximum amount of NRD assessment | 333,000,000 | |||
Revised minimum amount of NRD assessment | 287,000,000 | |||
Revised maximum amount of NRD assessment | 423,000,000 | |||
Reserve for environmental liability, expected compensation payments | 45,900,000 | |||
Environmental loss contingencies recovered | 105,000,000 | 16,300,000 | ||
Other prepaid loss contingencies for earlier settlements | 59,000,000 | |||
Cost of response incurred by government | 4,280,000 | |||
Reserve for Environmental liabilities, current portion | 1,100,000 | |||
Maximum estimated percentage of discharge | 27.00% | |||
Maximum estimated cost related to Fox River matter | 185,000,000 | |||
Maximum [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
Period over which estimated cost to be incurred | 3 years | |||
Minimum [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
Period over which estimated cost to be incurred | 2 years | |||
OU1 [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
Estimated future cost of work yet to be done | 100,000,000 | |||
OU2-5 [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
Estimated future cost of work yet to be done | 500,000,000 | |||
Annual estimated cost rate seek by Government | 70,000,000 | |||
NCR costs and damages percentage | 100.00% | |||
OU2-5 [Member] | Whiting Litigation [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
NCR costs and damages percentage | 100.00% | |||
Dredging Season [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
Annual estimated cost rate seek by Government | $90,000,000 |
Segment_and_Geographic_Informa2
Segment and Geographic Information - Schedule of Financial and Other Information by Business Unit (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $436,261,000 | $465,092,000 | $445,341,000 | $455,721,000 | $434,811,000 | $456,648,000 | $425,967,000 | $405,189,000 | $1,802,415,000 | $1,722,615,000 | $1,577,788,000 |
Energy and related sales, net | 7,927,000 | 3,153,000 | 7,000,000 | ||||||||
Total revenue | 1,810,342,000 | 1,725,768,000 | 1,584,788,000 | ||||||||
Cost of products sold | 1,575,188,000 | 1,507,108,000 | 1,371,139,000 | ||||||||
Gross profit | 58,164,000 | 80,513,000 | 41,437,000 | 55,040,000 | 54,406,000 | 66,039,000 | 40,840,000 | 57,375,000 | 235,154,000 | 218,660,000 | 213,649,000 |
SG&A | 133,235,000 | 133,867,000 | 121,590,000 | ||||||||
Gains on dispositions of plant, equipment and timberlands, net | -4,861,000 | -1,726,000 | -9,815,000 | ||||||||
Total operating income (loss) | 106,780,000 | 86,519,000 | 101,874,000 | ||||||||
Non-operating expense | -19,397,000 | -17,318,000 | -22,933,000 | ||||||||
Income (loss) before income taxes | 87,383,000 | 69,201,000 | 78,941,000 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 697,608,000 | 723,340,000 | 697,608,000 | 723,340,000 | 621,200,000 | ||||||
Depreciation, depletion and amortization | 70,555,000 | 68,196,000 | 69,500,000 | ||||||||
Capital expenditures | 66,000,000 | 103,000,000 | 58,800,000 | ||||||||
Composite Fibers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 617,851,000 | 566,360,000 | 436,740,000 | ||||||||
Total revenue | 617,900,000 | 566,400,000 | 436,700,000 | ||||||||
Cost of products sold | 498,000,000 | 456,500,000 | 362,600,000 | ||||||||
Gross profit | 119,900,000 | 109,800,000 | 74,200,000 | ||||||||
SG&A | 51,600,000 | 47,400,000 | 38,100,000 | ||||||||
Total operating income (loss) | 68,300,000 | 62,400,000 | 36,100,000 | ||||||||
Income (loss) before income taxes | 68,300,000 | 62,400,000 | 36,100,000 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 277,800,000 | 300,000,000 | 277,800,000 | 300,000,000 | 200,100,000 | ||||||
Depreciation, depletion and amortization | 29,700,000 | 24,800,000 | 23,500,000 | ||||||||
Capital expenditures | 23,900,000 | 56,900,000 | 31,400,000 | ||||||||
Advanced Airlaid Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 281,673,000 | 268,396,000 | 246,282,000 | ||||||||
Total revenue | 281,700,000 | 268,400,000 | 246,300,000 | ||||||||
