Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 25, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
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 | 43,549,639 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 405,301 | $ 419,960 | $ 1,213,932 | $ 1,248,232 |
Energy and related sales, net | 1,346 | 1,153 | 4,013 | 3,936 |
Total revenues | 406,647 | 421,113 | 1,217,945 | 1,252,168 |
Costs of products sold | 345,477 | 361,205 | 1,056,209 | 1,107,319 |
Gross profit | 61,170 | 59,908 | 161,736 | 144,849 |
Selling, general and administrative expenses | 35,747 | 39,792 | 104,796 | 100,201 |
Losses (gains) on dispositions of plant, equipment and timberlands, net | 5 | (123) | 31 | (2,888) |
Operating income | 25,418 | 20,239 | 56,909 | 47,536 |
Non-operating income (expense) | ||||
Interest expense | (3,895) | (4,317) | (11,964) | (13,177) |
Interest income | 52 | 90 | 204 | 232 |
Other, net | (573) | (220) | (956) | (192) |
Total non-operating expense | (4,416) | (4,447) | (12,716) | (13,137) |
Income before income taxes | 21,002 | 15,792 | 44,193 | 34,399 |
Income tax provision | 1,401 | 2,288 | 6,459 | 4,122 |
Net income | $ 19,601 | $ 13,504 | $ 37,734 | $ 30,277 |
Earnings per share | ||||
Basic | $ 0.45 | $ 0.31 | $ 0.87 | $ 0.70 |
Diluted | 0.44 | 0.31 | 0.86 | 0.69 |
Cash dividends declared per common share | $ 0.125 | $ 0.12 | $ 0.375 | $ 0.36 |
Weighted average shares outstanding | ||||
Basic | 43,576 | 43,457 | 43,552 | 43,363 |
Diluted | 44,133 | 43,865 | 44,059 | 43,949 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 19,601 | $ 13,504 | $ 37,734 | $ 30,277 |
Foreign currency translation adjustments | (1,530) | (3,262) | (2,975) | (27,895) |
Net change in: | ||||
Deferred (gains) losses on cash flow hedges, net of taxes of $289, $1,045, $88 and $938, respectively | (858) | (2,823) | 152 | (2,558) |
Unrecognized retirement obligations, net of taxes of $(1,405), $(1,895), $(4,214) and $(5,675), respectively | 2,319 | 3,083 | 6,957 | 9,253 |
Other comprehensive income (loss) | (69) | (3,002) | 4,134 | (21,200) |
Comprehensive income | $ 19,532 | $ 10,502 | $ 41,868 | $ 9,077 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Taxes on deferred (gains) losses on cash flow hedges | $ 289 | $ 1,045 | $ 88 | $ 938 |
Taxes on unrecognized retirement obligations | $ (1,405) | $ (1,895) | $ (4,214) | $ (5,675) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 50,752 | $ 105,304 |
Accounts receivable, net | 179,352 | 167,199 |
Inventories | 262,891 | 247,214 |
Prepaid expenses and other current assets | 36,573 | 32,650 |
Total current assets | 529,568 | 552,367 |
Plant, equipment and timberlands, net | 771,453 | 698,864 |
Goodwill | 77,268 | 76,056 |
Intangible assets | 60,721 | 63,057 |
Other assets | 115,229 | 110,072 |
Total assets | 1,554,239 | 1,500,416 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 11,432 | 7,366 |
Accounts payable | 163,674 | 172,735 |
Dividends payable | 5,455 | 5,231 |
Environmental liabilities | 8,408 | 12,544 |
Other current liabilities | 127,149 | 106,444 |
Total current liabilities | 316,118 | 304,320 |
Long-term debt | 367,549 | 353,296 |
Deferred income taxes | 73,075 | 76,458 |
Other long-term liabilities | 105,808 | 103,095 |
Total liabilities | 862,550 | 837,169 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common stock | 544 | 544 |
Capital in excess of par value | 55,890 | 54,912 |
Retained earnings | 984,520 | 963,143 |
Accumulated other comprehensive loss | (186,352) | (190,486) |
Shareholders' equity before treasury stock | 854,602 | 828,113 |
Less cost of common stock in treasury | (162,913) | (164,866) |
Total shareholders’ equity | 691,689 | 663,247 |
Total liabilities and shareholders’ equity | $ 1,554,239 | $ 1,500,416 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities | ||
Net income | $ 37,734 | $ 30,277 |
Adjustments to reconcile to net cash provided by operations: | ||
Depreciation, depletion and amortization | 49,725 | 47,423 |
Amortization of debt issue costs | 864 | 893 |
Pension expense, net of unfunded benefits paid | 2,908 | 5,541 |
Charge for impairment of intangible asset | 1,200 | |
Deferred income tax benefit | (4,266) | (2,043) |
Losses (gains) on dispositions of plant, equipment and timberlands, net | 31 | (2,888) |
Share-based compensation | 4,218 | 5,502 |
Change in operating assets and liabilities | ||
Accounts receivable | (12,927) | (21,572) |
Inventories | (17,897) | (5,714) |
Prepaid and other current assets | (4,205) | 420 |
Accounts payable | (9,662) | 5,561 |
Accruals and other current liabilities | 10,257 | 5,180 |
Other | 2,657 | 743 |
Net cash provided by operating activities | 59,437 | 70,523 |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (116,948) | (74,280) |
Proceeds from disposals of plant, equipment and timberlands, net | 55 | 3,181 |
Acquisition, net of cash acquired | (224) | |
Other | (400) | (1,600) |
Net cash used by investing activities | (117,293) | (72,923) |
Financing activities | ||
Net repayments of revolving credit facility | (642) | |
Payments of borrowing costs | (136) | (1,329) |
Proceeds from term loans | 19,428 | |
Repayment of term loans | (3,803) | (3,387) |
Payments of dividends | (16,134) | (15,215) |
Proceeds from government grants | 5,251 | |
Payments related to share-based compensation awards and other | (990) | (2,015) |
Net cash provided (used) by financing activities | 2,974 | (21,946) |
Effect of exchange rate changes on cash | 330 | (1,826) |
Net decrease in cash and cash equivalents | (54,552) | (26,172) |
Cash and cash equivalents at the beginning of period | 105,304 | 99,837 |
Cash and cash equivalents at the end of period | 50,752 | 73,665 |
Cash paid for: | ||
Interest, net of amounts capitalized | 7,376 | 8,943 |
Income taxes, net | $ 11,609 | $ 14,566 |
Organization
Organization | 9 Months Ended |
Sep. 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. The terms “we,” “us,” “our,” “the Company,” or “Glatfelter,” refer to P. H. Glatfelter Company and subsidiaries unless the context indicates otherwise. Our products are marketed worldwide, either through wholesale paper merchants, brokers and agents, or directly to customers. |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Accounting Policies | 2. ACCOUNTING POLICIES Basis of Presentation The unaudited condensed consolidated financial statements (“financial statements”) include the accounts of Glatfelter and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. We prepared these financial statements in accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. In our opinion, the financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. When preparing these financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2015 Annual Report on Form 10-K. Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Management believes the estimates and assumptions used in the preparation of these financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes that actual results may differ from those estimates and assumptions. Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation – Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting designed to simplify certain aspects of accounting for share-based awards. The new ASU requires entities to recognize as a component of income tax expense all excess tax benefits or deficiencies arising from the difference between compensation costs recognized and the intrinsic value at the time an option is exercised or, in the case of restricted stock and similar awards, the fair value upon vesting of an award. Previously such differences were recognized in additional paid in capital as part of an “APIC pool.” In addition, the ASU also requires entities to exclude excess tax benefits and tax deficiencies from the calculation of common share equivalents for purposes of calculating earnings per share. The new standard is required to be adopted, either prospectively or retrospectively, in the first quarter of 2017 and early adoption is permitted. We do not believe the adoption of this standard will have a material impact on our reported results of operations or financial position. 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 | 9 Months Ended |
Sep. 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 September 30 In thousands, except per share 2016 2015 Net income $ 19,601 $ 13,504 Weighted average common shares outstanding used in basic EPS 43,576 43,457 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs 557 408 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,133 43,865 Earnings per share Basic $ 0.45 $ 0.31 Diluted 0.44 0.31 Nine months ended September 30 In thousands, except per share 2016 2015 Net income $ 37,734 $ 30,277 Weighted average common shares outstanding used in basic EPS 43,552 43,363 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs 507 586 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,059 43,949 Earnings per share Basic $ 0.87 $ 0.70 Diluted 0.86 0.69 The following table sets forth potential common shares outstanding that were not included in the computation of diluted EPS for the period indicated, because their effect would be anti-dilutive: September 30 In thousands 2016 2015 Three months ended 681 696 Nine months ended 683 696 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 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 nine months ended September 30, 2016 and 2015. In thousands Currency translation adjustments Unrealized gain (loss) on cash flow hedges Change in pensions Change in other postretirement defined benefit plans Total Balance at July 1, 2016 $ (74,486 ) $ 785 $ (115,786 ) $ 3,204 $ (186,283 ) Other comprehensive income before reclassifications (net of tax) (1,530 ) (1,195 ) --- --- (2,725 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 337 2,464 (145 ) 2,656 Net current period other comprehensive income (loss) (1,530 ) (858 ) 2,464 (145 ) (69 ) Balance at September 30, 2016 $ (76,016 ) $ (73 ) $ (113,322 ) $ 3,059 $ (186,352 ) Balance at July 1, 2015 $ (58,857 ) $ 2,621 $ (114,076 ) $ (2,756 ) $ (173,068 ) Other comprehensive income before reclassifications (net of tax) (3,262 ) (1,381 ) --- --- (4,643 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — (1,442 ) 3,090 (7 ) 1,641 Net current period other comprehensive income (loss) (3,262 ) (2,823 ) 3,090 (7 ) (3,002 ) Balance at September 30, 2015 $ (62,119 ) $ (202 ) $ (110,986 ) $ (2,763 ) $ (176,070 ) In thousands Currency translation adjustments Unrealized gain (loss) on cash flow hedges Change in pensions Change in other postretirement defined benefit plans Total Balance at January 1, 2016 $ (73,041 ) $ (225 ) $ (120,714 ) $ 3,494 $ (190,486 ) Other comprehensive income before reclassifications (net of tax) (2,975 ) (106 ) --- --- (3,081 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 258 7,392 (435 ) 7,215 Net current period other comprehensive income (loss) (2,975 ) 152 7,392 (435 ) 4,134 Balance at September 30, 2016 $ (76,016 ) $ (73 ) $ (113,322 ) $ 3,059 $ (186,352 ) Balance at January 1, 2015 $ (34,224 ) $ 2,356 $ (120,260 ) $ (2,742 ) $ (154,870 ) Other comprehensive income before reclassifications (net of tax) (27,895 ) 793 --- --- (27,102 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — (3,351 ) 9,274 (21 ) 5,902 Net current period other comprehensive income (loss) (27,895 ) (2,558 ) 9,274 (21 ) (21,200 ) Balance at September 30, 2015 $ (62,119 ) $ (202 ) $ (110,986 ) $ (2,763 ) $ (176,070 ) Reclassifications out of accumulated other comprehensive income were as follows: Three months ended September 30 Nine months ended September 30 In thousands 2016 2015 2016 2015 Description Line Item in Statements of Income Cash flow hedges (Note 11) (Gains) losses on cash flow hedges $ 347 $ (1,972 ) $ 264 $ (4,595 ) Costs of products sold Tax expense (benefit) (10 ) 530 (6 ) 1,244 Income tax provision Net of tax 337 (1,442 ) 258 (3,351 ) Retirement plan obligations (Note 7) Amortization of deferred benefit pension plan items Prior service costs 506 571 1,519 1,713 Costs of products sold 168 189 504 568 Selling, general and administrative Actuarial losses 2,450 3,144 7,350 9,432 Costs of products sold 843 1,082 2,530 3,247 Selling, general and administrative 3,967 4,986 11,903 14,960 Tax benefit (1,503 ) (1,896 ) (4,511 ) (5,686 ) Income tax provision Net of tax 2,464 3,090 7,392 9,274 Amortization of deferred benefit other plan items Prior service costs (37 ) (58 ) (112 ) (173 ) Costs of products sold (8 ) (12 ) (24 ) (37 ) Selling, general and administrative Actuarial losses (156 ) 48 (467 ) 142 Costs of products sold (33 ) 10 (100 ) 31 Selling, general and administrative (234 ) (12 ) (703 ) (37 ) Tax expense 89 5 268 16 Income tax provision Net of tax (145 ) (7 ) (435 ) (21 ) Total reclassifications, net of tax $ 2,656 $ 1,641 $ 7,215 $ 5,902 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 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 September 30, 2016 and December 31, 2015, we had $15.2 million and $12.2 million of gross unrecognized tax benefits. As of September 30, 2016, if such benefits were to be recognized, approximately $12.2 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 in progress United States Federal 2013 - 2015 N/A State 2011 - 2015 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 $1.8 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: Nine months ended September 30 In millions 2016 2015 Interest expense $ 0.2 $ — Penalties — — September 30 December 31 2016 2015 Accrued interest payable $ 0.8 $ 0.6 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 6. STOCK-BASED 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”) Awards of RSUs and PSAs are made under our LTIP. 