Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | GLT | |
Entity Registrant Name | GLATFELTER P H CO | |
Entity Central Index Key | 41,719 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 43,547,739 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 406,413 | $ 410,803 | $ 808,631 | $ 828,272 |
Energy and related sales, net | 2,001 | 715 | 2,667 | 2,783 |
Total revenues | 408,414 | 411,518 | 811,298 | 831,055 |
Costs of products sold | 365,691 | 378,685 | 710,732 | 746,114 |
Gross profit | 42,723 | 32,833 | 100,566 | 84,941 |
Selling, general and administrative expenses | 37,191 | 29,137 | 69,049 | 60,409 |
(Gains) losses on dispositions of plant, equipment and timberlands, net | 2 | (111) | 26 | (2,765) |
Operating income | 5,530 | 3,807 | 31,491 | 27,297 |
Non-operating income (expense) | ||||
Interest expense | (3,953) | (4,352) | (8,069) | (8,860) |
Interest income | 61 | 77 | 152 | 142 |
Other, net | 317 | 215 | (383) | 28 |
Total non-operating expense | (3,575) | (4,060) | (8,300) | (8,690) |
Income (loss) before income taxes | 1,955 | (253) | 23,191 | 18,607 |
Income tax (benefit) provision | (10) | (3,101) | 5,058 | 1,834 |
Net income | $ 1,965 | $ 2,848 | $ 18,133 | $ 16,773 |
Earnings per share | ||||
Basic | $ 0.05 | $ 0.07 | $ 0.42 | $ 0.39 |
Diluted | 0.04 | 0.06 | 0.41 | 0.38 |
Cash dividends declared per common share | $ 0.125 | $ 0.120 | $ 0.250 | $ 0.240 |
Weighted average shares outstanding | ||||
Basic | 43,558 | 43,377 | 43,539 | 43,315 |
Diluted | 44,062 | 44,032 | 43,963 | 43,992 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,965 | $ 2,848 | $ 18,133 | $ 16,773 |
Foreign currency translation adjustments | (14,864) | 16,704 | (1,445) | (24,633) |
Net change in: | ||||
Deferred gains on cash flow hedges, net of taxes of $(258), $956, $(201) and $(107), respectively | 944 | (2,501) | 1,010 | 265 |
Unrecognized retirement obligations, net of taxes of $(1,442), $(1,769), $(2,809) and $(3,779), respectively | 2,381 | 2,884 | 4,638 | 6,170 |
Other comprehensive income (loss) | (11,539) | 17,087 | 4,203 | (18,198) |
Comprehensive income (loss) | $ (9,574) | $ 19,935 | $ 22,336 | $ (1,425) |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Taxes on deferred losses on cash flow hedges | $ (258) | $ 956 | $ (201) | $ (107) |
Taxes on unrecognized retirement obligations | $ (1,442) | $ (1,769) | $ (2,809) | $ (3,779) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 58,532 | $ 105,304 |
Accounts receivable, net | 175,336 | 167,199 |
Inventories | 257,623 | 247,214 |
Prepaid expenses and other current assets | 33,094 | 32,650 |
Total current assets | 524,585 | 552,367 |
Plant, equipment and timberlands, net | 748,036 | 698,864 |
Goodwill | 77,044 | 76,056 |
Intangible assets | 61,625 | 63,057 |
Other assets | 113,894 | 110,072 |
Total assets | 1,525,184 | 1,500,416 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 9,098 | 7,366 |
Accounts payable | 169,869 | 172,735 |
Dividends payable | 5,455 | 5,231 |
Environmental liabilities | 11,361 | 12,544 |
Other current liabilities | 115,610 | 106,444 |
Total current liabilities | 311,393 | 304,320 |
Long-term debt | 358,366 | 353,296 |
Deferred income taxes | 75,155 | 76,458 |
Other long-term liabilities | 104,047 | 103,095 |
Total liabilities | 848,961 | 837,169 |
Commitments and contingencies | ||
Shareholders' equity | ||
Common stock | 544 | 544 |
Capital in excess of par value | 54,530 | 54,912 |
Retained earnings | 970,374 | 963,143 |
Accumulated other comprehensive loss | (186,283) | (190,486) |
Shareholders' equity before treasury stock | 839,165 | 828,113 |
Less cost of common stock in treasury | (162,942) | (164,866) |
Total shareholders' equity | 676,223 | 663,247 |
Total liabilities and shareholders' equity | $ 1,525,184 | $ 1,500,416 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating activities | ||
Net income | $ 18,133 | $ 16,773 |
Adjustments to reconcile to net cash provided by operations: | ||
Depreciation, depletion and amortization | 33,411 | 31,602 |
Amortization of debt issue costs | 574 | 599 |
Pension expense, net of unfunded benefits paid | 1,964 | 3,699 |
Deferred income tax (benefit) provision | (2,672) | 2,501 |
Losses (gains) on dispositions of plant, equipment and timberlands, net | 26 | (2,765) |
Share-based compensation | 2,803 | 3,663 |
Change in operating assets and liabilities | ||
Accounts receivable | (8,471) | (20,783) |
Inventories | (12,295) | (8,609) |
Prepaid and other current assets | (163) | (1,678) |
Accounts payable | (3,027) | (989) |
Accruals and other current liabilities | 5,252 | 2,735 |
Other | 1,105 | (1,235) |
Net cash provided by operating activities | 36,640 | 25,513 |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (80,391) | (44,575) |
Proceeds from disposals of plant, equipment and timberlands, net | 53 | 3,051 |
Other | (300) | (1,600) |
Net cash used by investing activities | (80,638) | (43,124) |
Financing activities | ||
Net repayments of revolving credit facility | (11,403) | |
Payments of borrowing costs | (136) | (1,329) |
Proceeds from term loans | 19,428 | |
Repayment of term loans | (3,803) | (1,492) |
Payments of dividends | (10,679) | (9,992) |
Proceeds from government grants | 4,443 | |
Payments related to share-based compensation awards and other | (976) | (2,000) |
Net cash used by financing activities | (3,126) | (14,813) |
Effect of exchange rate changes on cash | 352 | (1,651) |
Net decrease in cash and cash equivalents | (46,772) | (34,075) |
Cash and cash equivalents at the beginning of period | 105,304 | 99,837 |
Cash and cash equivalents at the end of period | 58,532 | 65,762 |
Cash paid for: | ||
Interest, net of amounts capitalized | 7,509 | 8,281 |
Income taxes, net | $ 8,486 | $ 10,234 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2016 | |
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 | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Accounting Policies | 2. ACCOUNTING POLICIES Basis of Presentation We prepared these financial statements in accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. In our opinion, the financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. When preparing these financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2015 Annual Report on Form 10-K. Accounting Estimates Recently Issued Accounting Pronouncements Compensation – Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 3. EARNINGS PER SHARE The following table sets forth the details of basic and diluted earnings per share (“EPS”): Three months ended In thousands, except per share 2016 2015 Net income $ 1,965 $ 2,848 Weighted average common shares outstanding used in basic EPS 43,558 43,377 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs 504 655 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,062 44,032 Earnings per share Basic $ 0.05 $ 0.07 Diluted 0.04 0.06 Six months ended In thousands, except per share 2016 2015 Net income $ 18,133 $ 16,773 Weighted average common shares outstanding used in basic EPS 43,539 43,315 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs 424 677 Weighted average common shares outstanding and common share equivalents used in diluted EPS 43,963 43,992 Earnings per share Basic $ 0.42 $ 0.39 Diluted 0.41 0.38 The following table sets forth 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: June 30 In thousands 2016 2015 Three months ended 1,368 687 Six months ended 1,451 687 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 4. ACCUMULATED OTHER COMPREHENSIVE INCOME The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three months and six months ended June 30, 2016 and 2015. in thousands Currency Unrealized gain Change in Change in other Total Balance at April 1, 2016 $ (59,622 ) $ (159 ) $ (118,399 ) $ 3,436 $ (174,744 ) Other comprehensive income before reclassifications (net of tax) (14,864 ) 837 — — (14,027 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 107 2,613 (232 ) 2,488 Net current period other comprehensive income (loss) (14,864 ) 944 2,613 (232 ) (11,539 ) Balance at June 30, 2016 $ (74,486 ) $ 785 $ (115,786 ) $ 3,204 $ (186,283 ) Balance at April 1, 2015 $ (75,561 ) $ 5,122 $ (116,994 ) $ (2,722 ) $ (190,155 ) Other comprehensive income before reclassifications (net of tax) 16,704 (1,220 ) — — 15,484 Amounts reclassified from accumulated other comprehensive income (net of tax) — (1,281 ) 2,918 (34 ) 1,603 Net current period other comprehensive income (loss) 16,704 (2,501 ) 2,918 (34 ) 17,087 Balance at June 30, 2015 $ (58,857 ) $ 2,621 $ (114,076 ) $ (2,756 ) $ (173,068 ) in thousands Currency Unrealized gain Change in Change in other Total Balance at January 1, 2016 $ (73,041 ) $ (225 ) $ (120,714 ) $ 3,494 $ (190,486 ) Other comprehensive income before reclassifications (net of tax) (1,445 ) 1,089 — — (356 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — (79 ) 4,928 (290 ) 4,559 Net current period other comprehensive income (loss) (1,445 ) $ 1,010 4,928 (290 ) 4,203 Balance at June 30, 2016 $ (74,486 ) $ 785 $ (115,786 ) $ 3,204 $ (186,283 ) Balance at January 1, 2015 $ (34,224 ) $ 2,356 $ (120,260 ) $ (2,742 ) $ (154,870 ) Other comprehensive income before reclassifications (net of tax) (24,633 ) 2,174 — — (22,459 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — (1,909 ) 6,184 (14 ) 4,261 Net current period other comprehensive income (loss) (24,633 ) 265 6,184 (14 ) (18,198 ) Balance at June 30, 2015 $ (58,857 ) $ 2,621 $ (114,076 ) $ (2,756 ) $ (173,068 ) Reclassifications out of accumulated other comprehensive income were as follows: Three months ended Six months ended In thousands 2016 2015 2016 2015 Description Line Item in Statements of Income Cash flow hedges (Note 12) (Gains) losses on cash flow hedges $ 215 $ (1,750 ) $ (83 ) $ (2,623 ) Costs of products sold Tax expense (benefit) (108 ) 469 4 714 Income tax provision Net of tax 107 (1,281 ) (79 ) (1,909 ) Retirement plan obligations (Note 7) Amortization of deferred benefit pension plan items Prior service costs 509 574 1,013 1,142 Costs of products sold 166 187 336 379 Selling, general and administrative Actuarial losses 2,618 2,924 4,900 6,288 Costs of products sold 915 1,023 1,687 2,165 Selling, general and administrative 4,208 4,708 7,936 9,974 Tax benefit (1,595 ) (1,790 ) (3,008 ) (3,790 ) Income tax provision Net of tax 2,613 2,918 4,928 6,184 Amortization of deferred benefit other plan items Prior service costs (38 ) (57 ) (75 ) (115 ) Costs of products sold (8 ) (13 ) (16 ) (25 ) Selling, general and administrative Actuarial losses (269 ) 12 (311 ) 94 Costs of products sold (58 ) 3 (67 ) 21 Selling, general and administrative (373 ) (55 ) (469 ) (25 ) Tax expense 141 21 179 11 Income tax provision Net of tax (232 ) (34 ) (290 ) (14 ) Total reclassifications, net of tax $ 2,488 $ 1,603 $ 4,559 $ 4,261 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. 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. As of June 30, 2016 and December 31, 2015, we had $13.2 million and $12.2 million of gross unrecognized tax benefits. As of June 30, 2016, if such benefits were to be recognized, approximately $10.6 million would be recorded as a component of income tax expense, thereby affecting our effective tax rate. 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, by major jurisdiction, tax years that remain subject to examination: Open Tax Years Jurisdiction Examinations not yet initiated Examination United States Federal 2013 - 2015 N/A State 2011 - 2015 2011 - 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 2015 2013, 2014 (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 lapse 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: Six months ended June 30 In millions 2016 2015 Interest expense $ 0.2 $ — Penalties — — June 30 December 31 2016 2015 Accrued interest payable $ 0.8 $ 0.6 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 6. 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. Pursuant to terms of the LTIP, we have issued to eligible participants restricted stock units, performance share awards and stock only stock appreciation rights. Restricted Stock Units (“RSU”) and Performance Share Awards (“PSAs”) The following table summarizes RSU and PSA activity during periods indicated: Units 2016 2015 Balance at January 1, 674,523 888,942 Granted 295,654 152,531 Forfeited (143,209 ) (77,652 ) Shares delivered (149,475 ) (283,627 ) Balance at June 30, 677,493 680,194 The amount granted in 2016 and 2015 includes PSAs of 199,693 and 100,801, respectively, exclusive of reinvested dividends. The following table sets forth aggregate RSU and PSA compensation expense for the periods indicated: June 30 In thousands 2016 2015 Three months ended $ 935 $ 453 Six months ended 1,402 820 Stock Only Stock Appreciation Rights (“SOSARs”) The following table sets forth information related to outstanding SOSARS. 2016 2015 SOSARS Shares Wtd Avg Shares Wtd Avg Outstanding at January 1, 2,199,742 $ 17.82 1,864,707 $ 16.20 Granted 743,925 17.54 406,142 24.94 Exercised (53,190 ) 9.91 (58,343 ) 13.52 Canceled / forfeited (108,945 ) 21.81 (3,349 ) 26.53 Outstanding at June 30, 2,781,532 $ 17.74 2,209,157 $ 17.87 SOSAR Grants Weighted average grant date fair value per share $ 4.07 $ 7.54 Aggregate grant date fair value (in thousands) $ 3,013 $ 3,063 Black-Scholes assumptions Dividend yield 2.85 % 1.92 % Risk free rate of return 1.34 % 1.64 % Volatility 31.97 % 36.48 % Expected life 6 yrs 6 yrs The following table sets forth SOSAR compensation expense for the periods indicated: June 30 In thousands 2016 2015 Three months ended $ 669 $ 680 Six months ended 1,401 1,268 |