Cost of products sold | 247,600,000 | 238,000,000 | 218,700,000 | ||||||||
Gross profit | 34,100,000 | 30,400,000 | 27,600,000 | ||||||||
SG&A | 8,800,000 | 8,900,000 | 9,600,000 | ||||||||
Total operating income (loss) | 25,300,000 | 21,500,000 | 18,000,000 | ||||||||
Income (loss) before income taxes | 25,300,000 | 21,500,000 | 18,000,000 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 163,600,000 | 175,100,000 | 163,600,000 | 175,100,000 | 172,900,000 | ||||||
Depreciation, depletion and amortization | 9,100,000 | 8,900,000 | 8,700,000 | ||||||||
Capital expenditures | 7,600,000 | 6,700,000 | 3,900,000 | ||||||||
Specialty Papers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 902,891,000 | 887,859,000 | 894,777,000 | ||||||||
Energy and related sales, net | 7,900,000 | 3,200,000 | 7,000,000 | ||||||||
Total revenue | 910,800,000 | 891,000,000 | 901,800,000 | ||||||||
Cost of products sold | 821,800,000 | 799,300,000 | 779,500,000 | ||||||||
Gross profit | 89,000,000 | 91,700,000 | 122,300,000 | ||||||||
SG&A | 50,400,000 | 52,000,000 | 55,000,000 | ||||||||
Total operating income (loss) | 38,600,000 | 39,700,000 | 67,300,000 | ||||||||
Income (loss) before income taxes | 38,600,000 | 39,700,000 | 67,300,000 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 250,100,000 | 242,600,000 | 250,100,000 | 242,600,000 | 247,900,000 | ||||||
Depreciation, depletion and amortization | 29,900,000 | 33,200,000 | 37,400,000 | ||||||||
Capital expenditures | 32,100,000 | 34,300,000 | 23,100,000 | ||||||||
Other and Unallocated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Cost of products sold | 7,800,000 | 13,300,000 | 10,300,000 | ||||||||
Gross profit | -7,800,000 | -13,300,000 | -10,400,000 | ||||||||
SG&A | 22,400,000 | 25,500,000 | 18,900,000 | ||||||||
Gains on dispositions of plant, equipment and timberlands, net | -4,900,000 | -1,700,000 | -9,800,000 | ||||||||
Total operating income (loss) | -25,300,000 | -37,100,000 | -19,500,000 | ||||||||
Non-operating expense | -19,400,000 | -17,300,000 | -22,900,000 | ||||||||
Income (loss) before income taxes | -44,700,000 | -54,400,000 | -42,400,000 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 6,100,000 | 5,600,000 | 6,100,000 | 5,600,000 | 300,000 | ||||||
Depreciation, depletion and amortization | 1,900,000 | 1,300,000 | |||||||||
Capital expenditures | $2,400,000 | $5,100,000 | $300,000 |
Segment_and_Geographic_Informa3
Segment and Geographic Information - Schedule of Segment Reporting Information of Revenue by Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $436,261 | $465,092 | $445,341 | $455,721 | $434,811 | $456,648 | $425,967 | $405,189 | $1,802,415 | $1,722,615 | $1,577,788 |
Composite Fibers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 617,851 | 566,360 | 436,740 | ||||||||
Composite Fibers [Member] | Food & Beverage [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 296,304 | 302,738 | 265,423 | ||||||||
Composite Fibers [Member] | Wall Covering [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 149,957 | 97,698 | |||||||||
Composite Fibers [Member] | Metallized [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 80,839 | 83,949 | 87,720 | ||||||||
Composite Fibers [Member] | Composite Laminates [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 38,159 | 39,296 | 44,613 | ||||||||
Composite Fibers [Member] | Technical Specialties and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 52,592 | 42,679 | 38,984 | ||||||||
Advanced Airlaid Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 281,673 | 268,396 | 246,282 | ||||||||
Advanced Airlaid Materials [Member] | Feminine Hygiene [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 216,836 | 219,222 | 197,792 | ||||||||
Advanced Airlaid Materials [Member] | Wipes [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 16,002 | 15,186 | 13,562 | ||||||||
Advanced Airlaid Materials [Member] | Home Care [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 15,401 | 14,857 | 14,527 | ||||||||
