Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 23, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GLT | ||
Entity Registrant Name | GLATFELTER P H CO | ||
Entity Central Index Key | 41,719 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | 43,442,171 | ||
Entity Public Float | $ 940.3 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||||||||||
Net sales | $ 412,852 | $ 419,960 | $ 410,803 | $ 417,469 | $ 436,261 | $ 465,092 | $ 445,341 | $ 455,721 | $ 1,661,084 | $ 1,802,415 | $ 1,722,615 |
Energy and related sales, net | 5,664 | 7,927 | 3,153 | ||||||||
Total revenues | 1,666,748 | 1,810,342 | 1,725,768 | ||||||||
Costs of products sold | 1,463,783 | 1,575,188 | 1,507,108 | ||||||||
Gross profit | $ 58,116 | $ 59,908 | $ 32,833 | $ 52,108 | $ 58,164 | $ 80,513 | $ 41,437 | $ 55,040 | 202,965 | 235,154 | 218,660 |
Selling, general and administrative expenses | 127,706 | 133,235 | 133,867 | ||||||||
Gains on dispositions of plant, equipment and timberlands, net | (21,113) | (4,861) | (1,726) | ||||||||
Operating income | 96,372 | 106,780 | 86,519 | ||||||||
Non-operating income (expense) | |||||||||||
Interest expense | (17,464) | (18,921) | (17,965) | ||||||||
Interest income | 283 | 159 | 310 | ||||||||
Other, net | (615) | (635) | 337 | ||||||||
Total other expense | (17,796) | (19,397) | (17,318) | ||||||||
Income before income taxes | 78,576 | 87,383 | 69,201 | ||||||||
Income tax provision | 14,001 | 18,137 | 2,043 | ||||||||
Net income | $ 64,575 | $ 69,246 | $ 67,158 | ||||||||
Earnings per share | |||||||||||
Basic | $ 1.49 | $ 1.60 | $ 1.56 | ||||||||
Diluted | $ 0.78 | $ 0.31 | $ 0.06 | $ 0.32 | $ 0.45 | $ 0.69 | $ 0.11 | $ 0.33 | 1.47 | 1.57 | 1.52 |
Cash dividends declared per common share | $ 0.48 | $ 0.44 | $ 0.40 | ||||||||
Weighted average shares outstanding | |||||||||||
Basic | 43,397 | 43,201 | 43,158 | ||||||||
Diluted | 43,942 | 44,066 | 44,299 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 64,575 | $ 69,246 | $ 67,158 |
Foreign currency translation adjustments | (38,817) | (49,365) | 14,826 |
Net change in: | |||
Deferred gains (losses) on cash flow hedges, net of taxes of $880, $(1,281) and $178, respectively | (2,581) | 3,297 | (517) |
Unrecognized retirement obligations, net of taxes of $(2,920), $20,730 and $(45,118), respectively | 5,782 | (33,445) | 74,300 |
Other comprehensive income (loss) | (35,616) | (79,513) | 88,609 |
Comprehensive income (loss) | $ 28,959 | $ (10,267) | $ 155,767 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Taxes on deferred losses on cash flow hedges | $ 880 | $ (1,281) | $ 178 |
Taxes on unrecognized retirement obligations | $ (2,920) | $ 20,730 | $ (45,118) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 105,304 | $ 99,837 |
Accounts receivable (less allowance for doubtful accounts: 2015 - $2,239; 2014 - $2,703) | 167,199 | 163,760 |
Inventories | 247,214 | 248,705 |
Prepaid expenses and other current assets | 32,650 | 62,320 |
Total current assets | 552,367 | 574,622 |
Plant, equipment and timberlands, net | 698,864 | 697,608 |
Goodwill | 76,056 | 84,137 |
Intangible assets | 63,057 | 77,098 |
Other assets | 113,280 | 128,039 |
Total assets | 1,503,624 | 1,561,504 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 7,366 | 5,734 |
Accounts payable | 172,735 | 157,070 |
Dividends payable | 5,231 | 4,775 |
Environmental liabilities | 12,544 | 1,075 |
Other current liabilities | 106,444 | 111,077 |
Total current liabilities | 304,320 | 279,731 |
Long-term debt | 356,504 | 398,878 |
Deferred income taxes | 76,458 | 104,016 |
Other long-term liabilities | 103,095 | 129,770 |
Total liabilities | $ 840,377 | $ 912,395 |
Commitments and contingencies | ||
Shareholders' equity | ||
Common stock, $0.01 par value; authorized - 120,000,000; issued - 54,361,980 (including treasury shares: 2015 - 10,941,944; 2014 - 11,307,589) | $ 544 | $ 544 |
Capital in excess of par value | 54,912 | 54,342 |
Retained earnings | 963,143 | 919,468 |
Accumulated other comprehensive loss | (190,486) | (154,870) |
Shareholders' equity before treasury stock | 828,113 | 819,484 |
Less cost of common stock in treasury | (164,866) | (170,375) |
Total shareholders' equity | 663,247 | 649,109 |
Total liabilities and shareholders' equity | $ 1,503,624 | $ 1,561,504 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,239 | $ 2,703 |
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 | 10,941,944 | 11,307,589 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net income | $ 64,575 | $ 69,246 | $ 67,158 |
Adjustments to reconcile to net cash provided by operations: | |||
Depreciation, depletion and amortization | 63,236 | 70,555 | 68,196 |
Amortization of debt issue costs and original issue discount | 1,184 | 1,315 | 1,305 |
Pension expense, net of unfunded benefits paid | 7,383 | 5,173 | 12,787 |
Charge for impairment of intangible asset | 1,200 | 3,262 | |
Deferred income tax benefit | (1,902) | (9,419) | (11,485) |
Gains on dispositions of plant, equipment and timberlands, net | (21,113) | (4,861) | (1,726) |
Share-based compensation | 7,244 | 7,859 | 7,337 |
Change in operating assets and liabilities | |||
Accounts receivable | (13,312) | (5,404) | (777) |
Inventories | (8,054) | (21,456) | 2,704 |
Prepaid and other current assets | 5,506 | (3,521) | 7,965 |
Accounts payable | 26,042 | (4,175) | 24,822 |
Accruals and other current liabilities | (2,186) | (12,802) | 3,140 |
Other | 3,940 | 3,805 | (7,791) |
Net cash provided by operating activities | 133,743 | 99,577 | 173,635 |
Investing activities | |||
Expenditures for purchases of plant, equipment and timberlands | (99,889) | (66,046) | (103,047) |
Proceeds from disposals of plant, equipment and timberlands, net | 24,459 | 5,072 | 1,947 |
Acquisition, net of cash acquired | (224) | (8,015) | (210,911) |
Other | (1,600) | (600) | (425) |
Net cash used by investing activities | (77,254) | (69,589) | (312,436) |
Financing activities | |||
Net borrowings under (repayments of) revolving credit facility | (22,294) | (30,720) | 126,139 |
Payments of borrowing costs | (1,329) | (419) | |
Proceeds from term loans | 2,873 | 12,592 | 56,091 |
Repayment of term loans | (5,229) | ||
Repurchases of common stock | (12,180) | ||
Payments of dividends | (20,443) | (18,696) | (16,965) |
Payments related to share-based compensation awards and other | (1,594) | (1,877) | (1,671) |
Net cash (used) provided by financing activities | (48,016) | (50,881) | 163,175 |
Effect of exchange rate changes on cash | (3,006) | (2,152) | 829 |
Net increase (decrease) in cash and cash equivalents | 5,467 | (23,045) | 25,203 |
Cash and cash equivalents at the beginning of period | 99,837 | 122,882 | 97,679 |
Cash and cash equivalents at the end of period | 105,304 | 99,837 | 122,882 |
Cash paid for: | |||
Interest, net of amounts capitalized | 16,256 | 17,643 | 17,231 |
Income taxes, net | $ 15,849 | $ 24,139 | $ 15,588 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
Beginning 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 | 88,609 | 88,609 | ||||
Comprehensive income (loss) | 155,767 | |||||
Tax effect on exercise of stock awards | 1,451 | 1,451 | ||||
Cash dividends declared | (17,422) | (17,422) | ||||
Share-based compensation expense | 4,473 | 4,473 | ||||
Delivery of treasury shares | ||||||
RSUs and PSAs | (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 | (79,513) | (79,513) | ||||
Comprehensive income (loss) | (10,267) | |||||
Tax effect on exercise of stock awards | (14) | (14) | ||||
Cash dividends declared | (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 and PSAs | (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) |
Net income | 64,575 | 64,575 | ||||
Other comprehensive income | (35,616) | (35,616) | ||||
Comprehensive income (loss) | 28,959 | |||||
Tax effect on exercise of stock awards | 843 | 843 | ||||
Cash dividends declared | (20,900) | (20,900) | ||||
Share-based compensation expense | 4,403 | 4,403 | ||||
Delivery of treasury shares | ||||||
RSUs and PSAs | (1,976) | (5,078) | 3,102 | |||
401 (k) plans | 2,848 | 838 | 2,010 | |||
Employee stock options exercised - net | (39) | (436) | 397 | |||
Ending Balance at Dec. 31, 2015 | $ 663,247 | $ 544 | $ 54,912 | $ 963,143 | $ (190,486) | $ (164,866) |
Consolidated Statements of Sha9
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Per share amount of cash dividends declared | $ 0.48 | $ 0.44 | $ 0.40 |
Retained Earnings [Member] | |||
Per share amount of cash dividends declared | $ 0.48 | $ 0.44 | $ 0.40 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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, 2015 | |
Accounting Policies [Abstract] | |
Accounting Policies | 2. ACCOUNTING POLICIES Principles of Consolidation Accounting Estimates Cash and Cash Equivalents Inventories Plant, Equipment and Timberlands 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 Valuation of Long-lived Assets, Intangible Assets and Goodwill Asset Retirement Obligations Asset Retirement and Environmental Obligations, Income Taxes 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 Foreign Currency Translation Revenue Recognition 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 Earnings Per Share Financial Derivatives and Hedging Activities Derivatives and Hedging Cash Flow Hedges Fair Value of Financial Instruments 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 February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). The ASU will require organizations that lease assets – referred to as “lessees” – to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance will be effective for annual periods beginning after December 15, 2018, and interim periods therein. Early adoption is permitted. We have yet to analyze or assess the impact this standard will have on us. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs In May 2014, the FASB issued ASU No. 2014-09 - Revenue from Contracts with Customers |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 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. SPO had annual sales of approximately $33 million in 2014. 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 our technical specialties products. 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. 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 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 Charges 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, 2013 Year ended 2013 In thousands, except per share Pro forma Net sales $ 1,779,434 Net income 80,381 Diluted earnings per share 1.82 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, 2015 | |
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 2015 2014 2013 Energy sales $ 5,315 $ 11,886 $ 8,189 Costs to produce (4,428 ) (6,204 ) (6,784 ) Net 887 5,682 1,405 Renewable energy credits 4,777 2,245 1,748 Total $ 5,664 $ 7,927 $ 3,153 |
Gain on Dispositions of Plant,
Gain on Dispositions of Plant, Equipment and Timberlands | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Gain on Dispositions of Plant, Equipment and Timberlands | 5. GAIN ON DISPOSITIONS OF PLANT, EQUIPMENT AND TIMBERLANDS During 2015, 2014 and 2013, we completed the following sales of assets: Dollars in thousands Acres Proceeds Gain 2015 Timberlands 15,628 $ 23,917 $ 20,867 Other n/a 542 246 Total $ 24,459 $ 21,113 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 |
Asset Impairment Charges
Asset Impairment Charges | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Asset Impairment Charges | 6. ASSET IMPAIRMENT CHARGES During 2015 and 2014, in connection with our annual test of potential impairment of indefinite lived intangible assets, we recorded $1.2 million and $3.3 million, respectively, of non-cash asset impairment charges. The trade name intangible asset was acquired in connection with our Composite Fibers business unit’s 2013 Dresden acquisition. The charges were due to changes in the estimated fair value of the trade name, primarily driven by lower forecasted revenues associated with the business, an increase in discount rates related to Dresden’s business in Russia and Ukraine and this region’s political and economic instability. The fair value of the asset was estimated using a discounted cash flow model under a relief from royalty method. The significant assumptions used included projected financial performance and discount rates, which resulted in a Level 3 fair value classification. 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, 2015 | |
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 2015 2014 2013 Net income $ 64,575 $ 69,246 $ 67,158 Weighted average common shares outstanding used in basic EPS 43,397 43,201 43,158 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs 545 865 1,141 Weighted average common shares outstanding and common share equivalents used in diluted EPS 43,942 44,066 44,299 Earnings per share Basic $ 1.49 $ 1.60 $ 1.56 Diluted 1.47 1.57 1.52 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 2015 2014 2013 Potential common shares 678 277 7 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE INCOME The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three years ended December 31, 2015, 2014 and 2013. in thousands Currency Unrealized gain Change in Change in other Total Balance at January 1, 2015 $ (34,224 ) $ 2,356 $ (120,260 ) $ (2,742 ) $ (154,870 ) Other comprehensive income before reclassifications (net of tax) (38,817 ) 1,620 (12,995 ) 6,266 (43,926 ) Amounts reclassified from accumulated other comprehensive income (net of tax) – (4,201 ) 12,541 (30 ) 8,310 Net current period other comprehensive income (loss) (38,817 ) $ (2,581 ) (454 ) 6,236 (35,616 ) Balance at December 31, 2015 $ (73,041 ) $ (225 ) $ (120,714 ) $ 3,494 $ (190,486 ) 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 (net of tax) – 471 9,553 71 10,095 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 ) The following table sets forth the amounts reclassified from accumulated other comprehensive income (losses) for the years indicated. Year ended December 31 In thousands 2015 2014 2013 Description Line Item in Statements of Income Cash flow hedges (Note 20) (Gains) losses on cash flow hedges $ (5,752 ) $ 655 $ 945 Costs of products sold Tax expense (benefit) 1,551 (184 ) (264 ) Income tax provision Net of tax (4,201 ) 471 681 Retirement plan obligations (Note 11) Amortization of deferred benefit pension plan items Prior service costs 2,300 2,503 2,470 Costs of products sold 762 830 649 Selling, general and administrative Actuarial losses 12,745 8,965 16,399 Costs of products sold 4,388 3,086 4,699 Selling, general and administrative 20,195 15,384 24,217 Tax expense (benefit) (7,654 ) (5,831 ) (9,110 ) Income tax provision Net of tax 12,541 9,553 15,107 Amortization of deferred benefit other plan items Prior service costs (230 ) (237 ) (384 ) Costs of products sold (50 ) (51 ) (96 ) Selling, general and administrative Actuarial losses 190 331 494 Costs of products sold 41 71 147 Selling, general and administrative (49 ) 114 161 Tax expense (benefit) 19 (43 ) (61 ) Income tax provision Net of tax (30 ) 71 100 Total reclassifications, net of tax $ 8,310 $ 10,095 $ 15,888 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income taxes are recognized for the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our 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 2015 2014 2013 Current taxes Federal $ 5,047 $ 3,291 $ 625 State (1,680 ) 238 (4,365 ) Foreign 12,536 24,027 17,268 15,903 27,556 13,528 Deferred taxes and other Federal (7,287 ) (3,975 ) (10,973 ) State 564 (147 ) (474 ) Foreign 4,821 (5,297 ) (38 ) (1,902 ) (9,419 ) (11,485 ) Income tax provision $ 14,001 $ 18,137 $ 2,043 The amounts set forth above for total deferred taxes and other included a deferred tax benefit of $2.7 million, $9.6 million and $15.1 million in 2015, 2014 and 2013, respectively. Other taxes totaled an expense of $0.8 million, $0.2 million and $3.6 million in 2015, 2014 and 2013, 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 2015 2014 2013 United States $ 2,382 $ 4,637 $ (3,052 ) Foreign 76,194 82,746 72,253 Total pretax income $ 78,576 $ 87,383 $ 69,201 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 2015 2014 2013 Federal income tax provision at statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal income tax benefit 0.3 0.2 0.5 Foreign income tax rate differential (8.6 ) (5.0 ) (5.0 ) Change in statutory tax rates – (2.2 ) (0.6 ) Tax credits (1.9 ) (2.0 ) (4.4 ) Change in unrecognized tax benefits, net (2.1 ) 1.3 (22.7 ) Permanent differences on non-U.S. earnings (4.4 ) (2.8 ) (0.4 ) Valuation allowance 0.4 (2.7 ) – Other (0.9 ) (1.0 ) 0.6 Provision for income taxes 17.8 % 20.8 % 3.0 % The sources of deferred income taxes were as follows at December 31: 2015 2014 In thousands Current Non Current Non Reserves $ – $ 11,931 $ 5,032 $ 7,987 Compensation – 8,250 3,087 5,075 Post-retirement benefits – 19,476 1,531 21,338 Property – (84,009 ) – (89,432 ) Intangible assets – (17,748 ) – (21,285 ) Pension – (26,885 ) 532 (30,412 ) Inventories – 3,445 2,758 – Other – 605 (783 ) 1,171 Research & development expenses – 8,925 – – Tax carryforwards – 8,413 8,560 12,660 Subtotal – (67,597 ) 20,717 (92,898 ) Valuation allowance – (3,773 ) (934 ) (2,288 ) Total $ – $ (71,370 ) $ 19,783 $ (95,186 ) Current and non-current deferred tax assets and liabilities are included in the following balance sheet captions: December 31 In thousands 2015 2014 Prepaid expenses and $ – $ 20,017 Other assets 5,088 8,830 Other current liabilities – 234 Deferred income taxes 76,458 104,016 We early adopted Accounting Standards Update 2015-17, Income Taxes (Topic 740) effective December 31, 2015 on a prospective basis. Adoption of this ASU required the reclassification of our current deferred tax assets and liabilities to non-current deferred tax assets and liabilities in our consolidated balance sheet as of December 31, 2015. No prior periods were retrospectively adjusted. The adoption of ASU 2015-17 had no impact on our consolidated results of income or financial position. At December 31, 2015 we had state and foreign tax net operating loss (“NOL”) carryforwards of $80.9 million and $4.2 million, respectively. These NOL carryforwards are available to offset future taxable income, if any. The state NOL carryforwards expire at various times and in various amounts beginning in 2016 and through 2035. Certain foreign NOL carryforwards begin to expire in 2019. 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 begin to expire in 2016, and foreign investment tax credits of $2.3 million which begin to expire in 2028. As of December 31, 2015 and 2014, we had valuation allowances of $3.8 million and $3.2 million, respectively, against net deferred tax assets, primarily due to uncertainty regarding the ability to utilize state and foreign tax NOL carryforwards and certain state tax credits. The change in the valuation allowance was primarily due to the inability to utilize certain state NOLs before they expire. Tax credits and other incentives reduce tax expense in the year the credits are claimed. We recorded tax credits of $1.5 million, $1.8 million and $3.0 million in 2015, 2014 and 2013, respectively, related to research and development credits and fuels tax credits. At December 31, 2015 and 2014, unremitted earnings of subsidiaries outside the United States deemed to be indefinitely reinvested totaled $338.6 million and $305.6 million, respectively. Because the unremitted earnings of subsidiaries are deemed to be indefinitely reinvested as of December 31, 2015 and because we have no need, 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, 2015, 2014 and 2013, we had $12.2 million, $14.9 million and $14.9 million of gross unrecognized tax benefits, respectively. As of December 31, 2015, if such benefits were to be recognized, approximately $10.8 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 2015 2014 2013 Balance at January 1 $ 14.9 $ 14.9 $ 30.4 Increases in tax positions for prior years – 0.7 0.2 Decreases in tax positions for prior years (4.3 ) (0.5 ) (4.9 ) Acquisition related: Purchase Accounting – 0.3 1.3 Increases in tax positions for current year 1.9 3.4 1.7 Settlements – (1.3 ) – Lapse in statutes of limitation (0.3 ) (2.6 ) (13.8 ) Balance at December 31 $ 12.2 $ 14.9 $ 14.9 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 United States Federal 2013 – 2015 N/A State 2011 – 2015 2012 – 2014 Canada (1) 2010 – 2015 N/A Germany (1) 2012 – 2015 2007 – 2011 France 2013 – 2015 2011 – 2012 United Kingdom 2014 – 2015 N/A Philippines 2012, 2014 – 2015 2013 (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 $1.7 million. Substantially all of this range relates to tax positions taken 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 In millions 2015 2014 2013 Accrued interest payable $ 0.6 $ 0.6 $ 0.6 Interest expense (income) – – (0.8 ) Penalties – – – |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 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, 2015, there were 1,364,223 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”) The following table summarizes RSU and PSA activity during the past three years: Units 2015 2014 2013 Balance at January 1, 888,942 1,001,814 847,679 Granted 164,666 178,882 315,196 Forfeited (92,183 ) (47,379 ) (47,831 ) Shares delivered (286,902 ) (244,375 ) (113,230 ) Balance at December 31, 674,523 888,942 1,001,814 2015 2014 2013 Compensation expense $ 1,758 $ 2,652 $ 2,882 The amount granted in 2015, 2014 and 2013 includes 105,017, 101,743 and 183,910 PSAs, respectively, exclusive of reinvested dividends. The performance period for the 2013 PSAs concluded on December 31, 2015 and, based on actual performance relative to target, approximately 25% of the award was issued to participants in 2016. The weighted average grant date fair value per unit for awards in 2015, 2014 and 2013 was $24.62, $28.89 and $22.34, respectively. As of December 31, 2015, unrecognized compensation expense for outstanding RSUs and PSAs totaled $4.8 million. The weighted average remaining period over which the expense will be recognized is 2.5 years. Stock Only Stock Appreciation Rights 2015 2014 2013 SOSARS Shares Wtd Avg Shares Wtd Avg Shares Wtd Avg Outstanding at January 1, 1,864,707 $ 16.20 1,977,133 $ 13.91 2,121,454 $ 12.93 Granted 423,590 24.62 281,881 29.78 368,687 18.51 Exercised (70,347 ) 14.12 (364,465 ) 13.99 (435,562 ) 12.63 Canceled / forfeited (18,208 ) 25.41 (29,842 ) 19.36 (77,446 ) 16.28 Outstanding at December 31, 2,199,742 $ 17.82 1,864,707 $ 16.20 1,977,133 $ 13.91 Exercisable at December 31, 1,504,599 14.48 1,285,998 12.94 1,330,816 12.58 Vested and expected to vest 2,178,708 1,754,295 1,863,244 SOSAR Grants Weighted average grant date fair value per share $ 7.46 $ 9.81 $ 5.74 Aggregate grant date fair value (in thousands) $ 3,134 $ 2,764 $ 2,103 Black-Scholes assumptions Dividend yield 1.94 % 1.48 % 2.16 % Risk free rate of return 1.64 % 1.74 % 1.01 % Volatility 36.38 % 37.59 % 39.58 % Expected life 6 yrs 6 yrs 6 yrs Compensation expense (in thousands) $ 2,645 $ 2,086 $ 1,591 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, 2015, the intrinsic value of SOSARs vested and expected to vest totaled $7.1 million. The remaining weighted average contractual life of outstanding SOSARs was 5.4 years as of December 31, 2015. |