Retirement Plans and Other Post
Retirement Plans and Other Post-Retirement Benefits | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans and Other Post-Retirement Benefits | 7. RETIREMENT PLANS AND OTHER POST-RETIREMENT BENEFITS The following tables provide information with respect to the net periodic costs of our pension and post retirement medical benefit plans. Three months ended In thousands 2016 2015 Pension Benefits Service cost $ 2,510 $ 2,561 Interest cost 6,153 5,788 Expected return on plan assets (11,275 ) (11,454 ) Amortization of prior service cost 675 761 Amortization of unrecognized loss 3,533 3,947 Net periodic benefit cost $ 1,596 $ 1,603 Other Benefits Service cost $ 250 $ 303 Interest cost 456 436 Amortization of prior service cost (46 ) (70 ) Amortization of unrecognized (gain)/loss (327 ) 15 Net periodic benefit cost $ 333 $ 684 Six months ended In thousands 2016 2015 Pension Benefits Service cost $ 5,240 $ 5,696 Interest cost 12,240 11,738 Expected return on plan assets (22,661 ) (22,997 ) Amortization of prior service cost 1,349 1,521 Amortization of unrecognized loss 6,587 8,453 Net periodic benefit cost $ 2,755 $ 4,411 Other Benefits Service cost $ 573 $ 716 Interest cost 996 999 Amortization of prior service cost (91 ) (140 ) Amortization of unrecognized (gain)/loss (378 ) 115 Net periodic benefit cost $ 1,100 $ 1,690 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | 8. INVENTORIES Inventories, net of reserves, were as follows: June 30 December 31 In thousands 2016 2015 Raw materials $ 62,881 $ 60,098 In-process and finished 122,322 115,874 Supplies 72,420 71,242 Total $ 257,623 $ 247,214 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 9. LONG-TERM DEBT Long-term debt is summarized as follows: June 30 December 31 In thousands 2016 2015 Revolving credit facility, due Mar. 2020 $ 48,851 $ 58,792 5.375% Notes, due Oct. 2020 250,000 250,000 2.40% Term Loan, due Jun. 2022 9,516 10,109 2.05% Term Loan, due Mar. 2023 40,000 42,130 1.30% Term Loan, due Jun. 2023 11,102 — 1.55% Term Loan, due Sep. 2025 10,884 2,839 Total long-term debt 370,353 363,870 Less current portion (9,098 ) (7,366 ) Unamortized deferred issuance costs (2,889 ) (3,208 ) Long-term debt, net of current portion $ 358,366 $ 353,296 The amount set forth for Long-term debt, net of current portion as of December 31, 2015, has been restated to retroactively adopt ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs 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 June 30, 2016, the leverage ratio, as calculated in accordance with the definition in our credit agreement, was 1.9x. 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 Advanced Materials N.A., LLC., 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 June 30, 2016, 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 Original Interest Rate 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 May 4, 2016 7,195 1.55 % Sep. 2025 Apr. 26, 2016 10,000 1.30 % Jun. 2023 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, are calculated by reference to our Revolving Credit Agreement. P. H. Glatfelter Company guarantees all debt obligations of its subsidiaries. All such obligations are recorded in these condensed consolidated financial statements. Letters of credit issued to us by certain financial institutions totaled $5.1 million and $5.3 million as of June 30, 2016 and December 31, 2015, respectively. 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 | 6 Months Ended |
Jun. 30, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | 10. 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 has been substantially completed primarily by filling the lagoons, installing a non-permeable liner which will be covered with soil to construct the required cap over the lagoons. The retirement obligation was accrued with a corresponding increase in the carrying value of the property, equipment and timberlands caption on the condensed 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 activity recorded during the first six months of 2016 and 2015: In thousands 2016 2015 Balance at January 1, $ 419 $ 4,114 Accretion — 59 Payments (16 ) (1,905 ) Downward revision — (1,000 ) Gain (2 ) (286 ) Balance at June 30, $ 401 $ 982 The amount set forth above as of June 30, 2016, is recorded in other current liabilities in the accompanying condensed consolidated balance sheet. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 11. FAIR VALUE OF FINANCIAL INSTRUMENTS The amounts reported on the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximate fair value. The following table sets forth carrying value and fair value of long-term debt: June 30, 2016 December 31, 2015 In thousands Carrying Fair Carrying Fair Variable rate debt $ 48,851 $ 48,851 $ 58,792 $ 58,792 Fixed-rate bonds 250,000 255,625 250,000 250,938 2.40% Term loan 9,516 9,406 10,109 10,535 2.05% Term loan 40,000 38,724 42,130 42,886 1.30% Term Loan 11,102 10,403 — — 1.55% Term loan 10,884 9,554 2,839 2,524 Total $ 370,353 $ 372,563 $ 363,870 $ 365,675 As of June 30, 2016, and December 31, 2015, 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 12. |
Financial Derivatives and Hedgi
Financial Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Derivatives and Hedging Activities | 12. 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, certain production costs or capital expenditures 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 condensed consolidated balance sheets. With respect to hedges of forecasted raw material purchases or production costs, the amount deferred is subsequently reclassified into costs of products sold in the period that inventory produced using the hedged transaction affects earnings. For hedged capital expenditures, deferred gains or losses are reclassified and included in the historical cost of the capital asset and subsequently affect earnings as depreciation is recognized. The ineffective portion of the change in fair value of the derivative is recognized directly to earnings and reflected in the accompanying condensed 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: In thousands June 30 December 31 Derivative Sell/Buy - sell notional Euro / British Pound 9,237 10,527 Sell/Buy - buy notional Euro / Philippine Peso 670,402 758,634 British Pound / Philippine Peso 486,437 542,063 Euro / U.S. Dollar 48,574 51,433 U.S. Dollar / Canadian Dollar 33,839 34,649 U.S. Dollar / Euro 20,202 — Derivatives Not Designated as Hedging Instruments - Foreign Currency Hedges The following sets forth derivatives used to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities: In thousands June 30 December 31 Derivative Sell/Buy - sell notional U.S. Dollar / British Pound 10,500 10,000 British Pound / Euro 2,500 3,500 Sell/Buy - buy notional Euro / U.S. Dollar 3,500 12,500 British Pound / Euro 19,000 13,500 These contracts have maturities of one month from the date originally entered into. Fair Value Measurements In thousands June 30 December 31 June 30 December 31 Balance sheet caption Prepaid Expenses Other Designated as hedging: Forward foreign currency exchange contracts $ 915 $ 955 $ 15 $ 1,545 Not designated as hedging: Forward foreign currency exchange contracts $ 124 $ 68 $ — $ 49 The amounts set forth in the table above represent the net asset or liability giving effect to rights of offset with each counterparty. The effect of netting the amounts presented above did not have a material effect on our consolidated financial position. The following table summarizes the amount of income or (loss) from derivative instruments recognized in our results of operations for the periods indicated and the line items in the accompanying condensed consolidated statements of income where the results are recorded: Three months June 30 Six months June 30 In thousands 2016 2015 2016 2015 Designated as hedging: Forward foreign currency exchange contracts: Effective portion – cost of products sold $ (215 ) $ 1,750 $ 83 $ 2,623 Ineffective portion – other – net 73 (62 ) (330 ) 288 Not designated as hedging : Forward foreign currency exchange contracts: Other – net $ 475 $ (313 ) $ 1,064 $ 407 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 fair values of the foreign exchange forward contracts are considered to be Level 2. Foreign currency forward contracts are valued using foreign currency forward and interest rate curves. The fair value of each contract is determined by comparing the contract rate to the forward rate and discounting to present value. Contracts in a gain position are recorded in the condensed consolidated balance sheets under the caption “Prepaid expenses and other current assets” and the value of contracts in a loss position is recorded under the caption “Other current liabilities.” A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income (loss) is as follows: In thousands 2016 2015 Balance at January 1, $ (178 ) $ 3,282 Deferred gains on cash flow hedges 1,294 2,995 Reclassified to earnings (83 ) (2,623 ) Balance at June 30, $ 1,033 $ 3,654 We expect substantially all of the amounts recorded as a component of accumulated other comprehensive income will be recorded as a component of the capital asset or realized in results of operations within the next twelve to twenty-five months and the amount ultimately recognized will vary depending on actual market rates. Credit risk related to derivative activity arises in the event the counterparty fails to meet its obligations to us. This exposure is generally limited to the amounts, if any, by which the counterparty’s obligations exceed our obligation to them. Our policy is to enter into contracts only with financial institutions which meet certain minimum credit ratings. |
Commitments, Contingencies and
Commitments, Contingencies and Legal Proceedings | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Legal Proceedings | 13. COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS 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 did not move to enter until April 12, 2016; the court has not yet ruled on that motion. Work is scheduled to continue in OU2-5 through 2018, 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. In 2016, the Governments again seek approximately $100 million of work to be completed in OU2-5. The exact work and a more precise estimate of its cost depend on certain unresolved technical issues. We have begun an effort to place the final layer on certain caps. We do not yet know to what extent we will undertake additional work in 2016; however, we expect to spend less than $10 million. As the result of a partial settlement, Georgia-Pacific has no obligation to pay for work upstream of a line near Georgia-Pacific’s Green Bay West Mill located in OU4. We believe substantially all in-water work upstream of this line 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 approximately $200 million. The district court has established a schedule for the Whiting Litigation under which it would hold a trial beginning in March 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 October 19, 2015, holding 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. As described below, the United States has withdrawn its natural resources damages claim against us. The Governments’ remaining claims principally consist of claims for (1) unreimbursed past costs of the United States totaling $35.1 million (as incurred through September 30, 2015) and unreimbursed past costs of the Wisconsin Department of Natural Resources totaling $3.9 million (as incurred through June 30, 2015), and (2) costs incurred and/or to be incurred after September 30, 2015 and June 30, 2015, respectively. The remaining issues in the Government Action are set for trial to commence after the conclusion of the 2017 trial in the Whiting Litigation. Interim Funding of Ongoing Work. The 2016 Work Plan similarly calls for completion of work that is estimated to cost in the range of $100 million. However, unlike the 2015 Work Plan, it does not allocate the work among NCR, GP, and us. The parties have again not come to agreement on an interim allocation among them of responsibility for completing the work called for by the 2016 Work Plan. NCR and GP have begun certain work. We have begun placement of certain capping material. 