Advanced Airlaid Materials [Member] | Adult Incontinence [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 17,586 | 5,046 | 6,959 | ||||||||
Advanced Airlaid Materials [Member] | Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 15,848 | 14,085 | 13,442 | ||||||||
Specialty Papers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 902,891 | 887,859 | 894,777 | ||||||||
Specialty Papers [Member] | Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 3,805 | 4,346 | 3,397 | ||||||||
Specialty Papers [Member] | Carbonless & Forms [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 376,959 | 369,618 | 372,950 | ||||||||
Specialty Papers [Member] | Engineered Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 194,189 | 184,913 | 187,724 | ||||||||
Specialty Papers [Member] | Envelope & Converting [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 183,194 | 175,928 | 174,781 | ||||||||
Specialty Papers [Member] | Book Publishing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $144,744 | $153,054 | $155,925 |
Segment_and_Geographic_Informa4
Segment and Geographic Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Customer | Customer | Customer | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Number of customers accounting for percentage of net sales | 0 | 0 | 0 |
Customers accounted for certain percentage in net sales | 10.00% | 10.00% | 10.00% |
Advanced Airlaid Materials [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Number of customers accounting for percentage of net sales | 1 | 1 | 1 |
Segment_and_Geographic_Informa5
Segment and Geographic Information - Schedule of Net Sales to External Customers and Location of Net Plant, Equipment and Timberlands (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $436,261 | $465,092 | $445,341 | $455,721 | $434,811 | $456,648 | $425,967 | $405,189 | $1,802,415 | $1,722,615 | $1,577,788 |
Plant, Equipment and Timberlands - Net | 697,608 | 723,340 | 697,608 | 723,340 | 621,200 | ||||||
Operating Segments [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,802,415 | 1,722,615 | 1,577,788 | ||||||||
Plant, Equipment and Timberlands - Net | 697,608 | 723,340 | 697,608 | 723,340 | 621,186 | ||||||
Operating Segments [Member] | United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 980,933 | 968,833 | 952,195 | ||||||||
Plant, Equipment and Timberlands - Net | 256,251 | 248,306 | 256,251 | 248,306 | 248,185 | ||||||
Operating Segments [Member] | Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 529,003 | 483,859 | 358,442 | ||||||||
Plant, Equipment and Timberlands - Net | 257,311 | 287,880 | 257,311 | 287,880 | 191,559 | ||||||
Operating Segments [Member] | United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 103,219 | 107,082 | 119,092 | ||||||||
Plant, Equipment and Timberlands - Net | 62,617 | 63,650 | 62,617 | 63,650 | 59,131 | ||||||
Operating Segments [Member] | Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 129,401 | 113,414 | 106,702 | ||||||||
Plant, Equipment and Timberlands - Net | 82,774 | 83,033 | 82,774 | 83,033 | 83,796 | ||||||
Operating Segments [Member] | Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 59,859 | 49,427 | 41,357 | ||||||||
Plant, Equipment and Timberlands - Net | $38,655 | $40,471 | $38,655 | $40,471 | $38,515 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements - Additional Information (Detail) | Dec. 31, 2014 | Oct. 03, 2012 |
PHG Tea Leaves, Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage owned in domestic subsidiaries | 100.00% | |
Mollanvick, Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage owned in domestic subsidiaries | 100.00% | |
Glatfelter Holdings, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage owned in domestic subsidiaries | 100.00% | |
5.375% Notes [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest rate on notes guaranteed | 5.38% | 5.38% |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements - Condensed Consolidating Statement of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | $436,261 | $465,092 | $445,341 | $455,721 | $434,811 | $456,648 | $425,967 | $405,189 | $1,802,415 | $1,722,615 | $1,577,788 |