Retirement Plans and Other Post
Retirement Plans and Other Post-Retirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans and Other Post-Retirement Benefits | 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 2015 2014 2015 2014 Change in Benefit Obligation Balance at beginning of year $ 577.6 $ 487.7 $ 59.8 $ 54.8 Service cost 11.6 10.4 1.4 1.5 Interest cost 23.3 24.8 2.0 2.5 Plan amendments – 3.6 – – Participant contributions – – 1.2 1.3 Actuarial (gain)/loss (34.8 ) 83.9 (10.1 ) 4.5 Benefits paid (34.8 ) (31.5 ) (3.3 ) (4.8 ) Effect of currency rate changes (1.0 ) (1.3 ) – – Balance at end of year $ 541.9 $ 577.6 $ 51.0 $ 59.8 Change in Plan Assets Fair value of plan assets at beginning of year $ 638.0 $ 601.2 $ – $ – Actual return on plan assets (10.3 ) 66.3 – – Total contributions 2.0 2.0 3.3 4.8 Benefits paid (34.8 ) (31.5 ) (3.3 ) (4.8 ) Fair value of plan assets at end of year $ 594.9 $ 638.0 – – Funded status at end of year $ 53.0 $ 60.4 $ (51.0 ) $ (59.8 ) The December 31, 2014 measurement of projected benefit obligations reflected the adoption of new mortality assumptions derived from actuarially determined expected lives. The impact of changing assumptions is reflected as an actuarial loss in the change in benefit obligation. Amounts recognized in the consolidated balance sheets consist of the following as of December 31: Pension Benefits Other Benefits In millions 2015 2014 2015 2014 Other long-term assets $ 89.1 $ 102.0 $ – $ – Current liabilities (2.1 ) (2.0 ) (3.2 ) (3.7 ) Other long-term liabilities (34.0 ) (39.6 ) (47.7 ) (56.1 ) Net amount recognized $ 53.0 $ 60.4 $ (50.9 ) $ (59.8 ) 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 2015 2014 2015 2014 Prior service cost/(credit) $ 12.0 $ 15.1 $ (0.8 ) $ (1.1 ) Net actuarial loss 185.0 181.3 (4.8 ) 5.5 The accumulated benefit obligation for all defined benefit pension plans was $526.7 million and $553.8 million at December 31, 2015 and 2014, respectively. The weighted-average assumptions used in computing the benefit obligations above were as follows: Pension Benefits Other Benefits 2015 2014 2015 2014 Discount rate – benefit obligation 4.65 % 4.21 % 4.38 % 3.89 % Future compensation growth rate 3.50 4.00 – – 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, 2015 ranged from 2.30% to 4.77% for pension plans and from 4.14% to 4.43% for other benefit plans. Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: In millions 2015 2014 Projected benefit obligation $ 36.1 $ 41.7 Accumulated benefit obligation 33.1 36.1 Fair value of plan assets – – Net periodic benefit cost includes the following components: Year Ended December 31 In millions 2015 2014 2013 Pension Benefits Service cost $ 11.6 $ 10.4 $ 11.6 Interest cost 23.3 24.8 21.8 Expected return on plan assets (46.0 ) (43.9 ) (43.4 ) Amortization of prior service cost 3.1 3.3 3.1 Amortization of actuarial loss 17.1 12.1 21.1 Total net periodic benefit cost $ 9.1 $ 6.7 $ 14.2 Other Benefits Service cost $ 1.4 $ 1.5 $ 2.9 Interest cost 2.0 2.5 2.1 Amortization of prior service cost/(credit) (0.3 ) (0.3 ) (0.5 ) Amortization of actuarial loss 0.2 0.4 0.6 Total net periodic benefit cost $ 3.3 $ 4.1 $ 5.1 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 $2.7 million and $12.2 million, respectively. The comparable amounts of expected amortization for other benefit plans are a credit of $0.2 million and $0.2 million, respectively. Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows: Year Ended In millions 2015 2014 Pension Benefits Actuarial loss $ 21.5 $ 61.5 Plan amendments – 3.6 Amortization of prior service cost (3.1 ) (3.3 ) Amortization of actuarial losses (17.1 ) (12.1 ) Total recognized in other comprehensive loss 1.3 49.7 Total recognized in net periodic benefit cost and other comprehensive loss $ 10.4 $ 56.4 Other Benefits Actuarial (gain) loss $ (10.1 ) $ 4.5 Amortization of prior service cost 0.3 0.3 Amortization of actuarial losses (0.2 ) (0.4 ) Total recognized in other comprehensive (income) loss (10.0 ) 4.4 Total recognized in net periodic benefit cost and other comprehensive (income) loss $ (6.7 ) $ 8.5 The weighted-average assumptions used in computing the net periodic benefit cost information above were as follows: Year Ended December 31 2015 2014 2013 Pension Benefits Discount rate – benefit expense 4.21 % 5.20 % 4.28 % Future compensation growth rate 4.00 4.00 4.00 Expected long-term rate of return on plan assets 8.00 8.00 8.50 Other Benefits Discount rate – benefit expense 3.89 % 4.52 % 3.58 % 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: 2015 2014 Health care cost trend rate assumed for next year 6.80 % 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 2037 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 $ 4.0 $ 3.6 Total of service and interest cost components 0.4 0.3 Plan Assets 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, 2015 In millions Total Level 1 Level 2 Level 3 Domestic Equity Large cap $ 175.1 $ 58.4 $ 116.7 $ – Small and mid cap 68.7 68.7 – – International equity 79.8 42.2 37.6 – REIT 31.9 31.9 – – Fixed income 222.4 32.3 190.1 – Cash and equivalents 17.0 – 17.0 – Total $ 594.9 $ 233.5 $ 361.4 $ – 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 235.0 27.3 207.7 – Cash and equivalents 18.2 – 18.2 – Total $ 638.0 $ 372.7 $ 265.3 $ – Cash Flow In thousands Nonqualified pension plans $ 2,090 Other benefit plans 3,301 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 2016 $ 36,924 $ 3,301 2017 36,340 3,801 2018 35,799 4,154 2019 35,955 4,559 2020 35,841 4,834 2021 through 2025 185,391 22,801 Defined Contribution Plans |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 12. INVENTORIES Inventories, net of reserves were as follows: December 31 In thousands 2015 2014 Raw materials $ 60,098 $ 61,266 In-process and finished 115,874 117,580 Supplies 71,242 69,859 Total $ 247,214 $ 248,705 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 $28.2 million and $25.4 million higher than reported at December 31, 2015 and 2014, respectively. |
Plant, Equipment and Timberland
Plant, Equipment and Timberlands | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Plant, Equipment and Timberlands | 13. PLANT, EQUIPMENT AND TIMBERLANDS Plant, equipment and timberlands were as follows: December 31 In thousands 2015 2014 Land and buildings $ 205,338 $ 208,230 Machinery and equipment 1,305,067 1,265,317 Furniture, fixtures, and other 135,355 157,730 Accumulated depreciation (1,009,331 ) (989,093 ) 636,429 642,184 Construction in progress 58,657 49,078 Asset retirement obligation, net 579 3,021 Timberlands, less depletion 3,199 3,325 Total $ 698,864 $ 697,608 As of December 31, 2015 and 2014, we had $13.4 million and $16.3 million, respectively, of accrued capital expenditures. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 Goodwill – Composite Fibers $ 76,056 $ 84,137 Specialty Papers Customer relationships $ 6,155 $ 6,155 Composite Fibers Tradename 4,332 5,902 Technology and related 37,625 41,749 Customer relationships and related 33,618 37,421 Advanced Airlaid Materials Technology and related 1,403 1,500 Customer relationships and related 2,725 3,042 Total intangibles 85,858 95,769 Accumulated amortization (22,801 ) (18,671 ) Net intangibles $ 63,057 $ 77,098 The change in goodwill was due to 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 2015 2014 2013 Aggregate amortization expense: $ 5,340 $ 6,136 $ 4,511 Estimated amortization expense: 2016 4,806 2017 4,652 2018 4,652 2019 4,652 2020 4,497 The remaining weighted average useful life of intangible assets was 13.9 years at December 31, 2015. |
Other Long-Term Assets
Other Long-Term Assets | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets, Noncurrent [Abstract] | |
Other Long-Term Assets | 15. OTHER LONG-TERM ASSETS Other long-term assets consist of the following: December 31 In thousands 2015 2014 Pension $ 89,093 $ 102,007 Other 24,187 26,032 Total $ 113,280 $ 128,039 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | 16. OTHER CURRENT LIABILITIES Other current liabilities consist of the following: December 31 In thousands 2015 2014 Accrued payroll and benefits $ 35,079 $ 39,471 Other accrued compensation and retirement benefits 6,866 7,920 Income taxes payable 2,921 3,502 Accrued rebates 18,248 18,910 Other accrued expenses 43,330 41,274 Total $ 106,444 $ 111,077 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 17. LONG-TERM DEBT Long-term debt is summarized as follows: December 31 In thousands 2015 2014 Revolving credit facility, due Mar. 2020 $ 58,792 $ – Revolving credit facility, due Nov. 2016 – 90,555 5.375% Notes, due Oct. 2020 250,000 250,000 2.40% Term Loan, due Jun. 2022 10,109 12,155 2.05% Term Loan, due Mar. 2023 42,130 51,902 1.55% Term Loan, due Sep. 2025 2,839 – Total long-term debt 363,870 404,612 Less current portion (7,366 ) (5,734 ) Long-term debt, net of current portion $ 356,504 $ 398,878 On March 12, 2015, we amended our revolving credit agreement with a consortium of banks (the “Revolving Credit Facility”) which increased the amount available for borrowing to $400 million, extended the maturity of the facility to March 12, 2020, and instituted a revised interest rate pricing grid. For all US dollar denominated borrowings under the Revolving Credit Facility, the borrowing rate is, at our option, either, (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; or iii) the daily Euro-rate plus 100 basis points plus an applicable spread over either i), ii) or iii) ranging from 12.5 basis points to 100 basis points based on the Company’s leverage ratio and its corporate credit ratings determined by Standard & Poor’s Rating Services and Moody’s Investor Service, Inc. (the “Corporate Credit Rating”); or (b) the daily Euro-rate plus an applicable margin ranging from 112.5 basis points to 200 basis points based on the Company’s leverage ratio and 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, 2015, the leverage ratio, as calculated in accordance with the definition in our credit agreement, was 1.6x. 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, which are now publically registered, are fully and unconditionally guaranteed, jointly and severally, by PHG Tea Leaves, Inc., Mollanvick, Inc., Glatfelter Composite Fibers N. A., Inc., Glatfelter Advance Materials N.A., Inc., and Glatfelter Holdings, LLC (the “Guarantors”). Interest on the 5.375% Notes is payable semiannually in arrears on April 15 and October 15. 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, 2015, we met all of the requirements of our debt covenants. Glatfelter Gernsbach GmbH & Co. KG (“Gernsbach”), a wholly-owned subsidiary of ours, entered into a series of borrowing agreements with IKB Deutsche Industriebank AG, Düsseldorf (“IKB”) as summarized below: Amounts in thousands Oringinal Interest Maturity Borrowing date Apr.11, 2013 € 42,700 2.05 % Mar. 2023 Sep. 4, 2014 10,000 2.40 % Jun. 2022 Oct. 10, 2015 2,608 1.55 % Sep. 2025 Each of the borrowings require quarterly repayments of principal and interest and provide for representations, warranties and covenants customary for financings of these types. The financial covenants 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 Revolving Credit Agreement. Aggregated unamortized deferred debt issuance costs incurred in connection with all of our outstanding debt totaled $5.4 million at December 31, 2015 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 $1.2 million in 2015. 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 2016 $ 7,366 2017 7,366 2018 7,721 2019 7,721 2020 316,513 Thereafter 17,183 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, 2015 and 2014, we had $5.3 million 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, 2015 | |
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 and covering 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 2015 2014 Balance at January 1, $ 4,114 $ 5,032 Accretion 58 145 Payments (2,394 ) (827 ) Downward revision (1,000 ) – Gain (359 ) (236 ) Balance at December 31, $ 419 $ 4,114 During 2015 we recorded a downward revision to our estimated cost of closing the lagoons. The revision was recorded as an adjustment to both the carrying value of the associated property, equipment and timberlands as well as the asset retirement obligation. During 2015, 2014 and 2013, we recognized gains of $0.4 million, $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 2015 2014 Other current liabilities $ 419 $ 2,855 Other long-term liabilities – 1,259 Total $ 419 $ 4,114 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 In thousands Carrying Fair Carrying Fair Variable rate debt $ 58,792 $ 58,792 $ 90,555 $ 90,555 Fixed-rate bonds 250,000 250,938 250,000 255,470 2.40% Term loan 10,109 10,535 12,155 12,626 2.05% Term loan 42,130 42,886 51,902 53,106 1.55% Term loan 2,839 2,524 – – Total $ 363,870 $ 365,675 $ 404,612 $ 411,757 As of December 31, 2015 and 2014, 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 Hedgi
Financial Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
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 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 2015 2014 Derivative Sell/Buy – sell notional Euro / British Pound 10,527 4,592 Sell/Buy – buy notional Euro / Philippine Peso 758,634 523,313 British Pound / Philippine Peso 542,063 260,535 Euro / U.S. Dollar 51,433 32,527 U.S. Dollar / Canadian Dollar 34,649 10,036 These contracts have maturities of eighteen months or less. Derivatives Not Designated as Hedging Instruments – Foreign Currency Hedges December 31 In thousands 2015 2014 Derivative Sell/Buy – sell notional U.S. Dollar / Euro – 4,000 U.S. Dollar / British Pound 10,000 9,000 Euro / British Pound – 2,000 British Pound / Euro 3,500 – Sell/Buy – buy notional Euro / U.S. Dollar 12,500 – British Pound / Euro 13,500 3,000 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 2015 2014 2015 2014 Balance sheet caption Prepaid Expenses Other Current Designated as hedging: Forward foreign currency exchange contracts $ 955 $ 3,106 $1,545 $ 394 Not designated as hedging: Forward foreign currency exchange contracts $ 68 $ 70 $49 $ 161 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 2015 2014 2013 Designated as hedging: Forward foreign currency exchange contracts: Effective portion – cost of products sold $ 5,752 $ (655 ) $ (945 ) Ineffective portion – other – net (152 ) 184 38 Not designated as hedging : Forward foreign currency exchange contracts: Other – net $ 599 $ 1,599 $ (455 ) 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 2015 2014 Balance at January 1, $ 3,282 $ (1,296 ) Deferred (losses) gains on cash flow hedges 2,292 3,923 Reclassified to earnings (5,752 ) 655 Balance at December 31, $ (178 ) $ 3,282 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 to eighteen 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, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | 21. SHAREHOLDERS’ EQUITY The following table summarizes outstanding shares of common stock: Year ended December 31 In thousands 2015 2014 2013 Shares outstanding at beginning of year 43,054 43,130 42,784 Shares repurchased – (464 ) – Treasury shares issued for: Restricted stock awards 206 162 86 401(k) plan 134 116 123 Employee stock options exercised 26 110 137 Shares outstanding at end of year 43,420 43,054 43,130 |
Share Repurchases
Share Repurchases | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015: shares (thousands) Authorized amount n/a $ 50,000 Repurchases 755,310 (16,627 ) Remaining authorization $ 33,373 No shares were repurchased in 2015. |
Commitments, Contingencies and