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. We expect to spend less than $10 million in connection with the 2016 Work Plan. In addition, it is 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 to 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. Six months ended June 30 In thousands 2016 2015 Balance at January 1, $ 17,105 $ 16,223 Payments (1,189 ) (21 ) Accruals — — Balance at June 30, $ 15,916 $ 16,202 The payments set forth above represent cash paid towards completion of remediation activities in connection with the 2015 and 2016 Work Plans. Our reserve as of June 30, 2016, includes our estimate of costs to be incurred for remediation work, pending clarity from the Whiting litigation. 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, $11.4 million is recorded in the accompanying June 30, 2016 condensed 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 condensed 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 | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 14. SEGMENT INFORMATION The following tables set forth financial and other information by business unit for the period indicated: Three months ended June 30 Composite Fibers Advanced Airlaid Specialty Papers Other and Unallocated Total Dollars in millions 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Net sales $ 136.4 $ 140.4 $ 60.8 $ 57.5 $ 209.3 $ 212.9 $ — $ — $ 406.4 $ 410.8 Energy and related sales, net — — — — 2.0 0.7 — — 2.0 0.7 Total revenue 136.4 140.4 60.8 57.5 211.3 213.6 — — 408.4 411.5 Cost of products sold 109.0 112.4 51.8 52.3 202.9 211.9 2.0 2.1 365.7 378.7 Gross profit (loss) 27.4 28.0 9.0 5.2 8.4 1.7 (2.0 ) (2.1 ) 42.7 32.8 SG&A 12.1 11.3 2.2 2.1 14.2 11.7 8.7 4.0 37.2 29.1 Gains on dispositions of plant, equipment and timberlands, net — — — — — — — (0.1 ) — (0.1 ) Total operating income (loss) 15.3 16.7 6.8 3.1 (5.8 ) (10.0 ) (10.7 ) (6.0 ) 5.5 3.8 Non-operating expense — — — — — — (3.6 ) (4.1 ) (3.6 ) (4.1 ) Income (loss) before income taxes $ 15.3 $ 16.7 $ 6.8 $ 3.1 $ (5.8 ) $ (10.0 ) $ (14.3 ) $ (10.1 ) $ 2.0 $ (0.3 ) Supplementary Data Net tons sold (thousands) 40.7 39.4 24.4 22.6 194.7 191.3 — — 259.7 253.3 Depreciation, depletion and amortization $ 7.2 $ 6.7 $ 2.4 $ 2.1 $ 6.5 $ 6.3 $ 0.7 $ 0.5 $ 16.8 $ 15.6 Capital expenditures 2.3 5.6 6.1 1.5 28.7 15.6 — 0.1 37.1 22.8 Six months ended June 30 Composite Fibers Advanced Airlaid Specialty Papers Other and Unallocated Total Dollars in millions 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Net sales $ 259.9 $ 275.7 $ 121.5 $ 119.8 $ 427.2 $ 432.8 $ — $ — $ 808.6 $ 828.3 Energy and related sales, net — — — — 2.7 2.8 — — 2.7 2.8 Total revenue 259.9 275.7 121.5 119.8 429.9 435.6 — — 811.3 831.1 Cost of products sold 210.3 221.5 104.1 107.3 394.0 412.3 2.3 5.0 710.7 746.1 Gross profit (loss) 49.6 54.2 17.4 12.5 35.9 23.3 (2.3 ) (5.0 ) 100.6 84.9 SG&A 23.2 22.9 4.2 4.0 26.6 23.9 15.0 9.5 69.0 60.4 Gains on dispositions of plant, equipment and timberlands, net — — — — — — — (2.8 ) — (2.8 ) Total operating income (loss) 26.4 31.3 13.2 8.5 9.3 (0.6 ) (17.3 ) (11.7 ) 31.5 27.3 Non-operating expense — — — — — — (8.3 ) (8.7 ) (8.3 ) (8.7 ) Income (loss) before income taxes $ 26.4 $ 31.3 $ 13.2 $ 8.5 $ 9.3 $ (0.6 ) $ (25.6 ) $ (20.4 ) $ 23.2 $ 18.6 Supplementary Data Net tons sold (thousands) 77.6 77.3 48.9 46.7 400.5 390.0 — — 527.0 514.0 Depreciation, depletion and amortization $ 14.3 $ 13.4 $ 4.7 $ 4.3 $ 13.2 $ 12.9 $ 1.2 $ 1.0 $ 33.4 $ 31.6 Capital expenditures 8.6 11.5 20.7 2.8 50.8 28.8 0.3 1.5 80.4 44.6 The sum of individual amounts set forth above may not agree to the consolidated financial statements included herein due to rounding. Business Units Management evaluates 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. This presentation is aligned with the management and operating structure of our company. It is also on this basis that the Company’s performance is evaluated internally and by the Company’s Board of Directors. |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 6 Months Ended |
Jun. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Statements | 15. 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 for the three months and six months ended June 30, 2016, our condensed consolidating cash flows for the six months ended June 30, 2016 and 2015 and our condensed consolidating balance sheets as of June 30, 2016 and December 31, 2015. The condensed consolidating financial statements set forth below include the addition of CFNA and GAMNA as guarantors during 2015. Condensed Consolidating Statement of Income for the Three months ended June 30, 2016 In thousands Parent Guarantors Non Adjustments/ Consolidated Net sales $ 209,269 $ 17,561 $ 196,675 $ (17,092 ) $ 406,413 Energy and related sales, net 2,001 — — — 2,001 Total revenues 211,270 17,561 196,675 (17,092 ) 408,414 Costs of products sold 204,495 16,711 161,577 (17,092 ) 365,691 Gross profit 6,775 850 35,098 — 42,723 Selling, general and administrative expenses 22,622 (36 ) 14,605 — 37,191 Loss on dispositions of plant, equipment and timberlands, net 2 — — — 2 Operating income (loss) (15,849 ) 886 20,493 — 5,530 Other non-operating income (expense) Interest expense (4,289 ) — (814 ) 1,150 (3,953 ) Interest income 169 1,001 41 (1,150 ) 61 Equity in earnings of subsidiaries 16,385 16,071 — (32,456 ) — Other, net (575 ) (1,421 ) 2,313 — 317 Total other non-operating income (expense) 11,690 15,651 1,540 (32,456 ) (3,575 ) Income (loss) before income taxes (4,159 ) 16,537 22,033 (32,456 ) 1,955 Income tax provision (benefit) (6,124 ) 152 5,962 — (10 ) Net income 1,965 16,385 16,071 (32,456 ) 1,965 Other comprehensive income (loss) (11,539 ) (13,937 ) (13,490 ) 27,427 (11,539 ) Comprehensive income (loss) $ (9,574 ) $ 2,448 $ 2,581 $ (5,029 ) $ (9,574 ) Condensed Consolidating Statement of Income for the Six months ended June 30, 2016 In thousands Parent Guarantors Non Adjustments/ Consolidated Net sales $ 427,157 $ 36,207 $ 381,141 $ (35,874 ) $ 808,631 Energy and related sales, net 2,667 — — — 2,667 Total revenues 429,824 36,207 381,141 (35,874 ) 811,298 Costs of products sold 396,454 34,761 315,391 (35,874 ) 710,732 Gross profit 33,370 1,446 65,750 — 100,566 Selling, general and administrative expenses 41,067 (221 ) 28,203 — 69,049 Loss on dispositions of plant, equipment and timberlands, net 4 — 22 — 26 Operating income (loss) (7,701 ) 1,667 37,525 — 31,491 Other non-operating income (expense) Interest expense (8,704 ) — (1,601 ) 2,236 (8,069 ) Interest income 350 1,993 45 (2,236 ) 152 Equity in earnings of subsidiaries 29,257 27,825 — (57,082 ) — Other, net (1,117 ) (1,401 ) 2,135 — (383 ) Total other non-operating income (expense) 19,786 28,417 579 (57,082 ) (8,300 ) Income before income taxes 12,085 30,084 38,104 (57,082 ) 23,191 Income tax provision (benefit) (6,048 ) 827 10,279 — 5,058 Net income 18,133 29,257 27,825 (57,082 ) 18,133 Other comprehensive income (loss) 4,203 (384 ) (373 ) 757 4,203 Comprehensive income $ 22,336 $ 28,873 $ 27,452 $ (56,325 ) $ 22,336 Condensed Consolidating Statement of Income for the Three months ended June 30, 2015 In thousands Parent Guarantors Non Adjustments/ Consolidated Net sales $ 212,920 $ 22,667 $ 194,779 $ (19,563 ) $ 410,803 Energy and related sales, net 715 — — — 715 Total revenues 213,635 22,667 194,779 (19,563 ) 411,518 Costs of products sold 212,472 21,921 163,855 (19,563 ) 378,685 Gross profit 1,163 746 30,924 — 32,833 Selling, general and administrative expenses 15,661 458 13,018 — 29,137 Loss on dispositions of plant, equipment and timberlands, net (51 ) — (60 ) — (111 ) Operating income (loss) (14,447 ) 288 17,966 — 3,807 Other non-operating income (expense) Interest expense (4,608 ) — (6,370 ) 6,626 (4,352 ) Interest income 169 6,498 36 (6,625 ) 77 Equity in earnings of subsidiaries 17,478 11,305 — (28,783 ) — Other, net (746 ) (29 ) 990 — 215 Total other non-operating income (expense) 12,293 17,774 (5,344 ) (28,782 ) (4,060 ) Income (loss) before income taxes (2,154 ) 18,062 12,622 (28,782 ) (253 ) Income tax provision (benefit) (5,002 ) 584 1,317 — (3,101 ) Net income 2,848 17,478 11,305 (28,782 ) 2,848 Other comprehensive income (loss) 17,087 13,680 (9,958 ) (3,722 ) 17,087 Comprehensive income $ 19,935 $ 31,158 $ 1,347 $ (32,504 ) $ 19,935 Condensed Consolidating Statement of Income for the Six months ended June 30, 2015 In thousands Parent Guarantors Non Adjustments/ Consolidated Net sales $ 432,796 $ 42,817 $ 392,877 $ (40,218 ) $ 828,272 Energy and related sales, net 2,783 — — — 2,783 Total revenues 435,579 42,817 392,877 (40,218 ) 831,055 Costs of products sold 416,154 41,255 328,923 (40,218 ) 746,114 Gross profit 19,425 1,562 63,954 — 84,941 Selling, general and administrative expenses 32,843 955 26,611 — 60,409 Gains on dispositions of plant, equipment and timberlands, net (1,522 ) (1,183 ) (60 ) — (2,765 ) Operating income (loss) (11,896 ) 1,790 37,403 — 27,297 Other non-operating income (expense) Interest expense (9,425 ) — (12,764 ) 13,329 (8,860 ) Interest income 331 13,097 41 (13,327 ) 142 Equity in earnings of subsidiaries 34,562 21,499 — (56,061 ) — Other, net (1,460 ) (159 ) 1,649 (2 ) 28 Total other non-operating income (expense) 24,008 34,437 (11,074 ) (56,061 ) (8,690 ) Income before income taxes 12,112 36,227 26,329 (56,061 ) 18,607 Income tax provision (benefit) (4,661 ) 1,665 4,830 — 1,834 Net income 16,773 34,562 21,499 (56,061 ) 16,773 Other comprehensive income (loss) (18,198 ) (24,870 ) 28,890 (4,020 ) (18,198 ) Comprehensive income (loss) $ (1,425 ) $ 9,692 $ 50,389 $ (60,081 ) $ (1,425 ) Condensed Consolidating Balance Sheet as of June 30, 2016 In thousands Parent Guarantors Non Adjustments/ Consolidated Assets Cash and cash equivalents $ 6,512 $ 2,545 $ 49,475 $ — $ 58,532 Other current assets 207,168 255,574 266,025 (262,714 ) 466,053 Plant, equipment and timberlands, net 329,041 18,507 400,488 — 748,036 Investments in subsidiaries 783,479 535,117 — (1,318,596 ) — Other assets 112,876 — 139,687 — 252,563 Total assets $ 1,439,076 $ 811,743 $ 855,675 $ (1,581,310 ) $ 1,525,184 Liabilities and Shareholders’ Equity Current liabilities $ 401,540 $ 28,180 $ 144,387 $ (262,714 ) $ 311,393 Long-term debt 247,381 — 110,985 — 358,366 Deferred income taxes 26,905 (229 ) 48,479 — 75,155 Other long-term liabilities 87,027 313 16,707 — 104,047 Total liabilities 762,853 28,264 320,558 (262,714 ) 848,961 Shareholders’ equity 676,223 783,479 535,117 (1,318,596 ) 676,223 Total liabilities and shareholders’ equity $ 1,439,076 $ 811,743 $ 855,675 $ (1,581,310 ) $ 1,525,184 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 106,586 — 142,599 — 249,185 Total assets $ 1,389,190 $ 747,210 $ 839,091 $ (1,475,075 ) $ 1,500,416 Liabilities and Shareholders’ Equity Current liabilities $ 363,037 $ 9,725 $ 162,081 $ (230,523 ) $ 304,320 Long-term debt 247,075 — 106,221 — 353,296 Deferred income taxes 28,561 (79 ) 47,976 — 76,458 Other long-term liabilities 87,270 — 15,825 — 103,095 Total liabilities 725,943 9,646 332,103 (230,523 ) 837,169 Shareholders’ equity 663,247 737,564 506,988 (1,244,552 ) 663,247 Total liabilities and shareholders’ equity $ 1,389,190 $ 747,210 $ 839,091 $ (1,475,075 ) $ 1,500,416 Condensed Consolidating Statement of Cash Flows for the Six months ended June 30, 2016 In thousands Parent Guarantors Non Adjustments/ Consolidated Net cash provided (used) by Operating activities $ 17,067 $ 2,821 $ 16,752 $ — $ 36,640 Investing activities Expenditures for purchases of plant, equipment and timberlands (51,043 ) (18,861 ) (10,487 ) — (80,391 ) Proceeds from disposals of plant, equipment and timberlands, net 41 — 12 — 53 Repayments from intercompany loans — 7,500 — (7,500 ) — Advances of intercompany loans — (7,880 ) — 7,880 — Intercompany capital contributed (17,000 ) (500 ) — 17,500 — Other (300 ) — — — (300 ) Total investing activities (68,302 ) (19,741 ) (10,475 ) 17,880 (80,638 ) Financing activities Net long-term borrowings — — 4,222 — 4,222 Payments of borrowing costs (51 ) — (85 ) — (136 ) Payment of dividends to shareholders (10,679 ) — — — (10,679 ) Repayments of intercompany loans — — (7,500 ) 7,500 — Borrowings of intercompany loans 7,880 — — (7,880 ) — Intercompany capital (returned) received — 17,000 500 (17,500 ) — Proceeds from government grants 2,443 2,000 — — 4,443 Payments related to share-based compensation awards and other (976 ) — — — (976 ) Total financing activities (1,383 ) 19,000 (2,863 ) (17,880 ) (3,126 ) Effect of exchange rate on cash — — 352 — 352 Net increase (decrease) in cash (52,618 ) 2,080 3,766 — (46,772 ) Cash at the beginning of period 59,130 465 45,709 — 105,304 Cash at the end of period $ 6,512 $ 2,545 $ 49,475 $ — $ 58,532 Condensed Consolidating Statement of Cash Flows for the Six months ended June 30, 2015 In thousands Parent Guarantors Non Adjustments/ Consolidated Net cash provided (used) by Operating activities $ (4,343 ) $ (695 ) $ 30,551 $ — $ 25,513 Investing activities Expenditures for purchases of plant, equipment and timberlands (30,241 ) — (14,334 ) — (44,575 ) Proceeds from disposals of plant, equipment and timberlands, net 1,581 1,213 257 — 3,051 Repayments from intercompany loans — 48,855 — (48,855 ) — Advances of intercompany loans — (38,690 ) — 38,690 — Intercompany capital (contributed) returned 10,500 (300 ) — (10,200 ) — Other (1,600 ) — — — (1,600 ) Total investing activities (19,760 ) 11,078 (14,077 ) (20,365 ) (43,124 ) Financing activities Net repayments of indebtedness — — (1,492 ) — (1,492 ) Payments of borrowing costs (1,329 ) — — — (1,329 ) Payment of dividends to shareholders (9,992 ) — — — (9,992 ) Repayments of intercompany loans (9,158 ) — (39,697 ) 48,855 — Borrowings of intercompany loans 38,690 — — (38,690 ) — Intercompany capital (returned) received — (10,500 ) 300 10,200 — Payments related to share-based compensation awards and other (2,000 ) — — — (2,000 ) Total financing activities 16,211 (10,500 ) (40,889 ) 20,365 (14,813 ) Effect of exchange rate on cash — — (1,651 ) — (1,651 ) Net decrease in cash (7,892 ) (117 ) (26,066 ) — (34,075 ) Cash at the beginning of period 42,208 509 57,120 — 99,837 Cash at the end of period $ 34,316 $ 392 $ 31,054 $ — $ 65,762 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation We prepared these financial statements in accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. In our opinion, the financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. When preparing these financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2015 Annual Report on Form 10-K. |