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. PSAs are issued annually to members of management and each respective grant cliff vests each December 31 of the third year following the grant, assuming the achievement of predetermined, cumulative financial performance targets covering two or three year periods. The performance measures include a minimum, target and maximum performance level providing the grantees an opportunity to receive more or less shares than targeted depending on actual financial performance. For both RSUs and PSAs, the grant date fair value of the awards, which is equal to the closing price per common share on the date of the award, is used to determine the amount of expense to be recognized over the applicable service period. Settlement of RSUs and PSAs will be made in shares of our common stock currently held in treasury. The following table summarizes RSU and PSA activity during periods indicated: Units 2016 2015 Balance at January 1, 674,523 888,942 Granted 298,832 160,514 Forfeited (146,327 ) (87,567 ) Shares delivered (149,975 ) (286,857 ) Balance at September 30, 677,053 675,032 The amount granted in 2016 and 2015 includes PSAs of 199,693 and 105,017, respectively, exclusive of reinvested dividends. The following table sets forth aggregate RSU and PSA compensation expense for the periods indicated: September 30 In thousands 2016 2015 Three months ended $ 765 $ 395 Nine months ended 2,167 1,214 Stock Only Stock Appreciation Rights (“SOSARs”) Under terms of the SOSAR, a recipient receives the right to a payment in the form of shares of common stock equal to the difference, if any, in the fair market value of one share of common stock at the time of exercising the SOSAR and the exercise price. The SOSARs vest ratably over a three year period and have a term of ten years. The following table sets forth information related to outstanding SOSARS. 2016 2015 SOSARS Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 2,199,742 $ 17.82 1,864,707 $ 16.20 Granted 743,925 17.54 423,590 24.62 Exercised (61,190 ) 10.70 (70,347 ) 14.12 Canceled / forfeited (143,932 ) 17.87 (17,559 ) 25.24 Outstanding at September 30, 2,738,545 $ 17.64 2,200,391 $ 17.82 SOSAR Grants Weighted average grant date fair value per share $ 4.07 $ 7.46 Aggregate grant date fair value (in thousands) $ 3,013 $ 3,134 Black-Scholes assumptions Dividend yield 2.85 % 1.94 % Risk free rate of return 1.34 % 1.64 % Volatility 31.97 % 36.38 % Expected life 6 yrs 6 yrs The following table sets forth SOSAR compensation expense for the periods indicated: September 30 In thousands 2016 2015 Three months ended $ 650 $ 671 Nine months ended 2,051 1,940 |
Retirement Plans and Other Post
Retirement Plans and Other Post-Retirement Benefits | 9 Months Ended |
Sep. 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 September 30 In thousands 2016 2015 Pension Benefits Service cost $ 2,614 $ 2,850 Interest cost 6,120 5,868 Expected return on plan assets (11,331 ) (11,498 ) Amortization of prior service cost 674 760 Amortization of unrecognized loss 3,293 4,226 Net periodic benefit cost $ 1,370 $ 2,206 Other Benefits Service cost $ 287 $ 358 Interest cost 498 499 Amortization of prior service cost (45 ) (70 ) Amortization of unrecognized (gain)/loss (189 ) 58 Net periodic benefit cost $ 551 $ 845 Nine months ended September 30 In thousands 2016 2015 Pension Benefits Service cost $ 7,855 $ 8,546 Interest cost 18,360 17,606 Expected return on plan assets (33,992 ) (34,495 ) Amortization of prior service cost 2,023 2,281 Amortization of unrecognized loss 9,880 12,679 Net periodic benefit cost $ 4,126 $ 6,617 Other Benefits Service cost $ 860 $ 1,074 Interest cost 1,494 1,498 Amortization of prior service cost (136 ) (210 ) Amortization of unrecognized (gain)/loss (567 ) 173 Net periodic benefit cost $ 1,651 $ 2,535 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | 8. INVENTORIES Inventories, net of reserves, were as follows: September 30 December 31 In thousands 2016 2015 Raw materials $ 64,579 $ 60,098 In-process and finished 124,459 115,874 Supplies 73,853 71,242 Total $ 262,891 $ 247,214 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 9. LONG-TERM DEBT Long-term debt is summarized as follows: September 30 December 31 In thousands 2016 2015 Revolving credit facility, due Mar. 2020 $ 59,830 $ 58,792 5.375% Notes, due Oct. 2020 250,000 250,000 2.40% Term Loan, due Jun. 2022 9,566 10,109 2.05% Term Loan, due Mar. 2023 40,210 42,130 1.30% Term Loan, due Jun. 2023 11,161 - 1.55% Term Loan, due Sep. 2025 10,941 2,839 Total long-term debt 381,708 363,870 Less current portion (11,432 ) (7,366 ) Unamortized deferred issuance costs (2,727 ) (3,208 ) Long-term debt, net of current portion $ 367,549 $ 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 September 30, 2016, the leverage ratio, as calculated in accordance with the definition in our credit agreement, was 2.1x. 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 any time on or after October 15, 2016 at the redemption prices specified in the applicable 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 September 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 Principal 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 September 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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 10. 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: September 30, 2016 December 31, 2015 In thousands Carrying Value Fair Value Carrying Value Fair Value Variable rate debt $ 59,830 $ 59,830 $ 58,792 $ 58,792 Fixed-rate bonds 250,000 252,658 250,000 250,938 2.40% Term loan 9,566 9,324 10,109 10,535 2.05% Term loan 40,210 38,735 42,130 42,886 1.30% Term Loan 11,161 10,470 - - 1.55% Term loan 10,941 10,180 2,839 2,524 Total $ 381,708 $ 381,197 $ 363,870 $ 365,675 As of September 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 11. |
Financial Derivatives and Hedgi
Financial Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Derivatives and Hedging Activities | 11. FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES As part of our overall risk management practices, we enter into financial derivatives primarily designed to either i) hedge foreign currency risks associated with forecasted transactions – “cash flow hedges”; or ii) mitigate the impact that changes in currency exchange rates have on intercompany financing transactions and foreign currency denominated receivables and payables – “foreign currency hedges." Derivatives Designated as Hedging Instruments - Cash Flow Hedges We use currency forward contracts as cash flow hedges to manage our exposure to fluctuations in the currency exchange rates on certain forecasted production costs or capital expenditures expected to be incurred. Currency forward contracts involve fixing the exchange for delivery of a specified amount of foreign currency on a specified date. As of September 30, 2016, the maturity of currency forward contracts ranged from one month to 22 months. We designate certain currency forward contracts as cash flow hedges of forecasted raw material purchases, certain production costs or capital expenditures with exposure to changes in foreign currency exchange rates. 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 September 30 2016 December 31 2015 Derivative Sell/Buy - sell notional Euro / British Pound 7,703 10,527 Sell/Buy - buy notional Euro / Philippine Peso 733,358 758,634 British Pound / Philippine Peso 408,967 542,063 Euro / U.S. Dollar 42,672 51,433 U.S. Dollar / Canadian Dollar 34,143 34,649 U.S. Dollar / Euro 26,774 — Derivatives Not Designated as Hedging Instruments - Foreign Currency Hedges We also enter into forward foreign exchange contracts to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities. None of these contracts are designated as hedges for financial accounting purposes and, accordingly, changes in value of the foreign exchange forward contracts and in the offsetting underlying on-balance-sheet transactions are reflected in the accompanying condensed consolidated statements of income under the caption “Other, net.” The following sets forth derivatives used to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities: In thousands September 30 2016 December 31 2015 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 - 12,500 British Pound / Euro 18,500 13,500 These contracts have maturities of one month from the date originally entered into. Fair Value Measurements The following table summarizes the fair values of derivative instruments for the period indicated and the line items in the accompanying condensed consolidated balance sheets where the instruments are recorded: In thousands September 30 2016 December 31 2015 September 30 2016 December 31 2015 Prepaid Expenses and Other Other Balance sheet caption Current Assets Current Liabilities Designated as hedging: Forward foreign currency exchange contracts $ 330 $ 955 $ 958 $ 1,545 Not designated as hedging: Forward foreign currency exchange contracts $ 172 $ 68 $ 136 $ 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 ended September 30 Nine months ended September 30 In thousands 2016 2015 2016 2015 Designated as hedging: Forward foreign currency exchange contracts: Effective portion – cost of products sold $ (347 ) $ 1,972 $ (264 ) $ 4,595 Ineffective portion – other – net (69 ) (184 ) (399 ) 104 Not designated as hedging: Forward foreign currency exchange contracts: Other – net $ 332 $ 621 $ 1,396 $ 1,028 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 (losses) gains on cash flow hedges (200 ) 1,100 Reclassified to earnings 264 (4,595 ) Balance at September 30, $ (114 ) $ (213 ) 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-two months and the amount ultimately recognized will vary depending on actual market rates. Credit risk related to derivative activity arises in the event the counterparty fails to meet its obligations to us. This exposure is generally limited to the amounts, if any, by which the counterparty’s obligations exceed our obligation to them. Our policy is to enter into contracts only with financial institutions which meet certain minimum credit ratings. |
Commitments, Contingencies and
Commitments, Contingencies and Legal Proceedings | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Legal Proceedings | 12. COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS Fox River - Neenah, Wisconsin Background. We have significant uncertainties associated with environmental claims arising out of the presence of polychlorinated biphenyls (“PCBs”) in sediments in the lower Fox River, on which our former Neenah facility was located, and in the Bay of Green Bay Wisconsin (collectively, the “Site”). Since the early 1990s, the United States, the State of Wisconsin and two Indian tribes (collectively, the “Governments”) have pursued a cleanup of a 39-mile stretch of river from Little Lake Butte des Morts into Green Bay and natural resource damages (“NRDs”). The 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 not entered by the court until May 10, 2016. Work is scheduled to continue in OU2-5 through at least 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. Estimates of the Site remediation change over time as we, or others, gain additional data and experience at the Site. In addition, disagreement exists over the likely costs for some of this work. On October 14, 2014, the Governments represented to the United States District Court in Green Bay that $1.1 billion provided an “upper end estimate of total past and future response costs” including a $100 million “uncertainty premium for future response costs.” Based upon estimates made by the Governments and independent estimates commissioned by various potentially responsible parties, we have no reason to disagree with the Governments’ assertion. Much of that amount has already been incurred, including approximately $100 million for OU1 and what we believe to be approximately $575 million for OU2-5 prior to the 2016 remediation season. 