Commitments, Contingencies and Legal Proceedings | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Legal Proceedings | 23. COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS Contractual Commitments In thousands Leases Other 2016 $ 5,814 $ 75,497 2017 3,111 48,409 2018 2,107 5,679 2019 920 129 2020 514 74 Thereafter 616 322 Other contractual obligations primarily represent minimum purchase commitments under energy supply contracts and other purchase obligations. At December 31, 2015, required minimum annual payments due under operating leases and other similar contractual obligations aggregated $13.1 million and $130.1 million, respectively. Fox River – Neenah, Wisconsin Background . The United States notified the following parties (“PRPs”) of their potential responsibility to implement response actions, to pay response costs, and to compensate for NRDs at this site: 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. As described below, many other parties have been joined in litigation. After giving effect to settlements reached with the Governments, the remaining PRPs exposed to continuing obligations to implement the remainder of the cleanup consist of us, Georgia-Pacific and NCR. 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. The United States Environmental Protection Agency (“EPA”) has divided the Site into five “operable units”, including the most upstream portion of the Site on which our facility was located (“OU1”) and four downstream reaches of the river and bay (“OU2-5”). 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 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 from 2007 through 2014 were funded primarily by NCR and its indemnitors, including Appvion, Inc. In 2015, we placed certain covering and capping in OU4b as a response to the Government’s demands at a cost of $9.7 million. Georgia Pacific and NCR funded work in 2015 pursuant to a proposed consent decree that the United States has not yet moved to enter. Work is scheduled to continue in OU2-5 through 2017; although work may be required into 2018 to complete the project, with monitoring and maintenance to follow. 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. For 2015, Governments indicated their expectation was to have approximately $100 million worth of work completed in OU2-5; however we do not believe all work was completed. 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 had been completed as of the end of the 2014 dredging season. Allocation Litigation. 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 – solely as an “arranger for disposal” of PCB-containing waste paper by recycling it at our mill. 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 should hold that 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 addition, we take the position that the “single site” theory on which the courts held us responsible for cleaning up parts of the Site far downstream of our former mill should, if applied to NCR, make it liable for costs incurred in OU1. The district court agreed with us in an order dated March 3, 2015. On March 31, 2015, NCR sought review of that order by the court of appeals which review was denied on May 1, 2015. 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, then Appvion may have a right to recover those costs under CERCLA. We and Appvion disagree over the proper treatment of amounts that Appvion incurred while a PRP that were also subject to a cost-sharing agreement with NCR; we contend Appvion may not recover costs it was contractually obligated to incur, that it has no other costs, and if it did, we would have a right to contribution of any recovery against NCR and others. However, Appvion takes a contrary position and claims in excess of $170 million. The district court has established a schedule for the Whiting Litigation under which it would hold a trial in January 2017 on remaining issues. Enforcement Litigation. All other potentially responsible parties, including the United States and the State of Wisconsin, have settled with the Governments. 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 entered into a settlement. 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. On remand, the district court issued an opinion on May 15, 2015, (“May 15 Decision”) in which it held that the existing trial record allowed it to apportion NCR’s liability for OU4 at 28% of the total OU4 costs. On October 19, 2015, the district court reconsidered its May 15 Decision and held that NCR had not shown a reasonable basis for apportionment of its liability for the site. On January 25, 2016, the court denied NCR’s request to certify that decision for immediate appeal, and set the case for a scheduling conference. 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. Interim Funding of Ongoing Work. In September 2015, the U.S. Department of Justice notified us that we, along with Georgia-Pacific, should be prepared to participate in the remediation activities during 2016. In addition, we understand NCR has submitted a draft 2016 Work Plan. Although we do not have an estimate of the costs of completing the work NCR proposes be completed in 2016, we expect the cost could approximate $100 million. The draft does not assign work to particular parties. Because we may not be able to obtain an agreement with the other parties or a ruling in litigation defining our obligation to contribute to work in 2016 prior to the time that work would have to be implemented, it is conceivable that we may have to choose an amount of work that we believe satisfies any obligation we may have to complete work in 2016, which selection we will have to defend after the fact. It is also conceivable we may be in the same position with respect to work in OU2-5 beyond the 2016 season. Although we are unable to determine with any degree of certainty the amount we may be required to complete or fund, those amounts could be significant. Any amounts we pay or any other party pays in the interim may be subject to reallocation when the Whiting Litigation is resolved. NRDs. 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 stated they would consider those recoveries adequate and they would withdraw their claims against us and NCR for additional compensation of NRDs. On October 19, 2015, the district court granted the Governments leave to withdraw their NRD claims against us without prejudice to re-filing them at some later time. 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 earlier settlements that the Governments value at $59 million and that we contend may be somewhat more. Reserves for the Site. In thousands 2015 2014 Balance at January 1, $ 16,223 $ 16,276 Payments (9,118 ) (53 ) Accruals 10,000 – Balance at December 31, $ 17,105 $ 16,223 The payments set forth above represent cash paid towards completion of remediation activities in connection with the 2015 Work Plan. In addition, in the third quarter of 2015 we increased our reserve by $10.0 million to reflect our estimate of costs to be incurred related to the 2016 Work Plan. If we are unsuccessful in the allocation litigation or in the enforcement litigation described above, we may be required to record additional charges and such charges could be significant. Of our total reserve for the Fox River, $12.5 million is recorded in the accompanying December 31, 2015 consolidated balance sheet under the caption “Environmental liabilities” and the remainder is recorded under the caption “Other long term liabilities.” 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 associated with the Site. Other Information. 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. 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 the amount we may be required to fund for interim remediation work. To the extent we provide such interim funding, we contend that NCR or another party would be required to reimburse us once the final allocation is determined. Summary. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | 24. SEGMENT AND GEOGRAPHIC INFORMATION The following tables set forth profitability and other information by business unit: For the year ended December 31, 2015 In millions Composite Advanced Specialty Other and Total Net sales $ 541.5 $ 244.6 $ 875.0 $ – $ 1,661.1 Energy and related sales, net – – 5.7 – 5.7 Total revenue 541.5 244.6 880.7 – 1,666.7 Cost of products sold 434.4 215.7 804.5 9.2 1,463.8 Gross profit 107.1 28.9 76.2 (9.2 ) 203.0 SG&A 45.7 7.6 43.3 31.0 127.7 Gains on dispositions of plant, equipment and timberlands, net – – – (21.1 ) (21.1 ) Total operating income (loss) 61.4 21.3 32.9 (19.1 ) 96.4 Non-operating expense – – – (17.8 ) (17.8 ) Income (loss) before income taxes $ 61.4 $ 21.3 $ 32.9 $ (36.9 ) $ 78.6 Supplementary Data Plant, equipment and timberlands, net $ 258.1 $ 153.5 $ 281.6 $ 5.7 $ 698.9 Depreciation, depletion and amortization 26.2 8.8 26.0 2.2 63.2 Capital expenditures 26.8 7.8 63.5 1.8 99.9 For the year ended December 31, 2014 In millions Composite Advanced Specialty Other and Total Net sales $ 617.9 $ 281.7 $ 902.9 $ – $ 1,802.4 Energy and related sales, net – – 7.9 – 7.9 Total revenue 617.9 281.7 910.8 – 1,810.3 Cost of products sold 498.0 247.6 821.8 7.8 1,575.2 Gross profit 119.9 34.1 89.0 (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 66.0 For the year ended December 31, 2013 In millions Composite Advanced Specialty Other and Total Net sales $ 566.4 $ 268.4 $ 887.9 $ – $ 1,722.6 Energy and related sales, net – – 3.2 – 3.2 Total revenue 566.4 268.4 891.0 – 1,725.8 Cost of products sold 456.5 238.0 799.3 13.3 1,507.1 Gross profit 109.8 30.4 91.7 (13.3 ) 218.7 SG&A 47.4 8.9 52.0 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 $ 300.0 $ 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 5.1 103.0 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 the performance of the business units based on results of operations of the business units before pension expense, certain corporate level costs, and the effects of certain gains or losses not considered to be related to the core business operations. Management believes that this 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.” In the evaluation of business unit results, management does not use any measures of total assets. The information set forth above 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 • Wallcovering • Metallized • Composite Laminates • Technical Specialties Composite Fibers’ revenue composition by market consisted of the following for the years indicated: In thousands 2015 2014 2013 Food & beverage $ 274,865 $ 296,304 $ 302,738 Wall covering 91,620 149,957 97,698 Metallized 68,397 80,839 83,949 Composite laminates 34,897 38,159 39,296 Technical specialties and other 71,689 52,592 42,679 Total $ 541,468 $ 617,851 $ 566,360 The Advanced Airlaid Materials business unit is a leading global supplier of highly absorbent cellulose-based airlaid nonwoven materials primarily used to manufacture consumer products for growing global end-user markets. These products include: • feminine hygiene; • specialty wipes; • adult incontinence; • home care; • table top; and • food pads. Advanced Airlaid Materials’ revenue composition by market consisted of the following for the years indicated: In thousands 2015 2014 2013 Feminine hygiene $ 182,048 $ 216,836 $ 219,222 Wipes 22,950 16,002 15,186 Adult incontinence 10,720 17,586 5,046 Home care 13,345 15,401 14,857 Other 15,526 15,848 14,085 Total $ 244,589 $ 281,673 $ 268,396 Our Specialty Papers business unit focuses on producing papers for the following markets: • Carbonless & noncarbonless forms • Engineered products • Envelope and converting • Book publishing . Specialty Papers’ revenue composition by market consisted of the following for the years indicated: In thousands 2015 2014 2013 Carbonless & forms $ 349,831 $ 376,959 $ 369,618 Engineered products 190,943 194,189 184,913 Envelope & converting 178,067 183,194 175,928 Book publishing 152,647 144,744 153,054 Other 3,538 3,805 4,346 Total $ 875,026 $ 902,891 $ 887,859 No individual customer accounted for more than 10% of our consolidated net sales in 2015, 2014 or 2013. However, one customer accounted for the majority of Advanced Airlaid Materials’ net sales in each of the past three years ended December 31, 2015. 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. 2015 2014 2013 In thousands Net sales Plant, Net sales Plant, Net sales Plant, United States $ 959,730 $ 287,447 $ 980,933 $ 256,251 $ 968,833 $ 248,306 Germany 444,009 232,340 529,003 257,311 483,859 287,880 United Kingdom 86,442 62,931 103,219 62,617 107,082 63,650 Canada 118,568 81,201 129,401 82,774 113,414 83,033 Other 52,335 34,945 59,859 38,655 49,427 40,471 Total $ 1,661,084 $ 698,864 $ 1,802,415 $ 697,608 $ 1,722,615 $ 723,340 |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Statements | 25. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Our 5.375% Notes issued by P. H. Glatfelter Company (the “Parent”) 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., Glatfelter Composite Fibers N. A., Inc. (“CFNA”), Glatfelter Advance Materials N.A., Inc. (“GAMNA”), 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 and the First Supplemental Indenture dated as of October 27, 2015, 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, and cash flows for the years ended December 31, 2015, 2014 and 2013 and our condensed consolidating balance sheets as of December 31, 2015 and 2014. The condensed consolidating financial statements set forth below include the addition of CFNA and GAMNA as guarantors during 2015 and all prior periods have been restated to retroactively effect this change. Condensed Consolidating Statement of Income for the year ended December 31, 2015 In thousands Parent Guarantors Non Adjustments/ Consolidated Net sales $ 875,026 $ 84,704 $ 779,380 $ (78,026 ) $ 1,661,084 Energy and related sales, net 5,664 – – – 5,664 Total revenues 880,690 84,704 779,380 (78,026 ) 1,666,748 Costs of products sold 811,329 80,455 650,025 (78,026 ) 1,463,783 Gross profit 69,361 4,249 129,355 – 202,965 Selling, general and administrative expenses 71,751 821 55,134 – 127,706 Gains on dispositions of plant, equipment and timberlands, net (19,720 ) (1,183 ) (210 ) – (21,113 ) Operating income 17,330 4,611 74,431 – 96,372 Other non-operating income (expense) Interest expense (18,147 ) – (36,859 ) 37,542 (17,464 ) Interest income 673 37,127 26 (37,543 ) 283 Equity in earnings of subsidiaries 61,946 24,737 – (86,683 ) – Other, net (3,389 ) (1,471 ) 4,245 – (615 ) Total other non-operating income (expense) 41,083 60,393 (32,588 ) (86,684 ) (17,796 ) Income before income taxes 58,413 65,004 41,843 (86,684 ) 78,576 Income tax provision (benefit) (6,162 ) 2,922 17,241 – 14,001 Net income 64,575 62,082 24,602 (86,684 ) 64,575 Other comprehensive income (loss) (35,616 ) (41,010 ) 29,680 11,330 (35,616 ) Comprehensive income $ 28,959 $ 21,072 $ 54,282 $ (75,354 ) $ 28,959 Condensed Consolidating Statement of Income for the year ended December 31, 2014 In thousands Parent Guarantors Non Adjustments/ Consolidated Net sales $ 902,892 $ 78,077 $ 897,363 $ (75,917 ) $ 1,802,415 Energy and related sales, net 7,927 – – – 7,927 Total revenues 910,819 78,077 897,363 (75,917 ) 1,810,342 Costs of products sold 830,710 74,414 745,981 (75,917 ) 1,575,188 Gross profit 80,109 3,663 151,382 – 235,154 Selling, general and administrative expenses 67,086 1,765 64,384 – 133,235 Gains on dispositions of plant, equipment and timberlands, net (3,545 ) (1,316 ) – – (4,861 ) Operating income 16,568 3,214 86,998 – 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 67,590 (34,265 ) – (33,325 ) – Other, net (1,366 ) 317 414 – (635 ) Total other non-operating income (expense) 47,757 68,293 (102,121 ) (33,326 ) (19,397 ) Income (loss) before income taxes 64,325 71,507 (15,123 ) (33,326 ) 87,383 Income tax provision (benefit) (4,921 ) 3,916 19,142 – 18,137 Net income (loss) 69,246 67,591 (34,265 ) (33,326 ) 69,246 Other comprehensive income (loss) (79,513 ) (40,704 ) 28,840 11,864 (79,513 ) Comprehensive income (loss) $ (10,267 ) $ 26,887 $ (5,425 ) $ (21,462 ) $ (10,267 ) Condensed Consolidating Statement of Income for the year ended December 31, 2013 In thousands Parent Guarantors Non Adjustments/ Consolidated Net sales $ 887,859 $ 80,991 $ 830,625 $ (76,860 ) $ 1,722,615 Energy and related sales, net 3,153 – – – 3,153 Total revenues 891,012 80,991 830,625 (76,860 ) 1,725,768 Costs of products sold 812,173 76,640 695,163 (76,868 ) 1,507,108 Gross profit 78,839 4,351 135,462 8 218,660 Selling, general and administrative expenses 69,614 1,952 62,301 – 133,867 Gains on dispositions of plant, equipment and timberlands, net (1,390 ) (319 ) (17 ) – (1,726 ) Operating income 10,615 2,718 73,178 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 58,354 48,474 – (106,828 ) – Other, net (1,569 ) 104 1,802 – 337 Total other non-operating income (expense) 38,521 57,240 (6,250 ) (106,829 ) (17,318 ) Income before income taxes 49,136 59,958 66,928 (106,821 ) 69,201 Income tax provision (benefit) (18,022 ) 1,611 18,454 – 2,043 Net income 67,158 58,347 48,474 (106,821 ) 67,158 Other comprehensive income 88,609 6,883 4,223 (11,106 ) 88,609 Comprehensive income $ 155,767 $ 65,230 $ 52,697 $ (117,927 ) $ 155,767 Condensed Consolidating Balance Sheet as of December 31, 2015 In thousands Parent Guarantors Non Adjustments/ Consolidated Assets Cash and cash equivalents $ 59,130 $ 465 $ 45,709 $ – $ 105,304 Other current assets 199,690 238,515 239,367 (230,509 ) 447,063 Plant, equipment and timberlands, net 286,334 1,114 411,416 – 698,864 Investments in subsidiaries 737,450 507,116 – (1,244,566 ) – Other assets 109,511 – 142,882 – 252,393 Total assets $ 1,392,115 $ 747,210 $ 839,374 $ (1,475,075 ) $ 1,503,624 Liabilities and Shareholders’ Equity Current liabilities $ 363,037 $ 9,725 $ 162,081 $ (230,523 ) $ 304,320 Long-term debt 250,000 – 106,504 – 356,504 Deferred income taxes 28,561 (79 ) 47,976 – 76,458 Other long-term liabilities 87,270 – 15,825 – 103,095 Total liabilities 728,868 9,646 332,386 (230,523 ) 840,377 Shareholders’ equity 663,247 737,564 506,988 (1,244,552 ) 663,247 Total liabilities and shareholders’ equity $ 1,392,115 $ 747,210 $ 839,374 $ (1,475,075 ) $ 1,503,624 Condensed Consolidating Balance Sheet as of December 31, 2014 In thousands Parent Guarantors Non Adjustments/ Consolidated Assets Cash and cash equivalents $ 42,208 $ 509 $ 57,120 $ – $ 99,837 Other current assets 216,940 439,910 254,911 (436,976 ) 474,785 Plant, equipment and timberlands, net 255,255 996 441,357 – 697,608 Investments in subsidiaries 826,084 401,540 – (1,227,624 ) – Other assets 121,125 – 186,128 (17,979 ) 289,274 Total assets $ 1,461,612 $ 842,955 $ 939,516 $ (1,682,579 ) $ 1,561,504 Liabilities and Shareholders’ Equity Current liabilities $ 403,662 $ 13,143 $ 307,184 $ (444,258 ) $ 279,731 Long-term debt 250,000 – 721,457 (572,579 ) 398,878 Deferred income taxes 46,483 (506 ) 70,328 (12,289 ) 104,016 Other long-term liabilities 112,358 24 11,608 5,780 129,770 Total liabilities 812,503 12,661 1,110,577 (1,023,346 ) 912,395 Shareholders’ equity 649,109 830,294 (171,061 ) (659,233 ) 649,109 Total liabilities and shareholders’ equity $ 1,461,612 $ 842,955 $ 939,516 $ (1,682,579 ) $ 1,561,504 Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2015 In thousands Parent Guarantors Non Adjustments/ Consolidated Net cash provided (used) by Operating activities $ 34,391 $ 627 $ 98,725 $ – $ 133,743 Investing activities Expenditures for purchases of plant, equipment and timberlands (65,265 ) (109 ) (34,515 ) – (99,889 ) Proceeds from disposal plant, equipment and timberlands, net 22,741 1,213 505 – 24,459 Repayments from intercompany loans – 57,855 – (57,855 ) – Advances of intercompany loans – (49,230 ) – 49,230 – Intercompany capital (contributed) returned 10,100 (300 ) – (9,800 ) – Acquisitions, net of cash acquired – – (224 ) – (224 ) Other (1,600 ) – – – (1,600 ) Total investing activities (34,024 ) 9,429 (34,234 ) (18,425 ) (77,254 ) Financing activities Net repayments of indebtedness – – (24,650 ) – (24,650 ) Payments of note offering costs (1,329 ) – – – (1,329 ) Payment of dividends to shareholders (20,443 ) – – – (20,443 ) Repayments of intercompany loans (9,158 ) – (48,697 ) 57,855 – Borrowings of intercompany loans 49,230 – – (49,230 ) – Intercompany capital (returned) received – (10,100 ) 300 9,800 – Payments related to share-based compensation awards and other (1,745 ) – 151 – (1,594 ) Total financing activities 16,555 (10,100 ) (72,896 ) 18,425 (48,016 ) Effect of exchange rate on cash – – (3,006 ) – (3,006 ) Net increase (decrease) in cash 16,922 (44 ) (11,411 ) – 5,467 Cash at the beginning of period 42,208 509 57,120 – 99,837 Cash at the end of period $ 59,130 $ 465 $ 45,709 $ – $ 105,304 Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2014 In thousands Parent Guarantors Non Adjustments/ Consolidated Net cash provided (used) by Operating activities $ 36,240 $ 4,159 $ 59,178 $ – $ 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 increase (decrease) in cash (14,008 ) 14 (9,051 ) – (23,045 ) Cash at the beginning of period 56,216 495 66,171 – 122,882 Cash at the end of period $ 42,208 $ 509 $ 57,120 $ – $ 99,837 Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2013 In thousands Parent Guarantors Non Adjustments/ Consolidated Net cash provided (used) by Operating activities $ 55,507 $ 4,977 $ 113,151 $ – $ 173,635 Investing activities Expenditures for plant, equipment and timberlands (39,496 ) – (63,551 ) – (103,047 ) Proceeds from disposal 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, net – (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 related to 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 (3,774 ) 16,542 – 25,203 Cash at the beginning of period 43,781 4,269 49,629 – 97,679 Cash at the end of period $ 56,216 $ 495 $ 66,171 $ – $ 122,882 |
Quarterly Results
Quarterly Results | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results | 26. QUARTERLY RESULTS (UNAUDITED) In thousands, Net sales Gross Profit Net Income Diluted earnings per 2015 2014 2015 2014 2015 2014 2015 2014 First $ 417,469 $ 455,721 $ 52,108 $ 55,040 $ 13,925 $ 14,648 $ 0.32 $ 0.33 Second 410,803 445,341 32,833 41,437 2,848 4,669 0.06 0.11 Third 419,960 465,092 59,908 80,513 13,504 30,372 0.31 0.69 Fourth 412,852 436,261 58,116 58,164 34,298 19,557 0.78 0.45 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 Valuation and Qualifying Accounts Allowance for In thousands Doubtful Accounts Sales Discounts and Deductions 2015 2014 2013 2015 2014 2013 Balance, beginning of year $ 2,703 $ 2,725 $ 2,858 $ 1,809 $ 1,810 $ 2,302 Provision 7 1,061 945 3,856 4,356 5,526 Write-offs, recoveries and discounts allowed (275 ) (946 ) (1,119 ) (3,649 ) (4,719 ) (6,148 ) Other (a) (196 ) (137 ) 41 (423 ) 362 130 Balance, end of year $ 2,239 $ 2,703 $ 2,725 $ 1,593 $ 1,809 $ 1,810 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, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Accounting Estimates | Accounting Estimates |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Inventories | Inventories |
Plant, Equipment and Timberlands | Plant, Equipment and Timberlands 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 |
Valuation of Long-lived Assets, Intangible Assets and Goodwill | Valuation of Long-lived Assets, Intangible Assets and Goodwill |
Asset Retirement Obligations | Asset Retirement Obligations Asset Retirement and Environmental Obligations, |
Income Taxes | Income Taxes 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 |
Foreign Currency Translation | Foreign Currency Translation |
Revenue Recognition | Revenue Recognition 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 |
Earnings Per Share | Earnings Per Share |
Financial Derivatives and Hedging Activities | Financial Derivatives and Hedging Activities Derivatives and Hedging Cash Flow Hedges |