Accounting Estimates | Accounting Estimates |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Compensation – Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Unamortized Debt Issuance Costs | The amount set forth for Long-term debt, net of current portion as of December 31, 2015, has been restated to retroactively adopt ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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”): Three months ended In thousands, except per share 2016 2015 Net income $ 1,965 $ 2,848 Weighted average common shares outstanding used in basic EPS 43,558 43,377 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs 504 655 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,062 44,032 Earnings per share Basic $ 0.05 $ 0.07 Diluted 0.04 0.06 Six months ended In thousands, except per share 2016 2015 Net income $ 18,133 $ 16,773 Weighted average common shares outstanding used in basic EPS 43,539 43,315 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs 424 677 Weighted average common shares outstanding and common share equivalents used in diluted EPS 43,963 43,992 Earnings per share Basic $ 0.42 $ 0.39 Diluted 0.41 0.38 |
Number of Potential Common Shares that have been Excluded from Computation of Diluted Earnings Per Share for Indicated Period Due to Their Anti-Dilutive Nature | The following table sets forth potential common shares outstanding 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: June 30 In thousands 2016 2015 Three months ended 1,368 687 Six months ended 1,451 687 |
Accumulated Other Comprehensi24
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Losses) | The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three months and six months ended June 30, 2016 and 2015. in thousands Currency Unrealized gain Change in Change in other Total Balance at April 1, 2016 $ (59,622 ) $ (159 ) $ (118,399 ) $ 3,436 $ (174,744 ) Other comprehensive income before reclassifications (net of tax) (14,864 ) 837 — — (14,027 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 107 2,613 (232 ) 2,488 Net current period other comprehensive income (loss) (14,864 ) 944 2,613 (232 ) (11,539 ) Balance at June 30, 2016 $ (74,486 ) $ 785 $ (115,786 ) $ 3,204 $ (186,283 ) Balance at April 1, 2015 $ (75,561 ) $ 5,122 $ (116,994 ) $ (2,722 ) $ (190,155 ) Other comprehensive income before reclassifications (net of tax) 16,704 (1,220 ) — — 15,484 Amounts reclassified from accumulated other comprehensive income (net of tax) — (1,281 ) 2,918 (34 ) 1,603 Net current period other comprehensive income (loss) 16,704 (2,501 ) 2,918 (34 ) 17,087 Balance at June 30, 2015 $ (58,857 ) $ 2,621 $ (114,076 ) $ (2,756 ) $ (173,068 ) in thousands Currency Unrealized gain Change in Change in other Total Balance at January 1, 2016 $ (73,041 ) $ (225 ) $ (120,714 ) $ 3,494 $ (190,486 ) Other comprehensive income before reclassifications (net of tax) (1,445 ) 1,089 — — (356 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — (79 ) 4,928 (290 ) 4,559 Net current period other comprehensive income (loss) (1,445 ) $ 1,010 4,928 (290 ) 4,203 Balance at June 30, 2016 $ (74,486 ) $ 785 $ (115,786 ) $ 3,204 $ (186,283 ) Balance at January 1, 2015 $ (34,224 ) $ 2,356 $ (120,260 ) $ (2,742 ) $ (154,870 ) Other comprehensive income before reclassifications (net of tax) (24,633 ) 2,174 — — (22,459 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — (1,909 ) 6,184 (14 ) 4,261 Net current period other comprehensive income (loss) (24,633 ) 265 6,184 (14 ) (18,198 ) Balance at June 30, 2015 $ (58,857 ) $ 2,621 $ (114,076 ) $ (2,756 ) $ (173,068 ) |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income | Reclassifications out of accumulated other comprehensive income were as follows: Three months ended Six months ended In thousands 2016 2015 2016 2015 Description Line Item in Statements of Income Cash flow hedges (Note 12) (Gains) losses on cash flow hedges $ 215 $ (1,750 ) $ (83 ) $ (2,623 ) Costs of products sold Tax expense (benefit) (108 ) 469 4 714 Income tax provision Net of tax 107 (1,281 ) (79 ) (1,909 ) Retirement plan obligations (Note 7) Amortization of deferred benefit pension plan items Prior service costs 509 574 1,013 1,142 Costs of products sold 166 187 336 379 Selling, general and administrative Actuarial losses 2,618 2,924 4,900 6,288 Costs of products sold 915 1,023 1,687 2,165 Selling, general and administrative 4,208 4,708 7,936 9,974 Tax benefit (1,595 ) (1,790 ) (3,008 ) (3,790 ) Income tax provision Net of tax 2,613 2,918 4,928 6,184 Amortization of deferred benefit other plan items Prior service costs (38 ) (57 ) (75 ) (115 ) Costs of products sold (8 ) (13 ) (16 ) (25 ) Selling, general and administrative Actuarial losses (269 ) 12 (311 ) 94 Costs of products sold (58 ) 3 (67 ) 21 Selling, general and administrative (373 ) (55 ) (469 ) (25 ) Tax expense 141 21 179 11 Income tax provision Net of tax (232 ) (34 ) (290 ) (14 ) Total reclassifications, net of tax $ 2,488 $ 1,603 $ 4,559 $ 4,261 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction | The following table summarizes, by major jurisdiction, tax years that remain subject to examination: Open Tax Years Jurisdiction Examinations not yet initiated Examination United States Federal 2013 - 2015 N/A State 2011 - 2015 2011 - 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 2015 2013, 2014 (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: Six months ended June 30 In millions 2016 2015 Interest expense $ 0.2 $ — Penalties — — June 30 December 31 2016 2015 Accrued interest payable $ 0.8 $ 0.6 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | |
Summary of Stock Option Activity | The following table summarizes RSU and PSA activity during periods indicated: Units 2016 2015 Balance at January 1, 674,523 888,942 Granted 295,654 152,531 Forfeited (143,209 ) (77,652 ) Shares delivered (149,475 ) (283,627 ) Balance at June 30, 677,493 680,194 |
Compensation Expense for Stock Option Activity | The following table sets forth aggregate RSU and PSA compensation expense for the periods indicated: June 30 In thousands 2016 2015 Three months ended $ 935 $ 453 Six months ended 1,402 820 |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |
Summary of Stock Option Activity | The following table sets forth information related to outstanding SOSARS. 2016 2015 SOSARS Shares Wtd Avg Shares Wtd Avg Outstanding at January 1, 2,199,742 $ 17.82 1,864,707 $ 16.20 Granted 743,925 17.54 406,142 24.94 Exercised (53,190 ) 9.91 (58,343 ) 13.52 Canceled / forfeited (108,945 ) 21.81 (3,349 ) 26.53 Outstanding at June 30, 2,781,532 $ 17.74 2,209,157 $ 17.87 SOSAR Grants Weighted average grant date fair value per share $ 4.07 $ 7.54 Aggregate grant date fair value (in thousands) $ 3,013 $ 3,063 Black-Scholes assumptions Dividend yield 2.85 % 1.92 % Risk free rate of return 1.34 % 1.64 % Volatility 31.97 % 36.48 % Expected life 6 yrs 6 yrs |
Compensation Expense for Stock Option Activity | The following table sets forth SOSAR compensation expense for the periods indicated: June 30 In thousands 2016 2015 Three months ended $ 669 $ 680 Six months ended 1,401 1,268 |
Retirement Plans and Other Po27
Retirement Plans and Other Post-Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Periodic Costs of Pension and Post Retirement Medical Benefit Plans | The following tables provide information with respect to the net periodic costs of our pension and post retirement medical benefit plans. Three months ended In thousands 2016 2015 Pension Benefits Service cost $ 2,510 $ 2,561 Interest cost 6,153 5,788 Expected return on plan assets (11,275 ) (11,454 ) Amortization of prior service cost 675 761 Amortization of unrecognized loss 3,533 3,947 Net periodic benefit cost $ 1,596 $ 1,603 Other Benefits Service cost $ 250 $ 303 Interest cost 456 436 Amortization of prior service cost (46 ) (70 ) Amortization of unrecognized (gain)/loss (327 ) 15 Net periodic benefit cost $ 333 $ 684 Six months ended In thousands 2016 2015 Pension Benefits Service cost $ 5,240 $ 5,696 Interest cost 12,240 11,738 Expected return on plan assets (22,661 ) (22,997 ) Amortization of prior service cost 1,349 1,521 Amortization of unrecognized loss 6,587 8,453 Net periodic benefit cost $ 2,755 $ 4,411 Other Benefits Service cost $ 573 $ 716 Interest cost 996 999 Amortization of prior service cost (91 ) (140 ) Amortization of unrecognized (gain)/loss (378 ) 115 Net periodic benefit cost $ 1,100 $ 1,690 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories, Net of Reserves | Inventories, net of reserves, were as follows: June 30 December 31 In thousands 2016 2015 Raw materials $ 62,881 $ 60,098 In-process and finished 122,322 115,874 Supplies 72,420 71,242 Total $ 257,623 $ 247,214 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt is summarized as follows: June 30 December 31 In thousands 2016 2015 Revolving credit facility, due Mar. 2020 $ 48,851 $ 58,792 5.375% Notes, due Oct. 2020 250,000 250,000 2.40% Term Loan, due Jun. 2022 9,516 10,109 2.05% Term Loan, due Mar. 2023 40,000 42,130 1.30% Term Loan, due Jun. 2023 11,102 — 1.55% Term Loan, due Sep. 2025 10,884 2,839 Total long-term debt 370,353 363,870 Less current portion (9,098 ) (7,366 ) Unamortized deferred issuance costs (2,889 ) (3,208 ) Long-term debt, net of current portion $ 358,366 $ 353,296 |
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 Original Interest Rate 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 May 4, 2016 7,195 1.55 % Sep. 2025 Apr. 26, 2016 10,000 1.30 % Jun. 2023 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligation | Following is a summary of activity recorded during the first six months of 2016 and 2015: In thousands 2016 2015 Balance at January 1, $ 419 $ 4,114 Accretion — 59 Payments (16 ) (1,905 ) Downward revision — (1,000 ) Gain (2 ) (286 ) Balance at June 30, $ 401 $ 982 |
Fair Value of Financial Instr31
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Fair Value of Long-Term Debt | The following table sets forth carrying value and fair value of long-term debt: June 30, 2016 December 31, 2015 In thousands Carrying Fair Carrying Fair Variable rate debt $ 48,851 $ 48,851 $ 58,792 $ 58,792 Fixed-rate bonds 250,000 255,625 250,000 250,938 2.40% Term loan 9,516 9,406 10,109 10,535 2.05% Term loan 40,000 38,724 42,130 42,886 1.30% Term Loan 11,102 10,403 — — 1.55% Term loan 10,884 9,554 2,839 2,524 Total $ 370,353 $ 372,563 $ 363,870 $ 365,675 |
Financial Derivatives and Hed32
Financial Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Values of Derivative Instruments | Fair Value Measurements In thousands June 30 December 31 June 30 December 31 Balance sheet caption Prepaid Expenses Other Designated as hedging: Forward foreign currency exchange contracts $ 915 $ 955 $ 15 $ 1,545 Not designated as hedging: Forward foreign currency exchange contracts $ 124 $ 68 $ — $ 49 |
Income or (Loss) from Derivative Instruments Recognized in Results of Operations | The following table summarizes the amount of income or (loss) from derivative instruments recognized in our results of operations for the periods indicated and the line items in the accompanying condensed consolidated statements of income where the results are recorded: Three months June 30 Six months June 30 In thousands 2016 2015 2016 2015 Designated as hedging: Forward foreign currency exchange contracts: Effective portion – cost of products sold $ (215 ) $ 1,750 $ 83 $ 2,623 Ineffective portion – other – net 73 (62 ) (330 ) 288 Not designated as hedging : Forward foreign currency exchange contracts: Other – net $ 475 $ (313 ) $ 1,064 $ 407 |
Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Loss) | A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income (loss) is as follows: In thousands 2016 2015 Balance at January 1, $ (178 ) $ 3,282 Deferred gains on cash flow hedges 1,294 2,995 Reclassified to earnings (83 ) (2,623 ) Balance at June 30, $ 1,033 $ 3,654 |