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. During 2016, we placed the final layer on certain caps at a cost of approximately $4 million. Allocation Litigation. In January 2008, NCR and Appvion brought an action in the federal district court in Green Bay to allocate among all parties responsible for this Site all of the costs incurred by the Governments, all of the costs incurred by the parties, and all of the NRDs owed to the Natural Resource Trustees. We have previously referred to this case as the “Whiting Litigation.” After several summary judgment rulings and a trial, the trial court entered judgment in the Whiting Litigation allocating to NCR 100% of the costs of (a) the OU2-5 cleanup, (b) NRDs, (c) past and future costs incurred by the Governments in OU2-5, and (d) past and future costs incurred by any of the other parties net of an appropriate equitable adjustment for insurance recoveries. As to Glatfelter, NCR was judged liable to us for $4.28 million and any future costs or damages we may incur. NCR was held not responsible for costs incurred in OU1. All parties appealed the Whiting Litigation judgment to the United States Court of Appeals for the Seventh Circuit. On September 25, 2014, that court affirmed, holding that if knowledge and fault were the only equitable factors governing allocation of costs and NRDs at the Site, NCR would owe 100% of all costs and damages in OU2-5, but would not have a share of costs in OU1 -- which is upstream of the outfall of the facilities for which NCR is responsible -- 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 what being named a PRP means and 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. In October 2010, the United States and the State of Wisconsin brought an action (“Government Action”) in the federal district court in Green Bay against us and 13 other defendants seeking (a) to recover all of the United States’ and the State of Wisconsin’s unreimbursed past costs, (b) to obtain a declaration of joint and several liability for all of their future costs, (c) to recover NRDs, and (d) to obtain a declaration of liability of all of the respondents on the UAO to perform the remedy in OU2-5 as required by the UAO and a mandatory permanent injunction to the same effect. The last of these claims was tried in 2012, and in May 2013, the district court enjoined us, NCR, WTM I, and Menasha Corp. to perform the work under the UAO. As the result of partial settlements, U.S. Paper Mills Corp. and Georgia-Pacific Consumer Products L.P. agreed to joint and several liability for some of the work. Appvion was held not liable for this Site under CERCLA. All other potentially responsible parties, including the United States and the State of Wisconsin, have 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 (2) costs incurred and/or to be incurred by the United States after September 30, 2015 and by the State of Wisconsin after June 30, 2015 in excess of about $4.7 million, 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. As described above, the court of appeals vacated the allocation judgment in the Whiting Litigation on September 25, 2014, but neither court has since replaced that allocation with any other. The 2007 UAO requires the PRPs to submit annual remediation work plans. For 2015, the EPA approved the 2015 Work Plan for $100 million of remediation activities. NCR, GP, and we were not able to reach agreement on a division of the costs of that work on an interim basis, subject to reallocation in the Whiting Litigation. NCR and GP entered into a proposed consent decree with the United States under which they agreed to fund certain work estimated to cost approximately $67 million in 2015, and they would not be responsible for completing the remainder of the work in 2015, estimated to cost approximately $33 million. However, NCR and GP did not complete all of the work assigned to them under the consent decree. The United States did not move to enter that consent decree until April 12, 2016, and the court did not enter that decree until May 10, 2016. Through the issuance of the 2015 Work Plan the EPA assigned to us those remaining tasks. Under the proposed consent decree, all parties would remain jointly and severally liable for work in the 2015 Work Plan not completed in 2015, except for a small amount of work upstream of the area for which GP is responsible. We contracted for remediation work in OU4 at a total cost of $9.7 million, an amount of work less than the amount assigned to us in the 2015 Work Plan. We anticipate that the amount of work performed by us in 2015 satisfied our share of the obligation if NCR and GP had performed the work assigned to them in the 2015 Work Plan. The United States disagrees. We cannot predict the outcome of these disagreements or any possible resulting litigation. 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 completed the 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 any given year 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 that year, which selection we will have to defend after the fact. We expect to spend less than $5 million in connection with the 2016 Work Plan. 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. The Governments’ NRD assessment documents originally claimed we are jointly and severally responsible for NRDs with a value between $176 million and $333 million. The Governments claimed this range should be inflated to current dollars and then certain unreimbursed past assessment costs should be added, so the range of their claim was $287 million to $423 million in 2009. However, on October 14, 2014, the Governments represented to the district court that if certain settlements providing $45.9 million toward compensation of NRDs were approved, the total NRD recovery would amount to $105 million. The Governments 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. Our reserve including ongoing monitoring obligations in OU1, our share of remediation of the downstream portions of the Site, NRDs and all pending, threatened or asserted and unasserted claims against us relating to PCB contamination is set forth below: Nine months ended September 30 In thousands 2016 2015 Balance at January 1, $ 17,105 $ 16,223 Payments (4,193 ) (5,617 ) Accruals — 10,000 Balance at September 30, $ 12,912 $ 20,606 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 September 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, $8.4 million is recorded in the accompanying September 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. The Governments have published studies estimating the amount of PCBs discharged by each identified potentially responsible party to the lower Fox River and Green Bay. These reports estimate our Neenah mill’s share of the mass of PCBs discharged to be as high as 27%. The district court has found the discharge mass estimates used in these studies not to be accurate. We believe the Neenah mill’s absolute and relative contribution of PCB mass is significantly lower than the estimates set forth in these studies. The district court in the Government Action has found that the Neenah mill discharged an unknown amount of PCBs. Based upon the rulings in the Whiting Litigation and the Government Action, neither of which endorsed an equitable allocation in proportion to the mass of PCBs discharged, we continue to believe an allocation in proportion to mass of PCBs discharged would not constitute an equitable allocation of the potential liability for the contamination at the Fox River. We contend other factors, such as a party’s role in causing costs, the location of discharge, and the location of contamination must be considered in order for the allocation to be equitable. Range of Reasonably Possible Outcomes. Based on our analysis of all available information, including but not limited to decisions of the courts, official documents such as records of decision, as well as discussions with legal counsel and cost estimates for work to be performed at the Site, and substantially dependent on the resolution of the allocation issues discussed above, we believe it is reasonably possible that our costs associated with the Fox River matter could exceed the aggregate amounts accrued for the Fox River matter by amounts ranging from insignificant to $190 million. We believe the likelihood of an outcome in the upper end of the monetary range is less than other possible outcomes within the range and the possibility of an outcome in excess of the upper end of the monetary range is remote. 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. Our current assessment is we will be able to manage this environmental matter without a long-term, material adverse impact on the Company. This matter could, however, at any particular time or for any particular year or years, have a material adverse effect on our consolidated financial position, liquidity and/or results of operations or could result in a default under our debt covenants. Moreover, there can be no assurance our reserves will be adequate to provide for future obligations related to this matter, or our share of costs and/or damages will not exceed our available resources, or those obligations will not have a long-term, material adverse effect on our consolidated financial position, liquidity or results of operations. Should a court grant the United States or the State of Wisconsin relief requiring us individually either to perform directly or to contribute significant amounts towards remedial action downstream of Little Lake Butte des Morts those developments could have a material adverse effect on our consolidated financial position, liquidity and results of operations and might result in a default under our loan covenants. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 13. SEGMENT INFORMATION The following tables set forth financial and other information by business unit for the period indicated: Three months ended September 30 Advanced Airlaid Other and Dollars in millions Composite Fibers Materials Specialty Papers Unallocated Total 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Net sales $ 131.7 $ 133.9 $ 61.9 $ 63.2 $ 211.8 $ 222.8 $ — $ — $ 405.3 $ 420.0 Energy and related sales, net — — — — 1.3 1.2 — — 1.3 1.2 Total revenue 131.7 133.9 61.9 63.2 213.1 224.0 — — 406.6 421.1 Cost of products sold 105.8 108.4 53.5 54.6 180.1 196.1 6.1 2.1 345.5 361.2 Gross profit (loss) 25.9 25.5 8.4 8.6 33.0 27.9 (6.1 ) (2.1 ) 61.2 59.9 SG&A 11.9 11.5 2.0 1.8 14.3 10.4 7.5 16.2 35.7 39.8 Gains on dispositions of plant, equipment and timberlands, net — — — — — — — (0.1 ) — (0.1 ) Total operating income (loss) 14.0 14.1 6.4 6.8 18.7 17.5 (13.6 ) (18.2 ) 25.4 20.2 Non-operating expense — — — — — — (4.4 ) (4.4 ) (4.4 ) (4.4 ) Income (loss) before income taxes $ 14.0 $ 14.1 $ 6.4 $ 6.8 $ 18.7 $ 17.5 $ (18.0 ) $ (22.6 ) $ 21.0 $ 15.8 Supplementary Data Net tons sold (thousands) 39.1 38.9 25.2 24.8 197.3 203.6 — — 261.5 267.2 Depreciation, depletion and amortization $ 6.9 $ 6.7 $ 2.4 $ 2.2 $ 6.4 $ 6.4 $ 0.6 $ 0.5 $ 16.3 $ 15.8 Capital expenditures 5.1 5.8 4.3 1.8 26.7 22.1 0.5 — 36.6 29.7 Nine months ended September 30 Advanced Airlaid Other and Dollars in millions Composite Fibers Materials Specialty Papers Unallocated Total 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Net sales $ 391.6 $ 409.6 $ 183.4 $ 183.0 $ 638.9 $ 655.6 $ — $ — $ 1,213.9 $ 1,248.2 Energy and related sales, net — — — — 4.0 3.9 — — 4.0 3.9 Total revenue 391.6 409.6 183.4 183.0 642.9 659.5 — — 1,217.9 1,252.2 Cost of products sold 316.0 329.8 157.5 162.0 574.1 608.4 8.6 7.1 1,056.2 1,107.3 Gross profit (loss) 75.6 79.8 25.9 21.0 68.8 51.1 (8.6 ) (7.1 ) 161.7 144.8 SG&A 35.1 34.4 6.2 5.8 40.9 34.2 22.6 25.7 104.8 100.2 Gains on dispositions of plant, equipment and timberlands, net — — — — — — — (2.9 ) — (2.9 ) Total operating income (loss) 40.5 45.4 19.7 15.2 27.9 16.9 (31.2 ) (29.9 ) 56.9 47.5 Non-operating expense — — — — — — (12.7 ) (13.1 ) (12.7 ) (13.1 ) Income (loss) before income taxes $ 40.5 $ 45.4 $ 19.7 $ 15.2 $ 27.9 $ 16.9 $ (43.9 ) $ (43.0 ) $ 44.2 $ 34.4 Supplementary Data Net tons sold (thousands) 116.7 116.2 74.1 71.4 597.7 593.6 — — 788.5 781.2 Depreciation, depletion and amortization $ 21.2 $ 20.1 $ 7.0 $ 6.5 $ 19.7 $ 19.3 $ 1.8 $ 1.5 $ 49.7 $ 47.4 Capital expenditures 13.7 17.3 25.0 4.6 77.4 51.0 0.8 1.4 116.9 74.3 The sum of individual amounts set forth above may not agree to the consolidated financial statements included herein due to rounding. Business Units Results of individual business units are presented based on our management accounting practices and management structure. There is no comprehensive, authoritative body of guidance for management accounting equivalent to accounting principles generally accepted in the United States of America; therefore, the financial results of individual business units are not necessarily comparable with similar information for any other company. The management accounting process uses assumptions and allocations to measure performance of the business units. Methodologies are refined from time to time as management accounting practices are enhanced and businesses change. The costs incurred by support areas not directly aligned with the business unit are allocated primarily based on an estimated utilization of support area services or are included in “Other and Unallocated” in the Business Unit Performance table. 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 | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Statements | 14. 