Fair Value of Financial Instruments | Fair Value of Financial Instruments 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 February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). The ASU will require organizations that lease assets – referred to as “lessees” – to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance will be effective for annual periods beginning after December 15, 2018, and interim periods therein. Early adoption is permitted. We have yet to analyze or assess the impact this standard will have on us. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs In May 2014, the FASB issued ASU No. 2014-09 - Revenue from Contracts with Customers |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 | |
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, 2013 Year ended 2013 In thousands, except per share Pro forma Net sales $ 1,779,434 Net income 80,381 Diluted earnings per share 1.82 |
Energy and Related Sales, Net (
Energy and Related Sales, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 2013 Energy sales $ 5,315 $ 11,886 $ 8,189 Costs to produce (4,428 ) (6,204 ) (6,784 ) Net 887 5,682 1,405 Renewable energy credits 4,777 2,245 1,748 Total $ 5,664 $ 7,927 $ 3,153 |
Gain on Dispositions of Plant41
Gain on Dispositions of Plant, Equipment and Timberlands (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Summary for Sale of Timberlands and Other Assets | During 2015, 2014 and 2013, we completed the following sales of assets: Dollars in thousands Acres Proceeds Gain 2015 Timberlands 15,628 $ 23,917 $ 20,867 Other n/a 542 246 Total $ 24,459 $ 21,113 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 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 2013 Net income $ 64,575 $ 69,246 $ 67,158 Weighted average common shares outstanding used in basic EPS 43,397 43,201 43,158 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs 545 865 1,141 Weighted average common shares outstanding and common share equivalents used in diluted EPS 43,942 44,066 44,299 Earnings per share Basic $ 1.49 $ 1.60 $ 1.56 Diluted 1.47 1.57 1.52 |
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 2015 2014 2013 Potential common shares 678 277 7 |
Accumulated Other Comprehensi43
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 2014 and 2013. in thousands Currency Unrealized gain Change in Change in other Total Balance at January 1, 2015 $ (34,224 ) $ 2,356 $ (120,260 ) $ (2,742 ) $ (154,870 ) Other comprehensive income before reclassifications (net of tax) (38,817 ) 1,620 (12,995 ) 6,266 (43,926 ) Amounts reclassified from accumulated other comprehensive income (net of tax) – (4,201 ) 12,541 (30 ) 8,310 Net current period other comprehensive income (loss) (38,817 ) $ (2,581 ) (454 ) 6,236 (35,616 ) Balance at December 31, 2015 $ (73,041 ) $ (225 ) $ (120,714 ) $ 3,494 $ (190,486 ) 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 (net of tax) – 471 9,553 71 10,095 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 ) |
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 2015 2014 2013 Description Line Item in Statements of Income Cash flow hedges (Note 20) (Gains) losses on cash flow hedges $ (5,752 ) $ 655 $ 945 Costs of products sold Tax expense (benefit) 1,551 (184 ) (264 ) Income tax provision Net of tax (4,201 ) 471 681 Retirement plan obligations (Note 11) Amortization of deferred benefit pension plan items Prior service costs 2,300 2,503 2,470 Costs of products sold 762 830 649 Selling, general and administrative Actuarial losses 12,745 8,965 16,399 Costs of products sold 4,388 3,086 4,699 Selling, general and administrative 20,195 15,384 24,217 Tax expense (benefit) (7,654 ) (5,831 ) (9,110 ) Income tax provision Net of tax 12,541 9,553 15,107 Amortization of deferred benefit other plan items Prior service costs (230 ) (237 ) (384 ) Costs of products sold (50 ) (51 ) (96 ) Selling, general and administrative Actuarial losses 190 331 494 Costs of products sold 41 71 147 Selling, general and administrative (49 ) 114 161 Tax expense (benefit) 19 (43 ) (61 ) Income tax provision Net of tax (30 ) 71 100 Total reclassifications, net of tax $ 8,310 $ 10,095 $ 15,888 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 2013 Current taxes Federal $ 5,047 $ 3,291 $ 625 State (1,680 ) 238 (4,365 ) Foreign 12,536 24,027 17,268 15,903 27,556 13,528 Deferred taxes and other Federal (7,287 ) (3,975 ) (10,973 ) State 564 (147 ) (474 ) Foreign 4,821 (5,297 ) (38 ) (1,902 ) (9,419 ) (11,485 ) Income tax provision $ 14,001 $ 18,137 $ 2,043 |
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 2015 2014 2013 United States $ 2,382 $ 4,637 $ (3,052 ) Foreign 76,194 82,746 72,253 Total pretax income $ 78,576 $ 87,383 $ 69,201 |
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 2015 2014 2013 Federal income tax provision at statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal income tax benefit 0.3 0.2 0.5 Foreign income tax rate differential (8.6 ) (5.0 ) (5.0 ) Change in statutory tax rates – (2.2 ) (0.6 ) Tax credits (1.9 ) (2.0 ) (4.4 ) Change in unrecognized tax benefits, net (2.1 ) 1.3 (22.7 ) Permanent differences on non-U.S. earnings (4.4 ) (2.8 ) (0.4 ) Valuation allowance 0.4 (2.7 ) – Other (0.9 ) (1.0 ) 0.6 Provision for income taxes 17.8 % 20.8 % 3.0 % |
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 2015 2014 Prepaid expenses and $ – $ 20,017 Other assets 5,088 8,830 Other current liabilities – 234 Deferred income taxes 76,458 104,016 |
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 2015 2014 2013 Balance at January 1 $ 14.9 $ 14.9 $ 30.4 Increases in tax positions for prior years – 0.7 0.2 Decreases in tax positions for prior years (4.3 ) (0.5 ) (4.9 ) Acquisition related: Purchase Accounting – 0.3 1.3 Increases in tax positions for current year 1.9 3.4 1.7 Settlements – (1.3 ) – Lapse in statutes of limitation (0.3 ) (2.6 ) (13.8 ) Balance at December 31 $ 12.2 $ 14.9 $ 14.9 |
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 United States Federal 2013 – 2015 N/A State 2011 – 2015 2012 – 2014 Canada (1) 2010 – 2015 N/A Germany (1) 2012 – 2015 2007 – 2011 France 2013 – 2015 2011 – 2012 United Kingdom 2014 – 2015 N/A Philippines 2012, 2014 – 2015 2013 (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 In millions 2015 2014 2013 Accrued interest payable $ 0.6 $ 0.6 $ 0.6 Interest expense (income) – – (0.8 ) 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: 2015 2014 In thousands Current Non Current Non Reserves $ – $ 11,931 $ 5,032 $ 7,987 Compensation – 8,250 3,087 5,075 Post-retirement benefits – 19,476 1,531 21,338 Property – (84,009 ) – (89,432 ) Intangible assets – (17,748 ) – (21,285 ) Pension – (26,885 ) 532 (30,412 ) Inventories – 3,445 2,758 – Other – 605 (783 ) 1,171 Research & development expenses – 8,925 – – Tax carryforwards – 8,413 8,560 12,660 Subtotal – (67,597 ) 20,717 (92,898 ) Valuation allowance – (3,773 ) (934 ) (2,288 ) Total $ – $ (71,370 ) $ 19,783 $ (95,186 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 2013 Balance at January 1, 888,942 1,001,814 847,679 Granted 164,666 178,882 315,196 Forfeited (92,183 ) (47,379 ) (47,831 ) Shares delivered (286,902 ) (244,375 ) (113,230 ) Balance at December 31, 674,523 888,942 1,001,814 |
Compensation Expense for Stock Option Activity | 2015 2014 2013 Compensation expense $ 1,758 $ 2,652 $ 2,882 |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |
Summary of Stock Option Activity | The following table sets forth information related to outstanding SOSARS: 2015 2014 2013 SOSARS Shares Wtd Avg Shares Wtd Avg Shares Wtd Avg Outstanding at January 1, 1,864,707 $ 16.20 1,977,133 $ 13.91 2,121,454 $ 12.93 Granted 423,590 24.62 281,881 29.78 368,687 18.51 Exercised (70,347 ) 14.12 (364,465 ) 13.99 (435,562 ) 12.63 Canceled / forfeited (18,208 ) 25.41 (29,842 ) 19.36 (77,446 ) 16.28 Outstanding at December 31, 2,199,742 $ 17.82 1,864,707 $ 16.20 1,977,133 $ 13.91 Exercisable at December 31, 1,504,599 14.48 1,285,998 12.94 1,330,816 12.58 Vested and expected to vest 2,178,708 1,754,295 1,863,244 SOSAR Grants Weighted average grant date fair value per share $ 7.46 $ 9.81 $ 5.74 Aggregate grant date fair value (in thousands) $ 3,134 $ 2,764 $ 2,103 Black-Scholes assumptions Dividend yield 1.94 % 1.48 % 2.16 % Risk free rate of return 1.64 % 1.74 % 1.01 % Volatility 36.38 % 37.59 % 39.58 % Expected life 6 yrs 6 yrs 6 yrs Compensation expense (in thousands) $ 2,645 $ 2,086 $ 1,591 |
Retirement Plans and Other Po46
Retirement Plans and Other Post-Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 2015 2014 Change in Benefit Obligation Balance at beginning of year $ 577.6 $ 487.7 $ 59.8 $ 54.8 Service cost 11.6 10.4 1.4 1.5 Interest cost 23.3 24.8 2.0 2.5 Plan amendments – 3.6 – – Participant contributions – – 1.2 1.3 Actuarial (gain)/loss (34.8 ) 83.9 (10.1 ) 4.5 Benefits paid (34.8 ) (31.5 ) (3.3 ) (4.8 ) Effect of currency rate changes (1.0 ) (1.3 ) – – Balance at end of year $ 541.9 $ 577.6 $ 51.0 $ 59.8 Change in Plan Assets Fair value of plan assets at beginning of year $ 638.0 $ 601.2 $ – $ – Actual return on plan assets (10.3 ) 66.3 – – Total contributions 2.0 2.0 3.3 4.8 Benefits paid (34.8 ) (31.5 ) (3.3 ) (4.8 ) Fair value of plan assets at end of year $ 594.9 $ 638.0 – – Funded status at end of year $ 53.0 $ 60.4 $ (51.0 ) $ (59.8 ) |
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 2015 2014 2015 2014 Other long-term assets $ 89.1 $ 102.0 $ – $ – Current liabilities (2.1 ) (2.0 ) (3.2 ) (3.7 ) Other long-term liabilities (34.0 ) (39.6 ) (47.7 ) (56.1 ) Net amount recognized $ 53.0 $ 60.4 $ (50.9 ) $ (59.8 ) |
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 2015 2014 2015 2014 Prior service cost/(credit) $ 12.0 $ 15.1 $ (0.8 ) $ (1.1 ) Net actuarial loss 185.0 181.3 (4.8 ) 5.5 |
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 2015 2014 2015 2014 Discount rate – benefit obligation 4.65 % 4.21 % 4.38 % 3.89 % Future compensation growth rate 3.50 4.00 – – |
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 2015 2014 Projected benefit obligation $ 36.1 $ 41.7 Accumulated benefit obligation 33.1 36.1 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 2015 2014 2013 Pension Benefits Service cost $ 11.6 $ 10.4 $ 11.6 Interest cost 23.3 24.8 21.8 Expected return on plan assets (46.0 ) (43.9 ) (43.4 ) Amortization of prior service cost 3.1 3.3 3.1 Amortization of actuarial loss 17.1 12.1 21.1 Total net periodic benefit cost $ 9.1 $ 6.7 $ 14.2 Other Benefits Service cost $ 1.4 $ 1.5 $ 2.9 Interest cost 2.0 2.5 2.1 Amortization of prior service cost/(credit) (0.3 ) (0.3 ) (0.5 ) Amortization of actuarial loss 0.2 0.4 0.6 Total net periodic benefit cost $ 3.3 $ 4.1 $ 5.1 |
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 In millions 2015 2014 Pension Benefits Actuarial loss $ 21.5 $ 61.5 Plan amendments – 3.6 Amortization of prior service cost (3.1 ) (3.3 ) Amortization of actuarial losses (17.1 ) (12.1 ) Total recognized in other comprehensive loss 1.3 49.7 Total recognized in net periodic benefit cost and other comprehensive loss $ 10.4 $ 56.4 Other Benefits Actuarial (gain) loss $ (10.1 ) $ 4.5 Amortization of prior service cost 0.3 0.3 Amortization of actuarial losses (0.2 ) (0.4 ) Total recognized in other comprehensive (income) loss (10.0 ) 4.4 Total recognized in net periodic benefit cost and other comprehensive (income) loss $ (6.7 ) $ 8.5 |
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 2015 2014 2013 Pension Benefits Discount rate – benefit expense 4.21 % 5.20 % 4.28 % Future compensation growth rate 4.00 4.00 4.00 Expected long-term rate of return on plan assets 8.00 8.00 8.50 Other Benefits Discount rate – benefit expense 3.89 % 4.52 % 3.58 % |
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: 2015 2014 Health care cost trend rate assumed for next year 6.80 % 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 2037 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 $ 4.0 $ 3.6 Total of service and interest cost components 0.4 0.3 |
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, 2015 In millions Total Level 1 Level 2 Level 3 Domestic Equity Large cap $ 175.1 $ 58.4 $ 116.7 $ – Small and mid cap 68.7 68.7 – – International equity 79.8 42.2 37.6 – REIT 31.9 31.9 – – Fixed income 222.4 32.3 190.1 – Cash and equivalents 17.0 – 17.0 – Total $ 594.9 $ 233.5 $ 361.4 $ – 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 235.0 27.3 207.7 – Cash and equivalents 18.2 – 18.2 – Total $ 638.0 $ 372.7 $ 265.3 $ – |
Benefit Payments Expected to be Made under Non-Qualified Pension Plans and Other Benefit Plans | Benefit payments expected to be made in 2016 under our non-qualified pension plans and other benefit plans are summarized below: In thousands Nonqualified pension plans $ 2,090 Other benefit plans 3,301 |
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 2016 $ 36,924 $ 3,301 2017 36,340 3,801 2018 35,799 4,154 2019 35,955 4,559 2020 35,841 4,834 2021 through 2025 185,391 22,801 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories, Net of Reserves | Inventories, net of reserves were as follows: December 31 In thousands 2015 2014 Raw materials $ 60,098 $ 61,266 In-process and finished 115,874 117,580 Supplies 71,242 69,859 Total $ 247,214 $ 248,705 |
Plant, Equipment and Timberla48
Plant, Equipment and Timberlands (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Summary of Plant, Equipment and Timberlands | Plant, equipment and timberlands were as follows: December 31 In thousands 2015 2014 Land and buildings $ 205,338 $ 208,230 Machinery and equipment 1,305,067 1,265,317 Furniture, fixtures, and other 135,355 157,730 Accumulated depreciation (1,009,331 ) (989,093 ) 636,429 642,184 Construction in progress 58,657 49,078 Asset retirement obligation, net 579 3,021 Timberlands, less depletion 3,199 3,325 Total $ 698,864 $ 697,608 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 Goodwill – Composite Fibers $ 76,056 $ 84,137 Specialty Papers Customer relationships $ 6,155 $ 6,155 Composite Fibers Tradename 4,332 5,902 Technology and related 37,625 41,749 Customer relationships and related 33,618 37,421 Advanced Airlaid Materials Technology and related 1,403 1,500 Customer relationships and related 2,725 3,042 Total intangibles 85,858 95,769 Accumulated amortization (22,801 ) (18,671 ) Net intangibles $ 63,057 $ 77,098 |
Summary of Amortization of Intangible Assets | amortized over periods ranging from 14 years to 20 years. The following table sets forth information pertaining to amortization of intangible assets: In thousands 2015 2014 2013 Aggregate amortization expense: $ 5,340 $ 6,136 $ 4,511 Estimated amortization expense: 2016 4,806 2017 4,652 2018 4,652 2019 4,652 2020 4,497 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets, Noncurrent [Abstract] | |
Summary of Other Long-Term Assets | Other long-term assets consist of the following: December 31 In thousands 2015 2014 Pension $ 89,093 $ 102,007 Other 24,187 26,032 Total $ 113,280 $ 128,039 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Current Liabilities | Other current liabilities consist of the following: December 31 In thousands 2015 2014 Accrued payroll and benefits $ 35,079 $ 39,471 Other accrued compensation and retirement benefits 6,866 7,920 Income taxes payable 2,921 3,502 Accrued rebates 18,248 18,910 Other accrued expenses 43,330 41,274 Total $ 106,444 $ 111,077 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt is summarized as follows: December 31 In thousands 2015 2014 Revolving credit facility, due Mar. 2020 $ 58,792 $ – Revolving credit facility, due Nov. 2016 – 90,555 5.375% Notes, due Oct. 2020 250,000 250,000 2.40% Term Loan, due Jun. 2022 10,109 12,155 2.05% Term Loan, due Mar. 2023 42,130 51,902 1.55% Term Loan, due Sep. 2025 2,839 – Total long-term debt 363,870 404,612 Less current portion (7,366 ) (5,734 ) Long-term debt, net of current portion $ 356,504 $ 398,878 |
Summary of Debts Borrowed by Subsidiary | Glatfelter Gernsbach GmbH & Co. KG (“Gernsbach”), a wholly-owned subsidiary of ours, entered into a series of borrowing agreements with IKB Deutsche Industriebank AG, Düsseldorf (“IKB”) as summarized below: Amounts in thousands Oringinal Interest Maturity Borrowing date Apr.11, 2013 € 42,700 2.05 % Mar. 2023 Sep. 4, 2014 10,000 2.40 % Jun. 2022 Oct. 10, 2015 2,608 1.55 % Sep. 2025 |
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 2016 $ 7,366 2017 7,366 2018 7,721 2019 7,721 2020 316,513 Thereafter 17,183 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 Balance at January 1, $ 4,114 $ 5,032 Accretion 58 145 Payments (2,394 ) (827 ) Downward revision (1,000 ) – Gain (359 ) (236 ) Balance at December 31, $ 419 $ 4,114 |
Schedule of Consolidated Balance Sheets where Asset Retirement Obligations are 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 2015 2014 Other current liabilities $ 419 $ 2,855 Other long-term liabilities – 1,259 Total $ 419 $ 4,114 |
Fair Value of Financial Instr54
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 In thousands Carrying Fair Carrying Fair Variable rate debt $ 58,792 $ 58,792 $ 90,555 $ 90,555 Fixed-rate bonds 250,000 250,938 250,000 255,470 2.40% Term loan 10,109 10,535 12,155 12,626 2.05% Term loan 42,130 42,886 51,902 53,106 1.55% Term loan 2,839 2,524 – – Total $ 363,870 $ 365,675 $ 404,612 $ 411,757 |
Financial Derivatives and Hed55
Financial Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 2015 2014 Balance sheet caption Prepaid Expenses Other Current Designated as hedging: Forward foreign currency exchange contracts $ 955 $ 3,106 $1,545 $ 394 Not designated as hedging: Forward foreign currency exchange contracts $ 68 $ 70 $49 $ 161 |
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 2015 2014 2013 Designated as hedging: Forward foreign currency exchange contracts: Effective portion – cost of products sold $ 5,752 $ (655 ) $ (945 ) Ineffective portion – other – net (152 ) 184 38 Not designated as hedging : Forward foreign currency exchange contracts: Other – net $ 599 $ 1,599 $ (455 ) |
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 2015 2014 Balance at January 1, $ 3,282 $ (1,296 ) Deferred (losses) gains on cash flow hedges 2,292 3,923 Reclassified to earnings (5,752 ) 655 Balance at December 31, $ (178 ) $ 3,282 |
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 2015 2014 Derivative Sell/Buy – sell notional Euro / British Pound 10,527 4,592 Sell/Buy – buy notional Euro / Philippine Peso 758,634 523,313 British Pound / Philippine Peso 542,063 260,535 Euro / U.S. Dollar 51,433 32,527 U.S. Dollar / Canadian Dollar 34,649 10,036 |
Not Designated as Hedging [Member] | |
Outstanding Derivatives Used to Hedge Foreign Exchange Risks | December 31 In thousands 2015 2014 Derivative Sell/Buy – sell notional U.S. Dollar / Euro – 4,000 U.S. Dollar / British Pound 10,000 9,000 Euro / British Pound – 2,000 British Pound / Euro 3,500 – Sell/Buy – buy notional Euro / U.S. Dollar 12,500 – British Pound / Euro 13,500 3,000 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Summary of Outstanding Shares of Common Stock | The following table summarizes outstanding shares of common stock: Year ended December 31 In thousands 2015 2014 2013 Shares outstanding at beginning of year 43,054 43,130 42,784 Shares repurchased – (464 ) – Treasury shares issued for: Restricted stock awards 206 162 86 401(k) plan 134 116 123 Employee stock options exercised 26 110 137 Shares outstanding at end of year 43,420 43,054 43,130 |
Share Repurchases (Tables)
Share Repurchases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Summary of Share Repurchases under Stock Repurchase Plan | The following table summarizes share repurchases made under this program through December 31, 2015: shares (thousands) Authorized amount n/a $ 50,000 Repurchases 755,310 (16,627 ) Remaining authorization $ 33,373 |
Commitments, Contingencies an58
Commitments, Contingencies and Legal Proceedings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2016 $ 5,814 $ 75,497 2017 3,111 48,409 2018 2,107 5,679 2019 920 129 2020 514 74 Thereafter 616 322 |
Schedule of Reserves | Our reserve including ongoing monitoring obligations in OU1, our share of remediation of the downstream portions of the Site, NRDs and all pending, threatened or asserted and unasserted claims against us relating to PCB contamination is set forth below: In thousands 2015 2014 Balance at January 1, $ 16,223 $ 16,276 Payments (9,118 ) (53 ) Accruals 10,000 – Balance at December 31, $ 17,105 $ 16,223 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 In millions Composite Advanced Specialty Other and Total Net sales $ 541.5 $ 244.6 $ 875.0 $ – $ 1,661.1 Energy and related sales, net – – 5.7 – 5.7 Total revenue 541.5 244.6 880.7 – 1,666.7 Cost of products sold 434.4 215.7 804.5 9.2 1,463.8 Gross profit 107.1 28.9 76.2 (9.2 ) 203.0 SG&A 45.7 7.6 43.3 31.0 127.7 Gains on dispositions of plant, equipment and timberlands, net – – – (21.1 ) (21.1 ) Total operating income (loss) 61.4 21.3 32.9 (19.1 ) 96.4 Non-operating expense – – – (17.8 ) (17.8 ) Income (loss) before income taxes $ 61.4 $ 21.3 $ 32.9 $ (36.9 ) $ 78.6 Supplementary Data Plant, equipment and timberlands, net $ 258.1 $ 153.5 $ 281.6 $ 5.7 $ 698.9 Depreciation, depletion and amortization 26.2 8.8 26.0 2.2 63.2 Capital expenditures 26.8 7.8 63.5 1.8 99.9 For the year ended December 31, 2014 In millions Composite Advanced Specialty Other and Total Net sales $ 617.9 $ 281.7 $ 902.9 $ – $ 1,802.4 Energy and related sales, net – – 7.9 – 7.9 Total revenue 617.9 281.7 910.8 – 1,810.3 Cost of products sold 498.0 247.6 821.8 7.8 1,575.2 Gross profit 119.9 34.1 89.0 (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 66.0 For the year ended December 31, 2013 In millions Composite Advanced Specialty Other and Total Net sales $ 566.4 $ 268.4 $ 887.9 $ – $ 1,722.6 Energy and related sales, net – – 3.2 – 3.2 Total revenue 566.4 268.4 891.0 – 1,725.8 Cost of products sold 456.5 238.0 799.3 13.3 1,507.1 Gross profit 109.8 30.4 91.7 (13.3 ) 218.7 SG&A 47.4 8.9 52.0 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 $ 300.0 $ 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 5.1 103.0 |