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: In thousands June 30 December 31 Derivative Sell/Buy - sell notional Euro / British Pound 9,237 10,527 Sell/Buy - buy notional Euro / Philippine Peso 670,402 758,634 British Pound / Philippine Peso 486,437 542,063 Euro / U.S. Dollar 48,574 51,433 U.S. Dollar / Canadian Dollar 33,839 34,649 U.S. Dollar / Euro 20,202 — |
Not Designated as Hedging [Member] | |
Outstanding Derivatives Used to Hedge Foreign Exchange Risks | The following sets forth derivatives used to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities: In thousands June 30 December 31 Derivative Sell/Buy - sell notional U.S. Dollar / British Pound 10,500 10,000 British Pound / Euro 2,500 3,500 Sell/Buy - buy notional Euro / U.S. Dollar 3,500 12,500 British Pound / Euro 19,000 13,500 |
Commitments, Contingencies an33
Commitments, Contingencies and Legal Proceedings (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Reserves | Reserves for the Site. Six months ended June 30 In thousands 2016 2015 Balance at January 1, $ 17,105 $ 16,223 Payments (1,189 ) (21 ) Accruals — — Balance at June 30, $ 15,916 $ 16,202 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Financial and Other Information by Business Unit | The following tables set forth financial and other information by business unit for the period indicated: Three months ended June 30 Composite Fibers Advanced Airlaid Specialty Papers Other and Unallocated Total Dollars in millions 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Net sales $ 136.4 $ 140.4 $ 60.8 $ 57.5 $ 209.3 $ 212.9 $ — $ — $ 406.4 $ 410.8 Energy and related sales, net — — — — 2.0 0.7 — — 2.0 0.7 Total revenue 136.4 140.4 60.8 57.5 211.3 213.6 — — 408.4 411.5 Cost of products sold 109.0 112.4 51.8 52.3 202.9 211.9 2.0 2.1 365.7 378.7 Gross profit (loss) 27.4 28.0 9.0 5.2 8.4 1.7 (2.0 ) (2.1 ) 42.7 32.8 SG&A 12.1 11.3 2.2 2.1 14.2 11.7 8.7 4.0 37.2 29.1 Gains on dispositions of plant, equipment and timberlands, net — — — — — — — (0.1 ) — (0.1 ) Total operating income (loss) 15.3 16.7 6.8 3.1 (5.8 ) (10.0 ) (10.7 ) (6.0 ) 5.5 3.8 Non-operating expense — — — — — — (3.6 ) (4.1 ) (3.6 ) (4.1 ) Income (loss) before income taxes $ 15.3 $ 16.7 $ 6.8 $ 3.1 $ (5.8 ) $ (10.0 ) $ (14.3 ) $ (10.1 ) $ 2.0 $ (0.3 ) Supplementary Data Net tons sold (thousands) 40.7 39.4 24.4 22.6 194.7 191.3 — — 259.7 253.3 Depreciation, depletion and amortization $ 7.2 $ 6.7 $ 2.4 $ 2.1 $ 6.5 $ 6.3 $ 0.7 $ 0.5 $ 16.8 $ 15.6 Capital expenditures 2.3 5.6 6.1 1.5 28.7 15.6 — 0.1 37.1 22.8 Six months ended June 30 Composite Fibers Advanced Airlaid Specialty Papers Other and Unallocated Total Dollars in millions 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Net sales $ 259.9 $ 275.7 $ 121.5 $ 119.8 $ 427.2 $ 432.8 $ — $ — $ 808.6 $ 828.3 Energy and related sales, net — — — — 2.7 2.8 — — 2.7 2.8 Total revenue 259.9 275.7 121.5 119.8 429.9 435.6 — — 811.3 831.1 Cost of products sold 210.3 221.5 104.1 107.3 394.0 412.3 2.3 5.0 710.7 746.1 Gross profit (loss) 49.6 54.2 17.4 12.5 35.9 23.3 (2.3 ) (5.0 ) 100.6 84.9 SG&A 23.2 22.9 4.2 4.0 26.6 23.9 15.0 9.5 69.0 60.4 Gains on dispositions of plant, equipment and timberlands, net — — — — — — — (2.8 ) — (2.8 ) Total operating income (loss) 26.4 31.3 13.2 8.5 9.3 (0.6 ) (17.3 ) (11.7 ) 31.5 27.3 Non-operating expense — — — — — — (8.3 ) (8.7 ) (8.3 ) (8.7 ) Income (loss) before income taxes $ 26.4 $ 31.3 $ 13.2 $ 8.5 $ 9.3 $ (0.6 ) $ (25.6 ) $ (20.4 ) $ 23.2 $ 18.6 Supplementary Data Net tons sold (thousands) 77.6 77.3 48.9 46.7 400.5 390.0 — — 527.0 514.0 Depreciation, depletion and amortization $ 14.3 $ 13.4 $ 4.7 $ 4.3 $ 13.2 $ 12.9 $ 1.2 $ 1.0 $ 33.4 $ 31.6 Capital expenditures 8.6 11.5 20.7 2.8 50.8 28.8 0.3 1.5 80.4 44.6 |
Condensed Consolidating Finan35
Condensed Consolidating Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Statement of Income | Condensed Consolidating Statement of Income for the Three months ended June 30, 2016 In thousands Parent Guarantors Non Adjustments/ Consolidated Net sales $ 209,269 $ 17,561 $ 196,675 $ (17,092 ) $ 406,413 Energy and related sales, net 2,001 — — — 2,001 Total revenues 211,270 17,561 196,675 (17,092 ) 408,414 Costs of products sold 204,495 16,711 161,577 (17,092 ) 365,691 Gross profit 6,775 850 35,098 — 42,723 Selling, general and administrative expenses 22,622 (36 ) 14,605 — 37,191 Loss on dispositions of plant, equipment and timberlands, net 2 — — — 2 Operating income (loss) (15,849 ) 886 20,493 — 5,530 Other non-operating income (expense) Interest expense (4,289 ) — (814 ) 1,150 (3,953 ) Interest income 169 1,001 41 (1,150 ) 61 Equity in earnings of subsidiaries 16,385 16,071 — (32,456 ) — Other, net (575 ) (1,421 ) 2,313 — 317 Total other non-operating income (expense) 11,690 15,651 1,540 (32,456 ) (3,575 ) Income (loss) before income taxes (4,159 ) 16,537 22,033 (32,456 ) 1,955 Income tax provision (benefit) (6,124 ) 152 5,962 — (10 ) Net income 1,965 16,385 16,071 (32,456 ) 1,965 Other comprehensive income (loss) (11,539 ) (13,937 ) (13,490 ) 27,427 (11,539 ) Comprehensive income (loss) $ (9,574 ) $ 2,448 $ 2,581 $ (5,029 ) $ (9,574 ) Condensed Consolidating Statement of Income for the Six months ended June 30, 2016 In thousands Parent Guarantors Non Adjustments/ Consolidated Net sales $ 427,157 $ 36,207 $ 381,141 $ (35,874 ) $ 808,631 Energy and related sales, net 2,667 — — — 2,667 Total revenues 429,824 36,207 381,141 (35,874 ) 811,298 Costs of products sold 396,454 34,761 315,391 (35,874 ) 710,732 Gross profit 33,370 1,446 65,750 — 100,566 Selling, general and administrative expenses 41,067 (221 ) 28,203 — 69,049 Loss on dispositions of plant, equipment and timberlands, net 4 — 22 — 26 Operating income (loss) (7,701 ) 1,667 37,525 — 31,491 Other non-operating income (expense) Interest expense (8,704 ) — (1,601 ) 2,236 (8,069 ) Interest income 350 1,993 45 (2,236 ) 152 Equity in earnings of subsidiaries 29,257 27,825 — (57,082 ) — Other, net (1,117 ) (1,401 ) 2,135 — (383 ) Total other non-operating income (expense) 19,786 28,417 579 (57,082 ) (8,300 ) Income before income taxes 12,085 30,084 38,104 (57,082 ) 23,191 Income tax provision (benefit) (6,048 ) 827 10,279 — 5,058 Net income 18,133 29,257 27,825 (57,082 ) 18,133 Other comprehensive income (loss) 4,203 (384 ) (373 ) 757 4,203 Comprehensive income $ 22,336 $ 28,873 $ 27,452 $ (56,325 ) $ 22,336 Condensed Consolidating Statement of Income for the Three months ended June 30, 2015 In thousands Parent Guarantors Non Adjustments/ Consolidated Net sales $ 212,920 $ 22,667 $ 194,779 $ (19,563 ) $ 410,803 Energy and related sales, net 715 — — — 715 Total revenues 213,635 22,667 194,779 (19,563 ) 411,518 Costs of products sold 212,472 21,921 163,855 (19,563 ) 378,685 Gross profit 1,163 746 30,924 — 32,833 Selling, general and administrative expenses 15,661 458 13,018 — 29,137 Loss on dispositions of plant, equipment and timberlands, net (51 ) — (60 ) — (111 ) Operating income (loss) (14,447 ) 288 17,966 — 3,807 Other non-operating income (expense) Interest expense (4,608 ) — (6,370 ) 6,626 (4,352 ) Interest income 169 6,498 36 (6,625 ) 77 Equity in earnings of subsidiaries 17,478 11,305 — (28,783 ) — Other, net (746 ) (29 ) 990 — 215 Total other non-operating income (expense) 12,293 17,774 (5,344 ) (28,782 ) (4,060 ) Income (loss) before income taxes (2,154 ) 18,062 12,622 (28,782 ) (253 ) Income tax provision (benefit) (5,002 ) 584 1,317 — (3,101 ) Net income 2,848 17,478 11,305 (28,782 ) 2,848 Other comprehensive income (loss) 17,087 13,680 (9,958 ) (3,722 ) 17,087 Comprehensive income $ 19,935 $ 31,158 $ 1,347 $ (32,504 ) $ 19,935 Condensed Consolidating Statement of Income for the Six months ended June 30, 2015 In thousands Parent Guarantors Non Adjustments/ Consolidated Net sales $ 432,796 $ 42,817 $ 392,877 $ (40,218 ) $ 828,272 Energy and related sales, net 2,783 — — — 2,783 Total revenues 435,579 42,817 392,877 (40,218 ) 831,055 Costs of products sold 416,154 41,255 328,923 (40,218 ) 746,114 Gross profit 19,425 1,562 63,954 — 84,941 Selling, general and administrative expenses 32,843 955 26,611 — 60,409 Gains on dispositions of plant, equipment and timberlands, net (1,522 ) (1,183 ) (60 ) — (2,765 ) Operating income (loss) (11,896 ) 1,790 37,403 — 27,297 Other non-operating income (expense) Interest expense (9,425 ) — (12,764 ) 13,329 (8,860 ) Interest income 331 13,097 41 (13,327 ) 142 Equity in earnings of subsidiaries 34,562 21,499 — (56,061 ) — Other, net (1,460 ) (159 ) 1,649 (2 ) 28 Total other non-operating income (expense) 24,008 34,437 (11,074 ) (56,061 ) (8,690 ) Income before income taxes 12,112 36,227 26,329 (56,061 ) 18,607 Income tax provision (benefit) (4,661 ) 1,665 4,830 — 1,834 Net income 16,773 34,562 21,499 (56,061 ) 16,773 Other comprehensive income (loss) (18,198 ) (24,870 ) 28,890 (4,020 ) (18,198 ) Comprehensive income (loss) $ (1,425 ) $ 9,692 $ 50,389 $ (60,081 ) $ (1,425 ) |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet as of June 30, 2016 In thousands Parent Guarantors Non Adjustments/ Consolidated Assets Cash and cash equivalents $ 6,512 $ 2,545 $ 49,475 $ — $ 58,532 Other current assets 207,168 255,574 266,025 (262,714 ) 466,053 Plant, equipment and timberlands, net 329,041 18,507 400,488 — 748,036 Investments in subsidiaries 783,479 535,117 — (1,318,596 ) — Other assets 112,876 — 139,687 — 252,563 Total assets $ 1,439,076 $ 811,743 $ 855,675 $ (1,581,310 ) $ 1,525,184 Liabilities and Shareholders’ Equity Current liabilities $ 401,540 $ 28,180 $ 144,387 $ (262,714 ) $ 311,393 Long-term debt 247,381 — 110,985 — 358,366 Deferred income taxes 26,905 (229 ) 48,479 — 75,155 Other long-term liabilities 87,027 313 16,707 — 104,047 Total liabilities 762,853 28,264 320,558 (262,714 ) 848,961 Shareholders’ equity 676,223 783,479 535,117 (1,318,596 ) 676,223 Total liabilities and shareholders’ equity $ 1,439,076 $ 811,743 $ 855,675 $ (1,581,310 ) $ 1,525,184 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 106,586 — 142,599 — 249,185 Total assets $ 1,389,190 $ 747,210 $ 839,091 $ (1,475,075 ) $ 1,500,416 Liabilities and Shareholders’ Equity Current liabilities $ 363,037 $ 9,725 $ 162,081 $ (230,523 ) $ 304,320 Long-term debt 247,075 — 106,221 — 353,296 Deferred income taxes 28,561 (79 ) 47,976 — 76,458 Other long-term liabilities 87,270 — 15,825 — 103,095 Total liabilities 725,943 9,646 332,103 (230,523 ) 837,169 Shareholders’ equity 663,247 737,564 506,988 (1,244,552 ) 663,247 Total liabilities and shareholders’ equity $ 1,389,190 $ 747,210 $ 839,091 $ (1,475,075 ) $ 1,500,416 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows for the Six months ended June 30, 2016 In thousands Parent Guarantors Non Adjustments/ Consolidated Net cash provided (used) by Operating activities $ 17,067 $ 2,821 $ 16,752 $ — $ 36,640 Investing activities Expenditures for purchases of plant, equipment and timberlands (51,043 ) (18,861 ) (10,487 ) — (80,391 ) Proceeds from disposals of plant, equipment and timberlands, net 41 — 12 — 53 Repayments from intercompany loans — 7,500 — (7,500 ) — Advances of intercompany loans — (7,880 ) — 7,880 — Intercompany capital contributed (17,000 ) (500 ) — 17,500 — Other (300 ) — — — (300 ) Total investing activities (68,302 ) (19,741 ) (10,475 ) 17,880 (80,638 ) Financing activities Net long-term borrowings — — 4,222 — 4,222 Payments of borrowing costs (51 ) — (85 ) — (136 ) Payment of dividends to shareholders (10,679 ) — — — (10,679 ) Repayments of intercompany loans — — (7,500 ) 7,500 — Borrowings of intercompany loans 7,880 — — (7,880 ) — Intercompany capital (returned) received — 17,000 500 (17,500 ) — Proceeds from government grants 2,443 2,000 — — 4,443 Payments related to share-based compensation awards and other (976 ) — — — (976 ) Total financing activities (1,383 ) 19,000 (2,863 ) (17,880 ) (3,126 ) Effect of exchange rate on cash — — 352 — 352 Net increase (decrease) in cash (52,618 ) 2,080 3,766 — (46,772 ) Cash at the beginning of period 59,130 465 45,709 — 105,304 Cash at the end of period $ 6,512 $ 2,545 $ 49,475 $ — $ 58,532 Condensed Consolidating Statement of Cash Flows for the Six months ended June 30, 2015 In thousands Parent Guarantors Non Adjustments/ Consolidated Net cash provided (used) by Operating activities $ (4,343 ) $ (695 ) $ 30,551 $ — $ 25,513 Investing activities Expenditures for purchases of plant, equipment and timberlands (30,241 ) — (14,334 ) — (44,575 ) Proceeds from disposals of plant, equipment and timberlands, net 1,581 1,213 257 — 3,051 Repayments from intercompany loans — 48,855 — (48,855 ) — Advances of intercompany loans — (38,690 ) — 38,690 — Intercompany capital (contributed) returned 10,500 (300 ) — (10,200 ) — Other (1,600 ) — — — (1,600 ) Total investing activities (19,760 ) 11,078 (14,077 ) (20,365 ) (43,124 ) Financing activities Net repayments of indebtedness — — (1,492 ) — (1,492 ) Payments of borrowing costs (1,329 ) — — — (1,329 ) Payment of dividends to shareholders (9,992 ) — — — (9,992 ) Repayments of intercompany loans (9,158 ) — (39,697 ) 48,855 — Borrowings of intercompany loans 38,690 — — (38,690 ) — Intercompany capital (returned) received — (10,500 ) 300 10,200 — Payments related to share-based compensation awards and other (2,000 ) — — — (2,000 ) Total financing activities 16,211 (10,500 ) (40,889 ) 20,365 (14,813 ) Effect of exchange rate on cash — — (1,651 ) — (1,651 ) Net decrease in cash (7,892 ) (117 ) (26,066 ) — (34,075 ) Cash at the beginning of period 42,208 509 57,120 — 99,837 Cash at the end of period $ 34,316 $ 392 $ 31,054 $ — $ 65,762 |