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; or (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 nine months ended September 30, 2016 and 2015, our condensed consolidating balance sheets as of September 30, 2016 and December 31, 2015 and our condensed consolidating cash flows for the nine months ended September 30, 2016 and 2015. Condensed Consolidating Statement of Income for the three months ended September 30, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 211,761 $ 18,086 $ 192,214 $ (16,760 ) $ 405,301 Energy and related sales, net 1,346 — — — 1,346 Total revenues 213,107 18,086 192,214 (16,760 ) 406,647 Costs of products sold 186,297 16,732 159,208 (16,760 ) 345,477 Gross profit 26,810 1,354 33,006 — 61,170 Selling, general and administrative expenses 21,048 (25 ) 14,724 — 35,747 (Gain) loss on dispositions of plant equipment and timberlands, net 7 — (2 ) — 5 Operating income 5,755 1,379 18,284 — 25,418 Other non-operating income (expense) Interest expense (4,332 ) (1 ) (751 ) 1,189 (3,895 ) Interest income 173 1,063 5 (1,189 ) 52 Equity in earnings of subsidiaries 17,228 16,225 — (33,453 ) — Other, net (670 ) (819 ) 916 — (573 ) Total other non-operating income (expense) 12,399 16,468 170 (33,453 ) (4,416 ) Income before income taxes 18,154 17,847 18,454 (33,453 ) 21,002 Income tax provision (benefit) (1,447 ) 619 2,229 — 1,401 Net income 19,601 17,228 16,225 (33,453 ) 19,601 Other comprehensive loss (69 ) (2,307 ) (2,462 ) 4,769 (69 ) Comprehensive income $ 19,532 $ 14,921 $ 13,763 $ (28,684 ) $ 19,532 Condensed Consolidating Statement of Income for the nine months ended September 30, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 638,918 $ 54,293 $ 573,355 $ (52,634 ) $ 1,213,932 Energy and related sales, net 4,013 — — — 4,013 Total revenues 642,931 54,293 573,355 (52,634 ) 1,217,945 Costs of products sold 582,751 51,493 474,599 (52,634 ) 1,056,209 Gross profit 60,180 2,800 98,756 — 161,736 Selling, general and administrative expenses 62,115 (246 ) 42,927 — 104,796 Loss on dispositions of plant equipment and timberlands, net 11 — 20 — 31 Operating income (loss) (1,946 ) 3,046 55,809 — 56,909 Other non-operating income (expense) Interest expense (13,036 ) (1 ) (2,352 ) 3,425 (11,964 ) Interest income 523 3,056 50 (3,425 ) 204 Equity in earnings of subsidiaries 46,485 44,050 — (90,535 ) — Other, net (1,787 ) (2,220 ) 3,051 — (956 ) Total other non-operating income (expense) 32,185 44,885 749 (90,535 ) (12,716 ) Income before income taxes 30,239 47,931 56,558 (90,535 ) 44,193 Income tax provision (benefit) (7,495 ) 1,446 12,508 — 6,459 Net income 37,734 46,485 44,050 (90,535 ) 37,734 Other comprehensive income (loss) 4,134 (2,691 ) (2,835 ) 5,526 4,134 Comprehensive income $ 41,868 $ 43,794 $ 41,215 $ (85,009 ) $ 41,868 Condensed Consolidating Statement of Income for the three months ended September 30, 2015 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 222,803 $ 19,005 $ 197,589 $ (19,437 ) $ 419,960 Energy and related sales, net 1,153 — — — 1,153 Total revenues 223,956 19,005 197,589 (19,437 ) 421,113 Costs of products sold 197,906 17,299 165,437 (19,437 ) 361,205 Gross profit 26,050 1,706 32,152 — 59,908 Selling, general and administrative expenses 24,764 (8 ) 15,036 — 39,792 Gain on dispositions of plant equipment and timberlands, net (4 ) — (119 ) — (123 ) Operating income 1,290 1,714 17,235 — 20,239 Other non-operating income (expense) Interest expense (4,346 ) — (23,201 ) 23,230 (4,317 ) Interest income 181 23,129 11 (23,231 ) 90 Equity in earnings of subsidiaries 14,173 (9,366 ) — (4,808 ) — Other, net (961 ) 23 718 — (220 ) Total other non-operating income (expense) 9,047 13,786 (22,472 ) (4,809 ) (4,447 ) Income (loss) before income taxes 10,337 15,500 (5,237 ) (4,809 ) 15,792 Income tax provision (benefit) (3,167 ) 1,270 4,185 — 2,288 Net income (loss) 13,504 14,230 (9,422 ) (4,809 ) 13,504 Other comprehensive loss (3,002 ) (5,954 ) (7,752 ) 13,706 (3,002 ) Comprehensive income (loss) $ 10,502 $ 8,276 $ (17,174 ) $ 8,897 $ 10,502 Condensed Consolidating Statement of Income for the nine months ended September 30, 2015 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 655,599 $ 61,822 $ 590,466 $ (59,655 ) $ 1,248,232 Energy and related sales, net 3,936 — — — 3,936 Total revenues 659,535 61,822 590,466 (59,655 ) 1,252,168 Costs of products sold 614,060 58,554 494,360 (59,655 ) 1,107,319 Gross profit 45,475 3,268 96,106 — 144,849 Selling, general and administrative expenses 57,607 947 41,647 — 100,201 Gains on dispositions of plant, equipment and timberlands, net (1,526 ) (1,183 ) (179 ) — (2,888 ) Operating income (loss) (10,606 ) 3,504 54,638 — 47,536 Other non-operating income (expense) Interest expense (13,771 ) — (35,965 ) 36,559 (13,177 ) Interest income 513 36,226 52 (36,559 ) 232 Equity in earnings of subsidiaries 48,775 11,879 — (60,654 ) — Other, net (2,423 ) (136 ) 2,367 — (192 ) Total other non-operating income (expense) 33,094 47,969 (33,546 ) (60,654 ) (13,137 ) Income before income taxes 22,488 51,473 21,092 (60,654 ) 34,399 Income tax provision (benefit) (7,789 ) 2,586 9,325 — 4,122 Net income 30,277 48,887 11,767 (60,654 ) 30,277 Other comprehensive income (loss) (21,200 ) (30,607 ) 21,156 9,451 (21,200 ) Comprehensive income $ 9,077 $ 18,280 $ 32,923 $ (51,203 ) $ 9,077 Condensed Consolidating Balance Sheet as of September 30, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Assets Cash and cash equivalents $ 3,658 $ 418 $ 46,676 $ — $ 50,752 Other current assets 222,853 265,889 270,650 (280,576 ) 478,816 Plant, equipment and timberlands, net 351,301 20,918 399,234 — 771,453 Investments in subsidiaries 798,376 548,865 — (1,347,241 ) — Other assets 115,900 — 137,318 — 253,218 Total assets $ 1,492,088 $ 836,090 $ 853,878 $ (1,627,817 ) $ 1,554,239 Liabilities and Shareholders' Equity Current liabilities $ 415,957 $ 36,689 $ 144,048 $ (280,576 ) $ 316,118 Long-term debt 269,535 1,000 97,014 — 367,549 Deferred income taxes 26,048 (288 ) 47,315 — 73,075 Other long-term liabilities 88,859 313 16,636 — 105,808 Total liabilities 800,399 37,714 305,013 (280,576 ) 862,550 Shareholders’ equity 691,689 798,376 548,865 (1,347,241 ) 691,689 Total liabilities and shareholders’ equity $ 1,492,088 $ 836,090 $ 853,878 $ (1,627,817 ) $ 1,554,239 Condensed Consolidating Balance Sheet as of December 31, 2015 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations 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 nine months ended September 30, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ 41,753 $ 3,748 $ 13,936 $ — $ 59,437 Investing activities Expenditures for purchases of plant, equipment and timberlands (78,187 ) (21,066 ) (17,695 ) — (116,948 ) Proceeds from disposals of plant, equipment and timberlands, net 41 — 14 — 55 Repayments from intercompany loans — 11,101 — (11,101 ) — Advances of intercompany loans — (12,330 ) — 12,330 — Intercompany capital contributed (17,000 ) (500 ) — 17,500 — Other (400 ) — — — (400 ) Total investing activities (95,546 ) (22,795 ) (17,681 ) 18,729 (117,293 ) Financing activities Net long-term borrowings — — 14,983 — 14,983 Payments of borrowing costs (136 ) — — — (136 ) Payment of dividends to shareholders (16,134 ) — — — (16,134 ) Repayments of intercompany loans — — (11,101 ) 11,101 — Borrowings of intercompany loans 12,330 — — (12,330 ) — Intercompany capital (returned) received — 17,000 500 (17,500 ) — Proceeds from government grants 3,251 2,000 — — 5,251 Payments related to share-based comp- ensation awards and other (990 ) — — — (990 ) Total financing activities (1,679 ) 19,000 4,382 (18,729 ) 2,974 Effect of exchange rate on cash — — 330 — 330 Net increase (decrease) in cash (55,472 ) (47 ) 967 — (54,552 ) Cash at the beginning of period 59,130 465 45,709 — 105,304 Cash at the end of period $ 3,658 $ 418 $ 46,676 $ — $ 50,752 Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2015 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ 9,927 $ 152 $ 60,444 $ — $ 70,523 Investing activities Expenditures for purchases of plant, equipment and timberlands (52,331 ) (42 ) (21,907 ) — (74,280 ) Proceeds from disposals of plant, equipment and timberlands, net 1,584 1,213 384 — 3,181 Repayments from intercompany loans 1,465 53,855 — (55,320 ) — Advances of intercompany loans — (44,590 ) — 44,590 — Intercompany capital (contributed) returned 10,500 (300 ) — (10,200 ) — Acquisitions, net of cash acquired — — (224 ) — (224 ) Other (1,600 ) — — — (1,600 ) Total investing activities (40,382 ) 10,136 (21,747 ) (20,930 ) (72,923 ) Financing activities Net repayments of indebtedness — — (3,387 ) — (3,387 ) Payments of borrowing costs (1,329 ) — — — (1,329 ) Payment of dividends to shareholders (15,215 ) — — — (15,215 ) Repayments of intercompany loans (9,158 ) — (46,162 ) 55,320 — Borrowings of intercompany loans 44,590 — — (44,590 ) — Intercompany capital (returned) received — (10,500 ) 300 10,200 — Payments related to share-based comp- ensation awards and other (2,015 ) — — — (2,015 ) Total financing activities 16,873 (10,500 ) (49,249 ) 20,930 (21,946 ) Effect of exchange rate on cash — — (1,826 ) — (1,826 ) Net decrease in cash (13,582 ) (212 ) (12,378 ) — (26,172 ) Cash at the beginning of period 42,208 509 57,120 — 99,837 Cash at the end of period $ 28,626 $ 297 $ 44,742 $ — $ 73,665 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements (“financial statements”) include the accounts of Glatfelter and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. We prepared these financial statements in accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. In our opinion, the financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. When preparing these financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2015 Annual Report on Form 10-K. |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Management believes the estimates and assumptions used in the preparation of these financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes that actual results may differ from those estimates and assumptions. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation – Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting designed to simplify certain aspects of accounting for share-based awards. The new ASU requires entities to recognize as a component of income tax expense all excess tax benefits or deficiencies arising from the difference between compensation costs recognized and the intrinsic value at the time an option is exercised or, in the case of restricted stock and similar awards, the fair value upon vesting of an award. Previously such differences were recognized in additional paid in capital as part of an “APIC pool.” In addition, the ASU also requires entities to exclude excess tax benefits and tax deficiencies from the calculation of common share equivalents for purposes of calculating earnings per share. The new standard is required to be adopted, either prospectively or retrospectively, in the first quarter of 2017 and early adoption is permitted. We do not believe the adoption of this standard will have a material impact on our reported results of operations or financial position. 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) | 9 Months Ended |
Sep. 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 September 30 In thousands, except per share 2016 2015 Net income $ 19,601 $ 13,504 Weighted average common shares outstanding used in basic EPS 43,576 43,457 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs 557 408 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,133 43,865 Earnings per share Basic $ 0.45 $ 0.31 Diluted 0.44 0.31 Nine months ended September 30 In thousands, except per share 2016 2015 Net income $ 37,734 $ 30,277 Weighted average common shares outstanding used in basic EPS 43,552 43,363 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs 507 586 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,059 43,949 Earnings per share Basic $ 0.87 $ 0.70 Diluted 0.86 0.69 |
Number of Potential Common Shares that have been Excluded from Computation of Diluted Earnings Per Share for Indicated Period Due to Their Anti-Dilutive Nature | The following table sets forth potential common shares outstanding that were not included in the computation of diluted EPS for the period indicated, because their effect would be anti-dilutive: September 30 In thousands 2016 2015 Three months ended 681 696 Nine months ended 683 696 |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2016 and 2015. In thousands Currency translation adjustments Unrealized gain (loss) on cash flow hedges Change in pensions Change in other postretirement defined benefit plans Total Balance at July 1, 2016 $ (74,486 ) $ 785 $ (115,786 ) $ 3,204 $ (186,283 ) Other comprehensive income before reclassifications (net of tax) (1,530 ) (1,195 ) --- --- (2,725 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 337 2,464 (145 ) 2,656 Net current period other comprehensive income (loss) (1,530 ) (858 ) 2,464 (145 ) (69 ) Balance at September 30, 2016 $ (76,016 ) $ (73 ) $ (113,322 ) $ 3,059 $ (186,352 ) Balance at July 1, 2015 $ (58,857 ) $ 2,621 $ (114,076 ) $ (2,756 ) $ (173,068 ) Other comprehensive income before reclassifications (net of tax) (3,262 ) (1,381 ) --- --- (4,643 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — (1,442 ) 3,090 (7 ) 1,641 Net current period other comprehensive income (loss) (3,262 ) (2,823 ) 3,090 (7 ) (3,002 ) Balance at September 30, 2015 $ (62,119 ) $ (202 ) $ (110,986 ) $ (2,763 ) $ (176,070 ) In thousands Currency translation adjustments Unrealized gain (loss) on cash flow hedges Change in pensions Change in other postretirement defined benefit plans Total Balance at January 1, 2016 $ (73,041 ) $ (225 ) $ (120,714 ) $ 3,494 $ (190,486 ) Other comprehensive income before reclassifications (net of tax) (2,975 ) (106 ) --- --- (3,081 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 258 7,392 (435 ) 7,215 Net current period other comprehensive income (loss) (2,975 ) 152 7,392 (435 ) 4,134 Balance at September 30, 2016 $ (76,016 ) $ (73 ) $ (113,322 ) $ 3,059 $ (186,352 ) Balance at January 1, 2015 $ (34,224 ) $ 2,356 $ (120,260 ) $ (2,742 ) $ (154,870 ) Other comprehensive income before reclassifications (net of tax) (27,895 ) 793 --- --- (27,102 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — (3,351 ) 9,274 (21 ) 5,902 Net current period other comprehensive