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. 2015 2014 2013 In thousands Net sales Plant, Net sales Plant, Net sales Plant, United States $ 959,730 $ 287,447 $ 980,933 $ 256,251 $ 968,833 $ 248,306 Germany 444,009 232,340 529,003 257,311 483,859 287,880 United Kingdom 86,442 62,931 103,219 62,617 107,082 63,650 Canada 118,568 81,201 129,401 82,774 113,414 83,033 Other 52,335 34,945 59,859 38,655 49,427 40,471 Total $ 1,661,084 $ 698,864 $ 1,802,415 $ 697,608 $ 1,722,615 $ 723,340 |
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 2015 2014 2013 Food & beverage $ 274,865 $ 296,304 $ 302,738 Wall covering 91,620 149,957 97,698 Metallized 68,397 80,839 83,949 Composite laminates 34,897 38,159 39,296 Technical specialties and other 71,689 52,592 42,679 Total $ 541,468 $ 617,851 $ 566,360 |
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 2015 2014 2013 Carbonless & forms $ 349,831 $ 376,959 $ 369,618 Engineered products 190,943 194,189 184,913 Envelope & converting 178,067 183,194 175,928 Book publishing 152,647 144,744 153,054 Other 3,538 3,805 4,346 Total $ 875,026 $ 902,891 $ 887,859 |
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 2015 2014 2013 Feminine hygiene $ 182,048 $ 216,836 $ 219,222 Wipes 22,950 16,002 15,186 Adult incontinence 10,720 17,586 5,046 Home care 13,345 15,401 14,857 Other 15,526 15,848 14,085 Total $ 244,589 $ 281,673 $ 268,396 |
Condensed Consolidating Finan60
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 In thousands Parent Guarantors Non Adjustments/ Consolidated Net sales $ 875,026 $ 84,704 $ 779,380 $ (78,026 ) $ 1,661,084 Energy and related sales, net 5,664 – – – 5,664 Total revenues 880,690 84,704 779,380 (78,026 ) 1,666,748 Costs of products sold 811,329 80,455 650,025 (78,026 ) 1,463,783 Gross profit 69,361 4,249 129,355 – 202,965 Selling, general and administrative expenses 71,751 821 55,134 – 127,706 Gains on dispositions of plant, equipment and timberlands, net (19,720 ) (1,183 ) (210 ) – (21,113 ) Operating income 17,330 4,611 74,431 – 96,372 Other non-operating income (expense) Interest expense (18,147 ) – (36,859 ) 37,542 (17,464 ) Interest income 673 37,127 26 (37,543 ) 283 Equity in earnings of subsidiaries 61,946 24,737 – (86,683 ) – Other, net (3,389 ) (1,471 ) 4,245 – (615 ) Total other non-operating income (expense) 41,083 60,393 (32,588 ) (86,684 ) (17,796 ) Income before income taxes 58,413 65,004 41,843 (86,684 ) 78,576 Income tax provision (benefit) (6,162 ) 2,922 17,241 – 14,001 Net income 64,575 62,082 24,602 (86,684 ) 64,575 Other comprehensive income (loss) (35,616 ) (41,010 ) 29,680 11,330 (35,616 ) Comprehensive income $ 28,959 $ 21,072 $ 54,282 $ (75,354 ) $ 28,959 Condensed Consolidating Statement of Income for the year ended December 31, 2014 In thousands Parent Guarantors Non Adjustments/ Consolidated Net sales $ 902,892 $ 78,077 $ 897,363 $ (75,917 ) $ 1,802,415 Energy and related sales, net 7,927 – – – 7,927 Total revenues 910,819 78,077 897,363 (75,917 ) 1,810,342 Costs of products sold 830,710 74,414 745,981 (75,917 ) 1,575,188 Gross profit 80,109 3,663 151,382 – 235,154 Selling, general and administrative expenses 67,086 1,765 64,384 – 133,235 Gains on dispositions of plant, equipment and timberlands, net (3,545 ) (1,316 ) – – (4,861 ) Operating income 16,568 3,214 86,998 – 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 67,590 (34,265 ) – (33,325 ) – Other, net (1,366 ) 317 414 – (635 ) Total other non-operating income (expense) 47,757 68,293 (102,121 ) (33,326 ) (19,397 ) Income (loss) before income taxes 64,325 71,507 (15,123 ) (33,326 ) 87,383 Income tax provision (benefit) (4,921 ) 3,916 19,142 – 18,137 Net income (loss) 69,246 67,591 (34,265 ) (33,326 ) 69,246 Other comprehensive income (loss) (79,513 ) (40,704 ) 28,840 11,864 (79,513 ) Comprehensive income (loss) $ (10,267 ) $ 26,887 $ (5,425 ) $ (21,462 ) $ (10,267 ) Condensed Consolidating Statement of Income for the year ended December 31, 2013 In thousands Parent Guarantors Non Adjustments/ Consolidated Net sales $ 887,859 $ 80,991 $ 830,625 $ (76,860 ) $ 1,722,615 Energy and related sales, net 3,153 – – – 3,153 Total revenues 891,012 80,991 830,625 (76,860 ) 1,725,768 Costs of products sold 812,173 76,640 695,163 (76,868 ) 1,507,108 Gross profit 78,839 4,351 135,462 8 218,660 Selling, general and administrative expenses 69,614 1,952 62,301 – 133,867 Gains on dispositions of plant, equipment and timberlands, net (1,390 ) (319 ) (17 ) – (1,726 ) Operating income 10,615 2,718 73,178 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 58,354 48,474 – (106,828 ) – Other, net (1,569 ) 104 1,802 – 337 Total other non-operating income (expense) 38,521 57,240 (6,250 ) (106,829 ) (17,318 ) Income before income taxes 49,136 59,958 66,928 (106,821 ) 69,201 Income tax provision (benefit) (18,022 ) 1,611 18,454 – 2,043 Net income 67,158 58,347 48,474 (106,821 ) 67,158 Other comprehensive income 88,609 6,883 4,223 (11,106 ) 88,609 Comprehensive income $ 155,767 $ 65,230 $ 52,697 $ (117,927 ) $ 155,767 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet as of December 31, 2015 In thousands Parent Guarantors Non Adjustments/ Consolidated Assets Cash and cash equivalents $ 59,130 $ 465 $ 45,709 $ – $ 105,304 Other current assets 199,690 238,515 239,367 (230,509 ) 447,063 Plant, equipment and timberlands, net 286,334 1,114 411,416 – 698,864 Investments in subsidiaries 737,450 507,116 – (1,244,566 ) – Other assets 109,511 – 142,882 – 252,393 Total assets $ 1,392,115 $ 747,210 $ 839,374 $ (1,475,075 ) $ 1,503,624 Liabilities and Shareholders’ Equity Current liabilities $ 363,037 $ 9,725 $ 162,081 $ (230,523 ) $ 304,320 Long-term debt 250,000 – 106,504 – 356,504 Deferred income taxes 28,561 (79 ) 47,976 – 76,458 Other long-term liabilities 87,270 – 15,825 – 103,095 Total liabilities 728,868 9,646 332,386 (230,523 ) 840,377 Shareholders’ equity 663,247 737,564 506,988 (1,244,552 ) 663,247 Total liabilities and shareholders’ equity $ 1,392,115 $ 747,210 $ 839,374 $ (1,475,075 ) $ 1,503,624 Condensed Consolidating Balance Sheet as of December 31, 2014 In thousands Parent Guarantors Non Adjustments/ Consolidated Assets Cash and cash equivalents $ 42,208 $ 509 $ 57,120 $ – $ 99,837 Other current assets 216,940 439,910 254,911 (436,976 ) 474,785 Plant, equipment and timberlands, net 255,255 996 441,357 – 697,608 Investments in subsidiaries 826,084 401,540 – (1,227,624 ) – Other assets 121,125 – 186,128 (17,979 ) 289,274 Total assets $ 1,461,612 $ 842,955 $ 939,516 $ (1,682,579 ) $ 1,561,504 Liabilities and Shareholders’ Equity Current liabilities $ 403,662 $ 13,143 $ 307,184 $ (444,258 ) $ 279,731 Long-term debt 250,000 – 721,457 (572,579 ) 398,878 Deferred income taxes 46,483 (506 ) 70,328 (12,289 ) 104,016 Other long-term liabilities 112,358 24 11,608 5,780 129,770 Total liabilities 812,503 12,661 1,110,577 (1,023,346 ) 912,395 Shareholders’ equity 649,109 830,294 (171,061 ) (659,233 ) 649,109 Total liabilities and shareholders’ equity $ 1,461,612 $ 842,955 $ 939,516 $ (1,682,579 ) $ 1,561,504 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2015 In thousands Parent Guarantors Non Adjustments/ Consolidated Net cash provided (used) by Operating activities $ 34,391 $ 627 $ 98,725 $ – $ 133,743 Investing activities Expenditures for purchases of plant, equipment and timberlands (65,265 ) (109 ) (34,515 ) – (99,889 ) Proceeds from disposal plant, equipment and timberlands, net 22,741 1,213 505 – 24,459 Repayments from intercompany loans – 57,855 – (57,855 ) – Advances of intercompany loans – (49,230 ) – 49,230 – Intercompany capital (contributed) returned 10,100 (300 ) – (9,800 ) – Acquisitions, net of cash acquired – – (224 ) – (224 ) Other (1,600 ) – – – (1,600 ) Total investing activities (34,024 ) 9,429 (34,234 ) (18,425 ) (77,254 ) Financing activities Net repayments of indebtedness – – (24,650 ) – (24,650 ) Payments of note offering costs (1,329 ) – – – (1,329 ) Payment of dividends to shareholders (20,443 ) – – – (20,443 ) Repayments of intercompany loans (9,158 ) – (48,697 ) 57,855 – Borrowings of intercompany loans 49,230 – – (49,230 ) – Intercompany capital (returned) received – (10,100 ) 300 9,800 – Payments related to share-based compensation awards and other (1,745 ) – 151 – (1,594 ) Total financing activities 16,555 (10,100 ) (72,896 ) 18,425 (48,016 ) Effect of exchange rate on cash – – (3,006 ) – (3,006 ) Net increase (decrease) in cash 16,922 (44 ) (11,411 ) – 5,467 Cash at the beginning of period 42,208 509 57,120 – 99,837 Cash at the end of period $ 59,130 $ 465 $ 45,709 $ – $ 105,304 Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2014 In thousands Parent Guarantors Non Adjustments/ Consolidated Net cash provided (used) by Operating activities $ 36,240 $ 4,159 $ 59,178 $ – $ 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 increase (decrease) in cash (14,008 ) 14 (9,051 ) – (23,045 ) Cash at the beginning of period 56,216 495 66,171 – 122,882 Cash at the end of period $ 42,208 $ 509 $ 57,120 $ – $ 99,837 Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2013 In thousands Parent Guarantors Non Adjustments/ Consolidated Net cash provided (used) by Operating activities $ 55,507 $ 4,977 $ 113,151 $ – $ 173,635 Investing activities Expenditures for plant, equipment and timberlands (39,496 ) – (63,551 ) – (103,047 ) Proceeds from disposal 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, net – (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 related to 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 (3,774 ) 16,542 – 25,203 Cash at the beginning of period 43,781 4,269 49,629 – 97,679 Cash at the end of period $ 56,216 $ 495 $ 66,171 $ – $ 122,882 |
Quarterly Results (Tables)
Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 2015 2014 2015 2014 2015 2014 First $ 417,469 $ 455,721 $ 52,108 $ 55,040 $ 13,925 $ 14,648 $ 0.32 $ 0.33 Second 410,803 445,341 32,833 41,437 2,848 4,669 0.06 0.11 Third 419,960 465,092 59,908 80,513 13,504 30,372 0.31 0.69 Fourth 412,852 436,261 58,116 58,164 34,298 19,557 0.78 0.45 |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2016 | |
Schedule Of Accounting Policies [Line Items] | ||
Maturity period of cash and cash equivalents | Three months or less | |
Scenario, Forecast [Member] | ||
Schedule Of Accounting Policies [Line Items] | ||
Unamortized deferred debt issuance costs | $ 3.1 |
Accounting Policies - Schedule
Accounting Policies - Schedule of Range of Estimated Service Lives (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
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 Infor
Acquisitions - Additional Information (Detail) $ in Thousands | Oct. 01, 2014USD ($) | Apr. 30, 2013USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)Employeest |
Business Acquisition [Line Items] | ||||||
Revenue | $ 1,666,748 | $ 1,810,342 | $ 1,725,768 | |||
Payment made for acquisition, net of cash acquired | $ 224 | 8,015 | 210,911 | |||
Revenue | 1,779,434 | |||||
Remaining useful life of intangible assets | 17 years | |||||
Goodwill | $ 76,056 | 84,137 | ||||
Intangible assets | 87,596 | |||||
Identifiable intangible assets | 9,800 | |||||
Operating income | $ 96,372 | 106,780 | 86,519 | |||
Acquisition related costs | 3,200 | |||||
Fair value write up of acquired inventory | 1,100 | |||||
Integration related costs | 2,000 | |||||
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 | Apr. 30, 2013 | |||||
Revenue | $ 101,800 | |||||
Payment made for acquisition, net of cash acquired | $ 211,000 | |||||
Revenue | $ 158,600 | |||||
Number of employees | Employees | 146 | |||||
Manufacturing capacity | t | 72,800 | |||||
Goodwill | $ 74,900 | |||||
Intangible assets | $ 87,600 | |||||
Operating income | $ 18,300 | |||||
Spezialpapierfabrik Oberschmitten GmbH [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date of acquisition | Oct. 1, 2014 | |||||
Payment made for acquisition | $ 8,000 | |||||
Revenue | $ 33,000 |
Acquisitions - Summary of Alloc
Acquisitions - Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
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 F
Acquisitions - Summary of Pro Forma Financial Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($)$ / shares | |
Pro forma | |
Net sales | $ 1,779,434 |
Net income | $ 80,381 |
Diluted earnings per share | $ / shares | $ 1.82 |
Energy and Related Sales, Net -
Energy and Related Sales, Net - Summary of Energy and Related Sales Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Energy And Related Sales Net [Abstract] | |||
Energy sales | $ 5,315 | $ 11,886 | $ 8,189 |
Costs to produce | (4,428) | (6,204) | (6,784) |
Net | 887 | 5,682 | 1,405 |
Renewable energy credits | 4,777 | 2,245 | 1,748 |
Total | $ 5,664 | $ 7,927 | $ 3,153 |
Gain on Dispositions of Plant68
Gain on Dispositions of Plant, Equipment and Timberlands - Summary for Sale of Timberlands and Other Assets (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($)a | Dec. 31, 2013USD ($)a | |
Property, Plant and Equipment [Line Items] | |||
Proceeds | $ 24,459 | $ 5,072 | $ 1,947 |
Gain | $ 21,113 | $ 4,861 | $ 1,726 |
Timberlands [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Acres | a | 15,628 | 2,753 | 876 |
Proceeds | $ 23,917 | $ 5,062 | $ 1,445 |
Gain | 20,867 | 4,855 | 1,410 |
Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds | 542 | 10 | 502 |
Gain | $ 246 | $ 6 | $ 316 |
Asset Impairment Charges - Addi
Asset Impairment Charges - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Non-cash asset impairment charge | $ 1,200 | $ 3,262 |
Dresden Papier GmbH [Member] | Tradename [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Non-cash asset impairment charge | $ 1,200 | $ 3,300 |
Earnings Per Share - Details of
Earnings Per Share - Details of Basic and Diluted Earnings Per Share (EPS) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 64,575 | $ 69,246 | $ 67,158 | ||||||||
Weighted average common shares outstanding used in basic EPS | 43,397 | 43,201 | 43,158 | ||||||||
Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs | 545 | 865 | 1,141 | ||||||||
Weighted average common shares outstanding and common share equivalents used in diluted EPS | 43,942 | 44,066 | 44,299 | ||||||||
Earnings per share | |||||||||||
Basic | $ 1.49 | $ 1.60 | $ 1.56 | ||||||||
Diluted | $ 0.78 | $ 0.31 | $ 0.06 | $ 0.32 | $ 0.45 | $ 0.69 | $ 0.11 | $ 0.33 | $ 1.47 | $ 1.57 | $ 1.52 |
Earnings Per Share - Number of
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) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Potential common shares | 678 | 277 | 7 |
Accumulated Other Comprehensi72
Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Losses) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (154,870) | $ (75,357) | $ (163,966) |
Other comprehensive income before reclassifications (net of tax) | (43,926) | (89,608) | 72,721 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 8,310 | 10,095 | 15,888 |
Other comprehensive income (loss) | (35,616) | (79,513) | 88,609 |
Ending Balance | (190,486) | (154,870) | (75,357) |
Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (34,224) | 15,141 | 315 |
Other comprehensive income before reclassifications (net of tax) | (38,817) | (49,365) | 14,826 |
Other comprehensive income (loss) | (38,817) | (49,365) | 14,826 |
Ending Balance | (73,041) | (34,224) | 15,141 |
Unrealized Gain (Loss) on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 2,356 | (941) | (424) |
Other comprehensive income before reclassifications (net of tax) | 1,620 | 2,826 | (1,198) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (4,201) | 471 | 681 |
Other comprehensive income (loss) | (2,581) | 3,297 | (517) |
Ending Balance | (225) | 2,356 | (941) |
Change in Pensions [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (120,260) | (89,547) | (159,560) |
Other comprehensive income before reclassifications (net of tax) | (12,995) | (40,266) | 54,906 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 12,541 | 9,553 | 15,107 |
Other comprehensive income (loss) | (454) | (30,713) | 70,013 |
Ending Balance | (120,714) | (120,260) | (89,547) |
Change in Other Postretirement Defined Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (2,742) | (10) | (4,297) |
Other comprehensive income before reclassifications (net of tax) | 6,266 | (2,803) | 4,187 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (30) | 71 | 100 |
Other comprehensive income (loss) | 6,236 | (2,732) | 4,287 |
Ending Balance | $ 3,494 | $ (2,742) | $ (10) |
Accumulated Other Comprehensi73
Accumulated Other Comprehensive Income - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Losses) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | $ (1,463,783) | $ (1,575,188) | $ (1,507,108) |
Selling, general and administrative | (127,706) | (133,235) | (133,867) |
Income tax provision | 14,001 | 18,137 | 2,043 |
Net income | 64,575 | 69,246 | 67,158 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net income | 8,310 | 10,095 | 15,888 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs and Expenses | 20,195 | 15,384 | 24,217 |
Income tax provision | (7,654) | (5,831) | (9,110) |
Net income | 12,541 | 9,553 | 15,107 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Prior Service Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | 2,300 | 2,503 | 2,470 |
Selling, general and administrative | 762 | 830 | 649 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Actuarial Losses [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | 12,745 | 8,965 | 16,399 |
Selling, general and administrative | 4,388 | 3,086 | 4,699 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Amortization of Deferred Benefit Other Plan Items [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs and Expenses | (49) | 114 | 161 |
Income tax provision | 19 | (43) | (61) |
Net income | (30) | 71 | 100 |
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] | |||
Costs of products sold | (230) | (237) | (384) |
Selling, general and administrative | (50) | (51) | (96) |
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 | 190 | 331 | 494 |
Selling, general and administrative | 41 | 71 | 147 |
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 | (5,752) | 655 | 945 |
Income tax provision | 1,551 | (184) | (264) |
Net income | $ (4,201) | $ 471 | $ 681 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes from Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current taxes | |||
Federal | $ 5,047 | $ 3,291 | $ 625 |
State | (1,680) | 238 | (4,365) |
Foreign | 12,536 | 24,027 | 17,268 |
Total current taxes | 15,903 | 27,556 | 13,528 |
Deferred taxes and other | |||
Federal | (7,287) | (3,975) | (10,973) |
State | 564 | (147) | (474) |
Foreign | 4,821 | (5,297) | (38) |
Total deferred taxes and other | (1,902) | (9,419) | (11,485) |
Income tax provision | $ 14,001 | $ 18,137 | $ 2,043 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | ||||
Deferred taxes and other included a deferred tax benefit | $ 2,700,000 | $ 9,600,000 | $ 15,100,000 | |
Other taxes total expense | $ 800,000 | $ 200,000 | $ 3,600,000 | |
Federal income tax rate | 35.00% | 35.00% | 35.00% | |
Valuation allowances | $ 3,800,000 | $ 3,200,000 | ||
Research and development, tax credit | 1,500,000 | 1,800,000 | $ 3,000,000 | |
Unremitted earnings, reinvested | 338,600,000 | 305,600,000 | ||
Deferred tax liability | 0 | |||
Gross unrecognized tax benefits | 12,200,000 | $ 14,900,000 | $ 14,900,000 | $ 30,400,000 |
Unrecognized tax benefits that would impact effective tax rate | 10,800,000 | |||
Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Gross unrecognized tax benefits balance may decrease within the next twelve months | 0 | |||
Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Gross unrecognized tax benefits balance may decrease within the next twelve months | 1,700,000 | |||
United States - State [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | 80,900,000 | |||
Tax credit carryforwards | $ 400,000 | |||
Tax credit carryforwards expiration year | 2,016 | |||
United States - State [Member] | Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards expiration year | 2,016 | |||
United States - State [Member] | Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards expiration year | 2,035 | |||