Energy and related sales, net | 7,927 | 3,153 | 7,000 | ||||||||
Total revenues | 1,810,342 | 1,725,768 | 1,584,788 | ||||||||
Costs of products sold | 1,575,188 | 1,507,108 | 1,371,139 | ||||||||
Gross profit | 58,164 | 80,513 | 41,437 | 55,040 | 54,406 | 66,039 | 40,840 | 57,375 | 235,154 | 218,660 | 213,649 |
Selling, general and administrative expenses | 133,235 | 133,867 | 121,590 | ||||||||
Gains on dispositions of plant, equipment and timberlands, net | -4,861 | -1,726 | -9,815 | ||||||||
Operating income (loss) | 106,780 | 86,519 | 101,874 | ||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | -18,921 | -17,965 | -18,694 | ||||||||
Interest income | 159 | 310 | 460 | ||||||||
Equity in earnings of subsidiaries | 0 | ||||||||||
Other, net | -635 | 337 | -4,699 | ||||||||
Total other expense | -19,397 | -17,318 | -22,933 | ||||||||
Income (loss) before income taxes | 87,383 | 69,201 | 78,941 | ||||||||
Income tax (benefit) provision | 18,137 | 2,043 | 19,562 | ||||||||
Net income (loss) | 69,246 | 67,158 | 59,379 | ||||||||
Other comprehensive income (loss) | -79,513 | 88,609 | 2,775 | ||||||||
Comprehensive income (loss) | -10,267 | 155,767 | 62,154 | ||||||||
Adjustments/ Eliminations [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | -35 | -16 | -25 | ||||||||
Total revenues | -35 | -16 | -25 | ||||||||
Costs of products sold | -35 | -24 | -7 | ||||||||
Gross profit | 8 | -18 | |||||||||
Selling, general and administrative expenses | 0 | ||||||||||
Operating income (loss) | 8 | -18 | |||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | 102,755 | 8,990 | 7,565 | ||||||||
Interest income | -102,756 | -8,991 | -7,565 | ||||||||
Equity in earnings of subsidiaries | -31,402 | -106,950 | -74,636 | ||||||||
Other, net | 0 | ||||||||||
Total other expense | -31,403 | -106,951 | -74,636 | ||||||||
Income (loss) before income taxes | -31,403 | -106,943 | -74,654 | ||||||||
Income tax (benefit) provision | 4 | ||||||||||
Net income (loss) | -31,403 | -106,947 | -74,654 | ||||||||
Other comprehensive income (loss) | 11,684 | -11,106 | -7,163 | ||||||||
Comprehensive income (loss) | -19,539 | -118,053 | -81,817 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 902,892 | 887,859 | 894,777 | ||||||||
Energy and related sales, net | 7,927 | 3,153 | 7,000 | ||||||||
Total revenues | 910,819 | 891,012 | 901,777 | ||||||||
Costs of products sold | 829,336 | 812,298 | 789,589 | ||||||||
Gross profit | 81,483 | 78,714 | 112,188 | ||||||||
Selling, general and administrative expenses | 67,086 | 69,614 | 73,877 | ||||||||
Gains on dispositions of plant, equipment and timberlands, net | -3,545 | -1,390 | -9,790 | ||||||||
Operating income (loss) | 17,942 | 10,490 | 48,101 | ||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | -19,105 | -18,891 | -22,311 | ||||||||
Interest income | 638 | 627 | 452 | ||||||||
Equity in earnings of subsidiaries | 66,628 | 58,412 | 40,682 | ||||||||
Other, net | -1,366 | -1,569 | -6,459 | ||||||||
Total other expense | 46,795 | 38,579 | 12,364 | ||||||||
Income (loss) before income taxes | 64,737 | 49,069 | 60,465 | ||||||||
Income tax (benefit) provision | -4,509 | -18,089 | 1,086 | ||||||||
Net income (loss) | 69,246 | 67,158 | 59,379 | ||||||||
Other comprehensive income (loss) | -79,513 | 88,609 | 2,775 | ||||||||
Comprehensive income (loss) | -10,267 | 155,767 | 62,154 | ||||||||
Guarantors [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 35 | 16 | 14 | ||||||||
Total revenues | 35 | 16 | 14 | ||||||||
Costs of products sold | 34 | 15 | 13 | ||||||||
Gross profit | 1 | 1 | 1 | ||||||||
Selling, general and administrative expenses | 492 | 718 | 169 | ||||||||
Gains on dispositions of plant, equipment and timberlands, net | -1,316 | -319 | |||||||||
Operating income (loss) | 825 | -398 | -168 | ||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | -57 | ||||||||||
Interest income | 102,241 | 8,662 | 7,191 | ||||||||
Equity in earnings of subsidiaries | -35,226 | 48,538 | 33,954 | ||||||||