income (loss) (27,895 ) (2,558 ) 9,274 (21 ) (21,200 ) Balance at September 30, 2015 $ (62,119 ) $ (202 ) $ (110,986 ) $ (2,763 ) $ (176,070 ) |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income | Reclassifications out of accumulated other comprehensive income were as follows: Three months ended September 30 Nine months ended September 30 In thousands 2016 2015 2016 2015 Description Line Item in Statements of Income Cash flow hedges (Note 11) (Gains) losses on cash flow hedges $ 347 $ (1,972 ) $ 264 $ (4,595 ) Costs of products sold Tax expense (benefit) (10 ) 530 (6 ) 1,244 Income tax provision Net of tax 337 (1,442 ) 258 (3,351 ) Retirement plan obligations (Note 7) Amortization of deferred benefit pension plan items Prior service costs 506 571 1,519 1,713 Costs of products sold 168 189 504 568 Selling, general and administrative Actuarial losses 2,450 3,144 7,350 9,432 Costs of products sold 843 1,082 2,530 3,247 Selling, general and administrative 3,967 4,986 11,903 14,960 Tax benefit (1,503 ) (1,896 ) (4,511 ) (5,686 ) Income tax provision Net of tax 2,464 3,090 7,392 9,274 Amortization of deferred benefit other plan items Prior service costs (37 ) (58 ) (112 ) (173 ) Costs of products sold (8 ) (12 ) (24 ) (37 ) Selling, general and administrative Actuarial losses (156 ) 48 (467 ) 142 Costs of products sold (33 ) 10 (100 ) 31 Selling, general and administrative (234 ) (12 ) (703 ) (37 ) Tax expense 89 5 268 16 Income tax provision Net of tax (145 ) (7 ) (435 ) (21 ) Total reclassifications, net of tax $ 2,656 $ 1,641 $ 7,215 $ 5,902 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 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 in progress United States Federal 2013 - 2015 N/A State 2011 - 2015 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 | 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: Nine months ended September 30 In millions 2016 2015 Interest expense $ 0.2 $ — Penalties — — September 30 December 31 2016 2015 Accrued interest payable $ 0.8 $ 0.6 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 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 298,832 160,514 Forfeited (146,327 ) (87,567 ) Shares delivered (149,975 ) (286,857 ) Balance at September 30, 677,053 675,032 |
Compensation Expense for Stock Option Activity | The following table sets forth aggregate RSU and PSA compensation expense for the periods indicated: September 30 In thousands 2016 2015 Three months ended $ 765 $ 395 Nine months ended 2,167 1,214 |
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 Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 2,199,742 $ 17.82 1,864,707 $ 16.20 Granted 743,925 17.54 423,590 24.62 Exercised (61,190 ) 10.70 (70,347 ) 14.12 Canceled / forfeited (143,932 ) 17.87 (17,559 ) 25.24 Outstanding at September 30, 2,738,545 $ 17.64 2,200,391 $ 17.82 SOSAR Grants Weighted average grant date fair value per share $ 4.07 $ 7.46 Aggregate grant date fair value (in thousands) $ 3,013 $ 3,134 Black-Scholes assumptions Dividend yield 2.85 % 1.94 % Risk free rate of return 1.34 % 1.64 % Volatility 31.97 % 36.38 % Expected life 6 yrs 6 yrs |
Compensation Expense for Stock Option Activity | The following table sets forth SOSAR compensation expense for the periods indicated: September 30 In thousands 2016 2015 Three months ended $ 650 $ 671 Nine months ended 2,051 1,940 |
Retirement Plans and Other Po26
Retirement Plans and Other Post-Retirement Benefits (Tables) | 9 Months Ended |
Sep. 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 September 30 In thousands 2016 2015 Pension Benefits Service cost $ 2,614 $ 2,850 Interest cost 6,120 5,868 Expected return on plan assets (11,331 ) (11,498 ) Amortization of prior service cost 674 760 Amortization of unrecognized loss 3,293 4,226 Net periodic benefit cost $ 1,370 $ 2,206 Other Benefits Service cost $ 287 $ 358 Interest cost 498 499 Amortization of prior service cost (45 ) (70 ) Amortization of unrecognized (gain)/loss (189 ) 58 Net periodic benefit cost $ 551 $ 845 Nine months ended September 30 In thousands 2016 2015 Pension Benefits Service cost $ 7,855 $ 8,546 Interest cost 18,360 17,606 Expected return on plan assets (33,992 ) (34,495 ) Amortization of prior service cost 2,023 2,281 Amortization of unrecognized loss 9,880 12,679 Net periodic benefit cost $ 4,126 $ 6,617 Other Benefits Service cost $ 860 $ 1,074 Interest cost 1,494 1,498 Amortization of prior service cost (136 ) (210 ) Amortization of unrecognized (gain)/loss (567 ) 173 Net periodic benefit cost $ 1,651 $ 2,535 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories, Net of Reserves | Inventories, net of reserves, were as follows: September 30 December 31 In thousands 2016 2015 Raw materials $ 64,579 $ 60,098 In-process and finished 124,459 115,874 Supplies 73,853 71,242 Total $ 262,891 $ 247,214 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt is summarized as follows: September 30 December 31 In thousands 2016 2015 Revolving credit facility, due Mar. 2020 $ 59,830 $ 58,792 5.375% Notes, due Oct. 2020 250,000 250,000 2.40% Term Loan, due Jun. 2022 9,566 10,109 2.05% Term Loan, due Mar. 2023 40,210 42,130 1.30% Term Loan, due Jun. 2023 11,161 - 1.55% Term Loan, due Sep. 2025 10,941 2,839 Total long-term debt 381,708 363,870 Less current portion (11,432 ) (7,366 ) Unamortized deferred issuance costs (2,727 ) (3,208 ) Long-term debt, net of current portion $ 367,549 $ 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 Principal 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 |
Fair Value of Financial Instr29
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 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: September 30, 2016 December 31, 2015 In thousands Carrying Value Fair Value Carrying Value Fair Value Variable rate debt $ 59,830 $ 59,830 $ 58,792 $ 58,792 Fixed-rate bonds 250,000 252,658 250,000 250,938 2.40% Term loan 9,566 9,324 10,109 10,535 2.05% Term loan 40,210 38,735 42,130 42,886 1.30% Term Loan 11,161 10,470 - - 1.55% Term loan 10,941 10,180 2,839 2,524 Total $ 381,708 $ 381,197 $ 363,870 $ 365,675 |
Financial Derivatives and Hed30
Financial Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Values of Derivative Instruments | Fair Value Measurements The following table summarizes the fair values of derivative instruments for the period indicated and the line items in the accompanying condensed consolidated balance sheets where the instruments are recorded: In thousands September 30 2016 December 31 2015 September 30 2016 December 31 2015 Prepaid Expenses and Other Other Balance sheet caption Current Assets Current Liabilities Designated as hedging: Forward foreign currency exchange contracts $ 330 $ 955 $ 958 $ 1,545 Not designated as hedging: Forward foreign currency exchange contracts $ 172 $ 68 $ 136 $ 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 ended September 30 Nine months ended September 30 In thousands 2016 2015 2016 2015 Designated as hedging: Forward foreign currency exchange contracts: Effective portion – cost of products sold $ (347 ) $ 1,972 $ (264 ) $ 4,595 Ineffective portion – other – net (69 ) (184 ) (399 ) 104 Not designated as hedging: Forward foreign currency exchange contracts: Other – net $ 332 $ 621 $ 1,396 $ 1,028 |
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 (losses) gains on cash flow hedges (200 ) 1,100 Reclassified to earnings 264 (4,595 ) Balance at September 30, $ (114 ) $ (213 ) |
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 September 30 2016 December 31 2015 Derivative Sell/Buy - sell notional Euro / British Pound 7,703 10,527 Sell/Buy - buy notional Euro / Philippine Peso 733,358 758,634 British Pound / Philippine Peso 408,967 542,063 Euro / U.S. Dollar 42,672 51,433 U.S. Dollar / Canadian Dollar 34,143 34,649 U.S. Dollar / Euro 26,774 — |
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 September 30 2016 December 31 2015 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 - 12,500 British Pound / Euro 18,500 13,500 |
Commitments, Contingencies an31
Commitments, Contingencies and Legal Proceedings (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Reserves | Reserves for the Site. Our reserve including ongoing monitoring obligations in OU1, our share of remediation of the downstream portions of the Site, NRDs and all pending, threatened or asserted and unasserted claims against us relating to PCB contamination is set forth below: Nine months ended September 30 In thousands 2016 2015 Balance at January 1, $ 17,105 $ 16,223 Payments (4,193 ) (5,617 ) Accruals — 10,000 Balance at September 30, $ 12,912 $ 20,606 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 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 September 30 Advanced Airlaid Other and Dollars in millions Composite Fibers Materials Specialty Papers Unallocated Total 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Net sales $ 131.7 $ 133.9 $ 61.9 $ 63.2 $ 211.8 $ 222.8 $ — $ — $ 405.3 $ 420.0 Energy and related sales, net — — — — 1.3 1.2 — — 1.3 1.2 Total revenue 131.7 133.9 61.9 63.2 213.1 224.0 — — 406.6 421.1 Cost of products sold 105.8 108.4 53.5 54.6 180.1 196.1 6.1 2.1 345.5 361.2 Gross profit (loss) 25.9 25.5 8.4 8.6 33.0 27.9 (6.1 ) (2.1 ) 61.2 59.9 SG&A 11.9 11.5 2.0 1.8 14.3 10.4 7.5 16.2 35.7 39.8 Gains on dispositions of plant, equipment and timberlands, net — — — — — — — (0.1 ) — (0.1 ) Total operating income (loss) 14.0 14.1 6.4 6.8 18.7 17.5 (13.6 ) (18.2 ) 25.4 20.2 Non-operating expense — — — — — — (4.4 ) (4.4 ) (4.4 ) (4.4 ) Income (loss) before income taxes $ 14.0 $ 14.1 $ 6.4 $ 6.8 $ 18.7 $ 17.5 $ (18.0 ) $ (22.6 ) $ 21.0 $ 15.8 Supplementary Data Net tons sold (thousands) 39.1 38.9 25.2 24.8 197.3 203.6 — — 261.5 267.2 Depreciation, depletion and amortization $ 6.9 $ 6.7 $ 2.4 $ 2.2 $ 6.4 $ 6.4 $ 0.6 $ 0.5 $ 16.3 $ 15.8 Capital expenditures 5.1 5.8 4.3 1.8 26.7 22.1 0.5 — 36.6 29.7 Nine months ended September 30 Advanced Airlaid Other and Dollars in millions Composite Fibers Materials Specialty Papers Unallocated Total 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Net sales $ 391.6 $ 409.6 $ 183.4 $ 183.0 $ 638.9 $ 655.6 $ — $ — $ 1,213.9 $ 1,248.2 Energy and related sales, net — — — — 4.0 3.9 — — 4.0 3.9 Total revenue 391.6 409.6 183.4 183.0 642.9 659.5 — — 1,217.9 1,252.2 Cost of products sold 316.0 329.8 157.5 162.0 574.1 608.4 8.6 7.1 1,056.2 1,107.3 Gross profit (loss) 75.6 79.8 25.9 21.0 68.8 51.1 (8.6 ) (7.1 ) 161.7 144.8 SG&A 35.1 34.4 6.2 5.8 40.9 34.2 22.6 25.7 104.8 100.2 Gains on dispositions of plant, equipment and timberlands, net — — — — — — — (2.9 ) — (2.9 ) Total operating income (loss) 40.5 45.4 19.7 15.2 27.9 16.9 (31.2 ) (29.9 ) 56.9 47.5 Non-operating expense — — — — — — (12.7 ) (13.1 ) (12.7 ) (13.1 ) Income (loss) before income taxes $ 40.5 $ 45.4 $ 19.7 $ 15.2 $ 27.9 $ 16.9 $ (43.9 ) $ (43.0 ) $ 44.2 $ 34.4 Supplementary Data Net tons sold (thousands) 116.7 116.2 74.1 71.4 597.7 593.6 — — 788.5 781.2 Depreciation, depletion and amortization $ 21.2 $ 20.1 $ 7.0 $ 6.5 $ 19.7 $ 19.3 $ 1.8 $ 1.5 $ 49.7 $ 47.4 Capital expenditures 13.7 17.3 25.0 4.6 77.4 51.0 0.8 1.4 116.9 74.3 |
Condensed Consolidating Finan33
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended |
Sep. 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 September 30, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 211,761 $ 18,086 $ 192,214 $ (16,760 ) $ 405,301 Energy and related sales, net 1,346 — — — 1,346 Total revenues 213,107 18,086 192,214 (16,760 ) 406,647 Costs of products sold 186,297 16,732 159,208 (16,760 ) 345,477 Gross profit 26,810 1,354 33,006 — 61,170 Selling, general and administrative expenses 21,048 (25 ) 14,724 — 35,747 (Gain) loss on dispositions of plant equipment and timberlands, net 7 — (2 ) — 5 Operating income 5,755 1,379 18,284 — 25,418 Other non-operating income (expense) Interest expense (4,332 ) (1 ) (751 ) 1,189 (3,895 ) Interest income 173 1,063 5 (1,189 ) 52 Equity in earnings of subsidiaries 17,228 16,225 — (33,453 ) — Other, net (670 ) (819 ) 916 — (573 ) Total other non-operating income (expense) 12,399 16,468 170 (33,453 ) (4,416 ) Income before income taxes 18,154 17,847 18,454 (33,453 ) 21,002 Income tax provision (benefit) (1,447 ) 619 2,229 — 1,401 Net income 19,601 17,228 16,225 (33,453 ) 19,601 Other comprehensive loss (69 ) (2,307 ) (2,462 ) 4,769 (69 ) Comprehensive income $ 19,532 $ 14,921 $ 13,763 $ (28,684 ) $ 19,532 Condensed Consolidating Statement of Income for the nine months ended September 30, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 638,918 $ 54,293 $ 573,355 $ (52,634 ) $ 1,213,932 Energy and related sales, net 4,013 — — — 4,013 Total revenues 642,931 54,293 573,355 (52,634 ) 1,217,945 Costs of products sold 582,751 51,493 474,599 (52,634 ) 1,056,209 Gross profit 60,180 2,800 98,756 — 161,736 Selling, general and administrative expenses 62,115 (246 ) 42,927 — 104,796 Loss on dispositions of plant equipment and timberlands, net 11 — 20 — 31 Operating income (loss) (1,946 ) 3,046 55,809 — 56,909 Other non-operating income (expense) Interest expense (13,036 ) (1 ) (2,352 ) 3,425 (11,964 ) Interest income 523 3,056 50 (3,425 ) 204 Equity in earnings of subsidiaries 46,485 44,050 — (90,535 ) — Other, net (1,787 ) (2,220 ) 3,051 — (956 ) Total other non-operating income (expense) 32,185 44,885 749 (90,535 ) (12,716 ) Income before income taxes 30,239 47,931 56,558 (90,535 ) 44,193 Income tax provision (benefit) (7,495 ) 1,446 12,508 — 6,459 Net income 37,734 46,485 44,050 (90,535 ) 37,734 Other comprehensive income (loss) 4,134 (2,691 ) (2,835 ) 5,526 4,134 Comprehensive income $ 41,868 $ 43,794 $ 41,215 $ (85,009 ) $ 41,868 Condensed Consolidating Statement of Income for the three months ended September 30, 2015 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 222,803 $ 19,005 $ 197,589 $ (19,437 ) $ 419,960 Energy and related sales, net 1,153 — — — 1,153 Total revenues 223,956 19,005 197,589 (19,437 ) 421,113 Costs of products sold 197,906 17,299 165,437 (19,437 ) 361,205 Gross profit 26,050 1,706 32,152 — 59,908 Selling, general and administrative expenses 24,764 (8 ) 15,036 — 39,792 Gain on dispositions of plant equipment and timberlands, net (4 ) — (119 ) — (123 ) Operating income 1,290 1,714 17,235 — 20,239 Other non-operating income (expense) Interest expense (4,346 ) — (23,201 ) 23,230 (4,317 ) Interest income 181 23,129 11 (23,231 ) 90 Equity in earnings of subsidiaries 14,173 (9,366 ) — (4,808 ) — Other, net (961 ) 23 718 — (220 ) Total other non-operating income (expense) 9,047 13,786 (22,472 ) (4,809 ) (4,447 ) Income (loss) before income taxes 10,337 15,500 (5,237 ) (4,809 ) 15,792 Income tax provision (benefit) (3,167 ) 1,270 4,185 — 2,288 Net income (loss) 13,504 14,230 (9,422 ) (4,809 ) 13,504 Other comprehensive loss (3,002 ) (5,954 ) (7,752 ) 13,706 (3,002 ) Comprehensive income (loss) $ 10,502 $ 8,276 $ (17,174 ) $ 8,897 $ 10,502 Condensed Consolidating Statement of Income for the nine months ended September 30, 2015 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 655,599 $ 61,822 $ 590,466 $ (59,655 ) $ 1,248,232 Energy and related sales, net 3,936 — — — 3,936 Total revenues 659,535 61,822 590,466 (59,655 ) 1,252,168 Costs of products sold 614,060 58,554 494,360 (59,655 ) 1,107,319 Gross profit 45,475 3,268 96,106 — 144,849 Selling, general and administrative expenses 57,607 947 41,647 — 100,201 Gains on dispositions of plant, equipment and timberlands, net (1,526 ) (1,183 ) (179 ) — (2,888 ) Operating income (loss) (10,606 ) 3,504 54,638 — 47,536 Other non-operating income (expense) Interest expense (13,771 ) — (35,965 ) 36,559 (13,177 ) Interest income 513 36,226 52 (36,559 ) 232 Equity in earnings of subsidiaries 48,775 11,879 — (60,654 ) — Other, net (2,423 ) (136 ) 2,367 — (192 ) Total other non-operating income (expense) 33,094 47,969 (33,546 ) (60,654 ) (13,137 ) Income before income taxes 22,488 51,473 21,092 (60,654 ) 34,399 Income tax provision (benefit) (7,789 ) 2,586 9,325 — 4,122 Net income 30,277 48,887 11,767 (60,654 ) 30,277 Other comprehensive income (loss) (21,200 ) (30,607 ) 21,156 9,451 (21,200 ) Comprehensive income $ 9,077 $ 18,280 $ 32,923 $ (51,203 ) $ 9,077 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet as of September 30, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Assets Cash and cash equivalents $ 3,658 $ 418 $ 46,676 $ — $ 50,752 Other current assets 222,853 265,889 270,650 (280,576 ) 478,816 Plant, equipment and timberlands, net 351,301 20,918 399,234 — 771,453 Investments in subsidiaries 798,376 548,865 — (1,347,241 ) — Other assets 115,900 — 137,318 — 253,218 Total assets $ 1,492,088 $ 836,090 $ 853,878 $ (1,627,817 ) $ 1,554,239 Liabilities and Shareholders' Equity Current liabilities $ 415,957 $ 36,689 $ 144,048 $ (280,576 ) $ 316,118 Long-term debt 269,535 1,000 97,014 — 367,549 Deferred income taxes 26,048 (288 ) 47,315 — 73,075 Other long-term liabilities 88,859 313 16,636 — 105,808 Total liabilities 800,399 37,714 305,013 (280,576 ) 862,550 Shareholders’ equity 691,689 798,376 548,865 (1,347,241 ) 691,689 Total liabilities and shareholders’ equity $ 1,492,088 $ 836,090 $ 853,878 $ (1,627,817 ) $ 1,554,239 Condensed Consolidating Balance Sheet as of December 31, 2015 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations 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 nine months ended September 30, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ 41,753 $ 3,748 $ 13,936 $ — $ 59,437 Investing activities Expenditures for purchases of plant, equipment and timberlands (78,187 ) (21,066 ) (17,695 ) — (116,948 ) Proceeds from disposals of plant, equipment and timberlands, net 41 — 14 — 55 Repayments from intercompany loans — 11,101 — (11,101 ) — Advances of intercompany loans — (12,330 ) — 12,330 — Intercompany capital contributed (17,000 ) (500 ) — 17,500 — Other (400 ) — — — (400 ) Total investing activities (95,546 ) (22,795 ) (17,681 ) 18,729 (117,293 ) Financing activities Net long-term borrowings — — 14,983 — 14,983 Payments of borrowing costs (136 ) — — — (136 ) Payment of dividends to shareholders (16,134 ) — — — (16,134 ) Repayments of intercompany loans — — (11,101 ) 11,101 — Borrowings of intercompany loans 12,330 — — (12,330 ) — Intercompany capital (returned) received — 17,000 500 (17,500 ) — Proceeds from government grants 3,251 2,000 — — 5,251 Payments related to share-based comp- ensation awards and other (990 ) — — — (990 ) Total financing activities (1,679 ) 19,000 4,382 (18,729 ) 2,974 Effect of exchange rate on cash — — 330 — 330 Net increase (decrease) in cash (55,472 ) (47 ) 967 — (54,552 ) Cash at the beginning of period 59,130 465 45,709 — 105,304 Cash at the end of period $ 3,658 $ 418 $ 46,676 $ — $ 50,752 Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2015 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ 9,927 $ 152 $ 60,444 $ — $ 70,523 Investing activities Expenditures for purchases of plant, equipment and timberlands (52,331 ) (42 ) (21,907 ) — (74,280 ) Proceeds from disposals of plant, equipment and timberlands, net 1,584 1,213 384 — 3,181 Repayments from intercompany loans 1,465 53,855 — (55,320 ) — Advances of intercompany loans — (44,590 ) — 44,590 — Intercompany capital (contributed) returned 10,500 (300 ) — (10,200 ) — Acquisitions, net of cash acquired — — (224 ) — (224 ) Other (1,600 ) — — — (1,600 ) Total investing activities (40,382 ) 10,136 (21,747 ) (20,930 ) (72,923 ) Financing activities Net repayments of indebtedness — — (3,387 ) — (3,387 ) Payments of borrowing costs (1,329 ) — — — (1,329 ) Payment of dividends to shareholders (15,215 ) — — — (15,215 ) Repayments of intercompany loans (9,158 ) — (46,162 ) 55,320 — Borrowings of intercompany loans 44,590 — — (44,590 ) — Intercompany capital (returned) received — (10,500 ) 300 10,200 — Payments related to share-based comp- ensation awards and other (2,015 ) — — — (2,015 ) Total financing activities 16,873 (10,500 ) (49,249 ) 20,930 (21,946 ) Effect of exchange rate on cash — — (1,826 ) — (1,826 ) Net decrease in cash (13,582 ) (212 ) (12,378 ) — (26,172 ) Cash at the beginning of period 42,208 509 57,120 — 99,837 Cash at the end of period $ 28,626 $ 297 $ 44,742 $ — $ 73,665 |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 19,601 | $ 13,504 | $ 37,734 | $ 30,277 |
Weighted average common shares outstanding used in basic EPS | 43,576 | 43,457 | 43,552 | 43,363 |
Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs | 557 | 408 | 507 | 586 |
Weighted average common shares outstanding and common share equivalents used in diluted EPS | 44,133 | 43,865 | 44,059 | 43,949 |
Earnings per share | ||||
Basic | $ 0.45 | $ 0.31 | $ 0.87 | $ 0.70 |
Diluted | $ 0.44 | $ 0.31 | $ 0.86 | $ 0.69 |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Potential common shares | 681 | 696 | 683 | 696 |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Losses) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (186,283) | $ (173,068) | $ (190,486) | $ (154,870) |
Other comprehensive income before reclassifications (net of tax) | (2,725) | (4,643) | (3,081) | (27,102) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 2,656 | 1,641 | 7,215 | 5,902 |
Other comprehensive income (loss) | (69) | (3,002) | 4,134 | (21,200) |
Ending Balance | (186,352) | (176,070) | (186,352) | (176,070) |
Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (74,486) | (58,857) | (73,041) | (34,224) |
Other comprehensive income before reclassifications (net of tax) | (1,530) | (3,262) | (2,975) | (27,895) |
Other comprehensive income (loss) | (1,530) | (3,262) | (2,975) | (27,895) |
Ending Balance | (76,016) | (62,119) | (76,016) | (62,119) |
Unrealized Gain (Loss) on Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 785 | 2,621 | (225) | 2,356 |
Other comprehensive income before reclassifications (net of tax) | (1,195) | (1,381) | (106) | 793 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 337 | (1,442) | 258 | (3,351) |
Other comprehensive income (loss) | (858) | (2,823) | 152 | (2,558) |
Ending Balance | (73) | (202) | (73) | (202) |
Change in Pensions [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (115,786) | (114,076) | (120,714) | (120,260) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 2,464 | 3,090 | 7,392 | 9,274 |
Other comprehensive income (loss) | 2,464 | 3,090 | 7,392 | 9,274 |
Ending Balance | (113,322) | (110,986) | (113,322) | (110,986) |
Change in Other Postretirement Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 3,204 | (2,756) | 3,494 | (2,742) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (145) | (7) | (435) | (21) |
Other comprehensive income (loss) | (145) | (7) | (435) | (21) |
Ending Balance | $ 3,059 | $ (2,763) | $ 3,059 | $ (2,763) |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Costs of products sold | $ (345,477) | $ (361,205) | $ (1,056,209) | $ (1,107,319) |
Selling, general and administrative | (35,747) | (39,792) | (104,796) | (100,201) |
Income tax provision | 1,401 | 2,288 | 6,459 | 4,122 |
Net income | 19,601 | 13,504 | 37,734 | 30,277 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net income | 2,656 | 1,641 | 7,215 | 5,902 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Costs and Expenses | 3,967 | 4,986 | 11,903 | 14,960 |
Income tax provision | (1,503) | (1,896) | (4,511) | (5,686) |
Net income | 2,464 | 3,090 | 7,392 | 9,274 |
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 | 506 | 571 | 1,519 | 1,713 |
Selling, general and administrative | 168 | 189 | 504 | 568 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Actuarial Losses [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Costs of products sold | 2,450 | 3,144 | 7,350 | 9,432 |
Selling, general and administrative | 843 | 1,082 | 2,530 | 3,247 |
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 | (234) | (12) | (703) | (37) |
Income tax provision | 89 | 5 | 268 | 16 |
Net income | (145) | (7) | (435) | (21) |
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 | (37) | (58) | (112) | (173) |
Selling, general and administrative | (8) | (12) | (24) | (37) |
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 | (156) | 48 | (467) | 142 |
Selling, general and administrative | (33) | 10 | (100) | 31 |
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 | 347 | (1,972) | 264 | (4,595) |
Income tax provision | (10) | 530 | (6) | 1,244 |
Net income | $ 337 | $ (1,442) | $ 258 | $ (3,351) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Income Tax Contingency [Line Items] | ||
Gross unrecognized tax benefits | $ 15.2 | $ 12.2 |
Unrecognized tax benefits that would impact effective tax rate | 12.2 | |
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 | $ 1.8 |
Income Taxes - Summary of Tax Y
Income Taxes - Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction (Detail) | 9 Months Ended |
Sep. 30, 2016 | |
United States - State [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Examination in progress | 2,014 |
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 |
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 |
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 | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Interest expense | $ 0.2 | |
Accrued interest payable | $ 0.8 | $ 0.6 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
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 | 105,017 |
Performance Share Awards (PSAs) [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cumulative performance targets | 2 years | |
Performance Share Awards (PSAs) [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cumulative performance targets | 3 years | |
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 |
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 | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning Balance | 674,523 | 888,942 |
Granted | 298,832 | 160,514 |
Forfeited | (146,327) | (87,567) |
Shares delivered | (149,975) | (286,857) |
Ending Balance | 677,053 | 675,032 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense for Periods (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 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 | $ 765 | $ 395 | $ 2,167 | $ 1,214 |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 650 | $ 671 | $ 2,051 | $ 1,940 |
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 | 9 Months Ended | |
Sep. 30, 2016 | Sep. 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 | 423,590 |
Exercised | (61,190) | (70,347) |
Canceled / forfeited | (143,932) | (17,559) |
Ending Balance, Outstanding | 2,738,545 | 2,200,391 |
Beginning Balance, Weighted Average Exercise Price, Outstanding | $ 17.82 | $ 16.20 |
Weighted Average Exercise Price, Granted | 17.54 | 24.62 |
Weighted Average Exercise Price, Exercised | 10.70 | 14.12 |
Weighted Average Exercise Price, Canceled / forfeited | 17.87 | 25.24 |