Foreign Tax Authority [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 4,200,000 | |||
Net operating loss carryforwards expiration year | 2,020 | |||
Tax credit carryforwards | $ 2,300,000 | |||
Tax credit carryforwards expiration year | 2,028 |
Income Taxes - Schedule of Dome
Income Taxes - Schedule of Domestic and Foreign Components of Pretax Income from Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 2,382 | $ 4,637 | $ (3,052) |
Foreign | 76,194 | 82,746 | 72,253 |
Income before income taxes | $ 78,576 | $ 87,383 | $ 69,201 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Federal Statutory Rate to Company's Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 0.30% | 0.20% | 0.50% |
Foreign income tax rate differential | (8.60%) | (5.00%) | (5.00%) |
Change in statutory tax rates | (2.20%) | (0.60%) | |
Tax credits | (1.90%) | (2.00%) | (4.40%) |
Change in unrecognized tax benefits, net | (2.10%) | 1.30% | (22.70%) |
Permanent differences on non-U.S. earnings | (4.40%) | (2.80%) | (0.40%) |
Valuation allowance | 0.40% | (2.70%) | |
Other | (0.90%) | (1.00%) | 0.60% |
Provision for income taxes | 17.80% | 20.80% | 3.00% |
Income Taxes - Schedule of Curr
Income Taxes - Schedule of Current and Non-Current Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Reserves, Non-current | $ 11,931 | $ 7,987 |
Reserves, Current | 5,032 | |
Compensation, Non-current | 8,250 | 5,075 |
Compensation, Current | 3,087 | |
Post-retirement benefits, Non-current | 19,476 | 21,338 |
Post-retirement benefits, Current | 1,531 | |
Property, Non-current | (84,009) | (89,432) |
Intangible Assets, Current | 0 | 0 |
Intangible Assets, Non-current | (17,748) | (21,285) |
Pension, Current | 532 | |
Pension, Non-current | (26,885) | (30,412) |
Inventories, Current | 2,758 | |
Inventories, Non-current | 3,445 | |
Other | (783) | |
Other, Non-current | 605 | 1,171 |
Research & development expenses | 8,925 | |
Tax carryforwards, Non-current | 8,413 | 12,660 |
Tax carryforwards, Current | 8,560 | |
Subtotal, Non-current | (67,597) | (92,898) |
Subtotal, Current | 20,717 | |
Valuation allowance, Non-current | (3,773) | (2,288) |
Valuation allowance, Current | (934) | |
Total, Non-current | $ (71,370) | (95,186) |
Total, Current | $ 19,783 |
Income Taxes - Schedule of Cu79
Income Taxes - Schedule of Current and Non-Current Deferred Tax Assets and Liabilities Balance Sheet Captions (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Prepaid expenses and other current assets | $ 20,017 | |
Other assets | $ 5,088 | 8,830 |
Other current liabilities | 234 | |
Deferred income taxes | $ 76,458 | $ 104,016 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefit (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 14.9 | $ 14.9 | $ 30.4 |
Increases in tax positions for prior years | 0.7 | 0.2 | |
Decreases in tax positions for prior years | (4.3) | (0.5) | (4.9) |
Acquisition related: | |||
Purchase Accounting | 0.3 | 1.3 | |
Increases in tax positions for current year | 1.9 | 3.4 | 1.7 |
Settlements | (1.3) | ||
Lapse in statutes of limitation | (0.3) | (2.6) | (13.8) |
Ending balance | $ 12.2 | $ 14.9 | $ 14.9 |
Income Taxes - Summary of Tax Y
Income Taxes - Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
United States - Federal [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2013 - 2015 |
Examination in progress | N/A |
United States - State [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2011 - 2015 |
Examination in progress | 2012 - 2014 |
Foreign Tax Authority [Member] | Canada [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2010 - 2015 |
Examination in progress | N/A |
Foreign Tax Authority [Member] | Germany [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2012 - 2015 |
Examination in progress | 2007 - 2011 |
Foreign Tax Authority [Member] | France [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2013 - 2015 |
Examination in progress | 2011 - 2012 |
Foreign Tax Authority [Member] | United Kingdom [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2014 - 2015 |
Examination in progress | N/A |
Foreign Tax Authority [Member] | Philippines [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2012, 2014 - 2015 |
Examination in progress | 2,013 |
Income Taxes - Summary of Infor
Income Taxes - Summary of Information Related to Interest and Penalties on Uncertain Tax Positions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Accrued interest payable | $ 0.6 | $ 0.6 | $ 0.6 |
Interest expense (income) | (0.8) | ||
Penalties | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock available for future issuance | 1,364,223 | ||
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 | $ 7.1 | ||
The remaining weighted average contractual life of outstanding SOSARs | 5 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 | 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. | ||
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 | 105,017 | 101,743 | 183,910 |
Percentage of award issued to participants | 25.00% | ||
Weighted average grant date fair value | $ 24.62 | $ 28.89 | $ 22.34 |
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 | 164,666 | 178,882 | 315,196 |
Unrecognized compensation expense for outstanding RSUs and PSAs | $ 4.8 | ||
The weighted average remaining period over which the expense will be recognized | 2 years 6 months |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSU and PSA Activity (Detail) - Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning Balance | 888,942 | 1,001,814 | 847,679 |
Granted | 164,666 | 178,882 | 315,196 |
Forfeited | (92,183) | (47,379) | (47,831) |
Shares delivered | (286,902) | (244,375) | (113,230) |
Ending Balance | 674,523 | 888,942 | 1,001,814 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense for Periods (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 1,758 | $ 2,652 | $ 2,882 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Information Related to Outstanding SOSARS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercised | (26,000) | (110,000) | (137,000) |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning Balance, Outstanding | 1,864,707 | 1,977,133 | 2,121,454 |
Granted | 423,590 | 281,881 | 368,687 |
Exercised | (70,347) | (364,465) | (435,562) |
Canceled / forfeited | (18,208) | (29,842) | (77,446) |
Ending Balance, Outstanding | 2,199,742 | 1,864,707 | 1,977,133 |
Exercisable at December 31 | 1,504,599 | 1,285,998 | 1,330,816 |
Vested and expected to vest | 2,178,708 | 1,754,295 | 1,863,244 |
Beginning Balance, Weighted Average Exercise Price, Outstanding | $ 16.20 | $ 13.91 | $ 12.93 |
Weighted Average Exercise Price, Granted | 24.62 | 29.78 | 18.51 |
Weighted Average Exercise Price, Exercised | 14.12 | 13.99 | 12.63 |
Weighted Average Exercise Price, Canceled / forfeited | 25.41 | 19.36 | 16.28 |
Ending Balance, Weighted Average Exercise Price, Outstanding | 17.82 | 16.20 | 13.91 |
Weighted Average Exercise Price, Exercisable at December 31, | 14.48 | 12.94 | 12.58 |
Weighted average grant date fair value per share | $ 7.46 | $ 9.81 | $ 5.74 |
Aggregate grant date fair value | $ 3,134 | $ 2,764 | $ 2,103 |
Black-Scholes assumptions | |||
Dividend yield | 1.94% | 1.48% | 2.16% |
Risk free rate of return | 1.64% | 1.74% | 1.01% |
Volatility | 36.38% | 37.59% | 39.58% |
Expected life | 6 years | 6 years | 6 years |
Compensation expense | $ 2,645 | $ 2,086 | $ 1,591 |
Retirement Plans and Other Po87
Retirement Plans and Other Post-Retirement Benefits - Schedule of Change in Benefit Obligation and Plan Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | $ 638 | ||
Fair value of plan assets at end of year | 594.9 | $ 638 | |
Pension Benefits [Member] | |||
Change in Benefit Obligation | |||
Balance at beginning of year | 577.6 | 487.7 | |
Service cost | 11.6 | 10.4 | $ 11.6 |
Interest cost | 23.3 | 24.8 | 21.8 |
Plan amendments | 3.6 | ||
Actuarial (gain)/loss | (34.8) | 83.9 | |
Benefits paid | (34.8) | (31.5) | |
Effect of currency rate changes | (1) | (1.3) | |
Balance at end of year | 541.9 | 577.6 | 487.7 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | 638 | 601.2 | |
Actual return on plan assets | (10.3) | 66.3 | |
Total contributions | 2 | 2 | |
Benefits paid | (34.8) | (31.5) | |
Fair value of plan assets at end of year | 594.9 | 638 | 601.2 |
Funded status at end of year | 53 | 60.4 | |
Other Benefits [Member] | |||
Change in Benefit Obligation | |||
Balance at beginning of year | 59.8 | 54.8 | |
Service cost | 1.4 | 1.5 | 2.9 |
Interest cost | 2 | 2.5 | 2.1 |
Participant contributions | 1.2 | 1.3 | |
Actuarial (gain)/loss | (10.1) | 4.5 | |
Benefits paid | (3.3) | (4.8) | |
Balance at end of year | 51 | 59.8 | $ 54.8 |
Change in Plan Assets | |||
Total contributions | 3.3 | 4.8 | |
Benefits paid | (3.3) | (4.8) | |
Funded status at end of year | $ (51) | $ (59.8) |
Retirement Plans and Other Po88
Retirement Plans and Other Post-Retirement Benefits - Summary of Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | $ 53 | $ 60.4 |
Pension Benefits [Member] | Other Long-Term Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | 89.1 | 102 |
Pension Benefits [Member] | Current Liabilities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | (2.1) | (2) |
Pension Benefits [Member] | Other Long-Term Liabilities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | (34) | (39.6) |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | (50.9) | (59.8) |
Other Benefits [Member] | Current Liabilities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | (3.2) | (3.7) |
Other Benefits [Member] | Other Long-Term Liabilities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | $ (47.7) | $ (56.1) |
Retirement Plans and Other Po89
Retirement Plans and Other Post-Retirement Benefits - Components of Amounts Recognized as Accumulated Other Comprehensive Income on Pre-Tax Basis (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost/(credit) | $ 12 | $ 15.1 |
Net actuarial loss | 185 | 181.3 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost/(credit) | (0.8) | (1.1) |
Net actuarial loss | $ (4.8) | $ 5.5 |
Retirement Plans and Other Po90
Retirement Plans and Other Post-Retirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation for all defined benefit pension plans | $ 526.7 | $ 553.8 | |
Defined contribution plans Employees contribution | 50.00% | ||
Expense associated with Defined Contribution Plans | $ 2.1 | $ 2 | $ 1.9 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 4.65% | 4.21% | |
Prior service cost as a component of net periodic benefit cost from accumulated other comprehensive income (loss) | $ 2.7 | ||
Actuarial net (gain) loss as a component of net periodic benefit cost from accumulated other comprehensive income (loss) | $ 0.2 | ||
Pension Benefits [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 2.30% | ||
Pension Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 4.77% | ||
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 4.38% | 3.89% | |
Prior service cost as a component of net periodic benefit cost from accumulated other comprehensive income (loss) | $ 12.2 | ||
Actuarial net (gain) loss as a component of net periodic benefit cost from accumulated other comprehensive income (loss) | $ 0.2 | ||
Other Benefits [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 4.14% | ||
Other Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 4.43% |
Retirement Plans and Other Po91
Retirement Plans and Other Post-Retirement Benefits - Weighted-Average Assumptions Used in Computing Benefit Obligations (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate - benefit obligation | 4.65% | 4.21% |
Future compensation growth rate | 3.50% | 4.00% |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate - benefit obligation | 4.38% | 3.89% |
Retirement Plans and Other Po92
Retirement Plans and Other Post-Retirement Benefits - Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 36.1 | $ 41.7 |
Accumulated benefit obligation | 33.1 | 36.1 |
Fair value of plan assets | $ 0 | $ 0 |
Retirement Plans and Other Po93
Retirement Plans and Other Post-Retirement Benefits - Schedule of Net Periodic Benefit Cost of Pension and Other Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 11.6 | $ 10.4 | $ 11.6 |
Interest cost | 23.3 | 24.8 | 21.8 |
Expected return on plan assets | (46) | (43.9) | (43.4) |
Amortization of prior service cost/(credit) | 3.1 | 3.3 | 3.1 |
Amortization of actuarial loss | 17.1 | 12.1 | 21.1 |
Total net periodic benefit cost | 9.1 | 6.7 | 14.2 |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1.4 | 1.5 | 2.9 |
Interest cost | 2 | 2.5 | 2.1 |
Amortization of prior service cost/(credit) | (0.3) | (0.3) | (0.5) |
Amortization of actuarial loss | 0.2 | 0.4 | 0.6 |
Total net periodic benefit cost | $ 3.3 | $ 4.1 | $ 5.1 |
Retirement Plans and Other Po94
Retirement Plans and Other Post-Retirement Benefits - Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial (gain) loss | $ 21.5 | $ 61.5 | |
Plan amendments | 3.6 | ||
Amortization of prior service cost | (3.1) | (3.3) | $ (3.1) |
Amortization of actuarial losses | (17.1) | (12.1) | (21.1) |
Total recognized in other comprehensive (income) loss | 1.3 | 49.7 | |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | 10.4 | 56.4 | |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial (gain) loss | (10.1) | 4.5 | |
Amortization of prior service cost | 0.3 | 0.3 | 0.5 |
Amortization of actuarial losses | (0.2) | (0.4) | $ (0.6) |
Total recognized in other comprehensive (income) loss | (10) | 4.4 | |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ (6.7) | $ 8.5 |
Retirement Plans and Other Po95
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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate - benefit expense | 4.21% | 5.20% | 4.28% |
Future compensation growth rate | 4.00% | 4.00% | 4.00% |
Expected long-term rate of return on plan assets | 8.00% | 8.00% | 8.50% |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate - benefit expense | 3.89% | 4.52% | 3.58% |
Retirement Plans and Other Po96
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, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate assumed for next year | 6.80% | 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 | 2,037 | 2,028 |
Retirement Plans and Other Po97
Retirement Plans and Other Post-Retirement Benefits - Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |
Post-retirement benefit obligation, Increase | $ 4 |
Total of service and interest cost components, Increase | 0.4 |
Post-retirement benefit obligation, Decrease | 3.6 |
Total of service and interest cost components, Decrease | $ 0.3 |
Retirement Plans and Other Po98
Retirement Plans and Other Post-Retirement Benefits - Schedule of Target Allocation for Plan Assets (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
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% |
Retirement Plans and Other Po99
Retirement Plans and Other Post-Retirement Benefits - Schedule of Fair Value of Benefit Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 594.9 | $ 638 |
Large Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 175.1 | 187.6 |
Small and Mid Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 68.7 | 61.1 |
International Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 79.8 | 104.5 |
Real Estate Investment Trusts (REIT) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 31.9 | 31.6 |
Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 222.4 | 235 |
Cash and Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 17 | 18.2 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 233.5 | 372.7 |
Level 1 [Member] | Large Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 58.4 | 187.6 |
Level 1 [Member] | Small and Mid Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 68.7 | 61.1 |
Level 1 [Member] | International Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 42.2 | 65.1 |
Level 1 [Member] | Real Estate Investment Trusts (REIT) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 31.9 | 31.6 |
Level 1 [Member] | Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 32.3 | 27.3 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 361.4 | 265.3 |
Level 2 [Member] | Large Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 116.7 | |
Level 2 [Member] | International Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 37.6 | 39.4 |
Level 2 [Member] | Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 190.1 | 207.7 |
Level 2 [Member] | Cash and Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 17 | $ 18.2 |
Retirement Plans and Other P100
Retirement Plans and Other Post-Retirement Benefits - Benefit Payments Expected to be Made under Non-Qualified Pension Plans and Other Benefit Plans (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Nonqualified Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit payments expected | $ 2,090 |
Other Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit payments expected | $ 3,301 |
Retirement Plans and Other P101
Retirement Plans and Other Post-Retirement Benefits - Summary of Benefit Expected to be Paid Out (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 36,924 |
2,017 | 36,340 |
2,018 | 35,799 |
2,019 | 35,955 |
2,020 | 35,841 |
2021 through 2025 | 185,391 |
Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 3,301 |
2,017 | 3,801 |
2,018 | 4,154 |
2,019 | 4,559 |
2,020 | 4,834 |
2021 through 2025 | $ 22,801 |
Inventories - Inventories, Net
Inventories - Inventories, Net of Reserves (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 60,098 | $ 61,266 |
In-process and finished | 115,874 | 117,580 |
Supplies | 71,242 | 69,859 |
Total | $ 247,214 | $ 248,705 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Inventories using first-in, first-out method | $ 28.2 | $ 25.4 |
Plant, Equipment and Timberl104
Plant, Equipment and Timberlands - Summary of Plant, Equipment and Timberlands (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation | $ (1,009,331) | $ (989,093) | |
Subtotal | 636,429 | 642,184 | |
Construction in progress | 58,657 | 49,078 | |
Asset retirement obligation, net | 579 | 3,021 | |
Timberlands, less depletion | 3,199 | 3,325 | |
Total | 698,864 | 697,608 | $ 723,300 |
Land and Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 205,338 | 208,230 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,305,067 | 1,265,317 | |
Furniture, Fixtures, and Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 135,355 | $ 157,730 |
Plant, Equipment and Timberl105
Plant, Equipment and Timberlands - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | ||
Accrued capital expenditures | $ 13.4 | $ 16.3 |
Goodwill and Intangible Asse106
Goodwill and Intangible Assets - Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill - Composite Fibers | $ 76,056 | $ 84,137 |
Total intangibles | 85,858 | 95,769 |
Accumulated amortization | (22,801) | (18,671) |
Net intangibles | 63,057 | 77,098 |
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 | 4,332 | 5,902 |
Composite Fibers [Member] | Technology and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 37,625 | 41,749 |
Composite Fibers [Member] | Customer Relationships and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 33,618 | 37,421 |
Advanced Airlaid Materials [Member] | Technology and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 1,403 | 1,500 |
Advanced Airlaid Materials [Member] | Customer Relationships and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | $ 2,725 | $ 3,042 |
Goodwill and Intangible Asse107
Goodwill and Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 13 years 10 months 24 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 Asse108
Goodwill and Intangible Assets - Summary of Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
Aggregate amortization expense: | $ 5,340 | $ 6,136 | $ 4,511 |
2,016 | 4,806 | ||
2,017 | 4,652 | ||
2,018 | 4,652 | ||
2,019 | 4,652 | ||
2,020 | $ 4,497 |
Other Long-Term Assets - Summar
Other Long-Term Assets - Summary of Other Long-Term Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Assets, Noncurrent [Abstract] | ||
Pension | $ 89,093 | $ 102,007 |
Other | 24,187 | 26,032 |
Total | $ 113,280 | $ 128,039 |
Other Current Liabilities - Sum
Other Current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities, Current [Abstract] | ||
Accrued payroll and benefits | $ 35,079 | $ 39,471 |
Other accrued compensation and retirement benefits | 6,866 | 7,920 |
Income taxes payable | 2,921 | 3,502 |
Accrued rebates | 18,248 | 18,910 |
Other accrued expenses | 43,330 | 41,274 |
Total | $ 106,444 | $ 111,077 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 363,870 | $ 404,612 |
Less current portion | (7,366) | (5,734) |
Long-term debt, net of current portion | 356,504 | 398,878 |
Total long-term debt | 363,870 | 404,612 |
Revolving Credit Facility, Due Mar. 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 58,792 | |
Total long-term debt | 58,792 | |
Revolving Credit Facility, Due Nov. 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 90,555 | |
Total long-term debt | 90,555 | |