Other, net | 314 | 104 | 477 | ||||||||
Total other expense | 67,329 | 57,304 | 41,565 | ||||||||
Income (loss) before income taxes | 68,154 | 56,906 | 41,397 | ||||||||
Income tax (benefit) provision | 3,060 | 453 | 1,587 | ||||||||
Net income (loss) | 65,094 | 56,453 | 39,810 | ||||||||
Other comprehensive income (loss) | -40,704 | 6,883 | 3,243 | ||||||||
Comprehensive income (loss) | 24,390 | 63,336 | 43,053 | ||||||||
Non Guarantors [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 899,523 | 834,756 | 683,022 | ||||||||
Total revenues | 899,523 | 834,756 | 683,022 | ||||||||
Costs of products sold | 745,853 | 694,819 | 581,544 | ||||||||
Gross profit | 153,670 | 139,937 | 101,478 | ||||||||
Selling, general and administrative expenses | 65,657 | 63,535 | 47,544 | ||||||||
Gains on dispositions of plant, equipment and timberlands, net | -17 | -25 | |||||||||
Operating income (loss) | 88,013 | 76,419 | 53,959 | ||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | -102,571 | -8,064 | -3,891 | ||||||||
Interest income | 36 | 12 | 382 | ||||||||
Equity in earnings of subsidiaries | 0 | ||||||||||
Other, net | 417 | 1,802 | 1,283 | ||||||||
Total other expense | -102,118 | -6,250 | -2,226 | ||||||||
Income (loss) before income taxes | -14,105 | 70,169 | 51,733 | ||||||||
Income tax (benefit) provision | 19,586 | 19,675 | 16,889 | ||||||||
Net income (loss) | -33,691 | 50,494 | 34,844 | ||||||||
Other comprehensive income (loss) | 28,840 | 4,223 | 3,920 | ||||||||
Comprehensive income (loss) | ($4,851) | $54,717 | $38,764 |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements - Condensed Consolidating Balance Sheet (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $99,837 | $122,882 | $97,679 | $38,277 |
Other current assets | 474,785 | 463,700 | ||
Plant, equipment and timberlands, net | 697,608 | 723,340 | 621,200 | |
Other assets | 289,274 | 368,488 | ||
Total assets | 1,561,504 | 1,678,410 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 279,731 | 288,367 | ||
Long-term debt | 398,878 | 442,325 | ||
Deferred income taxes | 104,016 | 141,020 | ||
Other long-term liabilities | 129,770 | 122,222 | ||
Total liabilities | 912,395 | 993,934 | ||
Shareholders' equity | 649,109 | 684,476 | 539,679 | 490,404 |
Total liabilities and shareholders' equity | 1,561,504 | 1,678,410 | ||
Adjustments/ Eliminations [Member] | ||||
Assets | ||||
Other current assets | -427,777 | -326,045 | ||
Investments in subsidiaries | -1,224,411 | -1,272,221 | ||
Other assets | -17,980 | -15,873 | ||
Total assets | -1,670,168 | -1,614,139 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | -435,062 | -337,878 | ||
Long-term debt | -572,579 | -320,795 | ||
Deferred income taxes | -12,289 | -8,319 | ||
Other long-term liabilities | 5,779 | 3,409 | ||
Total liabilities | -1,014,151 | -663,583 | ||
Shareholders' equity | -656,017 | -950,556 | ||
Total liabilities and shareholders' equity | -1,670,168 | -1,614,139 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 42,208 | 56,216 | 43,781 | 3,063 |
Other current assets | 218,544 | 208,814 | ||
Plant, equipment and timberlands, net | 255,255 | 247,243 | ||
Investments in subsidiaries | 824,480 | 803,688 | ||
Other assets | 121,125 | 170,060 | ||
Total assets | 1,461,612 | 1,486,021 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 403,662 | 375,535 | ||
Long-term debt | 250,000 | 250,000 | ||
Deferred income taxes | 46,483 | 70,989 | ||
Other long-term liabilities | 112,358 | 105,021 | ||
Total liabilities | 812,503 | 801,545 | ||
Shareholders' equity | 649,109 | 684,476 | ||
Total liabilities and shareholders' equity | 1,461,612 | 1,486,021 | ||
Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 514 | 501 | 4,278 | 2,838 |
Other current assets | 420,451 | 327,152 | ||
Plant, equipment and timberlands, net | 991 | 1,054 | ||
Investments in subsidiaries | 399,931 | 468,533 | ||
Total assets | 821,887 | 797,240 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 3,394 | 2,855 | ||