Ending Balance, Weighted Average Exercise Price, Outstanding | 17.64 | 17.82 |
Weighted average grant date fair value per share | $ 4.07 | $ 7.46 |
Aggregate grant date fair value | $ 3,013 | $ 3,134 |
Black-Scholes assumptions | ||
Dividend yield | 2.85% | 1.94% |
Risk free rate of return | 1.34% | 1.64% |
Volatility | 31.97% | 36.38% |
Expected life | 6 years | 6 years |
Retirement Plans and Other Po45
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,614 | $ 2,850 | $ 7,855 | $ 8,546 |
Interest cost | 6,120 | 5,868 | 18,360 | 17,606 |
Expected return on plan assets | (11,331) | (11,498) | (33,992) | (34,495) |
Amortization of prior service cost | 674 | 760 | 2,023 | 2,281 |
Amortization of unrecognized (gain)/loss | 3,293 | 4,226 | 9,880 | 12,679 |
Net periodic benefit cost | 1,370 | 2,206 | 4,126 | 6,617 |
Other Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 287 | 358 | 860 | 1,074 |
Interest cost | 498 | 499 | 1,494 | 1,498 |
Amortization of prior service cost | (45) | (70) | (136) | (210) |
Amortization of unrecognized (gain)/loss | (189) | 58 | (567) | 173 |
Net periodic benefit cost | $ 551 | $ 845 | $ 1,651 | $ 2,535 |
Inventories - Inventories, Net
Inventories - Inventories, Net of Reserves (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 64,579 | $ 60,098 |
In-process and finished | 124,459 | 115,874 |
Supplies | 73,853 | 71,242 |
Total | $ 262,891 | $ 247,214 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 381,708 | $ 363,870 |
Less current portion | (11,432) | (7,366) |
Unamortized deferred issuance costs | (2,727) | (3,208) |
Long-term debt, net of current portion | 367,549 | 353,296 |
Revolving Credit Facility, Due Mar. 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 59,830 | 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 |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 9,566 | 10,109 |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 40,210 | 42,130 |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 11,161 | |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 10,941 | $ 2,839 |
Long-Term Debt - Summary of L48
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) | 9 Months Ended | |
Sep. 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) - USD ($) | 9 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2015 | Mar. 12, 2015 | Oct. 03, 2012 | |
Debt Instrument [Line Items] | ||||
Debt instrument covenant compliance leverage ratio, threshold | 3.5 | |||
Debt instrument covenant compliance leverage ratio, actual | 2.1 | |||
5.375% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, maturity date | Oct. 15, 2020 | |||
Aggregate principal amount | $ 250,000 | |||
Interest rate on debt | 5.375% | 5.375% | ||
Frequency of interest payable | Semiannually | |||
Debt instrument redemption | The 5.375% Notes are redeemable, in whole or in part, at any time on or after October 15, 2016 at the redemption prices specified in the applicable Indenture. | |||
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 |
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 |
Fair Value of Financial Instr51
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 381,708 | $ 363,870 |
Fair Value | 381,197 | 365,675 |
Revolving Credit Facility Due Mar. 2020 And Nov. 2016 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 59,830 | 58,792 |
Fair Value | 59,830 | 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 | 252,658 | 250,938 |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 9,566 | 10,109 |
Fair Value | 9,324 | 10,535 |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 40,210 | 42,130 |
Fair Value | 38,735 | 42,886 |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 11,161 | |
Fair Value | 10,470 | |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 10,941 | 2,839 |
Fair Value | $ 10,180 | $ 2,524 |
Fair Value of Financial Instr52
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Parenthetical) (Detail) | Sep. 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 Instr53
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amount of fixed rate debt | $ 367,549 | $ 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 Hed54
Financial Derivatives and Hedging Activities - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016 | |
Designated as Hedging [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Maturities of foreign currency derivative contracts | 22 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 | 22 months |
Fair Value, Measurements [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Accumulated other comprehensive income realization period | 12 months |
Financial Derivatives and Hed55
Financial Derivatives and Hedging Activities - Outstanding Derivatives Used to Hedge Foreign Exchange Risks (Detail) | Sep. 30, 2016USD ($) | Sep. 30, 2016EUR (€) | Sep. 30, 2016PHP | Sep. 30, 2016CAD | Sep. 30, 2016GBP (£) | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015PHP | Dec. 31, 2015CAD | 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 | € | € 7,703,000 | € 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 733,358,000 | 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 408,967,000 | 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 | $ | $ 42,672,000 | $ 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 34,143,000 | 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 | € | 26,774,000 | |||||||||
Foreign Currency Hedges [Member] | Euro / U.S. Dollar [Member] | Not Designated as Hedging [Member] | Sell/Buy - Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | $ | 12,500,000 | |||||||||
Foreign Currency Hedges [Member] | U.S. Dollar / 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 | € | € 18,500,000 | € 13,500,000 |
Financial Derivatives and Hed56
Financial Derivatives and Hedging Activities - Fair Values of Derivative Instruments (Detail) - Forward Foreign Currency Exchange Contracts [Member] - USD ($) $ in Thousands | Sep. 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 | $ 330 | $ 955 |
Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | 958 | 1,545 |
Not Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value | 172 | 68 |
Not Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | $ 136 | $ 49 |
Financial Derivatives and Hed57
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Costs of Products Sold [Member] | Designated as Hedging [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Effective portion of derivative instruments, gain (loss) | $ (347) | $ 1,972 | $ (264) | $ 4,595 |
Other - Net [Member] | Designated as Hedging [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Ineffective portion of derivative instruments, gain (loss) | (69) | (184) | (399) | 104 |
Other - Net [Member] | Not Designated as Hedging [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Derivative instruments, gain (loss) | $ 332 | $ 621 | $ 1,396 | $ 1,028 |
Financial Derivatives and Hed58
Financial Derivatives and Hedging Activities - Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Balance at January 1, | $ (178) | $ 3,282 |
Deferred (losses) gains on cash flow hedges | (200) | 1,100 |
Reclassified to earnings | 264 | (4,595) |
Balance at September 30, | $ (114) | $ (213) |
Commitments, Contingencies an59
Commitments, Contingencies and Legal Proceedings - Additional Information (Detail) | Oct. 14, 2014USD ($) | Sep. 25, 2014 | Jan. 31, 2008 | Sep. 30, 2016USD ($)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 | ||||
Cost of response incurred by government | $ 4,280,000 | ||||
Reserve for Environmental liabilities, current portion | 8,408,000 | $ 12,544,000 | |||
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 | ||||
Whiting Litigation [Member] | NCR and GP [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Costs and damages amount | 67,000,000 | ||||
Whiting Litigation [Member] | NCR and GP [Member] | 2016 Work Plan [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Annual estimated cost rate seek by Government | $ 100,000,000 | ||||
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 | ||||
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 | ||||
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] | 2015 Work Plan [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Annual remediation cost rate seek by Government | $ 100,000,000 | ||||
OU2-5 [Member] | Whiting Litigation [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
NCR costs and damages percentage | 100.00% | ||||
OU2-5 [Member] | Maximum [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Estimated cost of unresolved technical issues | 4,000,000 | ||||
OU2-5 [Member] | Maximum [Member] | Whiting Litigation [Member] | 2016 Work Plan [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Reserve for Environmental liabilities, current portion | 5,000,000 | ||||
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] | Minimum [Member] | United States [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Litigation claim amount | 4,700,000 | ||||
Natural Resource Damage Claims [Member] | Minimum [Member] | Wisconsin [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Litigation claim amount | $ 4,700,000 |
Commitments, Contingencies an60
Commitments, Contingencies and Legal Proceedings - Schedule of Reserves (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Environmental Remediation Obligations [Abstract] | ||
Beginning balance | $ 17,105 | $ 16,223 |
Payments | (4,193) | (5,617) |
Accruals | 0 | 10,000 |
Ending balance | $ 12,912 | $ 20,606 |
Segment Information - Schedule
Segment Information - Schedule of Financial and Other Information by Business Unit (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)T | Sep. 30, 2015USD ($)T | Sep. 30, 2016USD ($)T | Sep. 30, 2015USD ($)T | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 405,301 | $ 419,960 | $ 1,213,932 | $ 1,248,232 |
Energy and related sales, net | 1,346 | 1,153 | 4,013 | 3,936 |
Total revenues | 406,647 | 421,113 | 1,217,945 | 1,252,168 |
Cost of products sold | 345,477 | 361,205 | 1,056,209 | 1,107,319 |
Gross profit | 61,170 | 59,908 | 161,736 | 144,849 |
SG&A | 35,747 | 39,792 | 104,796 | 100,201 |
Losses (gains) on dispositions of plant, equipment and timberlands, net | 5 | (123) | 31 | (2,888) |
Operating income | 25,418 | 20,239 | 56,909 | 47,536 |
Non-operating expense | (4,416) | (4,447) | (12,716) | (13,137) |
Income before income taxes | $ 21,002 | $ 15,792 | $ 44,193 | $ 34,399 |
Supplementary Data | ||||
Net tons sold | T | 261,500 | 267,200 | 788,500 | 781,200 |
Depreciation, depletion and amortization | $ 16,300 | $ 15,800 | $ 49,725 | $ 47,423 |
Capital expenditures | 36,600 | 29,700 | 116,900 | 74,300 |
Composite Fibers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 131,700 | 133,900 | 391,600 | 409,600 |
Total revenues | 131,700 | 133,900 | 391,600 | 409,600 |
Cost of products sold | 105,800 | 108,400 | 316,000 | 329,800 |
Gross profit | 25,900 | 25,500 | 75,600 | 79,800 |
SG&A | 11,900 | 11,500 | 35,100 | 34,400 |
Operating income | 14,000 | 14,100 | 40,500 | 45,400 |
Income before income taxes | $ 14,000 | $ 14,100 | $ 40,500 | $ 45,400 |
Supplementary Data | ||||
Net tons sold | T | 39,100 | 38,900 | 116,700 | 116,200 |
Depreciation, depletion and amortization | $ 6,900 | $ 6,700 | $ 21,200 | $ 20,100 |
Capital expenditures | 5,100 | 5,800 | 13,700 | 17,300 |
Advanced Airlaid Materials [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 61,900 | 63,200 | 183,400 | 183,000 |
Total revenues | 61,900 | 63,200 | 183,400 | 183,000 |
Cost of products sold | 53,500 | 54,600 | 157,500 | 162,000 |
Gross profit | 8,400 | 8,600 | 25,900 | 21,000 |
SG&A | 2,000 | 1,800 | 6,200 | 5,800 |
Operating income | 6,400 | 6,800 | 19,700 | 15,200 |
Income before income taxes | $ 6,400 | $ 6,800 | $ 19,700 | $ 15,200 |
Supplementary Data | ||||
Net tons sold | T | 25,200 | 24,800 | 74,100 | 71,400 |
Depreciation, depletion and amortization | $ 2,400 | $ 2,200 | $ 7,000 | $ 6,500 |
Capital expenditures | 4,300 | 1,800 | 25,000 | 4,600 |
Specialty Papers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 211,800 | 222,800 | 638,900 | 655,600 |
Energy and related sales, net | 1,300 | 1,200 | 4,000 | 3,900 |
Total revenues | 213,100 | 224,000 | 642,900 | 659,500 |
Cost of products sold | 180,100 | 196,100 | 574,100 | 608,400 |
Gross profit | 33,000 | 27,900 | 68,800 | 51,100 |
SG&A | 14,300 | 10,400 | 40,900 | 34,200 |
Operating income | 18,700 | 17,500 | 27,900 | 16,900 |
Income before income taxes | $ 18,700 | $ 17,500 | $ 27,900 | $ 16,900 |
Supplementary Data | ||||
Net tons sold | T | 197,300 | 203,600 | 597,700 | 593,600 |
Depreciation, depletion and amortization | $ 6,400 | $ 6,400 | $ 19,700 | $ 19,300 |
Capital expenditures | 26,700 | 22,100 | 77,400 | 51,000 |
Other and Unallocated [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cost of products sold | 6,100 | 2,100 | 8,600 | 7,100 |
Gross profit | (6,100) | (2,100) | (8,600) | (7,100) |
SG&A | 7,500 | 16,200 | 22,600 | 25,700 |
Losses (gains) on dispositions of plant, equipment and timberlands, net | (100) | (2,900) | ||
Operating income | (13,600) | (18,200) | (31,200) | (29,900) |
Non-operating expense | (4,400) | (4,400) | (12,700) | (13,100) |
Income before income taxes | (18,000) | (22,600) | (43,900) | (43,000) |
Supplementary Data | ||||
Depreciation, depletion and amortization | 600 | $ 500 | 1,800 | 1,500 |
Capital expenditures | $ 500 | $ 800 | $ 1,400 |
Condensed Consolidating Finan62