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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 1,965 | $ 2,848 | $ 18,133 | $ 16,773 |
Weighted average common shares outstanding used in basic EPS | 43,558 | 43,377 | 43,539 | 43,315 |
Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs | 504 | 655 | 424 | 677 |
Weighted average common shares outstanding and common share equivalents used in diluted EPS | 44,062 | 44,032 | 43,963 | 43,992 |
Earnings per share | ||||
Basic | $ 0.05 | $ 0.07 | $ 0.42 | $ 0.39 |
Diluted | $ 0.04 | $ 0.06 | $ 0.41 | $ 0.38 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Potential common shares | 1,368 | 687 | 1,451 | 687 |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Losses) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (174,744) | $ (190,155) | $ (190,486) | $ (154,870) |
Other comprehensive income before reclassifications (net of tax) | (14,027) | 15,484 | (356) | (22,459) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 2,488 | 1,603 | 4,559 | 4,261 |
Other comprehensive income (loss) | (11,539) | 17,087 | 4,203 | (18,198) |
Ending Balance | (186,283) | (173,068) | (186,283) | (173,068) |
Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (59,622) | (75,561) | (73,041) | (34,224) |
Other comprehensive income before reclassifications (net of tax) | (14,864) | 16,704 | (1,445) | (24,633) |
Other comprehensive income (loss) | (14,864) | 16,704 | (1,445) | (24,633) |
Ending Balance | (74,486) | (58,857) | (74,486) | (58,857) |
Unrealized Gain (Loss) on Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (159) | 5,122 | (225) | 2,356 |
Other comprehensive income before reclassifications (net of tax) | 837 | (1,220) | 1,089 | 2,174 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 107 | (1,281) | (79) | (1,909) |
Other comprehensive income (loss) | 944 | (2,501) | 1,010 | 265 |
Ending Balance | 785 | 2,621 | 785 | 2,621 |
Change in Pensions [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (118,399) | (116,994) | (120,714) | (120,260) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 2,613 | 2,918 | 4,928 | 6,184 |
Other comprehensive income (loss) | 2,613 | 2,918 | 4,928 | 6,184 |
Ending Balance | (115,786) | (114,076) | (115,786) | (114,076) |
Change in Other Postretirement Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 3,436 | (2,722) | 3,494 | (2,742) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (232) | (34) | (290) | (14) |
Other comprehensive income (loss) | (232) | (34) | (290) | (14) |
Ending Balance | $ 3,204 | $ (2,756) | $ 3,204 | $ (2,756) |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Costs of products sold | $ (365,691) | $ (378,685) | $ (710,732) | $ (746,114) |
Selling, general and administrative | (37,191) | (29,137) | (69,049) | (60,409) |
Income tax provision | (10) | (3,101) | 5,058 | 1,834 |
Net income | 1,965 | 2,848 | 18,133 | 16,773 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net income | 2,488 | 1,603 | 4,559 | 4,261 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Costs and Expenses | 4,208 | 4,708 | 7,936 | 9,974 |
Income tax provision | (1,595) | (1,790) | (3,008) | (3,790) |
Net income | 2,613 | 2,918 | 4,928 | 6,184 |
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 | 509 | 574 | 1,013 | 1,142 |
Selling, general and administrative | 166 | 187 | 336 | 379 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Actuarial Losses [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Costs of products sold | 2,618 | 2,924 | 4,900 | 6,288 |
Selling, general and administrative | 915 | 1,023 | 1,687 | 2,165 |
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 | (373) | (55) | (469) | (25) |
Income tax provision | 141 | 21 | 179 | 11 |
Net income | (232) | (34) | (290) | (14) |
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 | (38) | (57) | (75) | (115) |
Selling, general and administrative | (8) | (13) | (16) | (25) |
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 | (269) | 12 | (311) | 94 |
Selling, general and administrative | (58) | 3 | (67) | 21 |
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 | 215 | (1,750) | (83) | (2,623) |
Income tax provision | (108) | 469 | 4 | 714 |
Net income | $ 107 | $ (1,281) | $ (79) | $ (1,909) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Income Tax Contingency [Line Items] | ||
Gross unrecognized tax benefits | $ 13.2 | $ 12.2 |
Unrecognized tax benefits that would impact effective tax rate | 10.6 | |
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 | $ 1.7 |
Income Taxes - Summary of Tax Y
Income Taxes - Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction (Detail) | 6 Months Ended |
Jun. 30, 2016 | |
Foreign Tax Authority [Member] | Philippines [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,015 |
Minimum [Member] | United States - Federal [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,013 |
Minimum [Member] | United States - State [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,011 |
Examination in progress | 2,011 |
Minimum [Member] | Foreign Tax Authority [Member] | Canada [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,010 |
Minimum [Member] | Foreign Tax Authority [Member] | Germany [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,012 |
Examination in progress | 2,007 |
Minimum [Member] | Foreign Tax Authority [Member] | France [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,013 |
Examination in progress | 2,011 |
Minimum [Member] | Foreign Tax Authority [Member] | United Kingdom [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,014 |
Minimum [Member] | Foreign Tax Authority [Member] | Philippines [Member] | |
Income Tax Examination [Line Items] | |
Examination in progress | 2,013 |
Maximum [Member] | United States - Federal [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,015 |
Maximum [Member] | United States - State [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,015 |
Examination in progress | 2,014 |
Maximum [Member] | Foreign Tax Authority [Member] | Canada [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,015 |
Maximum [Member] | Foreign Tax Authority [Member] | Germany [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,015 |
Examination in progress | 2,011 |
Maximum [Member] | Foreign Tax Authority [Member] | France [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,015 |
Examination in progress | 2,012 |
Maximum [Member] | Foreign Tax Authority [Member] | United Kingdom [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,015 |
Maximum [Member] | Foreign Tax Authority [Member] | Philippines [Member] | |
Income Tax Examination [Line Items] | |
Examination in progress | 2,014 |
Income Taxes - Summary of Infor
Income Taxes - Summary of Information Related to Interest and Penalties on Uncertain Tax Positions (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Interest expense | $ 0.2 | ||
Penalties | 0 | $ 0 | |
Accrued interest payable | $ 0.8 | $ 0.6 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - shares | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period of stock | 3 years | |
Vesting term | 10 years | |
Restricted Stock Units (RSU) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
The vesting graded scale | The RSUs vest on the passage of time, generally on a graded scale over a three, four, and five-year period, or in certain instances the RSUs were issued with five year cliff vesting. | |
Performance Share Awards (PSAs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grants under performance share awards | 199,693 | 100,801 |
Performance Share Awards (PSAs) [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cumulative performance targets | 3 years | |
Performance Share Awards (PSAs) [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cumulative performance targets | 2 years |
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 | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning Balance | 674,523 | 888,942 |
Granted | 295,654 | 152,531 |
Forfeited | (143,209) | (77,652) |
Shares delivered | (149,475) | (283,627) |
Ending Balance | 677,493 | 680,194 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense for Periods (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 935 | $ 453 | $ 1,402 | $ 820 |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 669 | $ 680 | $ 1,401 | $ 1,268 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Information Related to Outstanding SOSARS (Detail) - Stock Only Stock Appreciation Rights (SOSARs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning Balance, Outstanding | 2,199,742 | 1,864,707 |
Granted | 743,925 | 406,142 |
Exercised | (53,190) | (58,343) |
Canceled / forfeited | (108,945) | (3,349) |
Ending Balance, Outstanding | 2,781,532 | 2,209,157 |
Beginning Balance, Weighted Average Exercise Price, Outstanding | $ 17.82 | $ 16.20 |
Weighted Average Exercise Price, Granted | 17.54 | 24.94 |
Weighted Average Exercise Price, Exercised | 9.91 | 13.52 |
Weighted Average Exercise Price, Canceled / forfeited | 21.81 | 26.53 |
Ending Balance, Weighted Average Exercise Price, Outstanding | 17.74 | 17.87 |
Weighted average grant date fair value per share | $ 4.07 | $ 7.54 |
Aggregate grant date fair value | $ 3,013 | $ 3,063 |
Black-Scholes assumptions | ||
Dividend yield | 2.85% | 1.92% |
Risk free rate of return | 1.34% | 1.64% |
Volatility | 31.97% | 36.48% |
Expected life | 6 years | 6 years |
Retirement Plans and Other Po47
Retirement Plans and Other Post-Retirement Benefits - Schedule of Net Periodic Costs of Pension and Post Retirement Medical Benefit Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,510 | $ 2,561 | $ 5,240 | $ 5,696 |
Interest cost | 6,153 | 5,788 | 12,240 | 11,738 |
Expected return on plan assets | (11,275) | (11,454) | (22,661) | (22,997) |
Amortization of prior service cost | 675 | 761 | 1,349 | 1,521 |
Amortization of unrecognized (gain)/loss | 3,533 | 3,947 | 6,587 | 8,453 |
Net periodic benefit cost | 1,596 | 1,603 | 2,755 | 4,411 |
Other Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 250,000 | 303,000 | 573,000 | 716,000 |
Interest cost | 456,000 | 436,000 | 996,000 | 999,000 |
Amortization of prior service cost | (46,000) | (70,000) | (91,000) | (140,000) |
Amortization of unrecognized (gain)/loss | (327,000) | 15,000 | (378,000) | 115,000 |
Net periodic benefit cost | $ 333,000 | $ 684,000 | $ 1,100,000 | $ 1,690,000 |
Inventories - Inventories, Net
Inventories - Inventories, Net of Reserves (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 62,881 | $ 60,098 |
In-process and finished | 122,322 | 115,874 |
Supplies | 72,420 | 71,242 |
Total | $ 257,623 | $ 247,214 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 370,353 | $ 363,870 |
Less current portion | (9,098) | (7,366) |
Unamortized deferred issuance costs | (2,889) | (3,208) |
Long-term debt, net of current portion | 358,366 | 353,296 |
Total long-term debt | 370,353 | 363,870 |
Revolving Credit Facility, Due Mar. 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 48,851 | 58,792 |
Total long-term debt | 48,851 | 58,792 |
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 | 9,516 | 10,109 |
Total long-term debt | 9,516 | 10,109 |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 40,000 | 42,130 |
Total long-term debt | 40,000 | 42,130 |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 11,102 | |
Total long-term debt | 11,102 | |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 10,884 | 2,839 |
Total long-term debt | $ 10,884 | $ 2,839 |
Long-Term Debt - Summary of L50
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
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% |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | Jun. 30, 2023 | |
Interest rate on debt | 1.30% | 1.30% |
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% |
Revolving Credit Facility, Due Mar. 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | Mar. 31, 2020 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | 6 Months Ended | |||
Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 12, 2015USD ($) | Oct. 03, 2012USD ($) | |
Debt Instrument [Line Items] | ||||
Leverage ratio | 1.9 | |||
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 | $ 5,100,000 | $ 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] - IKB Deutsche Industriebank AG Member - EUR (€) € in Thousands | May 04, 2016 | Apr. 26, 2016 | Oct. 10, 2015 | Sep. 04, 2014 | Apr. 11, 2013 |
Debt Instrument [Line Items] | |||||
Original Principal | € 7,195 | € 10,000 | € 2,608 | € 10,000 | € 42,700 |