5.375% Notes, Due Oct. 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 250,000 | 250,000 |
Long-term debt, net of current portion | 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 | 10,109 | 12,155 |
Total long-term debt | 10,109 | 12,155 |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 42,130 | 51,902 |
Total long-term debt | 42,130 | $ 51,902 |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 2,839 | |
Total long-term debt | $ 2,839 |
Long-Term Debt - Summary of 112
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revolving Credit Facility, Due Mar. 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | Mar. 31, 2020 | |
Revolving Credit Facility, Due Nov. 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | Nov. 30, 2016 | |
5.375% Notes, Due Oct. 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | Oct. 31, 2020 | |
Interest rate on debt | 5.375% | 5.375% |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | Jun. 30, 2022 | |
Interest rate on debt | 2.40% | 2.40% |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | Mar. 31, 2023 | |
Interest rate on debt | 2.05% | 2.05% |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | Sep. 30, 2025 | |
Interest rate on debt | 1.55% | 1.55% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Mar. 12, 2015USD ($) | Dec. 31, 2014USD ($) | Oct. 03, 2012USD ($) | |
Debt Instrument [Line Items] | ||||
Leverage ratio | 1.6 | |||
Amortization expense related to deferred debt issuance costs | $ 1,200,000 | |||
Other Assets [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized deferred debt issuance costs | $ 5,400,000 | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Leverage ratio | 3.5 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 400,000,000 | |||
Long-term debt, maturity date | Mar. 12, 2020 | |||
Federal fund rate spread | 1.00% | |||
Revolving Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Federal fund rate spread | 0.125% | |||
Revolving Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Federal fund rate spread | 1.00% | |||
Revolving Credit Facility [Member] | Federal Funds Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Federal fund rate spread | 0.50% | |||
Revolving Credit Facility [Member] | Daily Euro Rate [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Federal fund rate spread | 1.125% | |||
Revolving Credit Facility [Member] | Daily Euro Rate [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Federal fund rate spread | 2.00% | |||
Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of credit issued | $ 5,300,000 | $ 5,300,000 | ||
Letters of credit outstanding | $ 0 | |||
5.375% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, maturity date | Oct. 15, 2020 | |||
Aggregate principal amount | $ 250,000,000 | |||
Percentage of aggregate principal amount of outstanding | 5.375% | 5.375% | ||
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. |
Long-Term Debt - Summary of Deb
Long-Term Debt - Summary of Debts Borrowed by Subsidiary (Detail) - IKB Deutsche Industriebank AG Borrowing Agreements [Member] - Glatfelter Gernsbach GmbH and Co KG [Member] - EUR (€) € in Thousands | Oct. 10, 2015 | Sep. 04, 2014 | Apr. 11, 2013 |
Debt Instrument [Line Items] | |||
Original Principal | € 2,608 | € 10,000 | € 42,700 |
Interest Rate | 1.55% | 2.40% | 2.05% |
Maturity | Sep. 30, 2025 | Jun. 30, 2022 | Mar. 31, 2023 |
Long-Term Debt - Amortization o
Long-Term Debt - Amortization of Term Loan Agreements Together with Maturities of Other Long-term Debt (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Maturities of Long-term Debt [Abstract] | |
2,016 | $ 7,366 |
2,017 | 7,366 |
2,018 | 7,721 |
2,019 | 7,721 |
2,020 | 316,513 |
Thereafter | $ 17,183 |
Asset Retirement Obligation - A
Asset Retirement Obligation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | 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 | $ 11.5 | |||
Gain related to the progress of closure activities | $ 0.4 | $ 0.2 | $ 1.3 |
Asset Retirement Obligation - S
Asset Retirement Obligation - Schedule of Asset Retirement Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Balance at January 1, | $ 4,114 | $ 5,032 |
Accretion | 58 | 145 |
Payments | (2,394) | (827) |
Downward revision | (1,000) | |
Gain | (359) | (236) |
Balance at December 31, | $ 419 | $ 4,114 |
Asset Retirement Obligation 118
Asset Retirement Obligation - Schedule of Consolidated Balance Sheets where Asset Retirement Obligations are Recorded (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Asset retirement obligations | $ 419 | $ 4,114 | $ 5,032 |
Other Current Liabilities [Member] | |||
Asset retirement obligations | $ 419 | 2,855 | |
Other Long-Term Liabilities [Member] | |||
Asset retirement obligations | $ 1,259 |
Fair Value of Financial Inst119
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 363,870 | $ 404,612 |
Fair Value | 365,675 | 411,757 |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 10,109 | 12,155 |
Fair Value | 10,535 | 12,626 |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 42,130 | 51,902 |
Fair Value | 42,886 | 53,106 |
Revolving Credit Facility Due Mar. 2020 And Nov. 2016 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 58,792 | 90,555 |
Fair Value | 58,792 | 90,555 |
5.375% Notes, Due Oct. 2020 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 250,000 | 250,000 |
Fair Value | 250,938 | $ 255,470 |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 2,839 | |
Fair Value | $ 2,524 |
Fair Value of Financial Inst120
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Parenthetical) (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Percent on aggregate principal amount of outstanding | 2.40% | 2.40% |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Percent on aggregate principal amount of outstanding | 2.05% | 2.05% |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Percent on aggregate principal amount of outstanding | 1.55% | 1.55% |
Fair Value of Financial Inst121
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amount of fixed rate debt | $ 356,504 | $ 398,878 |
5.375% Notes, Due Oct. 2020 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amount of fixed rate debt | $ 250,000 | $ 250,000 |
Interest rate on debt | 5.375% | 5.375% |
Financial Derivatives and He122
Financial Derivatives and Hedging Activities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Designated as Hedging [Member] | |
Derivative [Line Items] | |
Maturities of foreign currency derivative contracts | 18 months |
Designated as Hedging [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Period of production costs expected to be incurred | 18 months |
Not Designated as Hedging [Member] | |
Derivative [Line Items] | |
Maturities of foreign currency derivative contracts | 1 month |
Fair Value, Measurements [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Accumulated other comprehensive income realization period | 18 months |
Fair Value, Measurements [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Accumulated other comprehensive income realization period | 12 months |
Financial Derivatives and He123
Financial Derivatives and Hedging Activities - Outstanding Derivatives Used to Hedge Foreign Exchange Risks (Detail) | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015PHP | Dec. 31, 2015CAD | Dec. 31, 2014USD ($) | Dec. 31, 2014EUR (€) | Dec. 31, 2014PHP | Dec. 31, 2014CAD |
Cash Flow Hedges [Member] | Euro / British Pound [Member] | Designated as Hedging [Member] | Sell/Buy - Sell Notional [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Derivative notional amount | € | € 10,527,000 | € 4,592,000 | ||||||
Cash Flow Hedges [Member] | Euro / Philippine Peso [Member] | Designated as Hedging [Member] | Sell/Buy - Buy Notional [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Derivative notional amount | PHP | PHP 758,634,000 | PHP 523,313,000 | ||||||
Cash Flow Hedges [Member] | British Pound / Philippine Peso [Member] | Designated as Hedging [Member] | Sell/Buy - Buy Notional [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Derivative notional amount | PHP | PHP 542,063,000 | PHP 260,535,000 | ||||||
Cash Flow Hedges [Member] | Euro / U.S. Dollar [Member] | Designated as Hedging [Member] | Sell/Buy - Buy Notional [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Derivative notional amount | $ | $ 51,433,000 | $ 32,527,000 | ||||||
Cash Flow Hedges [Member] | U.S. Dollar / Canadian Dollar [Member] | Designated as Hedging [Member] | Sell/Buy - Buy Notional [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Derivative notional amount | CAD | CAD 34,649,000 | CAD 10,036,000 | ||||||
Foreign Currency Hedges [Member] | Euro / British Pound [Member] | Not Designated as Hedging [Member] | Sell/Buy - Sell Notional [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Derivative notional amount | € | 2,000,000 | |||||||
Foreign Currency Hedges [Member] | Euro / U.S. Dollar [Member] | Not Designated as Hedging [Member] | Sell/Buy - Buy Notional [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Derivative notional amount | $ | 12,500,000 | |||||||
Foreign Currency Hedges [Member] | U.S Dollar / Euro [Member] | Not Designated as Hedging [Member] | Sell/Buy - Sell Notional [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Derivative notional amount | $ | 4,000,000 | |||||||
Foreign Currency Hedges [Member] | U.S. Dollar / British Pound [Member] | Not Designated as Hedging [Member] | Sell/Buy - Sell Notional [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Derivative notional amount | $ | $ 10,000,000 | $ 9,000,000 | ||||||
Foreign Currency Hedges [Member] | British Pound / Euro [Member] | Not Designated as Hedging [Member] | Sell/Buy - Sell Notional [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Derivative notional amount | € | 3,500,000 | |||||||
Foreign Currency Hedges [Member] | British Pound / Euro [Member] | Not Designated as Hedging [Member] | Sell/Buy - Buy Notional [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Derivative notional amount | € | € 13,500,000 | € 3,000,000 |
Financial Derivatives and He124
Financial Derivatives and Hedging Activities - Fair Values of Derivative Instruments (Detail) - Forward Foreign Currency Exchange Contracts [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | $ 955 | $ 3,106 |
Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | 1,545 | 394 |
Not Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | 68 | 70 |
Not Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | $ 49 | $ 161 |
Financial Derivatives and He125
Financial Derivatives and Hedging Activities - Income or Loss from Derivative Instruments Recognized in Results of Operations (Detail) - Forward Foreign Currency Exchange Contracts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Costs of Products Sold [Member] | Designated as Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective portion of derivative instruments, gain (loss) | $ 5,752 | $ (655) | $ (945) |
Other - Net [Member] | Designated as Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Ineffective portion of derivative instruments, gain (loss) | (152) | 184 | 38 |
Other - Net [Member] | Not Designated as Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments, gain (loss) | $ 599 | $ 1,599 | $ (455) |
Financial Derivatives and He126
Financial Derivatives and Hedging Activities - Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Balance at January 1, | $ 3,282 | $ (1,296) |
Deferred (losses) gains on cash flow hedges | 2,292 | 3,923 |
Reclassified to earnings | (5,752) | 655 |
Balance at December 31, | $ (178) | $ 3,282 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Outstanding Shares of Common Stock (Detail) - shares | 12 Months Ended | 20 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||||
Shares outstanding at beginning of year | 43,054,000 | 43,130,000 | 42,784,000 | |
Shares repurchased | 0 | (464) | (755,310) | |
Treasury shares issued for: | ||||
Restricted stock awards | 206,000 | 162,000 | 86,000 | |
401(k) plan | 134,000 | 116,000 | 123,000 | |
Employee stock options exercised | 26,000 | 110,000 | 137,000 | |
Shares outstanding at end of year | 43,420,000 | 43,054,000 | 43,130,000 | 43,420,000 |
Share Repurchases - Additional
Share Repurchases - Additional Information (Detail) - USD ($) | 12 Months Ended | 20 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | May. 01, 2014 | |
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 | May 1, 2016 | |||
Repurchases, shares | 0 | 464 | 755,310 |
Share Repurchases - Summary of
Share Repurchases - Summary of Share Repurchases under Stock Repurchase Plan (Detail) - USD ($) | 12 Months Ended | 20 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | May. 01, 2014 | |
Equity [Abstract] | ||||
Authorized, shares | 0 | 0 | ||
Authorized, amount | $ 50,000,000 | $ 50,000,000 | $ 25,000,000 | |
Repurchases, shares | 0 | 464 | 755,310 | |
Repurchases, amount | $ (16,627,000) | |||
Remaining authorization, shares | 0 | 0 | ||
Remaining authorization, amount | $ 33,373,000 | $ 33,373,000 |
Commitments, Contingencies a130
Commitments, Contingencies and Legal Proceedings - Summary of Minimum Annual Payment Due on Noncancelable Operating Lease (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Member] | |
Operating Leased Assets [Line Items] | |
2,016 | $ 5,814 |
2,017 | 3,111 |
2,018 | 2,107 |
2,019 | 920 |
2,020 | 514 |
Thereafter | 616 |
Other [Member] | |
Operating Leased Assets [Line Items] | |
2,016 | 75,497 |
2,017 | 48,409 |
2,018 | 5,679 |
2,019 | 129 |
2,020 | 74 |
Thereafter | $ 322 |
Commitments, Contingencies a131
Commitments, Contingencies and Legal Proceedings - Additional Information (Detail) | Oct. 14, 2014USD ($) | Sep. 25, 2014 | Jan. 31, 2008 | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Operable_Unit | May. 15, 2015 | Dec. 31, 2014USD ($) |
Commitments Contingencies And Litigation [Line Items] | |||||||
Annual payments due under operating leases | $ 13,100,000 | ||||||
Aggregate contractual obligation | $ 130,100,000 | ||||||
Number of operable units | Operable_Unit | 5 | ||||||
Upper end estimate of total past and future response costs | $ 1,100,000,000 | ||||||
Uncertainty premium for future response costs | 100,000,000 | ||||||
Estimated cost not included in final accounts | 100,000,000 | ||||||
Annual estimated cost rate seek by Government | $ 100,000,000 | ||||||
Cost of response incurred by government | 4,280,000 | ||||||
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 | 105,000,000 | ||||||
Other prepaid loss contingencies for earlier settlements | 59,000,000 | ||||||
Increase in remediation activities reserve | 10,000,000 | ||||||
Reserve for Environmental liabilities, current portion | $ 12,544,000 | $ 1,075,000 | |||||
Maximum estimated percentage of discharge | 27.00% | ||||||
Whiting Litigation [Member] | |||||||
Commitments Contingencies And Litigation [Line Items] | |||||||
Remaining costs and damages amount | $ 33,000,000 | ||||||
2016 Work Plan [Member] | |||||||
Commitments Contingencies And Litigation [Line Items] | |||||||
Increase in remediation activities reserve | $ 10,000,000 | ||||||
NCR and GP [Member] | Whiting Litigation [Member] | |||||||
Commitments Contingencies And Litigation [Line Items] | |||||||
Costs and damages amount | 67,000,000 | ||||||
NCR and GP [Member] | 2016 Work Plan [Member] | Whiting Litigation [Member] | |||||||
Commitments Contingencies And Litigation [Line Items] | |||||||
Annual estimated cost rate seek by Government | $ 100,000,000 | ||||||
NCR [Member] | |||||||
Commitments Contingencies And Litigation [Line Items] | |||||||
Percentage of apportion liability on cost | 28.00% | ||||||
Minimum [Member] | |||||||
Commitments Contingencies And Litigation [Line Items] | |||||||
Period over which estimated cost to be incurred | 2 years | ||||||
Minimum [Member] | Appvion [Member] | |||||||
Commitments Contingencies And Litigation [Line Items] | |||||||
Litigation claim amount | $ 170,000,000 | ||||||
Maximum [Member] | |||||||
Commitments Contingencies And Litigation [Line Items] | |||||||
Estimated cost related to Fox River matter | $ 175,000,000 | ||||||
Period over which estimated cost to be incurred | 3 years | ||||||
OU2-5 [Member] | |||||||
Commitments Contingencies And Litigation [Line Items] | |||||||
Estimated future cost of remediation | $ 9,700,000 | ||||||
Estimated future cost of work yet to be done | 500,000,000 | ||||||
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% | ||||||
OU2-5 [Member] | 2015 Work Plan [Member] | |||||||
Commitments Contingencies And Litigation [Line Items] | |||||||
Annual remediation cost rate seek by Government | $ 100,000,000 | ||||||
OU1 [Member] | |||||||
Commitments Contingencies And Litigation [Line Items] | |||||||
Estimated future cost of work yet to be done | $ 100,000,000 |
Commitments, Contingencies a132
Commitments, Contingencies and Legal Proceedings - Schedule of Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Environmental Remediation Obligations [Abstract] | ||
Beginning balance | $ 16,223 | $ 16,276 |
Payments | (9,118) | (53) |
Accruals | 10,000 | |
Ending balance | $ 17,105 | $ 16,223 |
Segment and Geographic Informat
Segment and Geographic Information - Schedule of Financial and Other Information by Business Unit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 412,852 | $ 419,960 | $ 410,803 | $ 417,469 | $ 436,261 | $ 465,092 | $ 445,341 | $ 455,721 | $ 1,661,084 | $ 1,802,415 | $ 1,722,615 |
Energy and related sales, net | 5,664 | 7,927 | 3,153 | ||||||||
Total revenue | 1,666,748 | 1,810,342 | 1,725,768 | ||||||||
Cost of products sold | 1,463,783 | 1,575,188 | 1,507,108 | ||||||||
Gross profit | 58,116 | $ 59,908 | $ 32,833 | $ 52,108 | 58,164 | $ 80,513 | $ 41,437 | $ 55,040 | 202,965 | 235,154 | 218,660 |
SG&A | 127,706 | 133,235 | 133,867 | ||||||||
Gains on dispositions of plant, equipment and timberlands, net | 21,113 | 4,861 | 1,726 | ||||||||
Total operating income (loss) | 96,372 | 106,780 | 86,519 | ||||||||
Non-operating expense | (17,796) | (19,397) | (17,318) | ||||||||
Income (loss) before income taxes | 78,576 | 87,383 | 69,201 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 698,864 | 697,608 | 698,864 | 697,608 | 723,300 | ||||||
Depreciation, depletion and amortization | 63,236 | 70,555 | 68,196 | ||||||||
Capital expenditures | 99,900 | 66,000 | 103,000 | ||||||||
Composite Fibers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 541,468 | 617,851 | 566,360 | ||||||||
Total revenue | 541,500 | 617,900 | 566,400 | ||||||||
Cost of products sold | 434,400 | 498,000 | 456,500 | ||||||||
Gross profit | 107,100 | 119,900 | 109,800 | ||||||||
SG&A | 45,700 | 51,600 | 47,400 | ||||||||
Total operating income (loss) | 61,400 | 68,300 | 62,400 | ||||||||
Income (loss) before income taxes | 61,400 | 68,300 | 62,400 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 258,100 | 277,800 | 258,100 | 277,800 | 300,000 | ||||||
Depreciation, depletion and amortization | 26,200 | 29,700 | 24,800 | ||||||||
Capital expenditures | 26,800 | 23,900 | 56,900 | ||||||||
Advanced Airlaid Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 244,589 | 281,673 | 268,396 | ||||||||
Total revenue | 244,600 | 281,700 | 268,400 | ||||||||
Cost of products sold | 215,700 | 247,600 | 238,000 | ||||||||
Gross profit | 28,900 | 34,100 | 30,400 | ||||||||
SG&A | 7,600 | 8,800 | 8,900 | ||||||||
Total operating income (loss) | 21,300 | 25,300 | 21,500 | ||||||||
Income (loss) before income taxes | 21,300 | 25,300 | 21,500 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 153,500 | 163,600 | 153,500 | 163,600 | 175,100 | ||||||
Depreciation, depletion and amortization | 8,800 | 9,100 | 8,900 | ||||||||
Capital expenditures | 7,800 | 7,600 | 6,700 | ||||||||
Specialty Papers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 875,026 | 902,891 | 887,859 | ||||||||
Energy and related sales, net | 5,700 | 7,900 | 3,200 | ||||||||
Total revenue | 880,700 | 910,800 | 891,000 | ||||||||
Cost of products sold | 804,500 | 821,800 | 799,300 | ||||||||
Gross profit | 76,200 | 89,000 | 91,700 | ||||||||
SG&A | 43,300 | 50,400 | 52,000 | ||||||||
Total operating income (loss) | 32,900 | 38,600 | 39,700 | ||||||||
Income (loss) before income taxes | 32,900 | 38,600 | 39,700 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 281,600 | 250,100 | 281,600 | 250,100 | 242,600 | ||||||
Depreciation, depletion and amortization | 26,000 | 29,900 | 33,200 | ||||||||
Capital expenditures | 63,500 | 32,100 | 34,300 | ||||||||
Other and Unallocated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Cost of products sold | 9,200 | 7,800 | 13,300 | ||||||||
Gross profit | (9,200) | (7,800) | (13,300) | ||||||||
SG&A | 31,000 | 22,400 | 25,500 | ||||||||
Gains on dispositions of plant, equipment and timberlands, net | (21,100) | (4,900) | (1,700) | ||||||||
Total operating income (loss) | (19,100) | (25,300) | (37,100) | ||||||||
Non-operating expense | (17,800) | (19,400) | (17,300) | ||||||||