Deferred income taxes | -453 | -283 | ||
Total liabilities | 2,941 | 2,572 | ||
Shareholders' equity | 818,946 | 794,668 | ||
Total liabilities and shareholders' equity | 821,887 | 797,240 | ||
Non Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 57,115 | 66,165 | 49,620 | 32,376 |
Other current assets | 263,567 | 253,779 | ||
Plant, equipment and timberlands, net | 441,362 | 475,043 | ||
Other assets | 186,129 | 214,301 | ||
Total assets | 948,173 | 1,009,288 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 307,737 | 247,855 | ||
Long-term debt | 721,457 | 513,120 | ||
Deferred income taxes | 70,275 | 78,633 | ||
Other long-term liabilities | 11,633 | 13,792 | ||
Total liabilities | 1,111,102 | 853,400 | ||
Shareholders' equity | -162,929 | 155,888 | ||
Total liabilities and shareholders' equity | $948,173 | $1,009,288 |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided (used) by Operating activities | $99,577 | $173,635 | $112,846 |
Investing activities | |||
Expenditures for purchases of plant, equipment and timberlands | -66,046 | -103,047 | -58,752 |
Proceeds from disposals of plant, equipment and timberlands, net | 5,072 | 1,947 | 10,272 |
Acquisitions, net of cash acquired | -8,015 | -210,911 | |
Other | -600 | -425 | -225 |
Net cash used by investing activities | -69,589 | -312,436 | -48,705 |
Financing activities | |||
Net (repayments of) proceeds from indebtedness | -18,128 | 182,230 | 17,869 |
Payments of note offering costs | -419 | -4,748 | |
Payment of dividends to shareholders | -18,696 | -16,965 | -15,608 |
Repurchases of common stock | -12,180 | -5,675 | |
Payments related to share-based compensation awards and other | -1,877 | -1,671 | 2,673 |
Net cash (used) provided by financing activities | -50,881 | 163,175 | -5,489 |
Effect of exchange rate on cash | -2,152 | 829 | 750 |
Net (decrease) increase in cash and cash equivalents | -23,045 | 25,203 | 59,402 |
Cash and cash equivalents at the beginning of period | 122,882 | 97,679 | 38,277 |
Cash and cash equivalents at the end of period | 99,837 | 122,882 | 97,679 |
Net (decrease) increase in cash and cash equivalents | -23,045 | 25,203 | 59,402 |
Adjustments/ Eliminations [Member] | |||
Investing activities | |||
Repayments from intercompany loans | -20,840 | -18,223 | -35,431 |
Advances of intercompany loans | 39,011 | 27,216 | 34,980 |
Intercompany capital contributed | 91 | ||
Net cash used by investing activities | 18,171 | 9,084 | -451 |
Financing activities | |||
Repayments of intercompany loans | 20,840 | 18,223 | 35,431 |
Borrowings of intercompany loans | -39,011 | -27,216 | -34,980 |
Intercompany capital received | -91 | ||
Net cash (used) provided by financing activities | -18,171 | -9,084 | 451 |
Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided (used) by Operating activities | 36,240 | 55,507 | 25,787 |
Investing activities | |||
Expenditures for purchases of plant, equipment and timberlands | -34,518 | -39,496 | -23,463 |
Proceeds from disposals of plant, equipment and timberlands, net | 3,707 | 1,435 | 10,236 |
Repayments from intercompany loans | 6,088 | ||
Advances of intercompany loans | -12,671 | -91 | |
Other | -600 | -425 | -225 |
Net cash used by investing activities | -44,082 | -38,486 | -7,455 |
Financing activities | |||
Net (repayments of) proceeds from indebtedness | 17,869 | ||
Payments of note offering costs | -160 | -4,748 | |
Payment of dividends to shareholders | -18,696 | -16,965 | -15,608 |
Repurchases of common stock | -12,180 | -5,675 | |
Repayments of intercompany loans | -1,100 | ||
Borrowings of intercompany loans | 26,340 | 15,310 | 27,875 |
Payments related to share-based compensation awards and other | -1,630 | -1,671 | 2,673 |
Net cash (used) provided by financing activities | -6,166 | -4,586 | 22,386 |
Net (decrease) increase in cash and cash equivalents | 40,718 | ||
Cash and cash equivalents at the beginning of period | 56,216 | 43,781 | 3,063 |
Cash and cash equivalents at the end of period | 42,208 | 56,216 | 43,781 |
Net (decrease) increase in cash and cash equivalents | 40,718 | ||