Condensed Consolidating Financial Statements - Additional Information (Detail) | Sep. 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] | ||
Percent on aggregate principal amount of outstanding | 5.375% | 5.375% |
Condensed Consolidating Finan63
Condensed Consolidating Financial Statements - Condensed Consolidating Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | $ 405,301 | $ 419,960 | $ 1,213,932 | $ 1,248,232 |
Energy and related sales, net | 1,346 | 1,153 | 4,013 | 3,936 |
Total revenues | 406,647 | 421,113 | 1,217,945 | 1,252,168 |
Costs of products sold | 345,477 | 361,205 | 1,056,209 | 1,107,319 |
Gross profit | 61,170 | 59,908 | 161,736 | 144,849 |
Selling, general and administrative expenses | 35,747 | 39,792 | 104,796 | 100,201 |
Losses (gains) on dispositions of plant, equipment and timberlands, net | 5 | (123) | 31 | (2,888) |
Operating income | 25,418 | 20,239 | 56,909 | 47,536 |
Other non-operating income (expense) | ||||
Interest expense | (3,895) | (4,317) | (11,964) | (13,177) |
Interest income | 52 | 90 | 204 | 232 |
Other, net | (573) | (220) | (956) | (192) |
Total non-operating expense | (4,416) | (4,447) | (12,716) | (13,137) |
Income before income taxes | 21,002 | 15,792 | 44,193 | 34,399 |
Income tax provision (benefit) | 1,401 | 2,288 | 6,459 | 4,122 |
Net income | 19,601 | 13,504 | 37,734 | 30,277 |
Other comprehensive income (loss) | (69) | (3,002) | 4,134 | (21,200) |
Comprehensive income | 19,532 | 10,502 | 41,868 | 9,077 |
Adjustments/ Eliminations [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | (16,760) | (19,437) | (52,634) | (59,655) |
Total revenues | (16,760) | (19,437) | (52,634) | (59,655) |
Costs of products sold | (16,760) | (19,437) | (52,634) | (59,655) |
Other non-operating income (expense) | ||||
Interest expense | 1,189 | 23,230 | 3,425 | 36,559 |
Interest income | (1,189) | (23,231) | (3,425) | (36,559) |
Equity in earnings of subsidiaries | (33,453) | (4,808) | (90,535) | (60,654) |
Total non-operating expense | (33,453) | (4,809) | (90,535) | (60,654) |
Income before income taxes | (33,453) | (4,809) | (90,535) | (60,654) |
Net income | (33,453) | (4,809) | (90,535) | (60,654) |
Other comprehensive income (loss) | 4,769 | 13,706 | 5,526 | 9,451 |
Comprehensive income | (28,684) | 8,897 | (85,009) | (51,203) |
Parent Company [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 211,761 | 222,803 | 638,918 | 655,599 |
Energy and related sales, net | 1,346 | 1,153 | 4,013 | 3,936 |
Total revenues | 213,107 | 223,956 | 642,931 | 659,535 |
Costs of products sold | 186,297 | 197,906 | 582,751 | 614,060 |
Gross profit | 26,810 | 26,050 | 60,180 | 45,475 |
Selling, general and administrative expenses | 21,048 | 24,764 | 62,115 | 57,607 |
Losses (gains) on dispositions of plant, equipment and timberlands, net | 7 | (4) | 11 | (1,526) |
Operating income | 5,755 | 1,290 | (1,946) | (10,606) |
Other non-operating income (expense) | ||||
Interest expense | (4,332) | (4,346) | (13,036) | (13,771) |
Interest income | 173 | 181 | 523 | 513 |
Equity in earnings of subsidiaries | 17,228 | 14,173 | 46,485 | 48,775 |
Other, net | (670) | (961) | (1,787) | (2,423) |
Total non-operating expense | 12,399 | 9,047 | 32,185 | 33,094 |
Income before income taxes | 18,154 | 10,337 | 30,239 | 22,488 |
Income tax provision (benefit) | (1,447) | (3,167) | (7,495) | (7,789) |
Net income | 19,601 | 13,504 | 37,734 | 30,277 |
Other comprehensive income (loss) | (69) | (3,002) | 4,134 | (21,200) |
Comprehensive income | 19,532 | 10,502 | 41,868 | 9,077 |
Guarantors [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 18,086 | 19,005 | 54,293 | 61,822 |
Total revenues | 18,086 | 19,005 | 54,293 | 61,822 |
Costs of products sold | 16,732 | 17,299 | 51,493 | 58,554 |
Gross profit | 1,354 | 1,706 | 2,800 | 3,268 |
Selling, general and administrative expenses | (25) | (8) | (246) | 947 |
Losses (gains) on dispositions of plant, equipment and timberlands, net | (1,183) | |||
Operating income | 1,379 | 1,714 | 3,046 | 3,504 |
Other non-operating income (expense) | ||||
Interest expense | (1) | (1) | ||
Interest income | 1,063 | 23,129 | 3,056 | 36,226 |
Equity in earnings of subsidiaries | 16,225 | (9,366) | 44,050 | 11,879 |
Other, net | (819) | 23 | (2,220) | (136) |
Total non-operating expense | 16,468 | 13,786 | 44,885 | 47,969 |
Income before income taxes | 17,847 | 15,500 | 47,931 | 51,473 |
Income tax provision (benefit) | 619 | 1,270 | 1,446 | 2,586 |
Net income | 17,228 | 14,230 | 46,485 | 48,887 |
Other comprehensive income (loss) | (2,307) | (5,954) | (2,691) | (30,607) |
Comprehensive income | 14,921 | 8,276 | 43,794 | 18,280 |
Non Guarantors [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 192,214 | 197,589 | 573,355 | 590,466 |
Total revenues | 192,214 | 197,589 | 573,355 | 590,466 |
Costs of products sold | 159,208 | 165,437 | 474,599 | 494,360 |
Gross profit | 33,006 | 32,152 | 98,756 | 96,106 |
Selling, general and administrative expenses | 14,724 | 15,036 | 42,927 | 41,647 |
Losses (gains) on dispositions of plant, equipment and timberlands, net | (2) | (119) | 20 | (179) |
Operating income | 18,284 | 17,235 | 55,809 | 54,638 |
Other non-operating income (expense) | ||||
Interest expense | (751) | (23,201) | (2,352) | (35,965) |
Interest income | 5 | 11 | 50 | 52 |
Other, net | 916 | 718 | 3,051 | 2,367 |
Total non-operating expense | 170 | (22,472) | 749 | (33,546) |
Income before income taxes | 18,454 | (5,237) | 56,558 | 21,092 |
Income tax provision (benefit) | 2,229 | 4,185 | 12,508 | 9,325 |
Net income | 16,225 | (9,422) | 44,050 | 11,767 |
Other comprehensive income (loss) | (2,462) | (7,752) | (2,835) | 21,156 |
Comprehensive income | $ 13,763 | $ (17,174) | $ 41,215 | $ 32,923 |
Condensed Consolidating Finan64
Condensed Consolidating Financial Statements - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and cash equivalents | $ 50,752 | $ 105,304 | $ 73,665 | $ 99,837 |
Other current assets | 478,816 | 447,063 | ||
Plant, equipment and timberlands, net | 771,453 | 698,864 | ||
Other assets | 253,218 | 249,185 | ||
Total assets | 1,554,239 | 1,500,416 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 316,118 | 304,320 | ||
Long-term debt | 367,549 | 353,296 | ||
Deferred income taxes | 73,075 | 76,458 | ||
Other long-term liabilities | 105,808 | 103,095 | ||
Total liabilities | 862,550 | 837,169 | ||
Shareholders' equity | 691,689 | 663,247 | ||
Total liabilities and shareholders’ equity | 1,554,239 | 1,500,416 | ||
Adjustments/ Eliminations [Member] | ||||
Assets | ||||
Other current assets | (280,576) | (230,509) | ||
Investments in subsidiaries | (1,347,241) | (1,244,566) | ||
Total assets | (1,627,817) | (1,475,075) | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | (280,576) | (230,523) | ||
Total liabilities | (280,576) | (230,523) | ||
Shareholders' equity | (1,347,241) | (1,244,552) | ||
Total liabilities and shareholders’ equity | (1,627,817) | (1,475,075) | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 3,658 | 59,130 | 28,626 | 42,208 |
Other current assets | 222,853 | 199,690 | ||
Plant, equipment and timberlands, net | 351,301 | 286,334 | ||
Investments in subsidiaries | 798,376 | 737,450 | ||
Other assets | 115,900 | 106,586 | ||
Total assets | 1,492,088 | 1,389,190 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 415,957 | 363,037 | ||
Long-term debt | 269,535 | 247,075 | ||
Deferred income taxes | 26,048 | 28,561 | ||
Other long-term liabilities | 88,859 | 87,270 | ||
Total liabilities | 800,399 | 725,943 | ||
Shareholders' equity | 691,689 | 663,247 | ||
Total liabilities and shareholders’ equity | 1,492,088 | 1,389,190 | ||
Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 418 | 465 | 297 | 509 |
Other current assets | 265,889 | 238,515 | ||
Plant, equipment and timberlands, net | 20,918 | 1,114 | ||
Investments in subsidiaries | 548,865 | 507,116 | ||
Total assets | 836,090 | 747,210 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 36,689 | 9,725 | ||
Long-term debt | 1,000 | |||
Deferred income taxes | (288) | (79) | ||
Other long-term liabilities | 313 | |||
Total liabilities | 37,714 | 9,646 | ||
Shareholders' equity | 798,376 | 737,564 | ||
Total liabilities and shareholders’ equity | 836,090 | 747,210 | ||
Non Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 46,676 | 45,709 | $ 44,742 | $ 57,120 |
Other current assets | 270,650 | 239,367 | ||
Plant, equipment and timberlands, net | 399,234 | 411,416 | ||
Other assets | 137,318 | 142,599 | ||
Total assets | 853,878 | 839,091 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 144,048 | 162,081 | ||
Long-term debt | 97,014 | 106,221 | ||
Deferred income taxes | 47,315 | 47,976 | ||
Other long-term liabilities | 16,636 | 15,825 | ||
Total liabilities | 305,013 | 332,103 | ||
Shareholders' equity | 548,865 | 506,988 | ||
Total liabilities and shareholders’ equity | $ 853,878 | $ 839,091 |
Condensed Consolidating Finan65
Condensed Consolidating Financial Statements - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided (used) by Operating activities | $ 59,437 | $ 70,523 |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (116,948) | (74,280) |
Proceeds from disposals of plant, equipment and timberlands, net | 55 | 3,181 |
Acquisition, net of cash acquired | (224) | |
Other | (400) | (1,600) |
Net cash used by investing activities | (117,293) | (72,923) |
Financing activities | ||
Net long-term borrowings | 14,983 | (3,387) |
Payments of borrowing costs | (136) | (1,329) |
Payment of dividends to shareholders | (16,134) | (15,215) |
Proceeds from government grants | 5,251 | |
Payments related to share-based compensation awards and other | (990) | (2,015) |
Net cash provided (used) by financing activities | 2,974 | (21,946) |
Effect of exchange rate on cash | 330 | (1,826) |
Net decrease in cash and cash equivalents | (54,552) | (26,172) |
Cash and cash equivalents at the beginning of period | 105,304 | 99,837 |
Cash and cash equivalents at the end of period | 50,752 | 73,665 |
Adjustments/ Eliminations [Member] | ||
Investing activities | ||
Repayments from intercompany loans | (11,101) | (55,320) |
Advances of intercompany loans | 12,330 | 44,590 |
Intercompany capital (contributed) returned | 17,500 | (10,200) |
Net cash used by investing activities | 18,729 | (20,930) |
Financing activities | ||
Repayments of intercompany loans | 11,101 | 55,320 |
Borrowings of intercompany loans | (12,330) | (44,590) |
Intercompany capital (returned) received | (17,500) | 10,200 |
Net cash provided (used) by financing activities | (18,729) | 20,930 |
Parent Company [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided (used) by Operating activities | 41,753 | 9,927 |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (78,187) | (52,331) |
Proceeds from disposals of plant, equipment and timberlands, net | 41 | 1,584 |
Repayments from intercompany loans | 1,465 | |
Intercompany capital (contributed) returned | (17,000) | 10,500 |
Other | (400) | (1,600) |
Net cash used by investing activities | (95,546) | (40,382) |
Financing activities | ||
Payments of borrowing costs | (136) | (1,329) |
Payment of dividends to shareholders | (16,134) | (15,215) |
Repayments of intercompany loans | (9,158) | |
Borrowings of intercompany loans | 12,330 | 44,590 |
Proceeds from government grants | 3,251 | |
Payments related to share-based compensation awards and other | (990) | (2,015) |
Net cash provided (used) by financing activities | (1,679) | 16,873 |
Net decrease in cash and cash equivalents | (55,472) | (13,582) |
Cash and cash equivalents at the beginning of period | 59,130 | 42,208 |
Cash and cash equivalents at the end of period | 3,658 | 28,626 |
Guarantors [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided (used) by Operating activities | 3,748 | 152 |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (21,066) | (42) |
Proceeds from disposals of plant, equipment and timberlands, net | 1,213 | |
Repayments from intercompany loans | 11,101 | 53,855 |
Advances of intercompany loans | (12,330) | (44,590) |
Intercompany capital (contributed) returned | (500) | (300) |
Net cash used by investing activities | (22,795) | 10,136 |
Financing activities | ||
Intercompany capital (returned) received | 17,000 | (10,500) |
Proceeds from government grants | 2,000 | |
Net cash provided (used) by financing activities | 19,000 | (10,500) |
Net decrease in cash and cash equivalents | (47) | (212) |
Cash and cash equivalents at the beginning of period | 465 | 509 |
Cash and cash equivalents at the end of period | 418 | 297 |
Non Guarantors [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided (used) by Operating activities | 13,936 | 60,444 |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (17,695) | (21,907) |
Proceeds from disposals of plant, equipment and timberlands, net | 14 | 384 |
Acquisition, net of cash acquired | (224) | |
Net cash used by investing activities | (17,681) | (21,747) |
Financing activities | ||
Net long-term borrowings | 14,983 | (3,387) |
Repayments of intercompany loans | (11,101) | (46,162) |
Intercompany capital (returned) received | 500 | 300 |
Net cash provided (used) by financing activities | 4,382 | (49,249) |
Effect of exchange rate on cash | 330 | (1,826) |
Net decrease in cash and cash equivalents | 967 | (12,378) |
Cash and cash equivalents at the beginning of period | 45,709 | 57,120 |
Cash and cash equivalents at the end of period | $ 46,676 | $ 44,742 |