Income (loss) before income taxes | (36,900) | (44,700) | (54,400) | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | $ 5,700 | $ 6,100 | 5,700 | 6,100 | 5,600 | ||||||
Depreciation, depletion and amortization | 2,200 | 1,900 | 1,300 | ||||||||
Capital expenditures | $ 1,800 | $ 2,400 | $ 5,100 |
Segment and Geographic Infor134
Segment and Geographic Information - Schedule of Segment Reporting Information of Revenue by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 412,852 | $ 419,960 | $ 410,803 | $ 417,469 | $ 436,261 | $ 465,092 | $ 445,341 | $ 455,721 | $ 1,661,084 | $ 1,802,415 | $ 1,722,615 |
Composite Fibers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 541,468 | 617,851 | 566,360 | ||||||||
Composite Fibers [Member] | Food & Beverage [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 274,865 | 296,304 | 302,738 | ||||||||
Composite Fibers [Member] | Wall Covering [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 91,620 | 149,957 | 97,698 | ||||||||
Composite Fibers [Member] | Metallized [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 68,397 | 80,839 | 83,949 | ||||||||
Composite Fibers [Member] | Composite Laminates [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 34,897 | 38,159 | 39,296 | ||||||||
Composite Fibers [Member] | Technical Specialties and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 71,689 | 52,592 | 42,679 | ||||||||
Advanced Airlaid Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 244,589 | 281,673 | 268,396 | ||||||||
Advanced Airlaid Materials [Member] | Feminine Hygiene [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 182,048 | 216,836 | 219,222 | ||||||||
Advanced Airlaid Materials [Member] | Wipes [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 22,950 | 16,002 | 15,186 | ||||||||
Advanced Airlaid Materials [Member] | Home Care [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 13,345 | 15,401 | 14,857 | ||||||||
Advanced Airlaid Materials [Member] | Adult Incontinence [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 10,720 | 17,586 | 5,046 | ||||||||
Advanced Airlaid Materials [Member] | Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 15,526 | 15,848 | 14,085 | ||||||||
Specialty Papers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 875,026 | 902,891 | 887,859 | ||||||||
Specialty Papers [Member] | Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 3,538 | 3,805 | 4,346 | ||||||||
Specialty Papers [Member] | Carbonless & Forms [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 349,831 | 376,959 | 369,618 | ||||||||
Specialty Papers [Member] | Engineered Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 190,943 | 194,189 | 184,913 | ||||||||
Specialty Papers [Member] | Envelope & Converting [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 178,067 | 183,194 | 175,928 | ||||||||
Specialty Papers [Member] | Book Publishing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 152,647 | $ 144,744 | $ 153,054 |
Segment and Geographic Infor135
Segment and Geographic Information - Additional Information (Detail) - Customer | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 Infor136
Segment and Geographic Information - Schedule of Net Sales to External Customers and Location of Net Plant, Equipment and Timberlands (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 412,852 | $ 419,960 | $ 410,803 | $ 417,469 | $ 436,261 | $ 465,092 | $ 445,341 | $ 455,721 | $ 1,661,084 | $ 1,802,415 | $ 1,722,615 |
Plant, Equipment and Timberlands - Net | 698,864 | 697,608 | 698,864 | 697,608 | 723,300 | ||||||
Operating Segments [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,661,084 | 1,802,415 | 1,722,615 | ||||||||
Plant, Equipment and Timberlands - Net | 698,864 | 697,608 | 698,864 | 697,608 | 723,340 | ||||||
Operating Segments [Member] | United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 959,730 | 980,933 | 968,833 | ||||||||
Plant, Equipment and Timberlands - Net | 287,447 | 256,251 | 287,447 | 256,251 | 248,306 | ||||||
Operating Segments [Member] | Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 444,009 | 529,003 | 483,859 | ||||||||
Plant, Equipment and Timberlands - Net | 232,340 | 257,311 | 232,340 | 257,311 | 287,880 | ||||||
Operating Segments [Member] | United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 86,442 | 103,219 | 107,082 | ||||||||
Plant, Equipment and Timberlands - Net | 62,931 | 62,617 | 62,931 | 62,617 | 63,650 | ||||||
Operating Segments [Member] | Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 118,568 | 129,401 | 113,414 | ||||||||
Plant, Equipment and Timberlands - Net | 81,201 | 82,774 | 81,201 | 82,774 | 83,033 | ||||||
Operating Segments [Member] | Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 52,335 | 59,859 | 49,427 | ||||||||
Plant, Equipment and Timberlands - Net | $ 34,945 | $ 38,655 | $ 34,945 | $ 38,655 | $ 40,471 |
Condensed Consolidating Fina137
Condensed Consolidating Financial Statements - Additional Information (Detail) | Dec. 31, 2015 | 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% | |
Glatfelter Composite Fibers N. A., Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage owned in domestic subsidiaries | 100.00% | |
Glatfelter Advanced Materials N.A., Inc. [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 | 5.375% | 5.375% |
Condensed Consolidating Fina138
Condensed Consolidating Financial Statements - Condensed Consolidating Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | $ 412,852 | $ 419,960 | $ 410,803 | $ 417,469 | $ 436,261 | $ 465,092 | $ 445,341 | $ 455,721 | $ 1,661,084 | $ 1,802,415 | $ 1,722,615 |
Energy and related sales, net | 5,664 | 7,927 | 3,153 | ||||||||
Total revenues | 1,666,748 | 1,810,342 | 1,725,768 | ||||||||
Costs of products sold | 1,463,783 | 1,575,188 | 1,507,108 | ||||||||
Gross profit | $ 58,116 | $ 59,908 | $ 32,833 | $ 52,108 | $ 58,164 | $ 80,513 | $ 41,437 | $ 55,040 | 202,965 | 235,154 | 218,660 |
Selling, general and administrative expenses | 127,706 | 133,235 | 133,867 | ||||||||
Gains on dispositions of plant, equipment and timberlands, net | (21,113) | (4,861) | (1,726) | ||||||||
Operating income | 96,372 | 106,780 | 86,519 | ||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | (17,464) | (18,921) | (17,965) | ||||||||
Interest income | 283 | 159 | 310 | ||||||||
Other, net | (615) | (635) | 337 | ||||||||
Total other expense | (17,796) | (19,397) | (17,318) | ||||||||
Income (loss) before income taxes | 78,576 | 87,383 | 69,201 | ||||||||
Income tax provision (benefit) | 14,001 | 18,137 | 2,043 | ||||||||
Net income | 64,575 | 69,246 | 67,158 | ||||||||
Other comprehensive income | (35,616) | (79,513) | 88,609 | ||||||||
Comprehensive income (loss) | 28,959 | (10,267) | 155,767 | ||||||||
Adjustments/ Eliminations [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | (78,026) | (75,917) | (76,860) | ||||||||
Total revenues | (78,026) | (75,917) | (76,860) | ||||||||
Costs of products sold | (78,026) | (75,917) | (76,868) | ||||||||
Gross profit | 8 | ||||||||||
Operating income | 8 | ||||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | 37,542 | 102,755 | 8,990 | ||||||||
Interest income | (37,543) | (102,756) | (8,991) | ||||||||
Equity in earnings of subsidiaries | (86,683) | (33,325) | (106,828) | ||||||||
Total other expense | (86,684) | (33,326) | (106,829) | ||||||||
Income (loss) before income taxes | (86,684) | (33,326) | (106,821) | ||||||||
Net income | (86,684) | (33,326) | (106,821) | ||||||||
Other comprehensive income | 11,330 | 11,864 | (11,106) | ||||||||
Comprehensive income (loss) | (75,354) | (21,462) | (117,927) | ||||||||
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 875,026 | 902,892 | 887,859 | ||||||||
Energy and related sales, net | 5,664 | 7,927 | 3,153 | ||||||||
Total revenues | 880,690 | 910,819 | 891,012 | ||||||||
Costs of products sold | 811,329 | 830,710 | 812,173 | ||||||||
Gross profit | 69,361 | 80,109 | 78,839 | ||||||||
Selling, general and administrative expenses | 71,751 | 67,086 | 69,614 | ||||||||
Gains on dispositions of plant, equipment and timberlands, net | (19,720) | (3,545) | (1,390) | ||||||||
Operating income | 17,330 | 16,568 | 10,615 | ||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | (18,147) | (19,105) | (18,891) | ||||||||
Interest income | 673 | 638 | 627 | ||||||||
Equity in earnings of subsidiaries | 61,946 | 67,590 | 58,354 | ||||||||
Other, net | (3,389) | (1,366) | (1,569) | ||||||||
Total other expense | 41,083 | 47,757 | 38,521 | ||||||||
Income (loss) before income taxes | 58,413 | 64,325 | 49,136 | ||||||||
Income tax provision (benefit) | (6,162) | (4,921) | (18,022) | ||||||||
Net income | 64,575 | 69,246 | 67,158 | ||||||||
Other comprehensive income | (35,616) | (79,513) | 88,609 | ||||||||
Comprehensive income (loss) | 28,959 | (10,267) | 155,767 | ||||||||
Guarantors [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 84,704 | 78,077 | 80,991 | ||||||||
Total revenues | 84,704 | 78,077 | 80,991 | ||||||||
Costs of products sold | 80,455 | 74,414 | 76,640 | ||||||||
Gross profit | 4,249 | 3,663 | 4,351 | ||||||||
Selling, general and administrative expenses | 821 | 1,765 | 1,952 | ||||||||
Gains on dispositions of plant, equipment and timberlands, net | (1,183) | (1,316) | (319) | ||||||||
Operating income | 4,611 | 3,214 | 2,718 | ||||||||
Other non-operating income (expense) | |||||||||||
Interest income | 37,127 | 102,241 | 8,662 | ||||||||
Equity in earnings of subsidiaries | 24,737 | (34,265) | 48,474 | ||||||||
Other, net | (1,471) | 317 | 104 | ||||||||
Total other expense | 60,393 | 68,293 | 57,240 | ||||||||
Income (loss) before income taxes | 65,004 | 71,507 | 59,958 | ||||||||
Income tax provision (benefit) | 2,922 | 3,916 | 1,611 | ||||||||
Net income | 62,082 | 67,591 | 58,347 | ||||||||
Other comprehensive income | (41,010) | (40,704) | 6,883 | ||||||||
Comprehensive income (loss) | 21,072 | 26,887 | 65,230 | ||||||||
Non Guarantors [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 779,380 | 897,363 | 830,625 | ||||||||
Total revenues | 779,380 | 897,363 | 830,625 | ||||||||
Costs of products sold | 650,025 | 745,981 | 695,163 | ||||||||
Gross profit | 129,355 | 151,382 | 135,462 | ||||||||
Selling, general and administrative expenses | 55,134 | 64,384 | 62,301 | ||||||||
Gains on dispositions of plant, equipment and timberlands, net | (210) | (17) | |||||||||
Operating income | 74,431 | 86,998 | 73,178 | ||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | (36,859) | (102,571) | (8,064) | ||||||||
Interest income | 26 | 36 | 12 | ||||||||
Other, net | 4,245 | 414 | 1,802 | ||||||||
Total other expense | (32,588) | (102,121) | (6,250) | ||||||||
Income (loss) before income taxes | 41,843 | (15,123) | 66,928 | ||||||||
Income tax provision (benefit) | 17,241 | 19,142 | 18,454 | ||||||||
Net income | 24,602 | (34,265) | 48,474 | ||||||||
Other comprehensive income | 29,680 | 28,840 | 4,223 | ||||||||
Comprehensive income (loss) | $ 54,282 | $ (5,425) | $ 52,697 |
Condensed Consolidating Fina139
Condensed Consolidating Financial Statements - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash and cash equivalents | $ 105,304 | $ 99,837 | $ 122,882 | $ 97,679 |
Other current assets | 447,063 | 474,785 | ||
Plant, equipment and timberlands, net | 698,864 | 697,608 | 723,300 | |
Other assets | 252,393 | 289,274 | ||
Total assets | 1,503,624 | 1,561,504 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 304,320 | 279,731 | ||
Long-term debt | 356,504 | 398,878 | ||
Deferred income taxes | 76,458 | 104,016 | ||
Other long-term liabilities | 103,095 | 129,770 | ||
Total liabilities | 840,377 | 912,395 | ||
Shareholders' equity | 663,247 | 649,109 | 684,476 | 539,679 |
Total liabilities and shareholders' equity | 1,503,624 | 1,561,504 | ||
Adjustments/ Eliminations [Member] | ||||
Assets | ||||
Other current assets | (230,509) | (436,976) | ||
Investments in subsidiaries | (1,244,566) | (1,227,624) | ||
Other assets | (17,979) | |||
Total assets | (1,475,075) | (1,682,579) | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | (230,523) | (444,258) | ||
Long-term debt | (572,579) | |||
Deferred income taxes | (12,289) | |||
Other long-term liabilities | 5,780 | |||
Total liabilities | (230,523) | (1,023,346) | ||
Shareholders' equity | (1,244,552) | (659,233) | ||
Total liabilities and shareholders' equity | (1,475,075) | (1,682,579) | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 59,130 | 42,208 | 56,216 | 43,781 |
Other current assets | 199,690 | 216,940 | ||
Plant, equipment and timberlands, net | 286,334 | 255,255 | ||
Investments in subsidiaries | 737,450 | 826,084 | ||
Other assets | 109,511 | 121,125 | ||
Total assets | 1,392,115 | 1,461,612 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 363,037 | 403,662 | ||
Long-term debt | 250,000 | 250,000 | ||
Deferred income taxes | 28,561 | 46,483 | ||
Other long-term liabilities | 87,270 | 112,358 | ||
Total liabilities | 728,868 | 812,503 | ||
Shareholders' equity | 663,247 | 649,109 | ||
Total liabilities and shareholders' equity | 1,392,115 | 1,461,612 | ||
Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 465 | 509 | 495 | 4,269 |
Other current assets | 238,515 | 439,910 | ||
Plant, equipment and timberlands, net | 1,114 | 996 | ||
Investments in subsidiaries | 507,116 | 401,540 | ||
Total assets | 747,210 | 842,955 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 9,725 | 13,143 | ||
Deferred income taxes | (79) | (506) | ||
Other long-term liabilities | 24 | |||
Total liabilities | 9,646 | 12,661 | ||
Shareholders' equity | 737,564 | 830,294 | ||
Total liabilities and shareholders' equity | 747,210 | 842,955 | ||
Non Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 45,709 | 57,120 | $ 66,171 | $ 49,629 |
Other current assets | 239,367 | 254,911 | ||
Plant, equipment and timberlands, net | 411,416 | 441,357 | ||
Other assets | 142,882 | 186,128 | ||
Total assets | 839,374 | 939,516 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 162,081 | 307,184 | ||
Long-term debt | 106,504 | 721,457 | ||
Deferred income taxes | 47,976 | 70,328 | ||
Other long-term liabilities | 15,825 | 11,608 | ||
Total liabilities | 332,386 | 1,110,577 | ||
Shareholders' equity | 506,988 | (171,061) | ||
Total liabilities and shareholders' equity | $ 839,374 | $ 939,516 |
Condensed Consolidating Fina140
Condensed Consolidating Financial Statements - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided (used) by Operating activities | $ 133,743 | $ 99,577 | $ 173,635 |
Investing activities | |||
Expenditures for plant, equipment and timberlands | (99,889) | (66,046) | (103,047) |
Proceeds from disposal plant, equipment and timberlands, net | 24,459 | 5,072 | 1,947 |
Acquisitions, net of cash acquired | (224) | (8,015) | (210,911) |
Other | (1,600) | (600) | (425) |
Net cash used by investing activities | (77,254) | (69,589) | (312,436) |
Financing activities | |||
Net (repayments of) proceeds from indebtedness | (24,650) | (18,128) | 182,230 |
Payments of note offering costs | (1,329) | (419) | |
Payment of dividends to shareholders | (20,443) | (18,696) | (16,965) |
Repurchases of common stock | (12,180) | ||
Payments related to share-based compensation awards and other | (1,594) | (1,877) | (1,671) |
Payments related to share-based compensation awards and other | (1,671) | ||
Net cash (used) provided by financing activities | (48,016) | (50,881) | 163,175 |
Effect of exchange rate on cash | (3,006) | (2,152) | 829 |
Net increase (decrease) in cash | 5,467 | (23,045) | 25,203 |
Cash and cash equivalents at the beginning of period | 99,837 | 122,882 | 97,679 |
Cash and cash equivalents at the end of period | 105,304 | 99,837 | 122,882 |
Adjustments/ Eliminations [Member] | |||
Investing activities | |||
Repayments from intercompany loans | (57,855) | (20,840) | (18,223) |
Advances of intercompany loans | 49,230 | 39,011 | 27,216 |
Intercompany capital (contributed) returned | (9,800) | ||
Intercompany capital contributed, net | 91 | ||
Net cash used by investing activities | (18,425) | 18,171 | 9,084 |
Financing activities | |||
Repayments of intercompany loans | 57,855 | 20,840 | 18,223 |
Borrowings of intercompany loans | (49,230) | (39,011) | (27,216) |
Intercompany capital (returned) received | 9,800 | ||
Intercompany capital received | (91) | ||
Net cash (used) provided by financing activities | 18,425 | (18,171) | (9,084) |
Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided (used) by Operating activities | 34,391 | 36,240 | 55,507 |
Investing activities | |||
Expenditures for plant, equipment and timberlands | (65,265) | (34,518) | (39,496) |
Proceeds from disposal plant, equipment and timberlands, net | 22,741 | 3,707 | 1,435 |
Advances of intercompany loans | (12,671) | ||
Intercompany capital (contributed) returned | 10,100 | ||
Other | (1,600) | (600) | (425) |
Net cash used by investing activities | (34,024) | (44,082) | (38,486) |
Financing activities | |||
Payments of note offering costs | (1,329) | (160) | |
Payment of dividends to shareholders | (20,443) | (18,696) | (16,965) |
Repurchases of common stock | (12,180) | ||
Repayments of intercompany loans | (9,158) | (1,100) | |
Borrowings of intercompany loans | 49,230 | 26,340 | 15,310 |
Payments related to share-based compensation awards and other | (1,745) | (1,630) | |
Payments related to share-based compensation awards and other | (1,671) | ||
Net cash (used) provided by financing activities | 16,555 | (6,166) | (4,586) |
Net increase (decrease) in cash | 16,922 | (14,008) | 12,435 |
Cash and cash equivalents at the beginning of period | 42,208 | 56,216 | 43,781 |
Cash and cash equivalents at the end of period | 59,130 | 42,208 | 56,216 |
Guarantors [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided (used) by Operating activities | 627 | 4,159 | 4,977 |
Investing activities | |||
Expenditures for plant, equipment and timberlands | (109) | ||
Proceeds from disposal plant, equipment and timberlands, net | 1,213 | 1,355 | 333 |
Repayments from intercompany loans | 57,855 | 20,840 | 18,223 |
Advances of intercompany loans | (49,230) | (26,340) | (27,216) |
Intercompany capital (contributed) returned | (300) | ||
Intercompany capital contributed, net | (91) | ||
Net cash used by investing activities | 9,429 | (4,145) | (8,751) |
Financing activities | |||
Intercompany capital (returned) received | (10,100) | ||
Net cash (used) provided by financing activities | (10,100) | ||
Net increase (decrease) in cash | (44) | 14 | (3,774) |
Cash and cash equivalents at the beginning of period | 509 | 495 | 4,269 |
Cash and cash equivalents at the end of period | 465 | 509 | 495 |
Non Guarantors [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided (used) by Operating activities | 98,725 | 59,178 | 113,151 |
Investing activities | |||
Expenditures for plant, equipment and timberlands | (34,515) | (31,528) | (63,551) |
Proceeds from disposal plant, equipment and timberlands, net | 505 | 10 | 179 |
Acquisitions, net of cash acquired | (224) | (8,015) | (210,911) |
Net cash used by investing activities | (34,234) | (39,533) | (274,283) |
Financing activities | |||
Net (repayments of) proceeds from indebtedness | (24,650) | (18,128) | 182,230 |
Payments of note offering costs | (259) | ||
Repayments of intercompany loans | (48,697) | (20,840) | (17,123) |
Borrowings of intercompany loans | 12,671 | 11,906 | |
Intercompany capital (returned) received | 300 | ||
Intercompany capital received | 91 | ||
Payments related to share-based compensation awards and other | 151 | (247) | |
Net cash (used) provided by financing activities | (72,896) | (26,544) | 176,845 |
Effect of exchange rate on cash | (3,006) | (2,152) | 829 |
Net increase (decrease) in cash | (11,411) | (9,051) | 16,542 |
Cash and cash equivalents at the beginning of period | 57,120 | 66,171 | 49,629 |
Cash and cash equivalents at the end of period | $ 45,709 | $ 57,120 | $ 66,171 |
Quarterly Results - Schedule of
Quarterly Results - Schedule of Net Income (Loss) and Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $ 412,852 | $ 419,960 | $ 410,803 | $ 417,469 | $ 436,261 | $ 465,092 | $ 445,341 | $ 455,721 | $ 1,661,084 | $ 1,802,415 | $ 1,722,615 |
Gross profit | 58,116 | 59,908 | 32,833 | 52,108 | 58,164 | 80,513 | 41,437 | 55,040 | $ 202,965 | $ 235,154 | $ 218,660 |
Net Income | $ 34,298 | $ 13,504 | $ 2,848 | $ 13,925 | $ 19,557 | $ 30,372 | $ 4,669 | $ 14,648 | |||
Diluted earnings per share | $ 0.78 | $ 0.31 | $ 0.06 | $ 0.32 | $ 0.45 | $ 0.69 | $ 0.11 | $ 0.33 | $ 1.47 | $ 1.57 | $ 1.52 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | $ 2,703 | $ 2,725 | $ 2,858 |
Provision | 7 | 1,061 | 945 |
Write-offs, recoveries and discounts allowed | (275) | (946) | (1,119) |
Other | (196) | (137) | 41 |
Balance, end of year | 2,239 | 2,703 | 2,725 |
Allowance for Sales Discounts and Deductions [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | 1,809 | 1,810 | 2,302 |
Provision | 3,856 | 4,356 | 5,526 |
Write-offs, recoveries and discounts allowed | (3,649) | (4,719) | (6,148) |
Other | (423) | 362 | 130 |
Balance, end of year | $ 1,593 | $ 1,809 | $ 1,810 |