Guarantors [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided (used) by Operating activities | 4,158 | 4,974 | 5,958 |
Investing activities | |||
Proceeds from disposals of plant, equipment and timberlands, net | 1,355 | 333 | |
Repayments from intercompany loans | 20,840 | 18,223 | 29,343 |
Advances of intercompany loans | -26,340 | -27,216 | -34,375 |
Intercompany capital contributed | -91 | ||
Net cash used by investing activities | -4,145 | -8,751 | -5,032 |
Financing activities | |||
Borrowings of intercompany loans | 514 | ||
Net cash (used) provided by financing activities | 514 | ||
Net (decrease) increase in cash and cash equivalents | 1,440 | ||
Cash and cash equivalents at the beginning of period | 501 | 4,278 | 2,838 |
Cash and cash equivalents at the end of period | 514 | 501 | 4,278 |
Net (decrease) increase in cash and cash equivalents | 1,440 | ||
Non Guarantors [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided (used) by Operating activities | 59,179 | 113,154 | 81,101 |
Investing activities | |||
Expenditures for purchases of plant, equipment and timberlands | -31,528 | -63,551 | -35,289 |
Proceeds from disposals of plant, equipment and timberlands, net | 10 | 179 | 36 |
Advances of intercompany loans | -514 | ||
Acquisitions, net of cash acquired | -8,015 | -210,911 | |
Net cash used by investing activities | -39,533 | -274,283 | -35,767 |
Financing activities | |||
Net (repayments of) proceeds from indebtedness | -18,128 | 182,230 | |
Payments of note offering costs | -259 | ||
Repayments of intercompany loans | -20,840 | -17,123 | -35,431 |
Borrowings of intercompany loans | 12,671 | 11,906 | 6,591 |
Intercompany capital received | 91 | ||
Payments related to share-based compensation awards and other | -247 | ||
Net cash (used) provided by financing activities | -26,544 | 176,845 | -28,840 |
Effect of exchange rate on cash | -2,152 | 829 | 750 |
Net (decrease) increase in cash and cash equivalents | 17,244 | ||
Cash and cash equivalents at the beginning of period | 66,165 | 49,620 | 32,376 |
Cash and cash equivalents at the end of period | 57,115 | 66,165 | 49,620 |
Net (decrease) increase in cash and cash equivalents | $17,244 |
Quarterly_Results_Schedule_of_
Quarterly Results - Schedule of Net Income (Loss) and Earnings (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $436,261 | $465,092 | $445,341 | $455,721 | $434,811 | $456,648 | $425,967 | $405,189 | $1,802,415 | $1,722,615 | $1,577,788 |
Gross profit | 58,164 | 80,513 | 41,437 | 55,040 | 54,406 | 66,039 | 40,840 | 57,375 | 235,154 | 218,660 | 213,649 |
Net Income | $19,557 | $30,372 | $4,669 | $14,648 | $16,477 | $34,119 | $933 | $15,629 | |||
Diluted earnings per share | $0.45 | $0.69 | $0.11 | $0.33 | $0.37 | $0.77 | $0.02 | $0.36 | $1.57 | $1.52 | $1.36 |
Quarterly_Results_Impact_of_Ce
Quarterly Results - Impact of Certain Factors on Income (Loss) and Earning (Loss) Per Share (Detail) (USD $) | 3 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Quarterly Financial Data [Abstract] | ||||||||
Asset Impairment Charge | ($2,356) | |||||||
Restructuring Costs & Workforce Efficiency | -373 | -60 | -117 | -193 | -260 | |||
Alternative Fuel Mixture/Cellulosic Biofuel Credits | 81 | 1,032 | 450 | 9,866 | ||||
Gains on Sale of Plant Equipment and Timberlands | 612 | 1,004 | 872 | 507 | 1,301 | 142 | 282 | |
Acquisition Integration Costs | ($487) | ($115) | ($194) | ($154) | ($3,969) | ($1,761) |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | $2,725 | $2,858 | $2,861 |
Provision | 1,061 | 945 | 71 |
Write-offs, recoveries and discounts allowed | -946 | -1,119 | -91 |
Other | -137 | 41 | 17 |
Balance, end of year | 2,703 | 2,725 | 2,858 |
Allowance for Sales Discounts and Deductions [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | 1,810 | 2,302 | 2,831 |
Provision | 4,356 | 5,526 | 3,661 |
Write-offs, recoveries and discounts allowed | -4,719 | -6,148 | -4,173 |
Other | 362 | 130 | -17 |
Balance, end of year | $1,809 | $1,810 | $2,302 |