Interest Rate | 1.55% | 1.30% | 1.55% | 2.40% | 2.05% |
Maturity | Sep. 30, 2025 | Jun. 30, 2023 | Sep. 30, 2025 | Jun. 30, 2022 | Mar. 31, 2023 |
Asset Retirement Obligation - A
Asset Retirement Obligation - Additional Information (Detail) $ in Millions | Dec. 31, 2008USD ($) |
Asset Retirement Obligation Disclosure [Abstract] | |
Fair value of asset retirement obligations related to the legal requirements | $ 11.5 |
Asset Retirement Obligation - S
Asset Retirement Obligation - Schedule of Asset Retirement Obligation (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Balance at January 1, | $ 419 | $ 4,114 |
Accretion | 59 | |
Payments | (16) | (1,905) |
Downward revision | (1,000) | |
Gain | (2) | (286) |
Balance at June 30, | $ 401 | $ 982 |
Fair Value of Financial Instr55
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 370,353 | $ 363,870 |
Fair Value | 372,563 | 365,675 |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 9,516 | 10,109 |
Fair Value | 9,406 | 10,535 |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 40,000 | 42,130 |
Fair Value | 38,724 | 42,886 |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 11,102 | |
Fair Value | 10,403 | |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 10,884 | 2,839 |
Fair Value | 9,554 | 2,524 |
Revolving Credit Facility Due Mar. 2020 And Nov. 2016 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 48,851 | 58,792 |
Fair Value | 48,851 | 58,792 |
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 | $ 255,625 | $ 250,938 |
Fair Value of Financial Instr56
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Parenthetical) (Detail) | Jun. 30, 2016 | Dec. 31, 2015 |
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% |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Percent on aggregate principal amount of outstanding | 1.30% | 1.30% |
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 Instr57
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amount of fixed rate debt | $ 358,366 | $ 353,296 |
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 Hed58
Financial Derivatives and Hedging Activities - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2016 | |
Designated as Hedging [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Maturities of foreign currency derivative contracts | 25 months |
Designated as Hedging [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Maturities of foreign currency derivative contracts | 1 month |
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 | 25 months |
Fair Value, Measurements [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Accumulated other comprehensive income realization period | 12 months |
Financial Derivatives and Hed59
Financial Derivatives and Hedging Activities - Outstanding Derivatives Used to Hedge Foreign Exchange Risks (Detail) | Jun. 30, 2016EUR (€) | Jun. 30, 2016USD ($) | Jun. 30, 2016CAD | Jun. 30, 2016PHP | Jun. 30, 2016GBP (£) | Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2015CAD | Dec. 31, 2015PHP | Dec. 31, 2015GBP (£) |
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 | € | € 9,237,000 | € 10,527,000 | ||||||||
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 670,402,000 | PHP 758,634,000 | ||||||||
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 486,437,000 | PHP 542,063,000 | ||||||||
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 | $ | $ 48,574,000 | $ 51,433,000 | ||||||||
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 33,839,000 | CAD 34,649,000 | ||||||||
Cash Flow Hedges [Member] | U.S Dollar / Euro [Member] | Designated as Hedging [Member] | Sell/Buy - Buy Notional [Member] | ||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | € | 20,202,000 | |||||||||
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 | $ | 3,500,000 | 12,500,000 | ||||||||
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 | $ | $ 10,500,000 | $ 10,000,000 | ||||||||
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 | £ | £ 2,500,000 | £ 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 | € | € 19,000,000 | € 13,500,000 |
Financial Derivatives and Hed60
Financial Derivatives and Hedging Activities - Fair Values of Derivative Instruments (Detail) - Forward Foreign Currency Exchange Contracts [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | $ 915 | $ 955 |
Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | 15 | 1,545 |
Not Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | $ 124 | 68 |
Not Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | $ 49 |
Financial Derivatives and Hed61
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Costs of Products Sold [Member] | Designated as Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of derivative instruments, gain (loss) | $ (215) | $ 1,750 | $ 83 | $ 2,623 |
Other - Net [Member] | Designated as Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Ineffective portion of derivative instruments, gain (loss) | 73 | (62) | (330) | 288 |
Other - Net [Member] | Not Designated as Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments, gain (loss) | $ 475 | $ (313) | $ 1,064 | $ 407 |
Financial Derivatives and Hed62
Financial Derivatives and Hedging Activities - Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Balance at January 1, | $ (178) | $ 3,282 |
Deferred gains on cash flow hedges | 1,294 | 2,995 |
Reclassified to earnings | (83) | (2,623) |
Balance at June 30, | $ 1,033 | $ 3,654 |
Commitments, Contingencies an63
Commitments, Contingencies and Legal Proceedings - Additional Information (Detail) | Oct. 14, 2014USD ($) | Sep. 25, 2014 | Jan. 31, 2008 | Jun. 30, 2016USD ($)Operable_Unit | Dec. 31, 2015USD ($) |
Commitments Contingencies And Litigation [Line Items] | |||||
Number of operable units | Operable_Unit | 5 | ||||
Upper end estimate of total past and future response costs | $ 1,100,000,000 | ||||
Estimated future cost of work yet to be done | 575,000,000 | ||||
Reserve for Environmental liabilities, current portion | $ 11,361,000 | $ 12,544,000 | |||
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 | ||||
Maximum estimated percentage of discharge | 27.00% | ||||
Whiting Litigation [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Remaining costs and damages amount | 33,000,000 | ||||
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 | ||||
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 | 100,000,000 | ||||
Annual estimated cost rate seek by Government | 100,000,000 | ||||
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] | |||||
Uncertainty premium for future response costs | $ 100,000,000 | ||||
Natural Resource Damage Claims [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Litigation claim amount | 35,100,000 | ||||
Natural Resource Damage Claims [Member] | Wisconsin Department [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Litigation claim amount | 3,900,000 | ||||
Maximum [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Estimated cost related to Fox River matter | $ 190,000,000 | ||||
Period over which estimated cost to be incurred | 3 years | ||||
Maximum [Member] | OU2-5 [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Reserve for Environmental liabilities, current portion | $ 10,000,000 | ||||
Maximum [Member] | OU2-5 [Member] | 2016 Work Plan [Member] | Whiting Litigation [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Reserve for Environmental liabilities, current portion | $ 10,000,000 | ||||
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 | $ 200,000,000 |
Commitments, Contingencies an64
Commitments, Contingencies and Legal Proceedings - Schedule of Reserves (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Environmental Remediation Obligations [Abstract] | ||
Beginning balance | $ 17,105 | $ 16,223 |
Payments | (1,189) | (21) |
Accruals | 0 | 0 |
Ending balance | $ 15,916 | $ 16,202 |
Segment Information - Schedule
Segment Information - Schedule of Financial and Other Information by Business Unit (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($)T | Jun. 30, 2015USD ($)T | Jun. 30, 2016USD ($)T | Jun. 30, 2015USD ($)T | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 406,413,000 | $ 410,803,000 | $ 808,631,000 | $ 828,272,000 |
Energy and related sales, net | 2,001,000 | 715,000 | 2,667,000 | 2,783,000 |
Total revenue | 408,414,000 | 411,518,000 | 811,298,000 | 831,055,000 |
Cost of products sold | 365,691,000 | 378,685,000 | 710,732,000 | 746,114,000 |
Gross profit (loss) | 42,723,000 | 32,833,000 | 100,566,000 | 84,941,000 |
SG&A | 37,191,000 | 29,137,000 | 69,049,000 | 60,409,000 |
(Gains) losses on dispositions of plant, equipment and timberlands, net | 2,000 | (111,000) | 26,000 | (2,765,000) |
Total operating income (loss) | 5,530,000 | 3,807,000 | 31,491,000 | 27,297,000 |
Non-operating expense | (3,575,000) | (4,060,000) | (8,300,000) | (8,690,000) |
Income (loss) before income taxes | $ 1,955,000 | $ (253,000) | $ 23,191,000 | $ 18,607,000 |
Supplementary Data | ||||
Net tons sold | T | 259,700 | 253,300 | 527,000 | 514,000 |
Depreciation, depletion and amortization | $ 16,800,000 | $ 15,600,000 | $ 33,411,000 | $ 31,602,000 |
Capital expenditures | 37,100 | 22,800 | 80,400 | 44,600 |
Composite Fibers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 136,400,000 | 140,400,000 | 259,900,000 | 275,700,000 |
Total revenue | 136,400,000 | 140,400,000 | 259,900,000 | 275,700,000 |
Cost of products sold | 109,000,000 | 112,400,000 | 210,300,000 | 221,500,000 |
Gross profit (loss) | 27,400,000 | 28,000,000 | 49,600,000 | 54,200,000 |
SG&A | 12,100,000 | 11,300,000 | 23,200,000 | 22,900,000 |
Total operating income (loss) | 15,300,000 | 16,700,000 | 26,400,000 | 31,300,000 |
Income (loss) before income taxes | $ 15,300,000 | $ 16,700,000 | $ 26,400,000 | $ 31,300,000 |
Supplementary Data | ||||
Net tons sold | T | 40,700 | 39,400 | 77,600 | 77,300 |
Depreciation, depletion and amortization | $ 7,200,000 | $ 6,700,000 | $ 14,300,000 | $ 13,400,000 |
Capital expenditures | 2,300,000 | 5,600,000 | 8,600,000 | 11,500,000 |
Advanced Airlaid Materials [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 60,800,000 | 57,500,000 | 121,500,000 | 119,800,000 |
Total revenue | 60,800,000 | 57,500,000 | 121,500,000 | 119,800,000 |
Cost of products sold | 51,800,000 | 52,300,000 | 104,100,000 | 107,300,000 |
Gross profit (loss) | 9,000,000 | 5,200,000 | 17,400,000 | 12,500,000 |
SG&A | 2,200,000 | 2,100,000 | 4,200,000 | 4,000,000 |
Total operating income (loss) | 6,800,000 | 3,100,000 | 13,200,000 | 8,500,000 |
Income (loss) before income taxes | $ 6,800,000 | $ 3,100,000 | $ 13,200,000 | $ 8,500,000 |
Supplementary Data | ||||
Net tons sold | T | 24,400 | 22,600 | 48,900 | 46,700 |
Depreciation, depletion and amortization | $ 2,400,000 | $ 2,100,000 | $ 4,700,000 | $ 4,300,000 |
Capital expenditures | 6,100,000 | 1,500,000 | 20,700,000 | 2,800,000 |
Specialty Papers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 209,300,000 | 212,900,000 | 427,200,000 | 432,800,000 |
Energy and related sales, net | 2,000,000 | 700,000 | 2,700,000 | 2,800,000 |
Total revenue | 211,300,000 | 213,600,000 | 429,900,000 | 435,600,000 |
Cost of products sold | 202,900,000 | 211,900,000 | 394,000,000 | 412,300,000 |
Gross profit (loss) | 8,400,000 | 1,700,000 | 35,900,000 | 23,300,000 |
SG&A | 14,200,000 | 11,700,000 | 26,600,000 | 23,900,000 |
Total operating income (loss) | (5,800,000) | (10,000,000) | 9,300,000 | (600,000) |
Income (loss) before income taxes | $ (5,800,000) | $ (10,000,000) | $ 9,300,000 | $ (600,000) |
Supplementary Data | ||||
Net tons sold | T | 194,700 | 191,300 | 400,500 | 390,000 |
Depreciation, depletion and amortization | $ 6,500,000 | $ 6,300,000 | $ 13,200,000 | $ 12,900,000 |
Capital expenditures | 28,700,000 | 15,600,000 | 50,800,000 | 28,800,000 |
Other and Unallocated [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cost of products sold | 2,000,000 | 2,100,000 | 2,300,000 | 5,000,000 |
Gross profit (loss) | (2,000,000) | (2,100,000) | (2,300,000) | (5,000,000) |
SG&A | 8,700,000 | 4,000,000 | 15,000,000 | 9,500,000 |
(Gains) losses on dispositions of plant, equipment and timberlands, net | (100,000) | (2,800,000) | ||
Total operating income (loss) | (10,700,000) | (6,000,000) | (17,300,000) | (11,700,000) |
Non-operating expense | (3,600,000) | (4,100,000) | (8,300,000) | (8,700,000) |
Income (loss) before income taxes | (14,300,000) | (10,100,000) | (25,600,000) | (20,400,000) |
Supplementary Data | ||||
Depreciation, depletion and amortization | $ 700,000 | 500,000 | 1,200,000 | 1,000,000 |
Capital expenditures | $ 100,000 | $ 300,000 | $ 1,500,000 |
Condensed Consolidating Finan66
Condensed Consolidating Financial Statements - Additional Information (Detail) | Jun. 30, 2016 | 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 Finan67
Condensed Consolidating Financial Statements - Condensed Consolidating Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | $ 406,413 | $ 410,803 | $ 808,631 | $ 828,272 |
Energy and related sales, net | 2,001 | 715 | 2,667 | 2,783 |
Total revenues | 408,414 | 411,518 | 811,298 | 831,055 |
Costs of products sold | 365,691 | 378,685 | 710,732 | 746,114 |
Gross profit | 42,723 | 32,833 | 100,566 | 84,941 |
Selling, general and administrative expenses | 37,191 | 29,137 | 69,049 | 60,409 |
(Gains) losses on dispositions of plant, equipment and timberlands, net | 2 | (111) | 26 | (2,765) |
Operating income (loss) | 5,530 | 3,807 | 31,491 | 27,297 |
Other non-operating income (expense) | ||||
Interest expense | (3,953) | (4,352) | (8,069) | (8,860) |
Interest income | 61 | 77 | 152 | 142 |
Other, net | 317 | 215 | (383) | 28 |
Total non-operating expense | (3,575) | (4,060) | (8,300) | (8,690) |
Total non-operating expense | (3,575) | (4,060) | (8,300) | (8,690) |
Income (loss) before income taxes | 1,955 | (253) | 23,191 | 18,607 |
Income tax (benefit) provision | (10) | (3,101) | 5,058 | 1,834 |
Net income | 1,965 | 2,848 | 18,133 | 16,773 |
Other comprehensive income (loss) | (11,539) | 17,087 | 4,203 | (18,198) |
Comprehensive income (loss) | (9,574) | 19,935 | 22,336 | (1,425) |
Adjustments/ Eliminations [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | (17,092) | (19,563) | (35,874) | (40,218) |
Total revenues | (17,092) | (19,563) | (35,874) | (40,218) |
Costs of products sold | (17,092) | (19,563) | (35,874) | (40,218) |
Other non-operating income (expense) | ||||
Interest expense | 1,150 | 6,626 | 2,236 | 13,329 |
Interest income | (1,150) | (6,625) | (2,236) | (13,327) |
Equity in earnings of subsidiaries | (32,456) | (28,783) | (57,082) | (56,061) |
Other, net | (2) | |||
Total non-operating expense | (32,456) | (28,782) | (57,082) | (56,061) |
Total non-operating expense | (32,456) | (28,782) | (57,082) | (56,061) |
Income (loss) before income taxes | (32,456) | (28,782) | (57,082) | (56,061) |
Net income | (32,456) | (28,782) | (57,082) | (56,061) |
Other comprehensive income (loss) | 27,427 | (3,722) | 757 | (4,020) |
Comprehensive income (loss) | (5,029) | (32,504) | (56,325) | (60,081) |
Parent Company [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 209,269 | 212,920 | 427,157 | 432,796 |
Energy and related sales, net | 2,001 | 715 | 2,667 | 2,783 |
Total revenues | 211,270 | 213,635 | 429,824 | 435,579 |
Costs of products sold | 204,495 | 212,472 | 396,454 | 416,154 |
Gross profit | 6,775 | 1,163 | 33,370 | 19,425 |
Selling, general and administrative expenses | 22,622 | 15,661 | 41,067 | 32,843 |
(Gains) losses on dispositions of plant, equipment and timberlands, net | 2 | (51) | 4 | (1,522) |
Operating income (loss) | (15,849) | (14,447) | (7,701) | (11,896) |
Other non-operating income (expense) | ||||
Interest expense | (4,289) | (4,608) | (8,704) | (9,425) |
Interest income | 169 | 169 | 350 | 331 |
Equity in earnings of subsidiaries | 16,385 | 17,478 | 29,257 | 34,562 |
Other, net | (575) | (746) | (1,117) | (1,460) |
Total non-operating expense | 11,690 | 12,293 | 19,786 | 24,008 |
Total non-operating expense | 11,690 | 12,293 | 19,786 | 24,008 |
Income (loss) before income taxes | (4,159) | (2,154) | 12,085 | 12,112 |
Income tax (benefit) provision | (6,124) | (5,002) | (6,048) | (4,661) |
Net income | 1,965 | 2,848 | 18,133 | 16,773 |
Other comprehensive income (loss) | (11,539) | 17,087 | 4,203 | (18,198) |
Comprehensive income (loss) | (9,574) | 19,935 | 22,336 | (1,425) |
Guarantors [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 17,561 | 22,667 | 36,207 | 42,817 |
Total revenues | 17,561 | 22,667 | 36,207 | 42,817 |
Costs of products sold | 16,711 | 21,921 | 34,761 | 41,255 |
Gross profit | 850 | 746 | 1,446 | 1,562 |
Selling, general and administrative expenses | (36) | 458 | (221) | 955 |
(Gains) losses on dispositions of plant, equipment and timberlands, net | (1,183) | |||
Operating income (loss) | 886 | 288 | 1,667 | 1,790 |
Other non-operating income (expense) | ||||
Interest income | 1,001 | 6,498 | 1,993 | 13,097 |
Equity in earnings of subsidiaries | 16,071 | 11,305 | 27,825 | 21,499 |
Other, net | (1,421) | (29) | (1,401) | (159) |
Total non-operating expense | 15,651 | 17,774 | 28,417 | 34,437 |
Total non-operating expense | 15,651 | 17,774 | 28,417 | 34,437 |
Income (loss) before income taxes | 16,537 | 18,062 | 30,084 | 36,227 |
Income tax (benefit) provision | 152 | 584 | 827 | 1,665 |
Net income | 16,385 | 17,478 | 29,257 | 34,562 |
Other comprehensive income (loss) | (13,937) | 13,680 | (384) | (24,870) |
Comprehensive income (loss) | 2,448 | 31,158 | 28,873 | 9,692 |
Non Guarantors [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 196,675 | 194,779 | 381,141 | 392,877 |
Total revenues | 196,675 | 194,779 | 381,141 | 392,877 |
Costs of products sold | 161,577 | 163,855 | 315,391 | 328,923 |
Gross profit | 35,098 | 30,924 | 65,750 | 63,954 |
Selling, general and administrative expenses | 14,605 | 13,018 | 28,203 | 26,611 |
(Gains) losses on dispositions of plant, equipment and timberlands, net | (60) | 22 | (60) | |
Operating income (loss) | 20,493 | 17,966 | 37,525 | 37,403 |
Other non-operating income (expense) | ||||
Interest expense | (814) | (6,370) | (1,601) | (12,764) |
Interest income | 41 | 36 | 45 | 41 |
Other, net | 2,313 | 990 | 2,135 | 1,649 |
Total non-operating expense | 1,540 | (5,344) | 579 | (11,074) |
Total non-operating expense | 1,540 | (5,344) | 579 | (11,074) |
Income (loss) before income taxes | 22,033 | 12,622 | 38,104 | 26,329 |
Income tax (benefit) provision | 5,962 | 1,317 | 10,279 | 4,830 |
Net income | 16,071 | 11,305 | 27,825 | 21,499 |
Other comprehensive income (loss) | (13,490) | (9,958) | (373) | 28,890 |
Comprehensive income (loss) | $ 2,581 | $ 1,347 | $ 27,452 | $ 50,389 |
Condensed Consolidating Finan68
Condensed Consolidating Financial Statements - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and cash equivalents | $ 58,532 | $ 105,304 | $ 65,762 | $ 99,837 |
Other current assets | 466,053 | 447,063 | ||
Plant, equipment and timberlands, net | 748,036 | 698,864 | ||
Other assets | 252,563 | 249,185 | ||
Total assets | 1,525,184 | 1,500,416 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 311,393 | 304,320 | ||
Long-term debt | 358,366 | 353,296 | ||
Deferred income taxes | 75,155 | 76,458 | ||
Other long-term liabilities | 104,047 | 103,095 | ||
Total liabilities | 848,961 | 837,169 | ||
Shareholders' equity | 676,223 | 663,247 | ||
Total liabilities and shareholders' equity | 1,525,184 | 1,500,416 | ||
Adjustments/ Eliminations [Member] | ||||
Assets | ||||
Other current assets | (262,714) | (230,509) | ||
Investments in subsidiaries | (1,318,596) | (1,244,566) | ||
Total assets | (1,581,310) | (1,475,075) | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | (262,714) | (230,523) | ||
Total liabilities | (262,714) | (230,523) | ||
Shareholders' equity | (1,318,596) | (1,244,552) | ||
Total liabilities and shareholders' equity | (1,581,310) | (1,475,075) | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 6,512 | 59,130 | 34,316 | 42,208 |
Other current assets | 207,168 | 199,690 | ||
Plant, equipment and timberlands, net | 329,041 | 286,334 | ||
Investments in subsidiaries | 783,479 | 737,450 | ||
Other assets | 112,876 | 106,586 | ||
Total assets | 1,439,076 | 1,389,190 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 401,540 | 363,037 | ||
Long-term debt | 247,381 | 247,075 | ||
Deferred income taxes | 26,905 | 28,561 | ||
Other long-term liabilities | 87,027 | 87,270 | ||
Total liabilities | 762,853 | 725,943 | ||
Shareholders' equity | 676,223 | 663,247 | ||
Total liabilities and shareholders' equity | 1,439,076 | 1,389,190 | ||
Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 2,545 | 465 | 392 | 509 |
Other current assets | 255,574 | 238,515 | ||
Plant, equipment and timberlands, net | 18,507 | 1,114 | ||
Investments in subsidiaries | 535,117 | 507,116 | ||
Total assets | 811,743 | 747,210 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 28,180 | 9,725 | ||
Deferred income taxes | (229) | (79) | ||
Other long-term liabilities | 313 | |||
Total liabilities | 28,264 | 9,646 | ||
Shareholders' equity | 783,479 | 737,564 | ||
Total liabilities and shareholders' equity | 811,743 | 747,210 | ||
Non Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 49,475 | 45,709 | $ 31,054 | $ 57,120 |
Other current assets | 266,025 | 239,367 | ||
Plant, equipment and timberlands, net | 400,488 | 411,416 | ||
Other assets | 139,687 | 142,599 | ||
Total assets | 855,675 | 839,091 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 144,387 | 162,081 | ||
Long-term debt | 110,985 | 106,221 | ||
Deferred income taxes | 48,479 | 47,976 | ||
Other long-term liabilities | 16,707 | 15,825 | ||
Total liabilities | 320,558 | 332,103 | ||
Shareholders' equity | 535,117 | 506,988 | ||
Total liabilities and shareholders' equity | $ 855,675 | $ 839,091 |
Condensed Consolidating Finan69
Condensed Consolidating Financial Statements - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided (used) by Operating activities | $ 36,640 | $ 25,513 |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (80,391) | (44,575) |
Proceeds from disposals of plant, equipment and timberlands, net | 53 | 3,051 |
Other | (300) | (1,600) |
Net cash used by investing activities | (80,638) | (43,124) |
Financing activities | ||
Net long-term borrowings | 4,222 | (1,492) |
Payments of borrowing costs | (136) | (1,329) |
Payment of dividends to shareholders | (10,679) | (9,992) |
Proceeds from government grants | 4,443 | |
Payments related to share-based compensation awards and other | (976) | (2,000) |
Net cash used by financing activities | (3,126) | (14,813) |
Effect of exchange rate on cash | 352 | (1,651) |
Net increase (decrease) in cash | (46,772) | (34,075) |
Cash and cash equivalents at the beginning of period | 105,304 | 99,837 |
Cash and cash equivalents at the end of period | 58,532 | 65,762 |
Adjustments/ Eliminations [Member] | ||
Investing activities | ||
Repayments from intercompany loans | (7,500) | (48,855) |
Advances of intercompany loans | 7,880 | 38,690 |
Intercompany capital (contributed) returned | 17,500 | (10,200) |
Net cash used by investing activities | 17,880 | (20,365) |
Financing activities | ||
Repayments of intercompany loans | 7,500 | 48,855 |
Borrowings of intercompany loans | (7,880) | (38,690) |
Intercompany capital (returned) received | (17,500) | 10,200 |
Net cash used by financing activities | (17,880) | 20,365 |
Parent Company [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided (used) by Operating activities | 17,067 | (4,343) |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (51,043) | (30,241) |
Proceeds from disposals of plant, equipment and timberlands, net | 41 | 1,581 |
Intercompany capital (contributed) returned | (17,000) | 10,500 |
Other | (300) | (1,600) |
Net cash used by investing activities | (68,302) | (19,760) |
Financing activities | ||
Payments of borrowing costs | (51) | (1,329) |
Payment of dividends to shareholders | (10,679) | (9,992) |
Repayments of intercompany loans | (9,158) | |
Borrowings of intercompany loans | 7,880 | 38,690 |
Proceeds from government grants | 2,443 | |
Payments related to share-based compensation awards and other | (976) | (2,000) |
Net cash used by financing activities | (1,383) | 16,211 |
Net increase (decrease) in cash | (52,618) | (7,892) |
Cash and cash equivalents at the beginning of period | 59,130 | 42,208 |
Cash and cash equivalents at the end of period | 6,512 | 34,316 |
Guarantors [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided (used) by Operating activities | 2,821 | (695) |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (18,861) | |
Proceeds from disposals of plant, equipment and timberlands, net | 1,213 | |
Repayments from intercompany loans | 7,500 | 48,855 |
Advances of intercompany loans | (7,880) | (38,690) |
Intercompany capital (contributed) returned | (500) | (300) |
Net cash used by investing activities | (19,741) | 11,078 |
Financing activities | ||
Intercompany capital (returned) received | 17,000 | (10,500) |
Proceeds from government grants | 2,000 | |
Net cash used by financing activities | 19,000 | (10,500) |
Net increase (decrease) in cash | 2,080 | (117) |
Cash and cash equivalents at the beginning of period | 465 | 509 |
Cash and cash equivalents at the end of period | 2,545 | 392 |
Non Guarantors [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided (used) by Operating activities | 16,752 | 30,551 |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (10,487) | (14,334) |
Proceeds from disposals of plant, equipment and timberlands, net | 12 | 257 |
Net cash used by investing activities | (10,475) | (14,077) |
Financing activities | ||
Net long-term borrowings | 4,222 | (1,492) |
Payments of borrowing costs | (85) | |
Repayments of intercompany loans | (7,500) | (39,697) |
Intercompany capital (returned) received | 500 | 300 |
Net cash used by financing activities | (2,863) | (40,889) |
Effect of exchange rate on cash | 352 | (1,651) |
Net increase (decrease) in cash | 3,766 | (26,066) |
Cash and cash equivalents at the beginning of period | 45,709 | 57,120 |
Cash and cash equivalents at the end of period | $ 49,475 | $ 31,054 |